BondDesk Every bond, priced off the Treasury curve
Bond Public

U.S. Treasury 4.50% Bond due Feb 15, 2044

CUSIP 912810TZ1 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.81%
annualized · YTW equals YTM (non-callable)
Current yield i
4.67%
Coupon i
4.50%
Modified duration i
11.8 yr
Convexity i
181.96
Indicative price i
96.278
indicative model price — not a tradable quote
real auctioned at 95.959 · 4.82% high yield (Apr 17, 2024) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
97.807
per 100 par (clean 96.278 + accrued 1.529) · ≈ $9,780.67 per $10,000 face
Next coupon i
Aug 15, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2024par 100 · Feb 204436 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iFeb 15, 2044
Issue dateApr 30, 2024
Par value i100.00
CallableNo
Amount outstanding i$29.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
96.278
Dirty price i
97.807
Accrued interest i
1.529
per 100 par
Yield to maturity i
4.81%
Yield to worst i
4.81%
Current yield i
4.67%
Modified duration i
11.8 yr
Macaulay duration i
12.1 yr
Convexity i
181.96
DV01 i
0.1152
per 100 par

indicative — matrix-priced off today's par curve.

Remaining cash flows

36 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20262.250 0.994142.237
Feb 15, 20272.250 0.974422.192
Aug 15, 20272.250 0.954802.148
Feb 15, 20282.250 0.934292.102
Aug 15, 20282.250 0.914172.057
Feb 15, 20292.250 0.895262.014
Aug 15, 20292.250 0.876951.973
Feb 15, 20302.250 0.858461.932
Aug 15, 20302.250 0.840571.891
Feb 15, 20312.250 0.822671.851
Aug 15, 20312.250 0.805091.811
Feb 15, 20322.250 0.786891.770
Aug 15, 20322.250 0.769051.730
Feb 15, 20332.250 0.751191.690
Aug 15, 20332.250 0.733951.651
Feb 15, 20342.250 0.716931.613
Aug 15, 20342.250 0.700411.576
Feb 15, 20352.250 0.683841.539
Aug 15, 20352.250 0.667761.502
Feb 15, 20362.250 0.651641.466
Aug 15, 20362.250 0.635851.431
Feb 15, 20372.250 0.619961.395
Aug 15, 20372.250 0.604551.360
Feb 15, 20382.250 0.589091.325
Aug 15, 20382.250 0.574091.292
Feb 15, 20392.250 0.559061.258
Aug 15, 20392.250 0.544491.225
Feb 15, 20402.250 0.529891.192
Aug 15, 20402.250 0.515661.160
Feb 15, 20412.250 0.501481.128
Aug 15, 20412.250 0.487751.097
Feb 15, 20422.250 0.474011.067
Aug 15, 20422.250 0.460701.037
Feb 15, 20432.250 0.447381.007
Aug 15, 20432.250 0.434480.978
Feb 15, 2044102.250 0.4215943.107
Sum of present values 97.807

Present values sum to the dirty price; subtract 1.529 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.2% 122.463
-100 bp (-1.0%) +12.69% 108.495
+100 bp (+1.0%) -10.87% 85.813
+200 bp (+2.0%) -19.92% 77.100

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.8 yr) and convexity. Real moves are rarely parallel; this is not a forecast.

What to know

Key risks

  • Interest-rate risk. If market yields rise, the price falls — and more so the longer the maturity. See the rate-sensitivity table above.
  • Inflation risk. Fixed coupons lose purchasing power if inflation rises. TIPS are designed to offset this; nominal bills, notes and bonds are not.
  • Reinvestment risk. Coupons, and principal at maturity, may have to be reinvested later at lower rates than today's.
  • Liquidity / price risk. Selling before maturity means taking the market price at that time, which can be above or below the indicative value shown here.

Tax

Interest on U.S. Treasuries is subject to federal income tax but is generally exempt from state and local income tax.

How Treasuries are bought

New issues are sold at auction (including directly via TreasuryDirect.gov); outstanding securities trade on the secondary market through a broker. This site is for research only and does not sell or recommend securities.

General information only — not tax, legal or investment advice.

Benchmark yield, past year

All tenors →
4.454.885.31Jan 2026Jun 2026

Par yield of the nearest benchmark tenor — the main input to this bond's price.