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Bond Public

U.S. Treasury 4.50% Bond due Nov 15, 2054

CUSIP 912810UE6 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.91%
annualized · YTW equals YTM (non-callable)
Current yield i
4.80%
Coupon i
4.50%
Modified duration i
15.4 yr
Convexity i
344.25
Indicative price i
93.742
indicative model price — not a tradable quote
real auctioned at 93.557 · 4.91% high yield (Jan 8, 2025) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
94.158
per 100 par (clean 93.742 + accrued 0.416) · ≈ $9,415.82 per $10,000 face
Next coupon i
Nov 15, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2025par 100 · Nov 205457 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iNov 15, 2054
Issue dateJan 15, 2025
Par value i100.00
CallableNo
Amount outstanding i$53.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
93.742
Dirty price i
94.158
Accrued interest i
0.416
per 100 par
Yield to maturity i
4.91%
Yield to worst i
4.91%
Current yield i
4.80%
Modified duration i
15.4 yr
Macaulay duration i
15.8 yr
Convexity i
344.25
DV01 i
0.1454
per 100 par

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

Remaining cash flows

57 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.250 0.984322.215
May 15, 20272.250 0.964842.171
Nov 15, 20272.250 0.944602.125
May 15, 20282.250 0.924092.079
Nov 15, 20282.250 0.904672.036
May 15, 20292.250 0.886261.994
Nov 15, 20292.250 0.867671.952
May 15, 20302.250 0.849621.912
Nov 15, 20302.250 0.831581.871
May 15, 20312.250 0.814121.832
Nov 15, 20312.250 0.795971.791
May 15, 20322.250 0.778051.751
Nov 15, 20322.250 0.760101.710
May 15, 20332.250 0.742621.671
Nov 15, 20332.250 0.725411.632
May 15, 20342.250 0.708781.595
Nov 15, 20342.250 0.692101.557
May 15, 20352.250 0.675911.521
Nov 15, 20352.250 0.659671.484
May 15, 20362.250 0.643831.449
Nov 15, 20362.250 0.627881.413
May 15, 20372.250 0.612361.378
Nov 15, 20372.250 0.596791.343
May 15, 20382.250 0.581691.309
Nov 15, 20382.250 0.566551.275
May 15, 20392.250 0.551871.242
Nov 15, 20392.250 0.537161.209
May 15, 20402.250 0.522821.176
Nov 15, 20402.250 0.508541.144
May 15, 20412.250 0.494711.113
Nov 15, 20412.250 0.480861.082
May 15, 20422.250 0.467441.052
Nov 15, 20422.250 0.454011.022
May 15, 20432.250 0.441010.992
Nov 15, 20432.250 0.428010.963
May 15, 20442.250 0.415360.935
Nov 15, 20442.250 0.402780.906
May 15, 20452.250 0.390610.879
Nov 15, 20452.250 0.378440.852
May 15, 20462.250 0.366680.825
Nov 15, 20462.250 0.357440.804
May 15, 20472.250 0.349010.785
Nov 15, 20472.250 0.340640.766
May 15, 20482.250 0.332570.748
Nov 15, 20482.250 0.324610.730
May 15, 20492.250 0.316970.713
Nov 15, 20492.250 0.309380.696
May 15, 20502.250 0.302100.680
Nov 15, 20502.250 0.294880.663
May 15, 20512.250 0.287950.648
Nov 15, 20512.250 0.281070.632
May 15, 20522.250 0.274440.617
Nov 15, 20522.250 0.267890.603
May 15, 20532.250 0.261600.589
Nov 15, 20532.250 0.255370.575
May 15, 20542.250 0.249380.561
Nov 15, 2054102.250 0.2434424.892
Sum of present values 94.158

Present values sum to the dirty price; subtract 0.416 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +37.78% 129.154
-100 bp (-1.0%) +17.17% 109.835
+100 bp (+1.0%) -13.72% 80.877
+200 bp (+2.0%) -24.01% 71.239

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (15.4 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 →
4.534.915.29Jan 2026Jun 2026

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