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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
5.22%
annualized · YTW equals YTM (non-callable)
Current yield i
5.03%
Coupon i
4.50%
Modified duration i
15.0 yr
Convexity i
330.51
Indicative price i
89.457
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
90.374
per 100 par (clean 89.457 + accrued 0.917) · ≈ $9,037.44 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
89.457
Dirty price i
90.374
Accrued interest i
0.917
per 100 par
Yield to maturity i
5.22%
Yield to worst i
5.22%
Current yield i
5.03%
Modified duration i
15.0 yr
Macaulay duration i
15.4 yr
Convexity i
330.51
DV01 i
0.1357
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 0.988602.224
May 15, 20272.250 0.968932.180
Nov 15, 20272.250 0.948712.135
May 15, 20282.250 0.928232.089
Nov 15, 20282.250 0.907832.043
May 15, 20292.250 0.888241.999
Nov 15, 20292.250 0.868721.955
May 15, 20302.250 0.849901.912
Nov 15, 20302.250 0.831011.870
May 15, 20312.250 0.812661.828
Nov 15, 20312.250 0.793831.786
May 15, 20322.250 0.775081.744
Nov 15, 20322.250 0.756281.702
May 15, 20332.250 0.737931.660
Nov 15, 20332.250 0.719751.619
May 15, 20342.250 0.702261.580
Nov 15, 20342.250 0.684691.541
May 15, 20352.250 0.667621.502
Nov 15, 20352.250 0.650491.464
May 15, 20362.250 0.633761.426
Nov 15, 20362.250 0.617051.388
May 15, 20372.250 0.600821.352
Nov 15, 20372.250 0.584541.315
May 15, 20382.250 0.568751.280
Nov 15, 20382.250 0.552921.244
May 15, 20392.250 0.537581.210
Nov 15, 20392.250 0.522201.175
May 15, 20402.250 0.507221.141
Nov 15, 20402.250 0.492301.108
May 15, 20412.250 0.477841.075
Nov 15, 20412.250 0.463381.043
May 15, 20422.250 0.449381.011
Nov 15, 20422.250 0.435370.980
May 15, 20432.250 0.421810.949
Nov 15, 20432.250 0.408270.919
May 15, 20442.250 0.395090.889
Nov 15, 20442.250 0.382000.859
May 15, 20452.250 0.369340.831
Nov 15, 20452.250 0.356700.803
May 15, 20462.250 0.344490.775
Nov 15, 20462.250 0.334450.753
May 15, 20472.250 0.326090.734
Nov 15, 20472.250 0.317810.715
May 15, 20482.250 0.309830.697
Nov 15, 20482.250 0.301970.679
May 15, 20492.250 0.294440.662
Nov 15, 20492.250 0.286970.646
May 15, 20502.250 0.279820.630
Nov 15, 20502.250 0.272730.614
May 15, 20512.250 0.265930.598
Nov 15, 20512.250 0.259200.583
May 15, 20522.250 0.252720.569
Nov 15, 20522.250 0.246330.554
May 15, 20532.250 0.240200.540
Nov 15, 20532.250 0.234130.527
May 15, 20542.250 0.228320.514
Nov 15, 2054102.250 0.2225622.756
Sum of present values 90.374

Present values sum to the dirty price; subtract 0.917 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +36.64% 122.233
-100 bp (-1.0%) +16.67% 104.367
+100 bp (+1.0%) -13.36% 77.504
+200 bp (+2.0%) -23.42% 68.508

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (15.0 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 →
4.534.925.31Jan 2026Jul 2026

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