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Bond Public

U.S. Treasury 4.88% Bond due Aug 15, 2045

CUSIP 912810UN6 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.17%
annualized · YTW equals YTM (non-callable)
Current yield i
5.05%
Coupon i
4.88%
Modified duration i
11.9 yr
Convexity i
192.72
Indicative price i
96.441
indicative model price — not a tradable quote
real auctioned at 104.786 · 4.51% high yield (Oct 22, 2025) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
98.649
per 100 par (clean 96.441 + accrued 2.209) · ≈ $9,864.91 per $10,000 face
Next coupon i
Aug 15, 2026
2.438 per 100 · $243.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2025par 100 · Aug 204539 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.88% (semiannual)
Maturity iAug 15, 2045
Issue dateOct 31, 2025
Par value i100.00
CallableNo
Amount outstanding i$31.6B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
96.441
Dirty price i
98.649
Accrued interest i
2.209
per 100 par
Yield to maturity i
5.17%
Yield to worst i
5.17%
Current yield i
5.05%
Modified duration i
11.9 yr
Macaulay duration i
12.2 yr
Convexity i
192.72
DV01 i
0.1174
per 100 par

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

Remaining cash flows

39 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20262.438 0.998282.433
Feb 15, 20272.438 0.978552.385
Aug 15, 20272.438 0.958912.337
Feb 15, 20282.438 0.938412.287
Aug 15, 20282.438 0.917832.237
Feb 15, 20292.438 0.897862.189
Aug 15, 20292.438 0.878372.141
Feb 15, 20302.438 0.859122.094
Aug 15, 20302.438 0.840422.049
Feb 15, 20312.438 0.821652.003
Aug 15, 20312.438 0.803361.958
Feb 15, 20322.438 0.784341.912
Aug 15, 20322.438 0.765671.866
Feb 15, 20332.438 0.746941.821
Aug 15, 20332.438 0.728721.776
Feb 15, 20342.438 0.710831.733
Aug 15, 20342.438 0.693451.690
Feb 15, 20352.438 0.675991.648
Aug 15, 20352.438 0.659031.606
Feb 15, 20362.438 0.642011.565
Aug 15, 20362.438 0.625381.524
Feb 15, 20372.438 0.608781.484
Aug 15, 20372.438 0.592661.445
Feb 15, 20382.438 0.576491.405
Aug 15, 20382.438 0.560811.367
Feb 15, 20392.438 0.545101.329
Aug 15, 20392.438 0.529861.292
Feb 15, 20402.438 0.514601.254
Aug 15, 20402.438 0.499731.218
Feb 15, 20412.438 0.484921.182
Aug 15, 20412.438 0.470581.147
Feb 15, 20422.438 0.456241.112
Aug 15, 20422.438 0.442351.078
Feb 15, 20432.438 0.428451.044
Aug 15, 20432.438 0.415011.012
Feb 15, 20442.438 0.401580.979
Aug 15, 20442.438 0.388520.947
Feb 15, 20452.438 0.375540.915
Aug 15, 2045102.438 0.3629937.184
Sum of present values 98.649

Present values sum to the dirty price; subtract 2.209 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.66% 123.112
-100 bp (-1.0%) +12.86% 108.847
+100 bp (+1.0%) -10.94% 85.893
+200 bp (+2.0%) -19.95% 77.204

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.9 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 →
4.444.895.34Jan 2026Jul 2026

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