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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
4.88%
annualized · YTW equals YTM (non-callable)
Current yield i
4.88%
Coupon i
4.88%
Modified duration i
12.2 yr
Convexity i
198.91
Indicative price i
99.980
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
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
101.636
per 100 par (clean 99.980 + accrued 1.656) · ≈ $10,163.61 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
99.980
Dirty price i
101.636
Accrued interest i
1.656
per 100 par
Yield to maturity i
4.88%
Yield to worst i
4.88%
Current yield i
4.88%
Modified duration i
12.2 yr
Macaulay duration i
12.5 yr
Convexity i
198.91
DV01 i
0.1236
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 0.994142.423
Feb 15, 20272.438 0.974422.375
Aug 15, 20272.438 0.954802.327
Feb 15, 20282.438 0.934292.277
Aug 15, 20282.438 0.914172.228
Feb 15, 20292.438 0.895262.182
Aug 15, 20292.438 0.876952.138
Feb 15, 20302.438 0.858462.092
Aug 15, 20302.438 0.840572.049
Feb 15, 20312.438 0.822672.005
Aug 15, 20312.438 0.805091.962
Feb 15, 20322.438 0.786891.918
Aug 15, 20322.438 0.769051.875
Feb 15, 20332.438 0.751191.831
Aug 15, 20332.438 0.733951.789
Feb 15, 20342.438 0.716931.748
Aug 15, 20342.438 0.700411.707
Feb 15, 20352.438 0.683841.667
Aug 15, 20352.438 0.667761.628
Feb 15, 20362.438 0.651641.588
Aug 15, 20362.438 0.635851.550
Feb 15, 20372.438 0.619961.511
Aug 15, 20372.438 0.604551.474
Feb 15, 20382.438 0.589091.436
Aug 15, 20382.438 0.574091.399
Feb 15, 20392.438 0.559061.363
Aug 15, 20392.438 0.544491.327
Feb 15, 20402.438 0.529891.292
Aug 15, 20402.438 0.515661.257
Feb 15, 20412.438 0.501481.222
Aug 15, 20412.438 0.487751.189
Feb 15, 20422.438 0.474011.155
Aug 15, 20422.438 0.460701.123
Feb 15, 20432.438 0.447381.090
Aug 15, 20432.438 0.434481.059
Feb 15, 20442.438 0.421591.028
Aug 15, 20442.438 0.409040.997
Feb 15, 20452.438 0.396560.967
Aug 15, 2045102.438 0.3845039.387
Sum of present values 101.636

Present values sum to the dirty price; subtract 1.656 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +28.3% 128.275
-100 bp (-1.0%) +13.16% 113.133
+100 bp (+1.0%) -11.17% 88.815
+200 bp (+2.0%) -20.34% 79.639

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (12.2 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.