BondDesk Every bond, priced off the Treasury curve
TIPS Public

U.S. Treasury 2.12% TIPS due Jan 15, 2035

CUSIP 91282CML2 · 9-Year 8-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
2.33%
real yield — off the Treasury real-yield curve
Current yield i
2.16%
Coupon i
2.12%
Modified duration i
7.7 yr
Convexity i
66.17
Indicative REAL price i
98.418
real model per 100 real par — not a tradable quote
real auctioned at 100.488 · 2.22% high yield (May 22, 2025) · reopening — at issuance, not a current price
These are real (inflation-adjusted) figures off the Treasury real-yield curve. The actual dollar invoice = the real price × this TIPS's CPI index ratio, which is not applied here.
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Real price i
98.498
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Jan 15, 2027
1.062 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued May 2025par 100 · Jan 203517 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities — principal tracks the CPI.
Term i9-Year 8-Month
Coupon i2.12% (semiannual)
Maturity iJan 15, 2035
Issue dateMay 30, 2025
Par value i100.00
CallableNo
Amount outstanding i$39.6B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
98.418
Dirty price (real) i
98.498
Accrued interest i
0.081
per 100 par
Yield to maturity (real) i
2.33%
Yield to worst (real) i
2.33%
Current yield i
2.16%
Modified duration i
7.7 yr
Macaulay duration i
7.8 yr
Convexity i
66.17
DV01 i
0.0757
per 100 par

indicative REAL price/yield — discounted off the Treasury real-yield curve; CPI inflation accrual (index ratio) is not applied.

Remaining cash flows

17 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jan 15, 20271.062 0.981911.043
Jul 15, 20271.062 0.962311.022
Jan 15, 20281.062 0.941891.001
Jul 15, 20281.062 0.921270.979
Jan 15, 20291.062 0.901220.958
Jul 15, 20291.062 0.881670.937
Jan 15, 20301.062 0.862350.916
Jul 15, 20301.062 0.843610.896
Jan 15, 20311.062 0.824800.876
Jul 15, 20311.062 0.806530.857
Jan 15, 20321.062 0.787530.837
Jul 15, 20321.062 0.768840.817
Jan 15, 20331.062 0.750080.797
Jul 15, 20331.062 0.731790.778
Jan 15, 20341.062 0.713830.758
Jul 15, 20341.062 0.696410.740
Jan 15, 2035101.062 0.6789268.613
Sum of present values 98.498

Present values sum to the dirty price; subtract 0.081 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +16.7% 114.850
-100 bp (-1.0%) +8.02% 106.308
+100 bp (+1.0%) -7.36% 91.178
+200 bp (+2.0%) -14.05% 84.590

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (7.7 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 →
3.554.154.75Jan 2026Jul 2026

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