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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
2.21%
real yield — off the Treasury real-yield curve
Current yield i
2.14%
Coupon i
2.12%
Modified duration i
7.7 yr
Convexity i
67.18
Indicative REAL price i
99.328
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
Jun 22, 2026
priced to this date (T+1 basis)
Real price i
100.256
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Jul 15, 2026
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 203518 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
99.328
Dirty price (real) i
100.256
Accrued interest i
0.927
per 100 par
Yield to maturity (real) i
2.21%
Yield to worst (real) i
2.21%
Current yield i
2.14%
Modified duration i
7.7 yr
Macaulay duration i
7.8 yr
Convexity i
67.18
DV01 i
0.0773
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

18 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jul 15, 20261.062 0.997721.060
Jan 15, 20271.062 0.977851.039
Jul 15, 20271.062 0.958241.018
Jan 15, 20281.062 0.937570.996
Jul 15, 20281.062 0.916870.974
Jan 15, 20291.062 0.897560.954
Jul 15, 20291.062 0.878900.934
Jan 15, 20301.062 0.860130.914
Jul 15, 20301.062 0.841970.895
Jan 15, 20311.062 0.823820.875
Jul 15, 20311.062 0.806170.857
Jan 15, 20321.062 0.787880.837
Jul 15, 20321.062 0.769980.818
Jan 15, 20331.062 0.752080.799
Jul 15, 20331.062 0.734710.781
Jan 15, 20341.062 0.717520.762
Jul 15, 20341.062 0.700850.745
Jan 15, 2035101.062 0.6841369.140
Sum of present values 100.256

Present values sum to the dirty price; subtract 0.927 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +16.77% 115.987
-100 bp (-1.0%) +8.05% 107.324
+100 bp (+1.0%) -7.38% 92.000
+200 bp (+2.0%) -14.08% 85.339

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 →
3.834.324.81Jan 2026Jun 2026

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