3.375% Treasury bond due 15 Nov 2048

The terms

Coupon

3.375%

paid twice a year, on the same two dates

Issued

15 Nov 2018

Matures

15 Nov 2048

22.1 years left

Original term

30-year

Bonds of November 2048

Outstanding

$52.6B

as of 31 Aug 2026

Day count

actual/actual

accrued interest follows the actual days of each coupon period

Price and risk, from the curve

Accrued interest

1.275

per 100: the coupon earned since the last payment on 15 May 2026

Full price

72.43

the price plus accrued interest: what a buyer pays at settlement

Macaulay duration

14.14

years: the average time to its payments, weighted by their present value

Convexity

258.0

how the duration itself changes as the yield moves

Price change per basis point

0.0996

per 100: how much the price moves for a 0.01-point move in yield (DV01)

These come from a model, not from a market: the Treasury's par curve of 1 Oct 2026, turned into a discount factor for each payment of this security. They can differ from the price at which it trades, and the yield to maturity is what holding it to the end would earn if every payment arrives, at this estimated price. It is not a return anyone is owed: a different price, a sale before maturity or reinvesting at other rates all change what is actually earned. For a TIPS, or a security with twenty years or more to run, the gap can exceed half a point.

The auctions

The Treasury sells each security at auction. The first auction issues it; later ones, called reopenings, sell more of the same security.

Bid-to-cover is the amount bid divided by the amount sold: 2.5 means bids for two and a half times what was sold. The high yield is the highest yield at which the Treasury accepted bids.