Treasury note

9128283F5 · 2.25% due November 15, 2027

Original term
10-Year
Maturity
Nov 15, 2027
Coupon
2.250%
Pays
Semi-Annual
Dated
Nov 15, 2017
First coupon
May 15, 2018
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$65.57bn
Held stripped
$91.2m
Share stripped
0.14%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.307%
Modified duration
1.138 yr
DV01
0.0112
Convexity
1.865
Dirty price
98.378

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 4 of twelve buckets, summing to 1.164 years against a modified duration of 1.138.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 1.79 cents per 100 of face.

That is 0.80 standard deviations from its own typical residual.

Yield to maturity, 2,205 observations

0%1%2%3%4%5%Nov 15, 2017Sep 9, 2026Nov 15, 2017Yield to maturity2.327%Nov 30, 2017Yield to maturity2.417%Dec 14, 2017Yield to maturity2.349%Dec 29, 2017Yield to maturity2.404%Jan 16, 2018Yield to maturity2.543%Jan 30, 2018Yield to maturity2.725%Feb 13, 2018Yield to maturity2.848%Feb 28, 2018Yield to maturity2.893%Mar 14, 2018Yield to maturity2.826%Mar 28, 2018Yield to maturity2.778%Apr 12, 2018Yield to maturity2.838%Apr 26, 2018Yield to maturity3.000%May 10, 2018Yield to maturity2.983%May 24, 2018Yield to maturity2.990%Jun 8, 2018Yield to maturity2.941%Jun 22, 2018Yield to maturity2.904%Jul 9, 2018Yield to maturity2.863%Jul 23, 2018Yield to maturity2.969%Aug 6, 2018Yield to maturity2.940%Aug 20, 2018Yield to maturity2.830%Sep 4, 2018Yield to maturity2.905%Sep 18, 2018Yield to maturity3.049%Oct 2, 2018Yield to maturity3.056%Oct 17, 2018Yield to maturity3.184%Oct 31, 2018Yield to maturity3.142%Nov 15, 2018Yield to maturity3.104%Nov 30, 2018Yield to maturity2.999%Dec 17, 2018Yield to maturity2.841%Jan 2, 2019Yield to maturity2.640%Jan 16, 2019Yield to maturity2.706%Jan 31, 2019Yield to maturity2.602%Feb 14, 2019Yield to maturity2.640%Mar 1, 2019Yield to maturity2.733%Mar 15, 2019Yield to maturity2.561%Mar 29, 2019Yield to maturity2.379%Apr 12, 2019Yield to maturity2.535%Apr 29, 2019Yield to maturity2.499%May 13, 2019Yield to maturity2.360%May 28, 2019Yield to maturity2.230%Jun 11, 2019Yield to maturity2.099%Jun 25, 2019Yield to maturity1.938%Jul 10, 2019Yield to maturity2.001%Jul 24, 2019Yield to maturity1.987%Aug 7, 2019Yield to maturity1.653%Aug 21, 2019Yield to maturity1.560%Sep 5, 2019Yield to maturity1.533%Sep 19, 2019Yield to maturity1.762%Oct 3, 2019Yield to maturity1.479%Oct 18, 2019Yield to maturity1.688%Nov 1, 2019Yield to maturity1.657%Nov 18, 2019Yield to maturity1.753%Dec 3, 2019Yield to maturity1.672%Dec 17, 2019Yield to maturity1.845%Jan 2, 2020Yield to maturity1.822%Jan 16, 2020Yield to maturity1.756%Jan 31, 2020Yield to maturity1.445%Feb 14, 2020Yield to maturity1.528%Mar 2, 2020Yield to maturity1.031%Mar 16, 2020Yield to maturity0.713%Mar 30, 2020Yield to maturity0.611%Apr 14, 2020Yield to maturity0.635%Apr 28, 2020Yield to maturity0.536%May 12, 2020Yield to maturity0.548%May 27, 2020Yield to maturity0.535%Jun 10, 2020Yield to maturity0.584%Jun 24, 2020Yield to maturity0.535%Jul 9, 2020Yield to maturity0.474%Jul 23, 2020Yield to maturity0.453%Aug 6, 2020Yield to maturity0.395%Aug 20, 2020Yield to maturity0.468%Sep 3, 2020Yield to maturity0.435%Sep 18, 2020Yield to maturity0.482%Oct 2, 2020Yield to maturity0.478%Oct 19, 2020Yield to maturity0.540%Nov 2, 2020Yield to maturity0.622%Nov 17, 2020Yield to maturity0.613%Dec 2, 2020Yield to maturity0.673%Dec 16, 2020Yield to maturity0.622%Dec 31, 2020Yield to maturity0.611%Jan 15, 2021Yield to maturity0.744%Feb 1, 2021Yield to maturity0.709%Feb 16, 2021Yield to maturity0.881%Mar 2, 2021Yield to maturity1.021%Mar 16, 2021Yield to maturity1.207%Mar 30, 2021Yield to maturity1.302%Apr 13, 2021Yield to maturity1.210%Apr 27, 2021Yield to maturity1.219%May 11, 2021Yield to maturity1.165%May 25, 2021Yield to maturity1.111%Jun 9, 2021Yield to maturity1.046%Jun 23, 2021Yield to maturity1.142%Jul 8, 2021Yield to maturity0.954%Jul 22, 2021Yield to maturity0.907%Aug 5, 2021Yield to maturity0.895%Aug 19, 2021Yield to maturity0.932%Sep 2, 2021Yield to maturity0.944%Sep 17, 2021Yield to maturity1.041%Oct 1, 2021Yield to maturity1.126%Oct 18, 2021Yield to maturity1.315%Nov 1, 2021Yield to maturity1.347%Nov 16, 2021Yield to maturity1.399%Dec 1, 2021Yield to maturity1.250%Dec 15, 2021Yield to maturity1.351%Dec 30, 2021Yield to maturity1.360%Jan 13, 2022Yield to maturity1.558%Jan 28, 2022Yield to maturity1.681%Feb 11, 2022Yield to maturity1.892%Feb 28, 2022Yield to maturity1.776%Mar 14, 2022Yield to maturity2.156%Mar 28, 2022Yield to maturity2.580%Apr 11, 2022Yield to maturity2.840%Apr 26, 2022Yield to maturity2.819%May 10, 2022Yield to maturity2.968%May 24, 2022Yield to maturity2.802%Jun 8, 2022Yield to maturity3.080%Jun 23, 2022Yield to maturity3.197%Jul 8, 2022Yield to maturity3.185%Jul 22, 2022Yield to maturity2.915%Aug 5, 2022Yield to maturity2.998%Aug 19, 2022Yield to maturity3.130%Sep 2, 2022Yield to maturity3.353%Sep 19, 2022Yield to maturity3.722%Oct 3, 2022Yield to maturity3.959%Oct 18, 2022Yield to maturity4.262%Nov 1, 2022Yield to maturity4.306%Nov 16, 2022Yield to maturity3.874%Dec 1, 2022Yield to maturity3.742%Dec 15, 2022Yield to maturity3.680%Dec 30, 2022Yield to maturity4.049%Jan 17, 2023Yield to maturity3.631%Jan 31, 2023Yield to maturity3.671%Feb 14, 2023Yield to maturity4.054%Mar 1, 2023Yield to maturity4.333%Mar 15, 2023Yield to maturity3.652%Mar 29, 2023Yield to maturity3.764%Apr 12, 2023Yield to maturity3.529%Apr 26, 2023Yield to maturity3.524%May 10, 2023Yield to maturity3.441%May 24, 2023Yield to maturity3.869%Jun 8, 2023Yield to maturity3.972%Jun 23, 2023Yield to maturity4.112%Jul 10, 2023Yield to maturity4.354%Jul 24, 2023Yield to maturity4.245%Aug 7, 2023Yield to maturity4.271%Aug 21, 2023Yield to maturity4.563%Sep 5, 2023Yield to maturity4.498%Sep 19, 2023Yield to maturity4.641%Oct 3, 2023Yield to maturity4.877%Oct 18, 2023Yield to maturity4.984%Nov 1, 2023Yield to maturity4.726%Nov 15, 2023Yield to maturity4.602%Nov 30, 2023Yield to maturity4.397%Dec 14, 2023Yield to maturity4.007%Dec 29, 2023Yield to maturity3.928%Jan 16, 2024Yield to maturity3.982%Jan 30, 2024Yield to maturity4.083%Feb 13, 2024Yield to maturity4.404%Feb 28, 2024Yield to maturity4.389%Mar 13, 2024Yield to maturity4.313%Mar 27, 2024Yield to maturity4.315%Apr 10, 2024Yield to maturity4.755%Apr 24, 2024Yield to maturity4.771%May 8, 2024Yield to maturity4.624%May 22, 2024Yield to maturity4.608%Jun 6, 2024Yield to maturity4.448%Jun 21, 2024Yield to maturity4.446%Jul 8, 2024Yield to maturity4.387%Jul 22, 2024Yield to maturity4.283%Aug 5, 2024Yield to maturity3.711%Aug 19, 2024Yield to maturity3.866%Sep 3, 2024Yield to maturity3.746%Sep 17, 2024Yield to maturity3.482%Oct 1, 2024Yield to maturity3.551%Oct 16, 2024Yield to maturity3.879%Oct 30, 2024Yield to maturity4.149%Nov 14, 2024Yield to maturity4.326%Nov 29, 2024Yield to maturity4.122%Dec 13, 2024Yield to maturity4.241%Dec 30, 2024Yield to maturity4.293%Jan 14, 2025Yield to maturity4.457%Jan 29, 2025Yield to maturity4.277%Feb 12, 2025Yield to maturity4.405%Feb 27, 2025Yield to maturity4.069%Mar 13, 2025Yield to maturity3.954%Mar 27, 2025Yield to maturity4.017%Apr 10, 2025Yield to maturity3.885%Apr 24, 2025Yield to maturity3.817%May 8, 2025Yield to maturity3.908%May 22, 2025Yield to maturity4.001%Jun 6, 2025Yield to maturity4.033%Jun 23, 2025Yield to maturity3.822%Jul 8, 2025Yield to maturity3.906%Jul 22, 2025Yield to maturity3.801%Aug 5, 2025Yield to maturity3.709%Aug 19, 2025Yield to maturity3.733%Sep 3, 2025Yield to maturity3.623%Sep 17, 2025Yield to maturity3.539%Oct 1, 2025Yield to maturity3.561%Oct 16, 2025Yield to maturity3.427%Oct 30, 2025Yield to maturity3.611%Nov 14, 2025Yield to maturity3.626%Dec 1, 2025Yield to maturity3.552%Dec 15, 2025Yield to maturity3.509%Dec 30, 2025Yield to maturity3.465%Jan 14, 2026Yield to maturity3.528%Jan 29, 2026Yield to maturity3.557%Feb 12, 2026Yield to maturity3.473%Feb 27, 2026Yield to maturity3.409%Mar 13, 2026Yield to maturity3.752%Mar 27, 2026Yield to maturity3.950%Apr 10, 2026Yield to maturity3.846%Apr 24, 2026Yield to maturity3.800%May 8, 2026Yield to maturity3.883%May 22, 2026Yield to maturity4.108%Jun 8, 2026Yield to maturity4.110%Jun 23, 2026Yield to maturity4.187%Jul 8, 2026Yield to maturity4.196%Jul 22, 2026Yield to maturity4.276%Aug 5, 2026Yield to maturity4.155%Aug 19, 2026Yield to maturity4.106%Sep 2, 2026Yield to maturity4.302%Sep 9, 2026Yield to maturity4.307%

Price history

2,205 trading days to Sep 9, 2026

859095100105110115Nov 15, 2017Sep 9, 2026Nov 15, 2017Close99.313Nov 30, 2017Close98.531Dec 14, 2017Close99.125Dec 29, 2017Close98.656Jan 16, 2018Close97.469Jan 30, 2018Close95.938Feb 13, 2018Close94.938Feb 28, 2018Close94.594Mar 14, 2018Close95.156Mar 28, 2018Close95.563Apr 12, 2018Close95.094Apr 26, 2018Close93.813May 10, 2018Close93.969May 24, 2018Close93.938Jun 8, 2018Close94.344Jun 22, 2018Close94.656Jul 9, 2018Close95.000Jul 23, 2018Close94.188Aug 6, 2018Close94.438Aug 20, 2018Close95.313Sep 4, 2018Close94.750Sep 18, 2018Close93.656Oct 2, 2018Close93.625Oct 17, 2018Close92.688Oct 31, 2018Close93.031Nov 15, 2018Close93.344Nov 30, 2018Close94.156Dec 17, 2018Close95.375Jan 2, 2019Close96.938Jan 16, 2019Close96.438Jan 31, 2019Close97.250Feb 14, 2019Close96.969Mar 1, 2019Close96.281Mar 15, 2019Close97.594Mar 29, 2019Close99.000Apr 12, 2019Close97.813Apr 29, 2019Close98.094May 13, 2019Close99.156May 28, 2019Close100.156Jun 11, 2019Close101.156Jun 25, 2019Close102.406Jul 10, 2019Close101.906Jul 24, 2019Close102.000Aug 7, 2019Close104.594Aug 21, 2019Close105.313Sep 5, 2019Close105.500Sep 19, 2019Close103.688Oct 3, 2019Close105.875Oct 18, 2019Close104.219Nov 1, 2019Close104.438Nov 18, 2019Close103.688Dec 3, 2019Close104.281Dec 17, 2019Close102.969Jan 2, 2020Close103.125Jan 16, 2020Close103.594Jan 31, 2020Close105.906Feb 14, 2020Close105.250Mar 2, 2020Close109.000Mar 16, 2020Close111.438Mar 30, 2020Close112.188Apr 14, 2020Close111.938Apr 28, 2020Close112.656May 12, 2020Close112.500May 27, 2020Close112.531Jun 10, 2020Close112.094Jun 24, 2020Close112.406Jul 9, 2020Close112.813Jul 23, 2020Close112.906Aug 6, 2020Close113.281Aug 20, 2020Close112.656Sep 3, 2020Close112.844Sep 18, 2020Close112.406Oct 2, 2020Close112.375Oct 19, 2020Close111.844Nov 2, 2020Close111.188Nov 17, 2020Close111.188Dec 2, 2020Close110.688Dec 16, 2020Close111.000Dec 31, 2020Close111.000Jan 15, 2021Close110.000Feb 1, 2021Close110.188Feb 16, 2021Close108.938Mar 2, 2021Close107.938Mar 16, 2021Close106.656Mar 30, 2021Close106.000Apr 13, 2021Close106.563Apr 27, 2021Close106.469May 11, 2021Close106.781May 25, 2021Close107.094Jun 9, 2021Close107.469Jun 23, 2021Close106.813Jul 8, 2021Close107.969Jul 22, 2021Close108.219Aug 5, 2021Close108.250Aug 19, 2021Close107.969Sep 2, 2021Close107.844Sep 17, 2021Close107.188Oct 1, 2021Close106.625Oct 18, 2021Close105.438Nov 1, 2021Close105.219Nov 16, 2021Close104.875Dec 1, 2021Close105.719Dec 15, 2021Close105.094Dec 30, 2021Close105.000Jan 13, 2022Close103.844Jan 28, 2022Close103.125Feb 11, 2022Close101.938Feb 28, 2022Close102.563Mar 14, 2022Close100.500Mar 28, 2022Close98.281Apr 11, 2022Close96.969Apr 26, 2022Close97.094May 10, 2022Close96.375May 24, 2022Close97.219Jun 8, 2022Close95.875Jun 23, 2022Close95.344Jul 8, 2022Close95.438Jul 22, 2022Close96.750Aug 5, 2022Close96.375Aug 19, 2022Close95.781Sep 2, 2022Close94.781Sep 19, 2022Close93.156Oct 3, 2022Close92.156Oct 18, 2022Close90.906Nov 1, 2022Close90.781Nov 16, 2022Close92.688Dec 1, 2022Close93.313Dec 15, 2022Close93.625Dec 30, 2022Close92.125Jan 17, 2023Close93.938Jan 31, 2023Close93.813Feb 14, 2023Close92.281Mar 1, 2023Close91.219Mar 15, 2023Close94.031Mar 29, 2023Close93.625Apr 12, 2023Close94.625Apr 26, 2023Close94.688May 10, 2023Close95.063May 24, 2023Close93.406Jun 8, 2023Close93.063Jun 23, 2023Close92.594Jul 10, 2023Close91.750Jul 24, 2023Close92.219Aug 7, 2023Close92.188Aug 21, 2023Close91.188Sep 5, 2023Close91.500Sep 19, 2023Close91.063Oct 3, 2023Close90.313Oct 18, 2023Close90.031Nov 1, 2023Close91.000Nov 15, 2023Close91.500Nov 30, 2023Close92.281Dec 14, 2023Close93.688Dec 29, 2023Close94.031Jan 16, 2024Close93.906Jan 30, 2024Close93.625Feb 13, 2024Close92.625Feb 28, 2024Close92.750Mar 13, 2024Close93.063Mar 27, 2024Close93.125Apr 10, 2024Close91.813Apr 24, 2024Close91.844May 8, 2024Close92.375May 22, 2024Close92.500Jun 6, 2024Close93.063Jun 21, 2024Close93.156Jul 8, 2024Close93.406Jul 22, 2024Close93.781Aug 5, 2024Close95.531Aug 19, 2024Close95.125Sep 3, 2024Close95.531Sep 17, 2024Close96.344Oct 1, 2024Close96.188Oct 16, 2024Close95.313Oct 30, 2024Close94.625Nov 14, 2024Close94.219Nov 29, 2024Close94.844Dec 13, 2024Close94.594Dec 30, 2024Close94.531Jan 14, 2025Close94.188Jan 29, 2025Close94.719Feb 12, 2025Close94.469Feb 27, 2025Close95.375Mar 13, 2025Close95.719Mar 27, 2025Close95.625Apr 10, 2025Close96.000Apr 24, 2025Close96.219May 8, 2025Close96.063May 22, 2025Close95.906Jun 6, 2025Close95.906Jun 23, 2025Close96.438Jul 8, 2025Close96.313Jul 22, 2025Close96.594Aug 5, 2025Close96.844Aug 19, 2025Close96.844Sep 3, 2025Close97.125Sep 17, 2025Close97.344Oct 1, 2025Close97.344Oct 16, 2025Close97.656Oct 30, 2025Close97.344Nov 14, 2025Close97.375Dec 1, 2025Close97.563Dec 15, 2025Close97.688Dec 30, 2025Close97.813Jan 14, 2026Close97.750Jan 29, 2026Close97.750Feb 12, 2026Close97.938Feb 27, 2026Close98.094Mar 13, 2026Close97.594Mar 27, 2026Close97.344Apr 10, 2026Close97.563Apr 24, 2026Close97.688May 8, 2026Close97.625May 22, 2026Close97.375Jun 8, 2026Close97.438Jun 23, 2026Close97.406Jul 8, 2026Close97.469Jul 22, 2026Close97.438Aug 5, 2026Close97.656Aug 19, 2026Close97.781Sep 2, 2026Close97.625Sep 9, 2026Close97.656
The most recent 20 trading days of prices for 9128283F5.
DateBidOfferClose
Sep 9, 202697.65697.62597.656
Sep 8, 202697.67297.65697.656
Sep 4, 202697.68897.68897.656
Sep 3, 202697.70397.68897.688
Sep 2, 202697.64197.62597.625
Sep 1, 202697.64197.62597.594
Aug 31, 202697.67297.65697.625
Aug 28, 202697.67297.65697.625
Aug 27, 202697.79797.78197.750
Aug 26, 202697.76697.75097.781
Aug 25, 202697.79797.78197.781
Aug 24, 202697.76697.75097.750
Aug 21, 202697.73497.71997.750
Aug 20, 202697.79797.78197.781
Aug 19, 202697.78197.75097.781
Aug 18, 202697.76697.75097.750
Aug 17, 202697.78197.78197.750
Aug 14, 202697.79797.78197.750
Aug 13, 202697.76697.75097.750
Aug 12, 202697.73497.71997.688

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 9128283F5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 8, 2017Nov 15, 2017New issue$23.0bn$25.8bn2.48x2.314%
Dec 11, 2017Dec 15, 2017Reopening$20.0bn$20.0bn2.37x2.384%
Jan 10, 2018Jan 16, 2018Reopening$20.0bn$20.7bn2.69x2.579%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.