Treasury note

9128284N7 · 2.875% due May 15, 2028

Original term
10-Year
Maturity
May 15, 2028
Coupon
2.875%
Pays
Semi-Annual
Dated
May 15, 2018
First coupon
Nov 15, 2018
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$72.89bn
Held stripped
$241.6m
Share stripped
0.33%

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
4.394%
Modified duration
1.601 yr
DV01
0.0158
Convexity
3.394
Dirty price
98.484

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 1.636 years against a modified duration of 1.601.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 0.98 cents per 100 of face.

That is 0.47 standard deviations from its own typical residual.

Yield to maturity, 2,082 observations

0%1%2%3%4%5%May 15, 2018Sep 9, 2026May 15, 2018Yield to maturity3.076%May 29, 2018Yield to maturity2.767%Jun 11, 2018Yield to maturity2.955%Jun 22, 2018Yield to maturity2.900%Jul 6, 2018Yield to maturity2.816%Jul 19, 2018Yield to maturity2.842%Aug 1, 2018Yield to maturity3.001%Aug 14, 2018Yield to maturity2.901%Aug 27, 2018Yield to maturity2.856%Sep 10, 2018Yield to maturity2.942%Sep 21, 2018Yield to maturity3.071%Oct 4, 2018Yield to maturity3.194%Oct 18, 2018Yield to maturity3.172%Oct 31, 2018Yield to maturity3.150%Nov 14, 2018Yield to maturity3.120%Nov 28, 2018Yield to maturity3.055%Dec 12, 2018Yield to maturity2.913%Dec 26, 2018Yield to maturity2.806%Jan 9, 2019Yield to maturity2.726%Jan 23, 2019Yield to maturity2.745%Feb 5, 2019Yield to maturity2.695%Feb 19, 2019Yield to maturity2.644%Mar 4, 2019Yield to maturity2.712%Mar 15, 2019Yield to maturity2.574%Mar 28, 2019Yield to maturity2.377%Apr 10, 2019Yield to maturity2.455%Apr 24, 2019Yield to maturity2.503%May 7, 2019Yield to maturity2.429%May 20, 2019Yield to maturity2.389%Jun 3, 2019Yield to maturity2.042%Jun 14, 2019Yield to maturity2.054%Jun 27, 2019Yield to maturity1.977%Jul 11, 2019Yield to maturity2.085%Jul 24, 2019Yield to maturity2.011%Aug 6, 2019Yield to maturity1.686%Aug 19, 2019Yield to maturity1.580%Aug 30, 2019Yield to maturity1.484%Sep 13, 2019Yield to maturity1.878%Sep 26, 2019Yield to maturity1.688%Oct 9, 2019Yield to maturity1.550%Oct 23, 2019Yield to maturity1.720%Nov 5, 2019Yield to maturity1.814%Nov 19, 2019Yield to maturity1.749%Dec 3, 2019Yield to maturity1.687%Dec 16, 2019Yield to maturity1.855%Dec 30, 2019Yield to maturity1.855%Jan 13, 2020Yield to maturity1.800%Jan 27, 2020Yield to maturity1.561%Feb 7, 2020Yield to maturity1.541%Feb 21, 2020Yield to maturity1.417%Mar 5, 2020Yield to maturity0.860%Mar 18, 2020Yield to maturity1.201%Mar 31, 2020Yield to maturity0.626%Apr 14, 2020Yield to maturity0.671%Apr 27, 2020Yield to maturity0.604%May 8, 2020Yield to maturity0.587%May 21, 2020Yield to maturity0.573%Jun 4, 2020Yield to maturity0.684%Jun 17, 2020Yield to maturity0.605%Jun 30, 2020Yield to maturity0.537%Jul 14, 2020Yield to maturity0.508%Jul 27, 2020Yield to maturity0.506%Aug 7, 2020Yield to maturity0.448%Aug 20, 2020Yield to maturity0.507%Sep 2, 2020Yield to maturity0.505%Sep 16, 2020Yield to maturity0.513%Sep 29, 2020Yield to maturity0.480%Oct 13, 2020Yield to maturity0.550%Oct 26, 2020Yield to maturity0.618%Nov 6, 2020Yield to maturity0.628%Nov 20, 2020Yield to maturity0.646%Dec 4, 2020Yield to maturity0.734%Dec 17, 2020Yield to maturity0.687%Dec 31, 2020Yield to maturity0.670%Jan 14, 2021Yield to maturity0.853%Jan 28, 2021Yield to maturity0.765%Feb 10, 2021Yield to maturity0.817%Feb 24, 2021Yield to maturity1.024%Mar 9, 2021Yield to maturity1.238%Mar 22, 2021Yield to maturity1.343%Apr 2, 2021Yield to maturity1.410%Apr 15, 2021Yield to maturity1.225%Apr 28, 2021Yield to maturity1.288%May 11, 2021Yield to maturity1.254%May 24, 2021Yield to maturity1.255%Jun 7, 2021Yield to maturity1.212%Jun 18, 2021Yield to maturity1.191%Jul 1, 2021Yield to maturity1.202%Jul 15, 2021Yield to maturity1.028%Jul 28, 2021Yield to maturity0.965%Aug 10, 2021Yield to maturity1.069%Aug 23, 2021Yield to maturity0.997%Sep 3, 2021Yield to maturity1.033%Sep 17, 2021Yield to maturity1.106%Sep 30, 2021Yield to maturity1.243%Oct 14, 2021Yield to maturity1.272%Oct 27, 2021Yield to maturity1.340%Nov 9, 2021Yield to maturity1.266%Nov 23, 2021Yield to maturity1.517%Dec 7, 2021Yield to maturity1.383%Dec 20, 2021Yield to maturity1.303%Jan 3, 2022Yield to maturity1.505%Jan 14, 2022Yield to maturity1.677%Jan 28, 2022Yield to maturity1.711%Feb 10, 2022Yield to maturity2.025%Feb 24, 2022Yield to maturity1.921%Mar 9, 2022Yield to maturity1.932%Mar 22, 2022Yield to maturity2.445%Apr 4, 2022Yield to maturity2.574%Apr 18, 2022Yield to maturity2.858%Apr 29, 2022Yield to maturity2.972%May 12, 2022Yield to maturity2.869%May 25, 2022Yield to maturity2.778%Jun 8, 2022Yield to maturity3.090%Jun 22, 2022Yield to maturity3.274%Jul 6, 2022Yield to maturity3.021%Jul 19, 2022Yield to maturity3.165%Aug 1, 2022Yield to maturity2.693%Aug 12, 2022Yield to maturity3.000%Aug 25, 2022Yield to maturity3.212%Sep 8, 2022Yield to maturity3.454%Sep 21, 2022Yield to maturity3.767%Oct 4, 2022Yield to maturity3.875%Oct 18, 2022Yield to maturity4.254%Oct 31, 2022Yield to maturity4.316%Nov 14, 2022Yield to maturity4.052%Nov 28, 2022Yield to maturity3.933%Dec 9, 2022Yield to maturity3.794%Dec 22, 2022Yield to maturity3.838%Jan 6, 2023Yield to maturity3.732%Jan 20, 2023Yield to maturity3.591%Feb 2, 2023Yield to maturity3.522%Feb 15, 2023Yield to maturity4.063%Mar 1, 2023Yield to maturity4.295%Mar 14, 2023Yield to maturity3.815%Mar 27, 2023Yield to maturity3.662%Apr 7, 2023Yield to maturity3.543%Apr 20, 2023Yield to maturity3.672%May 3, 2023Yield to maturity3.420%May 16, 2023Yield to maturity3.557%May 30, 2023Yield to maturity3.867%Jun 12, 2023Yield to maturity3.946%Jun 26, 2023Yield to maturity4.012%Jul 10, 2023Yield to maturity4.288%Jul 21, 2023Yield to maturity4.132%Aug 3, 2023Yield to maturity4.351%Aug 16, 2023Yield to maturity4.469%Aug 29, 2023Yield to maturity4.333%Sep 12, 2023Yield to maturity4.477%Sep 25, 2023Yield to maturity4.669%Oct 6, 2023Yield to maturity4.788%Oct 20, 2023Yield to maturity4.891%Nov 2, 2023Yield to maturity4.692%Nov 15, 2023Yield to maturity4.576%Nov 29, 2023Yield to maturity4.298%Dec 12, 2023Yield to maturity4.308%Dec 26, 2023Yield to maturity3.955%Jan 9, 2024Yield to maturity4.037%Jan 23, 2024Yield to maturity4.088%Feb 5, 2024Yield to maturity4.180%Feb 16, 2024Yield to maturity4.351%Mar 1, 2024Yield to maturity4.236%Mar 14, 2024Yield to maturity4.373%Mar 27, 2024Yield to maturity4.274%Apr 9, 2024Yield to maturity4.459%Apr 22, 2024Yield to maturity4.730%May 3, 2024Yield to maturity4.558%May 16, 2024Yield to maturity4.480%May 30, 2024Yield to maturity4.667%Jun 12, 2024Yield to maturity4.417%Jun 26, 2024Yield to maturity4.450%Jul 10, 2024Yield to maturity4.345%Jul 23, 2024Yield to maturity4.237%Aug 5, 2024Yield to maturity3.679%Aug 16, 2024Yield to maturity3.843%Aug 29, 2024Yield to maturity3.748%Sep 12, 2024Yield to maturity3.505%Sep 25, 2024Yield to maturity3.539%Oct 8, 2024Yield to maturity3.907%Oct 22, 2024Yield to maturity4.015%Nov 4, 2024Yield to maturity4.183%Nov 18, 2024Yield to maturity4.287%Dec 2, 2024Yield to maturity4.140%Dec 13, 2024Yield to maturity4.255%Dec 27, 2024Yield to maturity4.404%Jan 10, 2025Yield to maturity4.515%Jan 24, 2025Yield to maturity4.364%Feb 6, 2025Yield to maturity4.249%Feb 20, 2025Yield to maturity4.297%Mar 5, 2025Yield to maturity4.032%Mar 18, 2025Yield to maturity4.045%Mar 31, 2025Yield to maturity3.915%Apr 11, 2025Yield to maturity4.027%Apr 24, 2025Yield to maturity3.826%May 7, 2025Yield to maturity3.781%May 20, 2025Yield to maturity3.973%Jun 3, 2025Yield to maturity3.941%Jun 16, 2025Yield to maturity3.953%Jun 30, 2025Yield to maturity3.707%Jul 14, 2025Yield to maturity3.884%Jul 25, 2025Yield to maturity3.872%Aug 7, 2025Yield to maturity3.712%Aug 20, 2025Yield to maturity3.710%Sep 3, 2025Yield to maturity3.610%Sep 16, 2025Yield to maturity3.507%Sep 29, 2025Yield to maturity3.655%Oct 10, 2025Yield to maturity3.524%Oct 24, 2025Yield to maturity3.494%Nov 6, 2025Yield to maturity3.567%Nov 20, 2025Yield to maturity3.551%Dec 4, 2025Yield to maturity3.534%Dec 17, 2025Yield to maturity3.515%Dec 31, 2025Yield to maturity3.498%Jan 14, 2026Yield to maturity3.536%Jan 28, 2026Yield to maturity3.618%Feb 10, 2026Yield to maturity3.483%Feb 24, 2026Yield to maturity3.464%Mar 9, 2026Yield to maturity3.579%Mar 20, 2026Yield to maturity3.915%Apr 2, 2026Yield to maturity3.804%Apr 15, 2026Yield to maturity3.788%Apr 28, 2026Yield to maturity3.853%May 11, 2026Yield to maturity3.953%May 22, 2026Yield to maturity4.142%Jun 5, 2026Yield to maturity4.182%Jun 18, 2026Yield to maturity4.189%Jul 2, 2026Yield to maturity4.161%Jul 16, 2026Yield to maturity4.164%Jul 29, 2026Yield to maturity4.244%Aug 11, 2026Yield to maturity4.214%Aug 24, 2026Yield to maturity4.241%Sep 4, 2026Yield to maturity4.370%Sep 9, 2026Yield to maturity4.394%

Price history

2,082 trading days to Sep 9, 2026

9095100105110115120May 15, 2018Sep 9, 2026May 15, 2018Close98.281May 29, 2018Close100.938Jun 11, 2018Close99.313Jun 22, 2018Close99.781Jul 6, 2018Close100.500Jul 19, 2018Close100.281Aug 1, 2018Close98.938Aug 14, 2018Close99.781Aug 27, 2018Close100.156Sep 10, 2018Close99.438Sep 21, 2018Close98.375Oct 4, 2018Close97.375Oct 18, 2018Close97.563Oct 31, 2018Close97.750Nov 14, 2018Close98.000Nov 28, 2018Close98.531Dec 12, 2018Close99.688Dec 26, 2018Close100.563Jan 9, 2019Close101.219Jan 23, 2019Close101.063Feb 5, 2019Close101.469Feb 19, 2019Close101.875Mar 4, 2019Close101.313Mar 15, 2019Close102.438Mar 28, 2019Close104.063Apr 10, 2019Close103.406Apr 24, 2019Close103.000May 7, 2019Close103.594May 20, 2019Close103.906Jun 3, 2019Close106.781Jun 14, 2019Close106.656Jun 27, 2019Close107.281Jul 11, 2019Close106.344Jul 24, 2019Close106.938Aug 6, 2019Close109.656Aug 19, 2019Close110.531Aug 30, 2019Close111.313Sep 13, 2019Close107.938Sep 26, 2019Close109.500Oct 9, 2019Close110.625Oct 23, 2019Close109.156Nov 5, 2019Close108.344Nov 19, 2019Close108.844Dec 3, 2019Close109.313Dec 16, 2019Close107.906Dec 30, 2019Close107.875Jan 13, 2020Close108.281Jan 27, 2020Close110.188Feb 7, 2020Close110.313Feb 21, 2020Close111.281Mar 5, 2020Close115.906Mar 18, 2020Close112.969Mar 31, 2020Close117.781Apr 14, 2020Close117.313Apr 27, 2020Close117.813May 8, 2020Close117.875May 21, 2020Close117.938Jun 4, 2020Close116.906Jun 17, 2020Close117.500Jun 30, 2020Close118.000Jul 14, 2020Close118.156Jul 27, 2020Close118.094Aug 7, 2020Close118.500Aug 20, 2020Close117.938Sep 2, 2020Close117.875Sep 16, 2020Close117.719Sep 29, 2020Close117.906Oct 13, 2020Close117.250Oct 26, 2020Close116.625Nov 6, 2020Close116.469Nov 20, 2020Close116.250Dec 4, 2020Close115.469Dec 17, 2020Close115.781Dec 31, 2020Close115.813Jan 14, 2021Close114.344Jan 28, 2021Close114.938Feb 10, 2021Close114.469Feb 24, 2021Close112.844Mar 9, 2021Close111.219Mar 22, 2021Close110.406Apr 2, 2021Close109.875Apr 15, 2021Close111.156Apr 28, 2021Close110.656May 11, 2021Close110.844May 24, 2021Close110.781Jun 7, 2021Close111.031Jun 18, 2021Close111.125Jul 1, 2021Close111.000Jul 15, 2021Close112.156Jul 28, 2021Close112.531Aug 10, 2021Close111.750Aug 23, 2021Close112.188Sep 3, 2021Close111.875Sep 17, 2021Close111.313Sep 30, 2021Close110.344Oct 14, 2021Close110.094Oct 27, 2021Close109.594Nov 9, 2021Close110.031Nov 23, 2021Close108.344Dec 7, 2021Close109.156Dec 20, 2021Close109.625Jan 3, 2022Close108.281Jan 14, 2022Close107.156Jan 28, 2022Close106.906Feb 10, 2022Close104.969Feb 24, 2022Close105.563Mar 9, 2022Close105.469Mar 22, 2022Close102.438Apr 4, 2022Close101.688Apr 18, 2022Close100.094Apr 29, 2022Close99.469May 12, 2022Close100.031May 25, 2022Close100.531Jun 8, 2022Close98.844Jun 22, 2022Close97.875Jul 6, 2022Close99.219Jul 19, 2022Close98.469Aug 1, 2022Close100.969Aug 12, 2022Close99.344Aug 25, 2022Close98.250Sep 8, 2022Close97.031Sep 21, 2022Close95.500Oct 4, 2022Close95.000Oct 18, 2022Close93.219Oct 31, 2022Close92.969Nov 14, 2022Close94.250Nov 28, 2022Close94.844Dec 9, 2022Close95.531Dec 22, 2022Close95.344Jan 6, 2023Close95.875Jan 20, 2023Close96.563Feb 2, 2023Close96.906Feb 15, 2023Close94.438Mar 1, 2023Close93.438Mar 14, 2023Close95.625Mar 27, 2023Close96.344Apr 7, 2023Close96.906Apr 20, 2023Close96.344May 3, 2023Close97.500May 16, 2023Close96.906May 30, 2023Close95.563Jun 12, 2023Close95.250Jun 26, 2023Close95.000Jul 10, 2023Close93.875Jul 21, 2023Close94.563Aug 3, 2023Close93.688Aug 16, 2023Close93.250Aug 29, 2023Close93.844Sep 12, 2023Close93.313Sep 25, 2023Close92.594Oct 6, 2023Close92.188Oct 20, 2023Close91.844Nov 2, 2023Close92.656Nov 15, 2023Close93.156Nov 29, 2023Close94.281Dec 12, 2023Close94.281Dec 26, 2023Close95.688Jan 9, 2024Close95.406Jan 23, 2024Close95.250Feb 5, 2024Close94.938Feb 16, 2024Close94.344Mar 1, 2024Close94.813Mar 14, 2024Close94.344Mar 27, 2024Close94.750Apr 9, 2024Close94.125Apr 22, 2024Close93.219May 3, 2024Close93.875May 16, 2024Close94.188May 30, 2024Close93.594Jun 12, 2024Close94.500Jun 26, 2024Close94.438Jul 10, 2024Close94.844Jul 23, 2024Close95.250Aug 5, 2024Close97.188Aug 16, 2024Close96.656Aug 29, 2024Close97.000Sep 12, 2024Close97.844Sep 25, 2024Close97.750Oct 8, 2024Close96.563Oct 22, 2024Close96.250Nov 4, 2024Close95.750Nov 18, 2024Close95.469Dec 2, 2024Close95.969Dec 13, 2024Close95.656Dec 27, 2024Close95.250Jan 10, 2025Close94.969Jan 24, 2025Close95.469Feb 6, 2025Close95.844Feb 20, 2025Close95.750Mar 5, 2025Close96.563Mar 18, 2025Close96.563Mar 31, 2025Close96.969Apr 11, 2025Close96.688Apr 24, 2025Close97.281May 7, 2025Close97.438May 20, 2025Close96.938Jun 3, 2025Close97.063Jun 16, 2025Close97.063Jun 30, 2025Close97.750Jul 14, 2025Close97.313Jul 25, 2025Close97.375Aug 7, 2025Close97.813Aug 20, 2025Close97.844Sep 3, 2025Close98.125Sep 16, 2025Close98.406Sep 29, 2025Close98.063Oct 10, 2025Close98.406Oct 24, 2025Close98.500Nov 6, 2025Close98.344Nov 20, 2025Close98.406Dec 4, 2025Close98.469Dec 17, 2025Close98.531Dec 31, 2025Close98.594Jan 14, 2026Close98.531Jan 28, 2026Close98.375Feb 10, 2026Close98.688Feb 24, 2026Close98.750Mar 9, 2026Close98.531Mar 20, 2026Close97.875Apr 2, 2026Close98.125Apr 15, 2026Close98.188Apr 28, 2026Close98.094May 11, 2026Close97.938May 22, 2026Close97.625Jun 5, 2026Close97.594Jun 18, 2026Close97.625Jul 2, 2026Close97.719Jul 16, 2026Close97.750Jul 29, 2026Close97.656Aug 11, 2026Close97.750Aug 24, 2026Close97.750Sep 4, 2026Close97.594Sep 9, 2026Close97.563
The most recent 20 trading days of prices for 9128284N7.
DateBidOfferClose
Sep 9, 202697.57897.56397.563
Sep 8, 202697.60997.59497.594
Sep 4, 202697.64197.62597.594
Sep 3, 202697.67297.65697.656
Sep 2, 202697.57897.56397.563
Sep 1, 202697.60997.59497.563
Aug 31, 202697.64197.62597.625
Aug 28, 202697.67297.65697.625
Aug 27, 202697.82897.81397.781
Aug 26, 202697.82897.81397.813
Aug 25, 202697.84497.84497.844
Aug 24, 202697.79797.78197.750
Aug 21, 202697.76697.75097.781
Aug 20, 202697.85997.84497.844
Aug 19, 202697.82897.81397.844
Aug 18, 202697.85997.84497.844
Aug 17, 202697.85997.84497.844
Aug 14, 202697.89197.87597.844
Aug 13, 202697.89197.87597.875
Aug 12, 202697.81397.81397.781

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 9128284N7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 9, 2018May 15, 2018New issue$25.0bn$31.0bn2.56x2.995%
Jun 11, 2018Jun 15, 2018Reopening$22.0bn$22.0bn2.59x2.962%
Jul 11, 2018Jul 16, 2018Reopening$22.0bn$22.1bn2.57x2.859%

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.