Treasury note

9128284V9 · 2.875% due August 15, 2028

Original term
10-Year
Maturity
Aug 15, 2028
Coupon
2.875%
Pays
Semi-Annual
Dated
Aug 15, 2018
First coupon
Feb 15, 2019
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$73.00bn
Held stripped
$23.7m
Share stripped
0.03%

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
4.428%
Modified duration
1.846 yr
DV01
0.0180
Convexity
4.356
Dirty price
97.359

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 1.887 years against a modified duration of 1.846.

Against the fitted curve

Priced 0.4 bp rich to the curve on that day, 0.69 cents per 100 of face.

That is -0.43 standard deviations from its own typical residual.

Yield to maturity, 2,018 observations

0%1%2%3%4%5%Aug 15, 2018Sep 9, 2026Aug 15, 2018Yield to maturity2.861%Aug 28, 2018Yield to maturity2.882%Sep 11, 2018Yield to maturity2.977%Sep 24, 2018Yield to maturity3.078%Oct 5, 2018Yield to maturity3.233%Oct 19, 2018Yield to maturity3.200%Nov 1, 2018Yield to maturity3.140%Nov 15, 2018Yield to maturity3.114%Nov 29, 2018Yield to maturity3.036%Dec 13, 2018Yield to maturity2.908%Dec 27, 2018Yield to maturity2.767%Jan 10, 2019Yield to maturity2.733%Jan 24, 2019Yield to maturity2.714%Feb 6, 2019Yield to maturity2.692%Feb 20, 2019Yield to maturity2.646%Mar 5, 2019Yield to maturity2.716%Mar 18, 2019Yield to maturity2.596%Mar 29, 2019Yield to maturity2.396%Apr 11, 2019Yield to maturity2.494%Apr 25, 2019Yield to maturity2.522%May 8, 2019Yield to maturity2.473%May 21, 2019Yield to maturity2.415%Jun 4, 2019Yield to maturity2.112%Jun 17, 2019Yield to maturity2.062%Jun 28, 2019Yield to maturity1.976%Jul 12, 2019Yield to maturity2.086%Jul 25, 2019Yield to maturity2.047%Aug 7, 2019Yield to maturity1.679%Aug 20, 2019Yield to maturity1.537%Sep 3, 2019Yield to maturity1.465%Sep 16, 2019Yield to maturity1.825%Sep 27, 2019Yield to maturity1.673%Oct 10, 2019Yield to maturity1.640%Oct 24, 2019Yield to maturity1.741%Nov 6, 2019Yield to maturity1.789%Nov 20, 2019Yield to maturity1.711%Dec 4, 2019Yield to maturity1.751%Dec 17, 2019Yield to maturity1.866%Dec 31, 2019Yield to maturity1.892%Jan 14, 2020Yield to maturity1.783%Jan 28, 2020Yield to maturity1.610%Feb 10, 2020Yield to maturity1.520%Feb 24, 2020Yield to maturity1.348%Mar 6, 2020Yield to maturity0.732%Mar 19, 2020Yield to maturity1.161%Apr 1, 2020Yield to maturity0.577%Apr 15, 2020Yield to maturity0.564%Apr 28, 2020Yield to maturity0.570%May 11, 2020Yield to maturity0.635%May 22, 2020Yield to maturity0.572%Jun 5, 2020Yield to maturity0.786%Jun 18, 2020Yield to maturity0.595%Jul 1, 2020Yield to maturity0.579%Jul 15, 2020Yield to maturity0.533%Jul 28, 2020Yield to maturity0.488%Aug 10, 2020Yield to maturity0.475%Aug 21, 2020Yield to maturity0.513%Sep 3, 2020Yield to maturity0.486%Sep 17, 2020Yield to maturity0.531%Sep 30, 2020Yield to maturity0.526%Oct 14, 2020Yield to maturity0.568%Oct 27, 2020Yield to maturity0.618%Nov 9, 2020Yield to maturity0.765%Nov 23, 2020Yield to maturity0.690%Dec 7, 2020Yield to maturity0.727%Dec 18, 2020Yield to maturity0.722%Jan 4, 2021Yield to maturity0.688%Jan 15, 2021Yield to maturity0.843%Jan 29, 2021Yield to maturity0.839%Feb 11, 2021Yield to maturity0.859%Feb 25, 2021Yield to maturity1.265%Mar 10, 2021Yield to maturity1.250%Mar 23, 2021Yield to maturity1.331%Apr 5, 2021Yield to maturity1.434%Apr 16, 2021Yield to maturity1.292%Apr 29, 2021Yield to maturity1.341%May 12, 2021Yield to maturity1.364%May 25, 2021Yield to maturity1.250%Jun 8, 2021Yield to maturity1.221%Jun 21, 2021Yield to maturity1.252%Jul 2, 2021Yield to maturity1.192%Jul 16, 2021Yield to maturity1.072%Jul 29, 2021Yield to maturity1.022%Aug 11, 2021Yield to maturity1.092%Aug 24, 2021Yield to maturity1.057%Sep 7, 2021Yield to maturity1.110%Sep 20, 2021Yield to maturity1.084%Oct 1, 2021Yield to maturity1.223%Oct 15, 2021Yield to maturity1.378%Oct 28, 2021Yield to maturity1.404%Nov 10, 2021Yield to maturity1.420%Nov 24, 2021Yield to maturity1.534%Dec 8, 2021Yield to maturity1.410%Dec 21, 2021Yield to maturity1.370%Jan 4, 2022Yield to maturity1.533%Jan 18, 2022Yield to maturity1.787%Jan 31, 2022Yield to maturity1.738%Feb 11, 2022Yield to maturity1.920%Feb 25, 2022Yield to maturity1.955%Mar 10, 2022Yield to maturity1.996%Mar 23, 2022Yield to maturity2.403%Apr 5, 2022Yield to maturity2.692%Apr 19, 2022Yield to maturity2.967%May 2, 2022Yield to maturity3.067%May 13, 2022Yield to maturity2.968%May 26, 2022Yield to maturity2.786%Jun 9, 2022Yield to maturity3.121%Jun 23, 2022Yield to maturity3.196%Jul 7, 2022Yield to maturity3.107%Jul 20, 2022Yield to maturity3.206%Aug 2, 2022Yield to maturity2.881%Aug 15, 2022Yield to maturity2.932%Aug 26, 2022Yield to maturity3.247%Sep 9, 2022Yield to maturity3.499%Sep 22, 2022Yield to maturity3.941%Oct 5, 2022Yield to maturity3.997%Oct 19, 2022Yield to maturity4.392%Nov 1, 2022Yield to maturity4.290%Nov 15, 2022Yield to maturity3.973%Nov 29, 2022Yield to maturity3.967%Dec 12, 2022Yield to maturity3.826%Dec 23, 2022Yield to maturity3.903%Jan 9, 2023Yield to maturity3.691%Jan 23, 2023Yield to maturity3.638%Feb 3, 2023Yield to maturity3.688%Feb 16, 2023Yield to maturity4.073%Mar 2, 2023Yield to maturity4.343%Mar 15, 2023Yield to maturity3.624%Mar 28, 2023Yield to maturity3.701%Apr 10, 2023Yield to maturity3.547%Apr 21, 2023Yield to maturity3.684%May 4, 2023Yield to maturity3.336%May 17, 2023Yield to maturity3.626%May 31, 2023Yield to maturity3.802%Jun 13, 2023Yield to maturity4.057%Jun 27, 2023Yield to maturity4.059%Jul 11, 2023Yield to maturity4.266%Jul 24, 2023Yield to maturity4.147%Aug 4, 2023Yield to maturity4.177%Aug 17, 2023Yield to maturity4.454%Aug 30, 2023Yield to maturity4.325%Sep 13, 2023Yield to maturity4.439%Sep 26, 2023Yield to maturity4.675%Oct 10, 2023Yield to maturity4.665%Oct 23, 2023Yield to maturity4.847%Nov 3, 2023Yield to maturity4.544%Nov 16, 2023Yield to maturity4.476%Nov 30, 2023Yield to maturity4.373%Dec 13, 2023Yield to maturity4.060%Dec 27, 2023Yield to maturity3.847%Jan 10, 2024Yield to maturity4.025%Jan 24, 2024Yield to maturity4.112%Feb 6, 2024Yield to maturity4.082%Feb 20, 2024Yield to maturity4.299%Mar 4, 2024Yield to maturity4.269%Mar 15, 2024Yield to maturity4.401%Mar 28, 2024Yield to maturity4.280%Apr 10, 2024Yield to maturity4.681%Apr 23, 2024Yield to maturity4.678%May 6, 2024Yield to maturity4.548%May 17, 2024Yield to maturity4.502%May 31, 2024Yield to maturity4.585%Jun 13, 2024Yield to maturity4.321%Jun 27, 2024Yield to maturity4.394%Jul 11, 2024Yield to maturity4.217%Jul 24, 2024Yield to maturity4.211%Aug 6, 2024Yield to maturity3.787%Aug 19, 2024Yield to maturity3.821%Aug 30, 2024Yield to maturity3.777%Sep 13, 2024Yield to maturity3.460%Sep 26, 2024Yield to maturity3.587%Oct 9, 2024Yield to maturity3.943%Oct 23, 2024Yield to maturity4.072%Nov 5, 2024Yield to maturity4.184%Nov 19, 2024Yield to maturity4.272%Dec 3, 2024Yield to maturity4.153%Dec 16, 2024Yield to maturity4.260%Dec 30, 2024Yield to maturity4.342%Jan 13, 2025Yield to maturity4.554%Jan 27, 2025Yield to maturity4.284%Feb 7, 2025Yield to maturity4.327%Feb 21, 2025Yield to maturity4.232%Mar 6, 2025Yield to maturity4.022%Mar 19, 2025Yield to maturity3.993%Apr 1, 2025Yield to maturity3.882%Apr 14, 2025Yield to maturity3.912%Apr 25, 2025Yield to maturity3.799%May 8, 2025Yield to maturity3.922%May 21, 2025Yield to maturity4.028%Jun 4, 2025Yield to maturity3.860%Jun 17, 2025Yield to maturity3.924%Jul 1, 2025Yield to maturity3.784%Jul 15, 2025Yield to maturity3.950%Jul 28, 2025Yield to maturity3.895%Aug 8, 2025Yield to maturity3.750%Aug 21, 2025Yield to maturity3.758%Sep 4, 2025Yield to maturity3.563%Sep 17, 2025Yield to maturity3.524%Sep 30, 2025Yield to maturity3.637%Oct 14, 2025Yield to maturity3.481%Oct 27, 2025Yield to maturity3.512%Nov 7, 2025Yield to maturity3.568%Nov 21, 2025Yield to maturity3.504%Dec 5, 2025Yield to maturity3.575%Dec 18, 2025Yield to maturity3.495%Jan 2, 2026Yield to maturity3.531%Jan 15, 2026Yield to maturity3.603%Jan 29, 2026Yield to maturity3.601%Feb 11, 2026Yield to maturity3.558%Feb 25, 2026Yield to maturity3.474%Mar 10, 2026Yield to maturity3.591%Mar 23, 2026Yield to maturity3.852%Apr 3, 2026Yield to maturity3.866%Apr 16, 2026Yield to maturity3.792%Apr 29, 2026Yield to maturity3.937%May 12, 2026Yield to maturity4.012%May 26, 2026Yield to maturity4.077%Jun 8, 2026Yield to maturity4.173%Jun 22, 2026Yield to maturity4.258%Jul 6, 2026Yield to maturity4.140%Jul 17, 2026Yield to maturity4.194%Jul 30, 2026Yield to maturity4.263%Aug 12, 2026Yield to maturity4.221%Aug 25, 2026Yield to maturity4.210%Sep 8, 2026Yield to maturity4.391%Sep 9, 2026Yield to maturity4.428%

Price history

2,018 trading days to Sep 9, 2026

9095100105110115120Aug 15, 2018Sep 9, 2026Aug 15, 2018Close100.125Aug 28, 2018Close99.938Sep 11, 2018Close99.125Sep 24, 2018Close98.281Oct 5, 2018Close97.000Oct 19, 2018Close97.281Nov 1, 2018Close97.781Nov 15, 2018Close98.000Nov 29, 2018Close98.656Dec 13, 2018Close99.719Dec 27, 2018Close100.906Jan 10, 2019Close101.188Jan 24, 2019Close101.344Feb 6, 2019Close101.531Feb 20, 2019Close101.906Mar 5, 2019Close101.313Mar 18, 2019Close102.313Mar 29, 2019Close104.000Apr 11, 2019Close103.156Apr 25, 2019Close102.906May 8, 2019Close103.313May 21, 2019Close103.781Jun 4, 2019Close106.344Jun 17, 2019Close106.750Jun 28, 2019Close107.469Jul 12, 2019Close106.500Jul 25, 2019Close106.813Aug 7, 2019Close109.969Aug 20, 2019Close111.188Sep 3, 2019Close111.781Sep 16, 2019Close108.594Sep 27, 2019Close109.875Oct 10, 2019Close110.125Oct 24, 2019Close109.219Nov 6, 2019Close108.781Nov 20, 2019Close109.406Dec 4, 2019Close109.031Dec 17, 2019Close108.031Dec 31, 2019Close107.781Jan 14, 2020Close108.656Jan 28, 2020Close110.063Feb 10, 2020Close110.781Feb 24, 2020Close112.188Mar 6, 2020Close117.500Mar 19, 2020Close113.688Apr 1, 2020Close118.750Apr 15, 2020Close118.781Apr 28, 2020Close118.656May 11, 2020Close118.000May 22, 2020Close118.469Jun 5, 2020Close116.531Jun 18, 2020Close118.125Jul 1, 2020Close118.188Jul 15, 2020Close118.500Jul 28, 2020Close118.813Aug 10, 2020Close118.844Aug 21, 2020Close118.438Sep 3, 2020Close118.594Sep 17, 2020Close118.125Sep 30, 2020Close118.094Oct 14, 2020Close117.656Oct 27, 2020Close117.156Nov 9, 2020Close115.875Nov 23, 2020Close116.406Dec 7, 2020Close116.031Dec 18, 2020Close116.000Jan 4, 2021Close116.188Jan 15, 2021Close114.875Jan 29, 2021Close114.844Feb 11, 2021Close114.625Feb 25, 2021Close111.438Mar 10, 2021Close111.500Mar 23, 2021Close110.844Apr 5, 2021Close110.031Apr 16, 2021Close111.031Apr 29, 2021Close110.625May 12, 2021Close110.406May 25, 2021Close111.188Jun 8, 2021Close111.344Jun 21, 2021Close111.063Jul 2, 2021Close111.438Jul 16, 2021Close112.250Jul 29, 2021Close112.563Aug 11, 2021Close112.000Aug 24, 2021Close112.188Sep 7, 2021Close111.750Sep 20, 2021Close111.875Oct 1, 2021Close110.844Oct 15, 2021Close109.719Oct 28, 2021Close109.500Nov 10, 2021Close109.344Nov 24, 2021Close108.531Dec 8, 2021Close109.313Dec 21, 2021Close109.531Jan 4, 2022Close108.406Jan 18, 2022Close106.719Jan 31, 2022Close107.000Feb 11, 2022Close105.813Feb 25, 2022Close105.563Mar 10, 2022Close105.281Mar 23, 2022Close102.781Apr 5, 2022Close101.063Apr 19, 2022Close99.469May 2, 2022Close98.906May 13, 2022Close99.469May 26, 2022Close100.500Jun 9, 2022Close98.625Jun 23, 2022Close98.219Jul 7, 2022Close98.719Jul 20, 2022Close98.188Aug 2, 2022Close99.969Aug 15, 2022Close99.688Aug 26, 2022Close98.000Sep 9, 2022Close96.688Sep 22, 2022Close94.438Oct 5, 2022Close94.188Oct 19, 2022Close92.281Nov 1, 2022Close92.813Nov 15, 2022Close94.406Nov 29, 2022Close94.469Dec 12, 2022Close95.188Dec 23, 2022Close94.844Jan 9, 2023Close95.906Jan 23, 2023Close96.188Feb 3, 2023Close95.969Feb 16, 2023Close94.156Mar 2, 2023Close92.938Mar 15, 2023Close96.344Mar 28, 2023Close96.000Apr 10, 2023Close96.750Apr 21, 2023Close96.125May 4, 2023Close97.781May 17, 2023Close96.438May 31, 2023Close95.656Jun 13, 2023Close94.531Jun 27, 2023Close94.563Jul 11, 2023Close93.688Jul 24, 2023Close94.250Aug 4, 2023Close94.156Aug 17, 2023Close93.000Aug 30, 2023Close93.594Sep 13, 2023Close93.156Sep 26, 2023Close92.219Oct 10, 2023Close92.313Oct 23, 2023Close91.625Nov 3, 2023Close92.906Nov 16, 2023Close93.219Nov 30, 2023Close93.688Dec 13, 2023Close95.000Dec 27, 2023Close95.906Jan 10, 2024Close95.219Jan 24, 2024Close94.906Feb 6, 2024Close95.063Feb 20, 2024Close94.250Mar 4, 2024Close94.406Mar 15, 2024Close93.938Mar 28, 2024Close94.438Apr 10, 2024Close92.969Apr 23, 2024Close93.031May 6, 2024Close93.563May 17, 2024Close93.781May 31, 2024Close93.531Jun 13, 2024Close94.531Jun 27, 2024Close94.313Jul 11, 2024Close95.000Jul 24, 2024Close95.063Aug 6, 2024Close96.625Aug 19, 2024Close96.531Aug 30, 2024Close96.719Sep 13, 2024Close97.875Sep 26, 2024Close97.438Oct 9, 2024Close96.219Oct 23, 2024Close95.813Nov 5, 2024Close95.469Nov 19, 2024Close95.219Dec 3, 2024Close95.656Dec 16, 2024Close95.344Dec 30, 2024Close95.125Jan 13, 2025Close94.500Jan 27, 2025Close95.406Feb 7, 2025Close95.313Feb 21, 2025Close95.656Mar 6, 2025Close96.344Mar 19, 2025Close96.469Apr 1, 2025Close96.844Apr 14, 2025Close96.781Apr 25, 2025Close97.156May 8, 2025Close96.813May 21, 2025Close96.531Jun 4, 2025Close97.063Jun 17, 2025Close96.906Jul 1, 2025Close97.344Jul 15, 2025Close96.906Jul 28, 2025Close97.094Aug 8, 2025Close97.531Aug 21, 2025Close97.531Sep 4, 2025Close98.094Sep 17, 2025Close98.219Sep 30, 2025Close97.938Oct 14, 2025Close98.375Oct 27, 2025Close98.313Nov 7, 2025Close98.188Nov 21, 2025Close98.375Dec 5, 2025Close98.219Dec 18, 2025Close98.438Jan 2, 2026Close98.375Jan 15, 2026Close98.219Jan 29, 2026Close98.250Feb 11, 2026Close98.375Feb 25, 2026Close98.594Mar 10, 2026Close98.344Mar 23, 2026Close97.781Apr 3, 2026Close97.781Apr 16, 2026Close97.969Apr 29, 2026Close97.688May 12, 2026Close97.563May 26, 2026Close97.469Jun 8, 2026Close97.313Jun 22, 2026Close97.188Jul 6, 2026Close97.469Jul 17, 2026Close97.406Jul 30, 2026Close97.313Aug 12, 2026Close97.438Aug 25, 2026Close97.500Sep 8, 2026Close97.219Sep 9, 2026Close97.156
The most recent 20 trading days of prices for 9128284V9.
DateBidOfferClose
Sep 9, 202697.17297.15697.156
Sep 8, 202697.23497.21997.219
Sep 4, 202697.26697.25097.219
Sep 3, 202697.32897.31397.281
Sep 2, 202697.20397.18897.188
Sep 1, 202697.23497.21997.188
Aug 31, 202697.29797.28197.250
Aug 28, 202697.29797.28197.250
Aug 27, 202697.48497.46997.438
Aug 26, 202697.48497.46997.469
Aug 25, 202697.51697.50097.500
Aug 24, 202697.45397.43897.438
Aug 21, 202697.42297.40697.406
Aug 20, 202697.51697.50097.500
Aug 19, 202697.51697.50097.500
Aug 18, 202697.51697.50097.500
Aug 17, 202697.54797.53197.500
Aug 14, 202697.56397.53197.500
Aug 13, 202697.57897.56397.563
Aug 12, 202697.48497.46997.438

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 9128284V9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 8, 2018Aug 15, 2018New issue$26.0bn$29.5bn2.55x2.960%
Sep 12, 2018Sep 17, 2018Reopening$23.0bn$23.0bn2.58x2.957%
Oct 10, 2018Oct 15, 2018Reopening$23.0bn$23.0bn2.39x3.225%

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.