Treasury note

9128285M8 · 3.125% due November 15, 2028

Original term
10-Year
Maturity
Nov 15, 2028
Coupon
3.125%
Pays
Semi-Annual
Dated
Nov 15, 2018
First coupon
May 15, 2019
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$80.49bn
Held stripped
$21.3m
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
4.461%
Modified duration
2.056 yr
DV01
0.0202
Convexity
5.340
Dirty price
98.252

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 5 of twelve buckets, summing to 2.104 years against a modified duration of 2.056.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 1.12 cents per 100 of face.

That is -0.17 standard deviations from its own typical residual.

Yield to maturity, 1,955 observations

0%1%2%3%4%5%6%Nov 15, 2018Sep 9, 2026Nov 15, 2018Yield to maturity3.107%Nov 29, 2018Yield to maturity3.030%Dec 13, 2018Yield to maturity2.910%Dec 27, 2018Yield to maturity2.765%Jan 10, 2019Yield to maturity2.735%Jan 24, 2019Yield to maturity2.716%Feb 6, 2019Yield to maturity2.696%Feb 20, 2019Yield to maturity2.648%Mar 5, 2019Yield to maturity2.723%Mar 18, 2019Yield to maturity2.602%Mar 29, 2019Yield to maturity2.404%Apr 11, 2019Yield to maturity2.498%Apr 25, 2019Yield to maturity2.525%May 8, 2019Yield to maturity2.480%May 21, 2019Yield to maturity2.424%Jun 4, 2019Yield to maturity2.123%Jun 17, 2019Yield to maturity2.071%Jun 28, 2019Yield to maturity1.987%Jul 12, 2019Yield to maturity2.095%Jul 25, 2019Yield to maturity2.057%Aug 7, 2019Yield to maturity1.688%Aug 20, 2019Yield to maturity1.540%Sep 3, 2019Yield to maturity1.470%Sep 16, 2019Yield to maturity1.833%Sep 27, 2019Yield to maturity1.679%Oct 10, 2019Yield to maturity1.647%Oct 24, 2019Yield to maturity1.750%Nov 6, 2019Yield to maturity1.795%Nov 20, 2019Yield to maturity1.719%Dec 4, 2019Yield to maturity1.760%Dec 17, 2019Yield to maturity1.871%Dec 31, 2019Yield to maturity1.902%Jan 14, 2020Yield to maturity1.792%Jan 28, 2020Yield to maturity1.617%Feb 10, 2020Yield to maturity1.529%Feb 24, 2020Yield to maturity1.356%Mar 6, 2020Yield to maturity0.736%Mar 19, 2020Yield to maturity1.185%Apr 1, 2020Yield to maturity0.589%Apr 15, 2020Yield to maturity0.579%Apr 28, 2020Yield to maturity0.576%May 11, 2020Yield to maturity0.652%May 22, 2020Yield to maturity0.587%Jun 5, 2020Yield to maturity0.802%Jun 18, 2020Yield to maturity0.608%Jul 1, 2020Yield to maturity0.595%Jul 15, 2020Yield to maturity0.547%Jul 28, 2020Yield to maturity0.503%Aug 10, 2020Yield to maturity0.489%Aug 21, 2020Yield to maturity0.528%Sep 3, 2020Yield to maturity0.506%Sep 17, 2020Yield to maturity0.548%Sep 30, 2020Yield to maturity0.545%Oct 14, 2020Yield to maturity0.585%Oct 27, 2020Yield to maturity0.636%Nov 9, 2020Yield to maturity0.783%Nov 23, 2020Yield to maturity0.711%Dec 7, 2020Yield to maturity0.752%Dec 18, 2020Yield to maturity0.750%Jan 4, 2021Yield to maturity0.713%Jan 15, 2021Yield to maturity0.871%Jan 29, 2021Yield to maturity0.870%Feb 11, 2021Yield to maturity0.889%Feb 25, 2021Yield to maturity1.297%Mar 10, 2021Yield to maturity1.282%Mar 23, 2021Yield to maturity1.367%Apr 5, 2021Yield to maturity1.469%Apr 16, 2021Yield to maturity1.324%Apr 29, 2021Yield to maturity1.374%May 12, 2021Yield to maturity1.400%May 25, 2021Yield to maturity1.285%Jun 8, 2021Yield to maturity1.256%Jun 21, 2021Yield to maturity1.286%Jul 2, 2021Yield to maturity1.223%Jul 16, 2021Yield to maturity1.099%Jul 29, 2021Yield to maturity1.050%Aug 11, 2021Yield to maturity1.120%Aug 24, 2021Yield to maturity1.082%Sep 7, 2021Yield to maturity1.140%Sep 20, 2021Yield to maturity1.106%Oct 1, 2021Yield to maturity1.246%Oct 15, 2021Yield to maturity1.403%Oct 28, 2021Yield to maturity1.427%Nov 10, 2021Yield to maturity1.432%Nov 24, 2021Yield to maturity1.544%Dec 8, 2021Yield to maturity1.416%Dec 21, 2021Yield to maturity1.376%Jan 4, 2022Yield to maturity1.544%Jan 18, 2022Yield to maturity1.795%Jan 31, 2022Yield to maturity1.742%Feb 11, 2022Yield to maturity1.920%Feb 25, 2022Yield to maturity1.961%Mar 10, 2022Yield to maturity1.990%Mar 23, 2022Yield to maturity2.393%Apr 5, 2022Yield to maturity2.678%Apr 19, 2022Yield to maturity2.967%May 2, 2022Yield to maturity3.056%May 13, 2022Yield to maturity2.965%May 26, 2022Yield to maturity2.785%Jun 9, 2022Yield to maturity3.119%Jun 23, 2022Yield to maturity3.185%Jul 7, 2022Yield to maturity3.103%Jul 20, 2022Yield to maturity3.191%Aug 2, 2022Yield to maturity2.867%Aug 15, 2022Yield to maturity2.921%Aug 26, 2022Yield to maturity3.225%Sep 9, 2022Yield to maturity3.482%Sep 22, 2022Yield to maturity3.927%Oct 5, 2022Yield to maturity3.973%Oct 19, 2022Yield to maturity4.367%Nov 1, 2022Yield to maturity4.294%Nov 15, 2022Yield to maturity3.964%Nov 29, 2022Yield to maturity3.956%Dec 12, 2022Yield to maturity3.808%Dec 23, 2022Yield to maturity3.892%Jan 9, 2023Yield to maturity3.663%Jan 23, 2023Yield to maturity3.624%Feb 3, 2023Yield to maturity3.676%Feb 16, 2023Yield to maturity4.067%Mar 2, 2023Yield to maturity4.323%Mar 15, 2023Yield to maturity3.616%Mar 28, 2023Yield to maturity3.701%Apr 10, 2023Yield to maturity3.547%Apr 21, 2023Yield to maturity3.683%May 4, 2023Yield to maturity3.350%May 17, 2023Yield to maturity3.631%May 31, 2023Yield to maturity3.790%Jun 13, 2023Yield to maturity4.045%Jun 27, 2023Yield to maturity4.037%Jul 11, 2023Yield to maturity4.239%Jul 24, 2023Yield to maturity4.123%Aug 4, 2023Yield to maturity4.171%Aug 17, 2023Yield to maturity4.440%Aug 30, 2023Yield to maturity4.315%Sep 13, 2023Yield to maturity4.429%Sep 26, 2023Yield to maturity4.667%Oct 10, 2023Yield to maturity4.670%Oct 23, 2023Yield to maturity4.856%Nov 3, 2023Yield to maturity4.544%Nov 16, 2023Yield to maturity4.479%Nov 30, 2023Yield to maturity4.371%Dec 13, 2023Yield to maturity4.058%Dec 27, 2023Yield to maturity3.847%Jan 10, 2024Yield to maturity4.027%Jan 24, 2024Yield to maturity4.108%Feb 6, 2024Yield to maturity4.070%Feb 20, 2024Yield to maturity4.281%Mar 4, 2024Yield to maturity4.258%Mar 15, 2024Yield to maturity4.382%Mar 28, 2024Yield to maturity4.266%Apr 10, 2024Yield to maturity4.667%Apr 23, 2024Yield to maturity4.671%May 6, 2024Yield to maturity4.538%May 17, 2024Yield to maturity4.484%May 31, 2024Yield to maturity4.576%Jun 13, 2024Yield to maturity4.301%Jun 27, 2024Yield to maturity4.375%Jul 11, 2024Yield to maturity4.189%Jul 24, 2024Yield to maturity4.197%Aug 6, 2024Yield to maturity3.779%Aug 19, 2024Yield to maturity3.809%Aug 30, 2024Yield to maturity3.782%Sep 13, 2024Yield to maturity3.466%Sep 26, 2024Yield to maturity3.584%Oct 9, 2024Yield to maturity3.933%Oct 23, 2024Yield to maturity4.077%Nov 5, 2024Yield to maturity4.181%Nov 19, 2024Yield to maturity4.261%Dec 3, 2024Yield to maturity4.147%Dec 16, 2024Yield to maturity4.254%Dec 30, 2024Yield to maturity4.346%Jan 13, 2025Yield to maturity4.569%Jan 27, 2025Yield to maturity4.304%Feb 7, 2025Yield to maturity4.343%Feb 21, 2025Yield to maturity4.242%Mar 6, 2025Yield to maturity4.044%Mar 19, 2025Yield to maturity4.005%Apr 1, 2025Yield to maturity3.890%Apr 14, 2025Yield to maturity3.936%Apr 25, 2025Yield to maturity3.809%May 8, 2025Yield to maturity3.931%May 21, 2025Yield to maturity4.058%Jun 4, 2025Yield to maturity3.868%Jun 17, 2025Yield to maturity3.935%Jul 1, 2025Yield to maturity3.782%Jul 15, 2025Yield to maturity3.963%Jul 28, 2025Yield to maturity3.899%Aug 8, 2025Yield to maturity3.761%Aug 21, 2025Yield to maturity3.766%Sep 4, 2025Yield to maturity3.573%Sep 17, 2025Yield to maturity3.546%Sep 30, 2025Yield to maturity3.637%Oct 14, 2025Yield to maturity3.502%Oct 27, 2025Yield to maturity3.517%Nov 7, 2025Yield to maturity3.577%Nov 21, 2025Yield to maturity3.515%Dec 5, 2025Yield to maturity3.588%Dec 18, 2025Yield to maturity3.512%Jan 2, 2026Yield to maturity3.541%Jan 15, 2026Yield to maturity3.604%Jan 29, 2026Yield to maturity3.611%Feb 11, 2026Yield to maturity3.568%Feb 25, 2026Yield to maturity3.489%Mar 10, 2026Yield to maturity3.605%Mar 23, 2026Yield to maturity3.864%Apr 3, 2026Yield to maturity3.887%Apr 16, 2026Yield to maturity3.805%Apr 29, 2026Yield to maturity3.946%May 12, 2026Yield to maturity4.025%May 26, 2026Yield to maturity4.093%Jun 8, 2026Yield to maturity4.203%Jun 22, 2026Yield to maturity4.261%Jul 6, 2026Yield to maturity4.150%Jul 17, 2026Yield to maturity4.208%Jul 30, 2026Yield to maturity4.280%Aug 12, 2026Yield to maturity4.238%Aug 25, 2026Yield to maturity4.225%Sep 8, 2026Yield to maturity4.429%Sep 9, 2026Yield to maturity4.461%

Price history

1,955 trading days to Sep 9, 2026

9095100105110115120125Nov 15, 2018Sep 9, 2026Nov 15, 2018Close100.156Nov 29, 2018Close100.813Dec 13, 2018Close101.844Dec 27, 2018Close103.094Jan 10, 2019Close103.344Jan 24, 2019Close103.500Feb 6, 2019Close103.656Feb 20, 2019Close104.063Mar 5, 2019Close103.406Mar 18, 2019Close104.438Mar 29, 2019Close106.156Apr 11, 2019Close105.313Apr 25, 2019Close105.063May 8, 2019Close105.438May 21, 2019Close105.906Jun 4, 2019Close108.531Jun 17, 2019Close108.969Jun 28, 2019Close109.688Jul 12, 2019Close108.688Jul 25, 2019Close109.000Aug 7, 2019Close112.281Aug 20, 2019Close113.594Sep 3, 2019Close114.188Sep 16, 2019Close110.844Sep 27, 2019Close112.188Oct 10, 2019Close112.438Oct 24, 2019Close111.469Nov 6, 2019Close111.031Nov 20, 2019Close111.656Dec 4, 2019Close111.250Dec 17, 2019Close110.250Dec 31, 2019Close109.938Jan 14, 2020Close110.844Jan 28, 2020Close112.313Feb 10, 2020Close113.031Feb 24, 2020Close114.500Mar 6, 2020Close120.063Mar 19, 2020Close115.906Apr 1, 2020Close121.281Apr 15, 2020Close121.281Apr 28, 2020Close121.219May 11, 2020Close120.438May 22, 2020Close120.938Jun 5, 2020Close118.906Jun 18, 2020Close120.594Jul 1, 2020Close120.625Jul 15, 2020Close120.969Jul 28, 2020Close121.281Aug 10, 2020Close121.313Aug 21, 2020Close120.875Sep 3, 2020Close121.000Sep 17, 2020Close120.531Sep 30, 2020Close120.469Oct 14, 2020Close120.031Oct 27, 2020Close119.500Nov 9, 2020Close118.156Nov 23, 2020Close118.688Dec 7, 2020Close118.250Dec 18, 2020Close118.188Jan 4, 2021Close118.406Jan 15, 2021Close117.000Jan 29, 2021Close116.938Feb 11, 2021Close116.719Feb 25, 2021Close113.375Mar 10, 2021Close113.438Mar 23, 2021Close112.719Apr 5, 2021Close111.875Apr 16, 2021Close112.938Apr 29, 2021Close112.500May 12, 2021Close112.250May 25, 2021Close113.063Jun 8, 2021Close113.219Jun 21, 2021Close112.938Jul 2, 2021Close113.344Jul 16, 2021Close114.219Jul 29, 2021Close114.531Aug 11, 2021Close113.938Aug 24, 2021Close114.156Sep 7, 2021Close113.656Sep 20, 2021Close113.844Oct 1, 2021Close112.750Oct 15, 2021Close111.563Oct 28, 2021Close111.344Nov 10, 2021Close111.250Nov 24, 2021Close110.406Dec 8, 2021Close111.250Dec 21, 2021Close111.469Jan 4, 2022Close110.250Jan 18, 2022Close108.500Jan 31, 2022Close108.813Feb 11, 2022Close107.594Feb 25, 2022Close107.281Mar 10, 2022Close107.063Mar 23, 2022Close104.469Apr 5, 2022Close102.688Apr 19, 2022Close100.938May 2, 2022Close100.406May 13, 2022Close100.938May 26, 2022Close102.000Jun 9, 2022Close100.031Jun 23, 2022Close99.656Jul 7, 2022Close100.125Jul 20, 2022Close99.625Aug 2, 2022Close101.469Aug 15, 2022Close101.156Aug 26, 2022Close99.438Sep 9, 2022Close98.031Sep 22, 2022Close95.656Oct 5, 2022Close95.438Oct 19, 2022Close93.438Nov 1, 2022Close93.844Nov 15, 2022Close95.563Nov 29, 2022Close95.625Dec 12, 2022Close96.406Dec 23, 2022Close96.000Jan 9, 2023Close97.188Jan 23, 2023Close97.406Feb 3, 2023Close97.156Feb 16, 2023Close95.219Mar 2, 2023Close94.000Mar 15, 2023Close97.500Mar 28, 2023Close97.094Apr 10, 2023Close97.875Apr 21, 2023Close97.219May 4, 2023Close98.875May 17, 2023Close97.500May 31, 2023Close96.750Jun 13, 2023Close95.563Jun 27, 2023Close95.625Jul 11, 2023Close94.719Jul 24, 2023Close95.281Aug 4, 2023Close95.094Aug 17, 2023Close93.906Aug 30, 2023Close94.500Sep 13, 2023Close94.031Sep 26, 2023Close93.031Oct 10, 2023Close93.063Oct 23, 2023Close92.313Nov 3, 2023Close93.688Nov 16, 2023Close94.000Nov 30, 2023Close94.500Dec 13, 2023Close95.875Dec 27, 2023Close96.813Jan 10, 2024Close96.063Jan 24, 2024Close95.750Feb 6, 2024Close95.938Feb 20, 2024Close95.094Mar 4, 2024Close95.219Mar 15, 2024Close94.750Mar 28, 2024Close95.250Apr 10, 2024Close93.688Apr 23, 2024Close93.719May 6, 2024Close94.281May 17, 2024Close94.531May 31, 2024Close94.219Jun 13, 2024Close95.313Jun 27, 2024Close95.063Jul 11, 2024Close95.813Jul 24, 2024Close95.813Aug 6, 2024Close97.438Aug 19, 2024Close97.344Aug 30, 2024Close97.469Sep 13, 2024Close98.688Sep 26, 2024Close98.250Oct 9, 2024Close96.969Oct 23, 2024Close96.469Nov 5, 2024Close96.125Nov 19, 2024Close95.875Dec 3, 2024Close96.313Dec 16, 2024Close95.969Dec 30, 2024Close95.688Jan 13, 2025Close94.969Jan 27, 2025Close95.906Feb 7, 2025Close95.813Feb 21, 2025Close96.188Mar 6, 2025Close96.875Mar 19, 2025Close97.031Apr 1, 2025Close97.438Apr 14, 2025Close97.313Apr 25, 2025Close97.750May 8, 2025Close97.375May 21, 2025Close97.000Jun 4, 2025Close97.625Jun 17, 2025Close97.438Jul 1, 2025Close97.938Jul 15, 2025Close97.406Jul 28, 2025Close97.625Aug 8, 2025Close98.063Aug 21, 2025Close98.063Sep 4, 2025Close98.656Sep 17, 2025Close98.750Sep 30, 2025Close98.500Oct 14, 2025Close98.906Oct 27, 2025Close98.875Nov 7, 2025Close98.719Nov 21, 2025Close98.906Dec 5, 2025Close98.719Dec 18, 2025Close98.938Jan 2, 2026Close98.875Jan 15, 2026Close98.719Jan 29, 2026Close98.719Feb 11, 2026Close98.844Feb 25, 2026Close99.063Mar 10, 2026Close98.781Mar 23, 2026Close98.156Apr 3, 2026Close98.125Apr 16, 2026Close98.344Apr 29, 2026Close98.031May 12, 2026Close97.875May 26, 2026Close97.750Jun 8, 2026Close97.531Jun 22, 2026Close97.438Jul 6, 2026Close97.719Jul 17, 2026Close97.625Jul 30, 2026Close97.500Aug 12, 2026Close97.625Aug 25, 2026Close97.688Sep 8, 2026Close97.313Sep 9, 2026Close97.250
The most recent 20 trading days of prices for 9128285M8.
DateBidOfferClose
Sep 9, 202697.28197.25097.250
Sep 8, 202697.35997.34497.313
Sep 4, 202697.39197.37597.344
Sep 3, 202697.45397.43897.438
Sep 2, 202697.34497.31397.313
Sep 1, 202697.37597.34497.313
Aug 31, 202697.43897.40697.406
Aug 28, 202697.46997.43897.375
Aug 27, 202697.67297.65697.625
Aug 26, 202697.67297.65697.656
Aug 25, 202697.70397.68897.688
Aug 24, 202697.64197.62597.594
Aug 21, 202697.60997.59497.594
Aug 20, 202697.68897.65697.688
Aug 19, 202697.68897.65697.688
Aug 18, 202697.70397.68897.688
Aug 17, 202697.73497.71997.688
Aug 14, 202697.76697.75097.688
Aug 13, 202697.76697.75097.750
Aug 12, 202697.67297.65697.625

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 9128285M8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 6, 2018Nov 15, 2018New issue$27.0bn$32.5bn2.54x3.209%
Dec 12, 2018Dec 17, 2018Reopening$24.0bn$24.0bn2.35x2.915%
Jan 9, 2019Jan 15, 2019Reopening$24.0bn$24.0bn2.51x2.728%

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.