Treasury note

912828X88 · 2.375% due May 15, 2027

Original term
10-Year
Maturity
May 15, 2027
Coupon
2.375%
Pays
Semi-Annual
Dated
May 15, 2017
First coupon
Nov 15, 2017
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$66.86bn
Held stripped
$691.3m
Share stripped
1.03%

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
4.114%
Modified duration
0.660 yr
DV01
0.0066
Convexity
0.761
Dirty price
99.605

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 3 of twelve buckets, summing to 0.671 years against a modified duration of 0.660.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.14 cents per 100 of face.

That is -0.46 standard deviations from its own typical residual.

Yield to maturity, 2,333 observations

0%1%2%3%4%5%6%May 15, 2017Sep 9, 2026May 15, 2017Yield to maturity2.340%May 30, 2017Yield to maturity2.210%Jun 13, 2017Yield to maturity2.209%Jun 27, 2017Yield to maturity2.202%Jul 12, 2017Yield to maturity2.318%Jul 26, 2017Yield to maturity2.282%Aug 9, 2017Yield to maturity2.242%Aug 23, 2017Yield to maturity2.174%Sep 7, 2017Yield to maturity2.050%Sep 21, 2017Yield to maturity2.273%Oct 5, 2017Yield to maturity2.346%Oct 20, 2017Yield to maturity2.379%Nov 3, 2017Yield to maturity2.327%Nov 17, 2017Yield to maturity2.357%Dec 4, 2017Yield to maturity2.382%Dec 18, 2017Yield to maturity2.390%Jan 3, 2018Yield to maturity2.442%Jan 18, 2018Yield to maturity2.622%Feb 1, 2018Yield to maturity2.782%Feb 15, 2018Yield to maturity2.922%Mar 2, 2018Yield to maturity2.881%Mar 16, 2018Yield to maturity2.855%Apr 2, 2018Yield to maturity2.733%Apr 16, 2018Yield to maturity2.831%Apr 30, 2018Yield to maturity2.946%May 14, 2018Yield to maturity3.005%May 29, 2018Yield to maturity2.771%Jun 12, 2018Yield to maturity2.956%Jun 26, 2018Yield to maturity2.872%Jul 11, 2018Yield to maturity2.845%Jul 25, 2018Yield to maturity2.930%Aug 8, 2018Yield to maturity2.957%Aug 22, 2018Yield to maturity2.814%Sep 6, 2018Yield to maturity2.861%Sep 20, 2018Yield to maturity3.058%Oct 4, 2018Yield to maturity3.177%Oct 19, 2018Yield to maturity3.181%Nov 2, 2018Yield to maturity3.184%Nov 19, 2018Yield to maturity3.026%Dec 4, 2018Yield to maturity2.878%Dec 19, 2018Yield to maturity2.731%Jan 4, 2019Yield to maturity2.618%Jan 18, 2019Yield to maturity2.747%Feb 4, 2019Yield to maturity2.675%Feb 19, 2019Yield to maturity2.604%Mar 5, 2019Yield to maturity2.669%Mar 19, 2019Yield to maturity2.558%Apr 2, 2019Yield to maturity2.422%Apr 16, 2019Yield to maturity2.538%May 1, 2019Yield to maturity2.457%May 15, 2019Yield to maturity2.302%May 30, 2019Yield to maturity2.156%Jun 13, 2019Yield to maturity2.006%Jun 27, 2019Yield to maturity1.924%Jul 12, 2019Yield to maturity2.015%Jul 26, 2019Yield to maturity1.984%Aug 9, 2019Yield to maturity1.664%Aug 23, 2019Yield to maturity1.472%Sep 9, 2019Yield to maturity1.573%Sep 23, 2019Yield to maturity1.667%Oct 7, 2019Yield to maturity1.485%Oct 22, 2019Yield to maturity1.690%Nov 5, 2019Yield to maturity1.769%Nov 20, 2019Yield to maturity1.662%Dec 5, 2019Yield to maturity1.732%Dec 19, 2019Yield to maturity1.849%Jan 6, 2020Yield to maturity1.725%Jan 21, 2020Yield to maturity1.691%Feb 4, 2020Yield to maturity1.523%Feb 19, 2020Yield to maturity1.492%Mar 4, 2020Yield to maturity0.909%Mar 18, 2020Yield to maturity1.126%Apr 1, 2020Yield to maturity0.513%Apr 16, 2020Yield to maturity0.490%Apr 30, 2020Yield to maturity0.523%May 14, 2020Yield to maturity0.475%May 29, 2020Yield to maturity0.485%Jun 12, 2020Yield to maturity0.523%Jun 26, 2020Yield to maturity0.466%Jul 13, 2020Yield to maturity0.460%Jul 27, 2020Yield to maturity0.441%Aug 10, 2020Yield to maturity0.396%Aug 24, 2020Yield to maturity0.443%Sep 8, 2020Yield to maturity0.437%Sep 22, 2020Yield to maturity0.418%Oct 6, 2020Yield to maturity0.479%Oct 21, 2020Yield to maturity0.527%Nov 4, 2020Yield to maturity0.490%Nov 19, 2020Yield to maturity0.557%Dec 4, 2020Yield to maturity0.606%Dec 18, 2020Yield to maturity0.563%Jan 5, 2021Yield to maturity0.551%Jan 20, 2021Yield to maturity0.645%Feb 3, 2021Yield to maturity0.669%Feb 18, 2021Yield to maturity0.785%Mar 4, 2021Yield to maturity1.038%Mar 18, 2021Yield to maturity1.152%Apr 1, 2021Yield to maturity1.175%Apr 15, 2021Yield to maturity1.045%Apr 29, 2021Yield to maturity1.104%May 13, 2021Yield to maturity1.081%May 27, 2021Yield to maturity1.032%Jun 11, 2021Yield to maturity0.944%Jun 25, 2021Yield to maturity1.083%Jul 12, 2021Yield to maturity0.936%Jul 26, 2021Yield to maturity0.848%Aug 9, 2021Yield to maturity0.897%Aug 23, 2021Yield to maturity0.867%Sep 7, 2021Yield to maturity0.922%Sep 21, 2021Yield to maturity0.923%Oct 5, 2021Yield to maturity1.091%Oct 20, 2021Yield to maturity1.250%Nov 3, 2021Yield to maturity1.266%Nov 18, 2021Yield to maturity1.287%Dec 3, 2021Yield to maturity1.168%Dec 17, 2021Yield to maturity1.224%Jan 3, 2022Yield to maturity1.404%Jan 18, 2022Yield to maturity1.678%Feb 1, 2022Yield to maturity1.649%Feb 15, 2022Yield to maturity1.959%Mar 2, 2022Yield to maturity1.781%Mar 16, 2022Yield to maturity2.201%Mar 30, 2022Yield to maturity2.466%Apr 13, 2022Yield to maturity2.672%Apr 28, 2022Yield to maturity2.884%May 12, 2022Yield to maturity2.833%May 26, 2022Yield to maturity2.747%Jun 10, 2022Yield to maturity3.297%Jun 27, 2022Yield to maturity3.297%Jul 12, 2022Yield to maturity3.053%Jul 26, 2022Yield to maturity2.944%Aug 9, 2022Yield to maturity3.027%Aug 23, 2022Yield to maturity3.222%Sep 7, 2022Yield to maturity3.437%Sep 21, 2022Yield to maturity3.833%Oct 5, 2022Yield to maturity4.039%Oct 20, 2022Yield to maturity4.540%Nov 3, 2022Yield to maturity4.444%Nov 18, 2022Yield to maturity4.076%Dec 5, 2022Yield to maturity3.922%Dec 19, 2022Yield to maturity3.805%Jan 4, 2023Yield to maturity3.949%Jan 19, 2023Yield to maturity3.571%Feb 2, 2023Yield to maturity3.573%Feb 16, 2023Yield to maturity4.185%Mar 3, 2023Yield to maturity4.402%Mar 17, 2023Yield to maturity3.582%Mar 31, 2023Yield to maturity3.712%Apr 14, 2023Yield to maturity3.707%Apr 28, 2023Yield to maturity3.625%May 12, 2023Yield to maturity3.558%May 26, 2023Yield to maturity4.092%Jun 12, 2023Yield to maturity4.054%Jun 27, 2023Yield to maturity4.226%Jul 12, 2023Yield to maturity4.244%Jul 26, 2023Yield to maturity4.318%Aug 9, 2023Yield to maturity4.309%Aug 23, 2023Yield to maturity4.548%Sep 7, 2023Yield to maturity4.562%Sep 21, 2023Yield to maturity4.771%Oct 5, 2023Yield to maturity4.796%Oct 20, 2023Yield to maturity4.918%Nov 3, 2023Yield to maturity4.587%Nov 17, 2023Yield to maturity4.590%Dec 4, 2023Yield to maturity4.368%Dec 18, 2023Yield to maturity4.111%Jan 3, 2024Yield to maturity4.040%Jan 18, 2024Yield to maturity4.133%Feb 1, 2024Yield to maturity3.941%Feb 15, 2024Yield to maturity4.356%Mar 1, 2024Yield to maturity4.307%Mar 15, 2024Yield to maturity4.519%Mar 29, 2024Yield to maturity4.421%Apr 12, 2024Yield to maturity4.731%Apr 26, 2024Yield to maturity4.854%May 10, 2024Yield to maturity4.685%May 24, 2024Yield to maturity4.727%Jun 10, 2024Yield to maturity4.685%Jun 25, 2024Yield to maturity4.498%Jul 10, 2024Yield to maturity4.441%Jul 24, 2024Yield to maturity4.283%Aug 7, 2024Yield to maturity3.900%Aug 21, 2024Yield to maturity3.796%Sep 5, 2024Yield to maturity3.666%Sep 19, 2024Yield to maturity3.532%Oct 3, 2024Yield to maturity3.664%Oct 18, 2024Yield to maturity3.911%Nov 1, 2024Yield to maturity4.203%Nov 18, 2024Yield to maturity4.273%Dec 3, 2024Yield to maturity4.165%Dec 17, 2024Yield to maturity4.249%Jan 2, 2025Yield to maturity4.283%Jan 16, 2025Yield to maturity4.270%Jan 31, 2025Yield to maturity4.263%Feb 14, 2025Yield to maturity4.282%Mar 3, 2025Yield to maturity3.977%Mar 17, 2025Yield to maturity4.067%Mar 31, 2025Yield to maturity3.923%Apr 14, 2025Yield to maturity3.872%Apr 28, 2025Yield to maturity3.704%May 12, 2025Yield to maturity4.012%May 27, 2025Yield to maturity3.994%Jun 10, 2025Yield to maturity4.025%Jun 25, 2025Yield to maturity3.812%Jul 10, 2025Yield to maturity3.897%Jul 24, 2025Yield to maturity3.947%Aug 7, 2025Yield to maturity3.774%Aug 21, 2025Yield to maturity3.823%Sep 5, 2025Yield to maturity3.569%Sep 19, 2025Yield to maturity3.616%Oct 3, 2025Yield to maturity3.625%Oct 20, 2025Yield to maturity3.510%Nov 3, 2025Yield to maturity3.646%Nov 18, 2025Yield to maturity3.614%Dec 3, 2025Yield to maturity3.536%Dec 17, 2025Yield to maturity3.520%Jan 2, 2026Yield to maturity3.513%Jan 16, 2026Yield to maturity3.598%Feb 2, 2026Yield to maturity3.583%Feb 17, 2026Yield to maturity3.492%Mar 3, 2026Yield to maturity3.582%Mar 17, 2026Yield to maturity3.706%Mar 31, 2026Yield to maturity3.809%Apr 14, 2026Yield to maturity3.771%Apr 28, 2026Yield to maturity3.791%May 12, 2026Yield to maturity3.878%May 27, 2026Yield to maturity3.941%Jun 10, 2026Yield to maturity4.004%Jun 25, 2026Yield to maturity4.041%Jul 10, 2026Yield to maturity4.131%Jul 24, 2026Yield to maturity4.173%Aug 7, 2026Yield to maturity4.050%Aug 21, 2026Yield to maturity4.048%Sep 4, 2026Yield to maturity4.148%Sep 9, 2026Yield to maturity4.114%

Price history

2,333 trading days to Sep 9, 2026

9095100105110115May 15, 2017Sep 9, 2026May 15, 2017Close100.313May 30, 2017Close101.469Jun 13, 2017Close101.469Jun 27, 2017Close101.531Jul 12, 2017Close100.500Jul 26, 2017Close100.813Aug 9, 2017Close101.156Aug 23, 2017Close101.750Sep 7, 2017Close102.844Sep 21, 2017Close100.875Oct 5, 2017Close100.250Oct 20, 2017Close99.969Nov 3, 2017Close100.406Nov 17, 2017Close100.156Dec 4, 2017Close99.938Dec 18, 2017Close99.875Jan 3, 2018Close99.438Jan 18, 2018Close97.969Feb 1, 2018Close96.688Feb 15, 2018Close95.594Mar 2, 2018Close95.938Mar 16, 2018Close96.156Apr 2, 2018Close97.125Apr 16, 2018Close96.375Apr 30, 2018Close95.500May 14, 2018Close95.063May 29, 2018Close96.875Jun 12, 2018Close95.469Jun 26, 2018Close96.125Jul 11, 2018Close96.344Jul 25, 2018Close95.719Aug 8, 2018Close95.531Aug 22, 2018Close96.625Sep 6, 2018Close96.281Sep 20, 2018Close94.844Oct 4, 2018Close94.000Oct 19, 2018Close94.000Nov 2, 2018Close94.000Nov 19, 2018Close95.156Dec 4, 2018Close96.250Dec 19, 2018Close97.344Jan 4, 2019Close98.188Jan 18, 2019Close97.250Feb 4, 2019Close97.781Feb 19, 2019Close98.313Mar 5, 2019Close97.844Mar 19, 2019Close98.656Apr 2, 2019Close99.656Apr 16, 2019Close98.813May 1, 2019Close99.406May 15, 2019Close100.531May 30, 2019Close101.594Jun 13, 2019Close102.688Jun 27, 2019Close103.281Jul 12, 2019Close102.594Jul 26, 2019Close102.813Aug 9, 2019Close105.156Aug 23, 2019Close106.563Sep 9, 2019Close105.781Sep 23, 2019Close105.063Oct 7, 2019Close106.375Oct 22, 2019Close104.844Nov 5, 2019Close104.250Nov 20, 2019Close105.000Dec 5, 2019Close104.469Dec 19, 2019Close103.625Jan 6, 2020Close104.469Jan 21, 2020Close104.688Feb 4, 2020Close105.844Feb 19, 2020Close106.031Mar 4, 2020Close110.188Mar 18, 2020Close108.563Apr 1, 2020Close113.000Apr 16, 2020Close113.094Apr 30, 2020Close112.781May 14, 2020Close113.063May 29, 2020Close112.906Jun 12, 2020Close112.563Jun 26, 2020Close112.906Jul 13, 2020Close112.875Jul 27, 2020Close112.938Aug 10, 2020Close113.188Aug 24, 2020Close112.781Sep 8, 2020Close112.750Sep 22, 2020Close112.813Oct 6, 2020Close112.313Oct 21, 2020Close111.906Nov 4, 2020Close112.094Nov 19, 2020Close111.563Dec 4, 2020Close111.156Dec 18, 2020Close111.375Jan 5, 2021Close111.375Jan 20, 2021Close110.688Feb 3, 2021Close110.469Feb 18, 2021Close109.656Mar 4, 2021Close108.000Mar 18, 2021Close107.250Apr 1, 2021Close107.063Apr 15, 2021Close107.813Apr 29, 2021Close107.406May 13, 2021Close107.500May 27, 2021Close107.750Jun 11, 2021Close108.219Jun 25, 2021Close107.344Jul 12, 2021Close108.156Jul 26, 2021Close108.625Aug 9, 2021Close108.281Aug 23, 2021Close108.406Sep 7, 2021Close108.031Sep 21, 2021Close107.969Oct 5, 2021Close106.969Oct 20, 2021Close106.031Nov 3, 2021Close105.906Nov 18, 2021Close105.750Dec 3, 2021Close106.344Dec 17, 2021Close106.000Jan 3, 2022Close105.000Jan 18, 2022Close103.531Feb 1, 2022Close103.656Feb 15, 2022Close102.063Mar 2, 2022Close102.938Mar 16, 2022Close100.844Mar 30, 2022Close99.563Apr 13, 2022Close98.594Apr 28, 2022Close97.625May 12, 2022Close97.875May 26, 2022Close98.281Jun 10, 2022Close95.844Jun 27, 2022Close95.875Jul 12, 2022Close96.969Jul 26, 2022Close97.469Aug 9, 2022Close97.125Aug 23, 2022Close96.313Sep 7, 2022Close95.438Sep 21, 2022Close93.844Oct 5, 2022Close93.063Oct 20, 2022Close91.156Nov 3, 2022Close91.594Nov 18, 2022Close93.094Dec 5, 2022Close93.750Dec 19, 2022Close94.250Jan 4, 2023Close93.750Jan 19, 2023Close95.250Feb 2, 2023Close95.281Feb 16, 2023Close93.031Mar 3, 2023Close92.313Mar 17, 2023Close95.375Mar 31, 2023Close94.938Apr 14, 2023Close95.000Apr 28, 2023Close95.344May 12, 2023Close95.625May 26, 2023Close93.781Jun 12, 2023Close93.969Jun 27, 2023Close93.438Jul 12, 2023Close93.438Jul 26, 2023Close93.250Aug 9, 2023Close93.344Aug 23, 2023Close92.625Sep 7, 2023Close92.656Sep 21, 2023Close92.063Oct 5, 2023Close92.063Oct 20, 2023Close91.781Nov 3, 2023Close92.875Nov 17, 2023Close92.938Dec 4, 2023Close93.688Dec 18, 2023Close94.531Jan 3, 2024Close94.813Jan 18, 2024Close94.594Feb 1, 2024Close95.219Feb 15, 2024Close94.063Mar 1, 2024Close94.281Mar 15, 2024Close93.750Mar 29, 2024Close94.094Apr 12, 2024Close93.313Apr 26, 2024Close93.063May 10, 2024Close93.594May 24, 2024Close93.563Jun 10, 2024Close93.750Jun 25, 2024Close94.313Jul 10, 2024Close94.531Jul 24, 2024Close95.000Aug 7, 2024Close96.031Aug 21, 2024Close96.344Sep 5, 2024Close96.719Sep 19, 2024Close97.094Oct 3, 2024Close96.813Oct 18, 2024Close96.281Nov 1, 2024Close95.656Nov 18, 2024Close95.563Dec 3, 2024Close95.875Dec 17, 2024Close95.750Jan 2, 2025Close95.750Jan 16, 2025Close95.844Jan 31, 2025Close95.938Feb 14, 2025Close95.969Mar 3, 2025Close96.656Mar 17, 2025Close96.531Mar 31, 2025Close96.875Apr 14, 2025Close97.031Apr 28, 2025Close97.406May 12, 2025Close96.875May 27, 2025Close96.969Jun 10, 2025Close96.969Jun 25, 2025Close97.406Jul 10, 2025Close97.313Jul 24, 2025Close97.281Aug 7, 2025Close97.625Aug 21, 2025Close97.594Sep 5, 2025Close98.063Sep 19, 2025Close98.031Oct 3, 2025Close98.063Oct 20, 2025Close98.281Nov 3, 2025Close98.125Nov 18, 2025Close98.219Dec 3, 2025Close98.375Dec 17, 2025Close98.438Jan 2, 2026Close98.500Jan 16, 2026Close98.438Feb 2, 2026Close98.500Feb 17, 2026Close98.656Mar 3, 2026Close98.594Mar 17, 2026Close98.500Mar 31, 2026Close98.438Apr 14, 2026Close98.531Apr 28, 2026Close98.563May 12, 2026Close98.531May 27, 2026Close98.531Jun 10, 2026Close98.531Jun 25, 2026Close98.563Jul 10, 2026Close98.563Jul 24, 2026Close98.594Aug 7, 2026Close98.750Aug 21, 2026Close98.813Sep 4, 2026Close98.813Sep 9, 2026Close98.844
The most recent 20 trading days of prices for 912828X88.
DateBidOfferClose
Sep 9, 202698.84498.81398.844
Sep 8, 202698.85998.84498.844
Sep 4, 202698.82898.81398.813
Sep 3, 202698.82898.81398.813
Sep 2, 202698.79798.78198.781
Sep 1, 202698.79798.78198.781
Aug 31, 202698.79798.78198.781
Aug 28, 202698.82898.81398.781
Aug 27, 202698.85998.84498.844
Aug 26, 202698.85998.84498.844
Aug 25, 202698.82898.81398.813
Aug 24, 202698.82898.81398.813
Aug 21, 202698.82898.81398.813
Aug 20, 202698.82898.81398.813
Aug 19, 202698.82898.81398.813
Aug 18, 202698.82898.81398.813
Aug 17, 202698.82898.81398.813
Aug 14, 202698.82898.81398.813
Aug 13, 202698.79798.78198.781
Aug 12, 202698.79798.78198.750

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 912828X88.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 10, 2017May 15, 2017New issue$23.0bn$30.6bn2.33x2.400%
Jun 12, 2017Jun 15, 2017Reopening$20.0bn$20.0bn2.54x2.195%
Jul 12, 2017Jul 17, 2017Reopening$20.0bn$20.5bn2.45x2.325%

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.