Treasury note

912828Z78 · 1.5% due January 31, 2027

Original term
7-Year
Maturity
Jan 31, 2027
Coupon
1.500%
Pays
Semi-Annual
Dated
Jan 31, 2020
First coupon
Jul 31, 2020
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$95.50bn
Held stripped
$1.05bn
Share stripped
1.10%

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
4.025%
Modified duration
0.383 yr
DV01
0.0038
Convexity
0.293
Dirty price
99.198

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 2 of twelve buckets, summing to 0.392 years against a modified duration of 0.383.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 0.67 cents per 100 of face.

That is 0.32 standard deviations from its own typical residual.

Yield to maturity, 1,655 observations

0%1%2%3%4%5%6%Jan 31, 2020Sep 9, 2026Jan 31, 2020Yield to maturity1.425%Feb 11, 2020Yield to maturity1.500%Feb 21, 2020Yield to maturity1.386%Mar 3, 2020Yield to maturity0.911%Mar 12, 2020Yield to maturity0.831%Mar 23, 2020Yield to maturity0.641%Apr 1, 2020Yield to maturity0.503%Apr 13, 2020Yield to maturity0.621%Apr 22, 2020Yield to maturity0.508%May 1, 2020Yield to maturity0.518%May 12, 2020Yield to maturity0.514%May 21, 2020Yield to maturity0.511%Jun 2, 2020Yield to maturity0.492%Jun 11, 2020Yield to maturity0.484%Jun 22, 2020Yield to maturity0.503%Jul 1, 2020Yield to maturity0.485%Jul 13, 2020Yield to maturity0.443%Jul 22, 2020Yield to maturity0.411%Jul 31, 2020Yield to maturity0.355%Aug 11, 2020Yield to maturity0.421%Aug 20, 2020Yield to maturity0.413%Aug 31, 2020Yield to maturity0.436%Sep 10, 2020Yield to maturity0.403%Sep 21, 2020Yield to maturity0.398%Sep 30, 2020Yield to maturity0.399%Oct 9, 2020Yield to maturity0.481%Oct 21, 2020Yield to maturity0.502%Oct 30, 2020Yield to maturity0.547%Nov 10, 2020Yield to maturity0.622%Nov 20, 2020Yield to maturity0.523%Dec 2, 2020Yield to maturity0.579%Dec 11, 2020Yield to maturity0.505%Dec 22, 2020Yield to maturity0.516%Jan 4, 2021Yield to maturity0.495%Jan 13, 2021Yield to maturity0.635%Jan 25, 2021Yield to maturity0.568%Feb 3, 2021Yield to maturity0.632%Feb 12, 2021Yield to maturity0.664%Feb 24, 2021Yield to maturity0.808%Mar 5, 2021Yield to maturity1.008%Mar 16, 2021Yield to maturity1.038%Mar 25, 2021Yield to maturity1.031%Apr 5, 2021Yield to maturity1.149%Apr 14, 2021Yield to maturity1.060%Apr 23, 2021Yield to maturity1.013%May 4, 2021Yield to maturity1.000%May 13, 2021Yield to maturity1.020%May 24, 2021Yield to maturity0.979%Jun 3, 2021Yield to maturity0.999%Jun 14, 2021Yield to maturity0.923%Jun 23, 2021Yield to maturity1.005%Jul 2, 2021Yield to maturity0.957%Jul 14, 2021Yield to maturity0.886%Jul 23, 2021Yield to maturity0.803%Aug 3, 2021Yield to maturity0.715%Aug 12, 2021Yield to maturity0.895%Aug 23, 2021Yield to maturity0.834%Sep 1, 2021Yield to maturity0.843%Sep 13, 2021Yield to maturity0.862%Sep 22, 2021Yield to maturity0.907%Oct 1, 2021Yield to maturity0.986%Oct 13, 2021Yield to maturity1.134%Oct 22, 2021Yield to maturity1.248%Nov 2, 2021Yield to maturity1.173%Nov 12, 2021Yield to maturity1.251%Nov 23, 2021Yield to maturity1.337%Dec 3, 2021Yield to maturity1.124%Dec 14, 2021Yield to maturity1.247%Dec 23, 2021Yield to maturity1.265%Jan 4, 2022Yield to maturity1.372%Jan 13, 2022Yield to maturity1.474%Jan 25, 2022Yield to maturity1.572%Feb 3, 2022Yield to maturity1.657%Feb 14, 2022Yield to maturity1.905%Feb 24, 2022Yield to maturity1.853%Mar 7, 2022Yield to maturity1.720%Mar 16, 2022Yield to maturity2.193%Mar 25, 2022Yield to maturity2.576%Apr 5, 2022Yield to maturity2.718%Apr 14, 2022Yield to maturity2.804%Apr 26, 2022Yield to maturity2.805%May 5, 2022Yield to maturity3.025%May 16, 2022Yield to maturity2.835%May 25, 2022Yield to maturity2.730%Jun 6, 2022Yield to maturity3.054%Jun 15, 2022Yield to maturity3.406%Jun 27, 2022Yield to maturity3.272%Jul 7, 2022Yield to maturity3.067%Jul 18, 2022Yield to maturity3.092%Jul 27, 2022Yield to maturity2.853%Aug 5, 2022Yield to maturity3.025%Aug 16, 2022Yield to maturity3.018%Aug 25, 2022Yield to maturity3.240%Sep 6, 2022Yield to maturity3.494%Sep 15, 2022Yield to maturity3.751%Sep 26, 2022Yield to maturity4.253%Oct 5, 2022Yield to maturity4.055%Oct 17, 2022Yield to maturity4.340%Oct 26, 2022Yield to maturity4.287%Nov 4, 2022Yield to maturity4.437%Nov 16, 2022Yield to maturity3.941%Nov 28, 2022Yield to maturity4.047%Dec 7, 2022Yield to maturity3.774%Dec 16, 2022Yield to maturity3.747%Dec 28, 2022Yield to maturity4.079%Jan 9, 2023Yield to maturity3.779%Jan 19, 2023Yield to maturity3.591%Jan 30, 2023Yield to maturity3.802%Feb 8, 2023Yield to maturity3.952%Feb 17, 2023Yield to maturity4.182%Mar 1, 2023Yield to maturity4.441%Mar 10, 2023Yield to maturity4.173%Mar 21, 2023Yield to maturity3.910%Mar 30, 2023Yield to maturity3.823%Apr 10, 2023Yield to maturity3.673%Apr 19, 2023Yield to maturity3.875%Apr 28, 2023Yield to maturity3.667%May 9, 2023Yield to maturity3.633%May 18, 2023Yield to maturity3.848%May 30, 2023Yield to maturity4.024%Jun 8, 2023Yield to maturity4.071%Jun 20, 2023Yield to maturity4.193%Jun 29, 2023Yield to maturity4.382%Jul 11, 2023Yield to maturity4.459%Jul 20, 2023Yield to maturity4.316%Jul 31, 2023Yield to maturity4.423%Aug 9, 2023Yield to maturity4.349%Aug 18, 2023Yield to maturity4.573%Aug 29, 2023Yield to maturity4.499%Sep 8, 2023Yield to maturity4.613%Sep 19, 2023Yield to maturity4.743%Sep 28, 2023Yield to maturity4.799%Oct 10, 2023Yield to maturity4.743%Oct 19, 2023Yield to maturity5.011%Oct 30, 2023Yield to maturity4.863%Nov 8, 2023Yield to maturity4.652%Nov 17, 2023Yield to maturity4.603%Nov 29, 2023Yield to maturity4.369%Dec 8, 2023Yield to maturity4.419%Dec 19, 2023Yield to maturity4.134%Dec 29, 2023Yield to maturity3.993%Jan 10, 2024Yield to maturity4.128%Jan 22, 2024Yield to maturity4.144%Jan 31, 2024Yield to maturity4.060%Feb 9, 2024Yield to maturity4.275%Feb 21, 2024Yield to maturity4.444%Mar 1, 2024Yield to maturity4.341%Mar 12, 2024Yield to maturity4.377%Mar 21, 2024Yield to maturity4.463%Apr 1, 2024Yield to maturity4.557%Apr 10, 2024Yield to maturity4.836%Apr 19, 2024Yield to maturity4.847%Apr 30, 2024Yield to maturity4.915%May 9, 2024Yield to maturity4.672%May 20, 2024Yield to maturity4.681%May 30, 2024Yield to maturity4.806%Jun 10, 2024Yield to maturity4.723%Jun 20, 2024Yield to maturity4.541%Jul 1, 2024Yield to maturity4.671%Jul 11, 2024Yield to maturity4.362%Jul 22, 2024Yield to maturity4.383%Jul 31, 2024Yield to maturity4.189%Aug 9, 2024Yield to maturity3.969%Aug 20, 2024Yield to maturity3.881%Aug 29, 2024Yield to maturity3.834%Sep 10, 2024Yield to maturity3.538%Sep 19, 2024Yield to maturity3.544%Sep 30, 2024Yield to maturity3.628%Oct 9, 2024Yield to maturity3.975%Oct 21, 2024Yield to maturity3.995%Oct 30, 2024Yield to maturity4.158%Nov 8, 2024Yield to maturity4.244%Nov 20, 2024Yield to maturity4.321%Dec 2, 2024Yield to maturity4.189%Dec 11, 2024Yield to maturity4.171%Dec 20, 2024Yield to maturity4.322%Jan 2, 2025Yield to maturity4.264%Jan 13, 2025Yield to maturity4.421%Jan 23, 2025Yield to maturity4.308%Feb 3, 2025Yield to maturity4.264%Feb 12, 2025Yield to maturity4.368%Feb 24, 2025Yield to maturity4.188%Mar 5, 2025Yield to maturity4.027%Mar 14, 2025Yield to maturity4.050%Mar 25, 2025Yield to maturity4.029%Apr 3, 2025Yield to maturity3.750%Apr 14, 2025Yield to maturity3.900%Apr 23, 2025Yield to maturity3.914%May 2, 2025Yield to maturity3.899%May 13, 2025Yield to maturity4.070%May 22, 2025Yield to maturity4.048%Jun 3, 2025Yield to maturity4.038%Jun 12, 2025Yield to maturity3.974%Jun 24, 2025Yield to maturity3.879%Jul 3, 2025Yield to maturity3.993%Jul 15, 2025Yield to maturity4.033%Jul 24, 2025Yield to maturity4.031%Aug 4, 2025Yield to maturity3.791%Aug 13, 2025Yield to maturity3.784%Aug 22, 2025Yield to maturity3.784%Sep 3, 2025Yield to maturity3.758%Sep 12, 2025Yield to maturity3.662%Sep 23, 2025Yield to maturity3.652%Oct 2, 2025Yield to maturity3.617%Oct 14, 2025Yield to maturity3.568%Oct 23, 2025Yield to maturity3.582%Nov 3, 2025Yield to maturity3.712%Nov 13, 2025Yield to maturity3.680%Nov 24, 2025Yield to maturity3.596%Dec 4, 2025Yield to maturity3.617%Dec 15, 2025Yield to maturity3.557%Dec 24, 2025Yield to maturity3.578%Jan 6, 2026Yield to maturity3.519%Jan 15, 2026Yield to maturity3.598%Jan 27, 2026Yield to maturity3.601%Feb 5, 2026Yield to maturity3.522%Feb 17, 2026Yield to maturity3.557%Feb 26, 2026Yield to maturity3.577%Mar 9, 2026Yield to maturity3.647%Mar 18, 2026Yield to maturity3.783%Mar 27, 2026Yield to maturity3.826%Apr 7, 2026Yield to maturity3.777%Apr 16, 2026Yield to maturity3.726%Apr 27, 2026Yield to maturity3.729%May 6, 2026Yield to maturity3.760%May 15, 2026Yield to maturity3.812%May 27, 2026Yield to maturity3.811%Jun 5, 2026Yield to maturity3.870%Jun 16, 2026Yield to maturity3.861%Jun 26, 2026Yield to maturity3.994%Jul 8, 2026Yield to maturity4.003%Jul 17, 2026Yield to maturity3.964%Jul 28, 2026Yield to maturity4.086%Aug 6, 2026Yield to maturity4.015%Aug 17, 2026Yield to maturity3.965%Aug 26, 2026Yield to maturity3.954%Sep 4, 2026Yield to maturity3.991%Sep 9, 2026Yield to maturity4.025%

Price history

1,655 trading days to Sep 9, 2026

859095100105110Jan 31, 2020Sep 9, 2026Jan 31, 2020Close100.500Feb 11, 2020Close100.000Feb 21, 2020Close100.750Mar 3, 2020Close103.938Mar 12, 2020Close104.469Mar 23, 2020Close105.750Apr 1, 2020Close106.688Apr 13, 2020Close105.844Apr 22, 2020Close106.594May 1, 2020Close106.500May 12, 2020Close106.500May 21, 2020Close106.500Jun 2, 2020Close106.594Jun 11, 2020Close106.625Jun 22, 2020Close106.469Jul 1, 2020Close106.563Jul 13, 2020Close106.813Jul 22, 2020Close107.000Jul 31, 2020Close107.344Aug 11, 2020Close106.875Aug 20, 2020Close106.906Aug 31, 2020Close106.719Sep 10, 2020Close106.906Sep 21, 2020Close106.906Sep 30, 2020Close106.875Oct 9, 2020Close106.313Oct 21, 2020Close106.156Oct 30, 2020Close105.844Nov 10, 2020Close105.344Nov 20, 2020Close105.938Dec 2, 2020Close105.563Dec 11, 2020Close106.000Dec 22, 2020Close105.906Jan 4, 2021Close106.000Jan 13, 2021Close105.125Jan 25, 2021Close105.500Feb 3, 2021Close105.094Feb 12, 2021Close104.875Feb 24, 2021Close104.000Mar 5, 2021Close102.813Mar 16, 2021Close102.625Mar 25, 2021Close102.656Apr 5, 2021Close101.969Apr 14, 2021Close102.469Apr 23, 2021Close102.719May 4, 2021Close102.781May 13, 2021Close102.656May 24, 2021Close102.875Jun 3, 2021Close102.750Jun 14, 2021Close103.156Jun 23, 2021Close102.688Jul 2, 2021Close102.938Jul 14, 2021Close103.313Jul 23, 2021Close103.750Aug 3, 2021Close104.219Aug 12, 2021Close103.219Aug 23, 2021Close103.531Sep 1, 2021Close103.469Sep 13, 2021Close103.344Sep 22, 2021Close103.094Oct 1, 2021Close102.656Oct 13, 2021Close101.875Oct 22, 2021Close101.281Nov 2, 2021Close101.656Nov 12, 2021Close101.250Nov 23, 2021Close100.813Dec 3, 2021Close101.875Dec 14, 2021Close101.250Dec 23, 2021Close101.156Jan 4, 2022Close100.625Jan 13, 2022Close100.125Jan 25, 2022Close99.656Feb 3, 2022Close99.250Feb 14, 2022Close98.094Feb 24, 2022Close98.344Mar 7, 2022Close98.969Mar 16, 2022Close96.813Mar 25, 2022Close95.125Apr 5, 2022Close94.531Apr 14, 2022Close94.188Apr 26, 2022Close94.219May 5, 2022Close93.313May 16, 2022Close94.156May 25, 2022Close94.625Jun 6, 2022Close93.313Jun 15, 2022Close91.906Jun 27, 2022Close92.500Jul 7, 2022Close93.375Jul 18, 2022Close93.313Jul 27, 2022Close94.313Aug 5, 2022Close93.656Aug 16, 2022Close93.719Aug 25, 2022Close92.875Sep 6, 2022Close91.938Sep 15, 2022Close91.000Sep 26, 2022Close89.188Oct 5, 2022Close89.969Oct 17, 2022Close89.000Oct 26, 2022Close89.250Nov 4, 2022Close88.781Nov 16, 2022Close90.625Nov 28, 2022Close90.313Dec 7, 2022Close91.344Dec 16, 2022Close91.500Dec 28, 2022Close90.375Jan 9, 2023Close91.500Jan 19, 2023Close92.219Jan 30, 2023Close91.531Feb 8, 2023Close91.063Feb 17, 2023Close90.344Mar 1, 2023Close89.531Mar 10, 2023Close90.500Mar 21, 2023Close91.438Mar 30, 2023Close91.781Apr 10, 2023Close92.344Apr 19, 2023Close91.719Apr 28, 2023Close92.469May 9, 2023Close92.625May 18, 2023Close91.969May 30, 2023Close91.469Jun 8, 2023Close91.375Jun 20, 2023Close91.063Jun 29, 2023Close90.531Jul 11, 2023Close90.375Jul 20, 2023Close90.875Jul 31, 2023Close90.625Aug 9, 2023Close90.906Aug 18, 2023Close90.313Aug 29, 2023Close90.594Sep 8, 2023Close90.344Sep 19, 2023Close90.031Sep 28, 2023Close89.938Oct 10, 2023Close90.188Oct 19, 2023Close89.500Oct 30, 2023Close90.000Nov 8, 2023Close90.656Nov 17, 2023Close90.875Nov 29, 2023Close91.594Dec 8, 2023Close91.531Dec 19, 2023Close92.375Dec 29, 2023Close92.844Jan 10, 2024Close92.531Jan 22, 2024Close92.563Jan 31, 2024Close92.844Feb 9, 2024Close92.344Feb 21, 2024Close91.969Mar 1, 2024Close92.313Mar 12, 2024Close92.281Mar 21, 2024Close92.125Apr 1, 2024Close91.969Apr 10, 2024Close91.344Apr 19, 2024Close91.406Apr 30, 2024Close91.313May 9, 2024Close91.969May 20, 2024Close92.031May 30, 2024Close91.813Jun 10, 2024Close92.094Jun 20, 2024Close92.594Jul 1, 2024Close92.375Jul 11, 2024Close93.156Jul 22, 2024Close93.188Jul 31, 2024Close93.688Aug 9, 2024Close94.250Aug 20, 2024Close94.500Aug 29, 2024Close94.656Sep 10, 2024Close95.375Sep 19, 2024Close95.406Sep 30, 2024Close95.281Oct 9, 2024Close94.594Oct 21, 2024Close94.625Oct 30, 2024Close94.344Nov 8, 2024Close94.250Nov 20, 2024Close94.156Dec 2, 2024Close94.500Dec 11, 2024Close94.594Dec 20, 2024Close94.375Jan 2, 2025Close94.563Jan 13, 2025Close94.344Jan 23, 2025Close94.625Feb 3, 2025Close94.781Feb 12, 2025Close94.656Feb 24, 2025Close95.063Mar 5, 2025Close95.406Mar 14, 2025Close95.438Mar 25, 2025Close95.531Apr 3, 2025Close96.063Apr 14, 2025Close95.875Apr 23, 2025Close95.906May 2, 2025Close96.000May 13, 2025Close95.781May 22, 2025Close95.875Jun 3, 2025Close95.969Jun 12, 2025Close96.125Jun 24, 2025Close96.344Jul 3, 2025Close96.250Jul 15, 2025Close96.250Jul 24, 2025Close96.313Aug 4, 2025Close96.719Aug 13, 2025Close96.781Aug 22, 2025Close96.844Sep 3, 2025Close96.938Sep 12, 2025Close97.125Sep 23, 2025Close97.188Oct 2, 2025Close97.281Oct 14, 2025Close97.406Oct 23, 2025Close97.438Nov 3, 2025Close97.344Nov 13, 2025Close97.438Nov 24, 2025Close97.594Dec 4, 2025Close97.625Dec 15, 2025Close97.750Dec 24, 2025Close97.781Jan 6, 2026Close97.906Jan 15, 2026Close97.875Jan 27, 2026Close97.938Feb 5, 2026Close98.063Feb 17, 2026Close98.094Feb 26, 2026Close98.125Mar 9, 2026Close98.125Mar 18, 2026Close98.063Mar 27, 2026Close98.094Apr 7, 2026Close98.188Apr 16, 2026Close98.281Apr 27, 2026Close98.344May 6, 2026Close98.375May 15, 2026Close98.406May 27, 2026Close98.469Jun 5, 2026Close98.500Jun 16, 2026Close98.563Jun 26, 2026Close98.563Jul 8, 2026Close98.625Jul 17, 2026Close98.719Jul 28, 2026Close98.719Aug 6, 2026Close98.813Aug 17, 2026Close98.906Aug 26, 2026Close98.969Sep 4, 2026Close99.031Sep 9, 2026Close99.031
The most recent 20 trading days of prices for 912828Z78.
DateBidOfferClose
Sep 9, 2026–99.03199.031
Sep 8, 2026–99.03199.031
Sep 4, 2026–99.03199.031
Sep 3, 2026–99.00099.000
Sep 2, 2026–99.00099.000
Sep 1, 2026–98.96998.969
Aug 31, 2026–98.96998.969
Aug 28, 2026–98.96998.969
Aug 27, 2026–98.96998.969
Aug 26, 2026–98.96998.969
Aug 25, 2026–98.96998.969
Aug 24, 2026–98.96998.969
Aug 21, 2026–98.96998.969
Aug 20, 2026–98.96998.938
Aug 19, 2026–98.93898.938
Aug 18, 2026–98.93898.938
Aug 17, 2026–98.90698.906
Aug 14, 2026–98.90698.906
Aug 13, 2026–98.90698.906
Aug 12, 2026–98.87598.875

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.

2 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 912828Z78.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 28, 2020Jan 31, 2020New issue$32.0bn$35.3bn2.37x1.570%
Jan 25, 2022Jan 31, 2022Reopening$55.0bn$63.2bn2.50x1.533%

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.