Treasury note

912828ZB9 · 1.125% due February 28, 2027

Original term
7-Year
Maturity
Feb 28, 2027
Coupon
1.125%
Pays
Semi-Annual
Dated
Feb 29, 2020
First coupon
Aug 31, 2020
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$36.74bn
Held stripped
$7.6m
Share stripped
0.02%

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
4.022%
Modified duration
0.464 yr
DV01
0.0046
Convexity
0.430
Dirty price
98.687

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 0.468 years against a modified duration of 0.464.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 0.31 cents per 100 of face.

That is 1.28 standard deviations from its own typical residual.

Yield to maturity, 1,635 observations

0%1%2%3%4%5%6%Mar 2, 2020Sep 9, 2026Mar 2, 2020Yield to maturity1.014%Mar 11, 2020Yield to maturity0.783%Mar 20, 2020Yield to maturity0.814%Mar 31, 2020Yield to maturity0.548%Apr 9, 2020Yield to maturity0.592%Apr 21, 2020Yield to maturity0.476%Apr 30, 2020Yield to maturity0.523%May 11, 2020Yield to maturity0.544%May 20, 2020Yield to maturity0.514%Jun 1, 2020Yield to maturity0.484%Jun 10, 2020Yield to maturity0.537%Jun 19, 2020Yield to maturity0.502%Jun 30, 2020Yield to maturity0.467%Jul 10, 2020Yield to maturity0.459%Jul 21, 2020Yield to maturity0.419%Jul 30, 2020Yield to maturity0.370%Aug 10, 2020Yield to maturity0.386%Aug 19, 2020Yield to maturity0.444%Aug 28, 2020Yield to maturity0.461%Sep 9, 2020Yield to maturity0.429%Sep 18, 2020Yield to maturity0.426%Sep 29, 2020Yield to maturity0.385%Oct 8, 2020Yield to maturity0.474%Oct 20, 2020Yield to maturity0.500%Oct 29, 2020Yield to maturity0.542%Nov 9, 2020Yield to maturity0.619%Nov 19, 2020Yield to maturity0.547%Dec 1, 2020Yield to maturity0.584%Dec 10, 2020Yield to maturity0.547%Dec 21, 2020Yield to maturity0.549%Dec 31, 2020Yield to maturity0.520%Jan 12, 2021Yield to maturity0.682%Jan 22, 2021Yield to maturity0.617%Feb 2, 2021Yield to maturity0.631%Feb 11, 2021Yield to maturity0.645%Feb 23, 2021Yield to maturity0.810%Mar 4, 2021Yield to maturity1.006%Mar 15, 2021Yield to maturity1.071%Mar 24, 2021Yield to maturity1.049%Apr 2, 2021Yield to maturity1.196%Apr 13, 2021Yield to maturity1.064%Apr 22, 2021Yield to maturity1.015%May 3, 2021Yield to maturity1.036%May 12, 2021Yield to maturity1.069%May 21, 2021Yield to maturity1.019%Jun 2, 2021Yield to maturity0.979%Jun 11, 2021Yield to maturity0.906%Jun 22, 2021Yield to maturity1.000%Jul 1, 2021Yield to maturity1.005%Jul 13, 2021Yield to maturity0.948%Jul 22, 2021Yield to maturity0.799%Aug 2, 2021Yield to maturity0.741%Aug 11, 2021Yield to maturity0.888%Aug 20, 2021Yield to maturity0.858%Aug 31, 2021Yield to maturity0.845%Sep 10, 2021Yield to maturity0.884%Sep 21, 2021Yield to maturity0.895%Sep 30, 2021Yield to maturity1.059%Oct 12, 2021Yield to maturity1.143%Oct 21, 2021Yield to maturity1.276%Nov 1, 2021Yield to maturity1.247%Nov 10, 2021Yield to maturity1.259%Nov 22, 2021Yield to maturity1.347%Dec 2, 2021Yield to maturity1.218%Dec 13, 2021Yield to maturity1.231%Dec 22, 2021Yield to maturity1.250%Jan 3, 2022Yield to maturity1.377%Jan 12, 2022Yield to maturity1.519%Jan 24, 2022Yield to maturity1.541%Feb 2, 2022Yield to maturity1.615%Feb 11, 2022Yield to maturity1.849%Feb 23, 2022Yield to maturity1.907%Mar 4, 2022Yield to maturity1.657%Mar 15, 2022Yield to maturity2.120%Mar 24, 2022Yield to maturity2.395%Apr 4, 2022Yield to maturity2.579%Apr 13, 2022Yield to maturity2.672%Apr 25, 2022Yield to maturity2.856%May 4, 2022Yield to maturity2.938%May 13, 2022Yield to maturity2.905%May 24, 2022Yield to maturity2.773%Jun 3, 2022Yield to maturity2.978%Jun 14, 2022Yield to maturity3.644%Jun 24, 2022Yield to maturity3.205%Jul 6, 2022Yield to maturity2.995%Jul 15, 2022Yield to maturity3.099%Jul 26, 2022Yield to maturity2.940%Aug 4, 2022Yield to maturity2.812%Aug 15, 2022Yield to maturity2.954%Aug 24, 2022Yield to maturity3.270%Sep 2, 2022Yield to maturity3.341%Sep 14, 2022Yield to maturity3.652%Sep 23, 2022Yield to maturity4.042%Oct 4, 2022Yield to maturity3.916%Oct 14, 2022Yield to maturity4.335%Oct 25, 2022Yield to maturity4.310%Nov 3, 2022Yield to maturity4.441%Nov 15, 2022Yield to maturity3.990%Nov 25, 2022Yield to maturity3.994%Dec 6, 2022Yield to maturity3.838%Dec 15, 2022Yield to maturity3.716%Dec 27, 2022Yield to maturity4.006%Jan 6, 2023Yield to maturity3.765%Jan 18, 2023Yield to maturity3.494%Jan 27, 2023Yield to maturity3.696%Feb 7, 2023Yield to maturity3.926%Feb 16, 2023Yield to maturity4.160%Feb 28, 2023Yield to maturity4.286%Mar 9, 2023Yield to maturity4.361%Mar 20, 2023Yield to maturity3.702%Mar 29, 2023Yield to maturity3.773%Apr 7, 2023Yield to maturity3.581%Apr 18, 2023Yield to maturity3.782%Apr 27, 2023Yield to maturity3.696%May 8, 2023Yield to maturity3.575%May 17, 2023Yield to maturity3.694%May 26, 2023Yield to maturity4.109%Jun 7, 2023Yield to maturity4.089%Jun 16, 2023Yield to maturity4.184%Jun 28, 2023Yield to maturity4.184%Jul 10, 2023Yield to maturity4.431%Jul 19, 2023Yield to maturity4.192%Jul 28, 2023Yield to maturity4.399%Aug 8, 2023Yield to maturity4.279%Aug 17, 2023Yield to maturity4.568%Aug 28, 2023Yield to maturity4.577%Sep 7, 2023Yield to maturity4.561%Sep 18, 2023Yield to maturity4.655%Sep 27, 2023Yield to maturity4.819%Oct 6, 2023Yield to maturity4.822%Oct 18, 2023Yield to maturity5.002%Oct 27, 2023Yield to maturity4.805%Nov 7, 2023Yield to maturity4.623%Nov 16, 2023Yield to maturity4.538%Nov 28, 2023Yield to maturity4.428%Dec 7, 2023Yield to maturity4.264%Dec 18, 2023Yield to maturity4.115%Dec 28, 2023Yield to maturity3.995%Jan 9, 2024Yield to maturity4.093%Jan 19, 2024Yield to maturity4.170%Jan 30, 2024Yield to maturity4.125%Feb 8, 2024Yield to maturity4.253%Feb 20, 2024Yield to maturity4.393%Feb 29, 2024Yield to maturity4.432%Mar 11, 2024Yield to maturity4.285%Mar 20, 2024Yield to maturity4.420%Mar 29, 2024Yield to maturity4.453%Apr 9, 2024Yield to maturity4.567%Apr 18, 2024Yield to maturity4.834%Apr 29, 2024Yield to maturity4.835%May 8, 2024Yield to maturity4.676%May 17, 2024Yield to maturity4.637%May 29, 2024Yield to maturity4.827%Jun 7, 2024Yield to maturity4.697%Jun 18, 2024Yield to maturity4.495%Jun 28, 2024Yield to maturity4.586%Jul 10, 2024Yield to maturity4.461%Jul 19, 2024Yield to maturity4.351%Jul 30, 2024Yield to maturity4.232%Aug 8, 2024Yield to maturity3.949%Aug 19, 2024Yield to maturity3.928%Aug 28, 2024Yield to maturity3.804%Sep 9, 2024Yield to maturity3.589%Sep 18, 2024Yield to maturity3.544%Sep 27, 2024Yield to maturity3.532%Oct 8, 2024Yield to maturity3.943%Oct 18, 2024Yield to maturity3.910%Oct 29, 2024Yield to maturity4.101%Nov 7, 2024Yield to maturity4.193%Nov 19, 2024Yield to maturity4.268%Nov 29, 2024Yield to maturity4.160%Dec 10, 2024Yield to maturity4.147%Dec 19, 2024Yield to maturity4.338%Dec 31, 2024Yield to maturity4.280%Jan 10, 2025Yield to maturity4.406%Jan 22, 2025Yield to maturity4.301%Jan 31, 2025Yield to maturity4.248%Feb 11, 2025Yield to maturity4.286%Feb 21, 2025Yield to maturity4.202%Mar 4, 2025Yield to maturity3.966%Mar 13, 2025Yield to maturity3.966%Mar 24, 2025Yield to maturity4.045%Apr 2, 2025Yield to maturity3.922%Apr 11, 2025Yield to maturity3.984%Apr 22, 2025Yield to maturity3.839%May 1, 2025Yield to maturity3.747%May 12, 2025Yield to maturity4.034%May 21, 2025Yield to maturity4.036%Jun 2, 2025Yield to maturity3.993%Jun 11, 2025Yield to maturity3.994%Jun 23, 2025Yield to maturity3.890%Jul 2, 2025Yield to maturity3.870%Jul 14, 2025Yield to maturity3.966%Jul 23, 2025Yield to maturity3.947%Aug 1, 2025Yield to maturity3.767%Aug 12, 2025Yield to maturity3.787%Aug 21, 2025Yield to maturity3.830%Sep 2, 2025Yield to maturity3.755%Sep 11, 2025Yield to maturity3.618%Sep 22, 2025Yield to maturity3.648%Oct 1, 2025Yield to maturity3.621%Oct 10, 2025Yield to maturity3.585%Oct 22, 2025Yield to maturity3.508%Oct 31, 2025Yield to maturity3.663%Nov 12, 2025Yield to maturity3.640%Nov 21, 2025Yield to maturity3.596%Dec 3, 2025Yield to maturity3.572%Dec 12, 2025Yield to maturity3.551%Dec 23, 2025Yield to maturity3.547%Jan 5, 2026Yield to maturity3.508%Jan 14, 2026Yield to maturity3.561%Jan 26, 2026Yield to maturity3.605%Feb 4, 2026Yield to maturity3.571%Feb 13, 2026Yield to maturity3.523%Feb 25, 2026Yield to maturity3.583%Mar 6, 2026Yield to maturity3.625%Mar 17, 2026Yield to maturity3.689%Mar 26, 2026Yield to maturity3.897%Apr 6, 2026Yield to maturity3.807%Apr 15, 2026Yield to maturity3.733%Apr 24, 2026Yield to maturity3.748%May 5, 2026Yield to maturity3.786%May 14, 2026Yield to maturity3.827%May 26, 2026Yield to maturity3.858%Jun 4, 2026Yield to maturity3.816%Jun 15, 2026Yield to maturity3.884%Jun 25, 2026Yield to maturity3.995%Jul 7, 2026Yield to maturity3.990%Jul 16, 2026Yield to maturity3.947%Jul 27, 2026Yield to maturity4.090%Aug 5, 2026Yield to maturity3.990%Aug 14, 2026Yield to maturity3.909%Aug 25, 2026Yield to maturity3.917%Sep 3, 2026Yield to maturity3.992%Sep 9, 2026Yield to maturity4.022%

Price history

1,635 trading days to Sep 9, 2026

859095100105110Mar 2, 2020Sep 9, 2026Mar 2, 2020Close100.750Mar 11, 2020Close102.313Mar 20, 2020Close102.094Mar 31, 2020Close103.906Apr 9, 2020Close103.594Apr 21, 2020Close104.375Apr 30, 2020Close104.031May 11, 2020Close103.875May 20, 2020Close104.063Jun 1, 2020Close104.250Jun 10, 2020Close103.875Jun 19, 2020Close104.094Jun 30, 2020Close104.313Jul 10, 2020Close104.344Jul 21, 2020Close104.594Jul 30, 2020Close104.906Aug 10, 2020Close104.781Aug 19, 2020Close104.375Aug 28, 2020Close104.250Sep 9, 2020Close104.438Sep 18, 2020Close104.438Sep 29, 2020Close104.688Oct 8, 2020Close104.094Oct 20, 2020Close103.906Oct 29, 2020Close103.625Nov 9, 2020Close103.125Nov 19, 2020Close103.563Dec 1, 2020Close103.313Dec 10, 2020Close103.531Dec 21, 2020Close103.500Dec 31, 2020Close103.656Jan 12, 2021Close102.656Jan 22, 2021Close103.031Feb 2, 2021Close102.938Feb 11, 2021Close102.844Feb 23, 2021Close101.844Mar 4, 2021Close100.688Mar 15, 2021Close100.313Mar 24, 2021Close100.438Apr 2, 2021Close99.594Apr 13, 2021Close100.344Apr 22, 2021Close100.625May 3, 2021Close100.500May 12, 2021Close100.313May 21, 2021Close100.594Jun 2, 2021Close100.813Jun 11, 2021Close101.219Jun 22, 2021Close100.688Jul 1, 2021Close100.656Jul 13, 2021Close100.969Jul 22, 2021Close101.781Aug 2, 2021Close102.094Aug 11, 2021Close101.281Aug 20, 2021Close101.438Aug 31, 2021Close101.500Sep 10, 2021Close101.281Sep 21, 2021Close101.219Sep 30, 2021Close100.344Oct 12, 2021Close99.906Oct 21, 2021Close99.219Nov 1, 2021Close99.375Nov 10, 2021Close99.313Nov 22, 2021Close98.875Dec 2, 2021Close99.531Dec 13, 2021Close99.469Dec 22, 2021Close99.375Jan 3, 2022Close98.750Jan 12, 2022Close98.063Jan 24, 2022Close97.969Feb 2, 2022Close97.625Feb 11, 2022Close96.531Feb 23, 2022Close96.281Mar 4, 2022Close97.469Mar 15, 2022Close95.344Mar 24, 2022Close94.125Apr 4, 2022Close93.344Apr 13, 2022Close92.969Apr 25, 2022Close92.219May 4, 2022Close91.906May 13, 2022Close92.094May 24, 2022Close92.688Jun 3, 2022Close91.875Jun 14, 2022Close89.188Jun 24, 2022Close91.031Jul 6, 2022Close91.938Jul 15, 2022Close91.563Jul 26, 2022Close92.250Aug 4, 2022Close92.813Aug 15, 2022Close92.281Aug 24, 2022Close91.063Sep 2, 2022Close90.844Sep 14, 2022Close89.688Sep 23, 2022Close88.281Oct 4, 2022Close88.813Oct 14, 2022Close87.344Oct 25, 2022Close87.500Nov 3, 2022Close87.094Nov 15, 2022Close88.813Nov 25, 2022Close88.875Dec 6, 2022Close89.500Dec 15, 2022Close90.000Dec 27, 2022Close89.031Jan 6, 2023Close89.969Jan 18, 2023Close91.000Jan 27, 2023Close90.344Feb 7, 2023Close89.594Feb 16, 2023Close88.844Feb 28, 2023Close88.500Mar 9, 2023Close88.313Mar 20, 2023Close90.625Mar 29, 2023Close90.438Apr 7, 2023Close91.156Apr 18, 2023Close90.531Apr 27, 2023Close90.875May 8, 2023Close91.344May 17, 2023Close91.000May 26, 2023Close89.719Jun 7, 2023Close89.844Jun 16, 2023Close89.625Jun 28, 2023Close89.688Jul 10, 2023Close89.000Jul 19, 2023Close89.813Jul 28, 2023Close89.250Aug 8, 2023Close89.688Aug 17, 2023Close88.875Aug 28, 2023Close88.938Sep 7, 2023Close89.063Sep 18, 2023Close88.875Sep 27, 2023Close88.469Oct 6, 2023Close88.563Oct 18, 2023Close88.125Oct 27, 2023Close88.781Nov 7, 2023Close89.375Nov 16, 2023Close89.688Nov 28, 2023Close90.094Dec 7, 2023Close90.625Dec 18, 2023Close91.125Dec 28, 2023Close91.531Jan 9, 2024Close91.344Jan 19, 2024Close91.219Jan 30, 2024Close91.406Feb 8, 2024Close91.125Feb 20, 2024Close90.844Feb 29, 2024Close90.813Mar 11, 2024Close91.281Mar 20, 2024Close91.000Mar 29, 2024Close91.000Apr 9, 2024Close90.781Apr 18, 2024Close90.188Apr 29, 2024Close90.281May 8, 2024Close90.750May 17, 2024Close90.938May 29, 2024Close90.563Jun 7, 2024Close90.969Jun 18, 2024Close91.531Jun 28, 2024Close91.406Jul 10, 2024Close91.781Jul 19, 2024Close92.125Jul 30, 2024Close92.469Aug 8, 2024Close93.188Aug 19, 2024Close93.313Aug 28, 2024Close93.656Sep 9, 2024Close94.219Sep 18, 2024Close94.375Sep 27, 2024Close94.469Oct 8, 2024Close93.625Oct 18, 2024Close93.781Oct 29, 2024Close93.438Nov 7, 2024Close93.313Nov 19, 2024Close93.250Nov 29, 2024Close93.563Dec 10, 2024Close93.656Dec 19, 2024Close93.344Dec 31, 2024Close93.563Jan 10, 2025Close93.406Jan 22, 2025Close93.688Jan 31, 2025Close93.875Feb 11, 2025Close93.875Feb 21, 2025Close94.125Mar 4, 2025Close94.625Mar 13, 2025Close94.688Mar 24, 2025Close94.625Apr 2, 2025Close94.906Apr 11, 2025Close94.875Apr 22, 2025Close95.188May 1, 2025Close95.406May 12, 2025Close95.000May 21, 2025Close95.063Jun 2, 2025Close95.219Jun 11, 2025Close95.281Jun 23, 2025Close95.531Jul 2, 2025Close95.625Jul 14, 2025Close95.563Jul 23, 2025Close95.656Aug 1, 2025Close96.000Aug 12, 2025Close96.031Aug 21, 2025Close96.031Sep 2, 2025Close96.219Sep 11, 2025Close96.469Sep 22, 2025Close96.500Oct 1, 2025Close96.594Oct 10, 2025Close96.719Oct 22, 2025Close96.875Oct 31, 2025Close96.750Nov 12, 2025Close96.844Nov 21, 2025Close96.969Dec 3, 2025Close97.063Dec 12, 2025Close97.156Dec 23, 2025Close97.219Jan 5, 2026Close97.344Jan 14, 2026Close97.344Jan 26, 2026Close97.375Feb 4, 2026Close97.469Feb 13, 2026Close97.594Feb 25, 2026Close97.594Mar 6, 2026Close97.625Mar 17, 2026Close97.625Mar 26, 2026Close97.500Apr 6, 2026Close97.656Apr 15, 2026Close97.781Apr 24, 2026Close97.844May 5, 2026Close97.875May 14, 2026Close97.906May 26, 2026Close97.969Jun 4, 2026Close98.063Jun 15, 2026Close98.094Jun 25, 2026Close98.094Jul 7, 2026Close98.188Jul 16, 2026Close98.281Jul 27, 2026Close98.281Aug 5, 2026Close98.406Aug 14, 2026Close98.531Aug 25, 2026Close98.594Sep 3, 2026Close98.625Sep 9, 2026Close98.656
The most recent 20 trading days of prices for 912828ZB9.
DateBidOfferClose
Sep 9, 2026–98.65698.656
Sep 8, 2026–98.65698.656
Sep 4, 2026–98.65698.656
Sep 3, 2026–98.62598.625
Sep 2, 2026–98.59498.594
Sep 1, 2026–98.59498.594
Aug 31, 202698.60998.59498.594
Aug 28, 202698.60998.59498.594
Aug 27, 202698.62598.59498.594
Aug 26, 202698.60998.59498.594
Aug 25, 202698.60998.59498.594
Aug 24, 202698.60998.59498.594
Aug 21, 202698.60998.59498.563
Aug 20, 202698.57898.56398.563
Aug 19, 202698.57898.56398.563
Aug 18, 202698.56398.56398.563
Aug 17, 202698.54798.53198.531
Aug 14, 202698.54798.53198.531
Aug 13, 202698.51698.50098.500
Aug 12, 202698.48498.46998.469

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.

Auction

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 912828ZB9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 27, 2020Mar 2, 2020New issue$32.0bn$36.8bn2.49x1.247%

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.