Treasury note

912828ZE3 · 0.625% due March 31, 2027

Original term
7-Year
Maturity
Mar 31, 2027
Coupon
0.625%
Pays
Semi-Annual
Dated
Mar 31, 2020
First coupon
Sep 30, 2020
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$35.88bn
Held stripped
$0.0m
Share stripped
0.00%

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
3.961%
Modified duration
0.542 yr
DV01
0.0053
Convexity
0.561
Dirty price
98.466

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 0.552 years against a modified duration of 0.542.

Against the fitted curve

Priced 11.6 bp rich to the curve on that day, 6.22 cents per 100 of face.

That is -4.04 standard deviations from its own typical residual.

Yield to maturity, 1,614 observations

0%1%2%3%4%5%6%Mar 31, 2020Sep 9, 2026Mar 31, 2020Yield to maturity0.552%Apr 9, 2020Yield to maturity0.598%Apr 21, 2020Yield to maturity0.478%Apr 30, 2020Yield to maturity0.524%May 11, 2020Yield to maturity0.556%May 20, 2020Yield to maturity0.518%Jun 1, 2020Yield to maturity0.495%Jun 10, 2020Yield to maturity0.545%Jun 19, 2020Yield to maturity0.517%Jun 30, 2020Yield to maturity0.474%Jul 10, 2020Yield to maturity0.469%Jul 21, 2020Yield to maturity0.431%Jul 30, 2020Yield to maturity0.378%Aug 10, 2020Yield to maturity0.396%Aug 19, 2020Yield to maturity0.452%Aug 28, 2020Yield to maturity0.475%Sep 9, 2020Yield to maturity0.441%Sep 18, 2020Yield to maturity0.440%Sep 29, 2020Yield to maturity0.396%Oct 8, 2020Yield to maturity0.488%Oct 20, 2020Yield to maturity0.511%Oct 29, 2020Yield to maturity0.551%Nov 9, 2020Yield to maturity0.630%Nov 19, 2020Yield to maturity0.555%Dec 1, 2020Yield to maturity0.595%Dec 10, 2020Yield to maturity0.559%Dec 21, 2020Yield to maturity0.569%Dec 31, 2020Yield to maturity0.533%Jan 12, 2021Yield to maturity0.697%Jan 22, 2021Yield to maturity0.635%Feb 2, 2021Yield to maturity0.646%Feb 11, 2021Yield to maturity0.661%Feb 23, 2021Yield to maturity0.830%Mar 4, 2021Yield to maturity1.035%Mar 15, 2021Yield to maturity1.102%Mar 24, 2021Yield to maturity1.077%Apr 2, 2021Yield to maturity1.222%Apr 13, 2021Yield to maturity1.092%Apr 22, 2021Yield to maturity1.033%May 3, 2021Yield to maturity1.057%May 12, 2021Yield to maturity1.092%May 21, 2021Yield to maturity1.039%Jun 2, 2021Yield to maturity1.001%Jun 11, 2021Yield to maturity0.925%Jun 22, 2021Yield to maturity1.016%Jul 1, 2021Yield to maturity1.024%Jul 13, 2021Yield to maturity0.963%Jul 22, 2021Yield to maturity0.811%Aug 2, 2021Yield to maturity0.755%Aug 11, 2021Yield to maturity0.899%Aug 20, 2021Yield to maturity0.871%Aug 31, 2021Yield to maturity0.861%Sep 10, 2021Yield to maturity0.897%Sep 21, 2021Yield to maturity0.916%Sep 30, 2021Yield to maturity1.077%Oct 12, 2021Yield to maturity1.164%Oct 21, 2021Yield to maturity1.293%Nov 1, 2021Yield to maturity1.260%Nov 10, 2021Yield to maturity1.270%Nov 22, 2021Yield to maturity1.354%Dec 2, 2021Yield to maturity1.221%Dec 13, 2021Yield to maturity1.230%Dec 22, 2021Yield to maturity1.258%Jan 3, 2022Yield to maturity1.382%Jan 12, 2022Yield to maturity1.527%Jan 24, 2022Yield to maturity1.545%Feb 2, 2022Yield to maturity1.615%Feb 11, 2022Yield to maturity1.845%Feb 23, 2022Yield to maturity1.905%Mar 4, 2022Yield to maturity1.658%Mar 15, 2022Yield to maturity2.123%Mar 24, 2022Yield to maturity2.386%Apr 4, 2022Yield to maturity2.580%Apr 13, 2022Yield to maturity2.676%Apr 25, 2022Yield to maturity2.855%May 4, 2022Yield to maturity2.940%May 13, 2022Yield to maturity2.902%May 24, 2022Yield to maturity2.774%Jun 3, 2022Yield to maturity2.974%Jun 14, 2022Yield to maturity3.641%Jun 24, 2022Yield to maturity3.207%Jul 6, 2022Yield to maturity3.000%Jul 15, 2022Yield to maturity3.084%Jul 26, 2022Yield to maturity2.928%Aug 4, 2022Yield to maturity2.802%Aug 15, 2022Yield to maturity2.947%Aug 24, 2022Yield to maturity3.265%Sep 2, 2022Yield to maturity3.355%Sep 14, 2022Yield to maturity3.660%Sep 23, 2022Yield to maturity4.044%Oct 4, 2022Yield to maturity3.921%Oct 14, 2022Yield to maturity4.342%Oct 25, 2022Yield to maturity4.320%Nov 3, 2022Yield to maturity4.444%Nov 15, 2022Yield to maturity3.998%Nov 25, 2022Yield to maturity3.998%Dec 6, 2022Yield to maturity3.845%Dec 15, 2022Yield to maturity3.735%Dec 27, 2022Yield to maturity4.028%Jan 6, 2023Yield to maturity3.766%Jan 18, 2023Yield to maturity3.499%Jan 27, 2023Yield to maturity3.703%Feb 7, 2023Yield to maturity3.926%Feb 16, 2023Yield to maturity4.161%Feb 28, 2023Yield to maturity4.299%Mar 9, 2023Yield to maturity4.368%Mar 20, 2023Yield to maturity3.717%Mar 29, 2023Yield to maturity3.800%Apr 7, 2023Yield to maturity3.596%Apr 18, 2023Yield to maturity3.798%Apr 27, 2023Yield to maturity3.706%May 8, 2023Yield to maturity3.591%May 17, 2023Yield to maturity3.693%May 26, 2023Yield to maturity4.109%Jun 7, 2023Yield to maturity4.093%Jun 16, 2023Yield to maturity4.181%Jun 28, 2023Yield to maturity4.175%Jul 10, 2023Yield to maturity4.424%Jul 19, 2023Yield to maturity4.180%Jul 28, 2023Yield to maturity4.390%Aug 8, 2023Yield to maturity4.274%Aug 17, 2023Yield to maturity4.564%Aug 28, 2023Yield to maturity4.587%Sep 7, 2023Yield to maturity4.565%Sep 18, 2023Yield to maturity4.651%Sep 27, 2023Yield to maturity4.839%Oct 6, 2023Yield to maturity4.835%Oct 18, 2023Yield to maturity5.017%Oct 27, 2023Yield to maturity4.815%Nov 7, 2023Yield to maturity4.649%Nov 16, 2023Yield to maturity4.558%Nov 28, 2023Yield to maturity4.454%Dec 7, 2023Yield to maturity4.274%Dec 18, 2023Yield to maturity4.120%Dec 28, 2023Yield to maturity3.994%Jan 9, 2024Yield to maturity4.095%Jan 19, 2024Yield to maturity4.165%Jan 30, 2024Yield to maturity4.124%Feb 8, 2024Yield to maturity4.243%Feb 20, 2024Yield to maturity4.374%Feb 29, 2024Yield to maturity4.416%Mar 11, 2024Yield to maturity4.264%Mar 20, 2024Yield to maturity4.401%Mar 29, 2024Yield to maturity4.415%Apr 9, 2024Yield to maturity4.555%Apr 18, 2024Yield to maturity4.834%Apr 29, 2024Yield to maturity4.815%May 8, 2024Yield to maturity4.663%May 17, 2024Yield to maturity4.604%May 29, 2024Yield to maturity4.821%Jun 7, 2024Yield to maturity4.686%Jun 18, 2024Yield to maturity4.480%Jun 28, 2024Yield to maturity4.561%Jul 10, 2024Yield to maturity4.443%Jul 19, 2024Yield to maturity4.328%Jul 30, 2024Yield to maturity4.216%Aug 8, 2024Yield to maturity3.943%Aug 19, 2024Yield to maturity3.928%Aug 28, 2024Yield to maturity3.785%Sep 9, 2024Yield to maturity3.595%Sep 18, 2024Yield to maturity3.542%Sep 27, 2024Yield to maturity3.522%Oct 8, 2024Yield to maturity3.914%Oct 18, 2024Yield to maturity3.901%Oct 29, 2024Yield to maturity4.093%Nov 7, 2024Yield to maturity4.187%Nov 19, 2024Yield to maturity4.252%Nov 29, 2024Yield to maturity4.153%Dec 10, 2024Yield to maturity4.131%Dec 19, 2024Yield to maturity4.337%Dec 31, 2024Yield to maturity4.256%Jan 10, 2025Yield to maturity4.416%Jan 22, 2025Yield to maturity4.289%Jan 31, 2025Yield to maturity4.244%Feb 11, 2025Yield to maturity4.302%Feb 21, 2025Yield to maturity4.195%Mar 4, 2025Yield to maturity3.956%Mar 13, 2025Yield to maturity3.963%Mar 24, 2025Yield to maturity4.047%Apr 2, 2025Yield to maturity3.917%Apr 11, 2025Yield to maturity3.985%Apr 22, 2025Yield to maturity3.834%May 1, 2025Yield to maturity3.716%May 12, 2025Yield to maturity4.000%May 21, 2025Yield to maturity4.008%Jun 2, 2025Yield to maturity3.976%Jun 11, 2025Yield to maturity3.965%Jun 23, 2025Yield to maturity3.874%Jul 2, 2025Yield to maturity3.842%Jul 14, 2025Yield to maturity3.943%Jul 23, 2025Yield to maturity3.932%Aug 1, 2025Yield to maturity3.748%Aug 12, 2025Yield to maturity3.774%Aug 21, 2025Yield to maturity3.823%Sep 2, 2025Yield to maturity3.719%Sep 11, 2025Yield to maturity3.595%Sep 22, 2025Yield to maturity3.632%Oct 1, 2025Yield to maturity3.593%Oct 10, 2025Yield to maturity3.569%Oct 22, 2025Yield to maturity3.504%Oct 31, 2025Yield to maturity3.660%Nov 12, 2025Yield to maturity3.600%Nov 21, 2025Yield to maturity3.569%Dec 3, 2025Yield to maturity3.530%Dec 12, 2025Yield to maturity3.546%Dec 23, 2025Yield to maturity3.551%Jan 5, 2026Yield to maturity3.476%Jan 14, 2026Yield to maturity3.534%Jan 26, 2026Yield to maturity3.588%Feb 4, 2026Yield to maturity3.566%Feb 13, 2026Yield to maturity3.476%Feb 25, 2026Yield to maturity3.572%Mar 6, 2026Yield to maturity3.594%Mar 17, 2026Yield to maturity3.665%Mar 26, 2026Yield to maturity3.870%Apr 6, 2026Yield to maturity3.769%Apr 15, 2026Yield to maturity3.713%Apr 24, 2026Yield to maturity3.707%May 5, 2026Yield to maturity3.791%May 14, 2026Yield to maturity3.806%May 26, 2026Yield to maturity3.852%Jun 4, 2026Yield to maturity3.830%Jun 15, 2026Yield to maturity3.911%Jun 25, 2026Yield to maturity3.986%Jul 7, 2026Yield to maturity4.004%Jul 16, 2026Yield to maturity3.983%Jul 27, 2026Yield to maturity4.085%Aug 5, 2026Yield to maturity4.017%Aug 14, 2026Yield to maturity3.920%Aug 25, 2026Yield to maturity3.947%Sep 3, 2026Yield to maturity3.978%Sep 9, 2026Yield to maturity3.961%

Price history

1,614 trading days to Sep 9, 2026

80859095100105Mar 31, 2020Sep 9, 2026Mar 31, 2020Close100.500Apr 9, 2020Close100.188Apr 21, 2020Close101.000Apr 30, 2020Close100.688May 11, 2020Close100.469May 20, 2020Close100.719Jun 1, 2020Close100.875Jun 10, 2020Close100.531Jun 19, 2020Close100.719Jun 30, 2020Close101.000Jul 10, 2020Close101.031Jul 21, 2020Close101.281Jul 30, 2020Close101.625Aug 10, 2020Close101.500Aug 19, 2020Close101.125Aug 28, 2020Close100.969Sep 9, 2020Close101.188Sep 18, 2020Close101.188Sep 29, 2020Close101.469Oct 8, 2020Close100.875Oct 20, 2020Close100.719Oct 29, 2020Close100.469Nov 9, 2020Close99.969Nov 19, 2020Close100.438Dec 1, 2020Close100.188Dec 10, 2020Close100.406Dec 21, 2020Close100.344Dec 31, 2020Close100.563Jan 12, 2021Close99.563Jan 22, 2021Close99.938Feb 2, 2021Close99.875Feb 11, 2021Close99.781Feb 23, 2021Close98.781Mar 4, 2021Close97.594Mar 15, 2021Close97.219Mar 24, 2021Close97.375Apr 2, 2021Close96.563Apr 13, 2021Close97.313Apr 22, 2021Close97.656May 3, 2021Close97.531May 12, 2021Close97.344May 21, 2021Close97.656Jun 2, 2021Close97.875Jun 11, 2021Close98.313Jun 22, 2021Close97.813Jul 1, 2021Close97.781Jul 13, 2021Close98.125Jul 22, 2021Close98.969Aug 2, 2021Close99.281Aug 11, 2021Close98.500Aug 20, 2021Close98.656Aug 31, 2021Close98.719Sep 10, 2021Close98.531Sep 21, 2021Close98.438Sep 30, 2021Close97.594Oct 12, 2021Close97.156Oct 21, 2021Close96.500Nov 1, 2021Close96.688Nov 10, 2021Close96.656Nov 22, 2021Close96.250Dec 2, 2021Close96.938Dec 13, 2021Close96.906Dec 22, 2021Close96.781Jan 3, 2022Close96.188Jan 12, 2022Close95.500Jan 24, 2022Close95.438Feb 2, 2022Close95.125Feb 11, 2022Close94.063Feb 23, 2022Close93.813Mar 4, 2022Close95.000Mar 15, 2022Close92.875Mar 24, 2022Close91.719Apr 4, 2022Close90.906Apr 13, 2022Close90.531Apr 25, 2022Close89.813May 4, 2022Close89.500May 13, 2022Close89.719May 24, 2022Close90.313Jun 3, 2022Close89.531Jun 14, 2022Close86.844Jun 24, 2022Close88.688Jul 6, 2022Close89.594Jul 15, 2022Close89.313Jul 26, 2022Close90.000Aug 4, 2022Close90.563Aug 15, 2022Close90.031Aug 24, 2022Close88.813Sep 2, 2022Close88.531Sep 14, 2022Close87.406Sep 23, 2022Close86.031Oct 4, 2022Close86.563Oct 14, 2022Close85.094Oct 25, 2022Close85.250Nov 3, 2022Close84.875Nov 15, 2022Close86.594Nov 25, 2022Close86.688Dec 6, 2022Close87.313Dec 15, 2022Close87.781Dec 27, 2022Close86.813Jan 6, 2023Close87.844Jan 18, 2023Close88.875Jan 27, 2023Close88.219Feb 7, 2023Close87.500Feb 16, 2023Close86.750Feb 28, 2023Close86.375Mar 9, 2023Close86.219Mar 20, 2023Close88.531Mar 29, 2023Close88.313Apr 7, 2023Close89.094Apr 18, 2023Close88.469Apr 27, 2023Close88.844May 8, 2023Close89.313May 17, 2023Close89.031May 26, 2023Close87.750Jun 7, 2023Close87.875Jun 16, 2023Close87.688Jun 28, 2023Close87.781Jul 10, 2023Close87.094Jul 19, 2023Close87.938Jul 28, 2023Close87.375Aug 8, 2023Close87.813Aug 17, 2023Close87.000Aug 28, 2023Close87.031Sep 7, 2023Close87.188Sep 18, 2023Close87.031Sep 27, 2023Close86.563Oct 6, 2023Close86.688Oct 18, 2023Close86.250Oct 27, 2023Close86.938Nov 7, 2023Close87.500Nov 16, 2023Close87.844Nov 28, 2023Close88.250Dec 7, 2023Close88.844Dec 18, 2023Close89.375Dec 28, 2023Close89.813Jan 9, 2024Close89.625Jan 19, 2024Close89.531Jan 30, 2024Close89.719Feb 8, 2024Close89.469Feb 20, 2024Close89.219Feb 29, 2024Close89.188Mar 11, 2024Close89.688Mar 20, 2024Close89.406Mar 29, 2024Close89.469Apr 9, 2024Close89.188Apr 18, 2024Close88.563Apr 29, 2024Close88.719May 8, 2024Close89.188May 17, 2024Close89.438May 29, 2024Close89.000Jun 7, 2024Close89.438Jun 18, 2024Close90.031Jun 28, 2024Close89.938Jul 10, 2024Close90.313Jul 19, 2024Close90.688Jul 30, 2024Close91.031Aug 8, 2024Close91.750Aug 19, 2024Close91.875Aug 28, 2024Close92.281Sep 9, 2024Close92.813Sep 18, 2024Close93.000Sep 27, 2024Close93.125Oct 8, 2024Close92.313Oct 18, 2024Close92.438Oct 29, 2024Close92.094Nov 7, 2024Close91.969Nov 19, 2024Close91.938Nov 29, 2024Close92.250Dec 10, 2024Close92.375Dec 19, 2024Close92.031Dec 31, 2024Close92.313Jan 10, 2025Close92.094Jan 22, 2025Close92.438Jan 31, 2025Close92.625Feb 11, 2025Close92.594Feb 21, 2025Close92.906Mar 4, 2025Close93.438Mar 13, 2025Close93.500Mar 24, 2025Close93.438Apr 2, 2025Close93.750Apr 11, 2025Close93.719Apr 22, 2025Close94.063May 1, 2025Close94.344May 12, 2025Close93.938May 21, 2025Close94.000Jun 2, 2025Close94.156Jun 11, 2025Close94.250Jun 23, 2025Close94.500Jul 2, 2025Close94.625Jul 14, 2025Close94.563Jul 23, 2025Close94.656Aug 1, 2025Close95.031Aug 12, 2025Close95.063Aug 21, 2025Close95.063Sep 2, 2025Close95.313Sep 11, 2025Close95.563Sep 22, 2025Close95.594Oct 1, 2025Close95.719Oct 10, 2025Close95.844Oct 22, 2025Close96.000Oct 31, 2025Close95.875Nov 12, 2025Close96.031Nov 21, 2025Close96.156Dec 3, 2025Close96.281Dec 12, 2025Close96.344Dec 23, 2025Close96.406Jan 5, 2026Close96.594Jan 14, 2026Close96.594Jan 26, 2026Close96.625Feb 4, 2026Close96.719Feb 13, 2026Close96.906Feb 25, 2026Close96.875Mar 6, 2026Close96.938Mar 17, 2026Close96.938Mar 26, 2026Close96.813Apr 6, 2026Close97.000Apr 15, 2026Close97.125Apr 24, 2026Close97.219May 5, 2026Close97.219May 14, 2026Close97.281May 26, 2026Close97.344Jun 4, 2026Close97.438Jun 15, 2026Close97.469Jun 25, 2026Close97.500Jul 7, 2026Close97.594Jul 16, 2026Close97.688Jul 27, 2026Close97.719Aug 5, 2026Close97.844Aug 14, 2026Close98.000Aug 25, 2026Close98.063Sep 3, 2026Close98.125Sep 9, 2026Close98.188
The most recent 20 trading days of prices for 912828ZE3.
DateBidOfferClose
Sep 9, 202698.20398.18898.188
Sep 8, 202698.17298.15698.188
Sep 4, 202698.15698.15698.156
Sep 3, 202698.14198.12598.125
Sep 2, 202698.10998.09498.094
Sep 1, 202698.09498.06398.063
Aug 31, 202698.07898.06398.063
Aug 28, 202698.09498.06398.063
Aug 27, 202698.10998.09498.094
Aug 26, 202698.07898.06398.063
Aug 25, 202698.07898.06398.063
Aug 24, 202698.06398.03198.031
Aug 21, 202698.07898.06398.063
Aug 20, 202698.04798.03198.031
Aug 19, 202698.04798.03198.031
Aug 18, 202698.01698.00098.000
Aug 17, 202698.01698.00098.000
Aug 14, 202698.01698.00098.000
Aug 13, 202697.96997.93897.938
Aug 12, 202697.95397.93897.938

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 912828ZE3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2020Mar 31, 2020New issue$32.0bn$36.3bn2.76x0.680%

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.