Treasury note

912828ZN3 · 0.5% due April 30, 2027

Original term
7-Year
Maturity
Apr 30, 2027
Coupon
0.500%
Pays
Semi-Annual
Dated
Apr 30, 2020
First coupon
Oct 31, 2020
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$37.19bn
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
4.105%
Modified duration
0.624 yr
DV01
0.0061
Convexity
0.697
Dirty price
97.931

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 0.634 years against a modified duration of 0.624.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 0.40 cents per 100 of face.

That is 1.19 standard deviations from its own typical residual.

Yield to maturity, 1,593 observations

0%1%2%3%4%5%6%Apr 30, 2020Sep 9, 2026Apr 30, 2020Yield to maturity0.532%May 11, 2020Yield to maturity0.555%May 20, 2020Yield to maturity0.523%Jun 1, 2020Yield to maturity0.495%Jun 10, 2020Yield to maturity0.556%Jun 19, 2020Yield to maturity0.523%Jun 30, 2020Yield to maturity0.481%Jul 10, 2020Yield to maturity0.477%Jul 21, 2020Yield to maturity0.434%Jul 30, 2020Yield to maturity0.383%Aug 10, 2020Yield to maturity0.401%Aug 19, 2020Yield to maturity0.462%Aug 28, 2020Yield to maturity0.481%Sep 9, 2020Yield to maturity0.447%Sep 18, 2020Yield to maturity0.447%Sep 29, 2020Yield to maturity0.404%Oct 8, 2020Yield to maturity0.495%Oct 20, 2020Yield to maturity0.519%Oct 29, 2020Yield to maturity0.559%Nov 9, 2020Yield to maturity0.638%Nov 19, 2020Yield to maturity0.569%Dec 1, 2020Yield to maturity0.609%Dec 10, 2020Yield to maturity0.570%Dec 21, 2020Yield to maturity0.580%Dec 31, 2020Yield to maturity0.545%Jan 12, 2021Yield to maturity0.714%Jan 22, 2021Yield to maturity0.648%Feb 2, 2021Yield to maturity0.659%Feb 11, 2021Yield to maturity0.675%Feb 23, 2021Yield to maturity0.848%Mar 4, 2021Yield to maturity1.052%Mar 15, 2021Yield to maturity1.119%Mar 24, 2021Yield to maturity1.100%Apr 2, 2021Yield to maturity1.245%Apr 13, 2021Yield to maturity1.117%Apr 22, 2021Yield to maturity1.059%May 3, 2021Yield to maturity1.089%May 12, 2021Yield to maturity1.119%May 21, 2021Yield to maturity1.067%Jun 2, 2021Yield to maturity1.025%Jun 11, 2021Yield to maturity0.944%Jun 22, 2021Yield to maturity1.035%Jul 1, 2021Yield to maturity1.049%Jul 13, 2021Yield to maturity0.984%Jul 22, 2021Yield to maturity0.833%Aug 2, 2021Yield to maturity0.768%Aug 11, 2021Yield to maturity0.916%Aug 20, 2021Yield to maturity0.884%Aug 31, 2021Yield to maturity0.880%Sep 10, 2021Yield to maturity0.911%Sep 21, 2021Yield to maturity0.930%Sep 30, 2021Yield to maturity1.102%Oct 12, 2021Yield to maturity1.183%Oct 21, 2021Yield to maturity1.318%Nov 1, 2021Yield to maturity1.286%Nov 10, 2021Yield to maturity1.296%Nov 22, 2021Yield to maturity1.380%Dec 2, 2021Yield to maturity1.237%Dec 13, 2021Yield to maturity1.241%Dec 22, 2021Yield to maturity1.269%Jan 3, 2022Yield to maturity1.405%Jan 12, 2022Yield to maturity1.536%Jan 24, 2022Yield to maturity1.555%Feb 2, 2022Yield to maturity1.625%Feb 11, 2022Yield to maturity1.847%Feb 23, 2022Yield to maturity1.907%Mar 4, 2022Yield to maturity1.663%Mar 15, 2022Yield to maturity2.130%Mar 24, 2022Yield to maturity2.392%Apr 4, 2022Yield to maturity2.570%Apr 13, 2022Yield to maturity2.679%Apr 25, 2022Yield to maturity2.858%May 4, 2022Yield to maturity2.935%May 13, 2022Yield to maturity2.913%May 24, 2022Yield to maturity2.772%Jun 3, 2022Yield to maturity2.970%Jun 14, 2022Yield to maturity3.639%Jun 24, 2022Yield to maturity3.217%Jul 6, 2022Yield to maturity2.998%Jul 15, 2022Yield to maturity3.089%Jul 26, 2022Yield to maturity2.936%Aug 4, 2022Yield to maturity2.805%Aug 15, 2022Yield to maturity2.956%Aug 24, 2022Yield to maturity3.278%Sep 2, 2022Yield to maturity3.353%Sep 14, 2022Yield to maturity3.655%Sep 23, 2022Yield to maturity4.034%Oct 4, 2022Yield to maturity3.904%Oct 14, 2022Yield to maturity4.329%Oct 25, 2022Yield to maturity4.308%Nov 3, 2022Yield to maturity4.414%Nov 15, 2022Yield to maturity3.975%Nov 25, 2022Yield to maturity3.975%Dec 6, 2022Yield to maturity3.817%Dec 15, 2022Yield to maturity3.700%Dec 27, 2022Yield to maturity3.998%Jan 6, 2023Yield to maturity3.758%Jan 18, 2023Yield to maturity3.496%Jan 27, 2023Yield to maturity3.698%Feb 7, 2023Yield to maturity3.927%Feb 16, 2023Yield to maturity4.160%Feb 28, 2023Yield to maturity4.279%Mar 9, 2023Yield to maturity4.347%Mar 20, 2023Yield to maturity3.716%Mar 29, 2023Yield to maturity3.790%Apr 7, 2023Yield to maturity3.598%Apr 18, 2023Yield to maturity3.789%Apr 27, 2023Yield to maturity3.700%May 8, 2023Yield to maturity3.596%May 17, 2023Yield to maturity3.698%May 26, 2023Yield to maturity4.099%Jun 7, 2023Yield to maturity4.074%Jun 16, 2023Yield to maturity4.171%Jun 28, 2023Yield to maturity4.165%Jul 10, 2023Yield to maturity4.411%Jul 19, 2023Yield to maturity4.172%Jul 28, 2023Yield to maturity4.379%Aug 8, 2023Yield to maturity4.265%Aug 17, 2023Yield to maturity4.561%Aug 28, 2023Yield to maturity4.574%Sep 7, 2023Yield to maturity4.563%Sep 18, 2023Yield to maturity4.638%Sep 27, 2023Yield to maturity4.823%Oct 6, 2023Yield to maturity4.841%Oct 18, 2023Yield to maturity5.010%Oct 27, 2023Yield to maturity4.823%Nov 7, 2023Yield to maturity4.650%Nov 16, 2023Yield to maturity4.551%Nov 28, 2023Yield to maturity4.440%Dec 7, 2023Yield to maturity4.263%Dec 18, 2023Yield to maturity4.103%Dec 28, 2023Yield to maturity3.981%Jan 9, 2024Yield to maturity4.081%Jan 19, 2024Yield to maturity4.150%Jan 30, 2024Yield to maturity4.112%Feb 8, 2024Yield to maturity4.240%Feb 20, 2024Yield to maturity4.381%Feb 29, 2024Yield to maturity4.423%Mar 11, 2024Yield to maturity4.276%Mar 20, 2024Yield to maturity4.411%Mar 29, 2024Yield to maturity4.414%Apr 9, 2024Yield to maturity4.564%Apr 18, 2024Yield to maturity4.839%Apr 29, 2024Yield to maturity4.822%May 8, 2024Yield to maturity4.673%May 17, 2024Yield to maturity4.617%May 29, 2024Yield to maturity4.805%Jun 7, 2024Yield to maturity4.673%Jun 18, 2024Yield to maturity4.474%Jun 28, 2024Yield to maturity4.554%Jul 10, 2024Yield to maturity4.427%Jul 19, 2024Yield to maturity4.314%Jul 30, 2024Yield to maturity4.206%Aug 8, 2024Yield to maturity3.929%Aug 19, 2024Yield to maturity3.915%Aug 28, 2024Yield to maturity3.776%Sep 9, 2024Yield to maturity3.566%Sep 18, 2024Yield to maturity3.528%Sep 27, 2024Yield to maturity3.510%Oct 8, 2024Yield to maturity3.919%Oct 18, 2024Yield to maturity3.894%Oct 29, 2024Yield to maturity4.095%Nov 7, 2024Yield to maturity4.187%Nov 19, 2024Yield to maturity4.266%Nov 29, 2024Yield to maturity4.173%Dec 10, 2024Yield to maturity4.138%Dec 19, 2024Yield to maturity4.354%Dec 31, 2024Yield to maturity4.293%Jan 10, 2025Yield to maturity4.435%Jan 22, 2025Yield to maturity4.313%Jan 31, 2025Yield to maturity4.256%Feb 11, 2025Yield to maturity4.299%Feb 21, 2025Yield to maturity4.197%Mar 4, 2025Yield to maturity3.967%Mar 13, 2025Yield to maturity3.959%Mar 24, 2025Yield to maturity4.042%Apr 2, 2025Yield to maturity3.936%Apr 11, 2025Yield to maturity3.987%Apr 22, 2025Yield to maturity3.827%May 1, 2025Yield to maturity3.714%May 12, 2025Yield to maturity4.007%May 21, 2025Yield to maturity4.016%Jun 2, 2025Yield to maturity3.968%Jun 11, 2025Yield to maturity3.959%Jun 23, 2025Yield to maturity3.855%Jul 2, 2025Yield to maturity3.826%Jul 14, 2025Yield to maturity3.924%Jul 23, 2025Yield to maturity3.914%Aug 1, 2025Yield to maturity3.739%Aug 12, 2025Yield to maturity3.766%Aug 21, 2025Yield to maturity3.814%Sep 2, 2025Yield to maturity3.716%Sep 11, 2025Yield to maturity3.580%Sep 22, 2025Yield to maturity3.637%Oct 1, 2025Yield to maturity3.580%Oct 10, 2025Yield to maturity3.559%Oct 22, 2025Yield to maturity3.498%Oct 31, 2025Yield to maturity3.649%Nov 12, 2025Yield to maturity3.617%Nov 21, 2025Yield to maturity3.567%Dec 3, 2025Yield to maturity3.533%Dec 12, 2025Yield to maturity3.552%Dec 23, 2025Yield to maturity3.534%Jan 5, 2026Yield to maturity3.466%Jan 14, 2026Yield to maturity3.524%Jan 26, 2026Yield to maturity3.577%Feb 4, 2026Yield to maturity3.559%Feb 13, 2026Yield to maturity3.479%Feb 25, 2026Yield to maturity3.542%Mar 6, 2026Yield to maturity3.594%Mar 17, 2026Yield to maturity3.693%Mar 26, 2026Yield to maturity3.917%Apr 6, 2026Yield to maturity3.798%Apr 15, 2026Yield to maturity3.750%Apr 24, 2026Yield to maturity3.718%May 5, 2026Yield to maturity3.833%May 14, 2026Yield to maturity3.849%May 26, 2026Yield to maturity3.897%Jun 4, 2026Yield to maturity3.916%Jun 15, 2026Yield to maturity3.921%Jun 25, 2026Yield to maturity4.071%Jul 7, 2026Yield to maturity4.053%Jul 16, 2026Yield to maturity3.998%Jul 27, 2026Yield to maturity4.136%Aug 5, 2026Yield to maturity4.035%Aug 14, 2026Yield to maturity3.954%Aug 25, 2026Yield to maturity3.983%Sep 3, 2026Yield to maturity4.064%Sep 9, 2026Yield to maturity4.105%

Price history

1,593 trading days to Sep 9, 2026

80859095100105Apr 30, 2020Sep 9, 2026Apr 30, 2020Close99.781May 11, 2020Close99.625May 20, 2020Close99.844Jun 1, 2020Close100.031Jun 10, 2020Close99.625Jun 19, 2020Close99.844Jun 30, 2020Close100.125Jul 10, 2020Close100.156Jul 21, 2020Close100.438Jul 30, 2020Close100.781Aug 10, 2020Close100.656Aug 19, 2020Close100.250Aug 28, 2020Close100.125Sep 9, 2020Close100.344Sep 18, 2020Close100.344Sep 29, 2020Close100.625Oct 8, 2020Close100.031Oct 20, 2020Close99.875Oct 29, 2020Close99.625Nov 9, 2020Close99.125Nov 19, 2020Close99.563Dec 1, 2020Close99.313Dec 10, 2020Close99.563Dec 21, 2020Close99.500Dec 31, 2020Close99.719Jan 12, 2021Close98.688Jan 22, 2021Close99.094Feb 2, 2021Close99.031Feb 11, 2021Close98.938Feb 23, 2021Close97.906Mar 4, 2021Close96.719Mar 15, 2021Close96.344Mar 24, 2021Close96.469Apr 2, 2021Close95.656Apr 13, 2021Close96.406Apr 22, 2021Close96.750May 3, 2021Close96.594May 12, 2021Close96.438May 21, 2021Close96.750Jun 2, 2021Close97.000Jun 11, 2021Close97.469Jun 22, 2021Close96.969Jul 1, 2021Close96.906Jul 13, 2021Close97.281Jul 22, 2021Close98.125Aug 2, 2021Close98.500Aug 11, 2021Close97.688Aug 20, 2021Close97.875Aug 31, 2021Close97.906Sep 10, 2021Close97.750Sep 21, 2021Close97.656Sep 30, 2021Close96.750Oct 12, 2021Close96.344Oct 21, 2021Close95.656Nov 1, 2021Close95.844Nov 10, 2021Close95.813Nov 22, 2021Close95.406Dec 2, 2021Close96.156Dec 13, 2021Close96.156Dec 22, 2021Close96.031Jan 3, 2022Close95.375Jan 12, 2022Close94.750Jan 24, 2022Close94.688Feb 2, 2022Close94.375Feb 11, 2022Close93.344Feb 23, 2022Close93.094Mar 4, 2022Close94.281Mar 15, 2022Close92.125Mar 24, 2022Close90.969Apr 4, 2022Close90.219Apr 13, 2022Close89.781Apr 25, 2022Close89.063May 4, 2022Close88.781May 13, 2022Close88.938May 24, 2022Close89.594Jun 3, 2022Close88.813Jun 14, 2022Close86.094Jun 24, 2022Close87.906Jul 6, 2022Close88.875Jul 15, 2022Close88.563Jul 26, 2022Close89.250Aug 4, 2022Close89.844Aug 15, 2022Close89.281Aug 24, 2022Close88.031Sep 2, 2022Close87.813Sep 14, 2022Close86.688Sep 23, 2022Close85.313Oct 4, 2022Close85.875Oct 14, 2022Close84.375Oct 25, 2022Close84.531Nov 3, 2022Close84.219Nov 15, 2022Close85.938Nov 25, 2022Close86.031Dec 6, 2022Close86.688Dec 15, 2022Close87.188Dec 27, 2022Close86.188Jan 6, 2023Close87.156Jan 18, 2023Close88.188Jan 27, 2023Close87.531Feb 7, 2023Close86.781Feb 16, 2023Close86.031Feb 28, 2023Close85.719Mar 9, 2023Close85.563Mar 20, 2023Close87.844Mar 29, 2023Close87.656Apr 7, 2023Close88.406Apr 18, 2023Close87.813Apr 27, 2023Close88.188May 8, 2023Close88.625May 17, 2023Close88.344May 26, 2023Close87.094Jun 7, 2023Close87.250Jun 16, 2023Close87.031Jun 28, 2023Close87.125Jul 10, 2023Close86.438Jul 19, 2023Close87.281Jul 28, 2023Close86.719Aug 8, 2023Close87.156Aug 17, 2023Close86.313Aug 28, 2023Close86.375Sep 7, 2023Close86.500Sep 18, 2023Close86.375Sep 27, 2023Close85.906Oct 6, 2023Close85.969Oct 18, 2023Close85.563Oct 27, 2023Close86.219Nov 7, 2023Close86.813Nov 16, 2023Close87.188Nov 28, 2023Close87.625Dec 7, 2023Close88.219Dec 18, 2023Close88.781Dec 28, 2023Close89.219Jan 9, 2024Close89.031Jan 19, 2024Close88.938Jan 30, 2024Close89.125Feb 8, 2024Close88.844Feb 20, 2024Close88.563Feb 29, 2024Close88.531Mar 11, 2024Close89.031Mar 20, 2024Close88.750Mar 29, 2024Close88.844Apr 9, 2024Close88.531Apr 18, 2024Close87.906Apr 29, 2024Close88.063May 8, 2024Close88.531May 17, 2024Close88.781May 29, 2024Close88.406Jun 7, 2024Close88.844Jun 18, 2024Close89.438Jun 28, 2024Close89.344Jul 10, 2024Close89.750Jul 19, 2024Close90.125Jul 30, 2024Close90.469Aug 8, 2024Close91.219Aug 19, 2024Close91.344Aug 28, 2024Close91.750Sep 9, 2024Close92.344Sep 18, 2024Close92.500Sep 27, 2024Close92.625Oct 8, 2024Close91.750Oct 18, 2024Close91.906Oct 29, 2024Close91.531Nov 7, 2024Close91.406Nov 19, 2024Close91.344Nov 29, 2024Close91.656Dec 10, 2024Close91.813Dec 19, 2024Close91.438Dec 31, 2024Close91.688Jan 10, 2025Close91.500Jan 22, 2025Close91.844Jan 31, 2025Close92.063Feb 11, 2025Close92.063Feb 21, 2025Close92.375Mar 4, 2025Close92.906Mar 13, 2025Close93.000Mar 24, 2025Close92.938Apr 2, 2025Close93.219Apr 11, 2025Close93.219Apr 22, 2025Close93.594May 1, 2025Close93.875May 12, 2025Close93.438May 21, 2025Close93.500Jun 2, 2025Close93.688Jun 11, 2025Close93.781Jun 23, 2025Close94.063Jul 2, 2025Close94.188Jul 14, 2025Close94.125Jul 23, 2025Close94.219Aug 1, 2025Close94.594Aug 12, 2025Close94.625Aug 21, 2025Close94.625Sep 2, 2025Close94.875Sep 11, 2025Close95.156Sep 22, 2025Close95.156Oct 1, 2025Close95.313Oct 10, 2025Close95.438Oct 22, 2025Close95.594Oct 31, 2025Close95.469Nov 12, 2025Close95.594Nov 21, 2025Close95.750Dec 3, 2025Close95.875Dec 12, 2025Close95.938Dec 23, 2025Close96.031Jan 5, 2026Close96.219Jan 14, 2026Close96.219Jan 26, 2026Close96.250Feb 4, 2026Close96.344Feb 13, 2026Close96.531Feb 25, 2026Close96.531Mar 6, 2026Close96.563Mar 17, 2026Close96.531Mar 26, 2026Close96.375Apr 6, 2026Close96.594Apr 15, 2026Close96.719Apr 24, 2026Close96.844May 5, 2026Close96.813May 14, 2026Close96.875May 26, 2026Close96.938Jun 4, 2026Close97.000Jun 15, 2026Close97.094Jun 25, 2026Close97.063Jul 7, 2026Close97.188Jul 16, 2026Close97.313Jul 27, 2026Close97.313Aug 5, 2026Close97.469Aug 14, 2026Close97.625Aug 25, 2026Close97.688Sep 3, 2026Close97.719Sep 9, 2026Close97.750
The most recent 20 trading days of prices for 912828ZN3.
DateBidOfferClose
Sep 9, 202697.76697.75097.750
Sep 8, 202697.78197.78197.781
Sep 4, 202697.76697.75097.750
Sep 3, 202697.73497.71997.719
Sep 2, 202697.70397.68897.688
Sep 1, 202697.68897.65697.656
Aug 31, 202697.67297.65697.656
Aug 28, 202697.68897.65697.656
Aug 27, 202697.70397.68897.688
Aug 26, 202697.70397.68897.688
Aug 25, 202697.70397.68897.688
Aug 24, 202697.67297.65697.656
Aug 21, 202697.67297.65697.656
Aug 20, 202697.67297.65697.656
Aug 19, 202697.64197.62597.625
Aug 18, 202697.64197.62597.625
Aug 17, 202697.64197.62597.625
Aug 14, 202697.64197.62597.625
Aug 13, 202697.59497.59497.594
Aug 12, 202697.57897.56397.531

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 912828ZN3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 28, 2020Apr 30, 2020New issue$35.0bn$38.0bn2.56x0.525%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.