Treasury note

9128282R0 · 2.25% due August 15, 2027

Original term
10-Year
Maturity
Aug 15, 2027
Coupon
2.250%
Pays
Semi-Annual
Dated
Aug 15, 2017
First coupon
Feb 15, 2018
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$69.45bn
Held stripped
$45.7m
Share stripped
0.07%

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 10, 2026

Yield to maturity
4.335%
Modified duration
0.901 yr
DV01
0.0089
Convexity
1.256
Dirty price
98.290

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 0.920 years against a modified duration of 0.901.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 1.49 cents per 100 of face.

That is 0.29 standard deviations from its own typical residual.

Yield to maturity, 2,270 observations

0%1%2%3%4%5%6%Aug 15, 2017Sep 10, 2026Aug 15, 2017Yield to maturity2.268%Oct 30, 2017Yield to maturity2.368%Jan 16, 2018Yield to maturity2.542%Apr 2, 2018Yield to maturity2.741%Jun 14, 2018Yield to maturity2.942%Aug 28, 2018Yield to maturity2.883%Nov 13, 2018Yield to maturity3.129%Jan 31, 2019Yield to maturity2.591%Apr 16, 2019Yield to maturity2.551%Jul 1, 2019Yield to maturity1.957%Sep 13, 2019Yield to maturity1.853%Nov 29, 2019Yield to maturity1.736%Feb 14, 2020Yield to maturity1.519%Apr 30, 2020Yield to maturity0.535%Jul 15, 2020Yield to maturity0.467%Sep 28, 2020Yield to maturity0.435%Dec 14, 2020Yield to maturity0.571%Mar 2, 2021Yield to maturity0.973%May 13, 2021Yield to maturity1.144%Jul 28, 2021Yield to maturity0.868%Oct 12, 2021Yield to maturity1.216%Dec 28, 2021Yield to maturity1.325%Mar 14, 2022Yield to maturity2.133%May 26, 2022Yield to maturity2.761%Aug 11, 2022Yield to maturity3.008%Oct 26, 2022Yield to maturity4.254%Jan 12, 2023Yield to maturity3.582%Mar 29, 2023Yield to maturity3.772%Jun 12, 2023Yield to maturity4.014%Aug 25, 2023Yield to maturity4.575%Nov 9, 2023Yield to maturity4.737%Jan 26, 2024Yield to maturity4.134%Apr 10, 2024Yield to maturity4.783%Jun 25, 2024Yield to maturity4.460%Sep 9, 2024Yield to maturity3.552%Nov 22, 2024Yield to maturity4.326%Feb 10, 2025Yield to maturity4.292%Apr 24, 2025Yield to maturity3.804%Jul 10, 2025Yield to maturity3.878%Sep 23, 2025Yield to maturity3.594%Dec 9, 2025Yield to maturity3.640%Feb 25, 2026Yield to maturity3.504%May 8, 2026Yield to maturity3.857%Jul 24, 2026Yield to maturity4.274%Sep 10, 2026Yield to maturity4.335%

Price history

2,270 trading days to Sep 10, 2026

9095100105110115Aug 15, 2017Sep 10, 2026Aug 15, 2017Close99.844Oct 30, 2017Close98.969Jan 16, 2018Close97.531Apr 2, 2018Close95.969Jun 14, 2018Close94.469Aug 28, 2018Close95.031Nov 13, 2018Close93.313Jan 31, 2019Close97.406Apr 16, 2019Close97.750Jul 1, 2019Close102.188Sep 13, 2019Close102.906Nov 29, 2019Close103.688Feb 14, 2020Close105.156Apr 30, 2020Close112.250Jul 15, 2020Close112.406Sep 28, 2020Close112.281Dec 14, 2020Close110.969Mar 2, 2021Close107.969May 13, 2021Close106.656Jul 28, 2021Close108.125Oct 12, 2021Close105.813Dec 28, 2021Close105.000Mar 14, 2022Close100.594May 26, 2022Close97.531Aug 11, 2022Close96.500Oct 26, 2022Close91.375Jan 12, 2023Close94.406Mar 29, 2023Close93.906Jun 12, 2023Close93.281Aug 25, 2023Close91.656Nov 9, 2023Close91.531Jan 26, 2024Close93.844Apr 10, 2024Close92.250Jun 25, 2024Close93.594Sep 9, 2024Close96.406Nov 22, 2024Close94.719Feb 10, 2025Close95.188Apr 24, 2025Close96.594Jul 10, 2025Close96.750Sep 23, 2025Close97.563Dec 9, 2025Close97.750Feb 25, 2026Close98.219May 8, 2026Close98.031Jul 24, 2026Close97.938Sep 10, 2026Close98.125
The most recent 20 trading days of prices for 9128282R0.
DateBidOfferClose
Sep 10, 202698.15698.12598.125
Sep 9, 202698.23498.21998.219
Sep 8, 202698.23498.21998.219
Sep 4, 202698.23498.21998.219
Sep 3, 202698.25098.25098.219
Sep 2, 202698.20398.18898.188
Sep 1, 202698.18898.15698.156
Aug 31, 202698.17298.15698.156
Aug 28, 202698.20398.18898.156
Aug 27, 202698.26698.25098.250
Aug 26, 202698.26698.25098.250
Aug 25, 202698.26698.25098.250
Aug 24, 202698.26698.25098.250
Aug 21, 202698.26698.25098.250
Aug 20, 202698.26698.25098.250
Aug 19, 202698.26698.25098.250
Aug 18, 202698.26698.25098.250
Aug 17, 202698.26698.25098.250
Aug 14, 202698.26698.25098.250
Aug 13, 202698.23498.21998.219

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 9128282R0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 9, 2017Aug 15, 2017New issue$23.0bn$29.9bn2.23x2.250%
Sep 12, 2017Sep 15, 2017Reopening$20.0bn$20.0bn2.28x2.180%
Oct 11, 2017Oct 16, 2017Reopening$20.0bn$20.0bn2.54x2.346%

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.