Treasury note

9128283F5 · 2.25% due November 15, 2027

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

Statement of August 31, 2026

Amount outstanding
$65.57bn
Held stripped
$91.2m
Share stripped
0.14%

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
4.424%
Modified duration
1.135 yr
DV01
0.0111
Convexity
1.856
Dirty price
98.259

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 4 of twelve buckets, summing to 1.161 years against a modified duration of 1.135.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 1.70 cents per 100 of face.

That is 0.76 standard deviations from its own typical residual.

Yield to maturity, 2,206 observations

0%1%2%3%4%5%Nov 15, 2017Sep 10, 2026Nov 15, 2017Yield to maturity2.327%Jan 31, 2018Yield to maturity2.718%Apr 16, 2018Yield to maturity2.835%Jun 27, 2018Yield to maturity2.838%Sep 10, 2018Yield to maturity2.934%Nov 23, 2018Yield to maturity3.043%Feb 8, 2019Yield to maturity2.607%Apr 24, 2019Yield to maturity2.491%Jul 8, 2019Yield to maturity1.993%Sep 18, 2019Yield to maturity1.783%Dec 3, 2019Yield to maturity1.672%Feb 18, 2020Yield to maturity1.494%Apr 30, 2020Yield to maturity0.547%Jul 14, 2020Yield to maturity0.479%Sep 24, 2020Yield to maturity0.463%Dec 9, 2020Yield to maturity0.652%Feb 24, 2021Yield to maturity0.950%May 6, 2021Yield to maturity1.148%Jul 20, 2021Yield to maturity0.879%Sep 30, 2021Yield to maturity1.173%Dec 15, 2021Yield to maturity1.351%Mar 1, 2022Yield to maturity1.634%May 12, 2022Yield to maturity2.849%Jul 27, 2022Yield to maturity2.883%Oct 7, 2022Yield to maturity4.181%Dec 22, 2022Yield to maturity3.846%Mar 9, 2023Yield to maturity4.295%May 19, 2023Yield to maturity3.827%Aug 3, 2023Yield to maturity4.410%Oct 17, 2023Yield to maturity4.928%Dec 29, 2023Yield to maturity3.928%Mar 14, 2024Yield to maturity4.412%May 24, 2024Yield to maturity4.679%Aug 8, 2024Yield to maturity3.905%Oct 22, 2024Yield to maturity4.001%Jan 7, 2025Yield to maturity4.357%Mar 21, 2025Yield to maturity3.945%Jun 3, 2025Yield to maturity3.955%Aug 15, 2025Yield to maturity3.744%Oct 29, 2025Yield to maturity3.610%Jan 14, 2026Yield to maturity3.528%Mar 30, 2026Yield to maturity3.872%Jun 10, 2026Yield to maturity4.094%Aug 24, 2026Yield to maturity4.154%Sep 10, 2026Yield to maturity4.424%

Price history

2,206 trading days to Sep 10, 2026

859095100105110115Nov 15, 2017Sep 10, 2026Nov 15, 2017Close99.313Jan 31, 2018Close96.000Apr 16, 2018Close95.125Jun 27, 2018Close95.188Sep 10, 2018Close94.531Nov 23, 2018Close93.813Feb 8, 2019Close97.219Apr 24, 2019Close98.156Jul 8, 2019Close101.969Sep 18, 2019Close103.531Dec 3, 2019Close104.281Feb 18, 2020Close105.500Apr 30, 2020Close112.563Jul 14, 2020Close112.750Sep 24, 2020Close112.531Dec 9, 2020Close110.813Feb 24, 2021Close108.438May 6, 2021Close106.906Jul 20, 2021Close108.406Sep 30, 2021Close106.344Dec 15, 2021Close105.094Mar 1, 2022Close103.344May 12, 2022Close96.969Jul 27, 2022Close96.906Oct 7, 2022Close91.219Dec 22, 2022Close92.938Mar 9, 2023Close91.406May 19, 2023Close93.563Aug 3, 2023Close91.656Oct 17, 2023Close90.219Dec 29, 2023Close94.031Mar 14, 2024Close92.750May 24, 2024Close92.313Aug 8, 2024Close94.969Oct 22, 2024Close95.000Jan 7, 2025Close94.406Mar 21, 2025Close95.781Jun 3, 2025Close96.063Aug 15, 2025Close96.813Oct 29, 2025Close97.344Jan 14, 2026Close97.750Mar 30, 2026Close97.469Jun 10, 2026Close97.469Aug 24, 2026Close97.750Sep 10, 2026Close97.531
The most recent 20 trading days of prices for 9128283F5.
DateBidOfferClose
Sep 10, 202697.57897.56397.531
Sep 9, 202697.65697.62597.656
Sep 8, 202697.67297.65697.656
Sep 4, 202697.68897.68897.656
Sep 3, 202697.70397.68897.688
Sep 2, 202697.64197.62597.625
Sep 1, 202697.64197.62597.594
Aug 31, 202697.67297.65697.625
Aug 28, 202697.67297.65697.625
Aug 27, 202697.79797.78197.750
Aug 26, 202697.76697.75097.781
Aug 25, 202697.79797.78197.781
Aug 24, 202697.76697.75097.750
Aug 21, 202697.73497.71997.750
Aug 20, 202697.79797.78197.781
Aug 19, 202697.78197.75097.781
Aug 18, 202697.76697.75097.750
Aug 17, 202697.78197.78197.750
Aug 14, 202697.79797.78197.750
Aug 13, 202697.76697.75097.750

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 9128283F5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 8, 2017Nov 15, 2017New issue$23.0bn$25.8bn2.48x2.314%
Dec 11, 2017Dec 15, 2017Reopening$20.0bn$20.0bn2.37x2.384%
Jan 10, 2018Jan 16, 2018Reopening$20.0bn$20.7bn2.69x2.579%

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.