Treasury note

9128283W8 · 2.75% due February 15, 2028

Original term
10-Year
Maturity
Feb 15, 2028
Coupon
2.750%
Pays
Semi-Annual
Dated
Feb 15, 2018
First coupon
Aug 15, 2018
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$69.74bn
Held stripped
$257.0m
Share stripped
0.37%

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
4.509%
Modified duration
1.375 yr
DV01
0.0134
Convexity
2.579
Dirty price
97.796

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 1.409 years against a modified duration of 1.375.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 3.80 cents per 100 of face.

That is 1.79 standard deviations from its own typical residual.

Yield to maturity, 2,144 observations

0%1%2%3%4%5%Feb 15, 2018Sep 10, 2026Feb 15, 2018Yield to maturity2.899%Apr 27, 2018Yield to maturity2.957%Jul 9, 2018Yield to maturity2.862%Sep 17, 2018Yield to maturity2.995%Nov 28, 2018Yield to maturity3.051%Feb 11, 2019Yield to maturity2.636%Apr 23, 2019Yield to maturity2.543%Jul 2, 2019Yield to maturity1.928%Sep 11, 2019Yield to maturity1.714%Nov 21, 2019Yield to maturity1.731%Feb 4, 2020Yield to maturity1.549%Apr 15, 2020Yield to maturity0.531%Jun 24, 2020Yield to maturity0.550%Sep 2, 2020Yield to maturity0.483%Nov 13, 2020Yield to maturity0.662%Jan 27, 2021Yield to maturity0.710%Apr 7, 2021Yield to maturity1.288%Jun 16, 2021Yield to maturity1.212%Aug 25, 2021Yield to maturity1.043%Nov 4, 2021Yield to maturity1.279%Jan 18, 2022Yield to maturity1.748%Mar 29, 2022Yield to maturity2.525%Jun 8, 2022Yield to maturity3.075%Aug 18, 2022Yield to maturity3.055%Oct 28, 2022Yield to maturity4.233%Jan 11, 2023Yield to maturity3.707%Mar 23, 2023Yield to maturity3.456%Jun 1, 2023Yield to maturity3.780%Aug 11, 2023Yield to maturity4.371%Oct 23, 2023Yield to maturity4.844%Jan 3, 2024Yield to maturity3.979%Mar 14, 2024Yield to maturity4.397%May 22, 2024Yield to maturity4.581%Aug 2, 2024Yield to maturity3.684%Oct 11, 2024Yield to maturity3.899%Dec 24, 2024Yield to maturity4.430%Mar 7, 2025Yield to maturity4.025%May 15, 2025Yield to maturity3.971%Jul 28, 2025Yield to maturity3.894%Oct 6, 2025Yield to maturity3.614%Dec 17, 2025Yield to maturity3.491%Mar 2, 2026Yield to maturity3.483%May 8, 2026Yield to maturity3.913%Jul 21, 2026Yield to maturity4.249%Sep 10, 2026Yield to maturity4.509%

Price history

2,144 trading days to Sep 10, 2026

9095100105110115120Feb 15, 2018Sep 10, 2026Feb 15, 2018Close98.719Apr 27, 2018Close98.250Jul 9, 2018Close99.063Sep 17, 2018Close98.000Nov 28, 2018Close97.594Feb 11, 2019Close100.906Apr 23, 2019Close101.625Jul 2, 2019Close106.500Sep 11, 2019Close108.094Nov 21, 2019Close107.781Feb 4, 2020Close109.031Apr 15, 2020Close117.000Jun 24, 2020Close116.438Sep 2, 2020Close116.563Nov 13, 2020Close114.750Jan 27, 2021Close114.000Apr 7, 2021Close109.563Jun 16, 2021Close109.813Aug 25, 2021Close110.656Nov 4, 2021Close108.844Jan 18, 2022Close105.750Mar 29, 2022Close101.219Jun 8, 2022Close98.313Aug 18, 2022Close98.469Oct 28, 2022Close93.031Jan 11, 2023Close95.594Mar 23, 2023Close96.844Jun 1, 2023Close95.594Aug 11, 2023Close93.438Oct 23, 2023Close91.938Jan 3, 2024Close95.375Mar 14, 2024Close94.125May 22, 2024Close93.781Aug 2, 2024Close96.938Oct 11, 2024Close96.438Dec 24, 2024Close95.125Mar 7, 2025Close96.500May 15, 2025Close96.844Jul 28, 2025Close97.250Oct 6, 2025Close98.063Dec 17, 2025Close98.469Mar 2, 2026Close98.625May 8, 2026Close98.031Jul 21, 2026Close97.750Sep 10, 2026Close97.594
The most recent 20 trading days of prices for 9128283W8.
DateBidOfferClose
Sep 10, 202697.67297.65697.594
Sep 9, 202697.79797.78197.781
Sep 8, 202697.82897.81397.813
Sep 4, 202697.84497.84497.844
Sep 3, 202697.87597.87597.844
Sep 2, 202697.79797.78197.781
Sep 1, 202697.79797.78197.750
Aug 31, 202697.82897.81397.813
Aug 28, 202697.85997.84497.813
Aug 27, 202698.00098.00097.969
Aug 26, 202697.98497.96997.969
Aug 25, 202698.01698.00098.000
Aug 24, 202697.98497.96997.938
Aug 21, 202697.95397.93897.938
Aug 20, 202698.01698.00098.000
Aug 19, 202697.98497.96998.000
Aug 18, 202698.00098.00098.000
Aug 17, 202698.01698.00097.969
Aug 14, 202698.04798.03198.000
Aug 13, 202698.01698.00098.000

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 9128283W8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 7, 2018Feb 15, 2018New issue$24.0bn$28.5bn2.34x2.811%
Mar 12, 2018Mar 15, 2018Reopening$21.0bn$21.0bn2.50x2.889%
Apr 11, 2018Apr 16, 2018Reopening$21.0bn$21.0bn2.46x2.795%

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.