Treasury note

9128284N7 · 2.875% due May 15, 2028

Original term
10-Year
Maturity
May 15, 2028
Coupon
2.875%
Pays
Semi-Annual
Dated
May 15, 2018
First coupon
Nov 15, 2018
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$72.89bn
Held stripped
$241.6m
Share stripped
0.33%

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
4.536%
Modified duration
1.598 yr
DV01
0.0157
Convexity
3.379
Dirty price
98.273

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 1.633 years against a modified duration of 1.598.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 2.20 cents per 100 of face.

That is 1.21 standard deviations from its own typical residual.

Yield to maturity, 2,083 observations

0%1%2%3%4%5%May 15, 2018Sep 10, 2026May 15, 2018Yield to maturity3.076%Jul 24, 2018Yield to maturity2.949%Oct 1, 2018Yield to maturity3.086%Dec 12, 2018Yield to maturity2.913%Feb 22, 2019Yield to maturity2.648%May 2, 2019Yield to maturity2.529%Jul 11, 2019Yield to maturity2.085%Sep 18, 2019Yield to maturity1.798%Nov 27, 2019Yield to maturity1.746%Feb 7, 2020Yield to maturity1.541%Apr 17, 2020Yield to maturity0.569%Jun 25, 2020Yield to maturity0.563%Sep 2, 2020Yield to maturity0.505%Nov 12, 2020Yield to maturity0.676%Jan 25, 2021Yield to maturity0.751%Apr 2, 2021Yield to maturity1.410%Jun 10, 2021Yield to maturity1.108%Aug 18, 2021Yield to maturity1.005%Oct 27, 2021Yield to maturity1.340%Jan 6, 2022Yield to maturity1.613%Mar 17, 2022Yield to maturity2.236%May 25, 2022Yield to maturity2.778%Aug 4, 2022Yield to maturity2.804%Oct 13, 2022Yield to maturity4.258%Dec 22, 2022Yield to maturity3.838%Mar 6, 2023Yield to maturity4.291%May 11, 2023Yield to maturity3.408%Jul 21, 2023Yield to maturity4.132%Sep 28, 2023Yield to maturity4.680%Dec 7, 2023Yield to maturity4.199%Feb 16, 2024Yield to maturity4.351%Apr 25, 2024Yield to maturity4.796%Jul 5, 2024Yield to maturity4.323%Sep 12, 2024Yield to maturity3.505%Nov 21, 2024Yield to maturity4.320%Feb 3, 2025Yield to maturity4.310%Apr 11, 2025Yield to maturity4.027%Jun 20, 2025Yield to maturity3.876%Aug 28, 2025Yield to maturity3.618%Nov 6, 2025Yield to maturity3.567%Jan 20, 2026Yield to maturity3.626%Mar 30, 2026Yield to maturity3.832%Jun 5, 2026Yield to maturity4.182%Aug 14, 2026Yield to maturity4.167%Sep 10, 2026Yield to maturity4.536%

Price history

2,083 trading days to Sep 10, 2026

9095100105110115120May 15, 2018Sep 10, 2026May 15, 2018Close98.281Jul 24, 2018Close99.375Oct 1, 2018Close98.250Dec 12, 2018Close99.688Feb 22, 2019Close101.844May 2, 2019Close102.781Jul 11, 2019Close106.344Sep 18, 2019Close108.594Nov 27, 2019Close108.844Feb 7, 2020Close110.313Apr 17, 2020Close118.156Jun 25, 2020Close117.813Sep 2, 2020Close117.875Nov 12, 2020Close116.063Jan 25, 2021Close115.063Apr 2, 2021Close109.875Jun 10, 2021Close111.750Aug 18, 2021Close112.156Oct 27, 2021Close109.594Jan 6, 2022Close107.594Mar 17, 2022Close103.656May 25, 2022Close100.531Aug 4, 2022Close100.375Oct 13, 2022Close93.188Dec 22, 2022Close95.344Mar 6, 2023Close93.469May 11, 2023Close97.563Jul 21, 2023Close94.563Sep 28, 2023Close92.563Dec 7, 2023Close94.688Feb 16, 2024Close94.344Apr 25, 2024Close93.000Jul 5, 2024Close94.906Sep 12, 2024Close97.844Nov 21, 2024Close95.375Feb 3, 2025Close95.656Apr 11, 2025Close96.688Jun 20, 2025Close97.281Aug 28, 2025Close98.094Nov 6, 2025Close98.344Jan 20, 2026Close98.344Mar 30, 2026Close98.063Jun 5, 2026Close97.594Aug 14, 2026Close97.844Sep 10, 2026Close97.344
The most recent 20 trading days of prices for 9128284N7.
DateBidOfferClose
Sep 10, 202697.42297.40697.344
Sep 9, 202697.57897.56397.563
Sep 8, 202697.60997.59497.594
Sep 4, 202697.64197.62597.594
Sep 3, 202697.67297.65697.656
Sep 2, 202697.57897.56397.563
Sep 1, 202697.60997.59497.563
Aug 31, 202697.64197.62597.625
Aug 28, 202697.67297.65697.625
Aug 27, 202697.82897.81397.781
Aug 26, 202697.82897.81397.813
Aug 25, 202697.84497.84497.844
Aug 24, 202697.79797.78197.750
Aug 21, 202697.76697.75097.781
Aug 20, 202697.85997.84497.844
Aug 19, 202697.82897.81397.844
Aug 18, 202697.85997.84497.844
Aug 17, 202697.85997.84497.844
Aug 14, 202697.89197.87597.844
Aug 13, 202697.89197.87597.875

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 9128284N7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 9, 2018May 15, 2018New issue$25.0bn$31.0bn2.56x2.995%
Jun 11, 2018Jun 15, 2018Reopening$22.0bn$22.0bn2.59x2.962%
Jul 11, 2018Jul 16, 2018Reopening$22.0bn$22.1bn2.57x2.859%

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.