Treasury note

9128284V9 · 2.875% due August 15, 2028

Original term
10-Year
Maturity
Aug 15, 2028
Coupon
2.875%
Pays
Semi-Annual
Dated
Aug 15, 2018
First coupon
Feb 15, 2019
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$73.00bn
Held stripped
$23.7m
Share stripped
0.03%

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
4.570%
Modified duration
1.842 yr
DV01
0.0179
Convexity
4.338
Dirty price
97.117

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 1.884 years against a modified duration of 1.842.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.16 cents per 100 of face.

That is -0.14 standard deviations from its own typical residual.

Yield to maturity, 2,019 observations

0%1%2%3%4%5%Aug 15, 2018Sep 10, 2026Aug 15, 2018Yield to maturity2.861%Oct 22, 2018Yield to maturity3.196%Dec 31, 2018Yield to maturity2.686%Mar 8, 2019Yield to maturity2.612%May 14, 2019Yield to maturity2.409%Jul 19, 2019Yield to maturity2.015%Sep 24, 2019Yield to maturity1.635%Dec 2, 2019Yield to maturity1.814%Feb 7, 2020Yield to maturity1.550%Apr 15, 2020Yield to maturity0.564%Jun 19, 2020Yield to maturity0.590%Aug 25, 2020Yield to maturity0.559%Oct 30, 2020Yield to maturity0.705%Jan 8, 2021Yield to maturity0.872%Mar 17, 2021Yield to maturity1.313%May 20, 2021Yield to maturity1.304%Jul 27, 2021Yield to maturity0.993%Sep 30, 2021Yield to maturity1.274%Dec 8, 2021Yield to maturity1.410%Feb 14, 2022Yield to maturity1.989%Apr 21, 2022Yield to maturity2.989%Jun 28, 2022Yield to maturity3.306%Sep 1, 2022Yield to maturity3.448%Nov 8, 2022Yield to maturity4.333%Jan 18, 2023Yield to maturity3.465%Mar 24, 2023Yield to maturity3.483%May 30, 2023Yield to maturity3.870%Aug 4, 2023Yield to maturity4.177%Oct 11, 2023Yield to maturity4.636%Dec 15, 2023Yield to maturity3.986%Feb 23, 2024Yield to maturity4.335%Apr 29, 2024Yield to maturity4.718%Jul 5, 2024Yield to maturity4.317%Sep 10, 2024Yield to maturity3.467%Nov 15, 2024Yield to maturity4.317%Jan 24, 2025Yield to maturity4.381%Apr 1, 2025Yield to maturity3.882%Jun 5, 2025Yield to maturity3.925%Aug 12, 2025Yield to maturity3.729%Oct 17, 2025Yield to maturity3.472%Dec 24, 2025Yield to maturity3.575%Mar 4, 2026Yield to maturity3.546%May 7, 2026Yield to maturity3.932%Jul 15, 2026Yield to maturity4.155%Sep 10, 2026Yield to maturity4.570%

Price history

2,019 trading days to Sep 10, 2026

9095100105110115120Aug 15, 2018Sep 10, 2026Aug 15, 2018Close100.125Oct 22, 2018Close97.313Dec 31, 2018Close101.594Mar 8, 2019Close102.188May 14, 2019Close103.844Jul 19, 2019Close107.094Sep 24, 2019Close110.219Dec 2, 2019Close108.500Feb 7, 2020Close110.531Apr 15, 2020Close118.781Jun 19, 2020Close118.156Aug 25, 2020Close118.031Oct 30, 2020Close116.406Jan 8, 2021Close114.688Mar 17, 2021Close111.000May 20, 2021Close110.813Jul 27, 2021Close112.781Sep 30, 2021Close110.500Dec 8, 2021Close109.313Feb 14, 2022Close105.375Apr 21, 2022Close99.344Jun 28, 2022Close97.625Sep 1, 2022Close96.938Nov 8, 2022Close92.625Jan 18, 2023Close97.031Mar 24, 2023Close97.031May 30, 2023Close95.344Aug 4, 2023Close94.156Oct 11, 2023Close92.438Dec 15, 2023Close95.313Feb 23, 2024Close94.125Apr 29, 2024Close92.906Jul 5, 2024Close94.625Sep 10, 2024Close97.844Nov 15, 2024Close95.063Jan 24, 2025Close95.094Apr 1, 2025Close96.844Jun 5, 2025Close96.875Aug 12, 2025Close97.594Oct 17, 2025Close98.406Dec 24, 2025Close98.250Mar 4, 2026Close98.438May 7, 2026Close97.719Jul 15, 2026Close97.469Sep 10, 2026Close96.906
The most recent 20 trading days of prices for 9128284V9.
DateBidOfferClose
Sep 10, 202696.98496.96996.906
Sep 9, 202697.17297.15697.156
Sep 8, 202697.23497.21997.219
Sep 4, 202697.26697.25097.219
Sep 3, 202697.32897.31397.281
Sep 2, 202697.20397.18897.188
Sep 1, 202697.23497.21997.188
Aug 31, 202697.29797.28197.250
Aug 28, 202697.29797.28197.250
Aug 27, 202697.48497.46997.438
Aug 26, 202697.48497.46997.469
Aug 25, 202697.51697.50097.500
Aug 24, 202697.45397.43897.438
Aug 21, 202697.42297.40697.406
Aug 20, 202697.51697.50097.500
Aug 19, 202697.51697.50097.500
Aug 18, 202697.51697.50097.500
Aug 17, 202697.54797.53197.500
Aug 14, 202697.56397.53197.500
Aug 13, 202697.57897.56397.563

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 9128284V9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 8, 2018Aug 15, 2018New issue$26.0bn$29.5bn2.55x2.960%
Sep 12, 2018Sep 17, 2018Reopening$23.0bn$23.0bn2.58x2.957%
Oct 10, 2018Oct 15, 2018Reopening$23.0bn$23.0bn2.39x3.225%

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.