Treasury note

912828U24 · 2% due November 15, 2026

Original term
10-Year
Maturity
Nov 15, 2026
Coupon
2.000%
Pays
Semi-Annual
Dated
Nov 15, 2016
First coupon
May 15, 2017
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$64.29bn
Held stripped
$190.5m
Share stripped
0.30%

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
3.934%
Modified duration
0.175 yr
DV01
0.0018
Convexity
0.062
Dirty price
100.303

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 2.7 bp rich to the curve on that day, 0.48 cents per 100 of face.

That is 0.10 standard deviations from its own typical residual.

Yield to maturity, 2,457 observations

0%1%2%3%4%5%6%Nov 15, 2016Sep 10, 2026Nov 15, 2016Yield to maturity2.235%Feb 7, 2017Yield to maturity2.389%Apr 28, 2017Yield to maturity2.286%Jul 19, 2017Yield to maturity2.258%Oct 6, 2017Yield to maturity2.349%Dec 28, 2017Yield to maturity2.425%Mar 21, 2018Yield to maturity2.892%Jun 11, 2018Yield to maturity2.953%Aug 29, 2018Yield to maturity2.873%Nov 20, 2018Yield to maturity3.020%Feb 13, 2019Yield to maturity2.651%May 6, 2019Yield to maturity2.430%Jul 25, 2019Yield to maturity1.968%Oct 15, 2019Yield to maturity1.676%Jan 7, 2020Yield to maturity1.733%Mar 27, 2020Yield to maturity0.598%Jun 17, 2020Yield to maturity0.501%Sep 4, 2020Yield to maturity0.427%Nov 27, 2020Yield to maturity0.482%Feb 19, 2021Yield to maturity0.738%May 10, 2021Yield to maturity0.922%Jul 29, 2021Yield to maturity0.774%Oct 19, 2021Yield to maturity1.172%Jan 10, 2022Yield to maturity1.523%Mar 31, 2022Yield to maturity2.475%Jun 22, 2022Yield to maturity3.277%Sep 12, 2022Yield to maturity3.569%Dec 2, 2022Yield to maturity3.843%Feb 24, 2023Yield to maturity4.414%May 15, 2023Yield to maturity3.621%Aug 4, 2023Yield to maturity4.403%Oct 25, 2023Yield to maturity4.990%Jan 17, 2024Yield to maturity4.154%Apr 5, 2024Yield to maturity4.628%Jun 26, 2024Yield to maturity4.689%Sep 16, 2024Yield to maturity3.545%Dec 6, 2024Yield to maturity4.122%Feb 28, 2025Yield to maturity4.032%May 19, 2025Yield to maturity4.079%Aug 8, 2025Yield to maturity3.895%Oct 29, 2025Yield to maturity3.725%Jan 22, 2026Yield to maturity3.618%Apr 13, 2026Yield to maturity3.795%Jul 2, 2026Yield to maturity3.933%Sep 10, 2026Yield to maturity3.934%

Price history

2,457 trading days to Sep 10, 2026

9095100105110115Nov 15, 2016Sep 10, 2026Nov 15, 2016Close97.906Feb 7, 2017Close96.625Apr 28, 2017Close97.563Jul 19, 2017Close97.844Oct 6, 2017Close97.156Dec 28, 2017Close96.625Mar 21, 2018Close93.219Jun 11, 2018Close92.938Aug 29, 2018Close93.656Nov 20, 2018Close92.813Feb 13, 2019Close95.469May 6, 2019Close97.063Jul 25, 2019Close100.219Oct 15, 2019Close102.156Jan 7, 2020Close101.719Mar 27, 2020Close109.094Jun 17, 2020Close109.438Sep 4, 2020Close109.594Nov 27, 2020Close108.906Feb 19, 2021Close107.063May 10, 2021Close105.781Jul 29, 2021Close106.344Oct 19, 2021Close104.063Jan 10, 2022Close102.219Mar 31, 2022Close97.938Jun 22, 2022Close94.813Sep 12, 2022Close93.969Dec 2, 2022Close93.313Feb 24, 2023Close91.813May 15, 2023Close94.719Aug 4, 2023Close92.750Oct 25, 2023Close91.625Jan 17, 2024Close94.313Apr 5, 2024Close93.625Jun 26, 2024Close94.000Sep 16, 2024Close96.813Dec 6, 2024Close96.094Feb 28, 2025Close96.688May 19, 2025Close97.031Aug 8, 2025Close97.688Oct 29, 2025Close98.250Jan 22, 2026Close98.719Apr 13, 2026Close98.969Jul 2, 2026Close99.313Sep 10, 2026Close99.656
The most recent 20 trading days of prices for 912828U24.
DateBidOfferClose
Sep 10, 2026–99.65699.656
Sep 9, 2026–99.65699.656
Sep 8, 2026–99.65699.656
Sep 4, 2026–99.65699.656
Sep 3, 2026–99.62599.625
Sep 2, 2026–99.62599.625
Sep 1, 2026–99.59499.594
Aug 31, 2026–99.59499.594
Aug 28, 2026–99.59499.594
Aug 27, 2026–99.59499.594
Aug 26, 2026–99.59499.594
Aug 25, 2026–99.59499.594
Aug 24, 2026–99.59499.594
Aug 21, 2026–99.56399.563
Aug 20, 2026–99.56399.563
Aug 19, 2026–99.56399.563
Aug 18, 2026–99.56399.563
Aug 17, 2026–99.53199.563
Aug 14, 2026–99.56399.563
Aug 13, 2026–99.53199.531

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 912828U24.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 9, 2016Nov 15, 2016New issue$23.0bn$28.0bn2.22x2.020%
Dec 12, 2016Dec 15, 2016Reopening$20.0bn$20.0bn2.39x2.485%
Jan 11, 2017Jan 17, 2017Reopening$20.0bn$21.1bn2.58x2.342%

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.