Treasury note

912828V98 · 2.25% due February 15, 2027

Original term
10-Year
Maturity
Feb 15, 2027
Coupon
2.250%
Pays
Semi-Annual
Dated
Feb 15, 2017
First coupon
Aug 15, 2017
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$61.00bn
Held stripped
$495.7m
Share stripped
0.81%

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, October 20, 2026

Yield to maturity
4.225%
Modified duration
0.314 yr
DV01
0.0031
Convexity
0.00197
Dirty price
99.785

Where its rate sensitivity sits

0.23
0.09
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 2 of twelve buckets, summing to 0.321 years against a modified duration of 0.314.

Against the fitted curve

Priced 10.5 bp rich to the curve on that day, 3.29 cents per 100 of face.

That is -3.17 standard deviations from its own typical residual.

Yield to maturity, 2,422 observations

0%1%2%3%4%5%6%Feb 15, 2017Oct 20, 2026Feb 15, 2017Yield to maturity2.506%Mar 3, 2017Yield to maturity2.489%Mar 20, 2017Yield to maturity2.468%Apr 4, 2017Yield to maturity2.353%Apr 20, 2017Yield to maturity2.239%May 5, 2017Yield to maturity2.351%May 22, 2017Yield to maturity2.257%Jun 7, 2017Yield to maturity2.182%Jun 22, 2017Yield to maturity2.149%Jul 10, 2017Yield to maturity2.371%Jul 25, 2017Yield to maturity2.323%Aug 9, 2017Yield to maturity2.235%Aug 24, 2017Yield to maturity2.191%Sep 11, 2017Yield to maturity2.129%Sep 26, 2017Yield to maturity2.231%Oct 12, 2017Yield to maturity2.313%Oct 27, 2017Yield to maturity2.408%Nov 13, 2017Yield to maturity2.401%Nov 29, 2017Yield to maturity2.379%Dec 14, 2017Yield to maturity2.349%Jan 2, 2018Yield to maturity2.454%Jan 18, 2018Yield to maturity2.624%Feb 2, 2018Yield to maturity2.842%Feb 20, 2018Yield to maturity2.906%Mar 7, 2018Yield to maturity2.901%Mar 22, 2018Yield to maturity2.833%Apr 9, 2018Yield to maturity2.783%Apr 24, 2018Yield to maturity2.993%May 9, 2018Yield to maturity3.005%May 24, 2018Yield to maturity2.987%Jun 11, 2018Yield to maturity2.952%Jun 26, 2018Yield to maturity2.879%Jul 12, 2018Yield to maturity2.852%Jul 27, 2018Yield to maturity2.954%Aug 13, 2018Yield to maturity2.871%Aug 28, 2018Yield to maturity2.874%Sep 13, 2018Yield to maturity2.950%Sep 28, 2018Yield to maturity3.041%Oct 16, 2018Yield to maturity3.143%Oct 31, 2018Yield to maturity3.124%Nov 16, 2018Yield to maturity3.049%Dec 4, 2018Yield to maturity2.879%Dec 20, 2018Yield to maturity2.758%Jan 8, 2019Yield to maturity2.682%Jan 24, 2019Yield to maturity2.675%Feb 8, 2019Yield to maturity2.576%Feb 26, 2019Yield to maturity2.582%Mar 13, 2019Yield to maturity2.548%Mar 28, 2019Yield to maturity2.333%Apr 12, 2019Yield to maturity2.506%Apr 30, 2019Yield to maturity2.436%May 15, 2019Yield to maturity2.294%May 31, 2019Yield to maturity2.065%Jun 17, 2019Yield to maturity1.989%Jul 2, 2019Yield to maturity1.878%Jul 18, 2019Yield to maturity1.920%Aug 2, 2019Yield to maturity1.765%Aug 19, 2019Yield to maturity1.553%Sep 4, 2019Yield to maturity1.403%Sep 19, 2019Yield to maturity1.739%Oct 4, 2019Yield to maturity1.432%Oct 22, 2019Yield to maturity1.684%Nov 6, 2019Yield to maturity1.731%Nov 22, 2019Yield to maturity1.705%Dec 10, 2019Yield to maturity1.780%Dec 26, 2019Yield to maturity1.828%Jan 13, 2020Yield to maturity1.760%Jan 29, 2020Yield to maturity1.504%Feb 13, 2020Yield to maturity1.532%Mar 2, 2020Yield to maturity1.009%Mar 17, 2020Yield to maturity0.917%Apr 1, 2020Yield to maturity0.503%Apr 17, 2020Yield to maturity0.514%May 4, 2020Yield to maturity0.513%May 19, 2020Yield to maturity0.521%Jun 4, 2020Yield to maturity0.600%Jun 19, 2020Yield to maturity0.499%Jul 7, 2020Yield to maturity0.443%Jul 22, 2020Yield to maturity0.414%Aug 6, 2020Yield to maturity0.349%Aug 21, 2020Yield to maturity0.409%Sep 8, 2020Yield to maturity0.421%Sep 23, 2020Yield to maturity0.401%Oct 8, 2020Yield to maturity0.465%Oct 26, 2020Yield to maturity0.500%Nov 10, 2020Yield to maturity0.623%Nov 27, 2020Yield to maturity0.509%Dec 14, 2020Yield to maturity0.504%Dec 30, 2020Yield to maturity0.512%Jan 15, 2021Yield to maturity0.617%Feb 2, 2021Yield to maturity0.612%Feb 18, 2021Yield to maturity0.743%Mar 5, 2021Yield to maturity1.006%Mar 22, 2021Yield to maturity1.093%Apr 6, 2021Yield to maturity1.085%Apr 21, 2021Yield to maturity0.997%May 6, 2021Yield to maturity0.984%May 21, 2021Yield to maturity1.006%Jun 8, 2021Yield to maturity0.926%Jun 23, 2021Yield to maturity1.011%Jul 9, 2021Yield to maturity0.890%Jul 26, 2021Yield to maturity0.808%Aug 10, 2021Yield to maturity0.893%Aug 25, 2021Yield to maturity0.900%Sep 10, 2021Yield to maturity0.878%Sep 27, 2021Yield to maturity1.058%Oct 13, 2021Yield to maturity1.142%Oct 28, 2021Yield to maturity1.223%Nov 15, 2021Yield to maturity1.304%Dec 1, 2021Yield to maturity1.176%Dec 16, 2021Yield to maturity1.210%Jan 3, 2022Yield to maturity1.380%Jan 19, 2022Yield to maturity1.631%Feb 3, 2022Yield to maturity1.658%Feb 18, 2022Yield to maturity1.822%Mar 8, 2022Yield to maturity1.825%Mar 23, 2022Yield to maturity2.372%Apr 7, 2022Yield to maturity2.734%Apr 25, 2022Yield to maturity2.866%May 10, 2022Yield to maturity2.943%May 25, 2022Yield to maturity2.747%Jun 10, 2022Yield to maturity3.304%Jun 28, 2022Yield to maturity3.298%Jul 14, 2022Yield to maturity3.119%Jul 29, 2022Yield to maturity2.766%Aug 15, 2022Yield to maturity2.990%Aug 30, 2022Yield to maturity3.376%Sep 15, 2022Yield to maturity3.769%Sep 30, 2022Yield to maturity4.170%Oct 18, 2022Yield to maturity4.330%Nov 2, 2022Yield to maturity4.409%Nov 18, 2022Yield to maturity4.108%Dec 6, 2022Yield to maturity3.863%Dec 21, 2022Yield to maturity3.887%Jan 9, 2023Yield to maturity3.777%Jan 25, 2023Yield to maturity3.655%Feb 9, 2023Yield to maturity3.984%Feb 27, 2023Yield to maturity4.329%Mar 14, 2023Yield to maturity3.932%Mar 29, 2023Yield to maturity3.814%Apr 13, 2023Yield to maturity3.621%Apr 28, 2023Yield to maturity3.646%May 15, 2023Yield to maturity3.578%May 31, 2023Yield to maturity3.931%Jun 15, 2023Yield to maturity4.122%Jul 3, 2023Yield to maturity4.443%Jul 19, 2023Yield to maturity4.220%Aug 3, 2023Yield to maturity4.504%Aug 18, 2023Yield to maturity4.564%Sep 5, 2023Yield to maturity4.592%Sep 20, 2023Yield to maturity4.755%Oct 5, 2023Yield to maturity4.795%Oct 23, 2023Yield to maturity4.875%Nov 7, 2023Yield to maturity4.655%Nov 22, 2023Yield to maturity4.587%Dec 8, 2023Yield to maturity4.409%Dec 26, 2023Yield to maturity4.038%Jan 11, 2024Yield to maturity4.029%Jan 29, 2024Yield to maturity4.102%Feb 13, 2024Yield to maturity4.463%Feb 29, 2024Yield to maturity4.436%Mar 15, 2024Yield to maturity4.542%Apr 1, 2024Yield to maturity4.561%Apr 16, 2024Yield to maturity4.842%May 1, 2024Yield to maturity4.829%May 16, 2024Yield to maturity4.611%Jun 3, 2024Yield to maturity4.666%Jun 18, 2024Yield to maturity4.509%Jul 5, 2024Yield to maturity4.471%Jul 22, 2024Yield to maturity4.372%Aug 6, 2024Yield to maturity3.891%Aug 21, 2024Yield to maturity3.836%Sep 6, 2024Yield to maturity3.603%Sep 23, 2024Yield to maturity3.541%Oct 8, 2024Yield to maturity3.949%Oct 24, 2024Yield to maturity4.068%Nov 8, 2024Yield to maturity4.242%Nov 26, 2024Yield to maturity4.263%Dec 12, 2024Yield to maturity4.193%Dec 30, 2024Yield to maturity4.269%Jan 15, 2025Yield to maturity4.294%Jan 31, 2025Yield to maturity4.243%Feb 18, 2025Yield to maturity4.321%Mar 5, 2025Yield to maturity4.018%Mar 20, 2025Yield to maturity3.968%Apr 4, 2025Yield to maturity3.723%Apr 21, 2025Yield to maturity3.774%May 6, 2025Yield to maturity3.847%May 21, 2025Yield to maturity4.037%Jun 6, 2025Yield to maturity4.089%Jun 24, 2025Yield to maturity3.876%Jul 10, 2025Yield to maturity3.962%Jul 25, 2025Yield to maturity3.992%Aug 11, 2025Yield to maturity3.843%Aug 26, 2025Yield to maturity3.751%Sep 11, 2025Yield to maturity3.612%Sep 26, 2025Yield to maturity3.728%Oct 14, 2025Yield to maturity3.554%Oct 29, 2025Yield to maturity3.671%Nov 14, 2025Yield to maturity3.700%Dec 2, 2025Yield to maturity3.589%Dec 17, 2025Yield to maturity3.523%Jan 5, 2026Yield to maturity3.524%Jan 21, 2026Yield to maturity3.576%Feb 5, 2026Yield to maturity3.534%Feb 23, 2026Yield to maturity3.565%Mar 10, 2026Yield to maturity3.622%Mar 25, 2026Yield to maturity3.866%Apr 9, 2026Yield to maturity3.754%Apr 24, 2026Yield to maturity3.720%May 11, 2026Yield to maturity3.757%May 27, 2026Yield to maturity3.849%Jun 11, 2026Yield to maturity3.899%Jun 29, 2026Yield to maturity4.030%Jul 15, 2026Yield to maturity3.945%Jul 30, 2026Yield to maturity4.016%Aug 14, 2026Yield to maturity3.924%Aug 31, 2026Yield to maturity3.999%Sep 16, 2026Yield to maturity4.256%Oct 1, 2026Yield to maturity4.299%Oct 19, 2026Yield to maturity4.307%Oct 20, 2026Yield to maturity4.225%

Price history

2,422 trading days to Oct 20, 2026

9095100105110115Feb 15, 2017Oct 20, 2026Feb 15, 2017Close97.750Mar 3, 2017Close97.906Mar 20, 2017Close98.094Apr 4, 2017Close99.094Apr 20, 2017Close100.094May 5, 2017Close99.125May 22, 2017Close99.938Jun 7, 2017Close100.594Jun 22, 2017Close100.875Jul 10, 2017Close98.969Jul 25, 2017Close99.375Aug 9, 2017Close100.125Aug 24, 2017Close100.500Sep 11, 2017Close101.031Sep 26, 2017Close100.156Oct 12, 2017Close99.469Oct 27, 2017Close98.688Nov 13, 2017Close98.750Nov 29, 2017Close98.938Dec 14, 2017Close99.188Jan 2, 2018Close98.344Jan 18, 2018Close97.000Feb 2, 2018Close95.313Feb 20, 2018Close94.844Mar 7, 2018Close94.906Mar 22, 2018Close95.438Apr 9, 2018Close95.844Apr 24, 2018Close94.281May 9, 2018Close94.219May 24, 2018Close94.375Jun 11, 2018Close94.656Jun 26, 2018Close95.219Jul 12, 2018Close95.438Jul 27, 2018Close94.719Aug 13, 2018Close95.344Aug 28, 2018Close95.344Sep 13, 2018Close94.813Sep 28, 2018Close94.188Oct 16, 2018Close93.500Oct 31, 2018Close93.656Nov 16, 2018Close94.219Dec 4, 2018Close95.438Dec 20, 2018Close96.313Jan 8, 2019Close96.875Jan 24, 2019Close96.938Feb 8, 2019Close97.656Feb 26, 2019Close97.625Mar 13, 2019Close97.875Mar 28, 2019Close99.406Apr 12, 2019Close98.188Apr 30, 2019Close98.688May 15, 2019Close99.688May 31, 2019Close101.313Jun 17, 2019Close101.844Jul 2, 2019Close102.625Jul 18, 2019Close102.313Aug 2, 2019Close103.406Aug 19, 2019Close104.906Sep 4, 2019Close105.969Sep 19, 2019Close103.531Oct 4, 2019Close105.688Oct 22, 2019Close103.875Nov 6, 2019Close103.531Nov 22, 2019Close103.688Dec 10, 2019Close103.156Dec 26, 2019Close102.813Jan 13, 2020Close103.250Jan 29, 2020Close104.969Feb 13, 2020Close104.750Mar 2, 2020Close108.313Mar 17, 2020Close108.906Apr 1, 2020Close111.781Apr 17, 2020Close111.625May 4, 2020Close111.563May 19, 2020Close111.438Jun 4, 2020Close110.813Jun 19, 2020Close111.438Jul 7, 2020Close111.750Jul 22, 2020Close111.875Aug 6, 2020Close112.250Aug 21, 2020Close111.750Sep 8, 2020Close111.594Sep 23, 2020Close111.656Oct 8, 2020Close111.156Oct 26, 2020Close110.844Nov 10, 2020Close109.969Nov 27, 2020Close110.625Dec 14, 2020Close110.594Dec 30, 2020Close110.469Jan 15, 2021Close109.719Feb 2, 2021Close109.688Feb 18, 2021Close108.813Mar 5, 2021Close107.156Mar 22, 2021Close106.594Apr 6, 2021Close106.594Apr 21, 2021Close107.063May 6, 2021Close107.094May 21, 2021Close106.906Jun 8, 2021Close107.313Jun 23, 2021Close106.781Jul 9, 2021Close107.406Jul 26, 2021Close107.813Aug 10, 2021Close107.281Aug 25, 2021Close107.188Sep 10, 2021Close107.250Sep 27, 2021Close106.219Oct 13, 2021Close105.719Oct 28, 2021Close105.250Nov 15, 2021Close104.781Dec 1, 2021Close105.406Dec 16, 2021Close105.188Jan 3, 2022Close104.281Jan 19, 2022Close103.000Feb 3, 2022Close102.844Feb 18, 2022Close102.031Mar 8, 2022Close102.000Mar 23, 2022Close99.438Apr 7, 2022Close97.813Apr 25, 2022Close97.250May 10, 2022Close96.938May 25, 2022Close97.813Jun 10, 2022Close95.469Jun 28, 2022Close95.531Jul 14, 2022Close96.313Jul 29, 2022Close97.813Aug 15, 2022Close96.906Aug 30, 2022Close95.375Sep 15, 2022Close93.875Sep 30, 2022Close92.406Oct 18, 2022Close91.875Nov 2, 2022Close91.656Nov 18, 2022Close92.844Dec 6, 2022Close93.813Dec 21, 2022Close93.781Jan 9, 2023Close94.250Jan 25, 2023Close94.750Feb 9, 2023Close93.625Feb 27, 2023Close92.500Mar 14, 2023Close93.938Mar 29, 2023Close94.406Apr 13, 2023Close95.125Apr 28, 2023Close95.094May 15, 2023Close95.375May 31, 2023Close94.250Jun 15, 2023Close93.688Jul 3, 2023Close92.750Jul 19, 2023Close93.531Aug 3, 2023Close92.719Aug 18, 2023Close92.625Sep 5, 2023Close92.625Sep 20, 2023Close92.219Oct 5, 2023Close92.188Oct 23, 2023Close92.063Nov 7, 2023Close92.781Nov 22, 2023Close93.063Dec 8, 2023Close93.656Dec 26, 2023Close94.781Jan 11, 2024Close94.875Jan 29, 2024Close94.750Feb 13, 2024Close93.844Feb 29, 2024Close94.000Mar 15, 2024Close93.813Apr 1, 2024Close93.844Apr 16, 2024Close93.219May 1, 2024Close93.344May 16, 2024Close93.969Jun 3, 2024Close93.938Jun 18, 2024Close94.406Jul 5, 2024Close94.594Jul 22, 2024Close94.906Aug 6, 2024Close96.094Aug 21, 2024Close96.281Sep 6, 2024Close96.875Sep 23, 2024Close97.063Oct 8, 2024Close96.219Oct 24, 2024Close96.031Nov 8, 2024Close95.750Nov 26, 2024Close95.781Dec 12, 2024Close96.000Dec 30, 2024Close95.938Jan 15, 2025Close95.969Jan 31, 2025Close96.156Feb 18, 2025Close96.094Mar 5, 2025Close96.719Mar 20, 2025Close96.875Apr 4, 2025Close97.375Apr 21, 2025Close97.344May 6, 2025Close97.281May 21, 2025Close97.031Jun 6, 2025Close97.031Jun 24, 2025Close97.438Jul 10, 2025Close97.375Jul 25, 2025Close97.406Aug 11, 2025Close97.688Aug 26, 2025Close97.875Sep 11, 2025Close98.125Sep 26, 2025Close98.031Oct 14, 2025Close98.313Oct 29, 2025Close98.219Nov 14, 2025Close98.250Dec 2, 2025Close98.438Dec 17, 2025Close98.563Jan 5, 2026Close98.625Jan 21, 2026Close98.625Feb 5, 2026Close98.719Feb 23, 2026Close98.750Mar 10, 2026Close98.750Mar 25, 2026Close98.594Apr 9, 2026Close98.750Apr 24, 2026Close98.844May 11, 2026Close98.875May 27, 2026Close98.875Jun 11, 2026Close98.906Jun 29, 2026Close98.906Jul 15, 2026Close99.031Jul 30, 2026Close99.063Aug 14, 2026Close99.188Aug 31, 2026Close99.219Sep 16, 2026Close99.188Oct 1, 2026Close99.250Oct 19, 2026Close99.344Oct 20, 2026Close99.375
The most recent 20 trading days of prices for 912828V98.
DateBidOfferClose
Oct 20, 2026–99.37599.375
Oct 19, 2026–99.37599.344
Oct 16, 2026–99.34499.344
Oct 15, 2026–99.31399.313
Oct 14, 2026–99.31399.313
Oct 13, 2026–99.34499.313
Oct 9, 2026–99.31399.313
Oct 8, 2026–99.31399.313
Oct 7, 2026–99.31399.313
Oct 6, 2026–99.31399.313
Oct 5, 2026–99.28199.281
Oct 2, 2026–99.28199.281
Oct 1, 2026–99.25099.250
Sep 30, 2026–99.25099.250
Sep 29, 2026–99.21999.250
Sep 28, 2026–99.21999.219
Sep 25, 2026–99.21999.219
Sep 24, 2026–99.21999.188
Sep 23, 2026–99.21999.188
Sep 22, 2026–99.21999.219

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 912828V98.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 8, 2017Feb 15, 2017New issue$23.0bn$25.7bn2.29x2.333%
Mar 8, 2017Mar 15, 2017Reopening$20.0bn$20.0bn2.66x2.560%
Apr 11, 2017Apr 17, 2017Reopening$20.0bn$20.2bn2.48x2.332%

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.