Treasury note

912828X88 · 2.375% due May 15, 2027

Original term
10-Year
Maturity
May 15, 2027
Coupon
2.375%
Pays
Semi-Annual
Dated
May 15, 2017
First coupon
Nov 15, 2017
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$66.86bn
Held stripped
$691.3m
Share stripped
1.03%

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
4.217%
Modified duration
0.657 yr
DV01
0.0065
Convexity
0.756
Dirty price
99.549

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 3 of twelve buckets, summing to 0.668 years against a modified duration of 0.657.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 0.93 cents per 100 of face.

That is 0.46 standard deviations from its own typical residual.

Yield to maturity, 2,334 observations

0%1%2%3%4%5%6%May 15, 2017Sep 10, 2026May 15, 2017Yield to maturity2.340%Aug 1, 2017Yield to maturity2.253%Oct 18, 2017Yield to maturity2.335%Jan 5, 2018Yield to maturity2.473%Mar 26, 2018Yield to maturity2.852%Jun 12, 2018Yield to maturity2.956%Aug 28, 2018Yield to maturity2.873%Nov 15, 2018Yield to maturity3.078%Feb 6, 2019Yield to maturity2.646%Apr 25, 2019Yield to maturity2.474%Jul 12, 2019Yield to maturity2.015%Sep 27, 2019Yield to maturity1.627%Dec 17, 2019Yield to maturity1.827%Mar 6, 2020Yield to maturity0.695%May 22, 2020Yield to maturity0.498%Aug 10, 2020Yield to maturity0.396%Oct 27, 2020Yield to maturity0.500%Jan 15, 2021Yield to maturity0.656%Apr 5, 2021Yield to maturity1.209%Jun 21, 2021Yield to maturity1.054%Sep 7, 2021Yield to maturity0.922%Nov 24, 2021Yield to maturity1.393%Feb 11, 2022Yield to maturity1.854%May 2, 2022Yield to maturity3.029%Jul 20, 2022Yield to maturity3.221%Oct 5, 2022Yield to maturity4.039%Dec 23, 2022Yield to maturity3.957%Mar 15, 2023Yield to maturity3.714%May 31, 2023Yield to maturity3.907%Aug 17, 2023Yield to maturity4.578%Nov 3, 2023Yield to maturity4.587%Jan 24, 2024Yield to maturity4.183%Apr 10, 2024Yield to maturity4.815%Jun 27, 2024Yield to maturity4.538%Sep 13, 2024Yield to maturity3.502%Dec 3, 2024Yield to maturity4.165%Feb 21, 2025Yield to maturity4.204%May 8, 2025Yield to maturity3.920%Jul 28, 2025Yield to maturity3.956%Oct 14, 2025Yield to maturity3.519%Jan 2, 2026Yield to maturity3.513%Mar 23, 2026Yield to maturity3.896%Jun 8, 2026Yield to maturity3.994%Aug 25, 2026Yield to maturity4.061%Sep 10, 2026Yield to maturity4.217%

Price history

2,334 trading days to Sep 10, 2026

9095100105110115May 15, 2017Sep 10, 2026May 15, 2017Close100.313Aug 1, 2017Close101.063Oct 18, 2017Close100.344Jan 5, 2018Close99.188Mar 26, 2018Close96.188Jun 12, 2018Close95.469Aug 28, 2018Close96.188Nov 15, 2018Close94.781Feb 6, 2019Close98.000Apr 25, 2019Close99.281Jul 12, 2019Close102.594Sep 27, 2019Close105.344Dec 17, 2019Close103.781Mar 6, 2020Close111.750May 22, 2020Close112.844Aug 10, 2020Close113.188Oct 27, 2020Close112.063Jan 15, 2021Close110.625Apr 5, 2021Close106.844Jun 21, 2021Close107.531Sep 7, 2021Close108.031Nov 24, 2021Close105.156Feb 11, 2022Close102.594May 2, 2022Close96.969Jul 20, 2022Close96.250Oct 5, 2022Close93.063Dec 23, 2022Close93.688Mar 15, 2023Close94.875May 31, 2023Close94.438Aug 17, 2023Close92.500Nov 3, 2023Close92.875Jan 24, 2024Close94.469Apr 10, 2024Close93.063Jun 27, 2024Close94.219Sep 13, 2024Close97.156Dec 3, 2024Close95.875Feb 21, 2025Close96.156May 8, 2025Close97.031Jul 28, 2025Close97.281Oct 14, 2025Close98.250Jan 2, 2026Close98.500Mar 23, 2026Close98.313Jun 8, 2026Close98.531Aug 25, 2026Close98.813Sep 10, 2026Close98.781
The most recent 20 trading days of prices for 912828X88.
DateBidOfferClose
Sep 10, 202698.81398.78198.781
Sep 9, 202698.84498.81398.844
Sep 8, 202698.85998.84498.844
Sep 4, 202698.82898.81398.813
Sep 3, 202698.82898.81398.813
Sep 2, 202698.79798.78198.781
Sep 1, 202698.79798.78198.781
Aug 31, 202698.79798.78198.781
Aug 28, 202698.82898.81398.781
Aug 27, 202698.85998.84498.844
Aug 26, 202698.85998.84498.844
Aug 25, 202698.82898.81398.813
Aug 24, 202698.82898.81398.813
Aug 21, 202698.82898.81398.813
Aug 20, 202698.82898.81398.813
Aug 19, 202698.82898.81398.813
Aug 18, 202698.82898.81398.813
Aug 17, 202698.82898.81398.813
Aug 14, 202698.82898.81398.813
Aug 13, 202698.79798.78198.781

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 912828X88.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 10, 2017May 15, 2017New issue$23.0bn$30.6bn2.33x2.400%
Jun 12, 2017Jun 15, 2017Reopening$20.0bn$20.0bn2.54x2.195%
Jul 12, 2017Jul 17, 2017Reopening$20.0bn$20.5bn2.45x2.325%

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.