Treasury note

912828YS3 · 1.75% due November 15, 2029

Original term
10-Year
Maturity
Nov 15, 2029
Coupon
1.750%
Pays
Semi-Annual
Dated
Nov 15, 2019
First coupon
May 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$88.55bn
Held stripped
$49.8m
Share stripped
0.06%

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
4.670%
Modified duration
3.011 yr
DV01
0.0277
Convexity
10.728
Dirty price
92.035

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 6 of twelve buckets, summing to 3.082 years against a modified duration of 3.011.

Against the fitted curve

Priced 2.6 bp rich to the curve on that day, 7.23 cents per 100 of face.

That is -0.40 standard deviations from its own typical residual.

Yield to maturity, 1,707 observations

0%1%2%3%4%5%Nov 15, 2019Sep 10, 2026Nov 15, 2019Yield to maturity1.836%Jan 14, 2020Yield to maturity1.816%Mar 11, 2020Yield to maturity0.831%May 6, 2020Yield to maturity0.693%Jul 1, 2020Yield to maturity0.635%Aug 26, 2020Yield to maturity0.628%Oct 22, 2020Yield to maturity0.780%Dec 18, 2020Yield to maturity0.837%Feb 17, 2021Yield to maturity1.147%Apr 13, 2021Yield to maturity1.482%Jun 8, 2021Yield to maturity1.376%Aug 3, 2021Yield to maturity1.051%Sep 28, 2021Yield to maturity1.407%Nov 24, 2021Yield to maturity1.562%Jan 21, 2022Yield to maturity1.686%Mar 18, 2022Yield to maturity2.132%May 13, 2022Yield to maturity2.923%Jul 12, 2022Yield to maturity2.956%Sep 6, 2022Yield to maturity3.341%Nov 1, 2022Yield to maturity4.097%Dec 29, 2022Yield to maturity3.830%Feb 27, 2023Yield to maturity3.988%Apr 21, 2023Yield to maturity3.553%Jun 16, 2023Yield to maturity3.861%Aug 14, 2023Yield to maturity4.255%Oct 10, 2023Yield to maturity4.619%Dec 5, 2023Yield to maturity4.125%Feb 1, 2024Yield to maturity3.750%Mar 28, 2024Yield to maturity4.149%May 22, 2024Yield to maturity4.415%Jul 19, 2024Yield to maturity4.164%Sep 13, 2024Yield to maturity3.448%Nov 8, 2024Yield to maturity4.172%Jan 8, 2025Yield to maturity4.426%Mar 6, 2025Yield to maturity4.045%Apr 30, 2025Yield to maturity3.664%Jun 26, 2025Yield to maturity3.738%Aug 21, 2025Yield to maturity3.781%Oct 17, 2025Yield to maturity3.502%Dec 15, 2025Yield to maturity3.632%Feb 11, 2026Yield to maturity3.635%Apr 8, 2026Yield to maturity3.841%Jun 3, 2026Yield to maturity4.158%Jul 30, 2026Yield to maturity4.311%Sep 10, 2026Yield to maturity4.670%

Price history

1,707 trading days to Sep 10, 2026

80859095100105110115Nov 15, 2019Sep 10, 2026Nov 15, 2019Close99.219Jan 14, 2020Close99.406Mar 11, 2020Close108.531May 6, 2020Close109.719Jul 1, 2020Close110.125Aug 26, 2020Close110.031Oct 22, 2020Close108.469Dec 18, 2020Close107.813Feb 17, 2021Close105.000Apr 13, 2021Close102.156Jun 8, 2021Close102.969Aug 3, 2021Close105.531Sep 28, 2021Close102.625Nov 24, 2021Close101.406Jan 21, 2022Close100.469Mar 18, 2022Close97.313May 13, 2022Close92.156Jul 12, 2022Close92.094Sep 6, 2022Close89.906Nov 1, 2022Close85.781Dec 29, 2022Close87.531Feb 27, 2023Close86.938Apr 21, 2023Close89.531Jun 16, 2023Close88.125Aug 14, 2023Close86.375Oct 10, 2023Close84.906Dec 5, 2023Close87.594Feb 1, 2024Close89.688Mar 28, 2024Close88.063May 22, 2024Close87.156Jul 19, 2024Close88.594Sep 13, 2024Close92.031Nov 8, 2024Close89.156Jan 8, 2025Close88.438Mar 6, 2025Close90.281Apr 30, 2025Close92.063Jun 26, 2025Close92.031Aug 21, 2025Close92.125Oct 17, 2025Close93.406Dec 15, 2025Close93.188Feb 11, 2026Close93.438Apr 8, 2026Close93.031Jun 3, 2026Close92.344Jul 30, 2026Close92.219Sep 10, 2026Close91.469
The most recent 20 trading days of prices for 912828YS3.
DateBidOfferClose
Sep 10, 202691.59491.56391.469
Sep 9, 202691.89191.84491.875
Sep 8, 202692.01692.00091.969
Sep 4, 202692.06392.03192.031
Sep 3, 202692.17292.15692.094
Sep 2, 202692.00091.96992.000
Sep 1, 202692.04792.03191.969
Aug 31, 202692.14192.12592.125
Aug 28, 202692.20392.18892.094
Aug 27, 202692.45392.43892.375
Aug 26, 202692.45392.43892.406
Aug 25, 202692.48492.46992.500
Aug 24, 202692.39192.37592.313
Aug 21, 202692.31392.28192.313
Aug 20, 202692.42292.40692.406
Aug 19, 202692.45392.43892.469
Aug 18, 202692.45392.43892.438
Aug 17, 202692.48492.46992.406
Aug 14, 202692.51692.50092.438
Aug 13, 202692.53192.50092.531

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 912828YS3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 6, 2019Nov 15, 2019New issue$27.0bn$39.8bn2.49x1.809%
Dec 10, 2019Dec 16, 2019Reopening$24.0bn$24.0bn2.43x1.842%
Jan 8, 2020Jan 15, 2020Reopening$24.0bn$24.8bn2.45x1.869%

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.