Treasury note

912828YU8 · 1.625% due November 30, 2026

Original term
7-Year
Maturity
Nov 30, 2026
Coupon
1.625%
Pays
Semi-Annual
Dated
Nov 30, 2019
First coupon
May 31, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$32.63bn
Held stripped
$153.6m
Share stripped
0.47%

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
3.914%
Modified duration
0.217 yr
DV01
0.0022
Convexity
0.094
Dirty price
99.957

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 5.5 bp rich to the curve on that day, 1.19 cents per 100 of face.

That is -0.63 standard deviations from its own typical residual.

Yield to maturity, 1,697 observations

0%1%2%3%4%5%6%Dec 2, 2019Sep 10, 2026Dec 2, 2019Yield to maturity1.768%Jan 29, 2020Yield to maturity1.504%Mar 25, 2020Yield to maturity0.750%May 20, 2020Yield to maturity0.495%Jul 16, 2020Yield to maturity0.416%Sep 10, 2020Yield to maturity0.388%Nov 5, 2020Yield to maturity0.459%Jan 5, 2021Yield to maturity0.495%Mar 3, 2021Yield to maturity0.892%Apr 27, 2021Yield to maturity1.014%Jun 22, 2021Yield to maturity0.951%Aug 17, 2021Yield to maturity0.808%Oct 13, 2021Yield to maturity1.103%Dec 9, 2021Yield to maturity1.248%Feb 4, 2022Yield to maturity1.754%Apr 1, 2022Yield to maturity2.600%May 27, 2022Yield to maturity2.732%Jul 26, 2022Yield to maturity2.944%Sep 20, 2022Yield to maturity3.839%Nov 16, 2022Yield to maturity3.967%Jan 13, 2023Yield to maturity3.734%Mar 13, 2023Yield to maturity3.809%May 5, 2023Yield to maturity3.545%Jul 3, 2023Yield to maturity4.485%Aug 28, 2023Yield to maturity4.636%Oct 24, 2023Yield to maturity4.912%Dec 19, 2023Yield to maturity4.163%Feb 15, 2024Yield to maturity4.380%Apr 11, 2024Yield to maturity4.832%Jun 6, 2024Yield to maturity4.602%Aug 2, 2024Yield to maturity3.826%Sep 27, 2024Yield to maturity3.559%Nov 25, 2024Yield to maturity4.262%Jan 23, 2025Yield to maturity4.288%Mar 20, 2025Yield to maturity3.972%May 14, 2025Yield to maturity4.136%Jul 11, 2025Yield to maturity3.998%Sep 5, 2025Yield to maturity3.647%Oct 31, 2025Yield to maturity3.721%Dec 30, 2025Yield to maturity3.550%Feb 26, 2026Yield to maturity3.611%Apr 22, 2026Yield to maturity3.734%Jun 17, 2026Yield to maturity3.879%Aug 13, 2026Yield to maturity3.861%Sep 10, 2026Yield to maturity3.914%

Price history

1,697 trading days to Sep 10, 2026

859095100105110Dec 2, 2019Sep 10, 2026Dec 2, 2019Close99.063Jan 29, 2020Close100.781Mar 25, 2020Close105.688May 20, 2020Close107.250Jul 16, 2020Close107.594Sep 10, 2020Close107.594Nov 5, 2020Close106.969Jan 5, 2021Close106.563Mar 3, 2021Close104.094Apr 27, 2021Close103.313Jun 22, 2021Close103.563Aug 17, 2021Close104.219Oct 13, 2021Close102.594Dec 9, 2021Close101.813Feb 4, 2022Close99.406Apr 1, 2022Close95.750May 27, 2022Close95.344Jul 26, 2022Close94.656Sep 20, 2022Close91.500Nov 16, 2022Close91.344Jan 13, 2023Close92.469Mar 13, 2023Close92.500May 5, 2023Close93.625Jul 3, 2023Close91.063Aug 28, 2023Close91.000Oct 24, 2023Close90.656Dec 19, 2023Close93.031Feb 15, 2024Close92.844Apr 11, 2024Close92.156Jun 6, 2024Close93.094Aug 2, 2024Close95.156Sep 27, 2024Close96.000Nov 25, 2024Close94.969Jan 23, 2025Close95.313Mar 20, 2025Close96.188May 14, 2025Close96.281Jul 11, 2025Close96.844Sep 5, 2025Close97.594Oct 31, 2025Close97.813Dec 30, 2025Close98.281Feb 26, 2026Close98.531Apr 22, 2026Close98.750Jun 17, 2026Close99.000Aug 13, 2026Close99.344Sep 10, 2026Close99.500
The most recent 20 trading days of prices for 912828YU8.
DateBidOfferClose
Sep 10, 2026–99.50099.500
Sep 9, 2026–99.50099.500
Sep 8, 2026–99.50099.500
Sep 4, 2026–99.50099.500
Sep 3, 2026–99.46999.469
Sep 2, 2026–99.46999.469
Sep 1, 2026–99.43899.438
Aug 31, 2026–99.43899.438
Aug 28, 2026–99.43899.438
Aug 27, 2026–99.43899.438
Aug 26, 2026–99.43899.438
Aug 25, 2026–99.43899.438
Aug 24, 2026–99.43899.438
Aug 21, 2026–99.40699.406
Aug 20, 2026–99.40699.406
Aug 19, 2026–99.37599.375
Aug 18, 2026–99.37599.375
Aug 17, 2026–99.37599.375
Aug 14, 2026–99.37599.375
Aug 13, 2026–99.34499.344

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.

Auction

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 912828YU8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 27, 2019Dec 2, 2019New issue$32.0bn$34.5bn2.44x1.719%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.