Treasury note

912828YX2 · 1.75% due December 31, 2026

Original term
7-Year
Maturity
Dec 31, 2026
Coupon
1.750%
Pays
Semi-Annual
Dated
Dec 31, 2019
First coupon
Jun 30, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$35.01bn
Held stripped
$1.6m
Share stripped
<0.01%

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
3.938%
Modified duration
0.298 yr
DV01
0.0030
Convexity
0.178
Dirty price
99.691

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 2 of twelve buckets, summing to 0.304 years against a modified duration of 0.298.

Against the fitted curve

Priced 11.1 bp rich to the curve on that day, 3.28 cents per 100 of face.

That is -2.78 standard deviations from its own typical residual.

Yield to maturity, 1,677 observations

0%1%2%3%4%5%6%Dec 31, 2019Sep 10, 2026Dec 31, 2019Yield to maturity1.831%Feb 27, 2020Yield to maturity1.210%Apr 23, 2020Yield to maturity0.498%Jun 18, 2020Yield to maturity0.494%Aug 13, 2020Yield to maturity0.465%Oct 8, 2020Yield to maturity0.455%Dec 7, 2020Yield to maturity0.533%Feb 3, 2021Yield to maturity0.611%Mar 31, 2021Yield to maturity1.120%May 25, 2021Yield to maturity0.912%Jul 21, 2021Yield to maturity0.797%Sep 15, 2021Yield to maturity0.836%Nov 10, 2021Yield to maturity1.221%Jan 7, 2022Yield to maturity1.495%Mar 7, 2022Yield to maturity1.723%May 2, 2022Yield to maturity3.024%Jun 28, 2022Yield to maturity3.277%Aug 23, 2022Yield to maturity3.223%Oct 19, 2022Yield to maturity4.437%Dec 15, 2022Yield to maturity3.742%Feb 13, 2023Yield to maturity4.044%Apr 10, 2023Yield to maturity3.670%Jun 5, 2023Yield to maturity4.009%Aug 1, 2023Yield to maturity4.475%Sep 26, 2023Yield to maturity4.808%Nov 21, 2023Yield to maturity4.574%Jan 19, 2024Yield to maturity4.180%Mar 15, 2024Yield to maturity4.537%May 9, 2024Yield to maturity4.675%Jul 8, 2024Yield to maturity4.500%Aug 30, 2024Yield to maturity3.864%Oct 28, 2024Yield to maturity4.104%Dec 24, 2024Yield to maturity4.337%Feb 21, 2025Yield to maturity4.180%Apr 17, 2025Yield to maturity3.855%Jun 12, 2025Yield to maturity4.000%Aug 8, 2025Yield to maturity3.852%Oct 3, 2025Yield to maturity3.656%Dec 2, 2025Yield to maturity3.631%Jan 29, 2026Yield to maturity3.566%Mar 26, 2026Yield to maturity3.846%May 20, 2026Yield to maturity3.786%Jul 17, 2026Yield to maturity3.958%Sep 10, 2026Yield to maturity3.938%

Price history

1,677 trading days to Sep 10, 2026

859095100105110Dec 31, 2019Sep 10, 2026Dec 31, 2019Close99.469Feb 27, 2020Close103.531Apr 23, 2020Close108.219Jun 18, 2020Close108.063Aug 13, 2020Close108.063Oct 8, 2020Close107.938Dec 7, 2020Close107.250Feb 3, 2021Close106.594Mar 31, 2021Close103.500May 25, 2021Close104.563Jul 21, 2021Close105.063Sep 15, 2021Close104.719Nov 10, 2021Close102.625Jan 7, 2022Close101.219Mar 7, 2022Close100.125May 2, 2022Close94.500Jun 28, 2022Close93.656Aug 23, 2022Close94.063Oct 19, 2022Close89.813Dec 15, 2022Close92.594Feb 13, 2023Close91.844Apr 10, 2023Close93.375Jun 5, 2023Close92.563Aug 1, 2023Close91.469Sep 26, 2023Close90.875Nov 21, 2023Close91.906Jan 19, 2024Close93.344Mar 15, 2024Close92.781May 9, 2024Close92.813Jul 8, 2024Close93.625Aug 30, 2024Close95.344Oct 28, 2024Close95.156Dec 24, 2024Close95.063Feb 21, 2025Close95.719Apr 17, 2025Close96.563Jun 12, 2025Close96.656Aug 8, 2025Close97.188Oct 3, 2025Close97.719Dec 2, 2025Close98.031Jan 29, 2026Close98.375Mar 26, 2026Close98.438May 20, 2026Close98.781Jul 17, 2026Close99.031Sep 10, 2026Close99.344
The most recent 20 trading days of prices for 912828YX2.
DateBidOfferClose
Sep 10, 2026–99.34499.344
Sep 9, 2026–99.34499.344
Sep 8, 2026–99.34499.344
Sep 4, 2026–99.34499.313
Sep 3, 2026–99.31399.313
Sep 2, 2026–99.31399.281
Sep 1, 2026–99.28199.281
Aug 31, 2026–99.28199.281
Aug 28, 2026–99.28199.281
Aug 27, 2026–99.28199.281
Aug 26, 2026–99.28199.281
Aug 25, 2026–99.28199.281
Aug 24, 2026–99.28199.281
Aug 21, 2026–99.28199.250
Aug 20, 2026–99.25099.250
Aug 19, 2026–99.25099.250
Aug 18, 2026–99.25099.250
Aug 17, 2026–99.21999.219
Aug 14, 2026–99.21999.219
Aug 13, 2026–99.18899.188

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 912828YX2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 26, 2019Dec 31, 2019New issue$32.0bn$35.0bn2.47x1.835%

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.