Treasury note

912828Z78 · 1.5% due January 31, 2027

Original term
7-Year
Maturity
Jan 31, 2027
Coupon
1.500%
Pays
Semi-Annual
Dated
Jan 31, 2020
First coupon
Jul 31, 2020
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$95.50bn
Held stripped
$1.05bn
Share stripped
1.10%

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, November 9, 2026

Yield to maturity
4.172%
Modified duration
0.221 yr
DV01
0.0022
Convexity
0.000975
Dirty price
99.822

Where its rate sensitivity sits

0.22
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 5.1 bp rich to the curve on that day, 1.12 cents per 100 of face.

That is -0.88 standard deviations from its own typical residual.

Yield to maturity, 1,695 observations

0%1%2%3%4%5%6%Jan 31, 2020Nov 9, 2026Jan 31, 2020Yield to maturity1.425%Feb 12, 2020Yield to maturity1.547%Feb 25, 2020Yield to maturity1.250%Mar 6, 2020Yield to maturity0.696%Mar 18, 2020Yield to maturity1.125%Mar 30, 2020Yield to maturity0.571%Apr 9, 2020Yield to maturity0.595%Apr 22, 2020Yield to maturity0.508%May 4, 2020Yield to maturity0.513%May 14, 2020Yield to maturity0.472%May 27, 2020Yield to maturity0.499%Jun 8, 2020Yield to maturity0.657%Jun 18, 2020Yield to maturity0.500%Jun 30, 2020Yield to maturity0.458%Jul 13, 2020Yield to maturity0.443%Jul 23, 2020Yield to maturity0.406%Aug 4, 2020Yield to maturity0.326%Aug 14, 2020Yield to maturity0.457%Aug 26, 2020Yield to maturity0.443%Sep 8, 2020Yield to maturity0.414%Sep 18, 2020Yield to maturity0.413%Sep 30, 2020Yield to maturity0.399%Oct 13, 2020Yield to maturity0.442%Oct 23, 2020Yield to maturity0.525%Nov 4, 2020Yield to maturity0.467%Nov 17, 2020Yield to maturity0.535%Nov 30, 2020Yield to maturity0.510%Dec 10, 2020Yield to maturity0.531%Dec 22, 2020Yield to maturity0.516%Jan 5, 2021Yield to maturity0.515%Jan 15, 2021Yield to maturity0.617%Jan 28, 2021Yield to maturity0.583%Feb 9, 2021Yield to maturity0.645%Feb 22, 2021Yield to maturity0.798%Mar 4, 2021Yield to maturity0.987%Mar 16, 2021Yield to maturity1.038%Mar 26, 2021Yield to maturity1.068%Apr 7, 2021Yield to maturity1.083%Apr 19, 2021Yield to maturity1.031%Apr 29, 2021Yield to maturity1.045%May 11, 2021Yield to maturity0.987%May 21, 2021Yield to maturity1.001%Jun 3, 2021Yield to maturity0.999%Jun 15, 2021Yield to maturity0.928%Jun 25, 2021Yield to maturity1.039%Jul 8, 2021Yield to maturity0.832%Jul 20, 2021Yield to maturity0.760%Jul 30, 2021Yield to maturity0.767%Aug 11, 2021Yield to maturity0.872%Aug 23, 2021Yield to maturity0.834%Sep 2, 2021Yield to maturity0.831%Sep 15, 2021Yield to maturity0.856%Sep 27, 2021Yield to maturity1.041%Oct 7, 2021Yield to maturity1.075%Oct 20, 2021Yield to maturity1.194%Nov 1, 2021Yield to maturity1.222%Nov 12, 2021Yield to maturity1.251%Nov 24, 2021Yield to maturity1.343%Dec 7, 2021Yield to maturity1.255%Dec 17, 2021Yield to maturity1.197%Dec 30, 2021Yield to maturity1.277%Jan 11, 2022Yield to maturity1.513%Jan 24, 2022Yield to maturity1.532%Feb 3, 2022Yield to maturity1.657%Feb 15, 2022Yield to maturity1.938%Feb 28, 2022Yield to maturity1.726%Mar 10, 2022Yield to maturity1.937%Mar 22, 2022Yield to maturity2.418%Apr 1, 2022Yield to maturity2.581%Apr 13, 2022Yield to maturity2.673%Apr 26, 2022Yield to maturity2.805%May 6, 2022Yield to maturity3.073%May 18, 2022Yield to maturity2.910%May 31, 2022Yield to maturity2.831%Jun 10, 2022Yield to maturity3.280%Jun 23, 2022Yield to maturity3.176%Jul 6, 2022Yield to maturity2.981%Jul 18, 2022Yield to maturity3.092%Jul 28, 2022Yield to maturity2.724%Aug 9, 2022Yield to maturity3.035%Aug 19, 2022Yield to maturity3.156%Aug 31, 2022Yield to maturity3.374%Sep 13, 2022Yield to maturity3.666%Sep 23, 2022Yield to maturity4.065%Oct 5, 2022Yield to maturity4.055%Oct 18, 2022Yield to maturity4.316%Oct 28, 2022Yield to maturity4.276%Nov 9, 2022Yield to maturity4.381%Nov 22, 2022Yield to maturity4.089%Dec 5, 2022Yield to maturity3.945%Dec 15, 2022Yield to maturity3.760%Dec 28, 2022Yield to maturity4.079%Jan 10, 2023Yield to maturity3.834%Jan 23, 2023Yield to maturity3.721%Feb 2, 2023Yield to maturity3.602%Feb 14, 2023Yield to maturity4.162%Feb 27, 2023Yield to maturity4.344%Mar 9, 2023Yield to maturity4.429%Mar 21, 2023Yield to maturity3.910%Mar 31, 2023Yield to maturity3.763%Apr 12, 2023Yield to maturity3.611%Apr 24, 2023Yield to maturity3.751%May 4, 2023Yield to maturity3.401%May 16, 2023Yield to maturity3.654%May 26, 2023Yield to maturity4.139%Jun 8, 2023Yield to maturity4.071%Jun 21, 2023Yield to maturity4.185%Jul 3, 2023Yield to maturity4.454%Jul 14, 2023Yield to maturity4.267%Jul 26, 2023Yield to maturity4.360%Aug 7, 2023Yield to maturity4.366%Aug 17, 2023Yield to maturity4.608%Aug 29, 2023Yield to maturity4.499%Sep 11, 2023Yield to maturity4.626%Sep 21, 2023Yield to maturity4.813%Oct 3, 2023Yield to maturity4.944%Oct 16, 2023Yield to maturity4.847%Oct 26, 2023Yield to maturity4.874%Nov 7, 2023Yield to maturity4.650%Nov 17, 2023Yield to maturity4.603%Nov 30, 2023Yield to maturity4.450%Dec 12, 2023Yield to maturity4.412%Dec 22, 2023Yield to maturity4.034%Jan 5, 2024Yield to maturity4.167%Jan 18, 2024Yield to maturity4.146%Jan 30, 2024Yield to maturity4.151%Feb 9, 2024Yield to maturity4.275%Feb 22, 2024Yield to maturity4.495%Mar 5, 2024Yield to maturity4.346%Mar 15, 2024Yield to maturity4.550%Mar 27, 2024Yield to maturity4.405%Apr 9, 2024Yield to maturity4.593%Apr 19, 2024Yield to maturity4.847%May 1, 2024Yield to maturity4.841%May 13, 2024Yield to maturity4.711%May 23, 2024Yield to maturity4.769%Jun 5, 2024Yield to maturity4.573%Jun 17, 2024Yield to maturity4.585%Jun 28, 2024Yield to maturity4.600%Jul 11, 2024Yield to maturity4.362%Jul 23, 2024Yield to maturity4.344%Aug 2, 2024Yield to maturity3.772%Aug 14, 2024Yield to maturity3.838%Aug 26, 2024Yield to maturity3.827%Sep 6, 2024Yield to maturity3.604%Sep 18, 2024Yield to maturity3.556%Sep 30, 2024Yield to maturity3.628%Oct 10, 2024Yield to maturity3.948%Oct 23, 2024Yield to maturity4.061%Nov 4, 2024Yield to maturity4.159%Nov 15, 2024Yield to maturity4.310%Nov 27, 2024Yield to maturity4.238%Dec 10, 2024Yield to maturity4.152%Dec 20, 2024Yield to maturity4.322%Jan 3, 2025Yield to maturity4.291%Jan 15, 2025Yield to maturity4.295%Jan 28, 2025Yield to maturity4.208%Feb 7, 2025Yield to maturity4.305%Feb 20, 2025Yield to maturity4.278%Mar 4, 2025Yield to maturity3.971%Mar 14, 2025Yield to maturity4.050%Mar 26, 2025Yield to maturity4.051%Apr 7, 2025Yield to maturity3.764%Apr 17, 2025Yield to maturity3.855%Apr 30, 2025Yield to maturity3.655%May 12, 2025Yield to maturity4.046%May 22, 2025Yield to maturity4.048%Jun 4, 2025Yield to maturity3.961%Jun 16, 2025Yield to maturity4.032%Jun 27, 2025Yield to maturity3.858%Jul 10, 2025Yield to maturity3.968%Jul 22, 2025Yield to maturity3.934%Aug 1, 2025Yield to maturity3.809%Aug 13, 2025Yield to maturity3.784%Aug 25, 2025Yield to maturity3.812%Sep 5, 2025Yield to maturity3.633%Sep 17, 2025Yield to maturity3.627%Sep 29, 2025Yield to maturity3.703%Oct 9, 2025Yield to maturity3.673%Oct 22, 2025Yield to maturity3.552%Nov 3, 2025Yield to maturity3.712%Nov 14, 2025Yield to maturity3.695%Nov 26, 2025Yield to maturity3.611%Dec 9, 2025Yield to maturity3.642%Dec 19, 2025Yield to maturity3.528%Jan 2, 2026Yield to maturity3.539%Jan 14, 2026Yield to maturity3.561%Jan 27, 2026Yield to maturity3.601%Feb 6, 2026Yield to maturity3.539%Feb 19, 2026Yield to maturity3.569%Mar 3, 2026Yield to maturity3.608%Mar 13, 2026Yield to maturity3.724%Mar 25, 2026Yield to maturity3.835%Apr 6, 2026Yield to maturity3.810%Apr 16, 2026Yield to maturity3.726%Apr 28, 2026Yield to maturity3.737%May 8, 2026Yield to maturity3.750%May 20, 2026Yield to maturity3.840%Jun 2, 2026Yield to maturity3.820%Jun 12, 2026Yield to maturity3.891%Jun 25, 2026Yield to maturity3.960%Jul 8, 2026Yield to maturity4.003%Jul 20, 2026Yield to maturity3.977%Jul 30, 2026Yield to maturity3.986%Aug 11, 2026Yield to maturity3.949%Aug 21, 2026Yield to maturity3.908%Sep 2, 2026Yield to maturity3.988%Sep 15, 2026Yield to maturity4.134%Sep 25, 2026Yield to maturity4.290%Oct 7, 2026Yield to maturity4.224%Oct 20, 2026Yield to maturity4.223%Oct 30, 2026Yield to maturity4.195%Nov 9, 2026Yield to maturity4.172%

Price history

1,695 trading days to Nov 9, 2026

859095100105110Jan 31, 2020Nov 9, 2026Jan 31, 2020Close100.500Feb 12, 2020Close99.688Feb 25, 2020Close101.656Mar 6, 2020Close105.406Mar 18, 2020Close102.469Mar 30, 2020Close106.219Apr 9, 2020Close106.031Apr 22, 2020Close106.594May 4, 2020Close106.531May 14, 2020Close106.781May 27, 2020Close106.563Jun 8, 2020Close105.469Jun 18, 2020Close106.500Jun 30, 2020Close106.750Jul 13, 2020Close106.813Jul 23, 2020Close107.031Aug 4, 2020Close107.531Aug 14, 2020Close106.625Aug 26, 2020Close106.688Sep 8, 2020Close106.844Sep 18, 2020Close106.813Sep 30, 2020Close106.875Oct 13, 2020Close106.563Oct 23, 2020Close106.000Nov 4, 2020Close106.344Nov 17, 2020Close105.875Nov 30, 2020Close106.000Dec 10, 2020Close105.844Dec 22, 2020Close105.906Jan 5, 2021Close105.875Jan 15, 2021Close105.219Jan 28, 2021Close105.406Feb 9, 2021Close105.000Feb 22, 2021Close104.063Mar 4, 2021Close102.938Mar 16, 2021Close102.625Mar 26, 2021Close102.438Apr 7, 2021Close102.344Apr 19, 2021Close102.625Apr 29, 2021Close102.531May 11, 2021Close102.844May 21, 2021Close102.750Jun 3, 2021Close102.750Jun 15, 2021Close103.125Jun 25, 2021Close102.500Jul 8, 2021Close103.625Jul 20, 2021Close104.000Jul 30, 2021Close103.938Aug 11, 2021Close103.344Aug 23, 2021Close103.531Sep 2, 2021Close103.531Sep 15, 2021Close103.375Sep 27, 2021Close102.375Oct 7, 2021Close102.188Oct 20, 2021Close101.563Nov 1, 2021Close101.406Nov 12, 2021Close101.250Nov 24, 2021Close100.781Dec 7, 2021Close101.219Dec 17, 2021Close101.500Dec 30, 2021Close101.094Jan 11, 2022Close99.938Jan 24, 2022Close99.844Feb 3, 2022Close99.250Feb 15, 2022Close97.938Feb 28, 2022Close98.938Mar 10, 2022Close97.969Mar 22, 2022Close95.813Apr 1, 2022Close95.125Apr 13, 2022Close94.750Apr 26, 2022Close94.219May 6, 2022Close93.125May 18, 2022Close93.844May 31, 2022Close94.219Jun 10, 2022Close92.406Jun 23, 2022Close92.875Jul 6, 2022Close93.719Jul 18, 2022Close93.313Jul 28, 2022Close94.844Aug 9, 2022Close93.625Aug 19, 2022Close93.188Aug 31, 2022Close92.375Sep 13, 2022Close91.313Sep 23, 2022Close89.875Oct 5, 2022Close89.969Oct 18, 2022Close89.094Oct 28, 2022Close89.313Nov 9, 2022Close89.000Nov 22, 2022Close90.125Dec 5, 2022Close90.719Dec 15, 2022Close91.438Dec 28, 2022Close90.375Jan 10, 2023Close91.313Jan 23, 2023Close91.781Feb 2, 2023Close92.250Feb 14, 2023Close90.375Feb 27, 2023Close89.844Mar 9, 2023Close89.625Mar 21, 2023Close91.438Mar 31, 2023Close92.000Apr 12, 2023Close92.563Apr 24, 2023Close92.156May 4, 2023Close93.375May 16, 2023Close92.594May 26, 2023Close91.094Jun 8, 2023Close91.375Jun 21, 2023Close91.094Jul 3, 2023Close90.344Jul 14, 2023Close91.000Jul 26, 2023Close90.781Aug 7, 2023Close90.844Aug 17, 2023Close90.188Aug 29, 2023Close90.594Sep 11, 2023Close90.313Sep 21, 2023Close89.844Oct 3, 2023Close89.563Oct 16, 2023Close89.938Oct 26, 2023Close89.938Nov 7, 2023Close90.656Nov 17, 2023Close90.875Nov 30, 2023Close91.375Dec 12, 2023Close91.563Dec 22, 2023Close92.688Jan 5, 2024Close92.406Jan 18, 2024Close92.531Jan 30, 2024Close92.594Feb 9, 2024Close92.344Feb 22, 2024Close91.844Mar 5, 2024Close92.313Mar 15, 2024Close91.875Mar 27, 2024Close92.313Apr 9, 2024Close91.938Apr 19, 2024Close91.406May 1, 2024Close91.500May 13, 2024Close91.906May 23, 2024Close91.844Jun 5, 2024Close92.406Jun 17, 2024Close92.469Jun 28, 2024Close92.531Jul 11, 2024Close93.156Jul 23, 2024Close93.281Aug 2, 2024Close94.656Aug 14, 2024Close94.563Aug 26, 2024Close94.656Sep 6, 2024Close95.219Sep 18, 2024Close95.375Sep 30, 2024Close95.281Oct 10, 2024Close94.656Oct 23, 2024Close94.500Nov 4, 2024Close94.375Nov 15, 2024Close94.156Nov 27, 2024Close94.375Dec 10, 2024Close94.625Dec 20, 2024Close94.375Jan 3, 2025Close94.531Jan 15, 2025Close94.594Jan 28, 2025Close94.844Feb 7, 2025Close94.750Feb 20, 2025Close94.875Mar 4, 2025Close95.500Mar 14, 2025Close95.438Mar 26, 2025Close95.500Apr 7, 2025Close96.063Apr 17, 2025Close95.969Apr 30, 2025Close96.375May 12, 2025Close95.813May 22, 2025Close95.875Jun 4, 2025Close96.094Jun 16, 2025Close96.063Jun 27, 2025Close96.406Jul 10, 2025Close96.313Jul 22, 2025Close96.438Aug 1, 2025Close96.688Aug 13, 2025Close96.781Aug 25, 2025Close96.813Sep 5, 2025Close97.125Sep 17, 2025Close97.188Sep 29, 2025Close97.156Oct 9, 2025Close97.250Oct 22, 2025Close97.469Nov 3, 2025Close97.344Nov 14, 2025Close97.438Nov 26, 2025Close97.594Dec 9, 2025Close97.625Dec 19, 2025Close97.813Jan 2, 2026Close97.875Jan 14, 2026Close97.906Jan 27, 2026Close97.938Feb 6, 2026Close98.063Feb 19, 2026Close98.094Mar 3, 2026Close98.125Mar 13, 2026Close98.094Mar 25, 2026Close98.063Apr 6, 2026Close98.156Apr 16, 2026Close98.281Apr 28, 2026Close98.344May 8, 2026Close98.406May 20, 2026Close98.406Jun 2, 2026Close98.500Jun 12, 2026Close98.531Jun 25, 2026Close98.563Jul 8, 2026Close98.625Jul 20, 2026Close98.719Jul 30, 2026Close98.781Aug 11, 2026Close98.875Aug 21, 2026Close98.969Sep 2, 2026Close99.000Sep 15, 2026Close99.031Sep 25, 2026Close99.063Oct 7, 2026Close99.156Oct 20, 2026Close99.250Oct 30, 2026Close99.344Nov 9, 2026Close99.406
The most recent 20 trading days of prices for 912828Z78.
DateBidOfferClose
Nov 9, 202699.406–99.406
Nov 6, 202699.406–99.406
Nov 5, 202699.375–99.375
Nov 4, 202699.375–99.375
Nov 3, 202699.344–99.375
Nov 2, 202699.344–99.344
Oct 30, 202699.344–99.344
Oct 29, 202699.313–99.313
Oct 28, 202699.313–99.313
Oct 27, 202699.281–99.281
Oct 26, 202699.281–99.281
Oct 23, 202699.281–99.281
Oct 22, 202699.250–99.250
Oct 21, 202699.250–99.250
Oct 20, 202699.250–99.250
Oct 19, 202699.219–99.219
Oct 16, 202699.219–99.219
Oct 15, 202699.188–99.188
Oct 14, 202699.156–99.188
Oct 13, 202699.188–99.188

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

2 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 912828Z78.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 28, 2020Jan 31, 2020New issue$32.0bn$35.3bn2.37x1.570%
Jan 25, 2022Jan 31, 2022Reopening$55.0bn$63.2bn2.50x1.533%

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.