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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.126%
Modified duration
0.380 yr
DV01
0.0038
Convexity
0.289
Dirty price
99.171

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 0.389 years against a modified duration of 0.380.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 0.84 cents per 100 of face.

That is 2.08 standard deviations from its own typical residual.

Yield to maturity, 1,656 observations

0%1%2%3%4%5%6%Jan 31, 2020Sep 10, 2026Jan 31, 2020Yield to maturity1.425%Mar 26, 2020Yield to maturity0.704%May 20, 2020Yield to maturity0.507%Jul 15, 2020Yield to maturity0.438%Sep 8, 2020Yield to maturity0.414%Nov 2, 2020Yield to maturity0.541%Dec 29, 2020Yield to maturity0.518%Feb 24, 2021Yield to maturity0.808%Apr 19, 2021Yield to maturity1.031%Jun 11, 2021Yield to maturity0.884%Aug 5, 2021Yield to maturity0.783%Sep 29, 2021Yield to maturity1.065%Nov 24, 2021Yield to maturity1.343%Jan 20, 2022Yield to maturity1.623%Mar 16, 2022Yield to maturity2.193%May 10, 2022Yield to maturity2.926%Jul 6, 2022Yield to maturity2.981%Aug 29, 2022Yield to maturity3.348%Oct 24, 2022Yield to maturity4.439%Dec 19, 2022Yield to maturity3.827%Feb 14, 2023Yield to maturity4.162%Apr 10, 2023Yield to maturity3.673%Jun 2, 2023Yield to maturity4.043%Jul 28, 2023Yield to maturity4.431%Sep 21, 2023Yield to maturity4.813%Nov 15, 2023Yield to maturity4.648%Jan 11, 2024Yield to maturity4.038%Mar 7, 2024Yield to maturity4.291%Apr 30, 2024Yield to maturity4.915%Jun 25, 2024Yield to maturity4.543%Aug 19, 2024Yield to maturity3.949%Oct 11, 2024Yield to maturity3.915%Dec 9, 2024Yield to maturity4.133%Feb 4, 2025Yield to maturity4.217%Mar 31, 2025Yield to maturity3.923%May 22, 2025Yield to maturity4.048%Jul 18, 2025Yield to maturity3.969%Sep 11, 2025Yield to maturity3.649%Nov 5, 2025Yield to maturity3.721%Jan 2, 2026Yield to maturity3.539%Feb 27, 2026Yield to maturity3.560%Apr 22, 2026Yield to maturity3.731%Jun 16, 2026Yield to maturity3.861%Aug 11, 2026Yield to maturity3.949%Sep 10, 2026Yield to maturity4.126%

Price history

1,656 trading days to Sep 10, 2026

859095100105110Jan 31, 2020Sep 10, 2026Jan 31, 2020Close100.500Mar 26, 2020Close105.313May 20, 2020Close106.531Jul 15, 2020Close106.844Sep 8, 2020Close106.844Nov 2, 2020Close105.875Dec 29, 2020Close105.875Feb 24, 2021Close104.000Apr 19, 2021Close102.625Jun 11, 2021Close103.375Aug 5, 2021Close103.844Sep 29, 2021Close102.250Nov 24, 2021Close100.781Jan 20, 2022Close99.406Mar 16, 2022Close96.813May 10, 2022Close93.750Jul 6, 2022Close93.719Aug 29, 2022Close92.469Oct 24, 2022Close88.688Dec 19, 2022Close91.219Feb 14, 2023Close90.375Apr 10, 2023Close92.344Jun 2, 2023Close91.438Jul 28, 2023Close90.594Sep 21, 2023Close89.844Nov 15, 2023Close90.719Jan 11, 2024Close92.781Mar 7, 2024Close92.469Apr 30, 2024Close91.313Jun 25, 2024Close92.625Aug 19, 2024Close94.344Oct 11, 2024Close94.750Dec 9, 2024Close94.656Feb 4, 2025Close94.875Mar 31, 2025Close95.750May 22, 2025Close95.875Jul 18, 2025Close96.375Sep 11, 2025Close97.125Nov 5, 2025Close97.344Jan 2, 2026Close97.875Feb 27, 2026Close98.156Apr 22, 2026Close98.313Jun 16, 2026Close98.563Aug 11, 2026Close98.875Sep 10, 2026Close99.000
The most recent 20 trading days of prices for 912828Z78.
DateBidOfferClose
Sep 10, 2026–99.03199.000
Sep 9, 2026–99.03199.031
Sep 8, 2026–99.03199.031
Sep 4, 2026–99.03199.031
Sep 3, 2026–99.00099.000
Sep 2, 2026–99.00099.000
Sep 1, 2026–98.96998.969
Aug 31, 2026–98.96998.969
Aug 28, 2026–98.96998.969
Aug 27, 2026–98.96998.969
Aug 26, 2026–98.96998.969
Aug 25, 2026–98.96998.969
Aug 24, 2026–98.96998.969
Aug 21, 2026–98.96998.969
Aug 20, 2026–98.96998.938
Aug 19, 2026–98.93898.938
Aug 18, 2026–98.93898.938
Aug 17, 2026–98.90698.906
Aug 14, 2026–98.90698.906
Aug 13, 2026–98.90698.906

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.

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.