Treasury note

912828Z94 · 1.5% due February 15, 2030

Original term
10-Year
Maturity
Feb 15, 2030
Coupon
1.500%
Pays
Semi-Annual
Dated
Feb 15, 2020
First coupon
Aug 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$87.40bn
Held stripped
$21.0m
Share stripped
0.02%

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
4.682%
Modified duration
3.268 yr
DV01
0.0295
Convexity
12.440
Dirty price
90.141

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 3.347 years against a modified duration of 3.268.

Against the fitted curve

Priced 3.0 bp rich to the curve on that day, 8.84 cents per 100 of face.

That is -1.79 standard deviations from its own typical residual.

Yield to maturity, 1,645 observations

0%1%2%3%4%5%6%Feb 18, 2020Sep 10, 2026Feb 18, 2020Yield to maturity1.551%Apr 13, 2020Yield to maturity0.754%Jun 5, 2020Yield to maturity0.886%Jul 30, 2020Yield to maturity0.515%Sep 23, 2020Yield to maturity0.625%Nov 18, 2020Yield to maturity0.817%Jan 14, 2021Yield to maturity1.062%Mar 11, 2021Yield to maturity1.433%May 4, 2021Yield to maturity1.504%Jun 28, 2021Yield to maturity1.403%Aug 20, 2021Yield to maturity1.170%Oct 15, 2021Yield to maturity1.488%Dec 10, 2021Yield to maturity1.423%Feb 4, 2022Yield to maturity1.888%Mar 31, 2022Yield to maturity2.361%May 25, 2022Yield to maturity2.723%Jul 21, 2022Yield to maturity2.927%Sep 14, 2022Yield to maturity3.454%Nov 8, 2022Yield to maturity4.159%Jan 5, 2023Yield to maturity3.746%Mar 2, 2023Yield to maturity4.191%Apr 25, 2023Yield to maturity3.401%Jun 20, 2023Yield to maturity3.846%Aug 14, 2023Yield to maturity4.304%Oct 6, 2023Yield to maturity4.793%Dec 1, 2023Yield to maturity4.211%Jan 29, 2024Yield to maturity4.027%Mar 22, 2024Yield to maturity4.220%May 15, 2024Yield to maturity4.359%Jul 11, 2024Yield to maturity4.160%Sep 4, 2024Yield to maturity3.617%Oct 29, 2024Yield to maturity4.147%Dec 24, 2024Yield to maturity4.477%Feb 20, 2025Yield to maturity4.368%Apr 15, 2025Yield to maturity3.996%Jun 9, 2025Yield to maturity4.066%Aug 4, 2025Yield to maturity3.716%Sep 26, 2025Yield to maturity3.732%Nov 21, 2025Yield to maturity3.572%Jan 20, 2026Yield to maturity3.773%Mar 16, 2026Yield to maturity3.749%May 7, 2026Yield to maturity3.993%Jul 2, 2026Yield to maturity4.193%Aug 26, 2026Yield to maturity4.323%Sep 10, 2026Yield to maturity4.682%

Price history

1,645 trading days to Sep 10, 2026

80859095100105110Feb 18, 2020Sep 10, 2026Feb 18, 2020Close99.531Apr 13, 2020Close107.063Jun 5, 2020Close105.688Jul 30, 2020Close109.156Sep 23, 2020Close107.969Nov 18, 2020Close106.063Jan 14, 2021Close103.781Mar 11, 2021Close100.563May 4, 2021Close99.969Jun 28, 2021Close100.781Aug 20, 2021Close102.656Oct 15, 2021Close100.094Dec 10, 2021Close100.594Feb 4, 2022Close97.125Mar 31, 2022Close93.844May 25, 2022Close91.531Jul 21, 2022Close90.375Sep 14, 2022Close87.313Nov 8, 2022Close83.469Jan 5, 2023Close86.094Mar 2, 2023Close83.906Apr 25, 2023Close88.531Jun 20, 2023Close86.344Aug 14, 2023Close84.250Oct 6, 2023Close82.156Dec 1, 2023Close85.344Jan 29, 2024Close86.563Mar 22, 2024Close85.938May 15, 2024Close85.594Jul 11, 2024Close86.844Sep 4, 2024Close89.625Oct 29, 2024Close87.531Dec 24, 2024Close86.469Feb 20, 2025Close87.281Apr 15, 2025Close89.125Jun 9, 2025Close89.156Aug 4, 2025Close90.844Sep 26, 2025Close91.063Nov 21, 2025Close91.938Jan 20, 2026Close91.500Mar 16, 2026Close91.875May 7, 2026Close91.344Jul 2, 2026Close91.063Aug 26, 2026Close91.000Sep 10, 2026Close90.031
The most recent 20 trading days of prices for 912828Z94.
DateBidOfferClose
Sep 10, 202690.14190.12590.031
Sep 9, 202690.45390.40690.438
Sep 8, 202690.59490.56390.531
Sep 4, 202690.64190.62590.594
Sep 3, 202690.75090.71990.688
Sep 2, 202690.56390.53190.563
Sep 1, 202690.62590.59490.531
Aug 31, 202690.71990.68890.688
Aug 28, 202690.78190.75090.688
Aug 27, 202691.06391.03190.969
Aug 26, 202691.04791.03191.000
Aug 25, 202691.10991.09491.094
Aug 24, 202690.98490.96990.906
Aug 21, 202690.90690.87590.906
Aug 20, 202691.01691.00091.000
Aug 19, 202691.06391.03191.094
Aug 18, 202691.06391.03191.031
Aug 17, 202691.07891.06391.031
Aug 14, 202691.12591.09491.031
Aug 13, 202691.15691.12591.125

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 912828Z94.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 12, 2020Feb 18, 2020New issue$27.0bn$39.0bn2.58x1.622%
Mar 11, 2020Mar 16, 2020Reopening$24.0bn$24.0bn2.36x0.849%
Apr 7, 2020Apr 15, 2020Reopening$25.0bn$25.1bn2.43x0.782%

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.