Treasury note

912828ZB9 · 1.125% due February 28, 2027

Original term
7-Year
Maturity
Feb 28, 2027
Coupon
1.125%
Pays
Semi-Annual
Dated
Feb 29, 2020
First coupon
Aug 31, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$36.74bn
Held stripped
$7.6m
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
4.108%
Modified duration
0.461 yr
DV01
0.0045
Convexity
0.425
Dirty price
98.659

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 0.466 years against a modified duration of 0.461.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 1.12 cents per 100 of face.

That is 2.31 standard deviations from its own typical residual.

Yield to maturity, 1,636 observations

0%1%2%3%4%5%6%Mar 2, 2020Sep 10, 2026Mar 2, 2020Yield to maturity1.014%Apr 24, 2020Yield to maturity0.502%Jun 18, 2020Yield to maturity0.507%Aug 12, 2020Yield to maturity0.461%Oct 6, 2020Yield to maturity0.465%Dec 2, 2020Yield to maturity0.594%Jan 28, 2021Yield to maturity0.601%Mar 24, 2021Yield to maturity1.049%May 17, 2021Yield to maturity1.036%Jul 12, 2021Yield to maturity0.908%Sep 2, 2021Yield to maturity0.845%Oct 28, 2021Yield to maturity1.228%Dec 23, 2021Yield to maturity1.269%Feb 17, 2022Yield to maturity1.857%Apr 13, 2022Yield to maturity2.672%Jun 8, 2022Yield to maturity3.056%Aug 3, 2022Yield to maturity2.903%Sep 27, 2022Yield to maturity4.272%Nov 22, 2022Yield to maturity4.063%Jan 19, 2023Yield to maturity3.548%Mar 15, 2023Yield to maturity3.712%May 8, 2023Yield to maturity3.575%Jul 3, 2023Yield to maturity4.417%Aug 25, 2023Yield to maturity4.626%Oct 20, 2023Yield to maturity4.894%Dec 14, 2023Yield to maturity4.049%Feb 9, 2024Yield to maturity4.274%Apr 4, 2024Yield to maturity4.478%May 29, 2024Yield to maturity4.827%Jul 24, 2024Yield to maturity4.307%Sep 17, 2024Yield to maturity3.528%Nov 12, 2024Yield to maturity4.332%Jan 8, 2025Yield to maturity4.292%Mar 5, 2025Yield to maturity4.004%Apr 28, 2025Yield to maturity3.735%Jun 23, 2025Yield to maturity3.890%Aug 15, 2025Yield to maturity3.811%Oct 9, 2025Yield to maturity3.661%Dec 5, 2025Yield to maturity3.620%Feb 2, 2026Yield to maturity3.589%Mar 27, 2026Yield to maturity3.851%May 20, 2026Yield to maturity3.842%Jul 16, 2026Yield to maturity3.947%Sep 9, 2026Yield to maturity4.022%Sep 10, 2026Yield to maturity4.108%

Price history

1,636 trading days to Sep 10, 2026

859095100105110Mar 2, 2020Sep 10, 2026Mar 2, 2020Close100.750Apr 24, 2020Close104.188Jun 18, 2020Close104.063Aug 12, 2020Close104.281Oct 6, 2020Close104.156Dec 2, 2020Close103.250Jan 28, 2021Close103.125Mar 24, 2021Close100.438May 17, 2021Close100.500Jul 12, 2021Close101.188Sep 2, 2021Close101.500Oct 28, 2021Close99.469Dec 23, 2021Close99.281Feb 17, 2022Close96.500Apr 13, 2022Close92.969Jun 8, 2022Close91.563Aug 3, 2022Close92.438Sep 27, 2022Close87.438Nov 22, 2022Close88.594Jan 19, 2023Close90.813Mar 15, 2023Close90.563May 8, 2023Close91.344Jul 3, 2023Close89.000Aug 25, 2023Close88.781Oct 20, 2023Close88.469Dec 14, 2023Close91.281Feb 9, 2024Close91.094Apr 4, 2024Close90.969May 29, 2024Close90.563Jul 24, 2024Close92.250Sep 17, 2024Close94.406Nov 12, 2024Close93.063Jan 8, 2025Close93.594Mar 5, 2025Close94.563Apr 28, 2025Close95.406Jun 23, 2025Close95.531Aug 15, 2025Close96.031Oct 9, 2025Close96.594Dec 5, 2025Close97.031Feb 2, 2026Close97.438Mar 27, 2026Close97.563May 20, 2026Close97.938Jul 16, 2026Close98.281Sep 9, 2026Close98.656Sep 10, 2026Close98.625
The most recent 20 trading days of prices for 912828ZB9.
DateBidOfferClose
Sep 10, 2026–98.65698.625
Sep 9, 2026–98.65698.656
Sep 8, 2026–98.65698.656
Sep 4, 2026–98.65698.656
Sep 3, 2026–98.62598.625
Sep 2, 2026–98.59498.594
Sep 1, 2026–98.59498.594
Aug 31, 202698.60998.59498.594
Aug 28, 202698.60998.59498.594
Aug 27, 202698.62598.59498.594
Aug 26, 202698.60998.59498.594
Aug 25, 202698.60998.59498.594
Aug 24, 202698.60998.59498.594
Aug 21, 202698.60998.59498.563
Aug 20, 202698.57898.56398.563
Aug 19, 202698.57898.56398.563
Aug 18, 202698.56398.56398.563
Aug 17, 202698.54798.53198.531
Aug 14, 202698.54798.53198.531
Aug 13, 202698.51698.50098.500

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 912828ZB9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 27, 2020Mar 2, 2020New issue$32.0bn$36.8bn2.49x1.247%

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.