Treasury note

912828ZE3 · 0.625% due March 31, 2027

Original term
7-Year
Maturity
Mar 31, 2027
Coupon
0.625%
Pays
Semi-Annual
Dated
Mar 31, 2020
First coupon
Sep 30, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$35.88bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.036%
Modified duration
0.539 yr
DV01
0.0053
Convexity
0.556
Dirty price
98.436

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 0.549 years against a modified duration of 0.539.

Against the fitted curve

Priced 11.7 bp rich to the curve on that day, 6.22 cents per 100 of face.

That is -3.93 standard deviations from its own typical residual.

Yield to maturity, 1,615 observations

0%1%2%3%4%5%6%Mar 31, 2020Sep 10, 2026Mar 31, 2020Yield to maturity0.552%May 22, 2020Yield to maturity0.504%Jul 16, 2020Yield to maturity0.440%Sep 8, 2020Yield to maturity0.436%Oct 30, 2020Yield to maturity0.580%Dec 24, 2020Yield to maturity0.549%Feb 19, 2021Yield to maturity0.820%Apr 13, 2021Yield to maturity1.092%Jun 4, 2021Yield to maturity0.980%Jul 28, 2021Yield to maturity0.811%Sep 20, 2021Yield to maturity0.904%Nov 12, 2021Yield to maturity1.283%Jan 6, 2022Yield to maturity1.492%Mar 2, 2022Yield to maturity1.762%Apr 25, 2022Yield to maturity2.855%Jun 16, 2022Yield to maturity3.383%Aug 10, 2022Yield to maturity2.971%Oct 3, 2022Yield to maturity3.977%Nov 28, 2022Yield to maturity4.009%Jan 23, 2023Yield to maturity3.674%Mar 16, 2023Yield to maturity3.872%May 8, 2023Yield to maturity3.591%Jun 30, 2023Yield to maturity4.343%Aug 23, 2023Yield to maturity4.541%Oct 17, 2023Yield to maturity4.970%Dec 8, 2023Yield to maturity4.404%Feb 2, 2024Yield to maturity4.128%Mar 27, 2024Yield to maturity4.365%May 17, 2024Yield to maturity4.604%Jul 12, 2024Yield to maturity4.275%Sep 4, 2024Yield to maturity3.687%Oct 28, 2024Yield to maturity4.103%Dec 20, 2024Yield to maturity4.320%Feb 14, 2025Yield to maturity4.265%Apr 9, 2025Yield to maturity3.932%Jun 2, 2025Yield to maturity3.976%Jul 25, 2025Yield to maturity3.953%Sep 17, 2025Yield to maturity3.584%Nov 10, 2025Yield to maturity3.642%Jan 6, 2026Yield to maturity3.482%Mar 2, 2026Yield to maturity3.548%Apr 22, 2026Yield to maturity3.741%Jun 15, 2026Yield to maturity3.911%Aug 7, 2026Yield to maturity3.973%Sep 10, 2026Yield to maturity4.036%

Price history

1,615 trading days to Sep 10, 2026

80859095100105Mar 31, 2020Sep 10, 2026Mar 31, 2020Close100.500May 22, 2020Close100.813Jul 16, 2020Close101.219Sep 8, 2020Close101.219Oct 30, 2020Close100.281Dec 24, 2020Close100.469Feb 19, 2021Close98.844Apr 13, 2021Close97.313Jun 4, 2021Close98.000Jul 28, 2021Close98.969Sep 20, 2021Close98.500Nov 12, 2021Close96.594Jan 6, 2022Close95.656Mar 2, 2022Close94.500Apr 25, 2022Close89.813Jun 16, 2022Close87.906Aug 10, 2022Close89.906Oct 3, 2022Close86.344Nov 28, 2022Close86.656Jan 23, 2023Close88.281Mar 16, 2023Close87.969May 8, 2023Close89.313Jun 30, 2023Close87.281Aug 23, 2023Close87.125Oct 17, 2023Close86.375Dec 8, 2023Close88.500Feb 2, 2024Close89.750Mar 27, 2024Close89.563May 17, 2024Close89.438Jul 12, 2024Close90.750Sep 4, 2024Close92.563Oct 28, 2024Close92.063Dec 20, 2024Close92.094Feb 14, 2025Close92.719Apr 9, 2025Close93.781Jun 2, 2025Close94.156Jul 25, 2025Close94.656Sep 17, 2025Close95.625Nov 10, 2025Close95.969Jan 6, 2026Close96.594Mar 2, 2026Close96.938Apr 22, 2026Close97.156Jun 15, 2026Close97.469Aug 7, 2026Close97.906Sep 10, 2026Close98.156
The most recent 20 trading days of prices for 912828ZE3.
DateBidOfferClose
Sep 10, 202698.17298.15698.156
Sep 9, 202698.20398.18898.188
Sep 8, 202698.17298.15698.188
Sep 4, 202698.15698.15698.156
Sep 3, 202698.14198.12598.125
Sep 2, 202698.10998.09498.094
Sep 1, 202698.09498.06398.063
Aug 31, 202698.07898.06398.063
Aug 28, 202698.09498.06398.063
Aug 27, 202698.10998.09498.094
Aug 26, 202698.07898.06398.063
Aug 25, 202698.07898.06398.063
Aug 24, 202698.06398.03198.031
Aug 21, 202698.07898.06398.063
Aug 20, 202698.04798.03198.031
Aug 19, 202698.04798.03198.031
Aug 18, 202698.01698.00098.000
Aug 17, 202698.01698.00098.000
Aug 14, 202698.01698.00098.000
Aug 13, 202697.96997.93897.938

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 912828ZE3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2020Mar 31, 2020New issue$32.0bn$36.3bn2.76x0.680%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.