Treasury note

912828ZN3 · 0.5% due April 30, 2027

Original term
7-Year
Maturity
Apr 30, 2027
Coupon
0.500%
Pays
Semi-Annual
Dated
Apr 30, 2020
First coupon
Oct 31, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$37.19bn
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
4.172%
Modified duration
0.622 yr
DV01
0.0061
Convexity
0.692
Dirty price
97.901

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 0.632 years against a modified duration of 0.622.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 0.58 cents per 100 of face.

That is 0.22 standard deviations from its own typical residual.

Yield to maturity, 1,594 observations

0%1%2%3%4%5%6%Apr 30, 2020Sep 10, 2026Apr 30, 2020Yield to maturity0.532%Jun 23, 2020Yield to maturity0.528%Aug 14, 2020Yield to maturity0.486%Oct 7, 2020Yield to maturity0.524%Dec 2, 2020Yield to maturity0.620%Jan 27, 2021Yield to maturity0.607%Mar 22, 2021Yield to maturity1.165%May 12, 2021Yield to maturity1.119%Jul 6, 2021Yield to maturity0.948%Aug 26, 2021Yield to maturity0.942%Oct 20, 2021Yield to maturity1.257%Dec 14, 2021Yield to maturity1.272%Feb 7, 2022Yield to maturity1.770%Mar 31, 2022Yield to maturity2.434%May 24, 2022Yield to maturity2.772%Jul 19, 2022Yield to maturity3.176%Sep 9, 2022Yield to maturity3.497%Nov 2, 2022Yield to maturity4.352%Dec 28, 2022Yield to maturity4.026%Feb 22, 2023Yield to maturity4.246%Apr 14, 2023Yield to maturity3.703%Jun 7, 2023Yield to maturity4.074%Aug 1, 2023Yield to maturity4.424%Sep 22, 2023Yield to maturity4.730%Nov 15, 2023Yield to maturity4.634%Jan 10, 2024Yield to maturity4.095%Mar 5, 2024Yield to maturity4.314%Apr 25, 2024Yield to maturity4.854%Jun 18, 2024Yield to maturity4.474%Aug 12, 2024Yield to maturity3.878%Oct 3, 2024Yield to maturity3.657%Nov 27, 2024Yield to maturity4.218%Jan 23, 2025Yield to maturity4.318%Mar 18, 2025Yield to maturity4.047%May 8, 2025Yield to maturity3.901%Jul 2, 2025Yield to maturity3.826%Aug 25, 2025Yield to maturity3.755%Oct 17, 2025Yield to maturity3.504%Dec 11, 2025Yield to maturity3.557%Feb 5, 2026Yield to maturity3.485%Mar 31, 2026Yield to maturity3.778%May 21, 2026Yield to maturity3.917%Jul 16, 2026Yield to maturity3.998%Sep 8, 2026Yield to maturity4.039%Sep 10, 2026Yield to maturity4.172%

Price history

1,594 trading days to Sep 10, 2026

80859095100105Apr 30, 2020Sep 10, 2026Apr 30, 2020Close99.781Jun 23, 2020Close99.813Aug 14, 2020Close100.094Oct 7, 2020Close99.844Dec 2, 2020Close99.250Jan 27, 2021Close99.344Mar 22, 2021Close96.094May 12, 2021Close96.438Jul 6, 2021Close97.469Aug 26, 2021Close97.563Oct 20, 2021Close95.969Dec 14, 2021Close96.000Feb 7, 2022Close93.688Mar 31, 2022Close90.813May 24, 2022Close89.594Jul 19, 2022Close88.219Sep 9, 2022Close87.281Nov 2, 2022Close84.438Dec 28, 2022Close86.094Feb 22, 2023Close85.781Apr 14, 2023Close88.094Jun 7, 2023Close87.250Aug 1, 2023Close86.594Sep 22, 2023Close86.156Nov 15, 2023Close86.938Jan 10, 2024Close89.000Mar 5, 2024Close88.875Apr 25, 2024Close87.938Jun 18, 2024Close89.438Aug 12, 2024Close91.375Oct 3, 2024Close92.313Nov 27, 2024Close91.531Jan 23, 2025Close91.844Mar 18, 2025Close92.875May 8, 2025Close93.594Jul 2, 2025Close94.188Aug 25, 2025Close94.750Oct 17, 2025Close95.563Dec 11, 2025Close95.906Feb 5, 2026Close96.438Mar 31, 2026Close96.563May 21, 2026Close96.875Jul 16, 2026Close97.313Sep 8, 2026Close97.781Sep 10, 2026Close97.719
The most recent 20 trading days of prices for 912828ZN3.
DateBidOfferClose
Sep 10, 202697.73497.71997.719
Sep 9, 202697.76697.75097.750
Sep 8, 202697.78197.78197.781
Sep 4, 202697.76697.75097.750
Sep 3, 202697.73497.71997.719
Sep 2, 202697.70397.68897.688
Sep 1, 202697.68897.65697.656
Aug 31, 202697.67297.65697.656
Aug 28, 202697.68897.65697.656
Aug 27, 202697.70397.68897.688
Aug 26, 202697.70397.68897.688
Aug 25, 202697.70397.68897.688
Aug 24, 202697.67297.65697.656
Aug 21, 202697.67297.65697.656
Aug 20, 202697.67297.65697.656
Aug 19, 202697.64197.62597.625
Aug 18, 202697.64197.62597.625
Aug 17, 202697.64197.62597.625
Aug 14, 202697.64197.62597.625
Aug 13, 202697.59497.59497.594

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 912828ZN3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 28, 2020Apr 30, 2020New issue$35.0bn$38.0bn2.56x0.525%

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.