Treasury note

912828ZQ6 · 0.625% due May 15, 2030

Original term
10-Year
Maturity
May 15, 2030
Coupon
0.625%
Pays
Semi-Annual
Dated
May 15, 2020
First coupon
Nov 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$109.62bn
Held stripped
$1.60bn
Share stripped
1.46%

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
4.704%
Modified duration
3.545 yr
DV01
0.0307
Convexity
14.415
Dirty price
86.577

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 3.626 years against a modified duration of 3.545.

Against the fitted curve

Priced 1.3 bp rich to the curve on that day, 3.91 cents per 100 of face.

That is -1.81 standard deviations from its own typical residual.

Yield to maturity, 1,583 observations

0%1%2%3%4%5%6%May 15, 2020Sep 10, 2026May 15, 2020Yield to maturity0.641%Jul 8, 2020Yield to maturity0.655%Aug 27, 2020Yield to maturity0.728%Oct 20, 2020Yield to maturity0.771%Dec 11, 2020Yield to maturity0.860%Feb 4, 2021Yield to maturity1.094%Mar 29, 2021Yield to maturity1.670%May 18, 2021Yield to maturity1.575%Jul 9, 2021Yield to maturity1.308%Aug 30, 2021Yield to maturity1.217%Oct 21, 2021Yield to maturity1.609%Dec 14, 2021Yield to maturity1.399%Feb 4, 2022Yield to maturity1.901%Mar 29, 2022Yield to maturity2.445%May 19, 2022Yield to maturity2.843%Jul 13, 2022Yield to maturity2.939%Sep 1, 2022Yield to maturity3.300%Oct 25, 2022Yield to maturity4.110%Dec 16, 2022Yield to maturity3.502%Feb 9, 2023Yield to maturity3.714%Apr 3, 2023Yield to maturity3.461%May 23, 2023Yield to maturity3.717%Jul 17, 2023Yield to maturity3.907%Sep 6, 2023Yield to maturity4.392%Oct 27, 2023Yield to maturity4.854%Dec 19, 2023Yield to maturity3.970%Feb 12, 2024Yield to maturity4.171%Apr 3, 2024Yield to maturity4.358%May 23, 2024Yield to maturity4.518%Jul 17, 2024Yield to maturity4.099%Sep 6, 2024Yield to maturity3.558%Oct 29, 2024Yield to maturity4.153%Dec 20, 2024Yield to maturity4.403%Feb 13, 2025Yield to maturity4.417%Apr 7, 2025Yield to maturity3.843%May 28, 2025Yield to maturity4.079%Jul 21, 2025Yield to maturity3.915%Sep 10, 2025Yield to maturity3.581%Oct 31, 2025Yield to maturity3.699%Dec 24, 2025Yield to maturity3.682%Feb 18, 2026Yield to maturity3.610%Apr 9, 2026Yield to maturity3.880%Jun 1, 2026Yield to maturity4.158%Jul 23, 2026Yield to maturity4.434%Sep 10, 2026Yield to maturity4.704%

Price history

1,583 trading days to Sep 10, 2026

7580859095100105May 15, 2020Sep 10, 2026May 15, 2020Close99.844Jul 8, 2020Close99.719Aug 27, 2020Close99.031Oct 20, 2020Close98.656Dec 11, 2020Close97.875Feb 4, 2021Close95.875Mar 29, 2021Close91.188May 18, 2021Close92.063Jul 9, 2021Close94.313Aug 30, 2021Close95.125Oct 21, 2021Close92.156Dec 14, 2021Close93.875Feb 4, 2022Close90.281Mar 29, 2022Close86.656May 19, 2022Close84.250Jul 13, 2022Close83.906Sep 1, 2022Close81.938Oct 25, 2022Close77.563Dec 16, 2022Close81.375Feb 9, 2023Close80.500Apr 3, 2023Close82.250May 23, 2023Close81.156Jul 17, 2023Close80.500Sep 6, 2023Close78.375Oct 27, 2023Close76.531Dec 19, 2023Close81.250Feb 12, 2024Close80.656Apr 3, 2024Close80.156May 23, 2024Close79.813Jul 17, 2024Close82.156Sep 6, 2024Close85.031Oct 29, 2024Close82.688Dec 20, 2024Close82.031Feb 13, 2025Close82.406Apr 7, 2025Close85.219May 28, 2025Close84.625Jul 21, 2025Close85.688Sep 10, 2025Close87.375Oct 31, 2025Close87.281Dec 24, 2025Close87.719Feb 18, 2026Close88.375Apr 9, 2026Close87.781Jun 1, 2026Close87.250Jul 23, 2026Close86.781Sep 10, 2026Close86.375
The most recent 20 trading days of prices for 912828ZQ6.
DateBidOfferClose
Sep 10, 202686.50086.46986.375
Sep 9, 202686.81386.78186.781
Sep 8, 202686.95386.93886.906
Sep 4, 202687.01687.00086.969
Sep 3, 202687.12587.09487.031
Sep 2, 202686.92286.90686.906
Sep 1, 202686.98486.96986.875
Aug 31, 202687.07887.06387.063
Aug 28, 202687.15687.12587.063
Aug 27, 202687.42287.40687.344
Aug 26, 202687.42287.40687.375
Aug 25, 202687.46987.43887.469
Aug 24, 202687.35987.34487.281
Aug 21, 202687.23487.21987.250
Aug 20, 202687.35987.34487.344
Aug 19, 202687.40687.37587.438
Aug 18, 202687.39187.37587.375
Aug 17, 202687.42287.40687.344
Aug 14, 202687.45387.43887.375
Aug 13, 202687.48487.46987.469

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 912828ZQ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 12, 2020May 15, 2020New issue$32.0bn$48.9bn2.69x0.700%
Jun 9, 2020Jun 15, 2020Reopening$29.0bn$29.4bn2.26x0.832%
Jul 8, 2020Jul 15, 2020Reopening$29.0bn$31.5bn2.62x0.653%

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.