Treasury note

912828ZS2 · 0.5% due May 31, 2027

Original term
7-Year
Maturity
May 31, 2027
Coupon
0.500%
Pays
Semi-Annual
Dated
May 31, 2020
First coupon
Nov 30, 2020
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$39.19bn
Held stripped
$2.4m
Share stripped
<0.01%

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, November 9, 2026

Yield to maturity
4.303%
Modified duration
0.542 yr
DV01
0.0053
Convexity
0.00559
Dirty price
98.160

Where its rate sensitivity sits

0.49
0.06
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 0.552 years against a modified duration of 0.542.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 0.47 cents per 100 of face.

That is -0.19 standard deviations from its own typical residual.

Yield to maturity, 1,612 observations

0%1%2%3%4%5%6%Jun 1, 2020Nov 9, 2026Jun 1, 2020Yield to maturity0.500%Jun 10, 2020Yield to maturity0.560%Jun 19, 2020Yield to maturity0.528%Jun 30, 2020Yield to maturity0.486%Jul 10, 2020Yield to maturity0.482%Jul 21, 2020Yield to maturity0.444%Jul 30, 2020Yield to maturity0.393%Aug 10, 2020Yield to maturity0.407%Aug 19, 2020Yield to maturity0.467%Aug 28, 2020Yield to maturity0.491%Sep 9, 2020Yield to maturity0.457%Sep 18, 2020Yield to maturity0.453%Sep 29, 2020Yield to maturity0.414%Oct 8, 2020Yield to maturity0.505%Oct 20, 2020Yield to maturity0.529%Oct 29, 2020Yield to maturity0.573%Nov 9, 2020Yield to maturity0.651%Nov 19, 2020Yield to maturity0.578%Dec 1, 2020Yield to maturity0.623%Dec 10, 2020Yield to maturity0.579%Dec 21, 2020Yield to maturity0.589%Dec 31, 2020Yield to maturity0.565%Jan 12, 2021Yield to maturity0.731%Jan 22, 2021Yield to maturity0.666%Feb 2, 2021Yield to maturity0.672%Feb 11, 2021Yield to maturity0.693%Feb 23, 2021Yield to maturity0.865%Mar 4, 2021Yield to maturity1.071%Mar 15, 2021Yield to maturity1.138%Mar 24, 2021Yield to maturity1.124%Apr 2, 2021Yield to maturity1.268%Apr 13, 2021Yield to maturity1.135%Apr 22, 2021Yield to maturity1.078%May 3, 2021Yield to maturity1.108%May 12, 2021Yield to maturity1.138%May 21, 2021Yield to maturity1.092%Jun 2, 2021Yield to maturity1.050%Jun 11, 2021Yield to maturity0.970%Jun 22, 2021Yield to maturity1.055%Jul 1, 2021Yield to maturity1.069%Jul 13, 2021Yield to maturity0.999%Jul 22, 2021Yield to maturity0.851%Aug 2, 2021Yield to maturity0.786%Aug 11, 2021Yield to maturity0.938%Aug 20, 2021Yield to maturity0.907%Aug 31, 2021Yield to maturity0.897%Sep 10, 2021Yield to maturity0.933%Sep 21, 2021Yield to maturity0.953%Sep 30, 2021Yield to maturity1.117%Oct 12, 2021Yield to maturity1.202%Oct 21, 2021Yield to maturity1.336%Nov 1, 2021Yield to maturity1.298%Nov 10, 2021Yield to maturity1.308%Nov 22, 2021Yield to maturity1.397%Dec 2, 2021Yield to maturity1.262%Dec 13, 2021Yield to maturity1.266%Dec 22, 2021Yield to maturity1.288%Jan 3, 2022Yield to maturity1.416%Jan 12, 2022Yield to maturity1.551%Jan 24, 2022Yield to maturity1.577%Feb 2, 2022Yield to maturity1.639%Feb 11, 2022Yield to maturity1.864%Feb 23, 2022Yield to maturity1.917%Mar 4, 2022Yield to maturity1.671%Mar 15, 2022Yield to maturity2.137%Mar 24, 2022Yield to maturity2.409%Apr 4, 2022Yield to maturity2.585%Apr 13, 2022Yield to maturity2.699%Apr 25, 2022Yield to maturity2.876%May 4, 2022Yield to maturity2.959%May 13, 2022Yield to maturity2.923%May 24, 2022Yield to maturity2.784%Jun 3, 2022Yield to maturity2.987%Jun 14, 2022Yield to maturity3.654%Jun 24, 2022Yield to maturity3.216%Jul 6, 2022Yield to maturity3.000%Jul 15, 2022Yield to maturity3.090%Jul 26, 2022Yield to maturity2.924%Aug 4, 2022Yield to maturity2.802%Aug 15, 2022Yield to maturity2.944%Aug 24, 2022Yield to maturity3.261%Sep 2, 2022Yield to maturity3.342%Sep 14, 2022Yield to maturity3.639%Sep 23, 2022Yield to maturity4.020%Oct 4, 2022Yield to maturity3.901%Oct 14, 2022Yield to maturity4.328%Oct 25, 2022Yield to maturity4.298%Nov 3, 2022Yield to maturity4.419%Nov 15, 2022Yield to maturity3.978%Nov 25, 2022Yield to maturity3.970%Dec 6, 2022Yield to maturity3.830%Dec 15, 2022Yield to maturity3.715%Dec 27, 2022Yield to maturity4.017%Jan 6, 2023Yield to maturity3.772%Jan 18, 2023Yield to maturity3.506%Jan 27, 2023Yield to maturity3.705%Feb 7, 2023Yield to maturity3.929%Feb 16, 2023Yield to maturity4.158%Feb 28, 2023Yield to maturity4.293%Mar 9, 2023Yield to maturity4.351%Mar 20, 2023Yield to maturity3.713%Mar 29, 2023Yield to maturity3.793%Apr 7, 2023Yield to maturity3.596%Apr 18, 2023Yield to maturity3.793%Apr 27, 2023Yield to maturity3.705%May 8, 2023Yield to maturity3.594%May 17, 2023Yield to maturity3.685%May 26, 2023Yield to maturity4.097%Jun 7, 2023Yield to maturity4.082%Jun 16, 2023Yield to maturity4.159%Jun 28, 2023Yield to maturity4.144%Jul 10, 2023Yield to maturity4.395%Jul 19, 2023Yield to maturity4.150%Jul 28, 2023Yield to maturity4.362%Aug 8, 2023Yield to maturity4.251%Aug 17, 2023Yield to maturity4.551%Aug 28, 2023Yield to maturity4.563%Sep 7, 2023Yield to maturity4.553%Sep 18, 2023Yield to maturity4.636%Sep 27, 2023Yield to maturity4.828%Oct 6, 2023Yield to maturity4.836%Oct 18, 2023Yield to maturity5.012%Oct 27, 2023Yield to maturity4.829%Nov 7, 2023Yield to maturity4.649%Nov 16, 2023Yield to maturity4.541%Nov 28, 2023Yield to maturity4.431%Dec 7, 2023Yield to maturity4.258%Dec 18, 2023Yield to maturity4.090%Dec 28, 2023Yield to maturity3.971%Jan 9, 2024Yield to maturity4.090%Jan 19, 2024Yield to maturity4.146%Jan 30, 2024Yield to maturity4.119%Feb 8, 2024Yield to maturity4.233%Feb 20, 2024Yield to maturity4.382%Feb 29, 2024Yield to maturity4.411%Mar 11, 2024Yield to maturity4.267%Mar 20, 2024Yield to maturity4.399%Apr 1, 2024Yield to maturity4.531%Apr 10, 2024Yield to maturity4.808%Apr 19, 2024Yield to maturity4.814%Apr 30, 2024Yield to maturity4.885%May 9, 2024Yield to maturity4.621%May 20, 2024Yield to maturity4.626%May 30, 2024Yield to maturity4.748%Jun 10, 2024Yield to maturity4.681%Jun 20, 2024Yield to maturity4.486%Jul 1, 2024Yield to maturity4.614%Jul 11, 2024Yield to maturity4.304%Jul 22, 2024Yield to maturity4.319%Jul 31, 2024Yield to maturity4.126%Aug 9, 2024Yield to maturity3.912%Aug 20, 2024Yield to maturity3.841%Aug 29, 2024Yield to maturity3.794%Sep 10, 2024Yield to maturity3.488%Sep 19, 2024Yield to maturity3.516%Sep 30, 2024Yield to maturity3.602%Oct 9, 2024Yield to maturity3.948%Oct 21, 2024Yield to maturity3.978%Oct 30, 2024Yield to maturity4.161%Nov 8, 2024Yield to maturity4.249%Nov 20, 2024Yield to maturity4.300%Dec 2, 2024Yield to maturity4.181%Dec 11, 2024Yield to maturity4.175%Dec 20, 2024Yield to maturity4.336%Jan 2, 2025Yield to maturity4.282%Jan 13, 2025Yield to maturity4.449%Jan 23, 2025Yield to maturity4.330%Feb 3, 2025Yield to maturity4.275%Feb 12, 2025Yield to maturity4.377%Feb 24, 2025Yield to maturity4.186%Mar 5, 2025Yield to maturity4.010%Mar 14, 2025Yield to maturity4.027%Mar 25, 2025Yield to maturity4.004%Apr 3, 2025Yield to maturity3.725%Apr 14, 2025Yield to maturity3.868%Apr 24, 2025Yield to maturity3.831%May 5, 2025Yield to maturity3.863%May 14, 2025Yield to maturity4.072%May 23, 2025Yield to maturity4.011%Jun 4, 2025Yield to maturity3.899%Jun 13, 2025Yield to maturity3.952%Jun 25, 2025Yield to maturity3.806%Jul 7, 2025Yield to maturity3.917%Jul 16, 2025Yield to maturity3.908%Jul 25, 2025Yield to maturity3.927%Aug 5, 2025Yield to maturity3.749%Aug 14, 2025Yield to maturity3.756%Aug 25, 2025Yield to maturity3.754%Sep 4, 2025Yield to maturity3.631%Sep 15, 2025Yield to maturity3.568%Sep 24, 2025Yield to maturity3.653%Oct 3, 2025Yield to maturity3.609%Oct 15, 2025Yield to maturity3.537%Oct 24, 2025Yield to maturity3.532%Nov 4, 2025Yield to maturity3.622%Nov 14, 2025Yield to maturity3.645%Nov 25, 2025Yield to maturity3.542%Dec 5, 2025Yield to maturity3.610%Dec 16, 2025Yield to maturity3.503%Dec 26, 2025Yield to maturity3.502%Jan 7, 2026Yield to maturity3.490%Jan 16, 2026Yield to maturity3.612%Jan 28, 2026Yield to maturity3.595%Feb 6, 2026Yield to maturity3.514%Feb 18, 2026Yield to maturity3.502%Feb 27, 2026Yield to maturity3.469%Mar 10, 2026Yield to maturity3.637%Mar 19, 2026Yield to maturity3.813%Mar 30, 2026Yield to maturity3.842%Apr 8, 2026Yield to maturity3.828%Apr 17, 2026Yield to maturity3.741%Apr 28, 2026Yield to maturity3.784%May 7, 2026Yield to maturity3.830%May 18, 2026Yield to maturity3.928%May 28, 2026Yield to maturity3.924%Jun 8, 2026Yield to maturity3.996%Jun 17, 2026Yield to maturity4.087%Jun 29, 2026Yield to maturity4.072%Jul 9, 2026Yield to maturity4.108%Jul 20, 2026Yield to maturity4.082%Jul 29, 2026Yield to maturity4.109%Aug 7, 2026Yield to maturity4.082%Aug 18, 2026Yield to maturity4.027%Aug 27, 2026Yield to maturity4.056%Sep 8, 2026Yield to maturity4.083%Sep 17, 2026Yield to maturity4.303%Sep 28, 2026Yield to maturity4.524%Oct 7, 2026Yield to maturity4.374%Oct 19, 2026Yield to maturity4.423%Oct 28, 2026Yield to maturity4.366%Nov 6, 2026Yield to maturity4.284%Nov 9, 2026Yield to maturity4.303%

Price history

1,612 trading days to Nov 9, 2026

80859095100105Jun 1, 2020Nov 9, 2026Jun 1, 2020Close100.000Jun 10, 2020Close99.594Jun 19, 2020Close99.813Jun 30, 2020Close100.094Jul 10, 2020Close100.125Jul 21, 2020Close100.375Jul 30, 2020Close100.719Aug 10, 2020Close100.625Aug 19, 2020Close100.219Aug 28, 2020Close100.063Sep 9, 2020Close100.281Sep 18, 2020Close100.313Sep 29, 2020Close100.563Oct 8, 2020Close99.969Oct 20, 2020Close99.813Oct 29, 2020Close99.531Nov 9, 2020Close99.031Nov 19, 2020Close99.500Dec 1, 2020Close99.219Dec 10, 2020Close99.500Dec 21, 2020Close99.438Dec 31, 2020Close99.594Jan 12, 2021Close98.563Jan 22, 2021Close98.969Feb 2, 2021Close98.938Feb 11, 2021Close98.813Feb 23, 2021Close97.781Mar 4, 2021Close96.563Mar 15, 2021Close96.188Mar 24, 2021Close96.281Apr 2, 2021Close95.469Apr 13, 2021Close96.250Apr 22, 2021Close96.594May 3, 2021Close96.438May 12, 2021Close96.281May 21, 2021Close96.563Jun 2, 2021Close96.813Jun 11, 2021Close97.281Jun 22, 2021Close96.813Jul 1, 2021Close96.750Jul 13, 2021Close97.156Jul 22, 2021Close98.000Aug 2, 2021Close98.375Aug 11, 2021Close97.531Aug 20, 2021Close97.719Aug 31, 2021Close97.781Sep 10, 2021Close97.594Sep 21, 2021Close97.500Sep 30, 2021Close96.625Oct 12, 2021Close96.188Oct 21, 2021Close95.500Nov 1, 2021Close95.719Nov 10, 2021Close95.688Nov 22, 2021Close95.250Dec 2, 2021Close95.969Dec 13, 2021Close95.969Dec 22, 2021Close95.875Jan 3, 2022Close95.250Jan 12, 2022Close94.594Jan 24, 2022Close94.500Feb 2, 2022Close94.219Feb 11, 2022Close93.156Feb 23, 2022Close92.938Mar 4, 2022Close94.156Mar 15, 2022Close91.969Mar 24, 2022Close90.750Apr 4, 2022Close90.000Apr 13, 2022Close89.531Apr 25, 2022Close88.813May 4, 2022Close88.500May 13, 2022Close88.719May 24, 2022Close89.375Jun 3, 2022Close88.563Jun 14, 2022Close85.813Jun 24, 2022Close87.719Jul 6, 2022Close88.688Jul 15, 2022Close88.375Jul 26, 2022Close89.125Aug 4, 2022Close89.688Aug 15, 2022Close89.156Aug 24, 2022Close87.906Sep 2, 2022Close87.656Sep 14, 2022Close86.531Sep 23, 2022Close85.125Oct 4, 2022Close85.656Oct 14, 2022Close84.125Oct 25, 2022Close84.313Nov 3, 2022Close83.938Nov 15, 2022Close85.688Nov 25, 2022Close85.813Dec 6, 2022Close86.406Dec 15, 2022Close86.906Dec 27, 2022Close85.875Jan 6, 2023Close86.875Jan 18, 2023Close87.938Jan 27, 2023Close87.281Feb 7, 2023Close86.531Feb 16, 2023Close85.781Feb 28, 2023Close85.406Mar 9, 2023Close85.281Mar 20, 2023Close87.625Mar 29, 2023Close87.406Apr 7, 2023Close88.188Apr 18, 2023Close87.563Apr 27, 2023Close87.938May 8, 2023Close88.406May 17, 2023Close88.156May 26, 2023Close86.844Jun 7, 2023Close86.969Jun 16, 2023Close86.813Jun 28, 2023Close86.938Jul 10, 2023Close86.219Jul 19, 2023Close87.094Jul 28, 2023Close86.500Aug 8, 2023Close86.938Aug 17, 2023Close86.063Aug 28, 2023Close86.125Sep 7, 2023Close86.250Sep 18, 2023Close86.094Sep 27, 2023Close85.594Oct 6, 2023Close85.688Oct 18, 2023Close85.250Oct 27, 2023Close85.906Nov 7, 2023Close86.531Nov 16, 2023Close86.938Nov 28, 2023Close87.375Dec 7, 2023Close87.969Dec 18, 2023Close88.563Dec 28, 2023Close89.000Jan 9, 2024Close88.750Jan 19, 2024Close88.688Jan 30, 2024Close88.844Feb 8, 2024Close88.594Feb 20, 2024Close88.281Feb 29, 2024Close88.281Mar 11, 2024Close88.781Mar 20, 2024Close88.500Apr 1, 2024Close88.250Apr 10, 2024Close87.594Apr 19, 2024Close87.688Apr 30, 2024Close87.594May 9, 2024Close88.375May 20, 2024Close88.469May 30, 2024Close88.250Jun 10, 2024Close88.531Jun 20, 2024Close89.125Jul 1, 2024Close88.906Jul 11, 2024Close89.781Jul 22, 2024Close89.844Jul 31, 2024Close90.406Aug 9, 2024Close91.031Aug 20, 2024Close91.281Aug 29, 2024Close91.469Sep 10, 2024Close92.313Sep 19, 2024Close92.313Sep 30, 2024Close92.188Oct 9, 2024Close91.438Oct 21, 2024Close91.469Oct 30, 2024Close91.125Nov 8, 2024Close91.031Nov 20, 2024Close91.000Dec 2, 2024Close91.375Dec 11, 2024Close91.469Dec 20, 2024Close91.219Jan 2, 2025Close91.438Jan 13, 2025Close91.188Jan 23, 2025Close91.531Feb 3, 2025Close91.750Feb 12, 2025Close91.625Feb 24, 2025Close92.125Mar 5, 2025Close92.563Mar 14, 2025Close92.625Mar 25, 2025Close92.750Apr 3, 2025Close93.375Apr 14, 2025Close93.188Apr 24, 2025Close93.344May 5, 2025Close93.375May 14, 2025Close93.063May 23, 2025Close93.281Jun 4, 2025Close93.563Jun 13, 2025Close93.563Jun 25, 2025Close93.906Jul 7, 2025Close93.813Jul 16, 2025Close93.906Jul 25, 2025Close93.969Aug 5, 2025Close94.344Aug 14, 2025Close94.406Aug 25, 2025Close94.500Sep 4, 2025Close94.781Sep 15, 2025Close94.969Sep 24, 2025Close94.906Oct 3, 2025Close95.063Oct 15, 2025Close95.250Oct 24, 2025Close95.344Nov 4, 2025Close95.281Nov 14, 2025Close95.344Nov 25, 2025Close95.563Dec 5, 2025Close95.563Dec 16, 2025Close95.781Dec 26, 2025Close95.875Jan 7, 2026Close95.969Jan 16, 2026Close95.906Jan 28, 2026Close96.000Feb 6, 2026Close96.188Feb 18, 2026Close96.281Feb 27, 2026Close96.406Mar 10, 2026Close96.281Mar 19, 2026Close96.156Mar 30, 2026Close96.219Apr 8, 2026Close96.313Apr 17, 2026Close96.500Apr 28, 2026Close96.531May 7, 2026Close96.563May 18, 2026Close96.563May 28, 2026Close96.656Jun 8, 2026Close96.688Jun 17, 2026Close96.688Jun 29, 2026Close96.813Jul 9, 2026Close96.875Jul 20, 2026Close97.000Jul 29, 2026Close97.063Aug 7, 2026Close97.188Aug 18, 2026Close97.313Aug 27, 2026Close97.375Sep 8, 2026Close97.469Sep 17, 2026Close97.406Sep 28, 2026Close97.375Oct 7, 2026Close97.563Oct 19, 2026Close97.656Oct 28, 2026Close97.781Nov 6, 2026Close97.938Nov 9, 2026Close97.938
The most recent 20 trading days of prices for 912828ZS2.
DateBidOfferClose
Nov 9, 202697.93897.95397.938
Nov 6, 202697.93897.95397.938
Nov 5, 202697.90697.93897.906
Nov 4, 202697.87597.89197.875
Nov 3, 202697.84497.87597.875
Nov 2, 202697.84497.85997.844
Oct 30, 202697.84497.87597.844
Oct 29, 202697.81397.82897.813
Oct 28, 202697.78197.79797.781
Oct 27, 202697.78197.79797.781
Oct 26, 202697.78197.79797.750
Oct 23, 202697.78197.79797.781
Oct 22, 202697.75097.76697.750
Oct 21, 202697.68897.70397.688
Oct 20, 202697.68897.70397.688
Oct 19, 202697.65697.68897.656
Oct 16, 202697.65697.68897.625
Oct 15, 202697.62597.64197.625
Oct 14, 202697.56397.59497.594
Oct 13, 202697.62597.64197.563

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 912828ZS2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 28, 2020Jun 1, 2020New issue$38.0bn$42.0bn2.55x0.553%

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.