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Note Public

U.S. Treasury 1.25% Note due Aug 15, 2031

CUSIP 91282CCS8 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.38%
annualized · YTW equals YTM (non-callable)
Current yield i
1.45%
Coupon i
1.25%
Modified duration i
4.8 yr
Convexity i
25.56
Indicative price i
85.952
indicative model price — not a tradable quote
real auctioned at 96.968 · 1.58% high yield (Oct 12, 2021) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
86.519
per 100 par (clean 85.952 + accrued 0.566) · ≈ $8,651.87 per $10,000 face
Next coupon i
Aug 15, 2026
0.625 per 100 · $62.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2021par 100 · Aug 203111 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i1.25% (semiannual)
Maturity iAug 15, 2031
Issue dateOct 15, 2021
Par value i100.00
CallableNo
Amount outstanding i$101.3B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
85.952
Dirty price i
86.519
Accrued interest i
0.566
per 100 par
Yield to maturity i
4.38%
Yield to worst i
4.38%
Current yield i
1.45%
Modified duration i
4.8 yr
Macaulay duration i
4.9 yr
Convexity i
25.56
DV01 i
0.0412
per 100 par

indicative — matrix-priced off today's par curve.

Remaining cash flows

11 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20260.625 0.998280.624
Feb 15, 20270.625 0.978550.612
Aug 15, 20270.625 0.958910.599
Feb 15, 20280.625 0.938410.587
Aug 15, 20280.625 0.917830.574
Feb 15, 20290.625 0.897860.561
Aug 15, 20290.625 0.878370.549
Feb 15, 20300.625 0.859120.537
Aug 15, 20300.625 0.840420.525
Feb 15, 20310.625 0.821650.514
Aug 15, 2031100.625 0.8033680.838
Sum of present values 86.519

Present values sum to the dirty price; subtract 0.566 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +10.02% 94.569
-100 bp (-1.0%) +4.88% 90.151
+100 bp (+1.0%) -4.63% 81.974
+200 bp (+2.0%) -9.0% 78.215

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (4.8 yr) and convexity. Real moves are rarely parallel; this is not a forecast.

What to know

Key risks

  • Interest-rate risk. If market yields rise, the price falls — and more so the longer the maturity. See the rate-sensitivity table above.
  • Inflation risk. Fixed coupons lose purchasing power if inflation rises. TIPS are designed to offset this; nominal bills, notes and bonds are not.
  • Reinvestment risk. Coupons, and principal at maturity, may have to be reinvested later at lower rates than today's.
  • Liquidity / price risk. Selling before maturity means taking the market price at that time, which can be above or below the indicative value shown here.

Tax

Interest on U.S. Treasuries is subject to federal income tax but is generally exempt from state and local income tax.

How Treasuries are bought

New issues are sold at auction (including directly via TreasuryDirect.gov); outstanding securities trade on the secondary market through a broker. This site is for research only and does not sell or recommend securities.

General information only — not tax, legal or investment advice.

Benchmark yield, past year

All tenors →
3.323.994.65Jan 2026Jul 2026

Par yield of the nearest benchmark tenor — the main input to this bond's price.