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Note Public

U.S. Treasury 1.38% Note due Oct 31, 2028

CUSIP 91282CDF5 · 7-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.26%
annualized · YTW equals YTM (non-callable)
Current yield i
1.47%
Coupon i
1.38%
Modified duration i
2.3 yr
Convexity i
6.33
Indicative price i
93.603
indicative model price — not a tradable quote
real auctioned at 99.430 · 1.46% high yield (Oct 28, 2021) — at issuance, not a current price
Settles i
Jun 22, 2026
priced to this date (T+1 basis)
Total to settle i
93.801
per 100 par (clean 93.603 + accrued 0.198) · ≈ $9,380.10 per $10,000 face
Next coupon i
Oct 31, 2026
0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Nov 2021par 100 · Oct 20285 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i7-Year
Coupon i1.38% (semiannual)
Maturity iOct 31, 2028
Issue dateNov 1, 2021
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
93.603
Dirty price i
93.801
Accrued interest i
0.198
per 100 par
Yield to maturity i
4.26%
Yield to worst i
4.26%
Current yield i
1.47%
Modified duration i
2.3 yr
Macaulay duration i
2.3 yr
Convexity i
6.33
DV01 i
0.0213
per 100 par

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

Remaining cash flows

5 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Oct 31, 20260.688 0.986220.678
Apr 30, 20270.688 0.966530.664
Oct 31, 20270.688 0.946170.650
Apr 30, 20280.688 0.925430.636
Oct 31, 2028100.688 0.9054991.172
Sum of present values 93.801

Present values sum to the dirty price; subtract 0.198 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +4.67% 97.975
-100 bp (-1.0%) +2.3% 95.759
+100 bp (+1.0%) -2.24% 91.506
+200 bp (+2.0%) -4.42% 89.468

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (2.3 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 →
3.213.814.41Jan 2026Jun 2026

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