Note Public

U.S. Treasury 1.38% Note due Nov 15, 2031

CUSIP 91282CDJ7 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt

Yield to maturity i

4.26%

annualized · YTW equals YTM (non-callable)

Current yield i

1.60%

Coupon i

1.38%

Modified duration i

5.1 yr

Convexity i

29.12

Indicative price i

86.185

indicative model price — not a tradable quote

real auctioned at 96.866 · 1.72% high yield (Jan 12, 2022) · reopening — at issuance, not a current price

Settles i

Jun 18, 2026

priced to this date (T+1 basis)

Total to settle i

86.312

per 100 par (clean 86.185 + accrued 0.127) · ≈ $8,631.21 per $10,000 face

Next coupon i

Nov 15, 2026

0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today

Terms fetched

Type	Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i	9-Year 10-Month
Coupon i	1.38% (semiannual)
Maturity i	Nov 15, 2031
Issue date	Jan 18, 2022
Par value i	100.00
Callable	No
Amount outstanding i	$102.9B
Credit	AAA·Govt

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Computed metrics computed

Clean price i

86.185

Dirty price i

86.312

Accrued interest i

0.127

per 100 par

Yield to maturity i

4.26%

Yield to worst i

4.26%

Current yield i

1.60%

Modified duration i

5.1 yr

Macaulay duration i

5.2 yr

Convexity i

29.12

DV01 i

0.0440

per 100 par

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

Remaining cash flows

11 payments, discounted off today's curve

Date	Cash flow	Discount factor	Present value
Nov 15, 2026	0.688	0.98432	0.677
May 15, 2027	0.688	0.96484	0.663
Nov 15, 2027	0.688	0.94460	0.649
May 15, 2028	0.688	0.92409	0.635
Nov 15, 2028	0.688	0.90467	0.622
May 15, 2029	0.688	0.88626	0.609
Nov 15, 2029	0.688	0.86767	0.597
May 15, 2030	0.688	0.84962	0.584
Nov 15, 2030	0.688	0.83158	0.572
May 15, 2031	0.688	0.81412	0.560
Nov 15, 2031	100.688	0.79597	80.144
Sum of present values			86.312

Present values sum to the dirty price; subtract 0.127 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity

Parallel rate move	Approx. price change	Approx. indicative price
-200 bp (-2.0%)	+10.78%	95.472
-100 bp (-1.0%)	+5.24%	90.703
+100 bp (+1.0%)	-4.95%	81.918
+200 bp (+2.0%)	-9.61%	77.902

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (5.1 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

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