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Note Public

U.S. Treasury 4.12% Note due Nov 15, 2032

CUSIP 91282CFV8 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.31%
annualized · YTW equals YTM (non-callable)
Current yield i
4.17%
Coupon i
4.12%
Modified duration i
5.6 yr
Convexity i
36.01
Indicative price i
98.947
indicative model price — not a tradable quote
real auctioned at 104.516 · 3.58% high yield (Jan 11, 2023) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
99.329
per 100 par (clean 98.947 + accrued 0.381) · ≈ $9,932.85 per $10,000 face
Next coupon i
Nov 15, 2026
2.062 per 100 · $206.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2023par 100 · Nov 203213 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.12% (semiannual)
Maturity iNov 15, 2032
Issue dateJan 17, 2023
Par value i100.00
CallableNo
Amount outstanding i$79.3B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
98.947
Dirty price i
99.329
Accrued interest i
0.381
per 100 par
Yield to maturity i
4.31%
Yield to worst i
4.31%
Current yield i
4.17%
Modified duration i
5.6 yr
Macaulay duration i
5.7 yr
Convexity i
36.01
DV01 i
0.0551
per 100 par

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

Remaining cash flows

13 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.062 0.984322.030
May 15, 20272.062 0.964841.990
Nov 15, 20272.062 0.944601.948
May 15, 20282.062 0.924091.906
Nov 15, 20282.062 0.904671.866
May 15, 20292.062 0.886261.828
Nov 15, 20292.062 0.867671.790
May 15, 20302.062 0.849621.752
Nov 15, 20302.062 0.831581.715
May 15, 20312.062 0.814121.679
Nov 15, 20312.062 0.795971.642
May 15, 20322.062 0.778051.605
Nov 15, 2032102.062 0.7601077.578
Sum of present values 99.329

Present values sum to the dirty price; subtract 0.381 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +11.82% 110.644
-100 bp (-1.0%) +5.73% 104.618
+100 bp (+1.0%) -5.37% 93.633
+200 bp (+2.0%) -10.38% 88.676

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (5.6 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 →
3.564.114.66Jan 2026Jun 2026

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