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Note Public

U.S. Treasury 3.38% Note due May 15, 2033

CUSIP 91282CHC8 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.50%
annualized · YTW equals YTM (non-callable)
Current yield i
3.61%
Coupon i
3.38%
Modified duration i
5.9 yr
Convexity i
40.73
Indicative price i
93.450
indicative model price — not a tradable quote
real auctioned at 96.080 · 3.86% high yield (Jul 12, 2023) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
94.138
per 100 par (clean 93.450 + accrued 0.688) · ≈ $9,413.78 per $10,000 face
Next coupon i
Nov 15, 2026
1.688 per 100 · $168.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2023par 100 · May 203314 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i3.38% (semiannual)
Maturity iMay 15, 2033
Issue dateJul 17, 2023
Par value i100.00
CallableNo
Amount outstanding i$76.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
93.450
Dirty price i
94.138
Accrued interest i
0.688
per 100 par
Yield to maturity i
4.50%
Yield to worst i
4.50%
Current yield i
3.61%
Modified duration i
5.9 yr
Macaulay duration i
6.1 yr
Convexity i
40.73
DV01 i
0.0558
per 100 par

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

Remaining cash flows

14 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.688 0.988601.668
May 15, 20271.688 0.968931.635
Nov 15, 20271.688 0.948711.601
May 15, 20281.688 0.928231.566
Nov 15, 20281.688 0.907831.532
May 15, 20291.688 0.888241.499
Nov 15, 20291.688 0.868721.466
May 15, 20301.688 0.849901.434
Nov 15, 20301.688 0.831011.402
May 15, 20311.688 0.812661.371
Nov 15, 20311.688 0.793831.340
May 15, 20321.688 0.775081.308
Nov 15, 20321.688 0.756281.276
May 15, 2033101.688 0.7379375.039
Sum of present values 94.138

Present values sum to the dirty price; subtract 0.688 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +12.66% 105.284
-100 bp (-1.0%) +6.13% 99.177
+100 bp (+1.0%) -5.72% 88.104
+200 bp (+2.0%) -11.03% 83.138

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (5.9 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 →
3.554.154.75Jan 2026Jul 2026

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