BondDesk Every bond, priced off the Treasury curve
Note Public

U.S. Treasury 4.50% Note due Nov 15, 2033

CUSIP 91282CJJ1 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.36%
annualized · YTW equals YTM (non-callable)
Current yield i
4.46%
Coupon i
4.50%
Modified duration i
6.2 yr
Convexity i
45.72
Indicative price i
100.867
indicative model price — not a tradable quote
real auctioned at 103.823 · 4.02% high yield (Jan 10, 2024) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
101.282
per 100 par (clean 100.867 + accrued 0.416) · ≈ $10,128.25 per $10,000 face
Next coupon i
Nov 15, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2024par 100 · Nov 203315 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iNov 15, 2033
Issue dateJan 16, 2024
Par value i100.00
CallableNo
Amount outstanding i$77.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
100.867
Dirty price i
101.282
Accrued interest i
0.416
per 100 par
Yield to maturity i
4.36%
Yield to worst i
4.36%
Current yield i
4.46%
Modified duration i
6.2 yr
Macaulay duration i
6.4 yr
Convexity i
45.72
DV01 i
0.0631
per 100 par

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

Remaining cash flows

15 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.250 0.984322.215
May 15, 20272.250 0.964842.171
Nov 15, 20272.250 0.944602.125
May 15, 20282.250 0.924092.079
Nov 15, 20282.250 0.904672.036
May 15, 20292.250 0.886261.994
Nov 15, 20292.250 0.867671.952
May 15, 20302.250 0.849621.912
Nov 15, 20302.250 0.831581.871
May 15, 20312.250 0.814121.832
Nov 15, 20312.250 0.795971.791
May 15, 20322.250 0.778051.751
Nov 15, 20322.250 0.760101.710
May 15, 20332.250 0.742621.671
Nov 15, 2033102.250 0.7254174.173
Sum of present values 101.282

Present values sum to the dirty price; subtract 0.416 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +13.37% 114.348
-100 bp (-1.0%) +6.45% 107.377
+100 bp (+1.0%) -6.0% 94.818
+200 bp (+2.0%) -11.54% 89.230

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (6.2 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.