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Note Public

U.S. Treasury 3.75% Note due Dec 31, 2028

CUSIP 91282CJR3 · 5-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.20%
annualized · YTW equals YTM (non-callable)
Current yield i
3.79%
Coupon i
3.75%
Modified duration i
2.3 yr
Convexity i
6.89
Indicative price i
98.925
indicative model price — not a tradable quote
real auctioned at 99.770 · 3.80% high yield (Dec 27, 2023) — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
100.676
per 100 par (clean 98.925 + accrued 1.751) · ≈ $10,067.60 per $10,000 face
Next coupon i
Jun 30, 2026
1.875 per 100 · $187.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2024par 100 · Dec 20286 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i5-Year
Coupon i3.75% (semiannual)
Maturity iDec 31, 2028
Issue dateJan 2, 2024
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
98.925
Dirty price i
100.676
Accrued interest i
1.751
per 100 par
Yield to maturity i
4.20%
Yield to worst i
4.20%
Current yield i
3.79%
Modified duration i
2.3 yr
Macaulay duration i
2.4 yr
Convexity i
6.89
DV01 i
0.0236
per 100 par

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

Remaining cash flows

6 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jun 30, 20261.875 0.998801.873
Dec 31, 20261.875 0.979341.836
Jun 30, 20271.875 0.959851.800
Dec 31, 20271.875 0.939461.761
Jun 30, 20281.875 0.918961.723
Dec 31, 2028101.875 0.8999591.683
Sum of present values 100.676

Present values sum to the dirty price; subtract 1.751 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +4.83% 103.707
-100 bp (-1.0%) +2.38% 101.282
+100 bp (+1.0%) -2.31% 96.637
+200 bp (+2.0%) -4.56% 94.416

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 →
3.223.814.40Jan 2026Jun 2026

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