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Note Public

U.S. Treasury 4.38% Note due May 15, 2034

CUSIP 91282CKQ3 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.38%
annualized · YTW equals YTM (non-callable)
Current yield i
4.38%
Coupon i
4.38%
Modified duration i
6.6 yr
Convexity i
51.39
Indicative price i
99.967
indicative model price — not a tradable quote
real auctioned at 100.778 · 4.28% high yield (Jul 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
100.371
per 100 par (clean 99.967 + accrued 0.404) · ≈ $10,037.14 per $10,000 face
Next coupon i
Nov 15, 2026
2.188 per 100 · $218.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2024par 100 · May 203416 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.38% (semiannual)
Maturity iMay 15, 2034
Issue dateJul 15, 2024
Par value i100.00
CallableNo
Amount outstanding i$87.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
99.967
Dirty price i
100.371
Accrued interest i
0.404
per 100 par
Yield to maturity i
4.38%
Yield to worst i
4.38%
Current yield i
4.38%
Modified duration i
6.6 yr
Macaulay duration i
6.7 yr
Convexity i
51.39
DV01 i
0.0662
per 100 par

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

Remaining cash flows

16 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.188 0.984322.153
May 15, 20272.188 0.964842.111
Nov 15, 20272.188 0.944602.066
May 15, 20282.188 0.924092.021
Nov 15, 20282.188 0.904671.979
May 15, 20292.188 0.886261.939
Nov 15, 20292.188 0.867671.898
May 15, 20302.188 0.849621.859
Nov 15, 20302.188 0.831581.819
May 15, 20312.188 0.814121.781
Nov 15, 20312.188 0.795971.741
May 15, 20322.188 0.778051.702
Nov 15, 20322.188 0.760101.663
May 15, 20332.188 0.742621.624
Nov 15, 20332.188 0.725411.587
May 15, 2034102.188 0.7087872.428
Sum of present values 100.371

Present values sum to the dirty price; subtract 0.404 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +14.22% 114.187
-100 bp (-1.0%) +6.86% 106.820
+100 bp (+1.0%) -6.34% 93.628
+200 bp (+2.0%) -12.17% 87.802

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (6.6 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.