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Note Public

U.S. Treasury 4.25% Note due Nov 15, 2034

CUSIP 91282CLW9 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.59%
annualized · YTW equals YTM (non-callable)
Current yield i
4.35%
Coupon i
4.25%
Modified duration i
6.8 yr
Convexity i
55.58
Indicative price i
97.699
indicative model price — not a tradable quote
real auctioned at 96.631 · 4.68% high yield (Jan 7, 2025) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
98.565
per 100 par (clean 97.699 + accrued 0.866) · ≈ $9,856.49 per $10,000 face
Next coupon i
Nov 15, 2026
2.125 per 100 · $212.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2025par 100 · Nov 203417 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.25% (semiannual)
Maturity iNov 15, 2034
Issue dateJan 15, 2025
Par value i100.00
CallableNo
Amount outstanding i$91.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
97.699
Dirty price i
98.565
Accrued interest i
0.866
per 100 par
Yield to maturity i
4.59%
Yield to worst i
4.59%
Current yield i
4.35%
Modified duration i
6.8 yr
Macaulay duration i
7.0 yr
Convexity i
55.58
DV01 i
0.0674
per 100 par

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

Remaining cash flows

17 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.125 0.988602.101
May 15, 20272.125 0.968932.059
Nov 15, 20272.125 0.948712.016
May 15, 20282.125 0.928231.972
Nov 15, 20282.125 0.907831.929
May 15, 20292.125 0.888241.888
Nov 15, 20292.125 0.868721.846
May 15, 20302.125 0.849901.806
Nov 15, 20302.125 0.831011.766
May 15, 20312.125 0.812661.727
Nov 15, 20312.125 0.793831.687
May 15, 20322.125 0.775081.647
Nov 15, 20322.125 0.756281.607
May 15, 20332.125 0.737931.568
Nov 15, 20332.125 0.719751.529
May 15, 20342.125 0.702261.492
Nov 15, 2034102.125 0.6846969.924
Sum of present values 98.565

Present values sum to the dirty price; subtract 0.866 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +14.8% 112.156
-100 bp (-1.0%) +7.12% 104.656
+100 bp (+1.0%) -6.57% 91.285
+200 bp (+2.0%) -12.57% 85.414

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (6.8 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.