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Note Public

U.S. Treasury 4.38% Note due Dec 31, 2029

CUSIP 91282CMD0 · 5-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.27%
annualized · YTW equals YTM (non-callable)
Current yield i
4.36%
Coupon i
4.38%
Modified duration i
3.2 yr
Convexity i
12.20
Indicative price i
100.344
indicative model price — not a tradable quote
real auctioned at 99.543 · 4.48% high yield (Dec 24, 2024) — at issuance, not a current price
Settles i
Jun 22, 2026
priced to this date (T+1 basis)
Total to settle i
102.435
per 100 par (clean 100.344 + accrued 2.091) · ≈ $10,243.46 per $10,000 face
Next coupon i
Jun 30, 2026
2.188 per 100 · $218.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Dec 2024par 100 · Dec 20298 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i5-Year
Coupon i4.38% (semiannual)
Maturity iDec 31, 2029
Issue dateDec 31, 2024
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
100.344
Dirty price i
102.435
Accrued interest i
2.091
per 100 par
Yield to maturity i
4.27%
Yield to worst i
4.27%
Current yield i
4.36%
Modified duration i
3.2 yr
Macaulay duration i
3.2 yr
Convexity i
12.20
DV01 i
0.0325
per 100 par

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

Remaining cash flows

8 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jun 30, 20262.188 0.999212.186
Dec 31, 20262.188 0.979472.143
Jun 30, 20272.188 0.959902.100
Dec 31, 20272.188 0.939272.055
Jun 30, 20282.188 0.918462.009
Dec 31, 20282.188 0.899121.967
Jun 30, 20292.188 0.880441.926
Dec 31, 2029102.188 0.8616588.050
Sum of present values 102.435

Present values sum to the dirty price; subtract 2.091 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +6.58% 106.946
-100 bp (-1.0%) +3.23% 103.584
+100 bp (+1.0%) -3.11% 97.226
+200 bp (+2.0%) -6.09% 94.231

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (3.2 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 →
3.223.824.42Jan 2026Jun 2026

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