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Note Public

U.S. Treasury 3.88% Note due Jul 15, 2028

CUSIP 91282CNM9 · 3-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.19%
annualized · YTW equals YTM (non-callable)
Current yield i
3.90%
Coupon i
3.88%
Modified duration i
1.9 yr
Convexity i
4.84
Indicative price i
99.369
indicative model price — not a tradable quote
real auctioned at 99.955 · 3.89% high yield (Jul 8, 2025) — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
101.017
per 100 par (clean 99.369 + accrued 1.648) · ≈ $10,101.74 per $10,000 face
Next coupon i
Jul 15, 2026
1.938 per 100 · $193.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2025par 100 · Jul 20285 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i3-Year
Coupon i3.88% (semiannual)
Maturity iJul 15, 2028
Issue dateJul 15, 2025
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
99.369
Dirty price i
101.017
Accrued interest i
1.648
per 100 par
Yield to maturity i
4.19%
Yield to worst i
4.19%
Current yield i
3.90%
Modified duration i
1.9 yr
Macaulay duration i
2.0 yr
Convexity i
4.84
DV01 i
0.0196
per 100 par

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

Remaining cash flows

5 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jul 15, 20261.938 0.997301.932
Jan 15, 20271.938 0.977741.894
Jul 15, 20271.938 0.958201.857
Jan 15, 20281.938 0.937781.817
Jul 15, 2028101.938 0.9174093.517
Sum of present values 101.017

Present values sum to the dirty price; subtract 1.648 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +3.98% 103.321
-100 bp (-1.0%) +1.96% 101.321
+100 bp (+1.0%) -1.92% 97.465
+200 bp (+2.0%) -3.78% 95.609

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (1.9 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 →
3.223.794.36Jan 2026Jun 2026

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