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Note Public

U.S. Treasury 3.88% Note due Dec 31, 2032

CUSIP 91282CPQ8 · 7-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.32%
annualized · YTW equals YTM (non-callable)
Current yield i
3.98%
Coupon i
3.88%
Modified duration i
5.6 yr
Convexity i
37.02
Indicative price i
97.477
indicative model price — not a tradable quote
real auctioned at 99.666 · 3.93% high yield (Dec 24, 2025) — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
99.286
per 100 par (clean 97.477 + accrued 1.809) · ≈ $9,928.60 per $10,000 face
Next coupon i
Jun 30, 2026
1.938 per 100 · $193.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Dec 2025par 100 · Dec 203214 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i7-Year
Coupon i3.88% (semiannual)
Maturity iDec 31, 2032
Issue dateDec 31, 2025
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
97.477
Dirty price i
99.286
Accrued interest i
1.809
per 100 par
Yield to maturity i
4.32%
Yield to worst i
4.32%
Current yield i
3.98%
Modified duration i
5.6 yr
Macaulay duration i
5.7 yr
Convexity i
37.02
DV01 i
0.0556
per 100 par

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

Remaining cash flows

14 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jun 30, 20261.938 0.998801.935
Dec 31, 20261.938 0.979341.897
Jun 30, 20271.938 0.959851.860
Dec 31, 20271.938 0.939461.820
Jun 30, 20281.938 0.918961.780
Dec 31, 20281.938 0.899951.744
Jun 30, 20291.938 0.881621.708
Dec 31, 20291.938 0.863051.672
Jun 30, 20301.938 0.845091.637
Dec 31, 20301.938 0.827111.603
Jun 30, 20311.938 0.809671.569
Dec 31, 20311.938 0.791421.533
Jun 30, 20321.938 0.773541.499
Dec 31, 2032101.938 0.7556477.028
Sum of present values 99.286

Present values sum to the dirty price; subtract 1.809 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +11.93% 109.109
-100 bp (-1.0%) +5.78% 103.113
+100 bp (+1.0%) -5.41% 92.202
+200 bp (+2.0%) -10.45% 87.288

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (5.6 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.