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Note Public

U.S. Treasury 4.12% Note due Feb 15, 2036

CUSIP 91282CPZ8 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.45%
annualized · YTW equals YTM (non-callable)
Current yield i
4.23%
Coupon i
4.12%
Modified duration i
7.8 yr
Convexity i
72.20
Indicative price i
97.448
indicative model price — not a tradable quote
real auctioned at 98.741 · 4.28% high yield (Apr 8, 2026) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
98.850
per 100 par (clean 97.448 + accrued 1.402) · ≈ $9,884.95 per $10,000 face
Next coupon i
Aug 15, 2026
2.062 per 100 · $206.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2026par 100 · Feb 203620 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.12% (semiannual)
Maturity iFeb 15, 2036
Issue dateApr 15, 2026
Par value i100.00
CallableNo
Amount outstanding i$92.9B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
97.448
Dirty price i
98.850
Accrued interest i
1.402
per 100 par
Yield to maturity i
4.45%
Yield to worst i
4.45%
Current yield i
4.23%
Modified duration i
7.8 yr
Macaulay duration i
7.9 yr
Convexity i
72.20
DV01 i
0.0767
per 100 par

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

Remaining cash flows

20 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20262.062 0.994142.050
Feb 15, 20272.062 0.974422.010
Aug 15, 20272.062 0.954801.969
Feb 15, 20282.062 0.934291.927
Aug 15, 20282.062 0.914171.885
Feb 15, 20292.062 0.895261.846
Aug 15, 20292.062 0.876951.809
Feb 15, 20302.062 0.858461.771
Aug 15, 20302.062 0.840571.734
Feb 15, 20312.062 0.822671.697
Aug 15, 20312.062 0.805091.660
Feb 15, 20322.062 0.786891.623
Aug 15, 20322.062 0.769051.586
Feb 15, 20332.062 0.751191.549
Aug 15, 20332.062 0.733951.514
Feb 15, 20342.062 0.716931.479
Aug 15, 20342.062 0.700411.445
Feb 15, 20352.062 0.683841.410
Aug 15, 20352.062 0.667761.377
Feb 15, 2036102.062 0.6516466.508
Sum of present values 98.850

Present values sum to the dirty price; subtract 1.402 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +16.95% 113.968
-100 bp (-1.0%) +8.12% 105.356
+100 bp (+1.0%) -7.39% 90.243
+200 bp (+2.0%) -14.06% 83.742

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (7.8 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 →
3.834.324.81Jan 2026Jun 2026

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