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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
4.65%
annualized · YTW equals YTM (non-callable)
Current yield i
4.30%
Coupon i
4.12%
Modified duration i
7.6 yr
Convexity i
70.11
Indicative price i
95.950
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
97.819
per 100 par (clean 95.950 + accrued 1.869) · ≈ $9,781.89 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
95.950
Dirty price i
97.819
Accrued interest i
1.869
per 100 par
Yield to maturity i
4.65%
Yield to worst i
4.65%
Current yield i
4.30%
Modified duration i
7.6 yr
Macaulay duration i
7.8 yr
Convexity i
70.11
DV01 i
0.0745
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 0.998282.059
Feb 15, 20272.062 0.978552.018
Aug 15, 20272.062 0.958911.978
Feb 15, 20282.062 0.938411.935
Aug 15, 20282.062 0.917831.893
Feb 15, 20292.062 0.897861.852
Aug 15, 20292.062 0.878371.812
Feb 15, 20302.062 0.859121.772
Aug 15, 20302.062 0.840421.733
Feb 15, 20312.062 0.821651.695
Aug 15, 20312.062 0.803361.657
Feb 15, 20322.062 0.784341.618
Aug 15, 20322.062 0.765671.579
Feb 15, 20332.062 0.746941.541
Aug 15, 20332.062 0.728721.503
Feb 15, 20342.062 0.710831.466
Aug 15, 20342.062 0.693451.430
Feb 15, 20352.062 0.675991.394
Aug 15, 20352.062 0.659031.359
Feb 15, 2036102.062 0.6420165.525
Sum of present values 97.819

Present values sum to the dirty price; subtract 1.869 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +16.64% 111.917
-100 bp (-1.0%) +7.97% 103.597
+100 bp (+1.0%) -7.27% 88.976
+200 bp (+2.0%) -13.84% 82.674

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (7.6 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 →
3.824.344.86Jan 2026Jul 2026

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