Note Public

U.S. Treasury 4.00% Note due May 31, 2028

CUSIP 91282CQS3 · 2-Year · coupon paid semiannually

AAA·Govt

Yield to maturity i

4.20%

annualized · YTW equals YTM (non-callable)

Current yield i

4.01%

Coupon i

4.00%

Modified duration i

1.7 yr

Convexity i

3.96

Indicative price i

99.651

indicative model price — not a tradable quote

real auctioned at 99.865 · 4.07% high yield (May 26, 2026) — at issuance, not a current price

Settles i

Jul 29, 2026

priced to this date (T+1 basis)

Total to settle i

100.296

per 100 par (clean 99.651 + accrued 0.645) · ≈ $10,029.59 per $10,000 face

Next coupon i

Nov 30, 2026

2.000 per 100 · $200.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today

Terms fetched

Type	Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i	2-Year
Coupon i	4.00% (semiannual)
Maturity i	May 31, 2028
Issue date	Jun 1, 2026
Par value i	100.00
Callable	No
Amount outstanding i	—
Credit	AAA·Govt

Look up on TreasuryDirect

Computed metrics computed

Clean price i

99.651

Dirty price i

100.296

Accrued interest i

0.645

per 100 par

Yield to maturity i

4.20%

Yield to worst i

4.20%

Current yield i

4.01%

Modified duration i

1.7 yr

Macaulay duration i

1.8 yr

Convexity i

3.96

DV01 i

0.0175

per 100 par

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

Remaining cash flows

4 payments, discounted off today's curve

Date	Cash flow	Discount factor	Present value
Nov 30, 2026	2.000	0.98692	1.974
May 31, 2027	2.000	0.96720	1.934
Nov 30, 2027	2.000	0.94704	1.894
May 31, 2028	102.000	0.92641	94.494
Sum of present values			100.296

Present values sum to the dirty price; subtract 0.645 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity

Parallel rate move	Approx. price change	Approx. indicative price
-200 bp (-2.0%)	+3.57%	103.206
-100 bp (-1.0%)	+1.76%	101.409
+100 bp (+1.0%)	-1.72%	97.933
+200 bp (+2.0%)	-3.41%	96.254

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (1.7 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 →

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