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Note Public

U.S. Treasury 4.38% Note due Jul 31, 2031

CUSIP 91282CRA1 · 5-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.37%
annualized · YTW equals YTM (non-callable)
Current yield i
4.37%
Coupon i
4.38%
Modified duration i
4.4 yr
Convexity i
22.72
Indicative price i
100.007
indicative model price — not a tradable quote
real auctioned at 99.853 · 4.41% high yield (Jul 27, 2026) — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
102.170
per 100 par (clean 100.007 + accrued 2.163) · ≈ $10,217.02 per $10,000 face
Next coupon i
Jul 31, 2026
2.188 per 100 · $218.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
issued Jul 2026par 100 · Jul 203110 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i5-Year
Coupon i4.38% (semiannual)
Maturity iJul 31, 2031
Issue dateJul 31, 2026
Par value i100.00
CallableNo
Amount outstanding i—
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
100.007
Dirty price i
102.170
Accrued interest i
2.163
per 100 par
Yield to maturity i
4.37%
Yield to worst i
4.37%
Current yield i
4.37%
Modified duration i
4.4 yr
Macaulay duration i
4.5 yr
Convexity i
22.72
DV01 i
0.0445
per 100 par

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

Remaining cash flows

11 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jul 31, 20262.188 0.999802.187
Jan 31, 20272.188 0.980162.144
Jul 31, 20272.188 0.960572.101
Jan 31, 20282.188 0.940102.056
Jul 31, 20282.188 0.919462.011
Jan 31, 20292.188 0.899491.968
Jul 31, 20292.188 0.879951.925
Jan 31, 20302.188 0.860681.883
Jul 31, 20302.188 0.841971.842
Jan 31, 20312.188 0.823171.801
Jul 31, 2031102.188 0.8049182.252
Sum of present values 102.170

Present values sum to the dirty price; subtract 2.163 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +9.17% 109.177
-100 bp (-1.0%) +4.47% 104.479
+100 bp (+1.0%) -4.24% 95.762
+200 bp (+2.0%) -8.26% 91.745

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (4.4 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 →
3.323.994.65Jan 2026Jul 2026

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