Bond Field Guide 固定收益,清晰视角。
Note Public

U.S. Treasury 1.88% Note due Feb 15, 2032

CUSIP 91282CDY4 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.94%
annualized · YTW equals YTM (non-callable)
Current yield i
2.19%
Coupon i
1.88%
Modified duration i
4.9 yr
Convexity i
27.66
Indicative price i
85.788
indicative model price, not a tradable quote
real auctioned at 92.752 · 2.72% high yield (Apr 12, 2022) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
86.098
per 100 par (clean 85.788 + accrued 0.311) · ≈ $8,609.85 per $10,000 face
Next coupon i
Feb 15, 2027
0.938 per 100 · $93.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2022par 100 · Feb 203211 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i1.88% (semiannual)
Maturity iFeb 15, 2032
Issue dateApr 18, 2022
Par value i100.00
CallableNo
Amount outstanding i$99.1B
Credit AAA·Govt

Computed metrics computed

Clean price i
85.788
Dirty price i
86.098
Accrued interest i
0.311
per 100 par
Yield to maturity i
4.94%
Yield to worst i
4.94%
Current yield i
2.19%
Modified duration i
4.9 yr
Macaulay duration i
5.1 yr
Convexity i
27.66
DV01 i
0.0425
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
Feb 15, 20270.938 0.985600.924
Aug 15, 20270.938 0.964050.904
Feb 15, 20280.938 0.941160.882
Aug 15, 20280.938 0.917750.860
Feb 15, 20290.938 0.894840.839
Aug 15, 20290.938 0.873030.818
Feb 15, 20300.938 0.851550.798
Aug 15, 20300.938 0.831010.779
Feb 15, 20310.938 0.810500.760
Aug 15, 20310.938 0.790700.741
Feb 15, 2032100.938 0.7707077.792
Sum of present values 86.098

Present values sum to the dirty price; subtract 0.311 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +10.43% 94.735
-100 bp (-1.0%) +5.08% 90.143
+100 bp (+1.0%) -4.8% 81.670
+200 bp (+2.0%) -9.32% 77.790

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (4.9 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 →
3.194.305.41Jan 2026Oct 2026

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