Bond Field Guide Fixed income. Clear perspective.
Note Public

U.S. Treasury 2.88% Note due May 15, 2032

CUSIP 91282CEP2 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.94%
annualized · YTW equals YTM (non-callable)
Current yield i
3.19%
Coupon i
2.88%
Modified duration i
5.0 yr
Convexity i
28.83
Indicative price i
90.012
indicative model price, not a tradable quote
real auctioned at 99.275 · 2.96% high yield (Jul 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
91.207
per 100 par (clean 90.012 + accrued 1.195) · ≈ $9,120.70 per $10,000 face
Next coupon i
Nov 15, 2026
1.438 per 100 · $143.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2022par 100 · May 203212 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i2.88% (semiannual)
Maturity iMay 15, 2032
Issue dateJul 15, 2022
Par value i100.00
CallableNo
Amount outstanding i$96.1B
Credit AAA·Govt

Computed metrics computed

Clean price i
90.012
Dirty price i
91.207
Accrued interest i
1.195
per 100 par
Yield to maturity i
4.94%
Yield to worst i
4.94%
Current yield i
3.19%
Modified duration i
5.0 yr
Macaulay duration i
5.1 yr
Convexity i
28.83
DV01 i
0.0454
per 100 par

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

Remaining cash flows

12 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.438 0.996501.432
May 15, 20271.438 0.975191.402
Nov 15, 20271.438 0.952711.370
May 15, 20281.438 0.929671.336
Nov 15, 20281.438 0.905991.302
May 15, 20291.438 0.884091.271
Nov 15, 20291.438 0.862141.239
May 15, 20301.438 0.841411.210
Nov 15, 20301.438 0.820711.180
May 15, 20311.438 0.800721.151
Nov 15, 20311.438 0.780711.122
May 15, 2032101.438 0.7609877.192
Sum of present values 91.207

Present values sum to the dirty price; subtract 1.195 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +10.54% 99.500
-100 bp (-1.0%) +5.13% 94.626
+100 bp (+1.0%) -4.84% 85.657
+200 bp (+2.0%) -9.39% 81.561

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (5.0 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.