Note Public

U.S. Treasury 3.88% Note due Aug 15, 2034

CUSIP 91282CLF6 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt

Yield to maturity i

5.04%

annualized · YTW equals YTM (non-callable)

Current yield i

4.19%

Coupon i

3.88%

Modified duration i

6.6 yr

Convexity i

50.81

Indicative price i

92.558

indicative model price, not a tradable quote

real auctioned at 98.456 · 4.07% high yield (Oct 9, 2024) · reopening · at issuance, not a current price

Settles i

Oct 15, 2026

priced to this date (T+1 basis)

Total to settle i

93.200

per 100 par (clean 92.558 + accrued 0.642) · ≈ $9,320.02 per $10,000 face

Next coupon i

Feb 15, 2027

1.938 per 100 · $193.75 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	9-Year 10-Month
Coupon i	3.88% (semiannual)
Maturity i	Aug 15, 2034
Issue date	Oct 15, 2024
Par value i	100.00
Callable	No
Amount outstanding i	$89.4B
Credit	AAA·Govt

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Computed metrics computed

Clean price i

92.558

Dirty price i

93.200

Accrued interest i

0.642

per 100 par

Yield to maturity i

5.04%

Yield to worst i

5.04%

Current yield i

4.19%

Modified duration i

6.6 yr

Macaulay duration i

6.7 yr

Convexity i

50.81

DV01 i

0.0613

per 100 par

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

Remaining cash flows

16 payments, discounted off today's curve

Date	Cash flow	Discount factor	Present value
Feb 15, 2027	1.938	0.98560	1.910
Aug 15, 2027	1.938	0.96405	1.868
Feb 15, 2028	1.938	0.94116	1.823
Aug 15, 2028	1.938	0.91775	1.778
Feb 15, 2029	1.938	0.89484	1.734
Aug 15, 2029	1.938	0.87303	1.691
Feb 15, 2030	1.938	0.85155	1.650
Aug 15, 2030	1.938	0.83101	1.610
Feb 15, 2031	1.938	0.81050	1.570
Aug 15, 2031	1.938	0.79070	1.532
Feb 15, 2032	1.938	0.77070	1.493
Aug 15, 2032	1.938	0.75112	1.455
Feb 15, 2033	1.938	0.73165	1.418
Aug 15, 2033	1.938	0.71279	1.381
Feb 15, 2034	1.938	0.69418	1.345
Aug 15, 2034	101.938	0.67631	68.942
Sum of present values			93.200

Present values sum to the dirty price; subtract 0.642 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%)	+14.16%	105.664
-100 bp (-1.0%)	+6.83%	98.876
+100 bp (+1.0%)	-6.32%	86.710
+200 bp (+2.0%)	-12.13%	81.333

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (6.6 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 →

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