Bond Field Guide Revenu fixe. Perspective claire.
Méthodologie
Note Public

U.S. Treasury 4.25% Note due Nov 15, 2034

CUSIP 91282CLW9 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.04%
annualized · YTW equals YTM (non-callable)
Current yield i
4.48%
Coupon i
4.25%
Modified duration i
6.6 yr
Convexity i
52.21
Indicative price i
94.784
indicative model price, not a tradable quote
real auctioned at 96.631 · 4.68% high yield (Jan 7, 2025) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
96.551
per 100 par (clean 94.784 + accrued 1.767) · ≈ $9,655.05 per $10,000 face
Next coupon i
Nov 15, 2026
2.125 per 100 · $212.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2025par 100 · Nov 203417 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i9-Year 10-Month
Coupon i4.25% (semiannual)
Maturity iNov 15, 2034
Issue dateJan 15, 2025
Par value i100.00
CallableNo
Amount outstanding i$91.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
94.784
Dirty price i
96.551
Accrued interest i
1.767
per 100 par
Yield to maturity i
5.04%
Yield to worst i
5.04%
Current yield i
4.48%
Modified duration i
6.6 yr
Macaulay duration i
6.8 yr
Convexity i
52.21
DV01 i
0.0637
per 100 par

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

Remaining cash flows

17 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.125 0.996502.118
May 15, 20272.125 0.975192.072
Nov 15, 20272.125 0.952712.025
May 15, 20282.125 0.929671.976
Nov 15, 20282.125 0.905991.925
May 15, 20292.125 0.884091.879
Nov 15, 20292.125 0.862141.832
May 15, 20302.125 0.841411.788
Nov 15, 20302.125 0.820711.744
May 15, 20312.125 0.800721.702
Nov 15, 20312.125 0.780711.659
May 15, 20322.125 0.760981.617
Nov 15, 20322.125 0.741341.575
May 15, 20332.125 0.722341.535
Nov 15, 20332.125 0.703391.495
May 15, 20342.125 0.685351.456
Nov 15, 2034102.125 0.6673668.154
Sum of present values 96.551

Present values sum to the dirty price; subtract 1.767 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +14.24% 108.277
-100 bp (-1.0%) +6.86% 101.283
+100 bp (+1.0%) -6.33% 88.779
+200 bp (+2.0%) -12.15% 83.269

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 →
3.434.465.48Jan 2026Oct 2026

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