Bond Field Guide Revenu fixe. Perspective claire.
Note Public

U.S. Treasury 4.50% Note due Dec 31, 2031

CUSIP 91282CMC2 · 7-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.92%
annualized · YTW equals YTM (non-callable)
Current yield i
4.59%
Coupon i
4.50%
Modified duration i
4.5 yr
Convexity i
24.31
Indicative price i
98.064
indicative model price, not a tradable quote
real auctioned at 99.810 · 4.53% high yield (Dec 26, 2024) · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
99.373
per 100 par (clean 98.064 + accrued 1.308) · ≈ $9,937.28 per $10,000 face
Next coupon i
Dec 31, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Dec 2024par 100 · Dec 203111 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i7-Year
Coupon i4.50% (semiannual)
Maturity iDec 31, 2031
Issue dateDec 31, 2024
Par value i100.00
CallableNo
Amount outstanding inot available
Credit AAA·Govt

Computed metrics computed

Clean price i
98.064
Dirty price i
99.373
Accrued interest i
1.308
per 100 par
Yield to maturity i
4.92%
Yield to worst i
4.92%
Current yield i
4.59%
Modified duration i
4.5 yr
Macaulay duration i
4.6 yr
Convexity i
24.31
DV01 i
0.0450
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
Dec 31, 20262.250 0.991192.230
Jun 30, 20272.250 0.969652.182
Dec 31, 20272.250 0.946962.131
Jun 30, 20282.250 0.923732.078
Dec 31, 20282.250 0.900412.026
Jun 30, 20292.250 0.878551.977
Dec 31, 20292.250 0.856831.928
Jun 30, 20302.250 0.836201.881
Dec 31, 20302.250 0.815601.835
Jun 30, 20312.250 0.795701.790
Dec 31, 2031102.250 0.7756979.314
Sum of present values 99.373

Present values sum to the dirty price; subtract 1.308 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +9.53% 107.414
-100 bp (-1.0%) +4.65% 102.620
+100 bp (+1.0%) -4.4% 93.747
+200 bp (+2.0%) -8.56% 89.669

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (4.5 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.