Bond Field Guide Revenu fixe. Perspective claire.
Note Public

U.S. Treasury 4.00% Note due Apr 30, 2032

CUSIP 91282CNA5 · 7-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.94%
annualized · YTW equals YTM (non-callable)
Current yield i
4.19%
Coupon i
4.00%
Modified duration i
4.8 yr
Convexity i
27.32
Indicative price i
95.488
indicative model price, not a tradable quote
real auctioned at 99.259 · 4.12% high yield (Apr 24, 2025) · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
97.324
per 100 par (clean 95.488 + accrued 1.836) · ≈ $9,732.41 per $10,000 face
Next coupon i
Oct 30, 2026
2.000 per 100 · $200.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2025par 100 · Apr 203212 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i7-Year
Coupon i4.00% (semiannual)
Maturity iApr 30, 2032
Issue dateApr 30, 2025
Par value i100.00
CallableNo
Amount outstanding inot available
Credit AAA·Govt

Computed metrics computed

Clean price i
95.488
Dirty price i
97.324
Accrued interest i
1.836
per 100 par
Yield to maturity i
4.94%
Yield to worst i
4.94%
Current yield i
4.19%
Modified duration i
4.8 yr
Macaulay duration i
4.9 yr
Convexity i
27.32
DV01 i
0.0467
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
Oct 30, 20262.000 0.998311.997
Apr 30, 20272.000 0.976981.954
Oct 30, 20272.000 0.954691.909
Apr 30, 20282.000 0.931601.863
Oct 30, 20282.000 0.907931.816
Apr 30, 20292.000 0.885901.772
Oct 30, 20292.000 0.863991.728
Apr 30, 20302.000 0.843111.686
Oct 30, 20302.000 0.822501.645
Apr 30, 20312.000 0.802361.605
Oct 30, 20312.000 0.782461.565
Apr 30, 2032102.000 0.7625977.784
Sum of present values 97.324

Present values sum to the dirty price; subtract 1.836 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +10.14% 105.171
-100 bp (-1.0%) +4.93% 100.199
+100 bp (+1.0%) -4.66% 91.038
+200 bp (+2.0%) -9.05% 86.848

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (4.8 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.