Note Public

U.S. Treasury 4.25% Note due Aug 15, 2035

CUSIP 91282CNT4 · 9-Year 10-Month · coupon paid semiannually

AAA·Govt

Yield to maturity i

5.07%

annualized · YTW equals YTM (non-callable)

Current yield i

4.51%

Coupon i

4.25%

Modified duration i

7.2 yr

Convexity i

61.34

Indicative price i

94.228

indicative model price, not a tradable quote

real auctioned at 101.057 · 4.12% high yield (Oct 8, 2025) · reopening · at issuance, not a current price

Settles i

Oct 15, 2026

priced to this date (T+1 basis)

Total to settle i

94.932

per 100 par (clean 94.228 + accrued 0.704) · ≈ $9,493.25 per $10,000 face

Next coupon i

Feb 15, 2027

2.125 per 100 · $212.50 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	4.25% (semiannual)
Maturity i	Aug 15, 2035
Issue date	Oct 15, 2025
Par value i	100.00
Callable	No
Amount outstanding i	$95.3B
Credit	AAA·Govt

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Computed metrics computed

Clean price i

94.228

Dirty price i

94.932

Accrued interest i

0.704

per 100 par

Yield to maturity i

5.07%

Yield to worst i

5.07%

Current yield i

4.51%

Modified duration i

7.2 yr

Macaulay duration i

7.4 yr

Convexity i

61.34

DV01 i

0.0681

per 100 par

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

Remaining cash flows

18 payments, discounted off today's curve

Date	Cash flow	Discount factor	Present value
Feb 15, 2027	2.125	0.98560	2.094
Aug 15, 2027	2.125	0.96405	2.049
Feb 15, 2028	2.125	0.94116	2.000
Aug 15, 2028	2.125	0.91775	1.950
Feb 15, 2029	2.125	0.89484	1.902
Aug 15, 2029	2.125	0.87303	1.855
Feb 15, 2030	2.125	0.85155	1.810
Aug 15, 2030	2.125	0.83101	1.766
Feb 15, 2031	2.125	0.81050	1.722
Aug 15, 2031	2.125	0.79070	1.680
Feb 15, 2032	2.125	0.77070	1.638
Aug 15, 2032	2.125	0.75112	1.596
Feb 15, 2033	2.125	0.73165	1.555
Aug 15, 2033	2.125	0.71279	1.515
Feb 15, 2034	2.125	0.69418	1.475
Aug 15, 2034	2.125	0.67631	1.437
Feb 15, 2035	2.125	0.65848	1.399
Aug 15, 2035	102.125	0.64127	65.490
Sum of present values			94.932

Present values sum to the dirty price; subtract 0.704 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%)	+15.57%	108.899
-100 bp (-1.0%)	+7.48%	101.274
+100 bp (+1.0%)	-6.86%	87.760
+200 bp (+2.0%)	-13.12%	81.869

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (7.2 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.