Treasury note

91282CBS9 · 1.25% due March 31, 2028

Original term
7-Year
Maturity
Mar 31, 2028
Coupon
1.250%
Pays
Semi-Annual
Dated
Mar 31, 2021
First coupon
Sep 30, 2021
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$72.45bn
Held stripped
$31.8m
Share stripped
0.04%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.380%
Modified duration
1.503 yr
DV01
0.0144
Convexity
3.014
Dirty price
95.900

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 3 of twelve buckets, summing to 1.536 years against a modified duration of 1.503.

Against the fitted curve

Priced 0.8 bp cheap to the curve on that day, 1.20 cents per 100 of face.

That is 0.67 standard deviations from its own typical residual.

Yield to maturity, 1,364 observations

0%1%2%3%4%5%Mar 31, 2021Sep 9, 2026Mar 31, 2021Yield to maturity1.401%Apr 8, 2021Yield to maturity1.297%Apr 16, 2021Yield to maturity1.255%Apr 26, 2021Yield to maturity1.259%May 4, 2021Yield to maturity1.259%May 12, 2021Yield to maturity1.321%May 20, 2021Yield to maturity1.264%May 28, 2021Yield to maturity1.212%Jun 8, 2021Yield to maturity1.169%Jun 16, 2021Yield to maturity1.260%Jun 24, 2021Yield to maturity1.216%Jul 2, 2021Yield to maturity1.153%Jul 13, 2021Yield to maturity1.124%Jul 21, 2021Yield to maturity1.003%Jul 29, 2021Yield to maturity0.993%Aug 6, 2021Yield to maturity1.026%Aug 16, 2021Yield to maturity0.991%Aug 24, 2021Yield to maturity1.029%Sep 1, 2021Yield to maturity1.023%Sep 10, 2021Yield to maturity1.062%Sep 20, 2021Yield to maturity1.051%Sep 28, 2021Yield to maturity1.275%Oct 6, 2021Yield to maturity1.250%Oct 15, 2021Yield to maturity1.351%Oct 25, 2021Yield to maturity1.408%Nov 2, 2021Yield to maturity1.362%Nov 10, 2021Yield to maturity1.404%Nov 19, 2021Yield to maturity1.394%Nov 30, 2021Yield to maturity1.302%Dec 8, 2021Yield to maturity1.401%Dec 16, 2021Yield to maturity1.312%Dec 27, 2021Yield to maturity1.381%Jan 4, 2022Yield to maturity1.514%Jan 12, 2022Yield to maturity1.638%Jan 21, 2022Yield to maturity1.667%Jan 31, 2022Yield to maturity1.733%Feb 8, 2022Yield to maturity1.911%Feb 16, 2022Yield to maturity1.992%Feb 25, 2022Yield to maturity1.939%Mar 7, 2022Yield to maturity1.768%Mar 15, 2022Yield to maturity2.171%Mar 23, 2022Yield to maturity2.394%Mar 31, 2022Yield to maturity2.444%Apr 8, 2022Yield to maturity2.818%Apr 19, 2022Yield to maturity2.964%Apr 27, 2022Yield to maturity2.867%May 5, 2022Yield to maturity3.081%May 13, 2022Yield to maturity2.959%May 23, 2022Yield to maturity2.929%Jun 1, 2022Yield to maturity3.004%Jun 9, 2022Yield to maturity3.123%Jun 17, 2022Yield to maturity3.387%Jun 28, 2022Yield to maturity3.311%Jul 7, 2022Yield to maturity3.109%Jul 15, 2022Yield to maturity3.092%Jul 25, 2022Yield to maturity2.940%Aug 2, 2022Yield to maturity2.889%Aug 10, 2022Yield to maturity2.952%Aug 18, 2022Yield to maturity3.055%Aug 26, 2022Yield to maturity3.252%Sep 6, 2022Yield to maturity3.486%Sep 14, 2022Yield to maturity3.609%Sep 22, 2022Yield to maturity3.938%Sep 30, 2022Yield to maturity4.090%Oct 11, 2022Yield to maturity4.180%Oct 19, 2022Yield to maturity4.383%Oct 27, 2022Yield to maturity4.146%Nov 4, 2022Yield to maturity4.360%Nov 15, 2022Yield to maturity3.954%Nov 23, 2022Yield to maturity3.930%Dec 2, 2022Yield to maturity3.704%Dec 12, 2022Yield to maturity3.827%Dec 20, 2022Yield to maturity3.830%Dec 29, 2022Yield to maturity3.992%Jan 9, 2023Yield to maturity3.685%Jan 18, 2023Yield to maturity3.455%Jan 26, 2023Yield to maturity3.614%Feb 3, 2023Yield to maturity3.690%Feb 13, 2023Yield to maturity3.941%Feb 22, 2023Yield to maturity4.175%Mar 2, 2023Yield to maturity4.346%Mar 10, 2023Yield to maturity3.972%Mar 20, 2023Yield to maturity3.629%Mar 28, 2023Yield to maturity3.705%Apr 5, 2023Yield to maturity3.408%Apr 13, 2023Yield to maturity3.541%Apr 21, 2023Yield to maturity3.695%May 1, 2023Yield to maturity3.676%May 9, 2023Yield to maturity3.544%May 17, 2023Yield to maturity3.629%May 25, 2023Yield to maturity3.990%Jun 5, 2023Yield to maturity3.891%Jun 13, 2023Yield to maturity4.081%Jun 22, 2023Yield to maturity4.103%Jun 30, 2023Yield to maturity4.190%Jul 11, 2023Yield to maturity4.285%Jul 19, 2023Yield to maturity4.028%Jul 27, 2023Yield to maturity4.313%Aug 4, 2023Yield to maturity4.209%Aug 14, 2023Yield to maturity4.410%Aug 22, 2023Yield to maturity4.548%Aug 30, 2023Yield to maturity4.357%Sep 8, 2023Yield to maturity4.477%Sep 18, 2023Yield to maturity4.542%Sep 26, 2023Yield to maturity4.684%Oct 4, 2023Yield to maturity4.769%Oct 13, 2023Yield to maturity4.698%Oct 23, 2023Yield to maturity4.843%Oct 31, 2023Yield to maturity4.861%Nov 8, 2023Yield to maturity4.575%Nov 16, 2023Yield to maturity4.488%Nov 27, 2023Yield to maturity4.475%Dec 5, 2023Yield to maturity4.224%Dec 13, 2023Yield to maturity4.075%Dec 21, 2023Yield to maturity3.952%Jan 2, 2024Yield to maturity3.990%Jan 10, 2024Yield to maturity4.039%Jan 19, 2024Yield to maturity4.111%Jan 29, 2024Yield to maturity4.020%Feb 6, 2024Yield to maturity4.096%Feb 14, 2024Yield to maturity4.307%Feb 23, 2024Yield to maturity4.356%Mar 4, 2024Yield to maturity4.291%Mar 12, 2024Yield to maturity4.253%Mar 20, 2024Yield to maturity4.333%Mar 28, 2024Yield to maturity4.313%Apr 5, 2024Yield to maturity4.472%Apr 15, 2024Yield to maturity4.725%Apr 23, 2024Yield to maturity4.715%May 1, 2024Yield to maturity4.734%May 9, 2024Yield to maturity4.553%May 17, 2024Yield to maturity4.528%May 28, 2024Yield to maturity4.674%Jun 5, 2024Yield to maturity4.422%Jun 13, 2024Yield to maturity4.353%Jun 24, 2024Yield to maturity4.387%Jul 2, 2024Yield to maturity4.493%Jul 11, 2024Yield to maturity4.220%Jul 19, 2024Yield to maturity4.242%Jul 29, 2024Yield to maturity4.151%Aug 6, 2024Yield to maturity3.785%Aug 14, 2024Yield to maturity3.732%Aug 22, 2024Yield to maturity3.796%Aug 30, 2024Yield to maturity3.787%Sep 10, 2024Yield to maturity3.465%Sep 18, 2024Yield to maturity3.508%Sep 26, 2024Yield to maturity3.572%Oct 4, 2024Yield to maturity3.854%Oct 15, 2024Yield to maturity3.882%Oct 23, 2024Yield to maturity4.065%Oct 31, 2024Yield to maturity4.156%Nov 8, 2024Yield to maturity4.234%Nov 19, 2024Yield to maturity4.264%Nov 27, 2024Yield to maturity4.189%Dec 6, 2024Yield to maturity4.073%Dec 16, 2024Yield to maturity4.255%Dec 24, 2024Yield to maturity4.442%Jan 3, 2025Yield to maturity4.349%Jan 13, 2025Yield to maturity4.516%Jan 22, 2025Yield to maturity4.361%Jan 30, 2025Yield to maturity4.247%Feb 7, 2025Yield to maturity4.318%Feb 18, 2025Yield to maturity4.342%Feb 26, 2025Yield to maturity4.054%Mar 6, 2025Yield to maturity4.005%Mar 14, 2025Yield to maturity4.018%Mar 24, 2025Yield to maturity4.026%Apr 1, 2025Yield to maturity3.859%Apr 9, 2025Yield to maturity3.937%Apr 17, 2025Yield to maturity3.814%Apr 25, 2025Yield to maturity3.767%May 5, 2025Yield to maturity3.833%May 13, 2025Yield to maturity4.022%May 21, 2025Yield to maturity4.006%May 30, 2025Yield to maturity3.887%Jun 9, 2025Yield to maturity4.007%Jun 17, 2025Yield to maturity3.928%Jun 26, 2025Yield to maturity3.713%Jul 7, 2025Yield to maturity3.880%Jul 15, 2025Yield to maturity3.939%Jul 23, 2025Yield to maturity3.845%Jul 31, 2025Yield to maturity3.905%Aug 8, 2025Yield to maturity3.736%Aug 18, 2025Yield to maturity3.743%Aug 26, 2025Yield to maturity3.632%Sep 4, 2025Yield to maturity3.561%Sep 12, 2025Yield to maturity3.545%Sep 22, 2025Yield to maturity3.592%Sep 30, 2025Yield to maturity3.613%Oct 8, 2025Yield to maturity3.592%Oct 17, 2025Yield to maturity3.468%Oct 27, 2025Yield to maturity3.501%Nov 4, 2025Yield to maturity3.578%Nov 13, 2025Yield to maturity3.588%Nov 21, 2025Yield to maturity3.514%Dec 2, 2025Yield to maturity3.508%Dec 10, 2025Yield to maturity3.559%Dec 18, 2025Yield to maturity3.477%Dec 29, 2025Yield to maturity3.492%Jan 7, 2026Yield to maturity3.486%Jan 15, 2026Yield to maturity3.585%Jan 26, 2026Yield to maturity3.617%Feb 3, 2026Yield to maturity3.594%Feb 11, 2026Yield to maturity3.523%Feb 20, 2026Yield to maturity3.492%Mar 2, 2026Yield to maturity3.483%Mar 10, 2026Yield to maturity3.589%Mar 18, 2026Yield to maturity3.763%Mar 26, 2026Yield to maturity4.027%Apr 3, 2026Yield to maturity3.877%Apr 13, 2026Yield to maturity3.802%Apr 21, 2026Yield to maturity3.796%Apr 29, 2026Yield to maturity3.930%May 7, 2026Yield to maturity3.925%May 15, 2026Yield to maturity4.091%May 26, 2026Yield to maturity4.055%Jun 3, 2026Yield to maturity4.088%Jun 11, 2026Yield to maturity4.066%Jun 22, 2026Yield to maturity4.248%Jun 30, 2026Yield to maturity4.149%Jul 9, 2026Yield to maturity4.171%Jul 17, 2026Yield to maturity4.178%Jul 27, 2026Yield to maturity4.317%Aug 4, 2026Yield to maturity4.194%Aug 12, 2026Yield to maturity4.192%Aug 20, 2026Yield to maturity4.169%Aug 28, 2026Yield to maturity4.326%Sep 8, 2026Yield to maturity4.353%Sep 9, 2026Yield to maturity4.380%

Price history

1,364 trading days to Sep 9, 2026

80859095100105Mar 31, 2021Sep 9, 2026Mar 31, 2021Close99.000Apr 8, 2021Close99.688Apr 16, 2021Close99.969Apr 26, 2021Close99.938May 4, 2021Close99.938May 12, 2021Close99.531May 20, 2021Close99.906May 28, 2021Close100.250Jun 8, 2021Close100.531Jun 16, 2021Close99.938Jun 24, 2021Close100.219Jul 2, 2021Close100.625Jul 13, 2021Close100.813Jul 21, 2021Close101.594Jul 29, 2021Close101.656Aug 6, 2021Close101.438Aug 16, 2021Close101.656Aug 24, 2021Close101.406Sep 1, 2021Close101.438Sep 10, 2021Close101.188Sep 20, 2021Close101.250Sep 28, 2021Close99.844Oct 6, 2021Close100.000Oct 15, 2021Close99.375Oct 25, 2021Close99.031Nov 2, 2021Close99.313Nov 10, 2021Close99.063Nov 19, 2021Close99.125Nov 30, 2021Close99.688Dec 8, 2021Close99.094Dec 16, 2021Close99.625Dec 27, 2021Close99.219Jan 4, 2022Close98.438Jan 12, 2022Close97.719Jan 21, 2022Close97.563Jan 31, 2022Close97.188Feb 8, 2022Close96.188Feb 16, 2022Close95.750Feb 25, 2022Close96.063Mar 7, 2022Close97.031Mar 15, 2022Close94.813Mar 23, 2022Close93.625Mar 31, 2022Close93.375Apr 8, 2022Close91.438Apr 19, 2022Close90.719Apr 27, 2022Close91.250May 5, 2022Close90.188May 13, 2022Close90.844May 23, 2022Close91.031Jun 1, 2022Close90.688Jun 9, 2022Close90.125Jun 17, 2022Close88.875Jun 28, 2022Close89.281Jul 7, 2022Close90.313Jul 15, 2022Close90.438Jul 25, 2022Close91.219Aug 2, 2022Close91.500Aug 10, 2022Close91.219Aug 18, 2022Close90.750Aug 26, 2022Close89.844Sep 6, 2022Close88.781Sep 14, 2022Close88.250Sep 22, 2022Close86.781Sep 30, 2022Close86.156Oct 11, 2022Close85.813Oct 19, 2022Close84.969Oct 27, 2022Close86.063Nov 4, 2022Close85.188Nov 15, 2022Close87.031Nov 23, 2022Close87.188Dec 2, 2022Close88.250Dec 12, 2022Close87.750Dec 20, 2022Close87.781Dec 29, 2022Close87.125Jan 9, 2023Close88.531Jan 18, 2023Close89.594Jan 26, 2023Close88.938Feb 3, 2023Close88.656Feb 13, 2023Close87.625Feb 22, 2023Close86.688Mar 2, 2023Close86.031Mar 10, 2023Close87.656Mar 20, 2023Close89.156Mar 28, 2023Close88.875Apr 5, 2023Close90.188Apr 13, 2023Close89.656Apr 21, 2023Close89.063May 1, 2023Close89.188May 9, 2023Close89.781May 17, 2023Close89.469May 25, 2023Close88.031Jun 5, 2023Close88.500Jun 13, 2023Close87.781Jun 22, 2023Close87.750Jun 30, 2023Close87.469Jul 11, 2023Close87.156Jul 19, 2023Close88.219Jul 27, 2023Close87.156Aug 4, 2023Close87.625Aug 14, 2023Close86.906Aug 22, 2023Close86.438Aug 30, 2023Close87.219Sep 8, 2023Close86.844Sep 18, 2023Close86.656Sep 26, 2023Close86.188Oct 4, 2023Close85.938Oct 13, 2023Close86.281Oct 23, 2023Close85.813Oct 31, 2023Close85.813Nov 8, 2023Close86.906Nov 16, 2023Close87.281Nov 27, 2023Close87.406Dec 5, 2023Close88.375Dec 13, 2023Close88.969Dec 21, 2023Close89.469Jan 2, 2024Close89.406Jan 10, 2024Close89.281Jan 19, 2024Close89.094Jan 29, 2024Close89.469Feb 6, 2024Close89.250Feb 14, 2024Close88.563Feb 23, 2024Close88.469Mar 4, 2024Close88.750Mar 12, 2024Close88.938Mar 20, 2024Close88.719Mar 28, 2024Close88.844Apr 5, 2024Close88.375Apr 15, 2024Close87.594Apr 23, 2024Close87.688May 1, 2024Close87.688May 9, 2024Close88.344May 17, 2024Close88.500May 28, 2024Close88.094Jun 5, 2024Close88.969Jun 13, 2024Close89.250Jun 24, 2024Close89.219Jul 2, 2024Close88.938Jul 11, 2024Close89.875Jul 19, 2024Close89.875Jul 29, 2024Close90.219Aug 6, 2024Close91.438Aug 14, 2024Close91.656Aug 22, 2024Close91.500Aug 30, 2024Close91.594Sep 10, 2024Close92.656Sep 18, 2024Close92.563Sep 26, 2024Close92.406Oct 4, 2024Close91.594Oct 15, 2024Close91.563Oct 23, 2024Close91.063Oct 31, 2024Close90.844Nov 8, 2024Close90.688Nov 19, 2024Close90.656Nov 27, 2024Close90.938Dec 6, 2024Close91.344Dec 16, 2024Close90.875Dec 24, 2024Close90.406Jan 3, 2025Close90.750Jan 13, 2025Close90.344Jan 22, 2025Close90.844Jan 30, 2025Close91.219Feb 7, 2025Close91.094Feb 18, 2025Close91.094Feb 26, 2025Close91.938Mar 6, 2025Close92.125Mar 14, 2025Close92.156Mar 24, 2025Close92.188Apr 1, 2025Close92.688Apr 9, 2025Close92.531Apr 17, 2025Close92.906Apr 25, 2025Close93.094May 5, 2025Close92.969May 13, 2025Close92.531May 21, 2025Close92.625May 30, 2025Close93.000Jun 9, 2025Close92.750Jun 17, 2025Close93.000Jun 26, 2025Close93.594Jul 7, 2025Close93.250Jul 15, 2025Close93.156Jul 23, 2025Close93.438Jul 31, 2025Close93.344Aug 8, 2025Close93.813Aug 18, 2025Close93.844Aug 26, 2025Close94.156Sep 4, 2025Close94.375Sep 12, 2025Close94.469Sep 22, 2025Close94.406Sep 30, 2025Close94.406Oct 8, 2025Close94.500Oct 17, 2025Close94.844Oct 27, 2025Close94.813Nov 4, 2025Close94.688Nov 13, 2025Close94.719Nov 21, 2025Close94.938Dec 2, 2025Close95.000Dec 10, 2025Close94.938Dec 18, 2025Close95.156Dec 29, 2025Close95.188Jan 7, 2026Close95.250Jan 15, 2026Close95.094Jan 26, 2026Close95.094Feb 3, 2026Close95.188Feb 11, 2026Close95.375Feb 20, 2026Close95.500Mar 2, 2026Close95.563Mar 10, 2026Close95.406Mar 18, 2026Close95.125Mar 26, 2026Close94.688Apr 3, 2026Close95.031Apr 13, 2026Close95.219Apr 21, 2026Close95.281Apr 29, 2026Close95.094May 7, 2026Close95.156May 15, 2026Close94.938May 26, 2026Close95.063Jun 3, 2026Close95.063Jun 11, 2026Close95.156Jun 22, 2026Close94.938Jun 30, 2026Close95.156Jul 9, 2026Close95.188Jul 17, 2026Close95.250Jul 27, 2026Close95.094Aug 4, 2026Close95.344Aug 12, 2026Close95.406Aug 20, 2026Close95.500Aug 28, 2026Close95.344Sep 8, 2026Close95.375Sep 9, 2026Close95.344
The most recent 20 trading days of prices for 91282CBS9.
DateBidOfferClose
Sep 9, 202695.34495.34495.344
Sep 8, 202695.39195.37595.375
Sep 4, 202695.39195.37595.375
Sep 3, 202695.42295.40695.406
Sep 2, 202695.32895.31395.313
Sep 1, 202695.34495.34495.281
Aug 31, 202695.37595.37595.344
Aug 28, 202695.39195.37595.344
Aug 27, 202695.51695.50095.500
Aug 26, 202695.51695.50095.500
Aug 25, 202695.51695.50095.531
Aug 24, 202695.48495.46995.438
Aug 21, 202695.45395.43895.469
Aug 20, 202695.51695.50095.500
Aug 19, 202695.50095.50095.500
Aug 18, 202695.51695.50095.500
Aug 17, 202695.51695.50095.469
Aug 14, 202695.53195.53195.500
Aug 13, 202695.51695.50095.500
Aug 12, 202695.43895.43895.406

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 91282CBS9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 25, 2021Mar 31, 2021New issue$62.0bn$73.1bn2.23x1.300%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.