Treasury note

91282CBZ3 · 1.25% due April 30, 2028

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

Statement of August 31, 2026

Amount outstanding
$73.42bn
Held stripped
$112.8m
Share stripped
0.15%

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
4.406%
Modified duration
1.584 yr
DV01
0.0151
Convexity
3.307
Dirty price
95.514

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 4 of twelve buckets, summing to 1.618 years against a modified duration of 1.584.

Against the fitted curve

Priced 2.4 bp cheap to the curve on that day, 3.57 cents per 100 of face.

That is 1.90 standard deviations from its own typical residual.

Yield to maturity, 1,342 observations

0%1%2%3%4%5%Apr 30, 2021Sep 9, 2026Apr 30, 2021Yield to maturity1.320%May 10, 2021Yield to maturity1.259%May 18, 2021Yield to maturity1.283%May 26, 2021Yield to maturity1.231%Jun 4, 2021Yield to maturity1.212%Jun 14, 2021Yield to maturity1.179%Jun 22, 2021Yield to maturity1.207%Jun 30, 2021Yield to maturity1.188%Jul 9, 2021Yield to maturity1.087%Jul 19, 2021Yield to maturity0.940%Jul 27, 2021Yield to maturity0.972%Aug 4, 2021Yield to maturity0.919%Aug 12, 2021Yield to maturity1.095%Aug 20, 2021Yield to maturity1.017%Aug 30, 2021Yield to maturity1.021%Sep 8, 2021Yield to maturity1.059%Sep 16, 2021Yield to maturity1.083%Sep 24, 2021Yield to maturity1.215%Oct 4, 2021Yield to maturity1.215%Oct 13, 2021Yield to maturity1.325%Oct 21, 2021Yield to maturity1.457%Oct 29, 2021Yield to maturity1.396%Nov 8, 2021Yield to maturity1.331%Nov 17, 2021Yield to maturity1.438%Nov 26, 2021Yield to maturity1.347%Dec 6, 2021Yield to maturity1.342%Dec 14, 2021Yield to maturity1.363%Dec 22, 2021Yield to maturity1.358%Dec 31, 2021Yield to maturity1.395%Jan 10, 2022Yield to maturity1.670%Jan 19, 2022Yield to maturity1.751%Jan 27, 2022Yield to maturity1.769%Feb 4, 2022Yield to maturity1.886%Feb 14, 2022Yield to maturity1.992%Feb 23, 2022Yield to maturity1.962%Mar 3, 2022Yield to maturity1.816%Mar 11, 2022Yield to maturity2.018%Mar 21, 2022Yield to maturity2.389%Mar 29, 2022Yield to maturity2.532%Apr 6, 2022Yield to maturity2.736%Apr 14, 2022Yield to maturity2.854%Apr 25, 2022Yield to maturity2.880%May 3, 2022Yield to maturity3.055%May 11, 2022Yield to maturity2.958%May 19, 2022Yield to maturity2.891%May 27, 2022Yield to maturity2.790%Jun 7, 2022Yield to maturity3.052%Jun 15, 2022Yield to maturity3.429%Jun 24, 2022Yield to maturity3.230%Jul 5, 2022Yield to maturity2.895%Jul 13, 2022Yield to maturity3.057%Jul 21, 2022Yield to maturity3.044%Jul 29, 2022Yield to maturity2.759%Aug 8, 2022Yield to maturity2.939%Aug 16, 2022Yield to maturity2.983%Aug 24, 2022Yield to maturity3.272%Sep 1, 2022Yield to maturity3.448%Sep 12, 2022Yield to maturity3.519%Sep 20, 2022Yield to maturity3.768%Sep 28, 2022Yield to maturity3.954%Oct 6, 2022Yield to maturity4.081%Oct 17, 2022Yield to maturity4.277%Oct 25, 2022Yield to maturity4.289%Nov 2, 2022Yield to maturity4.336%Nov 10, 2022Yield to maturity3.980%Nov 21, 2022Yield to maturity4.025%Nov 30, 2022Yield to maturity3.849%Dec 8, 2022Yield to maturity3.727%Dec 16, 2022Yield to maturity3.642%Dec 27, 2022Yield to maturity3.983%Jan 5, 2023Yield to maturity3.917%Jan 13, 2023Yield to maturity3.628%Jan 24, 2023Yield to maturity3.588%Feb 1, 2023Yield to maturity3.493%Feb 9, 2023Yield to maturity3.879%Feb 17, 2023Yield to maturity4.039%Feb 28, 2023Yield to maturity4.190%Mar 8, 2023Yield to maturity4.336%Mar 16, 2023Yield to maturity3.745%Mar 24, 2023Yield to maturity3.469%Apr 3, 2023Yield to maturity3.565%Apr 11, 2023Yield to maturity3.575%Apr 19, 2023Yield to maturity3.754%Apr 27, 2023Yield to maturity3.647%May 5, 2023Yield to maturity3.454%May 15, 2023Yield to maturity3.500%May 23, 2023Yield to maturity3.800%Jun 1, 2023Yield to maturity3.767%Jun 9, 2023Yield to maturity3.978%Jun 20, 2023Yield to maturity4.022%Jun 28, 2023Yield to maturity4.026%Jul 7, 2023Yield to maturity4.388%Jul 17, 2023Yield to maturity4.063%Jul 25, 2023Yield to maturity4.225%Aug 2, 2023Yield to maturity4.286%Aug 10, 2023Yield to maturity4.260%Aug 18, 2023Yield to maturity4.430%Aug 28, 2023Yield to maturity4.453%Sep 6, 2023Yield to maturity4.510%Sep 14, 2023Yield to maturity4.484%Sep 22, 2023Yield to maturity4.627%Oct 2, 2023Yield to maturity4.760%Oct 11, 2023Yield to maturity4.644%Oct 19, 2023Yield to maturity4.982%Oct 27, 2023Yield to maturity4.799%Nov 6, 2023Yield to maturity4.654%Nov 14, 2023Yield to maturity4.467%Nov 22, 2023Yield to maturity4.492%Dec 1, 2023Yield to maturity4.215%Dec 11, 2023Yield to maturity4.323%Dec 19, 2023Yield to maturity4.016%Dec 28, 2023Yield to maturity3.904%Jan 8, 2024Yield to maturity4.016%Jan 17, 2024Yield to maturity4.049%Jan 25, 2024Yield to maturity4.063%Feb 2, 2024Yield to maturity4.046%Feb 12, 2024Yield to maturity4.183%Feb 21, 2024Yield to maturity4.367%Feb 29, 2024Yield to maturity4.330%Mar 8, 2024Yield to maturity4.145%Mar 18, 2024Yield to maturity4.439%Mar 26, 2024Yield to maturity4.311%Apr 3, 2024Yield to maturity4.418%Apr 11, 2024Yield to maturity4.702%Apr 19, 2024Yield to maturity4.743%Apr 29, 2024Yield to maturity4.744%May 7, 2024Yield to maturity4.565%May 15, 2024Yield to maturity4.433%May 23, 2024Yield to maturity4.611%Jun 3, 2024Yield to maturity4.522%Jun 11, 2024Yield to maturity4.502%Jun 20, 2024Yield to maturity4.379%Jun 28, 2024Yield to maturity4.449%Jul 9, 2024Yield to maturity4.344%Jul 17, 2024Yield to maturity4.149%Jul 25, 2024Yield to maturity4.224%Aug 2, 2024Yield to maturity3.669%Aug 12, 2024Yield to maturity3.807%Aug 20, 2024Yield to maturity3.774%Aug 28, 2024Yield to maturity3.721%Sep 6, 2024Yield to maturity3.537%Sep 16, 2024Yield to maturity3.444%Sep 24, 2024Yield to maturity3.486%Oct 2, 2024Yield to maturity3.578%Oct 10, 2024Yield to maturity3.931%Oct 21, 2024Yield to maturity3.983%Oct 29, 2024Yield to maturity4.113%Nov 6, 2024Yield to maturity4.275%Nov 15, 2024Yield to maturity4.312%Nov 25, 2024Yield to maturity4.226%Dec 4, 2024Yield to maturity4.110%Dec 12, 2024Yield to maturity4.192%Dec 20, 2024Yield to maturity4.355%Dec 31, 2024Yield to maturity4.348%Jan 9, 2025Yield to maturity4.380%Jan 17, 2025Yield to maturity4.364%Jan 28, 2025Yield to maturity4.275%Feb 5, 2025Yield to maturity4.218%Feb 13, 2025Yield to maturity4.350%Feb 24, 2025Yield to maturity4.188%Mar 4, 2025Yield to maturity3.973%Mar 12, 2025Yield to maturity4.026%Mar 20, 2025Yield to maturity3.966%Mar 28, 2025Yield to maturity3.921%Apr 7, 2025Yield to maturity3.746%Apr 15, 2025Yield to maturity3.879%Apr 23, 2025Yield to maturity3.887%May 1, 2025Yield to maturity3.708%May 9, 2025Yield to maturity3.883%May 19, 2025Yield to maturity3.961%May 28, 2025Yield to maturity3.983%Jun 5, 2025Yield to maturity3.907%Jun 13, 2025Yield to maturity3.932%Jun 24, 2025Yield to maturity3.772%Jul 2, 2025Yield to maturity3.791%Jul 11, 2025Yield to maturity3.880%Jul 21, 2025Yield to maturity3.812%Jul 29, 2025Yield to maturity3.832%Aug 6, 2025Yield to maturity3.663%Aug 14, 2025Yield to maturity3.708%Aug 22, 2025Yield to maturity3.643%Sep 2, 2025Yield to maturity3.639%Sep 10, 2025Yield to maturity3.515%Sep 18, 2025Yield to maturity3.560%Sep 26, 2025Yield to maturity3.663%Oct 6, 2025Yield to maturity3.617%Oct 15, 2025Yield to maturity3.505%Oct 23, 2025Yield to maturity3.498%Oct 31, 2025Yield to maturity3.604%Nov 10, 2025Yield to maturity3.600%Nov 19, 2025Yield to maturity3.579%Nov 28, 2025Yield to maturity3.495%Dec 8, 2025Yield to maturity3.587%Dec 16, 2025Yield to maturity3.494%Dec 24, 2025Yield to maturity3.575%Jan 5, 2026Yield to maturity3.488%Jan 13, 2026Yield to maturity3.554%Jan 22, 2026Yield to maturity3.639%Jan 30, 2026Yield to maturity3.547%Feb 9, 2026Yield to maturity3.509%Feb 18, 2026Yield to maturity3.473%Feb 26, 2026Yield to maturity3.448%Mar 6, 2026Yield to maturity3.571%Mar 16, 2026Yield to maturity3.690%Mar 24, 2026Yield to maturity3.958%Apr 1, 2026Yield to maturity3.840%Apr 9, 2026Yield to maturity3.802%Apr 17, 2026Yield to maturity3.720%Apr 27, 2026Yield to maturity3.814%May 5, 2026Yield to maturity3.945%May 13, 2026Yield to maturity3.992%May 21, 2026Yield to maturity4.092%Jun 1, 2026Yield to maturity4.065%Jun 9, 2026Yield to maturity4.133%Jun 17, 2026Yield to maturity4.221%Jun 26, 2026Yield to maturity4.103%Jul 7, 2026Yield to maturity4.197%Jul 15, 2026Yield to maturity4.138%Jul 23, 2026Yield to maturity4.365%Jul 31, 2026Yield to maturity4.277%Aug 10, 2026Yield to maturity4.237%Aug 18, 2026Yield to maturity4.175%Aug 26, 2026Yield to maturity4.213%Sep 3, 2026Yield to maturity4.313%Sep 9, 2026Yield to maturity4.406%

Price history

1,342 trading days to Sep 9, 2026

80859095100105Apr 30, 2021Sep 9, 2026Apr 30, 2021Close99.531May 10, 2021Close99.938May 18, 2021Close99.781May 26, 2021Close100.125Jun 4, 2021Close100.250Jun 14, 2021Close100.469Jun 22, 2021Close100.281Jun 30, 2021Close100.406Jul 9, 2021Close101.063Jul 19, 2021Close102.031Jul 27, 2021Close101.813Aug 4, 2021Close102.156Aug 12, 2021Close101.000Aug 20, 2021Close101.500Aug 30, 2021Close101.469Sep 8, 2021Close101.219Sep 16, 2021Close101.063Sep 24, 2021Close100.219Oct 4, 2021Close100.219Oct 13, 2021Close99.531Oct 21, 2021Close98.719Oct 29, 2021Close99.094Nov 8, 2021Close99.500Nov 17, 2021Close98.844Nov 26, 2021Close99.406Dec 6, 2021Close99.438Dec 14, 2021Close99.313Dec 22, 2021Close99.344Dec 31, 2021Close99.125Jan 10, 2022Close97.500Jan 19, 2022Close97.031Jan 27, 2022Close96.938Feb 4, 2022Close96.281Feb 14, 2022Close95.688Feb 23, 2022Close95.875Mar 3, 2022Close96.719Mar 11, 2022Close95.594Mar 21, 2022Close93.563Mar 29, 2022Close92.813Apr 6, 2022Close91.750Apr 14, 2022Close91.156Apr 25, 2022Close91.063May 3, 2022Close90.188May 11, 2022Close90.719May 19, 2022Close91.094May 27, 2022Close91.656Jun 7, 2022Close90.344Jun 15, 2022Close88.500Jun 24, 2022Close89.531Jul 5, 2022Close91.250Jul 13, 2022Close90.469Jul 21, 2022Close90.563Jul 29, 2022Close92.031Aug 8, 2022Close91.156Aug 16, 2022Close90.969Aug 24, 2022Close89.594Sep 1, 2022Close88.781Sep 12, 2022Close88.500Sep 20, 2022Close87.375Sep 28, 2022Close86.563Oct 6, 2022Close86.031Oct 17, 2022Close85.219Oct 25, 2022Close85.219Nov 2, 2022Close85.063Nov 10, 2022Close86.719Nov 21, 2022Close86.563Nov 30, 2022Close87.406Dec 8, 2022Close88.000Dec 16, 2022Close88.438Dec 27, 2022Close86.969Jan 5, 2023Close87.313Jan 13, 2023Close88.656Jan 24, 2023Close88.875Feb 1, 2023Close89.344Feb 9, 2023Close87.688Feb 17, 2023Close87.063Feb 28, 2023Close86.469Mar 8, 2023Close85.906Mar 16, 2023Close88.469Mar 24, 2023Close89.719Apr 3, 2023Close89.344Apr 11, 2023Close89.344Apr 19, 2023Close88.625Apr 27, 2023Close89.125May 5, 2023Close90.000May 15, 2023Close89.844May 23, 2023Close88.625Jun 1, 2023Close88.813Jun 9, 2023Close88.000Jun 20, 2023Close87.875Jun 28, 2023Close87.906Jul 7, 2023Close86.531Jul 17, 2023Close87.875Jul 25, 2023Close87.281Aug 2, 2023Close87.094Aug 10, 2023Close87.250Aug 18, 2023Close86.656Aug 28, 2023Close86.625Sep 6, 2023Close86.469Sep 14, 2023Close86.625Sep 22, 2023Close86.156Oct 2, 2023Close85.719Oct 11, 2023Close86.219Oct 19, 2023Close85.031Oct 27, 2023Close85.781Nov 6, 2023Close86.375Nov 14, 2023Close87.125Nov 22, 2023Close87.094Dec 1, 2023Close88.188Dec 11, 2023Close87.844Dec 19, 2023Close89.031Dec 28, 2023Close89.500Jan 8, 2024Close89.156Jan 17, 2024Close89.094Jan 25, 2024Close89.094Feb 2, 2024Close89.219Feb 12, 2024Close88.781Feb 21, 2024Close88.188Feb 29, 2024Close88.375Mar 8, 2024Close89.094Mar 18, 2024Close88.125Mar 26, 2024Close88.625Apr 3, 2024Close88.313Apr 11, 2024Close87.406Apr 19, 2024Close87.344Apr 29, 2024Close87.406May 7, 2024Close88.063May 15, 2024Close88.563May 23, 2024Close88.031Jun 3, 2024Close88.406Jun 11, 2024Close88.531Jun 20, 2024Close89.000Jun 28, 2024Close88.844Jul 9, 2024Close89.250Jul 17, 2024Close89.938Jul 25, 2024Close89.750Aug 2, 2024Close91.625Aug 12, 2024Close91.219Aug 20, 2024Close91.375Aug 28, 2024Close91.594Sep 6, 2024Close92.250Sep 16, 2024Close92.594Sep 24, 2024Close92.500Oct 2, 2024Close92.250Oct 10, 2024Close91.188Oct 21, 2024Close91.094Oct 29, 2024Close90.750Nov 6, 2024Close90.313Nov 15, 2024Close90.281Nov 25, 2024Close90.594Dec 4, 2024Close91.000Dec 12, 2024Close90.813Dec 20, 2024Close90.406Dec 31, 2024Close90.500Jan 9, 2025Close90.469Jan 17, 2025Close90.594Jan 28, 2025Close90.906Feb 5, 2025Close91.125Feb 13, 2025Close90.813Feb 24, 2025Close91.344Mar 4, 2025Close92.000Mar 12, 2025Close91.906Mar 20, 2025Close92.125Mar 28, 2025Close92.313Apr 7, 2025Close92.844Apr 15, 2025Close92.531Apr 23, 2025Close92.563May 1, 2025Close93.094May 9, 2025Close92.688May 19, 2025Close92.531May 28, 2025Close92.531Jun 5, 2025Close92.781Jun 13, 2025Close92.781Jun 24, 2025Close93.250Jul 2, 2025Close93.250Jul 11, 2025Close93.094Jul 21, 2025Close93.313Jul 29, 2025Close93.313Aug 6, 2025Close93.781Aug 14, 2025Close93.719Aug 22, 2025Close93.938Sep 2, 2025Close94.000Sep 10, 2025Close94.344Sep 18, 2025Close94.281Sep 26, 2025Close94.094Oct 6, 2025Close94.250Oct 15, 2025Close94.563Oct 23, 2025Close94.625Oct 31, 2025Close94.438Nov 10, 2025Close94.500Nov 19, 2025Close94.594Nov 28, 2025Close94.844Dec 8, 2025Close94.688Dec 16, 2025Close94.938Dec 24, 2025Close94.813Jan 5, 2026Close95.063Jan 13, 2026Close94.969Jan 22, 2026Close94.844Jan 30, 2026Close95.094Feb 9, 2026Close95.219Feb 18, 2026Close95.344Feb 26, 2026Close95.438Mar 6, 2026Close95.250Mar 16, 2026Close95.063Mar 24, 2026Close94.594Apr 1, 2026Close94.875Apr 9, 2026Close95.000Apr 17, 2026Close95.219Apr 27, 2026Close95.094May 5, 2026Close94.906May 13, 2026Close94.875May 21, 2026Close94.750Jun 1, 2026Close94.875Jun 9, 2026Close94.813Jun 17, 2026Close94.719Jun 26, 2026Close95.000Jul 7, 2026Close94.906Jul 15, 2026Close95.063Jul 23, 2026Close94.750Jul 31, 2026Close94.969Aug 10, 2026Close95.094Aug 18, 2026Close95.250Aug 26, 2026Close95.250Sep 3, 2026Close95.156Sep 9, 2026Close95.063
The most recent 20 trading days of prices for 91282CBZ3.
DateBidOfferClose
Sep 9, 202695.07895.06395.063
Sep 8, 202695.12595.12595.094
Sep 4, 202695.14195.12595.125
Sep 3, 202695.17295.15695.156
Sep 2, 202695.07895.06395.063
Sep 1, 202695.07895.06395.031
Aug 31, 202695.12595.12595.094
Aug 28, 202695.14195.12595.094
Aug 27, 202695.28195.28195.250
Aug 26, 202695.26695.25095.250
Aug 25, 202695.28195.28195.281
Aug 24, 202695.23495.21995.219
Aug 21, 202695.20395.18895.219
Aug 20, 202695.26695.25095.250
Aug 19, 202695.26695.25095.281
Aug 18, 202695.26695.25095.250
Aug 17, 202695.26695.25095.250
Aug 14, 202695.29795.28195.250
Aug 13, 202695.26695.25095.250
Aug 12, 202695.20395.18895.156

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 91282CBZ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 27, 2021Apr 30, 2021New issue$62.0bn$73.8bn2.31x1.306%

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.