Treasury note

91282CCE9 · 1.25% due May 31, 2028

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

Statement of August 31, 2026

Amount outstanding
$73.21bn
Held stripped
$71.4m
Share stripped
0.10%

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
4.412%
Modified duration
1.665 yr
DV01
0.0158
Convexity
3.609
Dirty price
95.161

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 1.703 years against a modified duration of 1.665.

Against the fitted curve

Priced 1.0 bp cheap to the curve on that day, 1.52 cents per 100 of face.

That is 0.90 standard deviations from its own typical residual.

Yield to maturity, 1,321 observations

0%1%2%3%4%5%Jun 1, 2021Sep 9, 2026Jun 1, 2021Yield to maturity1.278%Jun 9, 2021Yield to maturity1.166%Jun 17, 2021Yield to maturity1.259%Jun 25, 2021Yield to maturity1.274%Jul 6, 2021Yield to maturity1.113%Jul 14, 2021Yield to maturity1.094%Jul 22, 2021Yield to maturity0.995%Jul 30, 2021Yield to maturity0.975%Aug 9, 2021Yield to maturity1.064%Aug 17, 2021Yield to maturity1.016%Aug 25, 2021Yield to maturity1.096%Sep 2, 2021Yield to maturity1.033%Sep 13, 2021Yield to maturity1.066%Sep 21, 2021Yield to maturity1.085%Sep 29, 2021Yield to maturity1.299%Oct 7, 2021Yield to maturity1.309%Oct 18, 2021Yield to maturity1.389%Oct 26, 2021Yield to maturity1.424%Nov 3, 2021Yield to maturity1.415%Nov 12, 2021Yield to maturity1.436%Nov 22, 2021Yield to maturity1.513%Dec 1, 2021Yield to maturity1.310%Dec 9, 2021Yield to maturity1.392%Dec 17, 2021Yield to maturity1.316%Dec 28, 2021Yield to maturity1.388%Jan 5, 2022Yield to maturity1.585%Jan 13, 2022Yield to maturity1.602%Jan 24, 2022Yield to maturity1.672%Feb 1, 2022Yield to maturity1.753%Feb 9, 2022Yield to maturity1.916%Feb 17, 2022Yield to maturity1.946%Feb 28, 2022Yield to maturity1.797%Mar 8, 2022Yield to maturity1.864%Mar 16, 2022Yield to maturity2.236%Mar 24, 2022Yield to maturity2.426%Apr 1, 2022Yield to maturity2.558%Apr 11, 2022Yield to maturity2.854%Apr 20, 2022Yield to maturity2.914%Apr 28, 2022Yield to maturity2.913%May 6, 2022Yield to maturity3.143%May 16, 2022Yield to maturity2.903%May 24, 2022Yield to maturity2.819%Jun 2, 2022Yield to maturity2.982%Jun 10, 2022Yield to maturity3.290%Jun 21, 2022Yield to maturity3.436%Jun 29, 2022Yield to maturity3.218%Jul 8, 2022Yield to maturity3.197%Jul 18, 2022Yield to maturity3.104%Jul 26, 2022Yield to maturity2.943%Aug 3, 2022Yield to maturity2.887%Aug 11, 2022Yield to maturity3.012%Aug 19, 2022Yield to maturity3.133%Aug 29, 2022Yield to maturity3.312%Sep 7, 2022Yield to maturity3.417%Sep 15, 2022Yield to maturity3.674%Sep 23, 2022Yield to maturity3.966%Oct 3, 2022Yield to maturity3.922%Oct 12, 2022Yield to maturity4.158%Oct 20, 2022Yield to maturity4.482%Oct 28, 2022Yield to maturity4.225%Nov 7, 2022Yield to maturity4.418%Nov 16, 2022Yield to maturity3.848%Nov 25, 2022Yield to maturity3.883%Dec 5, 2022Yield to maturity3.824%Dec 13, 2022Yield to maturity3.676%Dec 21, 2022Yield to maturity3.816%Dec 30, 2022Yield to maturity4.035%Jan 10, 2023Yield to maturity3.744%Jan 19, 2023Yield to maturity3.499%Jan 27, 2023Yield to maturity3.642%Feb 6, 2023Yield to maturity3.813%Feb 14, 2023Yield to maturity4.009%Feb 23, 2023Yield to maturity4.122%Mar 3, 2023Yield to maturity4.268%Mar 13, 2023Yield to maturity3.702%Mar 21, 2023Yield to maturity3.784%Mar 29, 2023Yield to maturity3.729%Apr 6, 2023Yield to maturity3.411%Apr 14, 2023Yield to maturity3.637%Apr 24, 2023Yield to maturity3.633%May 2, 2023Yield to maturity3.498%May 10, 2023Yield to maturity3.421%May 18, 2023Yield to maturity3.729%May 26, 2023Yield to maturity3.997%Jun 6, 2023Yield to maturity3.903%Jun 14, 2023Yield to maturity4.104%Jun 23, 2023Yield to maturity4.037%Jul 3, 2023Yield to maturity4.219%Jul 12, 2023Yield to maturity4.109%Jul 20, 2023Yield to maturity4.113%Jul 28, 2023Yield to maturity4.238%Aug 7, 2023Yield to maturity4.204%Aug 15, 2023Yield to maturity4.407%Aug 23, 2023Yield to maturity4.413%Aug 31, 2023Yield to maturity4.300%Sep 11, 2023Yield to maturity4.463%Sep 19, 2023Yield to maturity4.583%Sep 27, 2023Yield to maturity4.746%Oct 5, 2023Yield to maturity4.738%Oct 16, 2023Yield to maturity4.768%Oct 24, 2023Yield to maturity4.860%Nov 1, 2023Yield to maturity4.726%Nov 9, 2023Yield to maturity4.706%Nov 17, 2023Yield to maturity4.502%Nov 28, 2023Yield to maturity4.361%Dec 6, 2023Yield to maturity4.192%Dec 14, 2023Yield to maturity3.974%Dec 22, 2023Yield to maturity3.934%Jan 3, 2024Yield to maturity3.948%Jan 11, 2024Yield to maturity3.953%Jan 22, 2024Yield to maturity4.056%Jan 30, 2024Yield to maturity4.044%Feb 7, 2024Yield to maturity4.101%Feb 15, 2024Yield to maturity4.279%Feb 26, 2024Yield to maturity4.378%Mar 5, 2024Yield to maturity4.201%Mar 13, 2024Yield to maturity4.269%Mar 21, 2024Yield to maturity4.338%Mar 29, 2024Yield to maturity4.304%Apr 8, 2024Yield to maturity4.508%Apr 16, 2024Yield to maturity4.762%Apr 24, 2024Yield to maturity4.725%May 2, 2024Yield to maturity4.651%May 10, 2024Yield to maturity4.591%May 20, 2024Yield to maturity4.526%May 29, 2024Yield to maturity4.713%Jun 6, 2024Yield to maturity4.377%Jun 14, 2024Yield to maturity4.324%Jun 25, 2024Yield to maturity4.362%Jul 3, 2024Yield to maturity4.418%Jul 12, 2024Yield to maturity4.176%Jul 22, 2024Yield to maturity4.249%Jul 30, 2024Yield to maturity4.104%Aug 7, 2024Yield to maturity3.837%Aug 15, 2024Yield to maturity3.861%Aug 23, 2024Yield to maturity3.709%Sep 3, 2024Yield to maturity3.715%Sep 11, 2024Yield to maturity3.473%Sep 19, 2024Yield to maturity3.514%Sep 27, 2024Yield to maturity3.521%Oct 7, 2024Yield to maturity3.914%Oct 16, 2024Yield to maturity3.873%Oct 24, 2024Yield to maturity4.047%Nov 1, 2024Yield to maturity4.220%Nov 12, 2024Yield to maturity4.332%Nov 20, 2024Yield to maturity4.289%Nov 29, 2024Yield to maturity4.099%Dec 9, 2024Yield to maturity4.106%Dec 17, 2024Yield to maturity4.259%Dec 26, 2024Yield to maturity4.407%Jan 6, 2025Yield to maturity4.371%Jan 14, 2025Yield to maturity4.519%Jan 23, 2025Yield to maturity4.392%Jan 31, 2025Yield to maturity4.309%Feb 10, 2025Yield to maturity4.318%Feb 19, 2025Yield to maturity4.319%Feb 27, 2025Yield to maturity4.077%Mar 7, 2025Yield to maturity4.045%Mar 17, 2025Yield to maturity4.064%Mar 25, 2025Yield to maturity4.006%Apr 2, 2025Yield to maturity3.913%Apr 10, 2025Yield to maturity3.909%Apr 18, 2025Yield to maturity3.842%Apr 28, 2025Yield to maturity3.702%May 6, 2025Yield to maturity3.788%May 14, 2025Yield to maturity4.071%May 22, 2025Yield to maturity3.998%Jun 2, 2025Yield to maturity3.920%Jun 10, 2025Yield to maturity3.998%Jun 18, 2025Yield to maturity3.902%Jun 27, 2025Yield to maturity3.736%Jul 8, 2025Yield to maturity3.889%Jul 16, 2025Yield to maturity3.860%Jul 24, 2025Yield to maturity3.880%Aug 1, 2025Yield to maturity3.671%Aug 11, 2025Yield to maturity3.739%Aug 19, 2025Yield to maturity3.721%Aug 27, 2025Yield to maturity3.603%Sep 5, 2025Yield to maturity3.503%Sep 15, 2025Yield to maturity3.521%Sep 23, 2025Yield to maturity3.578%Oct 1, 2025Yield to maturity3.571%Oct 9, 2025Yield to maturity3.616%Oct 20, 2025Yield to maturity3.473%Oct 28, 2025Yield to maturity3.504%Nov 5, 2025Yield to maturity3.643%Nov 14, 2025Yield to maturity3.631%Nov 24, 2025Yield to maturity3.489%Dec 3, 2025Yield to maturity3.484%Dec 11, 2025Yield to maturity3.544%Dec 19, 2025Yield to maturity3.500%Dec 30, 2025Yield to maturity3.481%Jan 8, 2026Yield to maturity3.532%Jan 16, 2026Yield to maturity3.633%Jan 27, 2026Yield to maturity3.611%Feb 4, 2026Yield to maturity3.604%Feb 12, 2026Yield to maturity3.479%Feb 23, 2026Yield to maturity3.434%Mar 3, 2026Yield to maturity3.500%Mar 11, 2026Yield to maturity3.644%Mar 19, 2026Yield to maturity3.807%Mar 27, 2026Yield to maturity3.949%Apr 6, 2026Yield to maturity3.865%Apr 14, 2026Yield to maturity3.765%Apr 22, 2026Yield to maturity3.807%Apr 30, 2026Yield to maturity3.899%May 8, 2026Yield to maturity3.918%May 18, 2026Yield to maturity4.097%May 27, 2026Yield to maturity4.047%Jun 4, 2026Yield to maturity4.061%Jun 12, 2026Yield to maturity4.100%Jun 23, 2026Yield to maturity4.206%Jul 1, 2026Yield to maturity4.186%Jul 10, 2026Yield to maturity4.214%Jul 20, 2026Yield to maturity4.212%Jul 28, 2026Yield to maturity4.284%Aug 5, 2026Yield to maturity4.190%Aug 13, 2026Yield to maturity4.150%Aug 21, 2026Yield to maturity4.233%Aug 31, 2026Yield to maturity4.328%Sep 9, 2026Yield to maturity4.412%

Price history

1,321 trading days to Sep 9, 2026

80859095100105Jun 1, 2021Sep 9, 2026Jun 1, 2021Close99.813Jun 9, 2021Close100.563Jun 17, 2021Close99.938Jun 25, 2021Close99.844Jul 6, 2021Close100.906Jul 14, 2021Close101.031Jul 22, 2021Close101.688Jul 30, 2021Close101.813Aug 9, 2021Close101.219Aug 17, 2021Close101.531Aug 25, 2021Close101.000Sep 2, 2021Close101.406Sep 13, 2021Close101.188Sep 21, 2021Close101.063Sep 29, 2021Close99.688Oct 7, 2021Close99.625Oct 18, 2021Close99.125Oct 26, 2021Close98.906Nov 3, 2021Close98.969Nov 12, 2021Close98.844Nov 22, 2021Close98.375Dec 1, 2021Close99.625Dec 9, 2021Close99.125Dec 17, 2021Close99.594Dec 28, 2021Close99.156Jan 5, 2022Close97.969Jan 13, 2022Close97.875Jan 24, 2022Close97.469Feb 1, 2022Close97.000Feb 9, 2022Close96.063Feb 17, 2022Close95.906Feb 28, 2022Close96.781Mar 8, 2022Close96.406Mar 16, 2022Close94.313Mar 24, 2022Close93.281Apr 1, 2022Close92.594Apr 11, 2022Close91.031Apr 20, 2022Close90.750Apr 28, 2022Close90.781May 6, 2022Close89.625May 16, 2022Close90.906May 24, 2022Close91.375Jun 2, 2022Close90.563Jun 10, 2022Close89.031Jun 21, 2022Close88.344Jun 29, 2022Close89.469Jul 8, 2022Close89.625Jul 18, 2022Close90.125Jul 26, 2022Close90.969Aug 3, 2022Close91.281Aug 11, 2022Close90.688Aug 19, 2022Close90.125Aug 29, 2022Close89.281Sep 7, 2022Close88.813Sep 15, 2022Close87.625Sep 23, 2022Close86.313Oct 3, 2022Close86.563Oct 12, 2022Close85.531Oct 20, 2022Close84.125Oct 28, 2022Close85.344Nov 7, 2022Close84.531Nov 16, 2022Close87.156Nov 25, 2022Close87.063Dec 5, 2022Close87.375Dec 13, 2022Close88.094Dec 21, 2022Close87.500Dec 30, 2022Close86.594Jan 10, 2023Close87.938Jan 19, 2023Close89.094Jan 27, 2023Close88.500Feb 6, 2023Close87.781Feb 14, 2023Close86.969Feb 23, 2023Close86.531Mar 3, 2023Close85.969Mar 13, 2023Close88.469Mar 21, 2023Close88.156Mar 29, 2023Close88.438Apr 6, 2023Close89.875Apr 14, 2023Close88.938Apr 24, 2023Close89.000May 2, 2023Close89.625May 10, 2023Close90.000May 18, 2023Close88.719May 26, 2023Close87.656Jun 6, 2023Close88.094Jun 14, 2023Close87.313Jun 23, 2023Close87.656Jul 3, 2023Close86.969Jul 12, 2023Close87.469Jul 20, 2023Close87.500Jul 28, 2023Close87.063Aug 7, 2023Close87.250Aug 15, 2023Close86.500Aug 23, 2023Close86.531Aug 31, 2023Close87.031Sep 11, 2023Close86.469Sep 19, 2023Close86.063Sep 27, 2023Close85.500Oct 5, 2023Close85.594Oct 16, 2023Close85.563Oct 24, 2023Close85.281Nov 1, 2023Close85.844Nov 9, 2023Close86.000Nov 17, 2023Close86.813Nov 28, 2023Close87.406Dec 6, 2023Close88.094Dec 14, 2023Close88.969Dec 22, 2023Close89.188Jan 3, 2024Close89.188Jan 11, 2024Close89.219Jan 22, 2024Close88.906Jan 30, 2024Close89.000Feb 7, 2024Close88.844Feb 15, 2024Close88.250Feb 26, 2024Close87.969Mar 5, 2024Close88.656Mar 13, 2024Close88.469Mar 21, 2024Close88.281Mar 29, 2024Close88.469Apr 8, 2024Close87.813Apr 16, 2024Close87.000Apr 24, 2024Close87.188May 2, 2024Close87.500May 10, 2024Close87.781May 20, 2024Close88.063May 29, 2024Close87.500Jun 6, 2024Close88.688Jun 14, 2024Close88.938Jun 25, 2024Close88.875Jul 3, 2024Close88.750Jul 12, 2024Close89.625Jul 22, 2024Close89.438Jul 30, 2024Close89.969Aug 7, 2024Close90.906Aug 15, 2024Close90.875Aug 23, 2024Close91.438Sep 3, 2024Close91.469Sep 11, 2024Close92.313Sep 19, 2024Close92.219Sep 27, 2024Close92.250Oct 7, 2024Close91.031Oct 16, 2024Close91.219Oct 24, 2024Close90.719Nov 1, 2024Close90.250Nov 12, 2024Close89.969Nov 20, 2024Close90.156Nov 29, 2024Close90.813Dec 9, 2024Close90.844Dec 17, 2024Close90.438Dec 26, 2024Close90.063Jan 6, 2025Close90.250Jan 14, 2025Close89.875Jan 23, 2025Close90.313Jan 31, 2025Close90.625Feb 10, 2025Close90.656Feb 19, 2025Close90.719Feb 27, 2025Close91.469Mar 7, 2025Close91.625Mar 17, 2025Close91.625Mar 25, 2025Close91.844Apr 2, 2025Close92.156Apr 10, 2025Close92.219Apr 18, 2025Close92.469Apr 28, 2025Close92.906May 6, 2025Close92.719May 14, 2025Close92.000May 22, 2025Close92.250Jun 2, 2025Close92.531Jun 10, 2025Close92.375Jun 18, 2025Close92.688Jun 27, 2025Close93.188Jul 8, 2025Close92.844Jul 16, 2025Close92.969Jul 24, 2025Close92.969Aug 1, 2025Close93.563Aug 11, 2025Close93.438Aug 19, 2025Close93.531Aug 27, 2025Close93.875Sep 5, 2025Close94.188Sep 15, 2025Close94.188Sep 23, 2025Close94.094Oct 1, 2025Close94.156Oct 9, 2025Close94.094Oct 20, 2025Close94.500Oct 28, 2025Close94.469Nov 5, 2025Close94.188Nov 14, 2025Close94.281Nov 24, 2025Close94.656Dec 3, 2025Close94.719Dec 11, 2025Close94.625Dec 19, 2025Close94.781Dec 30, 2025Close94.875Jan 8, 2026Close94.813Jan 16, 2026Close94.656Jan 27, 2026Close94.750Feb 4, 2026Close94.813Feb 12, 2026Close95.125Feb 23, 2026Close95.281Mar 3, 2026Close95.188Mar 11, 2026Close94.938Mar 19, 2026Close94.656Mar 27, 2026Close94.438Apr 6, 2026Close94.656Apr 14, 2026Close94.906Apr 22, 2026Close94.875Apr 30, 2026Close94.750May 8, 2026Close94.781May 18, 2026Close94.500May 27, 2026Close94.656Jun 4, 2026Close94.688Jun 12, 2026Close94.688Jun 23, 2026Close94.563Jul 1, 2026Close94.656Jul 10, 2026Close94.688Jul 20, 2026Close94.750Jul 28, 2026Close94.688Aug 5, 2026Close94.906Aug 13, 2026Close95.031Aug 21, 2026Close94.969Aug 31, 2026Close94.875Sep 9, 2026Close94.813
The most recent 20 trading days of prices for 91282CCE9.
DateBidOfferClose
Sep 9, 202694.82894.81394.813
Sep 8, 202694.87594.87594.844
Sep 4, 202694.89194.87594.875
Sep 3, 202694.92294.90694.906
Sep 2, 202694.82894.81394.813
Sep 1, 202694.84494.84494.781
Aug 31, 202694.89194.87594.875
Aug 28, 202694.89194.87594.844
Aug 27, 202695.04795.03195.000
Aug 26, 202695.04795.03195.031
Aug 25, 202695.06395.06395.063
Aug 24, 202695.00095.00094.969
Aug 21, 202694.96994.96994.969
Aug 20, 202695.03195.03195.031
Aug 19, 202695.01695.00095.031
Aug 18, 202695.03195.03195.031
Aug 17, 202695.04795.03195.031
Aug 14, 202695.06395.06395.031
Aug 13, 202695.04795.03195.031
Aug 12, 202694.96994.96994.938

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 91282CCE9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 27, 2021Jun 1, 2021New issue$62.0bn$74.0bn2.41x1.285%

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.