Treasury note

91282CDQ1 · 1.25% due December 31, 2026

Original term
5-Year
Maturity
Dec 31, 2026
Coupon
1.250%
Pays
Semi-Annual
Dated
Dec 31, 2021
First coupon
Jun 30, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$63.50bn
Held stripped
$33.9m
Share stripped
0.05%

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
4.047%
Modified duration
0.301 yr
DV01
0.0030
Convexity
0.181
Dirty price
99.401

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 2 of twelve buckets, summing to 0.307 years against a modified duration of 0.301.

Against the fitted curve

Priced 4.9 bp cheap to the curve on that day, 1.47 cents per 100 of face.

That is 2.80 standard deviations from its own typical residual.

Yield to maturity, 1,174 observations

1%2%3%4%5%6%Dec 31, 2021Sep 9, 2026Dec 31, 2021Yield to maturity1.263%Jan 7, 2022Yield to maturity1.499%Jan 14, 2022Yield to maturity1.553%Jan 24, 2022Yield to maturity1.527%Jan 31, 2022Yield to maturity1.622%Feb 7, 2022Yield to maturity1.759%Feb 14, 2022Yield to maturity1.918%Feb 22, 2022Yield to maturity1.859%Mar 1, 2022Yield to maturity1.574%Mar 8, 2022Yield to maturity1.815%Mar 15, 2022Yield to maturity2.118%Mar 22, 2022Yield to maturity2.428%Mar 29, 2022Yield to maturity2.534%Apr 5, 2022Yield to maturity2.730%Apr 12, 2022Yield to maturity2.684%Apr 20, 2022Yield to maturity2.891%Apr 27, 2022Yield to maturity2.838%May 4, 2022Yield to maturity2.942%May 11, 2022Yield to maturity2.904%May 18, 2022Yield to maturity2.911%May 25, 2022Yield to maturity2.735%Jun 2, 2022Yield to maturity2.948%Jun 9, 2022Yield to maturity3.094%Jun 16, 2022Yield to maturity3.392%Jun 24, 2022Yield to maturity3.200%Jul 1, 2022Yield to maturity2.903%Jul 11, 2022Yield to maturity3.075%Jul 18, 2022Yield to maturity3.098%Jul 25, 2022Yield to maturity2.924%Aug 1, 2022Yield to maturity2.710%Aug 8, 2022Yield to maturity2.985%Aug 15, 2022Yield to maturity2.977%Aug 22, 2022Yield to maturity3.243%Aug 29, 2022Yield to maturity3.358%Sep 6, 2022Yield to maturity3.501%Sep 13, 2022Yield to maturity3.669%Sep 20, 2022Yield to maturity3.849%Sep 27, 2022Yield to maturity4.318%Oct 4, 2022Yield to maturity3.949%Oct 12, 2022Yield to maturity4.224%Oct 19, 2022Yield to maturity4.467%Oct 26, 2022Yield to maturity4.304%Nov 2, 2022Yield to maturity4.416%Nov 9, 2022Yield to maturity4.385%Nov 17, 2022Yield to maturity4.062%Nov 25, 2022Yield to maturity4.036%Dec 2, 2022Yield to maturity3.817%Dec 9, 2022Yield to maturity3.900%Dec 16, 2022Yield to maturity3.751%Dec 23, 2022Yield to maturity3.972%Jan 3, 2023Yield to maturity4.059%Jan 10, 2023Yield to maturity3.836%Jan 18, 2023Yield to maturity3.560%Jan 25, 2023Yield to maturity3.689%Feb 1, 2023Yield to maturity3.610%Feb 8, 2023Yield to maturity3.952%Feb 15, 2023Yield to maturity4.200%Feb 23, 2023Yield to maturity4.273%Mar 2, 2023Yield to maturity4.499%Mar 9, 2023Yield to maturity4.438%Mar 16, 2023Yield to maturity3.918%Mar 23, 2023Yield to maturity3.544%Mar 30, 2023Yield to maturity3.820%Apr 6, 2023Yield to maturity3.520%Apr 13, 2023Yield to maturity3.646%Apr 20, 2023Yield to maturity3.793%Apr 27, 2023Yield to maturity3.748%May 4, 2023Yield to maturity3.404%May 11, 2023Yield to maturity3.502%May 18, 2023Yield to maturity3.846%May 25, 2023Yield to maturity4.119%Jun 2, 2023Yield to maturity4.040%Jun 9, 2023Yield to maturity4.116%Jun 16, 2023Yield to maturity4.215%Jun 26, 2023Yield to maturity4.190%Jul 3, 2023Yield to maturity4.446%Jul 11, 2023Yield to maturity4.453%Jul 18, 2023Yield to maturity4.230%Jul 25, 2023Yield to maturity4.425%Aug 1, 2023Yield to maturity4.463%Aug 8, 2023Yield to maturity4.311%Aug 15, 2023Yield to maturity4.553%Aug 22, 2023Yield to maturity4.679%Aug 29, 2023Yield to maturity4.481%Sep 6, 2023Yield to maturity4.644%Sep 13, 2023Yield to maturity4.597%Sep 20, 2023Yield to maturity4.750%Sep 27, 2023Yield to maturity4.848%Oct 4, 2023Yield to maturity4.813%Oct 12, 2023Yield to maturity4.803%Oct 19, 2023Yield to maturity4.983%Oct 26, 2023Yield to maturity4.856%Nov 2, 2023Yield to maturity4.740%Nov 9, 2023Yield to maturity4.758%Nov 16, 2023Yield to maturity4.551%Nov 24, 2023Yield to maturity4.626%Dec 1, 2023Yield to maturity4.263%Dec 8, 2023Yield to maturity4.398%Dec 15, 2023Yield to maturity4.102%Dec 22, 2023Yield to maturity4.029%Jan 2, 2024Yield to maturity4.084%Jan 9, 2024Yield to maturity4.102%Jan 17, 2024Yield to maturity4.111%Jan 24, 2024Yield to maturity4.178%Jan 31, 2024Yield to maturity4.040%Feb 7, 2024Yield to maturity4.192%Feb 14, 2024Yield to maturity4.383%Feb 22, 2024Yield to maturity4.494%Feb 29, 2024Yield to maturity4.441%Mar 7, 2024Yield to maturity4.286%Mar 14, 2024Yield to maturity4.497%Mar 21, 2024Yield to maturity4.442%Mar 28, 2024Yield to maturity4.452%Apr 4, 2024Yield to maturity4.487%Apr 11, 2024Yield to maturity4.810%Apr 18, 2024Yield to maturity4.862%Apr 25, 2024Yield to maturity4.887%May 2, 2024Yield to maturity4.766%May 9, 2024Yield to maturity4.684%May 16, 2024Yield to maturity4.642%May 23, 2024Yield to maturity4.776%May 31, 2024Yield to maturity4.744%Jun 7, 2024Yield to maturity4.715%Jun 14, 2024Yield to maturity4.505%Jun 24, 2024Yield to maturity4.547%Jul 1, 2024Yield to maturity4.657%Jul 9, 2024Yield to maturity4.474%Jul 16, 2024Yield to maturity4.286%Jul 23, 2024Yield to maturity4.338%Jul 30, 2024Yield to maturity4.247%Aug 6, 2024Yield to maturity3.882%Aug 13, 2024Yield to maturity3.830%Aug 20, 2024Yield to maturity3.880%Aug 27, 2024Yield to maturity3.799%Sep 4, 2024Yield to maturity3.690%Sep 11, 2024Yield to maturity3.548%Sep 18, 2024Yield to maturity3.552%Sep 25, 2024Yield to maturity3.526%Oct 2, 2024Yield to maturity3.591%Oct 9, 2024Yield to maturity3.962%Oct 17, 2024Yield to maturity3.927%Oct 24, 2024Yield to maturity4.044%Oct 31, 2024Yield to maturity4.148%Nov 7, 2024Yield to maturity4.189%Nov 15, 2024Yield to maturity4.292%Nov 22, 2024Yield to maturity4.352%Dec 2, 2024Yield to maturity4.186%Dec 9, 2024Yield to maturity4.130%Dec 16, 2024Yield to maturity4.241%Dec 23, 2024Yield to maturity4.354%Dec 31, 2024Yield to maturity4.254%Jan 8, 2025Yield to maturity4.284%Jan 15, 2025Yield to maturity4.278%Jan 23, 2025Yield to maturity4.295%Jan 30, 2025Yield to maturity4.201%Feb 6, 2025Yield to maturity4.213%Feb 13, 2025Yield to maturity4.316%Feb 21, 2025Yield to maturity4.196%Feb 28, 2025Yield to maturity4.023%Mar 7, 2025Yield to maturity4.015%Mar 14, 2025Yield to maturity4.045%Mar 21, 2025Yield to maturity3.961%Mar 28, 2025Yield to maturity3.952%Apr 4, 2025Yield to maturity3.750%Apr 11, 2025Yield to maturity4.013%Apr 18, 2025Yield to maturity3.866%Apr 25, 2025Yield to maturity3.836%May 2, 2025Yield to maturity3.907%May 9, 2025Yield to maturity3.959%May 16, 2025Yield to maturity4.053%May 23, 2025Yield to maturity4.071%Jun 2, 2025Yield to maturity4.042%Jun 9, 2025Yield to maturity4.098%Jun 16, 2025Yield to maturity4.047%Jun 24, 2025Yield to maturity3.911%Jul 1, 2025Yield to maturity3.901%Jul 9, 2025Yield to maturity3.985%Jul 16, 2025Yield to maturity3.997%Jul 23, 2025Yield to maturity4.010%Jul 30, 2025Yield to maturity4.071%Aug 6, 2025Yield to maturity3.823%Aug 13, 2025Yield to maturity3.786%Aug 20, 2025Yield to maturity3.846%Aug 27, 2025Yield to maturity3.784%Sep 4, 2025Yield to maturity3.750%Sep 11, 2025Yield to maturity3.660%Sep 18, 2025Yield to maturity3.670%Sep 25, 2025Yield to maturity3.758%Oct 2, 2025Yield to maturity3.638%Oct 9, 2025Yield to maturity3.675%Oct 17, 2025Yield to maturity3.565%Oct 24, 2025Yield to maturity3.602%Oct 31, 2025Yield to maturity3.726%Nov 7, 2025Yield to maturity3.652%Nov 17, 2025Yield to maturity3.699%Nov 24, 2025Yield to maturity3.622%Dec 2, 2025Yield to maturity3.639%Dec 9, 2025Yield to maturity3.652%Dec 16, 2025Yield to maturity3.538%Dec 23, 2025Yield to maturity3.581%Dec 31, 2025Yield to maturity3.540%Jan 8, 2026Yield to maturity3.552%Jan 15, 2026Yield to maturity3.598%Jan 23, 2026Yield to maturity3.598%Jan 30, 2026Yield to maturity3.576%Feb 6, 2026Yield to maturity3.553%Feb 13, 2026Yield to maturity3.537%Feb 23, 2026Yield to maturity3.589%Mar 2, 2026Yield to maturity3.604%Mar 9, 2026Yield to maturity3.660%Mar 16, 2026Yield to maturity3.678%Mar 23, 2026Yield to maturity3.823%Mar 30, 2026Yield to maturity3.803%Apr 6, 2026Yield to maturity3.782%Apr 13, 2026Yield to maturity3.759%Apr 20, 2026Yield to maturity3.736%Apr 27, 2026Yield to maturity3.711%May 4, 2026Yield to maturity3.784%May 11, 2026Yield to maturity3.760%May 18, 2026Yield to maturity3.787%May 26, 2026Yield to maturity3.827%Jun 2, 2026Yield to maturity3.802%Jun 9, 2026Yield to maturity3.833%Jun 16, 2026Yield to maturity3.866%Jun 24, 2026Yield to maturity3.980%Jul 1, 2026Yield to maturity3.955%Jul 9, 2026Yield to maturity3.942%Jul 16, 2026Yield to maturity3.911%Jul 23, 2026Yield to maturity4.026%Jul 30, 2026Yield to maturity3.997%Aug 6, 2026Yield to maturity3.965%Aug 13, 2026Yield to maturity3.931%Aug 20, 2026Yield to maturity3.893%Aug 27, 2026Yield to maturity3.852%Sep 3, 2026Yield to maturity3.906%Sep 9, 2026Yield to maturity4.047%

Price history

1,174 trading days to Sep 9, 2026

85.087.590.092.595.097.5100.0Dec 31, 2021Sep 9, 2026Dec 31, 2021Close99.938Jan 7, 2022Close98.813Jan 14, 2022Close98.563Jan 24, 2022Close98.688Jan 31, 2022Close98.250Feb 7, 2022Close97.625Feb 14, 2022Close96.906Feb 22, 2022Close97.188Mar 1, 2022Close98.500Mar 8, 2022Close97.406Mar 15, 2022Close96.063Mar 22, 2022Close94.719Mar 29, 2022Close94.281Apr 5, 2022Close93.469Apr 12, 2022Close93.688Apr 20, 2022Close92.844Apr 27, 2022Close93.094May 4, 2022Close92.688May 11, 2022Close92.875May 18, 2022Close92.875May 25, 2022Close93.625Jun 2, 2022Close92.781Jun 9, 2022Close92.219Jun 16, 2022Close91.063Jun 24, 2022Close91.875Jul 1, 2022Close93.094Jul 11, 2022Close92.438Jul 18, 2022Close92.375Jul 25, 2022Close93.094Aug 1, 2022Close93.969Aug 8, 2022Close92.906Aug 15, 2022Close92.969Aug 22, 2022Close91.969Aug 29, 2022Close91.563Sep 6, 2022Close91.063Sep 13, 2022Close90.469Sep 20, 2022Close89.844Sep 27, 2022Close88.188Oct 4, 2022Close89.563Oct 12, 2022Close88.625Oct 19, 2022Close87.813Oct 26, 2022Close88.438Nov 2, 2022Close88.094Nov 9, 2022Close88.250Nov 17, 2022Close89.438Nov 25, 2022Close89.594Dec 2, 2022Close90.406Dec 9, 2022Close90.156Dec 16, 2022Close90.719Dec 23, 2022Close90.000Jan 3, 2023Close89.750Jan 10, 2023Close90.563Jan 18, 2023Close91.563Jan 25, 2023Close91.156Feb 1, 2023Close91.469Feb 8, 2023Close90.344Feb 15, 2023Close89.563Feb 23, 2023Close89.375Mar 2, 2023Close88.688Mar 9, 2023Close88.938Mar 16, 2023Close90.688Mar 23, 2023Close91.969Mar 30, 2023Close91.094Apr 6, 2023Close92.125Apr 13, 2023Close91.750Apr 20, 2023Close91.313Apr 27, 2023Close91.500May 4, 2023Close92.656May 11, 2023Close92.375May 18, 2023Close91.313May 25, 2023Close90.500Jun 2, 2023Close90.813Jun 9, 2023Close90.625Jun 16, 2023Close90.375Jun 26, 2023Close90.500Jul 3, 2023Close89.781Jul 11, 2023Close89.813Jul 18, 2023Close90.531Jul 25, 2023Close90.000Aug 1, 2023Close89.938Aug 8, 2023Close90.438Aug 15, 2023Close89.781Aug 22, 2023Close89.469Aug 29, 2023Close90.094Sep 6, 2023Close89.688Sep 13, 2023Close89.875Sep 20, 2023Close89.500Sep 27, 2023Close89.281Oct 4, 2023Close89.438Oct 12, 2023Close89.531Oct 19, 2023Close89.094Oct 26, 2023Close89.500Nov 2, 2023Close89.875Nov 9, 2023Close89.906Nov 16, 2023Close90.500Nov 24, 2023Close90.375Dec 1, 2023Close91.406Dec 8, 2023Close91.094Dec 15, 2023Close91.938Dec 22, 2023Close92.188Jan 2, 2024Close92.094Jan 9, 2024Close92.094Jan 17, 2024Close92.125Jan 24, 2024Close92.000Jan 31, 2024Close92.406Feb 7, 2024Close92.063Feb 14, 2024Close91.625Feb 22, 2024Close91.406Feb 29, 2024Close91.594Mar 7, 2024Close92.031Mar 14, 2024Close91.563Mar 21, 2024Close91.750Mar 28, 2024Close91.781Apr 4, 2024Close91.750Apr 11, 2024Close91.031Apr 18, 2024Close90.969Apr 25, 2024Close90.969May 2, 2024Close91.313May 9, 2024Close91.563May 16, 2024Close91.719May 23, 2024Close91.469May 31, 2024Close91.625Jun 7, 2024Close91.750Jun 14, 2024Close92.281Jun 24, 2024Close92.250Jul 1, 2024Close92.063Jul 9, 2024Close92.531Jul 16, 2024Close93.000Jul 23, 2024Close92.938Jul 30, 2024Close93.188Aug 6, 2024Close94.031Aug 13, 2024Close94.188Aug 20, 2024Close94.125Aug 27, 2024Close94.344Sep 4, 2024Close94.625Sep 11, 2024Close94.969Sep 18, 2024Close95.000Sep 25, 2024Close95.094Oct 2, 2024Close95.000Oct 9, 2024Close94.281Oct 17, 2024Close94.406Oct 24, 2024Close94.219Oct 31, 2024Close94.063Nov 7, 2024Close94.031Nov 15, 2024Close93.906Nov 22, 2024Close93.844Dec 2, 2024Close94.219Dec 9, 2024Close94.375Dec 16, 2024Close94.219Dec 23, 2024Close94.063Dec 31, 2024Close94.313Jan 8, 2025Close94.313Jan 15, 2025Close94.375Jan 23, 2025Close94.406Jan 30, 2025Close94.625Feb 6, 2025Close94.656Feb 13, 2025Close94.531Feb 21, 2025Close94.813Feb 28, 2025Close95.156Mar 7, 2025Close95.219Mar 14, 2025Close95.219Mar 21, 2025Close95.406Mar 28, 2025Close95.469Apr 4, 2025Close95.844Apr 11, 2025Close95.469Apr 18, 2025Close95.750Apr 25, 2025Close95.844May 2, 2025Close95.781May 9, 2025Close95.750May 16, 2025Close95.656May 23, 2025Close95.688Jun 2, 2025Close95.781Jun 9, 2025Close95.750Jun 16, 2025Close95.875Jun 24, 2025Close96.125Jul 1, 2025Close96.188Jul 9, 2025Close96.125Jul 16, 2025Close96.156Jul 23, 2025Close96.188Jul 30, 2025Close96.156Aug 6, 2025Close96.531Aug 13, 2025Close96.625Aug 20, 2025Close96.594Aug 27, 2025Close96.719Sep 4, 2025Close96.813Sep 11, 2025Close96.969Sep 18, 2025Close97.000Sep 25, 2025Close96.938Oct 2, 2025Close97.125Oct 9, 2025Close97.125Oct 17, 2025Close97.313Oct 24, 2025Close97.313Oct 31, 2025Close97.219Nov 7, 2025Close97.344Nov 17, 2025Close97.344Nov 24, 2025Close97.469Dec 2, 2025Close97.500Dec 9, 2025Close97.531Dec 16, 2025Close97.688Dec 23, 2025Close97.688Dec 31, 2025Close97.781Jan 8, 2026Close97.813Jan 15, 2026Close97.813Jan 23, 2026Close97.875Jan 30, 2026Close97.938Feb 6, 2026Close98.000Feb 13, 2026Close98.063Feb 23, 2026Close98.063Mar 2, 2026Close98.094Mar 9, 2026Close98.094Mar 16, 2026Close98.125Mar 23, 2026Close98.063Mar 30, 2026Close98.125Apr 6, 2026Close98.188Apr 13, 2026Close98.250Apr 20, 2026Close98.313Apr 27, 2026Close98.375May 4, 2026Close98.375May 11, 2026Close98.438May 18, 2026Close98.469May 26, 2026Close98.500Jun 2, 2026Close98.563Jun 9, 2026Close98.594Jun 16, 2026Close98.625Jun 24, 2026Close98.625Jul 1, 2026Close98.688Jul 9, 2026Close98.750Jul 16, 2026Close98.813Jul 23, 2026Close98.813Jul 30, 2026Close98.875Aug 6, 2026Close98.938Aug 13, 2026Close99.000Aug 20, 2026Close99.063Aug 27, 2026Close99.125Sep 3, 2026Close99.156Sep 9, 2026Close99.156
The most recent 20 trading days of prices for 91282CDQ1.
DateBidOfferClose
Sep 9, 2026–99.15699.156
Sep 8, 2026–99.15699.156
Sep 4, 2026–99.18899.188
Sep 3, 2026–99.15699.156
Sep 2, 2026–99.12599.125
Sep 1, 2026–99.12599.125
Aug 31, 2026–99.12599.125
Aug 28, 2026–99.12599.125
Aug 27, 2026–99.12599.125
Aug 26, 2026–99.09499.094
Aug 25, 2026–99.09499.094
Aug 24, 2026–99.09499.094
Aug 21, 2026–99.09499.094
Aug 20, 2026–99.06399.063
Aug 19, 2026–99.06399.063
Aug 18, 2026–99.06399.063
Aug 17, 2026–99.03199.031
Aug 14, 2026–99.03199.031
Aug 13, 2026–99.00099.000
Aug 12, 2026–99.00099.000

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 91282CDQ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 28, 2021Dec 31, 2021New issue$57.0bn$64.7bn2.41x1.263%

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.