Treasury note

91282CEF4 · 2.5% due March 31, 2027

Original term
5-Year
Maturity
Mar 31, 2027
Coupon
2.500%
Pays
Semi-Annual
Dated
Mar 31, 2022
First coupon
Sep 30, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$60.04bn
Held stripped
$15.1m
Share stripped
0.03%

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
3.994%
Modified duration
0.538 yr
DV01
0.0054
Convexity
0.556
Dirty price
100.301

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 0.547 years against a modified duration of 0.538.

Against the fitted curve

Priced 8.3 bp rich to the curve on that day, 4.49 cents per 100 of face.

That is -2.78 standard deviations from its own typical residual.

Yield to maturity, 1,112 observations

2.00%2.50%3.00%3.50%4.00%4.50%5.00%Mar 31, 2022Sep 9, 2026Mar 31, 2022Yield to maturity2.420%Apr 7, 2022Yield to maturity2.702%Apr 14, 2022Yield to maturity2.785%Apr 22, 2022Yield to maturity2.938%Apr 29, 2022Yield to maturity2.933%May 6, 2022Yield to maturity3.068%May 13, 2022Yield to maturity2.887%May 20, 2022Yield to maturity2.798%May 27, 2022Yield to maturity2.729%Jun 6, 2022Yield to maturity3.041%Jun 13, 2022Yield to maturity3.572%Jun 21, 2022Yield to maturity3.393%Jun 28, 2022Yield to maturity3.264%Jul 6, 2022Yield to maturity2.970%Jul 13, 2022Yield to maturity3.037%Jul 20, 2022Yield to maturity3.200%Jul 27, 2022Yield to maturity2.844%Aug 3, 2022Yield to maturity2.890%Aug 10, 2022Yield to maturity2.957%Aug 17, 2022Yield to maturity3.077%Aug 24, 2022Yield to maturity3.267%Aug 31, 2022Yield to maturity3.353%Sep 8, 2022Yield to maturity3.448%Sep 15, 2022Yield to maturity3.723%Sep 22, 2022Yield to maturity3.995%Sep 29, 2022Yield to maturity4.049%Oct 6, 2022Yield to maturity4.119%Oct 14, 2022Yield to maturity4.347%Oct 21, 2022Yield to maturity4.404%Oct 28, 2022Yield to maturity4.264%Nov 4, 2022Yield to maturity4.411%Nov 14, 2022Yield to maturity4.074%Nov 21, 2022Yield to maturity4.105%Nov 29, 2022Yield to maturity4.047%Dec 6, 2022Yield to maturity3.848%Dec 13, 2022Yield to maturity3.763%Dec 20, 2022Yield to maturity3.876%Dec 28, 2022Yield to maturity4.058%Jan 5, 2023Yield to maturity4.006%Jan 12, 2023Yield to maturity3.629%Jan 20, 2023Yield to maturity3.653%Jan 27, 2023Yield to maturity3.733%Feb 3, 2023Yield to maturity3.781%Feb 10, 2023Yield to maturity4.034%Feb 17, 2023Yield to maturity4.163%Feb 27, 2023Yield to maturity4.320%Mar 6, 2023Yield to maturity4.434%Mar 13, 2023Yield to maturity3.811%Mar 20, 2023Yield to maturity3.722%Mar 27, 2023Yield to maturity3.736%Apr 3, 2023Yield to maturity3.646%Apr 10, 2023Yield to maturity3.651%Apr 17, 2023Yield to maturity3.815%Apr 24, 2023Yield to maturity3.732%May 1, 2023Yield to maturity3.747%May 8, 2023Yield to maturity3.601%May 15, 2023Yield to maturity3.562%May 22, 2023Yield to maturity3.882%May 30, 2023Yield to maturity3.990%Jun 6, 2023Yield to maturity4.015%Jun 13, 2023Yield to maturity4.190%Jun 21, 2023Yield to maturity4.152%Jun 28, 2023Yield to maturity4.179%Jul 6, 2023Yield to maturity4.560%Jul 13, 2023Yield to maturity4.102%Jul 20, 2023Yield to maturity4.282%Jul 27, 2023Yield to maturity4.445%Aug 3, 2023Yield to maturity4.455%Aug 10, 2023Yield to maturity4.367%Aug 17, 2023Yield to maturity4.554%Aug 24, 2023Yield to maturity4.564%Aug 31, 2023Yield to maturity4.426%Sep 8, 2023Yield to maturity4.570%Sep 15, 2023Yield to maturity4.622%Sep 22, 2023Yield to maturity4.724%Sep 29, 2023Yield to maturity4.736%Oct 6, 2023Yield to maturity4.832%Oct 16, 2023Yield to maturity4.813%Oct 23, 2023Yield to maturity4.857%Oct 30, 2023Yield to maturity4.838%Nov 6, 2023Yield to maturity4.672%Nov 13, 2023Yield to maturity4.757%Nov 20, 2023Yield to maturity4.558%Nov 28, 2023Yield to maturity4.433%Dec 5, 2023Yield to maturity4.275%Dec 12, 2023Yield to maturity4.380%Dec 19, 2023Yield to maturity4.093%Dec 27, 2023Yield to maturity3.933%Jan 4, 2024Yield to maturity4.092%Jan 11, 2024Yield to maturity4.004%Jan 19, 2024Yield to maturity4.158%Jan 26, 2024Yield to maturity4.146%Feb 2, 2024Yield to maturity4.122%Feb 9, 2024Yield to maturity4.265%Feb 16, 2024Yield to maturity4.423%Feb 26, 2024Yield to maturity4.468%Mar 4, 2024Yield to maturity4.378%Mar 11, 2024Yield to maturity4.276%Mar 18, 2024Yield to maturity4.528%Mar 25, 2024Yield to maturity4.390%Apr 1, 2024Yield to maturity4.518%Apr 8, 2024Yield to maturity4.589%Apr 15, 2024Yield to maturity4.780%Apr 22, 2024Yield to maturity4.806%Apr 29, 2024Yield to maturity4.809%May 6, 2024Yield to maturity4.642%May 13, 2024Yield to maturity4.668%May 20, 2024Yield to maturity4.645%May 28, 2024Yield to maturity4.760%Jun 4, 2024Yield to maturity4.564%Jun 11, 2024Yield to maturity4.615%Jun 18, 2024Yield to maturity4.468%Jun 26, 2024Yield to maturity4.557%Jul 3, 2024Yield to maturity4.522%Jul 11, 2024Yield to maturity4.307%Jul 18, 2024Yield to maturity4.269%Jul 25, 2024Yield to maturity4.294%Aug 1, 2024Yield to maturity3.998%Aug 8, 2024Yield to maturity3.919%Aug 15, 2024Yield to maturity3.942%Aug 22, 2024Yield to maturity3.848%Aug 29, 2024Yield to maturity3.780%Sep 6, 2024Yield to maturity3.557%Sep 13, 2024Yield to maturity3.472%Sep 20, 2024Yield to maturity3.480%Sep 27, 2024Yield to maturity3.500%Oct 4, 2024Yield to maturity3.860%Oct 11, 2024Yield to maturity3.871%Oct 21, 2024Yield to maturity3.965%Oct 28, 2024Yield to maturity4.088%Nov 4, 2024Yield to maturity4.142%Nov 12, 2024Yield to maturity4.314%Nov 19, 2024Yield to maturity4.242%Nov 26, 2024Yield to maturity4.241%Dec 4, 2024Yield to maturity4.111%Dec 11, 2024Yield to maturity4.139%Dec 18, 2024Yield to maturity4.360%Dec 26, 2024Yield to maturity4.348%Jan 3, 2025Yield to maturity4.279%Jan 10, 2025Yield to maturity4.401%Jan 17, 2025Yield to maturity4.296%Jan 27, 2025Yield to maturity4.203%Feb 3, 2025Yield to maturity4.265%Feb 10, 2025Yield to maturity4.281%Feb 18, 2025Yield to maturity4.299%Feb 25, 2025Yield to maturity4.090%Mar 4, 2025Yield to maturity3.959%Mar 11, 2025Yield to maturity3.939%Mar 18, 2025Yield to maturity4.035%Mar 25, 2025Yield to maturity4.000%Apr 1, 2025Yield to maturity3.880%Apr 8, 2025Yield to maturity3.708%Apr 15, 2025Yield to maturity3.838%Apr 22, 2025Yield to maturity3.817%Apr 29, 2025Yield to maturity3.674%May 6, 2025Yield to maturity3.807%May 13, 2025Yield to maturity4.033%May 20, 2025Yield to maturity3.994%May 28, 2025Yield to maturity4.029%Jun 4, 2025Yield to maturity3.917%Jun 11, 2025Yield to maturity3.969%Jun 18, 2025Yield to maturity3.968%Jun 26, 2025Yield to maturity3.776%Jul 3, 2025Yield to maturity3.949%Jul 11, 2025Yield to maturity3.946%Jul 18, 2025Yield to maturity3.923%Jul 25, 2025Yield to maturity3.958%Aug 1, 2025Yield to maturity3.756%Aug 8, 2025Yield to maturity3.810%Aug 15, 2025Yield to maturity3.805%Aug 22, 2025Yield to maturity3.739%Aug 29, 2025Yield to maturity3.714%Sep 8, 2025Yield to maturity3.581%Sep 15, 2025Yield to maturity3.616%Sep 22, 2025Yield to maturity3.652%Sep 29, 2025Yield to maturity3.688%Oct 6, 2025Yield to maturity3.637%Oct 14, 2025Yield to maturity3.519%Oct 21, 2025Yield to maturity3.509%Oct 28, 2025Yield to maturity3.546%Nov 4, 2025Yield to maturity3.629%Nov 12, 2025Yield to maturity3.623%Nov 19, 2025Yield to maturity3.663%Nov 26, 2025Yield to maturity3.584%Dec 4, 2025Yield to maturity3.599%Dec 11, 2025Yield to maturity3.565%Dec 18, 2025Yield to maturity3.505%Dec 26, 2025Yield to maturity3.527%Jan 5, 2026Yield to maturity3.492%Jan 12, 2026Yield to maturity3.561%Jan 20, 2026Yield to maturity3.608%Jan 27, 2026Yield to maturity3.570%Feb 3, 2026Yield to maturity3.588%Feb 10, 2026Yield to maturity3.492%Feb 18, 2026Yield to maturity3.541%Feb 25, 2026Yield to maturity3.559%Mar 4, 2026Yield to maturity3.609%Mar 11, 2026Yield to maturity3.629%Mar 18, 2026Yield to maturity3.681%Mar 25, 2026Yield to maturity3.832%Apr 1, 2026Yield to maturity3.727%Apr 8, 2026Yield to maturity3.751%Apr 15, 2026Yield to maturity3.707%Apr 22, 2026Yield to maturity3.731%Apr 29, 2026Yield to maturity3.792%May 6, 2026Yield to maturity3.747%May 13, 2026Yield to maturity3.810%May 20, 2026Yield to maturity3.839%May 28, 2026Yield to maturity3.834%Jun 4, 2026Yield to maturity3.826%Jun 11, 2026Yield to maturity3.897%Jun 18, 2026Yield to maturity4.030%Jun 26, 2026Yield to maturity3.983%Jul 6, 2026Yield to maturity3.982%Jul 13, 2026Yield to maturity4.067%Jul 20, 2026Yield to maturity4.017%Jul 27, 2026Yield to maturity4.108%Aug 3, 2026Yield to maturity4.007%Aug 10, 2026Yield to maturity4.002%Aug 17, 2026Yield to maturity3.945%Aug 24, 2026Yield to maturity3.937%Aug 31, 2026Yield to maturity4.041%Sep 8, 2026Yield to maturity3.986%Sep 9, 2026Yield to maturity3.994%

Price history

1,112 trading days to Sep 9, 2026

9092949698100102Mar 31, 2022Sep 9, 2026Mar 31, 2022Close100.375Apr 7, 2022Close99.063Apr 14, 2022Close98.688Apr 22, 2022Close98.000Apr 29, 2022Close98.031May 6, 2022Close97.438May 13, 2022Close98.250May 20, 2022Close98.656May 27, 2022Close98.969Jun 6, 2022Close97.594Jun 13, 2022Close95.313Jun 21, 2022Close96.094Jun 28, 2022Close96.656Jul 6, 2022Close97.938Jul 13, 2022Close97.656Jul 20, 2022Close96.969Jul 27, 2022Close98.500Aug 3, 2022Close98.313Aug 10, 2022Close98.031Aug 17, 2022Close97.531Aug 24, 2022Close96.750Aug 31, 2022Close96.406Sep 8, 2022Close96.031Sep 15, 2022Close94.938Sep 22, 2022Close93.875Sep 29, 2022Close93.688Oct 6, 2022Close93.438Oct 14, 2022Close92.594Oct 21, 2022Close92.406Oct 28, 2022Close92.969Nov 4, 2022Close92.438Nov 14, 2022Close93.750Nov 21, 2022Close93.656Nov 29, 2022Close93.906Dec 6, 2022Close94.688Dec 13, 2022Close95.031Dec 20, 2022Close94.625Dec 28, 2022Close93.969Jan 5, 2023Close94.188Jan 12, 2023Close95.625Jan 20, 2023Close95.563Jan 27, 2023Close95.281Feb 3, 2023Close95.125Feb 10, 2023Close94.219Feb 17, 2023Close93.781Feb 27, 2023Close93.250Mar 6, 2023Close92.875Mar 13, 2023Close95.125Mar 20, 2023Close95.469Mar 27, 2023Close95.438Apr 3, 2023Close95.781Apr 10, 2023Close95.781Apr 17, 2023Close95.219Apr 24, 2023Close95.531May 1, 2023Close95.500May 8, 2023Close96.031May 15, 2023Close96.188May 22, 2023Close95.094May 30, 2023Close94.750Jun 6, 2023Close94.688Jun 13, 2023Close94.125Jun 21, 2023Close94.281Jun 28, 2023Close94.219Jul 6, 2023Close93.000Jul 13, 2023Close94.531Jul 20, 2023Close93.969Jul 27, 2023Close93.469Aug 3, 2023Close93.469Aug 10, 2023Close93.781Aug 17, 2023Close93.219Aug 24, 2023Close93.219Aug 31, 2023Close93.688Sep 8, 2023Close93.281Sep 15, 2023Close93.156Sep 22, 2023Close92.875Sep 29, 2023Close92.875Oct 6, 2023Close92.625Oct 16, 2023Close92.719Oct 23, 2023Close92.625Oct 30, 2023Close92.719Nov 6, 2023Close93.250Nov 13, 2023Close93.031Nov 20, 2023Close93.656Nov 28, 2023Close94.063Dec 5, 2023Close94.563Dec 12, 2023Close94.281Dec 19, 2023Close95.156Dec 27, 2023Close95.656Jan 4, 2024Close95.219Jan 11, 2024Close95.500Jan 19, 2024Close95.094Jan 26, 2024Close95.156Feb 2, 2024Close95.250Feb 9, 2024Close94.875Feb 16, 2024Close94.469Feb 26, 2024Close94.375Mar 4, 2024Close94.656Mar 11, 2024Close94.969Mar 18, 2024Close94.313Mar 25, 2024Close94.719Apr 1, 2024Close94.406Apr 8, 2024Close94.250Apr 15, 2024Close93.781Apr 22, 2024Close93.750Apr 29, 2024Close93.781May 6, 2024Close94.250May 13, 2024Close94.219May 20, 2024Close94.313May 28, 2024Close94.063Jun 4, 2024Close94.594Jun 11, 2024Close94.500Jun 18, 2024Close94.906Jun 26, 2024Close94.719Jul 3, 2024Close94.844Jul 11, 2024Close95.406Jul 18, 2024Close95.531Jul 25, 2024Close95.500Aug 1, 2024Close96.250Aug 8, 2024Close96.469Aug 15, 2024Close96.438Aug 22, 2024Close96.688Aug 29, 2024Close96.875Sep 6, 2024Close97.438Sep 13, 2024Close97.656Sep 20, 2024Close97.656Sep 27, 2024Close97.625Oct 4, 2024Close96.813Oct 11, 2024Close96.813Oct 21, 2024Close96.625Oct 28, 2024Close96.375Nov 4, 2024Close96.281Nov 12, 2024Close95.938Nov 19, 2024Close96.125Nov 26, 2024Close96.156Dec 4, 2024Close96.469Dec 11, 2024Close96.438Dec 18, 2024Close96.000Dec 26, 2024Close96.063Jan 3, 2025Close96.250Jan 10, 2025Close96.031Jan 17, 2025Close96.281Jan 27, 2025Close96.500Feb 3, 2025Close96.406Feb 10, 2025Close96.406Feb 18, 2025Close96.406Feb 25, 2025Close96.844Mar 4, 2025Close97.125Mar 11, 2025Close97.188Mar 18, 2025Close97.031Mar 25, 2025Close97.125Apr 1, 2025Close97.375Apr 8, 2025Close97.719Apr 15, 2025Close97.500Apr 22, 2025Close97.563Apr 29, 2025Close97.844May 6, 2025Close97.625May 13, 2025Close97.250May 20, 2025Close97.344May 28, 2025Close97.313Jun 4, 2025Close97.531Jun 11, 2025Close97.469Jun 18, 2025Close97.500Jun 26, 2025Close97.844Jul 3, 2025Close97.594Jul 11, 2025Close97.625Jul 18, 2025Close97.688Jul 25, 2025Close97.656Aug 1, 2025Close98.000Aug 8, 2025Close97.938Aug 15, 2025Close97.969Aug 22, 2025Close98.094Aug 29, 2025Close98.156Sep 8, 2025Close98.375Sep 15, 2025Close98.344Sep 22, 2025Close98.313Sep 29, 2025Close98.281Oct 6, 2025Close98.375Oct 14, 2025Close98.563Oct 21, 2025Close98.594Oct 28, 2025Close98.563Nov 4, 2025Close98.469Nov 12, 2025Close98.500Nov 19, 2025Close98.469Nov 26, 2025Close98.594Dec 4, 2025Close98.594Dec 11, 2025Close98.656Dec 18, 2025Close98.750Dec 26, 2025Close98.750Jan 5, 2026Close98.813Jan 12, 2026Close98.750Jan 20, 2026Close98.719Jan 27, 2026Close98.781Feb 3, 2026Close98.781Feb 10, 2026Close98.906Feb 18, 2026Close98.875Feb 25, 2026Close98.875Mar 4, 2026Close98.844Mar 11, 2026Close98.844Mar 18, 2026Close98.813Mar 25, 2026Close98.688Apr 1, 2026Close98.813Apr 8, 2026Close98.813Apr 15, 2026Close98.875Apr 22, 2026Close98.875Apr 29, 2026Close98.844May 6, 2026Close98.906May 13, 2026Close98.875May 20, 2026Close98.875May 28, 2026Close98.906Jun 4, 2026Close98.938Jun 11, 2026Close98.906Jun 18, 2026Close98.844Jun 26, 2026Close98.906Jul 6, 2026Close98.938Jul 13, 2026Close98.906Jul 20, 2026Close98.969Jul 27, 2026Close98.938Aug 3, 2026Close99.031Aug 10, 2026Close99.063Aug 17, 2026Close99.125Aug 24, 2026Close99.156Aug 31, 2026Close99.125Sep 8, 2026Close99.188Sep 9, 2026Close99.188
The most recent 20 trading days of prices for 91282CEF4.
DateBidOfferClose
Sep 9, 202699.20399.18899.188
Sep 8, 202699.18899.18899.188
Sep 4, 202699.18899.18899.156
Sep 3, 202699.17299.15699.156
Sep 2, 202699.15699.15699.125
Sep 1, 202699.14199.12599.125
Aug 31, 202699.14199.12599.125
Aug 28, 202699.17299.15699.125
Aug 27, 202699.18899.18899.156
Aug 26, 202699.17299.15699.156
Aug 25, 202699.17299.15699.156
Aug 24, 202699.15699.15699.156
Aug 21, 202699.17299.15699.156
Aug 20, 202699.17299.15699.156
Aug 19, 202699.17299.15699.156
Aug 18, 202699.14199.12599.156
Aug 17, 202699.14199.12599.125
Aug 14, 202699.14199.12599.125
Aug 13, 202699.12599.12599.125
Aug 12, 202699.10999.09499.094

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 91282CEF4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 28, 2022Mar 31, 2022New issue$51.0bn$60.5bn2.53x2.543%

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.