Treasury note

91282CEM9 · 2.875% due April 30, 2029

Original term
7-Year
Maturity
Apr 30, 2029
Coupon
2.875%
Pays
Semi-Annual
Dated
Apr 30, 2022
First coupon
Oct 31, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$48.50bn
Held stripped
$248.0m
Share stripped
0.51%

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
4.498%
Modified duration
2.476 yr
DV01
0.0240
Convexity
7.518
Dirty price
97.039

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 5 of twelve buckets, summing to 2.528 years against a modified duration of 2.476.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 1.51 cents per 100 of face.

That is -0.51 standard deviations from its own typical residual.

Yield to maturity, 1,091 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 2, 2022Sep 9, 2026May 2, 2022Yield to maturity3.040%May 9, 2022Yield to maturity3.040%May 16, 2022Yield to maturity2.885%May 23, 2022Yield to maturity2.905%May 31, 2022Yield to maturity2.880%Jun 7, 2022Yield to maturity3.031%Jun 14, 2022Yield to maturity3.604%Jun 22, 2022Yield to maturity3.249%Jun 29, 2022Yield to maturity3.177%Jul 7, 2022Yield to maturity3.074%Jul 14, 2022Yield to maturity3.054%Jul 21, 2022Yield to maturity2.998%Jul 28, 2022Yield to maturity2.712%Aug 4, 2022Yield to maturity2.752%Aug 11, 2022Yield to maturity2.973%Aug 18, 2022Yield to maturity3.009%Aug 25, 2022Yield to maturity3.173%Sep 1, 2022Yield to maturity3.414%Sep 9, 2022Yield to maturity3.470%Sep 16, 2022Yield to maturity3.613%Sep 23, 2022Yield to maturity3.921%Sep 30, 2022Yield to maturity4.054%Oct 7, 2022Yield to maturity4.115%Oct 17, 2022Yield to maturity4.228%Oct 24, 2022Yield to maturity4.377%Oct 31, 2022Yield to maturity4.259%Nov 7, 2022Yield to maturity4.385%Nov 15, 2022Yield to maturity3.942%Nov 22, 2022Yield to maturity3.933%Nov 30, 2022Yield to maturity3.828%Dec 7, 2022Yield to maturity3.603%Dec 14, 2022Yield to maturity3.639%Dec 21, 2022Yield to maturity3.812%Dec 29, 2022Yield to maturity3.972%Jan 6, 2023Yield to maturity3.686%Jan 13, 2023Yield to maturity3.603%Jan 23, 2023Yield to maturity3.610%Jan 30, 2023Yield to maturity3.670%Feb 6, 2023Yield to maturity3.783%Feb 13, 2023Yield to maturity3.892%Feb 21, 2023Yield to maturity4.146%Feb 28, 2023Yield to maturity4.138%Mar 7, 2023Yield to maturity4.257%Mar 14, 2023Yield to maturity3.803%Mar 21, 2023Yield to maturity3.758%Mar 28, 2023Yield to maturity3.666%Apr 4, 2023Yield to maturity3.432%Apr 11, 2023Yield to maturity3.558%Apr 18, 2023Yield to maturity3.697%Apr 25, 2023Yield to maturity3.467%May 2, 2023Yield to maturity3.498%May 9, 2023Yield to maturity3.554%May 16, 2023Yield to maturity3.568%May 23, 2023Yield to maturity3.782%May 31, 2023Yield to maturity3.766%Jun 7, 2023Yield to maturity3.954%Jun 14, 2023Yield to maturity4.044%Jun 22, 2023Yield to maturity4.017%Jun 29, 2023Yield to maturity4.108%Jul 7, 2023Yield to maturity4.324%Jul 14, 2023Yield to maturity4.022%Jul 21, 2023Yield to maturity4.070%Jul 28, 2023Yield to maturity4.182%Aug 4, 2023Yield to maturity4.167%Aug 11, 2023Yield to maturity4.320%Aug 18, 2023Yield to maturity4.397%Aug 25, 2023Yield to maturity4.441%Sep 1, 2023Yield to maturity4.328%Sep 11, 2023Yield to maturity4.431%Sep 18, 2023Yield to maturity4.483%Sep 25, 2023Yield to maturity4.663%Oct 2, 2023Yield to maturity4.771%Oct 10, 2023Yield to maturity4.689%Oct 17, 2023Yield to maturity4.915%Oct 24, 2023Yield to maturity4.887%Oct 31, 2023Yield to maturity4.900%Nov 7, 2023Yield to maturity4.602%Nov 14, 2023Yield to maturity4.478%Nov 21, 2023Yield to maturity4.462%Nov 29, 2023Yield to maturity4.291%Dec 6, 2023Yield to maturity4.173%Dec 13, 2023Yield to maturity4.049%Dec 20, 2023Yield to maturity3.911%Dec 28, 2023Yield to maturity3.881%Jan 5, 2024Yield to maturity4.056%Jan 12, 2024Yield to maturity3.883%Jan 22, 2024Yield to maturity4.051%Jan 29, 2024Yield to maturity4.006%Feb 5, 2024Yield to maturity4.156%Feb 12, 2024Yield to maturity4.167%Feb 20, 2024Yield to maturity4.277%Feb 27, 2024Yield to maturity4.353%Mar 5, 2024Yield to maturity4.160%Mar 12, 2024Yield to maturity4.186%Mar 19, 2024Yield to maturity4.333%Mar 26, 2024Yield to maturity4.259%Apr 2, 2024Yield to maturity4.379%Apr 9, 2024Yield to maturity4.399%Apr 16, 2024Yield to maturity4.713%Apr 23, 2024Yield to maturity4.653%Apr 30, 2024Yield to maturity4.749%May 7, 2024Yield to maturity4.503%May 14, 2024Yield to maturity4.486%May 21, 2024Yield to maturity4.455%May 29, 2024Yield to maturity4.663%Jun 5, 2024Yield to maturity4.340%Jun 12, 2024Yield to maturity4.345%Jun 20, 2024Yield to maturity4.299%Jun 27, 2024Yield to maturity4.342%Jul 5, 2024Yield to maturity4.259%Jul 12, 2024Yield to maturity4.136%Jul 19, 2024Yield to maturity4.194%Jul 26, 2024Yield to maturity4.108%Aug 2, 2024Yield to maturity3.642%Aug 9, 2024Yield to maturity3.831%Aug 16, 2024Yield to maturity3.797%Aug 23, 2024Yield to maturity3.688%Aug 30, 2024Yield to maturity3.767%Sep 9, 2024Yield to maturity3.522%Sep 16, 2024Yield to maturity3.442%Sep 23, 2024Yield to maturity3.535%Sep 30, 2024Yield to maturity3.606%Oct 7, 2024Yield to maturity3.901%Oct 15, 2024Yield to maturity3.890%Oct 22, 2024Yield to maturity4.019%Oct 29, 2024Yield to maturity4.126%Nov 5, 2024Yield to maturity4.187%Nov 13, 2024Yield to maturity4.321%Nov 20, 2024Yield to maturity4.303%Nov 27, 2024Yield to maturity4.164%Dec 5, 2024Yield to maturity4.104%Dec 12, 2024Yield to maturity4.199%Dec 19, 2024Yield to maturity4.434%Dec 27, 2024Yield to maturity4.452%Jan 6, 2025Yield to maturity4.417%Jan 13, 2025Yield to maturity4.600%Jan 21, 2025Yield to maturity4.398%Jan 28, 2025Yield to maturity4.329%Feb 4, 2025Yield to maturity4.318%Feb 11, 2025Yield to maturity4.375%Feb 19, 2025Yield to maturity4.357%Feb 26, 2025Yield to maturity4.075%Mar 5, 2025Yield to maturity4.071%Mar 12, 2025Yield to maturity4.077%Mar 19, 2025Yield to maturity4.022%Mar 26, 2025Yield to maturity4.070%Apr 2, 2025Yield to maturity3.930%Apr 9, 2025Yield to maturity4.030%Apr 16, 2025Yield to maturity3.862%Apr 23, 2025Yield to maturity3.962%Apr 30, 2025Yield to maturity3.672%May 7, 2025Yield to maturity3.823%May 14, 2025Yield to maturity4.127%May 21, 2025Yield to maturity4.088%May 29, 2025Yield to maturity3.969%Jun 5, 2025Yield to maturity3.957%Jun 12, 2025Yield to maturity3.926%Jun 20, 2025Yield to maturity3.914%Jun 27, 2025Yield to maturity3.775%Jul 7, 2025Yield to maturity3.907%Jul 14, 2025Yield to maturity3.921%Jul 21, 2025Yield to maturity3.852%Jul 28, 2025Yield to maturity3.912%Aug 4, 2025Yield to maturity3.687%Aug 11, 2025Yield to maturity3.765%Aug 18, 2025Yield to maturity3.778%Aug 25, 2025Yield to maturity3.727%Sep 2, 2025Yield to maturity3.675%Sep 9, 2025Yield to maturity3.539%Sep 16, 2025Yield to maturity3.533%Sep 23, 2025Yield to maturity3.612%Sep 30, 2025Yield to maturity3.663%Oct 7, 2025Yield to maturity3.639%Oct 15, 2025Yield to maturity3.557%Oct 22, 2025Yield to maturity3.483%Oct 29, 2025Yield to maturity3.632%Nov 5, 2025Yield to maturity3.685%Nov 13, 2025Yield to maturity3.630%Nov 20, 2025Yield to maturity3.595%Nov 28, 2025Yield to maturity3.531%Dec 5, 2025Yield to maturity3.614%Dec 12, 2025Yield to maturity3.618%Dec 19, 2025Yield to maturity3.572%Dec 29, 2025Yield to maturity3.556%Jan 6, 2026Yield to maturity3.580%Jan 13, 2026Yield to maturity3.615%Jan 21, 2026Yield to maturity3.692%Jan 28, 2026Yield to maturity3.687%Feb 4, 2026Yield to maturity3.681%Feb 11, 2026Yield to maturity3.601%Feb 19, 2026Yield to maturity3.521%Feb 26, 2026Yield to maturity3.472%Mar 5, 2026Yield to maturity3.615%Mar 12, 2026Yield to maturity3.792%Mar 19, 2026Yield to maturity3.819%Mar 26, 2026Yield to maturity4.024%Apr 2, 2026Yield to maturity3.842%Apr 9, 2026Yield to maturity3.815%Apr 16, 2026Yield to maturity3.809%Apr 23, 2026Yield to maturity3.860%Apr 30, 2026Yield to maturity3.923%May 7, 2026Yield to maturity3.952%May 14, 2026Yield to maturity4.040%May 21, 2026Yield to maturity4.140%May 29, 2026Yield to maturity4.069%Jun 5, 2026Yield to maturity4.230%Jun 12, 2026Yield to maturity4.143%Jun 22, 2026Yield to maturity4.260%Jun 29, 2026Yield to maturity4.112%Jul 7, 2026Yield to maturity4.218%Jul 14, 2026Yield to maturity4.239%Jul 21, 2026Yield to maturity4.298%Jul 28, 2026Yield to maturity4.307%Aug 4, 2026Yield to maturity4.254%Aug 11, 2026Yield to maturity4.289%Aug 18, 2026Yield to maturity4.248%Aug 25, 2026Yield to maturity4.257%Sep 1, 2026Yield to maturity4.447%Sep 9, 2026Yield to maturity4.498%

Price history

1,091 trading days to Sep 9, 2026

87.590.092.595.097.5100.0102.5May 2, 2022Sep 9, 2026May 2, 2022Close98.969May 9, 2022Close98.969May 16, 2022Close99.938May 23, 2022Close99.813May 31, 2022Close99.969Jun 7, 2022Close99.031Jun 14, 2022Close95.594Jun 22, 2022Close97.719Jun 29, 2022Close98.156Jul 7, 2022Close98.781Jul 14, 2022Close98.906Jul 21, 2022Close99.250Jul 28, 2022Close101.000Aug 4, 2022Close100.750Aug 11, 2022Close99.406Aug 18, 2022Close99.188Aug 25, 2022Close98.219Sep 1, 2022Close96.813Sep 9, 2022Close96.500Sep 16, 2022Close95.688Sep 23, 2022Close93.969Sep 30, 2022Close93.250Oct 7, 2022Close92.938Oct 17, 2022Close92.344Oct 24, 2022Close91.563Oct 31, 2022Close92.219Nov 7, 2022Close91.563Nov 15, 2022Close93.969Nov 22, 2022Close94.031Nov 30, 2022Close94.625Dec 7, 2022Close95.875Dec 14, 2022Close95.688Dec 21, 2022Close94.750Dec 29, 2022Close93.906Jan 6, 2023Close95.469Jan 13, 2023Close95.938Jan 23, 2023Close95.906Jan 30, 2023Close95.594Feb 6, 2023Close95.000Feb 13, 2023Close94.438Feb 21, 2023Close93.125Feb 28, 2023Close93.188Mar 7, 2023Close92.594Mar 14, 2023Close94.969Mar 21, 2023Close95.219Mar 28, 2023Close95.719Apr 4, 2023Close96.969Apr 11, 2023Close96.313Apr 18, 2023Close95.594Apr 25, 2023Close96.813May 2, 2023Close96.656May 9, 2023Close96.375May 16, 2023Close96.313May 23, 2023Close95.219May 31, 2023Close95.313Jun 7, 2023Close94.375Jun 14, 2023Close93.938Jun 22, 2023Close94.094Jun 29, 2023Close93.656Jul 7, 2023Close92.625Jul 14, 2023Close94.125Jul 21, 2023Close93.906Jul 28, 2023Close93.375Aug 4, 2023Close93.469Aug 11, 2023Close92.750Aug 18, 2023Close92.406Aug 25, 2023Close92.219Sep 1, 2023Close92.781Sep 11, 2023Close92.313Sep 18, 2023Close92.094Sep 25, 2023Close91.281Oct 2, 2023Close90.813Oct 10, 2023Close91.219Oct 17, 2023Close90.219Oct 24, 2023Close90.375Oct 31, 2023Close90.344Nov 7, 2023Close91.719Nov 14, 2023Close92.313Nov 21, 2023Close92.406Nov 29, 2023Close93.219Dec 6, 2023Close93.781Dec 13, 2023Close94.375Dec 20, 2023Close95.031Dec 28, 2023Close95.188Jan 5, 2024Close94.406Jan 12, 2024Close95.219Jan 22, 2024Close94.469Jan 29, 2024Close94.688Feb 5, 2024Close94.031Feb 12, 2024Close94.000Feb 20, 2024Close93.531Feb 27, 2024Close93.219Mar 5, 2024Close94.094Mar 12, 2024Close94.000Mar 19, 2024Close93.375Mar 26, 2024Close93.719Apr 2, 2024Close93.219Apr 9, 2024Close93.156Apr 16, 2024Close91.844Apr 23, 2024Close92.125Apr 30, 2024Close91.750May 7, 2024Close92.813May 14, 2024Close92.906May 21, 2024Close93.063May 29, 2024Close92.219Jun 5, 2024Close93.594Jun 12, 2024Close93.594Jun 20, 2024Close93.813Jun 27, 2024Close93.656Jul 5, 2024Close94.031Jul 12, 2024Close94.563Jul 19, 2024Close94.344Jul 26, 2024Close94.719Aug 2, 2024Close96.688Aug 9, 2024Close95.906Aug 16, 2024Close96.063Aug 23, 2024Close96.531Aug 30, 2024Close96.219Sep 9, 2024Close97.250Sep 16, 2024Close97.594Sep 23, 2024Close97.219Sep 30, 2024Close96.938Oct 7, 2024Close95.750Oct 15, 2024Close95.813Oct 22, 2024Close95.313Oct 29, 2024Close94.906Nov 5, 2024Close94.688Nov 13, 2024Close94.188Nov 20, 2024Close94.281Nov 27, 2024Close94.844Dec 5, 2024Close95.094Dec 12, 2024Close94.750Dec 19, 2024Close93.875Dec 27, 2024Close93.844Jan 6, 2025Close94.000Jan 13, 2025Close93.344Jan 21, 2025Close94.125Jan 28, 2025Close94.406Feb 4, 2025Close94.469Feb 11, 2025Close94.281Feb 19, 2025Close94.375Feb 26, 2025Close95.438Mar 5, 2025Close95.469Mar 12, 2025Close95.469Mar 19, 2025Close95.688Mar 26, 2025Close95.531Apr 2, 2025Close96.063Apr 9, 2025Close95.719Apr 16, 2025Close96.344Apr 23, 2025Close96.000Apr 30, 2025Close97.063May 7, 2025Close96.531May 14, 2025Close95.469May 21, 2025Close95.625May 29, 2025Close96.063Jun 5, 2025Close96.125Jun 12, 2025Close96.250Jun 20, 2025Close96.313Jun 27, 2025Close96.813Jul 7, 2025Close96.375Jul 14, 2025Close96.344Jul 21, 2025Close96.594Jul 28, 2025Close96.406Aug 4, 2025Close97.188Aug 11, 2025Close96.938Aug 18, 2025Close96.906Aug 25, 2025Close97.094Sep 2, 2025Close97.281Sep 9, 2025Close97.750Sep 16, 2025Close97.781Sep 23, 2025Close97.531Sep 30, 2025Close97.375Oct 7, 2025Close97.469Oct 15, 2025Close97.750Oct 22, 2025Close98.000Oct 29, 2025Close97.531Nov 5, 2025Close97.375Nov 13, 2025Close97.563Nov 20, 2025Close97.688Nov 28, 2025Close97.906Dec 5, 2025Close97.656Dec 12, 2025Close97.656Dec 19, 2025Close97.813Dec 29, 2025Close97.875Jan 6, 2026Close97.813Jan 13, 2026Close97.719Jan 21, 2026Close97.500Jan 28, 2026Close97.531Feb 4, 2026Close97.563Feb 11, 2026Close97.813Feb 19, 2026Close98.063Feb 26, 2026Close98.219Mar 5, 2026Close97.813Mar 12, 2026Close97.313Mar 19, 2026Close97.250Mar 26, 2026Close96.688Apr 2, 2026Close97.219Apr 9, 2026Close97.313Apr 16, 2026Close97.344Apr 23, 2026Close97.219Apr 30, 2026Close97.063May 7, 2026Close97.000May 14, 2026Close96.781May 21, 2026Close96.531May 29, 2026Close96.750Jun 5, 2026Close96.344Jun 12, 2026Close96.594Jun 22, 2026Close96.313Jun 29, 2026Close96.719Jul 7, 2026Close96.469Jul 14, 2026Close96.438Jul 21, 2026Close96.313Jul 28, 2026Close96.313Aug 4, 2026Close96.469Aug 11, 2026Close96.406Aug 18, 2026Close96.531Aug 25, 2026Close96.531Sep 1, 2026Close96.094Sep 9, 2026Close96.000
The most recent 20 trading days of prices for 91282CEM9.
DateBidOfferClose
Sep 9, 202696.03196.00096.000
Sep 8, 202696.14196.12596.094
Sep 4, 202696.17296.15696.125
Sep 3, 202696.26696.25096.219
Sep 2, 202696.12596.09496.125
Sep 1, 202696.17296.15696.094
Aug 31, 202696.23496.21996.219
Aug 28, 202696.28196.25096.188
Aug 27, 202696.51696.50096.469
Aug 26, 202696.51696.50096.469
Aug 25, 202696.54796.53196.531
Aug 24, 202696.48496.46996.438
Aug 21, 202696.42296.40696.406
Aug 20, 202696.51696.50096.500
Aug 19, 202696.54796.53196.563
Aug 18, 202696.54796.53196.531
Aug 17, 202696.57896.56396.531
Aug 14, 202696.60996.59496.563
Aug 13, 202696.64196.62596.625
Aug 12, 202696.51696.50096.469

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 91282CEM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 28, 2022May 2, 2022New issue$44.0bn$50.1bn2.41x2.908%

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.