Treasury note

91282CFM8 · 4.125% due September 30, 2027

Original term
5-Year
Maturity
Sep 30, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Sep 30, 2022
First coupon
Mar 31, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$44.00bn
Held stripped
$56.0m
Share stripped
0.13%

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
4.245%
Modified duration
1.003 yr
DV01
0.0102
Convexity
1.521
Dirty price
101.712

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 1.025 years against a modified duration of 1.003.

Against the fitted curve

Priced 0.7 bp rich to the curve on that day, 0.69 cents per 100 of face.

That is -0.30 standard deviations from its own typical residual.

Yield to maturity, 986 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Sep 30, 2022Sep 9, 2026Sep 30, 2022Yield to maturity4.062%Oct 7, 2022Yield to maturity4.139%Oct 17, 2022Yield to maturity4.245%Oct 24, 2022Yield to maturity4.359%Oct 31, 2022Yield to maturity4.274%Nov 7, 2022Yield to maturity4.389%Nov 15, 2022Yield to maturity3.932%Nov 22, 2022Yield to maturity3.988%Nov 30, 2022Yield to maturity3.873%Dec 7, 2022Yield to maturity3.674%Dec 14, 2022Yield to maturity3.679%Dec 21, 2022Yield to maturity3.828%Dec 29, 2022Yield to maturity3.985%Jan 6, 2023Yield to maturity3.738%Jan 13, 2023Yield to maturity3.643%Jan 23, 2023Yield to maturity3.655%Jan 30, 2023Yield to maturity3.734%Feb 6, 2023Yield to maturity3.864%Feb 13, 2023Yield to maturity3.982%Feb 21, 2023Yield to maturity4.222%Feb 28, 2023Yield to maturity4.261%Mar 7, 2023Yield to maturity4.407%Mar 14, 2023Yield to maturity3.875%Mar 21, 2023Yield to maturity3.829%Mar 28, 2023Yield to maturity3.722%Apr 4, 2023Yield to maturity3.465%Apr 11, 2023Yield to maturity3.613%Apr 18, 2023Yield to maturity3.763%Apr 25, 2023Yield to maturity3.502%May 2, 2023Yield to maturity3.523%May 9, 2023Yield to maturity3.566%May 16, 2023Yield to maturity3.587%May 23, 2023Yield to maturity3.841%May 31, 2023Yield to maturity3.871%Jun 7, 2023Yield to maturity4.044%Jun 14, 2023Yield to maturity4.180%Jun 22, 2023Yield to maturity4.164%Jun 29, 2023Yield to maturity4.278%Jul 7, 2023Yield to maturity4.468%Jul 14, 2023Yield to maturity4.156%Jul 21, 2023Yield to maturity4.222%Jul 28, 2023Yield to maturity4.322%Aug 4, 2023Yield to maturity4.265%Aug 11, 2023Yield to maturity4.417%Aug 18, 2023Yield to maturity4.486%Aug 25, 2023Yield to maturity4.564%Sep 1, 2023Yield to maturity4.421%Sep 11, 2023Yield to maturity4.525%Sep 18, 2023Yield to maturity4.588%Sep 25, 2023Yield to maturity4.721%Oct 2, 2023Yield to maturity4.803%Oct 10, 2023Yield to maturity4.691%Oct 17, 2023Yield to maturity4.934%Oct 24, 2023Yield to maturity4.875%Oct 31, 2023Yield to maturity4.869%Nov 7, 2023Yield to maturity4.611%Nov 14, 2023Yield to maturity4.488%Nov 21, 2023Yield to maturity4.498%Nov 29, 2023Yield to maturity4.320%Dec 6, 2023Yield to maturity4.231%Dec 13, 2023Yield to maturity4.106%Dec 20, 2023Yield to maturity3.980%Dec 28, 2023Yield to maturity3.943%Jan 5, 2024Yield to maturity4.096%Jan 12, 2024Yield to maturity3.886%Jan 22, 2024Yield to maturity4.087%Jan 29, 2024Yield to maturity4.040%Feb 5, 2024Yield to maturity4.208%Feb 12, 2024Yield to maturity4.208%Feb 20, 2024Yield to maturity4.351%Feb 27, 2024Yield to maturity4.448%Mar 5, 2024Yield to maturity4.267%Mar 12, 2024Yield to maturity4.297%Mar 19, 2024Yield to maturity4.434%Mar 26, 2024Yield to maturity4.358%Apr 2, 2024Yield to maturity4.476%Apr 9, 2024Yield to maturity4.508%Apr 16, 2024Yield to maturity4.799%Apr 23, 2024Yield to maturity4.732%Apr 30, 2024Yield to maturity4.847%May 7, 2024Yield to maturity4.606%May 14, 2024Yield to maturity4.578%May 21, 2024Yield to maturity4.570%May 29, 2024Yield to maturity4.758%Jun 5, 2024Yield to maturity4.471%Jun 12, 2024Yield to maturity4.473%Jun 20, 2024Yield to maturity4.434%Jun 27, 2024Yield to maturity4.477%Jul 5, 2024Yield to maturity4.364%Jul 12, 2024Yield to maturity4.207%Jul 19, 2024Yield to maturity4.261%Jul 26, 2024Yield to maturity4.176%Aug 2, 2024Yield to maturity3.679%Aug 9, 2024Yield to maturity3.878%Aug 16, 2024Yield to maturity3.855%Aug 23, 2024Yield to maturity3.714%Aug 30, 2024Yield to maturity3.777%Sep 9, 2024Yield to maturity3.515%Sep 16, 2024Yield to maturity3.425%Sep 23, 2024Yield to maturity3.487%Sep 30, 2024Yield to maturity3.571%Oct 7, 2024Yield to maturity3.900%Oct 15, 2024Yield to maturity3.854%Oct 22, 2024Yield to maturity3.976%Oct 29, 2024Yield to maturity4.078%Nov 5, 2024Yield to maturity4.147%Nov 13, 2024Yield to maturity4.252%Nov 20, 2024Yield to maturity4.276%Nov 27, 2024Yield to maturity4.182%Dec 5, 2024Yield to maturity4.099%Dec 12, 2024Yield to maturity4.171%Dec 19, 2024Yield to maturity4.340%Dec 27, 2024Yield to maturity4.366%Jan 6, 2025Yield to maturity4.307%Jan 13, 2025Yield to maturity4.457%Jan 21, 2025Yield to maturity4.310%Jan 28, 2025Yield to maturity4.223%Feb 4, 2025Yield to maturity4.224%Feb 11, 2025Yield to maturity4.301%Feb 19, 2025Yield to maturity4.290%Feb 26, 2025Yield to maturity4.047%Mar 5, 2025Yield to maturity3.995%Mar 12, 2025Yield to maturity3.981%Mar 19, 2025Yield to maturity3.954%Mar 26, 2025Yield to maturity4.006%Apr 2, 2025Yield to maturity3.899%Apr 9, 2025Yield to maturity3.910%Apr 16, 2025Yield to maturity3.761%Apr 23, 2025Yield to maturity3.839%Apr 30, 2025Yield to maturity3.566%May 7, 2025Yield to maturity3.752%May 14, 2025Yield to maturity4.040%May 21, 2025Yield to maturity3.983%May 29, 2025Yield to maturity3.925%Jun 5, 2025Yield to maturity3.909%Jun 12, 2025Yield to maturity3.879%Jun 20, 2025Yield to maturity3.876%Jun 27, 2025Yield to maturity3.729%Jul 7, 2025Yield to maturity3.872%Jul 14, 2025Yield to maturity3.870%Jul 21, 2025Yield to maturity3.823%Jul 28, 2025Yield to maturity3.896%Aug 4, 2025Yield to maturity3.681%Aug 11, 2025Yield to maturity3.754%Aug 18, 2025Yield to maturity3.751%Aug 25, 2025Yield to maturity3.717%Sep 2, 2025Yield to maturity3.666%Sep 9, 2025Yield to maturity3.536%Sep 16, 2025Yield to maturity3.499%Sep 23, 2025Yield to maturity3.590%Sep 30, 2025Yield to maturity3.618%Oct 7, 2025Yield to maturity3.580%Oct 15, 2025Yield to maturity3.507%Oct 22, 2025Yield to maturity3.451%Oct 29, 2025Yield to maturity3.613%Nov 5, 2025Yield to maturity3.642%Nov 13, 2025Yield to maturity3.602%Nov 20, 2025Yield to maturity3.562%Nov 28, 2025Yield to maturity3.518%Dec 5, 2025Yield to maturity3.583%Dec 12, 2025Yield to maturity3.541%Dec 19, 2025Yield to maturity3.499%Dec 29, 2025Yield to maturity3.473%Jan 6, 2026Yield to maturity3.465%Jan 13, 2026Yield to maturity3.533%Jan 21, 2026Yield to maturity3.583%Jan 28, 2026Yield to maturity3.597%Feb 4, 2026Yield to maturity3.571%Feb 11, 2026Yield to maturity3.526%Feb 19, 2026Yield to maturity3.498%Feb 26, 2026Yield to maturity3.471%Mar 5, 2026Yield to maturity3.607%Mar 12, 2026Yield to maturity3.768%Mar 19, 2026Yield to maturity3.827%Mar 26, 2026Yield to maturity4.017%Apr 2, 2026Yield to maturity3.842%Apr 9, 2026Yield to maturity3.816%Apr 16, 2026Yield to maturity3.789%Apr 23, 2026Yield to maturity3.830%Apr 30, 2026Yield to maturity3.871%May 7, 2026Yield to maturity3.890%May 14, 2026Yield to maturity3.957%May 21, 2026Yield to maturity4.002%May 29, 2026Yield to maturity3.951%Jun 5, 2026Yield to maturity4.096%Jun 12, 2026Yield to maturity4.021%Jun 22, 2026Yield to maturity4.197%Jun 29, 2026Yield to maturity4.095%Jul 7, 2026Yield to maturity4.173%Jul 14, 2026Yield to maturity4.147%Jul 21, 2026Yield to maturity4.202%Jul 28, 2026Yield to maturity4.231%Aug 4, 2026Yield to maturity4.149%Aug 11, 2026Yield to maturity4.150%Aug 18, 2026Yield to maturity4.093%Aug 25, 2026Yield to maturity4.122%Sep 1, 2026Yield to maturity4.272%Sep 9, 2026Yield to maturity4.245%

Price history

986 trading days to Sep 9, 2026

9698100102104Sep 30, 2022Sep 9, 2026Sep 30, 2022Close100.281Oct 7, 2022Close99.938Oct 17, 2022Close99.469Oct 24, 2022Close98.969Oct 31, 2022Close99.344Nov 7, 2022Close98.844Nov 15, 2022Close100.844Nov 22, 2022Close100.594Nov 30, 2022Close101.094Dec 7, 2022Close101.969Dec 14, 2022Close101.938Dec 21, 2022Close101.281Dec 29, 2022Close100.594Jan 6, 2023Close101.656Jan 13, 2023Close102.063Jan 23, 2023Close102.000Jan 30, 2023Close101.656Feb 6, 2023Close101.094Feb 13, 2023Close100.594Feb 21, 2023Close99.594Feb 28, 2023Close99.438Mar 7, 2023Close98.844Mar 14, 2023Close101.031Mar 21, 2023Close101.219Mar 28, 2023Close101.656Apr 4, 2023Close102.719Apr 11, 2023Close102.094Apr 18, 2023Close101.469Apr 25, 2023Close102.531May 2, 2023Close102.438May 9, 2023Close102.250May 16, 2023Close102.156May 23, 2023Close101.125May 31, 2023Close101.000Jun 7, 2023Close100.313Jun 14, 2023Close99.781Jun 22, 2023Close99.844Jun 29, 2023Close99.406Jul 7, 2023Close98.688Jul 14, 2023Close99.875Jul 21, 2023Close99.625Jul 28, 2023Close99.250Aug 4, 2023Close99.469Aug 11, 2023Close98.906Aug 18, 2023Close98.656Aug 25, 2023Close98.375Sep 1, 2023Close98.906Sep 11, 2023Close98.531Sep 18, 2023Close98.313Sep 25, 2023Close97.844Oct 2, 2023Close97.563Oct 10, 2023Close97.969Oct 17, 2023Close97.125Oct 24, 2023Close97.344Oct 31, 2023Close97.375Nov 7, 2023Close98.281Nov 14, 2023Close98.719Nov 21, 2023Close98.688Nov 29, 2023Close99.313Dec 6, 2023Close99.625Dec 13, 2023Close100.063Dec 20, 2023Close100.500Dec 28, 2023Close100.625Jan 5, 2024Close100.094Jan 12, 2024Close100.813Jan 22, 2024Close100.125Jan 29, 2024Close100.281Feb 5, 2024Close99.719Feb 12, 2024Close99.719Feb 20, 2024Close99.250Feb 27, 2024Close98.938Mar 5, 2024Close99.531Mar 12, 2024Close99.438Mar 19, 2024Close99.000Mar 26, 2024Close99.250Apr 2, 2024Close98.875Apr 9, 2024Close98.781Apr 16, 2024Close97.875Apr 23, 2024Close98.094Apr 30, 2024Close97.750May 7, 2024Close98.500May 14, 2024Close98.594May 21, 2024Close98.625May 29, 2024Close98.063Jun 5, 2024Close98.938Jun 12, 2024Close98.938Jun 20, 2024Close99.063Jun 27, 2024Close98.938Jul 5, 2024Close99.281Jul 12, 2024Close99.750Jul 19, 2024Close99.594Jul 26, 2024Close99.844Aug 2, 2024Close101.313Aug 9, 2024Close100.719Aug 16, 2024Close100.781Aug 23, 2024Close101.188Aug 30, 2024Close101.000Sep 9, 2024Close101.750Sep 16, 2024Close102.000Sep 23, 2024Close101.813Sep 30, 2024Close101.563Oct 7, 2024Close100.625Oct 15, 2024Close100.750Oct 22, 2024Close100.406Oct 29, 2024Close100.125Nov 5, 2024Close99.938Nov 13, 2024Close99.656Nov 20, 2024Close99.594Nov 27, 2024Close99.844Dec 5, 2024Close100.063Dec 12, 2024Close99.875Dec 19, 2024Close99.438Dec 27, 2024Close99.375Jan 6, 2025Close99.531Jan 13, 2025Close99.156Jan 21, 2025Close99.531Jan 28, 2025Close99.750Feb 4, 2025Close99.750Feb 11, 2025Close99.563Feb 19, 2025Close99.594Feb 26, 2025Close100.188Mar 5, 2025Close100.313Mar 12, 2025Close100.344Mar 19, 2025Close100.406Mar 26, 2025Close100.281Apr 2, 2025Close100.531Apr 9, 2025Close100.500Apr 16, 2025Close100.844Apr 23, 2025Close100.656Apr 30, 2025Close101.281May 7, 2025Close100.844May 14, 2025Close100.188May 21, 2025Close100.313May 29, 2025Close100.438Jun 5, 2025Close100.469Jun 12, 2025Close100.531Jun 20, 2025Close100.531Jun 27, 2025Close100.844Jul 7, 2025Close100.531Jul 14, 2025Close100.531Jul 21, 2025Close100.625Jul 28, 2025Close100.469Aug 4, 2025Close100.906Aug 11, 2025Close100.750Aug 18, 2025Close100.750Aug 25, 2025Close100.813Sep 2, 2025Close100.906Sep 9, 2025Close101.156Sep 16, 2025Close101.219Sep 23, 2025Close101.031Sep 30, 2025Close100.969Oct 7, 2025Close101.031Oct 15, 2025Close101.156Oct 22, 2025Close101.250Oct 29, 2025Close100.938Nov 5, 2025Close100.875Nov 13, 2025Close100.938Nov 20, 2025Close101.000Nov 28, 2025Close101.063Dec 5, 2025Close100.938Dec 12, 2025Close101.000Dec 19, 2025Close101.063Dec 29, 2025Close101.094Jan 6, 2026Close101.094Jan 13, 2026Close100.969Jan 21, 2026Close100.875Jan 28, 2026Close100.844Feb 4, 2026Close100.875Feb 11, 2026Close100.938Feb 19, 2026Close100.969Feb 26, 2026Close101.000Mar 5, 2026Close100.781Mar 12, 2026Close100.531Mar 19, 2026Close100.438Mar 26, 2026Close100.156Apr 2, 2026Close100.406Apr 9, 2026Close100.438Apr 16, 2026Close100.469Apr 23, 2026Close100.406Apr 30, 2026Close100.344May 7, 2026Close100.313May 14, 2026Close100.219May 21, 2026Close100.156May 29, 2026Close100.219Jun 5, 2026Close100.031Jun 12, 2026Close100.125Jun 22, 2026Close99.906Jun 29, 2026Close100.031Jul 7, 2026Close99.938Jul 14, 2026Close99.969Jul 21, 2026Close99.906Jul 28, 2026Close99.875Aug 4, 2026Close99.969Aug 11, 2026Close99.969Aug 18, 2026Close100.031Aug 25, 2026Close100.000Sep 1, 2026Close99.844Sep 9, 2026Close99.875
The most recent 20 trading days of prices for 91282CFM8.
DateBidOfferClose
Sep 9, 202699.89199.87599.875
Sep 8, 202699.90699.90699.875
Sep 4, 202699.89199.87599.875
Sep 3, 202699.92299.90699.906
Sep 2, 202699.89199.87599.875
Sep 1, 202699.87599.87599.844
Aug 31, 202699.89199.87599.875
Aug 28, 202699.92299.90699.875
Aug 27, 2026100.016100.000100.000
Aug 26, 2026100.016100.000100.000
Aug 25, 2026100.016100.000100.000
Aug 24, 2026100.016100.00099.969
Aug 21, 2026100.016100.000100.000
Aug 20, 2026100.047100.031100.031
Aug 19, 2026100.047100.031100.031
Aug 18, 2026100.047100.031100.031
Aug 17, 2026100.047100.031100.031
Aug 14, 2026100.078100.063100.031
Aug 13, 2026100.047100.031100.031
Aug 12, 2026100.016100.000100.000

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 91282CFM8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 27, 2022Sep 30, 2022New issue$44.0bn$44.0bn2.27x4.228%

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.