Treasury note

91282CGP0 · 4% due February 29, 2028

Original term
5-Year
Maturity
Feb 29, 2028
Coupon
4.000%
Pays
Semi-Annual
Dated
Feb 28, 2023
First coupon
Aug 31, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$52.17bn
Held stripped
$18.9m
Share stripped
0.04%

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
4.376%
Modified duration
1.412 yr
DV01
0.0141
Convexity
2.708
Dirty price
99.579

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 1.441 years against a modified duration of 1.412.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 4.22 cents per 100 of face.

That is 2.44 standard deviations from its own typical residual.

Yield to maturity, 886 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 28, 2023Sep 9, 2026Feb 28, 2023Yield to maturity4.175%Mar 6, 2023Yield to maturity4.267%Mar 10, 2023Yield to maturity3.965%Mar 16, 2023Yield to maturity3.721%Mar 22, 2023Yield to maturity3.547%Mar 28, 2023Yield to maturity3.643%Apr 3, 2023Yield to maturity3.524%Apr 7, 2023Yield to maturity3.495%Apr 13, 2023Yield to maturity3.507%Apr 19, 2023Yield to maturity3.723%Apr 25, 2023Yield to maturity3.435%May 1, 2023Yield to maturity3.643%May 5, 2023Yield to maturity3.410%May 11, 2023Yield to maturity3.360%May 17, 2023Yield to maturity3.583%May 23, 2023Yield to maturity3.768%May 30, 2023Yield to maturity3.861%Jun 5, 2023Yield to maturity3.860%Jun 9, 2023Yield to maturity3.962%Jun 15, 2023Yield to maturity3.955%Jun 22, 2023Yield to maturity4.080%Jun 28, 2023Yield to maturity4.021%Jul 5, 2023Yield to maturity4.298%Jul 11, 2023Yield to maturity4.284%Jul 17, 2023Yield to maturity4.059%Jul 21, 2023Yield to maturity4.135%Jul 27, 2023Yield to maturity4.302%Aug 2, 2023Yield to maturity4.280%Aug 8, 2023Yield to maturity4.151%Aug 14, 2023Yield to maturity4.406%Aug 18, 2023Yield to maturity4.431%Aug 24, 2023Yield to maturity4.455%Aug 30, 2023Yield to maturity4.340%Sep 6, 2023Yield to maturity4.505%Sep 12, 2023Yield to maturity4.483%Sep 18, 2023Yield to maturity4.532%Sep 22, 2023Yield to maturity4.630%Sep 28, 2023Yield to maturity4.679%Oct 4, 2023Yield to maturity4.746%Oct 11, 2023Yield to maturity4.628%Oct 17, 2023Yield to maturity4.899%Oct 23, 2023Yield to maturity4.828%Oct 27, 2023Yield to maturity4.789%Nov 2, 2023Yield to maturity4.684%Nov 8, 2023Yield to maturity4.564%Nov 14, 2023Yield to maturity4.459%Nov 20, 2023Yield to maturity4.485%Nov 27, 2023Yield to maturity4.463%Dec 1, 2023Yield to maturity4.210%Dec 7, 2023Yield to maturity4.194%Dec 13, 2023Yield to maturity4.072%Dec 19, 2023Yield to maturity4.023%Dec 26, 2023Yield to maturity3.958%Jan 2, 2024Yield to maturity3.991%Jan 8, 2024Yield to maturity4.024%Jan 12, 2024Yield to maturity3.875%Jan 19, 2024Yield to maturity4.108%Jan 25, 2024Yield to maturity4.066%Jan 31, 2024Yield to maturity3.966%Feb 6, 2024Yield to maturity4.101%Feb 12, 2024Yield to maturity4.195%Feb 16, 2024Yield to maturity4.367%Feb 23, 2024Yield to maturity4.369%Feb 29, 2024Yield to maturity4.353%Mar 6, 2024Yield to maturity4.224%Mar 12, 2024Yield to maturity4.259%Mar 18, 2024Yield to maturity4.453%Mar 22, 2024Yield to maturity4.296%Mar 28, 2024Yield to maturity4.323%Apr 3, 2024Yield to maturity4.422%Apr 9, 2024Yield to maturity4.477%Apr 15, 2024Yield to maturity4.731%Apr 19, 2024Yield to maturity4.752%Apr 25, 2024Yield to maturity4.799%May 1, 2024Yield to maturity4.738%May 7, 2024Yield to maturity4.576%May 13, 2024Yield to maturity4.597%May 17, 2024Yield to maturity4.535%May 23, 2024Yield to maturity4.619%May 30, 2024Yield to maturity4.668%Jun 5, 2024Yield to maturity4.420%Jun 11, 2024Yield to maturity4.515%Jun 17, 2024Yield to maturity4.424%Jun 24, 2024Yield to maturity4.398%Jun 28, 2024Yield to maturity4.456%Jul 5, 2024Yield to maturity4.326%Jul 11, 2024Yield to maturity4.223%Jul 17, 2024Yield to maturity4.149%Jul 23, 2024Yield to maturity4.226%Jul 29, 2024Yield to maturity4.141%Aug 2, 2024Yield to maturity3.660%Aug 8, 2024Yield to maturity3.876%Aug 14, 2024Yield to maturity3.734%Aug 20, 2024Yield to maturity3.780%Aug 26, 2024Yield to maturity3.732%Aug 30, 2024Yield to maturity3.778%Sep 6, 2024Yield to maturity3.528%Sep 12, 2024Yield to maturity3.488%Sep 18, 2024Yield to maturity3.495%Sep 24, 2024Yield to maturity3.464%Sep 30, 2024Yield to maturity3.587%Oct 4, 2024Yield to maturity3.851%Oct 10, 2024Yield to maturity3.919%Oct 17, 2024Yield to maturity3.909%Oct 23, 2024Yield to maturity4.049%Oct 29, 2024Yield to maturity4.100%Nov 4, 2024Yield to maturity4.161%Nov 8, 2024Yield to maturity4.214%Nov 15, 2024Yield to maturity4.287%Nov 21, 2024Yield to maturity4.319%Nov 27, 2024Yield to maturity4.175%Dec 4, 2024Yield to maturity4.102%Dec 10, 2024Yield to maturity4.124%Dec 16, 2024Yield to maturity4.241%Dec 20, 2024Yield to maturity4.338%Dec 27, 2024Yield to maturity4.394%Jan 3, 2025Yield to maturity4.342%Jan 9, 2025Yield to maturity4.354%Jan 15, 2025Yield to maturity4.356%Jan 22, 2025Yield to maturity4.347%Jan 28, 2025Yield to maturity4.261%Feb 3, 2025Yield to maturity4.296%Feb 7, 2025Yield to maturity4.309%Feb 13, 2025Yield to maturity4.343%Feb 20, 2025Yield to maturity4.289%Feb 26, 2025Yield to maturity4.056%Mar 4, 2025Yield to maturity3.966%Mar 10, 2025Yield to maturity3.921%Mar 14, 2025Yield to maturity4.022%Mar 20, 2025Yield to maturity3.943%Mar 26, 2025Yield to maturity4.022%Apr 1, 2025Yield to maturity3.862%Apr 7, 2025Yield to maturity3.735%Apr 11, 2025Yield to maturity4.010%Apr 17, 2025Yield to maturity3.813%Apr 23, 2025Yield to maturity3.882%Apr 29, 2025Yield to maturity3.659%May 5, 2025Yield to maturity3.821%May 9, 2025Yield to maturity3.879%May 15, 2025Yield to maturity3.962%May 21, 2025Yield to maturity3.998%May 28, 2025Yield to maturity3.974%Jun 3, 2025Yield to maturity3.937%Jun 9, 2025Yield to maturity3.998%Jun 13, 2025Yield to maturity3.937%Jun 20, 2025Yield to maturity3.875%Jun 26, 2025Yield to maturity3.701%Jul 2, 2025Yield to maturity3.787%Jul 9, 2025Yield to maturity3.835%Jul 15, 2025Yield to maturity3.935%Jul 21, 2025Yield to maturity3.808%Jul 25, 2025Yield to maturity3.871%Jul 31, 2025Yield to maturity3.909%Aug 6, 2025Yield to maturity3.664%Aug 12, 2025Yield to maturity3.714%Aug 18, 2025Yield to maturity3.739%Aug 22, 2025Yield to maturity3.646%Aug 28, 2025Yield to maturity3.618%Sep 4, 2025Yield to maturity3.563%Sep 10, 2025Yield to maturity3.507%Sep 16, 2025Yield to maturity3.490%Sep 22, 2025Yield to maturity3.594%Sep 26, 2025Yield to maturity3.659%Oct 2, 2025Yield to maturity3.548%Oct 8, 2025Yield to maturity3.586%Oct 15, 2025Yield to maturity3.500%Oct 21, 2025Yield to maturity3.455%Oct 27, 2025Yield to maturity3.493%Oct 31, 2025Yield to maturity3.602%Nov 6, 2025Yield to maturity3.558%Nov 13, 2025Yield to maturity3.583%Nov 19, 2025Yield to maturity3.580%Nov 25, 2025Yield to maturity3.462%Dec 2, 2025Yield to maturity3.515%Dec 8, 2025Yield to maturity3.585%Dec 12, 2025Yield to maturity3.538%Dec 18, 2025Yield to maturity3.476%Dec 24, 2025Yield to maturity3.562%Dec 31, 2025Yield to maturity3.498%Jan 7, 2026Yield to maturity3.479%Jan 13, 2026Yield to maturity3.536%Jan 20, 2026Yield to maturity3.610%Jan 26, 2026Yield to maturity3.607%Jan 30, 2026Yield to maturity3.541%Feb 5, 2026Yield to maturity3.492%Feb 11, 2026Yield to maturity3.520%Feb 18, 2026Yield to maturity3.468%Feb 24, 2026Yield to maturity3.464%Mar 2, 2026Yield to maturity3.492%Mar 6, 2026Yield to maturity3.570%Mar 12, 2026Yield to maturity3.766%Mar 18, 2026Yield to maturity3.764%Mar 24, 2026Yield to maturity3.948%Mar 30, 2026Yield to maturity3.845%Apr 3, 2026Yield to maturity3.861%Apr 9, 2026Yield to maturity3.791%Apr 15, 2026Yield to maturity3.789%Apr 21, 2026Yield to maturity3.787%Apr 27, 2026Yield to maturity3.802%May 1, 2026Yield to maturity3.890%May 7, 2026Yield to maturity3.907%May 13, 2026Yield to maturity3.979%May 19, 2026Yield to maturity4.107%May 26, 2026Yield to maturity4.034%Jun 1, 2026Yield to maturity4.034%Jun 5, 2026Yield to maturity4.148%Jun 11, 2026Yield to maturity4.035%Jun 17, 2026Yield to maturity4.208%Jun 24, 2026Yield to maturity4.152%Jun 30, 2026Yield to maturity4.154%Jul 7, 2026Yield to maturity4.196%Jul 13, 2026Yield to maturity4.278%Jul 17, 2026Yield to maturity4.180%Jul 23, 2026Yield to maturity4.344%Jul 29, 2026Yield to maturity4.224%Aug 4, 2026Yield to maturity4.185%Aug 10, 2026Yield to maturity4.208%Aug 14, 2026Yield to maturity4.147%Aug 20, 2026Yield to maturity4.149%Aug 26, 2026Yield to maturity4.194%Sep 1, 2026Yield to maturity4.349%Sep 8, 2026Yield to maturity4.331%Sep 9, 2026Yield to maturity4.376%

Price history

886 trading days to Sep 9, 2026

9698100102104Feb 28, 2023Sep 9, 2026Feb 28, 2023Close99.219Mar 6, 2023Close98.813Mar 10, 2023Close100.156Mar 16, 2023Close101.250Mar 22, 2023Close102.031Mar 28, 2023Close101.594Apr 3, 2023Close102.125Apr 7, 2023Close102.250Apr 13, 2023Close102.188Apr 19, 2023Close101.219Apr 25, 2023Close102.500May 1, 2023Close101.563May 5, 2023Close102.594May 11, 2023Close102.813May 17, 2023Close101.813May 23, 2023Close101.000May 30, 2023Close100.594Jun 5, 2023Close100.594Jun 9, 2023Close100.156Jun 15, 2023Close100.188Jun 22, 2023Close99.656Jun 28, 2023Close99.906Jul 5, 2023Close98.750Jul 11, 2023Close98.813Jul 17, 2023Close99.750Jul 21, 2023Close99.438Jul 27, 2023Close98.750Aug 2, 2023Close98.844Aug 8, 2023Close99.375Aug 14, 2023Close98.344Aug 18, 2023Close98.250Aug 24, 2023Close98.156Aug 30, 2023Close98.625Sep 6, 2023Close97.969Sep 12, 2023Close98.063Sep 18, 2023Close97.875Sep 22, 2023Close97.500Sep 28, 2023Close97.313Oct 4, 2023Close97.063Oct 11, 2023Close97.531Oct 17, 2023Close96.500Oct 23, 2023Close96.781Oct 27, 2023Close96.938Nov 2, 2023Close97.344Nov 8, 2023Close97.813Nov 14, 2023Close98.219Nov 20, 2023Close98.125Nov 27, 2023Close98.219Dec 1, 2023Close99.188Dec 7, 2023Close99.250Dec 13, 2023Close99.719Dec 19, 2023Close99.906Dec 26, 2023Close100.156Jan 2, 2024Close100.031Jan 8, 2024Close99.906Jan 12, 2024Close100.469Jan 19, 2024Close99.594Jan 25, 2024Close99.750Jan 31, 2024Close100.125Feb 6, 2024Close99.625Feb 12, 2024Close99.281Feb 16, 2024Close98.656Feb 23, 2024Close98.656Feb 29, 2024Close98.719Mar 6, 2024Close99.188Mar 12, 2024Close99.063Mar 18, 2024Close98.375Mar 22, 2024Close98.938Mar 28, 2024Close98.844Apr 3, 2024Close98.500Apr 9, 2024Close98.313Apr 15, 2024Close97.438Apr 19, 2024Close97.375Apr 25, 2024Close97.219May 1, 2024Close97.438May 7, 2024Close98.000May 13, 2024Close97.938May 17, 2024Close98.156May 23, 2024Close97.875May 30, 2024Close97.719Jun 5, 2024Close98.563Jun 11, 2024Close98.250Jun 17, 2024Close98.563Jun 24, 2024Close98.656Jun 28, 2024Close98.469Jul 5, 2024Close98.906Jul 11, 2024Close99.250Jul 17, 2024Close99.500Jul 23, 2024Close99.250Jul 29, 2024Close99.531Aug 2, 2024Close101.125Aug 8, 2024Close100.406Aug 14, 2024Close100.875Aug 20, 2024Close100.719Aug 26, 2024Close100.875Aug 30, 2024Close100.719Sep 6, 2024Close101.531Sep 12, 2024Close101.656Sep 18, 2024Close101.625Sep 24, 2024Close101.719Sep 30, 2024Close101.313Oct 4, 2024Close100.469Oct 10, 2024Close100.250Oct 17, 2024Close100.281Oct 23, 2024Close99.844Oct 29, 2024Close99.688Nov 4, 2024Close99.500Nov 8, 2024Close99.344Nov 15, 2024Close99.125Nov 21, 2024Close99.031Nov 27, 2024Close99.469Dec 4, 2024Close99.688Dec 10, 2024Close99.625Dec 16, 2024Close99.281Dec 20, 2024Close99.000Dec 27, 2024Close98.844Jan 3, 2025Close99.000Jan 9, 2025Close98.969Jan 15, 2025Close98.969Jan 22, 2025Close99.000Jan 28, 2025Close99.250Feb 3, 2025Close99.156Feb 7, 2025Close99.125Feb 13, 2025Close99.031Feb 20, 2025Close99.188Feb 26, 2025Close99.844Mar 4, 2025Close100.094Mar 10, 2025Close100.219Mar 14, 2025Close99.938Mar 20, 2025Close100.156Mar 26, 2025Close99.938Apr 1, 2025Close100.375Apr 7, 2025Close100.719Apr 11, 2025Close99.969Apr 17, 2025Close100.500Apr 23, 2025Close100.313Apr 29, 2025Close100.906May 5, 2025Close100.469May 9, 2025Close100.313May 15, 2025Close100.094May 21, 2025Close100.000May 28, 2025Close100.063Jun 3, 2025Close100.156Jun 9, 2025Close100.000Jun 13, 2025Close100.156Jun 20, 2025Close100.313Jun 26, 2025Close100.750Jul 2, 2025Close100.531Jul 9, 2025Close100.406Jul 15, 2025Close100.156Jul 21, 2025Close100.469Jul 25, 2025Close100.313Jul 31, 2025Close100.219Aug 6, 2025Close100.813Aug 12, 2025Close100.688Aug 18, 2025Close100.625Aug 22, 2025Close100.844Aug 28, 2025Close100.906Sep 4, 2025Close101.031Sep 10, 2025Close101.156Sep 16, 2025Close101.188Sep 22, 2025Close100.938Sep 26, 2025Close100.781Oct 2, 2025Close101.031Oct 8, 2025Close100.938Oct 15, 2025Close101.125Oct 21, 2025Close101.219Oct 27, 2025Close101.125Oct 31, 2025Close100.875Nov 6, 2025Close100.969Nov 13, 2025Close100.906Nov 19, 2025Close100.906Nov 25, 2025Close101.156Dec 2, 2025Close101.031Dec 8, 2025Close100.875Dec 12, 2025Close100.969Dec 18, 2025Close101.094Dec 24, 2025Close100.906Dec 31, 2025Close101.031Jan 7, 2026Close101.063Jan 13, 2026Close100.938Jan 20, 2026Close100.781Jan 26, 2026Close100.781Jan 30, 2026Close100.906Feb 5, 2026Close101.000Feb 11, 2026Close100.938Feb 18, 2026Close101.031Feb 24, 2026Close101.031Mar 2, 2026Close100.969Mar 6, 2026Close100.813Mar 12, 2026Close100.438Mar 18, 2026Close100.438Mar 24, 2026Close100.094Mar 30, 2026Close100.281Apr 3, 2026Close100.250Apr 9, 2026Close100.375Apr 15, 2026Close100.375Apr 21, 2026Close100.375Apr 27, 2026Close100.344May 1, 2026Close100.188May 7, 2026Close100.156May 13, 2026Close100.031May 19, 2026Close99.813May 26, 2026Close99.938Jun 1, 2026Close99.938Jun 5, 2026Close99.750Jun 11, 2026Close99.938Jun 17, 2026Close99.656Jun 24, 2026Close99.750Jun 30, 2026Close99.750Jul 7, 2026Close99.688Jul 13, 2026Close99.563Jul 17, 2026Close99.719Jul 23, 2026Close99.469Jul 29, 2026Close99.656Aug 4, 2026Close99.719Aug 10, 2026Close99.688Aug 14, 2026Close99.781Aug 20, 2026Close99.781Aug 26, 2026Close99.719Sep 1, 2026Close99.500Sep 8, 2026Close99.531Sep 9, 2026Close99.469
The most recent 20 trading days of prices for 91282CGP0.
DateBidOfferClose
Sep 9, 202699.48499.46999.469
Sep 8, 202699.54799.53199.531
Sep 4, 202699.54799.53199.531
Sep 3, 202699.59499.59499.594
Sep 2, 202699.51699.50099.500
Sep 1, 202699.53199.53199.500
Aug 31, 202699.57899.56399.563
Aug 28, 202699.57899.56399.531
Aug 27, 202699.73499.71999.719
Aug 26, 202699.75099.75099.719
Aug 25, 202699.76699.75099.750
Aug 24, 202699.73499.71999.719
Aug 21, 202699.70399.68899.719
Aug 20, 202699.79799.78199.781
Aug 19, 202699.78199.78199.781
Aug 18, 202699.79799.78199.781
Aug 17, 202699.81399.81399.781
Aug 14, 202699.82899.81399.781
Aug 13, 202699.82899.81399.813
Aug 12, 202699.76699.75099.750

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 91282CGP0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 22, 2023Feb 28, 2023New issue$43.0bn$52.8bn2.48x4.109%

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.