Treasury note

91282CHQ7 · 4.125% due July 31, 2028

Original term
5-Year
Maturity
Jul 31, 2028
Coupon
4.125%
Pays
Semi-Annual
Dated
Jul 31, 2023
First coupon
Jan 31, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$43.00bn
Held stripped
$526.9m
Share stripped
1.23%

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
4.419%
Modified duration
1.789 yr
DV01
0.0179
Convexity
4.140
Dirty price
99.928

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 1.829 years against a modified duration of 1.789.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 0.83 cents per 100 of face.

That is 0.09 standard deviations from its own typical residual.

Yield to maturity, 780 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jul 31, 2023Sep 9, 2026Jul 31, 2023Yield to maturity4.181%Aug 4, 2023Yield to maturity4.146%Aug 10, 2023Yield to maturity4.209%Aug 16, 2023Yield to maturity4.423%Aug 22, 2023Yield to maturity4.488%Aug 28, 2023Yield to maturity4.395%Sep 1, 2023Yield to maturity4.317%Sep 8, 2023Yield to maturity4.419%Sep 14, 2023Yield to maturity4.448%Sep 20, 2023Yield to maturity4.551%Sep 26, 2023Yield to maturity4.648%Oct 2, 2023Yield to maturity4.731%Oct 6, 2023Yield to maturity4.763%Oct 13, 2023Yield to maturity4.660%Oct 19, 2023Yield to maturity4.955%Oct 25, 2023Yield to maturity4.919%Oct 31, 2023Yield to maturity4.823%Nov 6, 2023Yield to maturity4.614%Nov 10, 2023Yield to maturity4.668%Nov 16, 2023Yield to maturity4.443%Nov 22, 2023Yield to maturity4.452%Nov 29, 2023Yield to maturity4.258%Dec 5, 2023Yield to maturity4.184%Dec 11, 2023Yield to maturity4.289%Dec 15, 2023Yield to maturity3.952%Dec 21, 2023Yield to maturity3.915%Dec 28, 2023Yield to maturity3.869%Jan 4, 2024Yield to maturity4.004%Jan 10, 2024Yield to maturity4.011%Jan 17, 2024Yield to maturity4.033%Jan 23, 2024Yield to maturity4.064%Jan 29, 2024Yield to maturity3.995%Feb 2, 2024Yield to maturity4.025%Feb 8, 2024Yield to maturity4.148%Feb 14, 2024Yield to maturity4.280%Feb 21, 2024Yield to maturity4.335%Feb 27, 2024Yield to maturity4.375%Mar 4, 2024Yield to maturity4.266%Mar 8, 2024Yield to maturity4.116%Mar 14, 2024Yield to maturity4.354%Mar 20, 2024Yield to maturity4.306%Mar 26, 2024Yield to maturity4.283%Apr 1, 2024Yield to maturity4.396%Apr 5, 2024Yield to maturity4.437%Apr 11, 2024Yield to maturity4.675%Apr 17, 2024Yield to maturity4.676%Apr 23, 2024Yield to maturity4.678%Apr 29, 2024Yield to maturity4.713%May 3, 2024Yield to maturity4.541%May 9, 2024Yield to maturity4.526%May 15, 2024Yield to maturity4.403%May 21, 2024Yield to maturity4.487%May 28, 2024Yield to maturity4.640%Jun 3, 2024Yield to maturity4.498%Jun 7, 2024Yield to maturity4.525%Jun 13, 2024Yield to maturity4.307%Jun 20, 2024Yield to maturity4.342%Jun 26, 2024Yield to maturity4.411%Jul 2, 2024Yield to maturity4.454%Jul 9, 2024Yield to maturity4.302%Jul 15, 2024Yield to maturity4.167%Jul 19, 2024Yield to maturity4.210%Jul 25, 2024Yield to maturity4.202%Jul 31, 2024Yield to maturity4.022%Aug 6, 2024Yield to maturity3.767%Aug 12, 2024Yield to maturity3.791%Aug 16, 2024Yield to maturity3.815%Aug 22, 2024Yield to maturity3.771%Aug 28, 2024Yield to maturity3.701%Sep 4, 2024Yield to maturity3.605%Sep 10, 2024Yield to maturity3.449%Sep 16, 2024Yield to maturity3.429%Sep 20, 2024Yield to maturity3.486%Sep 26, 2024Yield to maturity3.562%Oct 2, 2024Yield to maturity3.560%Oct 8, 2024Yield to maturity3.892%Oct 15, 2024Yield to maturity3.873%Oct 21, 2024Yield to maturity3.980%Oct 25, 2024Yield to maturity4.087%Oct 31, 2024Yield to maturity4.160%Nov 6, 2024Yield to maturity4.270%Nov 13, 2024Yield to maturity4.298%Nov 19, 2024Yield to maturity4.262%Nov 25, 2024Yield to maturity4.216%Dec 2, 2024Yield to maturity4.133%Dec 6, 2024Yield to maturity4.077%Dec 12, 2024Yield to maturity4.189%Dec 18, 2024Yield to maturity4.388%Dec 24, 2024Yield to maturity4.418%Dec 31, 2024Yield to maturity4.343%Jan 7, 2025Yield to maturity4.402%Jan 13, 2025Yield to maturity4.549%Jan 17, 2025Yield to maturity4.366%Jan 24, 2025Yield to maturity4.367%Jan 30, 2025Yield to maturity4.261%Feb 5, 2025Yield to maturity4.212%Feb 11, 2025Yield to maturity4.330%Feb 18, 2025Yield to maturity4.351%Feb 24, 2025Yield to maturity4.193%Feb 28, 2025Yield to maturity4.005%Mar 6, 2025Yield to maturity4.015%Mar 12, 2025Yield to maturity4.024%Mar 18, 2025Yield to maturity4.034%Mar 24, 2025Yield to maturity4.033%Mar 28, 2025Yield to maturity3.922%Apr 3, 2025Yield to maturity3.701%Apr 9, 2025Yield to maturity3.971%Apr 15, 2025Yield to maturity3.879%Apr 21, 2025Yield to maturity3.816%Apr 25, 2025Yield to maturity3.784%May 1, 2025Yield to maturity3.711%May 7, 2025Yield to maturity3.771%May 13, 2025Yield to maturity4.040%May 19, 2025Yield to maturity3.976%May 23, 2025Yield to maturity3.997%May 30, 2025Yield to maturity3.890%Jun 5, 2025Yield to maturity3.911%Jun 11, 2025Yield to maturity3.931%Jun 17, 2025Yield to maturity3.920%Jun 24, 2025Yield to maturity3.768%Jun 30, 2025Yield to maturity3.713%Jul 7, 2025Yield to maturity3.873%Jul 11, 2025Yield to maturity3.883%Jul 17, 2025Yield to maturity3.893%Jul 23, 2025Yield to maturity3.837%Jul 29, 2025Yield to maturity3.825%Aug 4, 2025Yield to maturity3.657%Aug 8, 2025Yield to maturity3.743%Aug 14, 2025Yield to maturity3.708%Aug 20, 2025Yield to maturity3.706%Aug 26, 2025Yield to maturity3.636%Sep 2, 2025Yield to maturity3.633%Sep 8, 2025Yield to maturity3.471%Sep 12, 2025Yield to maturity3.547%Sep 18, 2025Yield to maturity3.568%Sep 24, 2025Yield to maturity3.611%Sep 30, 2025Yield to maturity3.620%Oct 6, 2025Yield to maturity3.617%Oct 10, 2025Yield to maturity3.532%Oct 17, 2025Yield to maturity3.469%Oct 23, 2025Yield to maturity3.491%Oct 29, 2025Yield to maturity3.594%Nov 4, 2025Yield to maturity3.591%Nov 10, 2025Yield to maturity3.600%Nov 17, 2025Yield to maturity3.609%Nov 21, 2025Yield to maturity3.496%Nov 28, 2025Yield to maturity3.492%Dec 4, 2025Yield to maturity3.539%Dec 10, 2025Yield to maturity3.560%Dec 16, 2025Yield to maturity3.507%Dec 22, 2025Yield to maturity3.529%Dec 29, 2025Yield to maturity3.487%Jan 5, 2026Yield to maturity3.495%Jan 9, 2026Yield to maturity3.569%Jan 15, 2026Yield to maturity3.592%Jan 22, 2026Yield to maturity3.641%Jan 28, 2026Yield to maturity3.625%Feb 3, 2026Yield to maturity3.608%Feb 9, 2026Yield to maturity3.512%Feb 13, 2026Yield to maturity3.415%Feb 20, 2026Yield to maturity3.477%Feb 26, 2026Yield to maturity3.434%Mar 4, 2026Yield to maturity3.537%Mar 10, 2026Yield to maturity3.587%Mar 16, 2026Yield to maturity3.680%Mar 20, 2026Yield to maturity3.913%Mar 26, 2026Yield to maturity4.010%Apr 1, 2026Yield to maturity3.826%Apr 7, 2026Yield to maturity3.824%Apr 13, 2026Yield to maturity3.779%Apr 17, 2026Yield to maturity3.705%Apr 23, 2026Yield to maturity3.833%Apr 29, 2026Yield to maturity3.933%May 5, 2026Yield to maturity3.946%May 11, 2026Yield to maturity3.959%May 15, 2026Yield to maturity4.093%May 21, 2026Yield to maturity4.093%May 28, 2026Yield to maturity4.047%Jun 3, 2026Yield to maturity4.092%Jun 9, 2026Yield to maturity4.154%Jun 15, 2026Yield to maturity4.077%Jun 22, 2026Yield to maturity4.249%Jun 26, 2026Yield to maturity4.092%Jul 2, 2026Yield to maturity4.156%Jul 9, 2026Yield to maturity4.172%Jul 15, 2026Yield to maturity4.140%Jul 21, 2026Yield to maturity4.271%Jul 27, 2026Yield to maturity4.338%Jul 31, 2026Yield to maturity4.290%Aug 6, 2026Yield to maturity4.258%Aug 12, 2026Yield to maturity4.208%Aug 18, 2026Yield to maturity4.191%Aug 24, 2026Yield to maturity4.243%Aug 28, 2026Yield to maturity4.347%Sep 3, 2026Yield to maturity4.330%Sep 9, 2026Yield to maturity4.419%

Price history

780 trading days to Sep 9, 2026

96979899100101102103Jul 31, 2023Sep 9, 2026Jul 31, 2023Close99.750Aug 4, 2023Close99.906Aug 10, 2023Close99.625Aug 16, 2023Close98.688Aug 22, 2023Close98.406Aug 28, 2023Close98.813Sep 1, 2023Close99.156Sep 8, 2023Close98.719Sep 14, 2023Close98.594Sep 20, 2023Close98.156Sep 26, 2023Close97.750Oct 2, 2023Close97.406Oct 6, 2023Close97.281Oct 13, 2023Close97.719Oct 19, 2023Close96.500Oct 25, 2023Close96.656Oct 31, 2023Close97.063Nov 6, 2023Close97.938Nov 10, 2023Close97.719Nov 16, 2023Close98.656Nov 22, 2023Close98.625Nov 29, 2023Close99.438Dec 5, 2023Close99.750Dec 11, 2023Close99.313Dec 15, 2023Close100.719Dec 21, 2023Close100.875Dec 28, 2023Close101.063Jan 4, 2024Close100.500Jan 10, 2024Close100.469Jan 17, 2024Close100.375Jan 23, 2024Close100.250Jan 29, 2024Close100.531Feb 2, 2024Close100.406Feb 8, 2024Close99.906Feb 14, 2024Close99.375Feb 21, 2024Close99.156Feb 27, 2024Close99.000Mar 4, 2024Close99.438Mar 8, 2024Close100.031Mar 14, 2024Close99.094Mar 20, 2024Close99.281Mar 26, 2024Close99.375Apr 1, 2024Close98.938Apr 5, 2024Close98.781Apr 11, 2024Close97.875Apr 17, 2024Close97.875Apr 23, 2024Close97.875Apr 29, 2024Close97.750May 3, 2024Close98.406May 9, 2024Close98.469May 15, 2024Close98.938May 21, 2024Close98.625May 28, 2024Close98.063Jun 3, 2024Close98.594Jun 7, 2024Close98.500Jun 13, 2024Close99.313Jun 20, 2024Close99.188Jun 26, 2024Close98.938Jul 2, 2024Close98.781Jul 9, 2024Close99.344Jul 15, 2024Close99.844Jul 19, 2024Close99.688Jul 25, 2024Close99.719Jul 31, 2024Close100.375Aug 6, 2024Close101.313Aug 12, 2024Close101.219Aug 16, 2024Close101.125Aug 22, 2024Close101.281Aug 28, 2024Close101.531Sep 4, 2024Close101.875Sep 10, 2024Close102.438Sep 16, 2024Close102.500Sep 20, 2024Close102.281Sep 26, 2024Close102.000Oct 2, 2024Close102.000Oct 8, 2024Close100.813Oct 15, 2024Close100.875Oct 21, 2024Close100.500Oct 25, 2024Close100.125Oct 31, 2024Close99.875Nov 6, 2024Close99.500Nov 13, 2024Close99.406Nov 19, 2024Close99.531Nov 25, 2024Close99.688Dec 2, 2024Close99.969Dec 6, 2024Close100.156Dec 12, 2024Close99.781Dec 18, 2024Close99.125Dec 24, 2024Close99.031Dec 31, 2024Close99.281Jan 7, 2025Close99.094Jan 13, 2025Close98.625Jan 17, 2025Close99.219Jan 24, 2025Close99.219Jan 30, 2025Close99.563Feb 5, 2025Close99.719Feb 11, 2025Close99.344Feb 18, 2025Close99.281Feb 24, 2025Close99.781Feb 28, 2025Close100.375Mar 6, 2025Close100.344Mar 12, 2025Close100.313Mar 18, 2025Close100.281Mar 24, 2025Close100.281Mar 28, 2025Close100.625Apr 3, 2025Close101.313Apr 9, 2025Close100.469Apr 15, 2025Close100.750Apr 21, 2025Close100.938Apr 25, 2025Close101.031May 1, 2025Close101.250May 7, 2025Close101.063May 13, 2025Close100.250May 19, 2025Close100.438May 23, 2025Close100.375May 30, 2025Close100.688Jun 5, 2025Close100.625Jun 11, 2025Close100.563Jun 17, 2025Close100.594Jun 24, 2025Close101.031Jun 30, 2025Close101.188Jul 7, 2025Close100.719Jul 11, 2025Close100.688Jul 17, 2025Close100.656Jul 23, 2025Close100.813Jul 29, 2025Close100.844Aug 4, 2025Close101.313Aug 8, 2025Close101.063Aug 14, 2025Close101.156Aug 20, 2025Close101.156Aug 26, 2025Close101.344Sep 2, 2025Close101.344Sep 8, 2025Close101.781Sep 12, 2025Close101.563Sep 18, 2025Close101.500Sep 24, 2025Close101.375Sep 30, 2025Close101.344Oct 6, 2025Close101.344Oct 10, 2025Close101.563Oct 17, 2025Close101.719Oct 23, 2025Close101.656Oct 29, 2025Close101.375Nov 4, 2025Close101.375Nov 10, 2025Close101.344Nov 17, 2025Close101.313Nov 21, 2025Close101.594Nov 28, 2025Close101.594Dec 4, 2025Close101.469Dec 10, 2025Close101.406Dec 16, 2025Close101.531Dec 22, 2025Close101.469Dec 29, 2025Close101.563Jan 5, 2026Close101.531Jan 9, 2026Close101.344Jan 15, 2026Close101.281Jan 22, 2026Close101.156Jan 28, 2026Close101.188Feb 3, 2026Close101.219Feb 9, 2026Close101.438Feb 13, 2026Close101.656Feb 20, 2026Close101.500Feb 26, 2026Close101.594Mar 4, 2026Close101.344Mar 10, 2026Close101.219Mar 16, 2026Close101.000Mar 20, 2026Close100.469Mar 26, 2026Close100.250Apr 1, 2026Close100.656Apr 7, 2026Close100.656Apr 13, 2026Close100.750Apr 17, 2026Close100.906Apr 23, 2026Close100.625Apr 29, 2026Close100.406May 5, 2026Close100.375May 11, 2026Close100.344May 15, 2026Close100.063May 21, 2026Close100.063May 28, 2026Close100.156Jun 3, 2026Close100.063Jun 9, 2026Close99.938Jun 15, 2026Close100.094Jun 22, 2026Close99.750Jun 26, 2026Close100.063Jul 2, 2026Close99.938Jul 9, 2026Close99.906Jul 15, 2026Close99.969Jul 21, 2026Close99.719Jul 27, 2026Close99.594Jul 31, 2026Close99.688Aug 6, 2026Close99.750Aug 12, 2026Close99.844Aug 18, 2026Close99.875Aug 24, 2026Close99.781Aug 28, 2026Close99.594Sep 3, 2026Close99.625Sep 9, 2026Close99.469
The most recent 20 trading days of prices for 91282CHQ7.
DateBidOfferClose
Sep 9, 202699.48499.46999.469
Sep 8, 202699.54799.53199.531
Sep 4, 202699.57899.56399.563
Sep 3, 202699.64199.62599.625
Sep 2, 202699.54799.53199.531
Sep 1, 202699.57899.56399.531
Aug 31, 202699.62599.62599.625
Aug 28, 202699.64199.62599.594
Aug 27, 202699.82899.81399.813
Aug 26, 202699.84499.84499.813
Aug 25, 202699.85999.84499.875
Aug 24, 202699.82899.81399.781
Aug 21, 202699.78199.78199.781
Aug 20, 202699.89199.87599.875
Aug 19, 202699.89199.87599.906
Aug 18, 202699.90699.90699.875
Aug 17, 202699.92299.90699.875
Aug 14, 202699.95399.93899.906
Aug 13, 202699.96999.96999.969
Aug 12, 202699.89199.87599.844

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 91282CHQ7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 25, 2023Jul 31, 2023New issue$43.0bn$43.0bn2.60x4.170%

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.