Treasury note

91282CHW4 · 4.125% due August 31, 2030

Original term
7-Year
Maturity
Aug 31, 2030
Coupon
4.125%
Pays
Semi-Annual
Dated
Aug 31, 2023
First coupon
Feb 29, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$39.74bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.577%
Modified duration
3.615 yr
DV01
0.0356
Convexity
15.429
Dirty price
98.489

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 6 of twelve buckets, summing to 3.697 years against a modified duration of 3.615.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 2.21 cents per 100 of face.

That is -1.72 standard deviations from its own typical residual.

Yield to maturity, 757 observations

3.00%3.50%4.00%4.50%5.00%5.50%Aug 31, 2023Sep 9, 2026Aug 31, 2023Yield to maturity4.187%Sep 7, 2023Yield to maturity4.350%Sep 13, 2023Yield to maturity4.340%Sep 19, 2023Yield to maturity4.468%Sep 25, 2023Yield to maturity4.609%Sep 29, 2023Yield to maturity4.637%Oct 5, 2023Yield to maturity4.736%Oct 12, 2023Yield to maturity4.737%Oct 18, 2023Yield to maturity4.954%Oct 24, 2023Yield to maturity4.872%Oct 30, 2023Yield to maturity4.896%Nov 3, 2023Yield to maturity4.566%Nov 9, 2023Yield to maturity4.693%Nov 15, 2023Yield to maturity4.573%Nov 21, 2023Yield to maturity4.453%Nov 28, 2023Yield to maturity4.372%Dec 4, 2023Yield to maturity4.307%Dec 8, 2023Yield to maturity4.286%Dec 14, 2023Yield to maturity3.942%Dec 20, 2023Yield to maturity3.889%Dec 27, 2023Yield to maturity3.819%Jan 3, 2024Yield to maturity3.930%Jan 9, 2024Yield to maturity4.016%Jan 16, 2024Yield to maturity4.027%Jan 22, 2024Yield to maturity4.081%Jan 26, 2024Yield to maturity4.135%Feb 1, 2024Yield to maturity3.848%Feb 7, 2024Yield to maturity4.103%Feb 13, 2024Yield to maturity4.346%Feb 20, 2024Yield to maturity4.291%Feb 26, 2024Yield to maturity4.331%Mar 1, 2024Yield to maturity4.208%Mar 7, 2024Yield to maturity4.108%Mar 13, 2024Yield to maturity4.214%Mar 19, 2024Yield to maturity4.326%Mar 25, 2024Yield to maturity4.265%Mar 29, 2024Yield to maturity4.237%Apr 4, 2024Yield to maturity4.327%Apr 10, 2024Yield to maturity4.609%Apr 16, 2024Yield to maturity4.698%Apr 22, 2024Yield to maturity4.658%Apr 26, 2024Yield to maturity4.706%May 2, 2024Yield to maturity4.590%May 8, 2024Yield to maturity4.509%May 14, 2024Yield to maturity4.463%May 20, 2024Yield to maturity4.464%May 24, 2024Yield to maturity4.512%May 31, 2024Yield to maturity4.536%Jun 6, 2024Yield to maturity4.297%Jun 12, 2024Yield to maturity4.327%Jun 18, 2024Yield to maturity4.240%Jun 25, 2024Yield to maturity4.258%Jul 1, 2024Yield to maturity4.464%Jul 8, 2024Yield to maturity4.241%Jul 12, 2024Yield to maturity4.130%Jul 18, 2024Yield to maturity4.142%Jul 24, 2024Yield to maturity4.195%Jul 30, 2024Yield to maturity4.072%Aug 5, 2024Yield to maturity3.661%Aug 9, 2024Yield to maturity3.844%Aug 15, 2024Yield to maturity3.827%Aug 21, 2024Yield to maturity3.693%Aug 27, 2024Yield to maturity3.721%Sep 3, 2024Yield to maturity3.714%Sep 9, 2024Yield to maturity3.563%Sep 13, 2024Yield to maturity3.498%Sep 19, 2024Yield to maturity3.572%Sep 25, 2024Yield to maturity3.605%Oct 1, 2024Yield to maturity3.581%Oct 7, 2024Yield to maturity3.915%Oct 11, 2024Yield to maturity3.944%Oct 18, 2024Yield to maturity3.937%Oct 24, 2024Yield to maturity4.082%Oct 30, 2024Yield to maturity4.185%Nov 5, 2024Yield to maturity4.210%Nov 12, 2024Yield to maturity4.364%Nov 18, 2024Yield to maturity4.328%Nov 22, 2024Yield to maturity4.340%Nov 29, 2024Yield to maturity4.099%Dec 5, 2024Yield to maturity4.112%Dec 11, 2024Yield to maturity4.174%Dec 17, 2024Yield to maturity4.299%Dec 23, 2024Yield to maturity4.489%Dec 30, 2024Yield to maturity4.414%Jan 6, 2025Yield to maturity4.466%Jan 10, 2025Yield to maturity4.640%Jan 16, 2025Yield to maturity4.448%Jan 23, 2025Yield to maturity4.501%Jan 29, 2025Yield to maturity4.399%Feb 4, 2025Yield to maturity4.367%Feb 10, 2025Yield to maturity4.387%Feb 14, 2025Yield to maturity4.375%Feb 21, 2025Yield to maturity4.305%Feb 27, 2025Yield to maturity4.144%Mar 5, 2025Yield to maturity4.125%Mar 11, 2025Yield to maturity4.086%Mar 17, 2025Yield to maturity4.150%Mar 21, 2025Yield to maturity4.053%Mar 27, 2025Yield to maturity4.150%Apr 2, 2025Yield to maturity3.988%Apr 8, 2025Yield to maturity3.936%Apr 14, 2025Yield to maturity4.072%Apr 18, 2025Yield to maturity4.000%Apr 24, 2025Yield to maturity3.987%Apr 30, 2025Yield to maturity3.772%May 6, 2025Yield to maturity3.953%May 12, 2025Yield to maturity4.137%May 16, 2025Yield to maturity4.104%May 22, 2025Yield to maturity4.157%May 29, 2025Yield to maturity4.051%Jun 4, 2025Yield to maturity3.971%Jun 10, 2025Yield to maturity4.110%Jun 16, 2025Yield to maturity4.070%Jun 23, 2025Yield to maturity3.929%Jun 27, 2025Yield to maturity3.855%Jul 3, 2025Yield to maturity3.955%Jul 10, 2025Yield to maturity3.955%Jul 16, 2025Yield to maturity4.008%Jul 22, 2025Yield to maturity3.900%Jul 28, 2025Yield to maturity3.987%Aug 1, 2025Yield to maturity3.783%Aug 7, 2025Yield to maturity3.803%Aug 13, 2025Yield to maturity3.788%Aug 19, 2025Yield to maturity3.835%Aug 25, 2025Yield to maturity3.814%Aug 29, 2025Yield to maturity3.710%Sep 5, 2025Yield to maturity3.606%Sep 11, 2025Yield to maturity3.598%Sep 17, 2025Yield to maturity3.631%Sep 23, 2025Yield to maturity3.684%Sep 29, 2025Yield to maturity3.752%Oct 3, 2025Yield to maturity3.723%Oct 9, 2025Yield to maturity3.743%Oct 16, 2025Yield to maturity3.554%Oct 22, 2025Yield to maturity3.566%Oct 28, 2025Yield to maturity3.613%Nov 3, 2025Yield to maturity3.724%Nov 7, 2025Yield to maturity3.680%Nov 14, 2025Yield to maturity3.735%Nov 20, 2025Yield to maturity3.671%Nov 26, 2025Yield to maturity3.576%Dec 3, 2025Yield to maturity3.617%Dec 9, 2025Yield to maturity3.774%Dec 15, 2025Yield to maturity3.722%Dec 19, 2025Yield to maturity3.685%Dec 26, 2025Yield to maturity3.676%Jan 2, 2026Yield to maturity3.718%Jan 8, 2026Yield to maturity3.717%Jan 14, 2026Yield to maturity3.701%Jan 21, 2026Yield to maturity3.818%Jan 27, 2026Yield to maturity3.802%Feb 2, 2026Yield to maturity3.809%Feb 6, 2026Yield to maturity3.733%Feb 12, 2026Yield to maturity3.650%Feb 19, 2026Yield to maturity3.626%Feb 25, 2026Yield to maturity3.602%Mar 3, 2026Yield to maturity3.623%Mar 9, 2026Yield to maturity3.697%Mar 13, 2026Yield to maturity3.863%Mar 19, 2026Yield to maturity3.877%Mar 25, 2026Yield to maturity3.969%Mar 31, 2026Yield to maturity3.914%Apr 6, 2026Yield to maturity3.976%Apr 10, 2026Yield to maturity3.928%Apr 16, 2026Yield to maturity3.896%Apr 22, 2026Yield to maturity3.903%Apr 28, 2026Yield to maturity3.966%May 4, 2026Yield to maturity4.068%May 8, 2026Yield to maturity4.004%May 14, 2026Yield to maturity4.116%May 20, 2026Yield to maturity4.204%May 27, 2026Yield to maturity4.164%Jun 2, 2026Yield to maturity4.164%Jun 8, 2026Yield to maturity4.279%Jun 12, 2026Yield to maturity4.205%Jun 18, 2026Yield to maturity4.230%Jun 25, 2026Yield to maturity4.157%Jul 1, 2026Yield to maturity4.231%Jul 8, 2026Yield to maturity4.290%Jul 14, 2026Yield to maturity4.291%Jul 20, 2026Yield to maturity4.300%Jul 24, 2026Yield to maturity4.419%Jul 30, 2026Yield to maturity4.360%Aug 5, 2026Yield to maturity4.310%Aug 11, 2026Yield to maturity4.362%Aug 17, 2026Yield to maturity4.338%Aug 21, 2026Yield to maturity4.390%Aug 27, 2026Yield to maturity4.365%Sep 2, 2026Yield to maturity4.523%Sep 9, 2026Yield to maturity4.577%

Price history

757 trading days to Sep 9, 2026

949698100102104Aug 31, 2023Sep 9, 2026Aug 31, 2023Close99.625Sep 7, 2023Close98.656Sep 13, 2023Close98.719Sep 19, 2023Close97.969Sep 25, 2023Close97.156Sep 29, 2023Close97.000Oct 5, 2023Close96.438Oct 12, 2023Close96.438Oct 18, 2023Close95.219Oct 24, 2023Close95.688Oct 30, 2023Close95.563Nov 3, 2023Close97.438Nov 9, 2023Close96.719Nov 15, 2023Close97.406Nov 21, 2023Close98.094Nov 28, 2023Close98.563Dec 4, 2023Close98.938Dec 8, 2023Close99.063Dec 14, 2023Close101.063Dec 20, 2023Close101.375Dec 27, 2023Close101.781Jan 3, 2024Close101.125Jan 9, 2024Close100.625Jan 16, 2024Close100.563Jan 22, 2024Close100.250Jan 26, 2024Close99.938Feb 1, 2024Close101.594Feb 7, 2024Close100.125Feb 13, 2024Close98.750Feb 20, 2024Close99.063Feb 26, 2024Close98.844Mar 1, 2024Close99.531Mar 7, 2024Close100.094Mar 13, 2024Close99.500Mar 19, 2024Close98.875Mar 25, 2024Close99.219Mar 29, 2024Close99.375Apr 4, 2024Close98.875Apr 10, 2024Close97.344Apr 16, 2024Close96.875Apr 22, 2024Close97.094Apr 26, 2024Close96.844May 2, 2024Close97.469May 8, 2024Close97.906May 14, 2024Close98.156May 20, 2024Close98.156May 24, 2024Close97.906May 31, 2024Close97.781Jun 6, 2024Close99.063Jun 12, 2024Close98.906Jun 18, 2024Close99.375Jun 25, 2024Close99.281Jul 1, 2024Close98.188Jul 8, 2024Close99.375Jul 12, 2024Close99.969Jul 18, 2024Close99.906Jul 24, 2024Close99.625Jul 30, 2024Close100.281Aug 5, 2024Close102.500Aug 9, 2024Close101.500Aug 15, 2024Close101.594Aug 21, 2024Close102.313Aug 27, 2024Close102.156Sep 3, 2024Close102.188Sep 9, 2024Close103.000Sep 13, 2024Close103.344Sep 19, 2024Close102.938Sep 25, 2024Close102.750Oct 1, 2024Close102.875Oct 7, 2024Close101.094Oct 11, 2024Close100.938Oct 18, 2024Close100.969Oct 24, 2024Close100.219Oct 30, 2024Close99.688Nov 5, 2024Close99.563Nov 12, 2024Close98.781Nov 18, 2024Close98.969Nov 22, 2024Close98.906Nov 29, 2024Close100.125Dec 5, 2024Close100.063Dec 11, 2024Close99.750Dec 17, 2024Close99.125Dec 23, 2024Close98.188Dec 30, 2024Close98.563Jan 6, 2025Close98.313Jan 10, 2025Close97.469Jan 16, 2025Close98.406Jan 23, 2025Close98.156Jan 29, 2025Close98.656Feb 4, 2025Close98.813Feb 10, 2025Close98.719Feb 14, 2025Close98.781Feb 21, 2025Close99.125Feb 27, 2025Close99.906Mar 5, 2025Close100.000Mar 11, 2025Close100.188Mar 17, 2025Close99.875Mar 21, 2025Close100.344Mar 27, 2025Close99.875Apr 2, 2025Close100.656Apr 8, 2025Close100.906Apr 14, 2025Close100.250Apr 18, 2025Close100.594Apr 24, 2025Close100.656Apr 30, 2025Close101.688May 6, 2025Close100.813May 12, 2025Close99.938May 16, 2025Close100.094May 22, 2025Close99.844May 29, 2025Close100.344Jun 4, 2025Close100.719Jun 10, 2025Close100.063Jun 16, 2025Close100.250Jun 23, 2025Close100.906Jun 27, 2025Close101.250Jul 3, 2025Close100.781Jul 10, 2025Close100.781Jul 16, 2025Close100.531Jul 22, 2025Close101.031Jul 28, 2025Close100.625Aug 1, 2025Close101.563Aug 7, 2025Close101.469Aug 13, 2025Close101.531Aug 19, 2025Close101.313Aug 25, 2025Close101.406Aug 29, 2025Close101.875Sep 5, 2025Close102.344Sep 11, 2025Close102.375Sep 17, 2025Close102.219Sep 23, 2025Close101.969Sep 29, 2025Close101.656Oct 3, 2025Close101.781Oct 9, 2025Close101.688Oct 16, 2025Close102.531Oct 22, 2025Close102.469Oct 28, 2025Close102.250Nov 3, 2025Close101.750Nov 7, 2025Close101.938Nov 14, 2025Close101.688Nov 20, 2025Close101.969Nov 26, 2025Close102.375Dec 3, 2025Close102.188Dec 9, 2025Close101.500Dec 15, 2025Close101.719Dec 19, 2025Close101.875Dec 26, 2025Close101.906Jan 2, 2026Close101.719Jan 8, 2026Close101.719Jan 14, 2026Close101.781Jan 21, 2026Close101.281Jan 27, 2026Close101.344Feb 2, 2026Close101.313Feb 6, 2026Close101.625Feb 12, 2026Close101.969Feb 19, 2026Close102.063Feb 25, 2026Close102.156Mar 3, 2026Close102.063Mar 9, 2026Close101.750Mar 13, 2026Close101.063Mar 19, 2026Close101.000Mar 25, 2026Close100.625Mar 31, 2026Close100.844Apr 6, 2026Close100.594Apr 10, 2026Close100.781Apr 16, 2026Close100.906Apr 22, 2026Close100.875Apr 28, 2026Close100.625May 4, 2026Close100.219May 8, 2026Close100.469May 14, 2026Close100.031May 20, 2026Close99.688May 27, 2026Close99.844Jun 2, 2026Close99.844Jun 8, 2026Close99.406Jun 12, 2026Close99.688Jun 18, 2026Close99.594Jun 25, 2026Close99.875Jul 1, 2026Close99.594Jul 8, 2026Close99.375Jul 14, 2026Close99.375Jul 20, 2026Close99.344Jul 24, 2026Close98.906Jul 30, 2026Close99.125Aug 5, 2026Close99.313Aug 11, 2026Close99.125Aug 17, 2026Close99.219Aug 21, 2026Close99.031Aug 27, 2026Close99.125Sep 2, 2026Close98.563Sep 9, 2026Close98.375
The most recent 20 trading days of prices for 91282CHW4.
DateBidOfferClose
Sep 9, 202698.39198.37598.375
Sep 8, 202698.54798.53198.500
Sep 4, 202698.64198.62598.594
Sep 3, 202698.79798.78198.688
Sep 2, 202698.57898.56398.563
Sep 1, 202698.67298.65698.563
Aug 31, 202698.76698.75098.750
Aug 28, 202698.89198.87598.781
Aug 27, 202699.21999.18899.125
Aug 26, 202699.20399.18899.188
Aug 25, 202699.26699.25099.281
Aug 24, 202699.14199.12599.063
Aug 21, 202699.04799.03199.031
Aug 20, 202699.18899.15699.188
Aug 19, 202699.26699.25099.281
Aug 18, 202699.25099.21999.219
Aug 17, 202699.26699.25099.219
Aug 14, 202699.34499.31399.250
Aug 13, 202699.40699.37599.406
Aug 12, 202699.26699.25099.188

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 91282CHW4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 29, 2023Aug 31, 2023New issue$36.0bn$39.7bn2.66x4.212%

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.