Treasury note

91282CHX2 · 4.375% due August 31, 2028

Original term
5-Year
Maturity
Aug 31, 2028
Coupon
4.375%
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
$50.50bn
Held stripped
$255.7m
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
4.424%
Modified duration
1.868 yr
DV01
0.0187
Convexity
4.469
Dirty price
100.027

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 1.910 years against a modified duration of 1.868.

Against the fitted curve

Priced 1.3 bp rich to the curve on that day, 2.39 cents per 100 of face.

That is -0.80 standard deviations from its own typical residual.

Yield to maturity, 757 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Aug 31, 2023Sep 9, 2026Aug 31, 2023Yield to maturity4.235%Sep 7, 2023Yield to maturity4.382%Sep 13, 2023Yield to maturity4.389%Sep 19, 2023Yield to maturity4.517%Sep 25, 2023Yield to maturity4.618%Sep 29, 2023Yield to maturity4.604%Oct 5, 2023Yield to maturity4.677%Oct 12, 2023Yield to maturity4.685%Oct 18, 2023Yield to maturity4.914%Oct 24, 2023Yield to maturity4.812%Oct 30, 2023Yield to maturity4.798%Nov 3, 2023Yield to maturity4.490%Nov 9, 2023Yield to maturity4.645%Nov 15, 2023Yield to maturity4.520%Nov 21, 2023Yield to maturity4.418%Nov 28, 2023Yield to maturity4.315%Dec 4, 2023Yield to maturity4.256%Dec 8, 2023Yield to maturity4.270%Dec 14, 2023Yield to maturity3.926%Dec 20, 2023Yield to maturity3.889%Dec 27, 2023Yield to maturity3.814%Jan 3, 2024Yield to maturity3.922%Jan 9, 2024Yield to maturity3.987%Jan 16, 2024Yield to maturity3.948%Jan 22, 2024Yield to maturity4.036%Jan 26, 2024Yield to maturity4.073%Feb 1, 2024Yield to maturity3.826%Feb 7, 2024Yield to maturity4.079%Feb 13, 2024Yield to maturity4.336%Feb 20, 2024Yield to maturity4.275%Feb 26, 2024Yield to maturity4.352%Mar 1, 2024Yield to maturity4.205%Mar 7, 2024Yield to maturity4.128%Mar 13, 2024Yield to maturity4.243%Mar 19, 2024Yield to maturity4.359%Mar 25, 2024Yield to maturity4.280%Mar 29, 2024Yield to maturity4.272%Apr 4, 2024Yield to maturity4.343%Apr 10, 2024Yield to maturity4.668%Apr 16, 2024Yield to maturity4.734%Apr 22, 2024Yield to maturity4.711%Apr 26, 2024Yield to maturity4.744%May 2, 2024Yield to maturity4.623%May 8, 2024Yield to maturity4.551%May 14, 2024Yield to maturity4.511%May 20, 2024Yield to maturity4.511%May 24, 2024Yield to maturity4.586%May 31, 2024Yield to maturity4.578%Jun 6, 2024Yield to maturity4.357%Jun 12, 2024Yield to maturity4.390%Jun 18, 2024Yield to maturity4.308%Jun 25, 2024Yield to maturity4.332%Jul 1, 2024Yield to maturity4.498%Jul 8, 2024Yield to maturity4.291%Jul 12, 2024Yield to maturity4.149%Jul 18, 2024Yield to maturity4.157%Jul 24, 2024Yield to maturity4.181%Jul 30, 2024Yield to maturity4.081%Aug 5, 2024Yield to maturity3.649%Aug 9, 2024Yield to maturity3.837%Aug 15, 2024Yield to maturity3.836%Aug 21, 2024Yield to maturity3.692%Aug 27, 2024Yield to maturity3.698%Sep 3, 2024Yield to maturity3.695%Sep 9, 2024Yield to maturity3.516%Sep 13, 2024Yield to maturity3.446%Sep 19, 2024Yield to maturity3.502%Sep 25, 2024Yield to maturity3.524%Oct 1, 2024Yield to maturity3.538%Oct 7, 2024Yield to maturity3.903%Oct 11, 2024Yield to maturity3.892%Oct 18, 2024Yield to maturity3.890%Oct 24, 2024Yield to maturity4.046%Oct 30, 2024Yield to maturity4.160%Nov 5, 2024Yield to maturity4.186%Nov 12, 2024Yield to maturity4.346%Nov 18, 2024Yield to maturity4.292%Nov 22, 2024Yield to maturity4.328%Nov 29, 2024Yield to maturity4.101%Dec 5, 2024Yield to maturity4.118%Dec 11, 2024Yield to maturity4.163%Dec 17, 2024Yield to maturity4.263%Dec 23, 2024Yield to maturity4.420%Dec 30, 2024Yield to maturity4.345%Jan 6, 2025Yield to maturity4.383%Jan 10, 2025Yield to maturity4.544%Jan 16, 2025Yield to maturity4.355%Jan 23, 2025Yield to maturity4.402%Jan 29, 2025Yield to maturity4.317%Feb 4, 2025Yield to maturity4.288%Feb 10, 2025Yield to maturity4.326%Feb 14, 2025Yield to maturity4.307%Feb 21, 2025Yield to maturity4.230%Feb 27, 2025Yield to maturity4.085%Mar 5, 2025Yield to maturity4.045%Mar 11, 2025Yield to maturity3.985%Mar 17, 2025Yield to maturity4.071%Mar 21, 2025Yield to maturity3.952%Mar 27, 2025Yield to maturity4.039%Apr 2, 2025Yield to maturity3.919%Apr 8, 2025Yield to maturity3.789%Apr 14, 2025Yield to maturity3.925%Apr 18, 2025Yield to maturity3.853%Apr 24, 2025Yield to maturity3.832%Apr 30, 2025Yield to maturity3.620%May 6, 2025Yield to maturity3.807%May 12, 2025Yield to maturity4.026%May 16, 2025Yield to maturity3.984%May 22, 2025Yield to maturity4.013%May 29, 2025Yield to maturity3.939%Jun 4, 2025Yield to maturity3.855%Jun 10, 2025Yield to maturity4.008%Jun 16, 2025Yield to maturity3.954%Jun 23, 2025Yield to maturity3.816%Jun 27, 2025Yield to maturity3.740%Jul 3, 2025Yield to maturity3.863%Jul 10, 2025Yield to maturity3.851%Jul 16, 2025Yield to maturity3.870%Jul 22, 2025Yield to maturity3.782%Jul 28, 2025Yield to maturity3.887%Aug 1, 2025Yield to maturity3.680%Aug 7, 2025Yield to maturity3.710%Aug 13, 2025Yield to maturity3.664%Aug 19, 2025Yield to maturity3.725%Aug 25, 2025Yield to maturity3.690%Aug 29, 2025Yield to maturity3.587%Sep 5, 2025Yield to maturity3.484%Sep 11, 2025Yield to maturity3.502%Sep 17, 2025Yield to maturity3.520%Sep 23, 2025Yield to maturity3.582%Sep 29, 2025Yield to maturity3.645%Oct 3, 2025Yield to maturity3.596%Oct 9, 2025Yield to maturity3.616%Oct 16, 2025Yield to maturity3.429%Oct 22, 2025Yield to maturity3.446%Oct 28, 2025Yield to maturity3.510%Nov 3, 2025Yield to maturity3.621%Nov 7, 2025Yield to maturity3.570%Nov 14, 2025Yield to maturity3.623%Nov 20, 2025Yield to maturity3.562%Nov 26, 2025Yield to maturity3.473%Dec 3, 2025Yield to maturity3.504%Dec 9, 2025Yield to maturity3.643%Dec 15, 2025Yield to maturity3.554%Dec 19, 2025Yield to maturity3.525%Dec 26, 2025Yield to maturity3.532%Jan 2, 2026Yield to maturity3.538%Jan 8, 2026Yield to maturity3.535%Jan 14, 2026Yield to maturity3.555%Jan 21, 2026Yield to maturity3.637%Jan 27, 2026Yield to maturity3.620%Feb 2, 2026Yield to maturity3.616%Feb 6, 2026Yield to maturity3.548%Feb 12, 2026Yield to maturity3.493%Feb 19, 2026Yield to maturity3.487%Feb 25, 2026Yield to maturity3.482%Mar 3, 2026Yield to maturity3.502%Mar 9, 2026Yield to maturity3.576%Mar 13, 2026Yield to maturity3.743%Mar 19, 2026Yield to maturity3.807%Mar 25, 2026Yield to maturity3.898%Mar 31, 2026Yield to maturity3.813%Apr 6, 2026Yield to maturity3.877%Apr 10, 2026Yield to maturity3.819%Apr 16, 2026Yield to maturity3.789%Apr 22, 2026Yield to maturity3.813%Apr 28, 2026Yield to maturity3.865%May 4, 2026Yield to maturity3.974%May 8, 2026Yield to maturity3.915%May 14, 2026Yield to maturity4.027%May 20, 2026Yield to maturity4.082%May 27, 2026Yield to maturity4.065%Jun 2, 2026Yield to maturity4.078%Jun 8, 2026Yield to maturity4.179%Jun 12, 2026Yield to maturity4.118%Jun 18, 2026Yield to maturity4.206%Jun 25, 2026Yield to maturity4.130%Jul 1, 2026Yield to maturity4.189%Jul 8, 2026Yield to maturity4.219%Jul 14, 2026Yield to maturity4.202%Jul 20, 2026Yield to maturity4.232%Jul 24, 2026Yield to maturity4.357%Jul 30, 2026Yield to maturity4.247%Aug 5, 2026Yield to maturity4.198%Aug 11, 2026Yield to maturity4.245%Aug 17, 2026Yield to maturity4.196%Aug 21, 2026Yield to maturity4.244%Aug 27, 2026Yield to maturity4.244%Sep 2, 2026Yield to maturity4.391%Sep 9, 2026Yield to maturity4.424%

Price history

757 trading days to Sep 9, 2026

979899100101102103104Aug 31, 2023Sep 9, 2026Aug 31, 2023Close100.625Sep 7, 2023Close99.969Sep 13, 2023Close99.938Sep 19, 2023Close99.375Sep 25, 2023Close98.938Sep 29, 2023Close99.000Oct 5, 2023Close98.688Oct 12, 2023Close98.656Oct 18, 2023Close97.688Oct 24, 2023Close98.125Oct 30, 2023Close98.188Nov 3, 2023Close99.500Nov 9, 2023Close98.844Nov 15, 2023Close99.375Nov 21, 2023Close99.813Nov 28, 2023Close100.250Dec 4, 2023Close100.500Dec 8, 2023Close100.438Dec 14, 2023Close101.906Dec 20, 2023Close102.063Dec 27, 2023Close102.375Jan 3, 2024Close101.906Jan 9, 2024Close101.625Jan 16, 2024Close101.781Jan 22, 2024Close101.406Jan 26, 2024Close101.250Feb 1, 2024Close102.281Feb 7, 2024Close101.219Feb 13, 2024Close100.156Feb 20, 2024Close100.406Feb 26, 2024Close100.094Mar 1, 2024Close100.688Mar 7, 2024Close101.000Mar 13, 2024Close100.531Mar 19, 2024Close100.063Mar 25, 2024Close100.375Mar 29, 2024Close100.406Apr 4, 2024Close100.125Apr 10, 2024Close98.844Apr 16, 2024Close98.594Apr 22, 2024Close98.688Apr 26, 2024Close98.563May 2, 2024Close99.031May 8, 2024Close99.313May 14, 2024Close99.469May 20, 2024Close99.469May 24, 2024Close99.188May 31, 2024Close99.219Jun 6, 2024Close100.063Jun 12, 2024Close99.938Jun 18, 2024Close100.250Jun 25, 2024Close100.156Jul 1, 2024Close99.531Jul 8, 2024Close100.313Jul 12, 2024Close100.844Jul 18, 2024Close100.813Jul 24, 2024Close100.719Jul 30, 2024Close101.094Aug 5, 2024Close102.719Aug 9, 2024Close102.000Aug 15, 2024Close102.000Aug 21, 2024Close102.531Aug 27, 2024Close102.500Sep 3, 2024Close102.500Sep 9, 2024Close103.156Sep 13, 2024Close103.406Sep 19, 2024Close103.188Sep 25, 2024Close103.094Oct 1, 2024Close103.031Oct 7, 2024Close101.688Oct 11, 2024Close101.719Oct 18, 2024Close101.719Oct 24, 2024Close101.156Oct 30, 2024Close100.750Nov 5, 2024Close100.656Nov 12, 2024Close100.094Nov 18, 2024Close100.281Nov 22, 2024Close100.156Nov 29, 2024Close100.938Dec 5, 2024Close100.875Dec 11, 2024Close100.719Dec 17, 2024Close100.375Dec 23, 2024Close99.844Dec 30, 2024Close100.094Jan 6, 2025Close99.969Jan 10, 2025Close99.438Jan 16, 2025Close100.063Jan 23, 2025Close99.906Jan 29, 2025Close100.188Feb 4, 2025Close100.281Feb 10, 2025Close100.156Feb 14, 2025Close100.219Feb 21, 2025Close100.469Feb 27, 2025Close100.938Mar 5, 2025Close101.063Mar 11, 2025Close101.250Mar 17, 2025Close100.969Mar 21, 2025Close101.344Mar 27, 2025Close101.063Apr 2, 2025Close101.438Apr 8, 2025Close101.844Apr 14, 2025Close101.406Apr 18, 2025Close101.625Apr 24, 2025Close101.688Apr 30, 2025Close102.344May 6, 2025Close101.750May 12, 2025Close101.063May 16, 2025Close101.188May 22, 2025Close101.094May 29, 2025Close101.313Jun 4, 2025Close101.563Jun 10, 2025Close101.094Jun 16, 2025Close101.250Jun 23, 2025Close101.656Jun 27, 2025Close101.875Jul 3, 2025Close101.500Jul 10, 2025Close101.531Jul 16, 2025Close101.469Jul 22, 2025Close101.719Jul 28, 2025Close101.406Aug 1, 2025Close102.000Aug 7, 2025Close101.906Aug 13, 2025Close102.031Aug 19, 2025Close101.844Aug 25, 2025Close101.938Aug 29, 2025Close102.219Sep 5, 2025Close102.500Sep 11, 2025Close102.438Sep 17, 2025Close102.375Sep 23, 2025Close102.188Sep 29, 2025Close102.000Oct 3, 2025Close102.125Oct 9, 2025Close102.063Oct 16, 2025Close102.563Oct 22, 2025Close102.500Oct 28, 2025Close102.313Nov 3, 2025Close102.000Nov 7, 2025Close102.125Nov 14, 2025Close101.969Nov 20, 2025Close102.125Nov 26, 2025Close102.344Dec 3, 2025Close102.250Dec 9, 2025Close101.875Dec 15, 2025Close102.094Dec 19, 2025Close102.156Dec 26, 2025Close102.125Jan 2, 2026Close102.094Jan 8, 2026Close102.094Jan 14, 2026Close102.031Jan 21, 2026Close101.813Jan 27, 2026Close101.844Feb 2, 2026Close101.844Feb 6, 2026Close102.000Feb 12, 2026Close102.125Feb 19, 2026Close102.125Feb 25, 2026Close102.125Mar 3, 2026Close102.063Mar 9, 2026Close101.875Mar 13, 2026Close101.469Mar 19, 2026Close101.313Mar 25, 2026Close101.094Mar 31, 2026Close101.281Apr 6, 2026Close101.125Apr 10, 2026Close101.250Apr 16, 2026Close101.313Apr 22, 2026Close101.250Apr 28, 2026Close101.125May 4, 2026Close100.875May 8, 2026Close101.000May 14, 2026Close100.750May 20, 2026Close100.625May 27, 2026Close100.656Jun 2, 2026Close100.625Jun 8, 2026Close100.406Jun 12, 2026Close100.531Jun 18, 2026Close100.344Jun 25, 2026Close100.500Jul 1, 2026Close100.375Jul 8, 2026Close100.313Jul 14, 2026Close100.344Jul 20, 2026Close100.281Jul 24, 2026Close100.031Jul 30, 2026Close100.250Aug 5, 2026Close100.344Aug 11, 2026Close100.250Aug 17, 2026Close100.344Aug 21, 2026Close100.250Aug 27, 2026Close100.250Sep 2, 2026Close99.969Sep 9, 2026Close99.906
The most recent 20 trading days of prices for 91282CHX2.
DateBidOfferClose
Sep 9, 202699.90699.90699.906
Sep 8, 202699.96999.96999.969
Sep 4, 2026100.016100.000100.000
Sep 3, 2026100.078100.063100.063
Sep 2, 202699.98499.96999.969
Sep 1, 2026100.016100.00099.969
Aug 31, 2026100.078100.063100.063
Aug 28, 2026100.109100.094100.031
Aug 27, 2026100.297100.281100.250
Aug 26, 2026100.297100.281100.281
Aug 25, 2026100.328100.313100.344
Aug 24, 2026100.281100.281100.250
Aug 21, 2026100.250100.250100.250
Aug 20, 2026100.344100.344100.344
Aug 19, 2026100.344100.344100.344
Aug 18, 2026100.359100.344100.344
Aug 17, 2026100.391100.375100.344
Aug 14, 2026100.422100.406100.375
Aug 13, 2026100.422100.406100.406
Aug 12, 2026100.359100.344100.313

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 91282CHX2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 28, 2023Aug 31, 2023New issue$46.0bn$50.8bn2.54x4.400%

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.