Treasury note

91282CJA0 · 4.625% due September 30, 2028

Original term
5-Year
Maturity
Sep 30, 2028
Coupon
4.625%
Pays
Semi-Annual
Dated
Sep 30, 2023
First coupon
Mar 31, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$49.00bn
Held stripped
$40.0m
Share stripped
0.08%

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
4.447%
Modified duration
1.902 yr
DV01
0.0195
Convexity
4.696
Dirty price
102.404

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 5 of twelve buckets, summing to 1.945 years against a modified duration of 1.902.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.11 cents per 100 of face.

That is 0.97 standard deviations from its own typical residual.

Yield to maturity, 736 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Oct 2, 2023Sep 9, 2026Oct 2, 2023Yield to maturity4.717%Oct 6, 2023Yield to maturity4.746%Oct 13, 2023Yield to maturity4.646%Oct 19, 2023Yield to maturity4.948%Oct 25, 2023Yield to maturity4.913%Oct 31, 2023Yield to maturity4.826%Nov 6, 2023Yield to maturity4.610%Nov 10, 2023Yield to maturity4.660%Nov 16, 2023Yield to maturity4.436%Nov 22, 2023Yield to maturity4.450%Nov 29, 2023Yield to maturity4.248%Dec 5, 2023Yield to maturity4.176%Dec 11, 2023Yield to maturity4.275%Dec 15, 2023Yield to maturity3.944%Dec 21, 2023Yield to maturity3.914%Dec 28, 2023Yield to maturity3.869%Jan 4, 2024Yield to maturity4.002%Jan 10, 2024Yield to maturity4.000%Jan 17, 2024Yield to maturity4.034%Jan 23, 2024Yield to maturity4.062%Jan 29, 2024Yield to maturity4.002%Feb 2, 2024Yield to maturity4.022%Feb 8, 2024Yield to maturity4.153%Feb 14, 2024Yield to maturity4.278%Feb 21, 2024Yield to maturity4.337%Feb 27, 2024Yield to maturity4.374%Mar 4, 2024Yield to maturity4.260%Mar 8, 2024Yield to maturity4.116%Mar 14, 2024Yield to maturity4.341%Mar 20, 2024Yield to maturity4.295%Mar 26, 2024Yield to maturity4.279%Apr 1, 2024Yield to maturity4.385%Apr 5, 2024Yield to maturity4.430%Apr 11, 2024Yield to maturity4.664%Apr 17, 2024Yield to maturity4.672%Apr 23, 2024Yield to maturity4.672%Apr 29, 2024Yield to maturity4.711%May 3, 2024Yield to maturity4.529%May 9, 2024Yield to maturity4.521%May 15, 2024Yield to maturity4.402%May 21, 2024Yield to maturity4.480%May 28, 2024Yield to maturity4.632%Jun 3, 2024Yield to maturity4.487%Jun 7, 2024Yield to maturity4.519%Jun 13, 2024Yield to maturity4.302%Jun 20, 2024Yield to maturity4.324%Jun 26, 2024Yield to maturity4.404%Jul 2, 2024Yield to maturity4.444%Jul 9, 2024Yield to maturity4.305%Jul 15, 2024Yield to maturity4.166%Jul 19, 2024Yield to maturity4.205%Jul 25, 2024Yield to maturity4.196%Jul 31, 2024Yield to maturity4.015%Aug 6, 2024Yield to maturity3.762%Aug 12, 2024Yield to maturity3.783%Aug 16, 2024Yield to maturity3.813%Aug 22, 2024Yield to maturity3.770%Aug 28, 2024Yield to maturity3.702%Sep 4, 2024Yield to maturity3.600%Sep 10, 2024Yield to maturity3.450%Sep 16, 2024Yield to maturity3.429%Sep 20, 2024Yield to maturity3.491%Sep 26, 2024Yield to maturity3.570%Oct 2, 2024Yield to maturity3.558%Oct 8, 2024Yield to maturity3.889%Oct 15, 2024Yield to maturity3.877%Oct 21, 2024Yield to maturity3.984%Oct 25, 2024Yield to maturity4.085%Oct 31, 2024Yield to maturity4.170%Nov 6, 2024Yield to maturity4.290%Nov 13, 2024Yield to maturity4.305%Nov 19, 2024Yield to maturity4.269%Nov 25, 2024Yield to maturity4.214%Dec 2, 2024Yield to maturity4.124%Dec 6, 2024Yield to maturity4.069%Dec 12, 2024Yield to maturity4.192%Dec 18, 2024Yield to maturity4.397%Dec 24, 2024Yield to maturity4.441%Dec 31, 2024Yield to maturity4.358%Jan 7, 2025Yield to maturity4.421%Jan 13, 2025Yield to maturity4.568%Jan 17, 2025Yield to maturity4.392%Jan 24, 2025Yield to maturity4.391%Jan 30, 2025Yield to maturity4.279%Feb 5, 2025Yield to maturity4.222%Feb 11, 2025Yield to maturity4.342%Feb 18, 2025Yield to maturity4.369%Feb 24, 2025Yield to maturity4.208%Feb 28, 2025Yield to maturity4.018%Mar 6, 2025Yield to maturity4.035%Mar 12, 2025Yield to maturity4.042%Mar 18, 2025Yield to maturity4.050%Mar 24, 2025Yield to maturity4.047%Mar 28, 2025Yield to maturity3.931%Apr 3, 2025Yield to maturity3.710%Apr 9, 2025Yield to maturity3.983%Apr 15, 2025Yield to maturity3.893%Apr 21, 2025Yield to maturity3.832%Apr 25, 2025Yield to maturity3.789%May 1, 2025Yield to maturity3.719%May 7, 2025Yield to maturity3.783%May 13, 2025Yield to maturity4.044%May 19, 2025Yield to maturity3.982%May 23, 2025Yield to maturity3.999%May 30, 2025Yield to maturity3.896%Jun 5, 2025Yield to maturity3.924%Jun 11, 2025Yield to maturity3.941%Jun 17, 2025Yield to maturity3.917%Jun 24, 2025Yield to maturity3.771%Jun 30, 2025Yield to maturity3.707%Jul 7, 2025Yield to maturity3.875%Jul 11, 2025Yield to maturity3.892%Jul 17, 2025Yield to maturity3.900%Jul 23, 2025Yield to maturity3.855%Jul 29, 2025Yield to maturity3.831%Aug 4, 2025Yield to maturity3.660%Aug 8, 2025Yield to maturity3.739%Aug 14, 2025Yield to maturity3.716%Aug 20, 2025Yield to maturity3.711%Aug 26, 2025Yield to maturity3.633%Sep 2, 2025Yield to maturity3.638%Sep 8, 2025Yield to maturity3.473%Sep 12, 2025Yield to maturity3.532%Sep 18, 2025Yield to maturity3.560%Sep 24, 2025Yield to maturity3.609%Sep 30, 2025Yield to maturity3.626%Oct 6, 2025Yield to maturity3.621%Oct 10, 2025Yield to maturity3.526%Oct 17, 2025Yield to maturity3.465%Oct 23, 2025Yield to maturity3.483%Oct 29, 2025Yield to maturity3.600%Nov 4, 2025Yield to maturity3.583%Nov 10, 2025Yield to maturity3.588%Nov 17, 2025Yield to maturity3.605%Nov 21, 2025Yield to maturity3.496%Nov 28, 2025Yield to maturity3.489%Dec 4, 2025Yield to maturity3.542%Dec 10, 2025Yield to maturity3.571%Dec 16, 2025Yield to maturity3.507%Dec 22, 2025Yield to maturity3.548%Dec 29, 2025Yield to maturity3.505%Jan 5, 2026Yield to maturity3.510%Jan 9, 2026Yield to maturity3.587%Jan 15, 2026Yield to maturity3.595%Jan 22, 2026Yield to maturity3.661%Jan 28, 2026Yield to maturity3.644%Feb 3, 2026Yield to maturity3.613%Feb 9, 2026Yield to maturity3.534%Feb 13, 2026Yield to maturity3.427%Feb 20, 2026Yield to maturity3.495%Feb 26, 2026Yield to maturity3.440%Mar 4, 2026Yield to maturity3.547%Mar 10, 2026Yield to maturity3.591%Mar 16, 2026Yield to maturity3.688%Mar 20, 2026Yield to maturity3.915%Mar 26, 2026Yield to maturity4.004%Apr 1, 2026Yield to maturity3.843%Apr 7, 2026Yield to maturity3.838%Apr 13, 2026Yield to maturity3.793%Apr 17, 2026Yield to maturity3.720%Apr 23, 2026Yield to maturity3.837%Apr 29, 2026Yield to maturity3.940%May 5, 2026Yield to maturity3.949%May 11, 2026Yield to maturity3.958%May 15, 2026Yield to maturity4.120%May 21, 2026Yield to maturity4.103%May 28, 2026Yield to maturity4.057%Jun 3, 2026Yield to maturity4.110%Jun 9, 2026Yield to maturity4.149%Jun 15, 2026Yield to maturity4.088%Jun 22, 2026Yield to maturity4.258%Jun 26, 2026Yield to maturity4.095%Jul 2, 2026Yield to maturity4.164%Jul 9, 2026Yield to maturity4.191%Jul 15, 2026Yield to maturity4.158%Jul 21, 2026Yield to maturity4.290%Jul 27, 2026Yield to maturity4.348%Jul 31, 2026Yield to maturity4.316%Aug 6, 2026Yield to maturity4.269%Aug 12, 2026Yield to maturity4.220%Aug 18, 2026Yield to maturity4.202%Aug 24, 2026Yield to maturity4.261%Aug 28, 2026Yield to maturity4.369%Sep 3, 2026Yield to maturity4.352%Sep 9, 2026Yield to maturity4.447%

Price history

736 trading days to Sep 9, 2026

9899100101102103104105Oct 2, 2023Sep 9, 2026Oct 2, 2023Close99.594Oct 6, 2023Close99.469Oct 13, 2023Close99.906Oct 19, 2023Close98.594Oct 25, 2023Close98.750Oct 31, 2023Close99.125Nov 6, 2023Close100.063Nov 10, 2023Close99.844Nov 16, 2023Close100.813Nov 22, 2023Close100.750Nov 29, 2023Close101.625Dec 5, 2023Close101.938Dec 11, 2023Close101.500Dec 15, 2023Close102.938Dec 21, 2023Close103.063Dec 28, 2023Close103.250Jan 4, 2024Close102.656Jan 10, 2024Close102.656Jan 17, 2024Close102.500Jan 23, 2024Close102.375Jan 29, 2024Close102.625Feb 2, 2024Close102.531Feb 8, 2024Close101.969Feb 14, 2024Close101.438Feb 21, 2024Close101.188Feb 27, 2024Close101.031Mar 4, 2024Close101.500Mar 8, 2024Close102.094Mar 14, 2024Close101.156Mar 20, 2024Close101.344Mar 26, 2024Close101.406Apr 1, 2024Close100.969Apr 5, 2024Close100.781Apr 11, 2024Close99.844Apr 17, 2024Close99.813Apr 23, 2024Close99.813Apr 29, 2024Close99.656May 3, 2024Close100.375May 9, 2024Close100.406May 15, 2024Close100.875May 21, 2024Close100.563May 28, 2024Close99.969Jun 3, 2024Close100.531Jun 7, 2024Close100.406Jun 13, 2024Close101.250Jun 20, 2024Close101.156Jun 26, 2024Close100.844Jul 2, 2024Close100.688Jul 9, 2024Close101.219Jul 15, 2024Close101.750Jul 19, 2024Close101.594Jul 25, 2024Close101.625Jul 31, 2024Close102.313Aug 6, 2024Close103.281Aug 12, 2024Close103.188Aug 16, 2024Close103.063Aug 22, 2024Close103.219Aug 28, 2024Close103.469Sep 4, 2024Close103.844Sep 10, 2024Close104.406Sep 16, 2024Close104.469Sep 20, 2024Close104.219Sep 26, 2024Close103.906Oct 2, 2024Close103.938Oct 8, 2024Close102.688Oct 15, 2024Close102.719Oct 21, 2024Close102.313Oct 25, 2024Close101.938Oct 31, 2024Close101.625Nov 6, 2024Close101.188Nov 13, 2024Close101.125Nov 19, 2024Close101.250Nov 25, 2024Close101.438Dec 2, 2024Close101.750Dec 6, 2024Close101.938Dec 12, 2024Close101.500Dec 18, 2024Close100.781Dec 24, 2024Close100.625Dec 31, 2024Close100.906Jan 7, 2025Close100.688Jan 13, 2025Close100.188Jan 17, 2025Close100.781Jan 24, 2025Close100.781Jan 30, 2025Close101.156Feb 5, 2025Close101.344Feb 11, 2025Close100.938Feb 18, 2025Close100.844Feb 24, 2025Close101.375Feb 28, 2025Close102.000Mar 6, 2025Close101.938Mar 12, 2025Close101.906Mar 18, 2025Close101.875Mar 24, 2025Close101.875Mar 28, 2025Close102.250Apr 3, 2025Close102.969Apr 9, 2025Close102.063Apr 15, 2025Close102.344Apr 21, 2025Close102.531Apr 25, 2025Close102.656May 1, 2025Close102.875May 7, 2025Close102.656May 13, 2025Close101.813May 19, 2025Close102.000May 23, 2025Close101.938May 30, 2025Close102.250Jun 5, 2025Close102.156Jun 11, 2025Close102.094Jun 17, 2025Close102.156Jun 24, 2025Close102.594Jun 30, 2025Close102.781Jul 7, 2025Close102.250Jul 11, 2025Close102.188Jul 17, 2025Close102.156Jul 23, 2025Close102.281Jul 29, 2025Close102.344Aug 4, 2025Close102.844Aug 8, 2025Close102.594Aug 14, 2025Close102.656Aug 20, 2025Close102.656Aug 26, 2025Close102.875Sep 2, 2025Close102.844Sep 8, 2025Close103.313Sep 12, 2025Close103.125Sep 18, 2025Close103.031Sep 24, 2025Close102.875Sep 30, 2025Close102.813Oct 6, 2025Close102.813Oct 10, 2025Close103.063Oct 17, 2025Close103.219Oct 23, 2025Close103.156Oct 29, 2025Close102.813Nov 4, 2025Close102.844Nov 10, 2025Close102.813Nov 17, 2025Close102.750Nov 21, 2025Close103.031Nov 28, 2025Close103.031Dec 4, 2025Close102.875Dec 10, 2025Close102.781Dec 16, 2025Close102.938Dec 22, 2025Close102.813Dec 29, 2025Close102.906Jan 5, 2026Close102.875Jan 9, 2026Close102.656Jan 15, 2026Close102.625Jan 22, 2026Close102.438Jan 28, 2026Close102.469Feb 3, 2026Close102.531Feb 9, 2026Close102.719Feb 13, 2026Close102.969Feb 20, 2026Close102.781Feb 26, 2026Close102.906Mar 4, 2026Close102.625Mar 10, 2026Close102.500Mar 16, 2026Close102.250Mar 20, 2026Close101.688Mar 26, 2026Close101.469Apr 1, 2026Close101.844Apr 7, 2026Close101.844Apr 13, 2026Close101.938Apr 17, 2026Close102.094Apr 23, 2026Close101.813Apr 29, 2026Close101.563May 5, 2026Close101.531May 11, 2026Close101.500May 15, 2026Close101.125May 21, 2026Close101.156May 28, 2026Close101.250Jun 3, 2026Close101.125Jun 9, 2026Close101.031Jun 15, 2026Close101.156Jun 22, 2026Close100.781Jun 26, 2026Close101.125Jul 2, 2026Close100.969Jul 9, 2026Close100.906Jul 15, 2026Close100.969Jul 21, 2026Close100.688Jul 27, 2026Close100.563Jul 31, 2026Close100.625Aug 6, 2026Close100.719Aug 12, 2026Close100.813Aug 18, 2026Close100.844Aug 24, 2026Close100.719Aug 28, 2026Close100.500Sep 3, 2026Close100.531Sep 9, 2026Close100.344
The most recent 20 trading days of prices for 91282CJA0.
DateBidOfferClose
Sep 9, 2026100.359100.344100.344
Sep 8, 2026100.438100.438100.406
Sep 4, 2026100.484100.469100.438
Sep 3, 2026100.547100.531100.531
Sep 2, 2026100.453100.438100.438
Sep 1, 2026100.484100.469100.406
Aug 31, 2026100.547100.531100.531
Aug 28, 2026100.578100.563100.500
Aug 27, 2026100.797100.781100.750
Aug 26, 2026100.797100.781100.781
Aug 25, 2026100.828100.813100.813
Aug 24, 2026100.766100.750100.719
Aug 21, 2026100.734100.719100.750
Aug 20, 2026100.844100.844100.844
Aug 19, 2026100.859100.844100.875
Aug 18, 2026100.859100.844100.844
Aug 17, 2026100.891100.875100.844
Aug 14, 2026100.922100.906100.875
Aug 13, 2026100.922100.906100.938
Aug 12, 2026100.844100.844100.813

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 91282CJA0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 27, 2023Oct 2, 2023New issue$49.0bn$49.0bn2.52x4.659%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.