Treasury note

91282CJK8 · 4.625% due November 15, 2026

Original term
3-Year
Maturity
Nov 15, 2026
Coupon
4.625%
Pays
Semi-Annual
Dated
Nov 15, 2023
First coupon
May 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$47.24bn
Held stripped
$11.0m
Share stripped
0.02%

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
4.039%
Modified duration
0.178 yr
DV01
0.0018
Convexity
0.063
Dirty price
101.577

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 11.3 bp cheap to the curve on that day, 2.04 cents per 100 of face.

That is 4.14 standard deviations from its own typical residual.

Yield to maturity, 705 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 15, 2023Sep 9, 2026Nov 15, 2023Yield to maturity4.681%Nov 20, 2023Yield to maturity4.625%Nov 24, 2023Yield to maturity4.670%Nov 29, 2023Yield to maturity4.408%Dec 4, 2023Yield to maturity4.407%Dec 7, 2023Yield to maturity4.326%Dec 12, 2023Yield to maturity4.462%Dec 15, 2023Yield to maturity4.152%Dec 20, 2023Yield to maturity4.093%Dec 26, 2023Yield to maturity4.090%Dec 29, 2023Yield to maturity4.029%Jan 4, 2024Yield to maturity4.167%Jan 9, 2024Yield to maturity4.153%Jan 12, 2024Yield to maturity3.963%Jan 18, 2024Yield to maturity4.161%Jan 23, 2024Yield to maturity4.182%Jan 26, 2024Yield to maturity4.192%Jan 31, 2024Yield to maturity4.084%Feb 5, 2024Yield to maturity4.297%Feb 8, 2024Yield to maturity4.284%Feb 13, 2024Yield to maturity4.488%Feb 16, 2024Yield to maturity4.475%Feb 22, 2024Yield to maturity4.524%Feb 27, 2024Yield to maturity4.548%Mar 1, 2024Yield to maturity4.374%Mar 6, 2024Yield to maturity4.386%Mar 11, 2024Yield to maturity4.348%Mar 14, 2024Yield to maturity4.522%Mar 19, 2024Yield to maturity4.534%Mar 22, 2024Yield to maturity4.433%Mar 27, 2024Yield to maturity4.432%Apr 1, 2024Yield to maturity4.585%Apr 4, 2024Yield to maturity4.521%Apr 9, 2024Yield to maturity4.610%Apr 12, 2024Yield to maturity4.780%Apr 17, 2024Yield to maturity4.832%Apr 22, 2024Yield to maturity4.873%Apr 25, 2024Yield to maturity4.914%Apr 30, 2024Yield to maturity4.955%May 3, 2024Yield to maturity4.704%May 8, 2024Yield to maturity4.731%May 13, 2024Yield to maturity4.745%May 16, 2024Yield to maturity4.665%May 21, 2024Yield to maturity4.706%May 24, 2024Yield to maturity4.815%May 30, 2024Yield to maturity4.829%Jun 4, 2024Yield to maturity4.665%Jun 7, 2024Yield to maturity4.761%Jun 12, 2024Yield to maturity4.637%Jun 17, 2024Yield to maturity4.637%Jun 21, 2024Yield to maturity4.595%Jun 26, 2024Yield to maturity4.665%Jul 1, 2024Yield to maturity4.707%Jul 5, 2024Yield to maturity4.509%Jul 10, 2024Yield to maturity4.523%Jul 15, 2024Yield to maturity4.366%Jul 18, 2024Yield to maturity4.365%Jul 23, 2024Yield to maturity4.392%Jul 26, 2024Yield to maturity4.333%Jul 31, 2024Yield to maturity4.231%Aug 5, 2024Yield to maturity3.841%Aug 8, 2024Yield to maturity3.996%Aug 13, 2024Yield to maturity3.877%Aug 16, 2024Yield to maturity3.989%Aug 21, 2024Yield to maturity3.855%Aug 26, 2024Yield to maturity3.866%Aug 29, 2024Yield to maturity3.863%Sep 4, 2024Yield to maturity3.739%Sep 9, 2024Yield to maturity3.645%Sep 12, 2024Yield to maturity3.611%Sep 17, 2024Yield to maturity3.576%Sep 20, 2024Yield to maturity3.554%Sep 25, 2024Yield to maturity3.566%Sep 30, 2024Yield to maturity3.651%Oct 3, 2024Yield to maturity3.708%Oct 8, 2024Yield to maturity3.966%Oct 11, 2024Yield to maturity3.945%Oct 17, 2024Yield to maturity3.959%Oct 22, 2024Yield to maturity4.034%Oct 25, 2024Yield to maturity4.094%Oct 30, 2024Yield to maturity4.172%Nov 4, 2024Yield to maturity4.186%Nov 7, 2024Yield to maturity4.217%Nov 13, 2024Yield to maturity4.280%Nov 18, 2024Yield to maturity4.294%Nov 21, 2024Yield to maturity4.358%Nov 26, 2024Yield to maturity4.289%Dec 2, 2024Yield to maturity4.219%Dec 5, 2024Yield to maturity4.167%Dec 10, 2024Yield to maturity4.163%Dec 13, 2024Yield to maturity4.262%Dec 18, 2024Yield to maturity4.364%Dec 23, 2024Yield to maturity4.362%Dec 27, 2024Yield to maturity4.342%Jan 2, 2025Yield to maturity4.252%Jan 7, 2025Yield to maturity4.285%Jan 10, 2025Yield to maturity4.389%Jan 15, 2025Yield to maturity4.281%Jan 21, 2025Yield to maturity4.278%Jan 24, 2025Yield to maturity4.275%Jan 29, 2025Yield to maturity4.237%Feb 3, 2025Yield to maturity4.271%Feb 6, 2025Yield to maturity4.232%Feb 11, 2025Yield to maturity4.304%Feb 14, 2025Yield to maturity4.282%Feb 20, 2025Yield to maturity4.280%Feb 25, 2025Yield to maturity4.126%Feb 28, 2025Yield to maturity4.027%Mar 5, 2025Yield to maturity4.024%Mar 10, 2025Yield to maturity3.942%Mar 13, 2025Yield to maturity3.978%Mar 18, 2025Yield to maturity4.071%Mar 21, 2025Yield to maturity3.987%Mar 26, 2025Yield to maturity4.064%Mar 31, 2025Yield to maturity3.959%Apr 3, 2025Yield to maturity3.796%Apr 8, 2025Yield to maturity3.790%Apr 11, 2025Yield to maturity4.027%Apr 16, 2025Yield to maturity3.860%Apr 21, 2025Yield to maturity3.834%Apr 24, 2025Yield to maturity3.892%Apr 29, 2025Yield to maturity3.761%May 2, 2025Yield to maturity3.922%May 7, 2025Yield to maturity3.897%May 12, 2025Yield to maturity4.085%May 15, 2025Yield to maturity4.060%May 20, 2025Yield to maturity4.055%May 23, 2025Yield to maturity4.092%May 29, 2025Yield to maturity4.067%Jun 3, 2025Yield to maturity4.084%Jun 6, 2025Yield to maturity4.146%Jun 11, 2025Yield to maturity4.053%Jun 16, 2025Yield to maturity4.070%Jun 20, 2025Yield to maturity4.040%Jun 25, 2025Yield to maturity3.920%Jun 30, 2025Yield to maturity3.890%Jul 3, 2025Yield to maturity4.024%Jul 9, 2025Yield to maturity3.996%Jul 14, 2025Yield to maturity4.038%Jul 17, 2025Yield to maturity4.059%Jul 22, 2025Yield to maturity3.979%Jul 25, 2025Yield to maturity4.047%Jul 30, 2025Yield to maturity4.093%Aug 4, 2025Yield to maturity3.836%Aug 7, 2025Yield to maturity3.882%Aug 12, 2025Yield to maturity3.874%Aug 15, 2025Yield to maturity3.892%Aug 20, 2025Yield to maturity3.887%Aug 25, 2025Yield to maturity3.879%Aug 28, 2025Yield to maturity3.821%Sep 3, 2025Yield to maturity3.811%Sep 8, 2025Yield to maturity3.667%Sep 11, 2025Yield to maturity3.688%Sep 16, 2025Yield to maturity3.677%Sep 19, 2025Yield to maturity3.694%Sep 24, 2025Yield to maturity3.716%Sep 29, 2025Yield to maturity3.734%Oct 2, 2025Yield to maturity3.671%Oct 7, 2025Yield to maturity3.688%Oct 10, 2025Yield to maturity3.646%Oct 16, 2025Yield to maturity3.580%Oct 21, 2025Yield to maturity3.597%Oct 24, 2025Yield to maturity3.615%Oct 29, 2025Yield to maturity3.730%Nov 3, 2025Yield to maturity3.719%Nov 6, 2025Yield to maturity3.681%Nov 12, 2025Yield to maturity3.698%Nov 17, 2025Yield to maturity3.718%Nov 20, 2025Yield to maturity3.678%Nov 25, 2025Yield to maturity3.631%Dec 1, 2025Yield to maturity3.680%Dec 4, 2025Yield to maturity3.672%Dec 9, 2025Yield to maturity3.658%Dec 12, 2025Yield to maturity3.608%Dec 17, 2025Yield to maturity3.564%Dec 22, 2025Yield to maturity3.583%Dec 26, 2025Yield to maturity3.564%Dec 31, 2025Yield to maturity3.587%Jan 6, 2026Yield to maturity3.570%Jan 9, 2026Yield to maturity3.591%Jan 14, 2026Yield to maturity3.619%Jan 20, 2026Yield to maturity3.637%Jan 23, 2026Yield to maturity3.660%Jan 28, 2026Yield to maturity3.650%Feb 2, 2026Yield to maturity3.633%Feb 5, 2026Yield to maturity3.581%Feb 10, 2026Yield to maturity3.563%Feb 13, 2026Yield to maturity3.582%Feb 19, 2026Yield to maturity3.614%Feb 24, 2026Yield to maturity3.639%Feb 27, 2026Yield to maturity3.620%Mar 4, 2026Yield to maturity3.700%Mar 9, 2026Yield to maturity3.682%Mar 12, 2026Yield to maturity3.718%Mar 17, 2026Yield to maturity3.699%Mar 20, 2026Yield to maturity3.827%Mar 25, 2026Yield to maturity3.817%Mar 30, 2026Yield to maturity3.800%Apr 2, 2026Yield to maturity3.790%Apr 7, 2026Yield to maturity3.771%Apr 10, 2026Yield to maturity3.806%Apr 15, 2026Yield to maturity3.741%Apr 20, 2026Yield to maturity3.776%Apr 23, 2026Yield to maturity3.764%Apr 28, 2026Yield to maturity3.744%May 1, 2026Yield to maturity3.722%May 6, 2026Yield to maturity3.769%May 11, 2026Yield to maturity3.747%May 14, 2026Yield to maturity3.797%May 19, 2026Yield to maturity3.772%May 22, 2026Yield to maturity3.808%May 28, 2026Yield to maturity3.792%Jun 2, 2026Yield to maturity3.766%Jun 5, 2026Yield to maturity3.810%Jun 10, 2026Yield to maturity3.793%Jun 15, 2026Yield to maturity3.841%Jun 18, 2026Yield to maturity3.887%Jun 24, 2026Yield to maturity3.951%Jun 29, 2026Yield to maturity3.926%Jul 2, 2026Yield to maturity3.893%Jul 8, 2026Yield to maturity3.875%Jul 13, 2026Yield to maturity3.844%Jul 16, 2026Yield to maturity3.920%Jul 21, 2026Yield to maturity3.889%Jul 24, 2026Yield to maturity3.960%Jul 29, 2026Yield to maturity3.941%Aug 3, 2026Yield to maturity3.908%Aug 6, 2026Yield to maturity3.887%Aug 11, 2026Yield to maturity3.969%Aug 14, 2026Yield to maturity3.806%Aug 19, 2026Yield to maturity3.910%Aug 24, 2026Yield to maturity3.868%Aug 27, 2026Yield to maturity3.840%Sep 1, 2026Yield to maturity3.944%Sep 4, 2026Yield to maturity3.887%Sep 9, 2026Yield to maturity4.039%

Price history

705 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00101.50102.00102.50Nov 15, 2023Sep 9, 2026Nov 15, 2023Close99.844Nov 20, 2023Close100.000Nov 24, 2023Close99.875Nov 29, 2023Close100.594Dec 4, 2023Close100.594Dec 7, 2023Close100.813Dec 12, 2023Close100.438Dec 15, 2023Close101.281Dec 20, 2023Close101.438Dec 26, 2023Close101.438Dec 29, 2023Close101.594Jan 4, 2024Close101.219Jan 9, 2024Close101.250Jan 12, 2024Close101.750Jan 18, 2024Close101.219Jan 23, 2024Close101.156Jan 26, 2024Close101.125Jan 31, 2024Close101.406Feb 5, 2024Close100.844Feb 8, 2024Close100.875Feb 13, 2024Close100.344Feb 16, 2024Close100.375Feb 22, 2024Close100.250Feb 27, 2024Close100.188Mar 1, 2024Close100.625Mar 6, 2024Close100.594Mar 11, 2024Close100.688Mar 14, 2024Close100.250Mar 19, 2024Close100.219Mar 22, 2024Close100.469Mar 27, 2024Close100.469Apr 1, 2024Close100.094Apr 4, 2024Close100.250Apr 9, 2024Close100.031Apr 12, 2024Close99.625Apr 17, 2024Close99.500Apr 22, 2024Close99.406Apr 25, 2024Close99.313Apr 30, 2024Close99.219May 3, 2024Close99.813May 8, 2024Close99.750May 13, 2024Close99.719May 16, 2024Close99.906May 21, 2024Close99.813May 24, 2024Close99.563May 30, 2024Close99.531Jun 4, 2024Close99.906Jun 7, 2024Close99.688Jun 12, 2024Close99.969Jun 17, 2024Close99.969Jun 21, 2024Close100.063Jun 26, 2024Close99.906Jul 1, 2024Close99.813Jul 5, 2024Close100.250Jul 10, 2024Close100.219Jul 15, 2024Close100.563Jul 18, 2024Close100.563Jul 23, 2024Close100.500Jul 26, 2024Close100.625Jul 31, 2024Close100.844Aug 5, 2024Close101.688Aug 8, 2024Close101.344Aug 13, 2024Close101.594Aug 16, 2024Close101.344Aug 21, 2024Close101.625Aug 26, 2024Close101.594Aug 29, 2024Close101.594Sep 4, 2024Close101.844Sep 9, 2024Close102.031Sep 12, 2024Close102.094Sep 17, 2024Close102.156Sep 20, 2024Close102.188Sep 25, 2024Close102.156Sep 30, 2024Close101.969Oct 3, 2024Close101.844Oct 8, 2024Close101.313Oct 11, 2024Close101.344Oct 17, 2024Close101.313Oct 22, 2024Close101.156Oct 25, 2024Close101.031Oct 30, 2024Close100.875Nov 4, 2024Close100.844Nov 7, 2024Close100.781Nov 13, 2024Close100.656Nov 18, 2024Close100.625Nov 21, 2024Close100.500Nov 26, 2024Close100.625Dec 2, 2024Close100.750Dec 5, 2024Close100.844Dec 10, 2024Close100.844Dec 13, 2024Close100.656Dec 18, 2024Close100.469Dec 23, 2024Close100.469Dec 27, 2024Close100.500Jan 2, 2025Close100.656Jan 7, 2025Close100.594Jan 10, 2025Close100.406Jan 15, 2025Close100.594Jan 21, 2025Close100.594Jan 24, 2025Close100.594Jan 29, 2025Close100.656Feb 3, 2025Close100.594Feb 6, 2025Close100.656Feb 11, 2025Close100.531Feb 14, 2025Close100.563Feb 20, 2025Close100.563Feb 25, 2025Close100.813Feb 28, 2025Close100.969Mar 5, 2025Close100.969Mar 10, 2025Close101.094Mar 13, 2025Close101.031Mar 18, 2025Close100.875Mar 21, 2025Close101.000Mar 26, 2025Close100.875Mar 31, 2025Close101.031Apr 3, 2025Close101.281Apr 8, 2025Close101.281Apr 11, 2025Close100.906Apr 16, 2025Close101.156Apr 21, 2025Close101.188Apr 24, 2025Close101.094Apr 29, 2025Close101.281May 2, 2025Close101.031May 7, 2025Close101.063May 12, 2025Close100.781May 15, 2025Close100.813May 20, 2025Close100.813May 23, 2025Close100.750May 29, 2025Close100.781Jun 3, 2025Close100.750Jun 6, 2025Close100.656Jun 11, 2025Close100.781Jun 16, 2025Close100.750Jun 20, 2025Close100.781Jun 25, 2025Close100.938Jun 30, 2025Close100.969Jul 3, 2025Close100.781Jul 9, 2025Close100.813Jul 14, 2025Close100.750Jul 17, 2025Close100.719Jul 22, 2025Close100.813Jul 25, 2025Close100.719Jul 30, 2025Close100.656Aug 4, 2025Close100.969Aug 7, 2025Close100.906Aug 12, 2025Close100.906Aug 15, 2025Close100.875Aug 20, 2025Close100.875Aug 25, 2025Close100.875Aug 28, 2025Close100.938Sep 3, 2025Close100.938Sep 8, 2025Close101.094Sep 11, 2025Close101.063Sep 16, 2025Close101.063Sep 19, 2025Close101.031Sep 24, 2025Close101.000Sep 29, 2025Close100.969Oct 2, 2025Close101.031Oct 7, 2025Close101.000Oct 10, 2025Close101.031Oct 16, 2025Close101.094Oct 21, 2025Close101.063Oct 24, 2025Close101.031Oct 29, 2025Close100.906Nov 3, 2025Close100.906Nov 6, 2025Close100.938Nov 12, 2025Close100.906Nov 17, 2025Close100.875Nov 20, 2025Close100.906Nov 25, 2025Close100.938Dec 1, 2025Close100.875Dec 4, 2025Close100.875Dec 9, 2025Close100.875Dec 12, 2025Close100.906Dec 17, 2025Close100.938Dec 22, 2025Close100.906Dec 26, 2025Close100.906Dec 31, 2025Close100.875Jan 6, 2026Close100.875Jan 9, 2026Close100.844Jan 14, 2026Close100.813Jan 20, 2026Close100.781Jan 23, 2026Close100.750Jan 28, 2026Close100.750Feb 2, 2026Close100.750Feb 5, 2026Close100.781Feb 10, 2026Close100.781Feb 13, 2026Close100.750Feb 19, 2026Close100.719Feb 24, 2026Close100.688Feb 27, 2026Close100.688Mar 4, 2026Close100.625Mar 9, 2026Close100.625Mar 12, 2026Close100.594Mar 17, 2026Close100.594Mar 20, 2026Close100.500Mar 25, 2026Close100.500Mar 30, 2026Close100.500Apr 2, 2026Close100.500Apr 7, 2026Close100.500Apr 10, 2026Close100.469Apr 15, 2026Close100.500Apr 20, 2026Close100.469Apr 23, 2026Close100.469Apr 28, 2026Close100.469May 1, 2026Close100.469May 6, 2026Close100.438May 11, 2026Close100.438May 14, 2026Close100.406May 19, 2026Close100.406May 22, 2026Close100.375May 28, 2026Close100.375Jun 2, 2026Close100.375Jun 5, 2026Close100.344Jun 10, 2026Close100.344Jun 15, 2026Close100.313Jun 18, 2026Close100.281Jun 24, 2026Close100.250Jun 29, 2026Close100.250Jul 2, 2026Close100.250Jul 8, 2026Close100.250Jul 13, 2026Close100.250Jul 16, 2026Close100.219Jul 21, 2026Close100.219Jul 24, 2026Close100.188Jul 29, 2026Close100.188Aug 3, 2026Close100.188Aug 6, 2026Close100.188Aug 11, 2026Close100.156Aug 14, 2026Close100.188Aug 19, 2026Close100.156Aug 24, 2026Close100.156Aug 27, 2026Close100.156Sep 1, 2026Close100.125Sep 4, 2026Close100.125Sep 9, 2026Close100.094
The most recent 20 trading days of prices for 91282CJK8.
DateBidOfferClose
Sep 9, 2026–100.094100.094
Sep 8, 2026–100.125100.125
Sep 4, 2026–100.125100.125
Sep 3, 2026–100.125100.125
Sep 2, 2026–100.125100.125
Sep 1, 2026–100.125100.125
Aug 31, 2026–100.125100.125
Aug 28, 2026–100.156100.156
Aug 27, 2026–100.156100.156
Aug 26, 2026–100.156100.156
Aug 25, 2026–100.156100.156
Aug 24, 2026–100.156100.156
Aug 21, 2026–100.156100.156
Aug 20, 2026–100.188100.156
Aug 19, 2026–100.156100.156
Aug 18, 2026–100.188100.188
Aug 17, 2026–100.188100.188
Aug 14, 2026–100.188100.188
Aug 13, 2026–100.188100.188
Aug 12, 2026–100.188100.188

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 91282CJK8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 7, 2023Nov 15, 2023New issue$48.0bn$48.9bn2.67x4.701%

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.