Treasury note

91282CJN2 · 4.375% due November 30, 2028

Original term
5-Year
Maturity
Nov 30, 2028
Coupon
4.375%
Pays
Semi-Annual
Dated
Nov 30, 2023
First coupon
May 31, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$54.91bn
Held stripped
$113.3m
Share stripped
0.21%

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
4.462%
Modified duration
2.070 yr
DV01
0.0209
Convexity
5.440
Dirty price
101.032

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 2.117 years against a modified duration of 2.070.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 1.27 cents per 100 of face.

That is -0.30 standard deviations from its own typical residual.

Yield to maturity, 695 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2023Sep 9, 2026Nov 30, 2023Yield to maturity4.312%Dec 5, 2023Yield to maturity4.144%Dec 8, 2023Yield to maturity4.241%Dec 13, 2023Yield to maturity4.003%Dec 18, 2023Yield to maturity3.940%Dec 21, 2023Yield to maturity3.877%Dec 27, 2023Yield to maturity3.792%Jan 2, 2024Yield to maturity3.929%Jan 5, 2024Yield to maturity4.012%Jan 10, 2024Yield to maturity3.983%Jan 16, 2024Yield to maturity3.940%Jan 19, 2024Yield to maturity4.066%Jan 24, 2024Yield to maturity4.080%Jan 29, 2024Yield to maturity3.972%Feb 1, 2024Yield to maturity3.802%Feb 6, 2024Yield to maturity4.042%Feb 9, 2024Yield to maturity4.149%Feb 14, 2024Yield to maturity4.257%Feb 20, 2024Yield to maturity4.264%Feb 23, 2024Yield to maturity4.300%Feb 28, 2024Yield to maturity4.293%Mar 4, 2024Yield to maturity4.234%Mar 7, 2024Yield to maturity4.102%Mar 12, 2024Yield to maturity4.182%Mar 15, 2024Yield to maturity4.359%Mar 20, 2024Yield to maturity4.277%Mar 25, 2024Yield to maturity4.262%Mar 28, 2024Yield to maturity4.240%Apr 2, 2024Yield to maturity4.374%Apr 5, 2024Yield to maturity4.404%Apr 10, 2024Yield to maturity4.639%Apr 15, 2024Yield to maturity4.670%Apr 18, 2024Yield to maturity4.709%Apr 23, 2024Yield to maturity4.648%Apr 26, 2024Yield to maturity4.719%May 1, 2024Yield to maturity4.673%May 6, 2024Yield to maturity4.512%May 9, 2024Yield to maturity4.497%May 14, 2024Yield to maturity4.490%May 17, 2024Yield to maturity4.467%May 22, 2024Yield to maturity4.490%May 28, 2024Yield to maturity4.608%May 31, 2024Yield to maturity4.554%Jun 5, 2024Yield to maturity4.352%Jun 10, 2024Yield to maturity4.515%Jun 13, 2024Yield to maturity4.281%Jun 18, 2024Yield to maturity4.281%Jun 24, 2024Yield to maturity4.312%Jun 27, 2024Yield to maturity4.343%Jul 2, 2024Yield to maturity4.421%Jul 8, 2024Yield to maturity4.264%Jul 11, 2024Yield to maturity4.154%Jul 16, 2024Yield to maturity4.106%Jul 19, 2024Yield to maturity4.184%Jul 24, 2024Yield to maturity4.168%Jul 29, 2024Yield to maturity4.088%Aug 1, 2024Yield to maturity3.867%Aug 6, 2024Yield to maturity3.749%Aug 9, 2024Yield to maturity3.817%Aug 14, 2024Yield to maturity3.691%Aug 19, 2024Yield to maturity3.783%Aug 22, 2024Yield to maturity3.751%Aug 27, 2024Yield to maturity3.686%Aug 30, 2024Yield to maturity3.755%Sep 5, 2024Yield to maturity3.572%Sep 10, 2024Yield to maturity3.443%Sep 13, 2024Yield to maturity3.448%Sep 18, 2024Yield to maturity3.494%Sep 23, 2024Yield to maturity3.515%Sep 26, 2024Yield to maturity3.570%Oct 1, 2024Yield to maturity3.535%Oct 4, 2024Yield to maturity3.839%Oct 9, 2024Yield to maturity3.928%Oct 15, 2024Yield to maturity3.877%Oct 18, 2024Yield to maturity3.892%Oct 23, 2024Yield to maturity4.065%Oct 28, 2024Yield to maturity4.123%Oct 31, 2024Yield to maturity4.164%Nov 5, 2024Yield to maturity4.180%Nov 8, 2024Yield to maturity4.222%Nov 14, 2024Yield to maturity4.340%Nov 19, 2024Yield to maturity4.272%Nov 22, 2024Yield to maturity4.332%Nov 27, 2024Yield to maturity4.170%Dec 3, 2024Yield to maturity4.152%Dec 6, 2024Yield to maturity4.074%Dec 11, 2024Yield to maturity4.150%Dec 16, 2024Yield to maturity4.262%Dec 19, 2024Yield to maturity4.418%Dec 24, 2024Yield to maturity4.453%Dec 30, 2024Yield to maturity4.357%Jan 3, 2025Yield to maturity4.392%Jan 8, 2025Yield to maturity4.418%Jan 13, 2025Yield to maturity4.578%Jan 16, 2025Yield to maturity4.365%Jan 22, 2025Yield to maturity4.400%Jan 27, 2025Yield to maturity4.302%Jan 30, 2025Yield to maturity4.284%Feb 4, 2025Yield to maturity4.293%Feb 7, 2025Yield to maturity4.337%Feb 12, 2025Yield to maturity4.455%Feb 18, 2025Yield to maturity4.373%Feb 21, 2025Yield to maturity4.237%Feb 26, 2025Yield to maturity4.074%Mar 3, 2025Yield to maturity3.965%Mar 6, 2025Yield to maturity4.037%Mar 11, 2025Yield to maturity3.999%Mar 14, 2025Yield to maturity4.053%Mar 19, 2025Yield to maturity4.006%Mar 24, 2025Yield to maturity4.060%Mar 27, 2025Yield to maturity4.050%Apr 1, 2025Yield to maturity3.884%Apr 4, 2025Yield to maturity3.690%Apr 9, 2025Yield to maturity4.001%Apr 14, 2025Yield to maturity3.944%Apr 17, 2025Yield to maturity3.879%Apr 22, 2025Yield to maturity3.886%Apr 25, 2025Yield to maturity3.810%Apr 30, 2025Yield to maturity3.642%May 5, 2025Yield to maturity3.863%May 8, 2025Yield to maturity3.928%May 13, 2025Yield to maturity4.059%May 16, 2025Yield to maturity4.001%May 21, 2025Yield to maturity4.048%May 27, 2025Yield to maturity3.961%May 30, 2025Yield to maturity3.912%Jun 4, 2025Yield to maturity3.872%Jun 9, 2025Yield to maturity4.024%Jun 12, 2025Yield to maturity3.907%Jun 17, 2025Yield to maturity3.925%Jun 23, 2025Yield to maturity3.826%Jun 26, 2025Yield to maturity3.718%Jul 1, 2025Yield to maturity3.773%Jul 7, 2025Yield to maturity3.888%Jul 10, 2025Yield to maturity3.858%Jul 15, 2025Yield to maturity3.954%Jul 18, 2025Yield to maturity3.863%Jul 23, 2025Yield to maturity3.852%Jul 28, 2025Yield to maturity3.890%Jul 31, 2025Yield to maturity3.909%Aug 5, 2025Yield to maturity3.697%Aug 8, 2025Yield to maturity3.754%Aug 13, 2025Yield to maturity3.683%Aug 18, 2025Yield to maturity3.761%Aug 21, 2025Yield to maturity3.769%Aug 26, 2025Yield to maturity3.645%Aug 29, 2025Yield to maturity3.601%Sep 4, 2025Yield to maturity3.569%Sep 9, 2025Yield to maturity3.515%Sep 12, 2025Yield to maturity3.552%Sep 17, 2025Yield to maturity3.540%Sep 22, 2025Yield to maturity3.609%Sep 25, 2025Yield to maturity3.680%Sep 30, 2025Yield to maturity3.635%Oct 3, 2025Yield to maturity3.612%Oct 8, 2025Yield to maturity3.620%Oct 14, 2025Yield to maturity3.501%Oct 17, 2025Yield to maturity3.487%Oct 22, 2025Yield to maturity3.464%Oct 27, 2025Yield to maturity3.524%Oct 30, 2025Yield to maturity3.628%Nov 4, 2025Yield to maturity3.604%Nov 7, 2025Yield to maturity3.569%Nov 13, 2025Yield to maturity3.609%Nov 18, 2025Yield to maturity3.584%Nov 21, 2025Yield to maturity3.516%Nov 26, 2025Yield to maturity3.481%Dec 2, 2025Yield to maturity3.542%Dec 5, 2025Yield to maturity3.594%Dec 10, 2025Yield to maturity3.591%Dec 15, 2025Yield to maturity3.566%Dec 18, 2025Yield to maturity3.508%Dec 23, 2025Yield to maturity3.593%Dec 29, 2025Yield to maturity3.522%Jan 2, 2026Yield to maturity3.551%Jan 7, 2026Yield to maturity3.526%Jan 12, 2026Yield to maturity3.602%Jan 15, 2026Yield to maturity3.611%Jan 21, 2026Yield to maturity3.653%Jan 26, 2026Yield to maturity3.649%Jan 29, 2026Yield to maturity3.612%Feb 3, 2026Yield to maturity3.644%Feb 6, 2026Yield to maturity3.559%Feb 11, 2026Yield to maturity3.568%Feb 17, 2026Yield to maturity3.470%Feb 20, 2026Yield to maturity3.501%Feb 25, 2026Yield to maturity3.487%Mar 2, 2026Yield to maturity3.494%Mar 5, 2026Yield to maturity3.587%Mar 10, 2026Yield to maturity3.595%Mar 13, 2026Yield to maturity3.749%Mar 18, 2026Yield to maturity3.759%Mar 23, 2026Yield to maturity3.866%Mar 26, 2026Yield to maturity4.013%Mar 31, 2026Yield to maturity3.813%Apr 3, 2026Yield to maturity3.885%Apr 8, 2026Yield to maturity3.809%Apr 13, 2026Yield to maturity3.794%Apr 16, 2026Yield to maturity3.792%Apr 21, 2026Yield to maturity3.789%Apr 24, 2026Yield to maturity3.799%Apr 29, 2026Yield to maturity3.950%May 4, 2026Yield to maturity3.974%May 7, 2026Yield to maturity3.947%May 12, 2026Yield to maturity4.023%May 15, 2026Yield to maturity4.138%May 20, 2026Yield to maturity4.099%May 26, 2026Yield to maturity4.097%May 29, 2026Yield to maturity4.043%Jun 3, 2026Yield to maturity4.121%Jun 8, 2026Yield to maturity4.200%Jun 11, 2026Yield to maturity4.092%Jun 16, 2026Yield to maturity4.077%Jun 22, 2026Yield to maturity4.265%Jun 25, 2026Yield to maturity4.142%Jun 30, 2026Yield to maturity4.154%Jul 6, 2026Yield to maturity4.152%Jul 9, 2026Yield to maturity4.193%Jul 14, 2026Yield to maturity4.220%Jul 17, 2026Yield to maturity4.205%Jul 22, 2026Yield to maturity4.345%Jul 27, 2026Yield to maturity4.359%Jul 30, 2026Yield to maturity4.273%Aug 4, 2026Yield to maturity4.230%Aug 7, 2026Yield to maturity4.229%Aug 12, 2026Yield to maturity4.243%Aug 17, 2026Yield to maturity4.213%Aug 20, 2026Yield to maturity4.212%Aug 25, 2026Yield to maturity4.226%Aug 28, 2026Yield to maturity4.372%Sep 2, 2026Yield to maturity4.417%Sep 8, 2026Yield to maturity4.417%Sep 9, 2026Yield to maturity4.462%

Price history

695 trading days to Sep 9, 2026

9899100101102103104Nov 30, 2023Sep 9, 2026Nov 30, 2023Close100.281Dec 5, 2023Close101.031Dec 8, 2023Close100.594Dec 13, 2023Close101.656Dec 18, 2023Close101.938Dec 21, 2023Close102.219Dec 27, 2023Close102.594Jan 2, 2024Close101.969Jan 5, 2024Close101.594Jan 10, 2024Close101.719Jan 16, 2024Close101.906Jan 19, 2024Close101.344Jan 24, 2024Close101.281Jan 29, 2024Close101.750Feb 1, 2024Close102.500Feb 6, 2024Close101.438Feb 9, 2024Close100.969Feb 14, 2024Close100.500Feb 20, 2024Close100.469Feb 23, 2024Close100.313Feb 28, 2024Close100.344Mar 4, 2024Close100.594Mar 7, 2024Close101.156Mar 12, 2024Close100.813Mar 15, 2024Close100.063Mar 20, 2024Close100.406Mar 25, 2024Close100.469Mar 28, 2024Close100.563Apr 2, 2024Close100.000Apr 5, 2024Close99.875Apr 10, 2024Close98.906Apr 15, 2024Close98.781Apr 18, 2024Close98.625Apr 23, 2024Close98.875Apr 26, 2024Close98.594May 1, 2024Close98.781May 6, 2024Close99.438May 9, 2024Close99.500May 14, 2024Close99.531May 17, 2024Close99.625May 22, 2024Close99.531May 28, 2024Close99.063May 31, 2024Close99.281Jun 5, 2024Close100.094Jun 10, 2024Close99.438Jun 13, 2024Close100.375Jun 18, 2024Close100.375Jun 24, 2024Close100.250Jun 27, 2024Close100.125Jul 2, 2024Close99.813Jul 8, 2024Close100.438Jul 11, 2024Close100.875Jul 16, 2024Close101.063Jul 19, 2024Close100.750Jul 24, 2024Close100.813Jul 29, 2024Close101.125Aug 1, 2024Close102.000Aug 6, 2024Close102.469Aug 9, 2024Close102.188Aug 14, 2024Close102.688Aug 19, 2024Close102.313Aug 22, 2024Close102.438Aug 27, 2024Close102.688Aug 30, 2024Close102.406Sep 5, 2024Close103.125Sep 10, 2024Close103.625Sep 13, 2024Close103.594Sep 18, 2024Close103.406Sep 23, 2024Close103.313Sep 26, 2024Close103.094Oct 1, 2024Close103.219Oct 4, 2024Close102.031Oct 9, 2024Close101.688Oct 15, 2024Close101.875Oct 18, 2024Close101.813Oct 23, 2024Close101.156Oct 28, 2024Close100.938Oct 31, 2024Close100.781Nov 5, 2024Close100.719Nov 8, 2024Close100.563Nov 14, 2024Close100.125Nov 19, 2024Close100.375Nov 22, 2024Close100.156Nov 27, 2024Close100.750Dec 3, 2024Close100.813Dec 6, 2024Close101.094Dec 11, 2024Close100.813Dec 16, 2024Close100.406Dec 19, 2024Close99.844Dec 24, 2024Close99.719Dec 30, 2024Close100.063Jan 3, 2025Close99.938Jan 8, 2025Close99.844Jan 13, 2025Close99.281Jan 16, 2025Close100.031Jan 22, 2025Close99.906Jan 27, 2025Close100.250Jan 30, 2025Close100.313Feb 4, 2025Close100.281Feb 7, 2025Close100.125Feb 12, 2025Close99.719Feb 18, 2025Close100.000Feb 21, 2025Close100.469Feb 26, 2025Close101.031Mar 3, 2025Close101.406Mar 6, 2025Close101.156Mar 11, 2025Close101.281Mar 14, 2025Close101.094Mar 19, 2025Close101.250Mar 24, 2025Close101.063Mar 27, 2025Close101.094Apr 1, 2025Close101.656Apr 4, 2025Close102.313Apr 9, 2025Close101.250Apr 14, 2025Close101.438Apr 17, 2025Close101.656Apr 22, 2025Close101.625Apr 25, 2025Close101.875Apr 30, 2025Close102.438May 5, 2025Close101.688May 8, 2025Close101.469May 13, 2025Close101.031May 16, 2025Close101.219May 21, 2025Close101.063May 27, 2025Close101.344May 30, 2025Close101.500Jun 4, 2025Close101.625Jun 9, 2025Close101.125Jun 12, 2025Close101.500Jun 17, 2025Close101.438Jun 23, 2025Close101.750Jun 26, 2025Close102.094Jul 1, 2025Close101.906Jul 7, 2025Close101.531Jul 10, 2025Close101.625Jul 15, 2025Close101.313Jul 18, 2025Close101.594Jul 23, 2025Close101.625Jul 28, 2025Close101.500Jul 31, 2025Close101.438Aug 5, 2025Close102.094Aug 8, 2025Close101.906Aug 13, 2025Close102.125Aug 18, 2025Close101.875Aug 21, 2025Close101.844Aug 26, 2025Close102.219Aug 29, 2025Close102.344Sep 4, 2025Close102.438Sep 9, 2025Close102.594Sep 12, 2025Close102.469Sep 17, 2025Close102.500Sep 22, 2025Close102.281Sep 25, 2025Close102.063Sep 30, 2025Close102.188Oct 3, 2025Close102.250Oct 8, 2025Close102.219Oct 14, 2025Close102.563Oct 17, 2025Close102.594Oct 22, 2025Close102.656Oct 27, 2025Close102.469Oct 30, 2025Close102.156Nov 4, 2025Close102.219Nov 7, 2025Close102.313Nov 13, 2025Close102.188Nov 18, 2025Close102.250Nov 21, 2025Close102.438Nov 26, 2025Close102.531Dec 2, 2025Close102.344Dec 5, 2025Close102.188Dec 10, 2025Close102.188Dec 15, 2025Close102.250Dec 18, 2025Close102.406Dec 23, 2025Close102.156Dec 29, 2025Close102.344Jan 2, 2026Close102.250Jan 7, 2026Close102.313Jan 12, 2026Close102.094Jan 15, 2026Close102.063Jan 21, 2026Close101.938Jan 26, 2026Close101.938Jan 29, 2026Close102.031Feb 3, 2026Close101.938Feb 6, 2026Close102.156Feb 11, 2026Close102.125Feb 17, 2026Close102.375Feb 20, 2026Close102.281Feb 25, 2026Close102.313Mar 2, 2026Close102.281Mar 5, 2026Close102.031Mar 10, 2026Close102.000Mar 13, 2026Close101.594Mar 18, 2026Close101.563Mar 23, 2026Close101.281Mar 26, 2026Close100.906Mar 31, 2026Close101.406Apr 3, 2026Close101.219Apr 8, 2026Close101.406Apr 13, 2026Close101.438Apr 16, 2026Close101.438Apr 21, 2026Close101.438Apr 24, 2026Close101.406Apr 29, 2026Close101.031May 4, 2026Close100.969May 7, 2026Close101.031May 12, 2026Close100.844May 15, 2026Close100.563May 20, 2026Close100.656May 26, 2026Close100.656May 29, 2026Close100.781Jun 3, 2026Close100.594Jun 8, 2026Close100.406Jun 11, 2026Close100.656Jun 16, 2026Close100.688Jun 22, 2026Close100.250Jun 25, 2026Close100.531Jun 30, 2026Close100.500Jul 6, 2026Close100.500Jul 9, 2026Close100.406Jul 14, 2026Close100.344Jul 17, 2026Close100.375Jul 22, 2026Close100.063Jul 27, 2026Close100.031Jul 30, 2026Close100.219Aug 4, 2026Close100.313Aug 7, 2026Close100.313Aug 12, 2026Close100.281Aug 17, 2026Close100.344Aug 20, 2026Close100.344Aug 25, 2026Close100.313Aug 28, 2026Close100.000Sep 2, 2026Close99.906Sep 8, 2026Close99.906Sep 9, 2026Close99.813
The most recent 20 trading days of prices for 91282CJN2.
DateBidOfferClose
Sep 9, 202699.84499.81399.813
Sep 8, 202699.92299.90699.906
Sep 4, 202699.95399.93899.938
Sep 3, 2026100.047100.031100.000
Sep 2, 202699.92299.90699.906
Sep 1, 202699.95399.93899.906
Aug 31, 2026100.031100.000100.000
Aug 28, 2026100.063100.031100.000
Aug 27, 2026100.297100.281100.250
Aug 26, 2026100.297100.281100.281
Aug 25, 2026100.328100.313100.313
Aug 24, 2026100.266100.250100.219
Aug 21, 2026100.234100.219100.250
Aug 20, 2026100.328100.313100.344
Aug 19, 2026100.328100.313100.344
Aug 18, 2026100.359100.344100.344
Aug 17, 2026100.391100.375100.344
Aug 14, 2026100.422100.406100.344
Aug 13, 2026100.422100.406100.406
Aug 12, 2026100.328100.313100.281

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 91282CJN2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 27, 2023Nov 30, 2023New issue$55.0bn$55.6bn2.46x4.420%

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.