Treasury note

91282CJP7 · 4.375% due December 15, 2026

Original term
3-Year
Maturity
Dec 15, 2026
Coupon
4.375%
Pays
Semi-Annual
Dated
Dec 15, 2023
First coupon
Jun 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$50.00bn
Held stripped
$95.4m
Share stripped
0.19%

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
3.854%
Modified duration
0.260 yr
DV01
0.0026
Convexity
0.135
Dirty price
101.165

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 2 of twelve buckets, summing to 0.263 years against a modified duration of 0.260.

Against the fitted curve

Priced 9.8 bp rich to the curve on that day, 2.57 cents per 100 of face.

That is -1.04 standard deviations from its own typical residual.

Yield to maturity, 684 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Dec 15, 2023Sep 9, 2026Dec 15, 2023Yield to maturity4.128%Dec 20, 2023Yield to maturity4.060%Dec 26, 2023Yield to maturity4.059%Dec 29, 2023Yield to maturity4.012%Jan 4, 2024Yield to maturity4.146%Jan 9, 2024Yield to maturity4.134%Jan 12, 2024Yield to maturity3.938%Jan 18, 2024Yield to maturity4.143%Jan 23, 2024Yield to maturity4.165%Jan 26, 2024Yield to maturity4.176%Jan 31, 2024Yield to maturity4.070%Feb 5, 2024Yield to maturity4.279%Feb 8, 2024Yield to maturity4.267%Feb 13, 2024Yield to maturity4.468%Feb 16, 2024Yield to maturity4.456%Feb 22, 2024Yield to maturity4.504%Feb 27, 2024Yield to maturity4.517%Mar 1, 2024Yield to maturity4.361%Mar 6, 2024Yield to maturity4.361%Mar 11, 2024Yield to maturity4.324%Mar 14, 2024Yield to maturity4.507%Mar 19, 2024Yield to maturity4.520%Mar 22, 2024Yield to maturity4.422%Mar 27, 2024Yield to maturity4.410%Apr 1, 2024Yield to maturity4.559%Apr 4, 2024Yield to maturity4.510%Apr 9, 2024Yield to maturity4.598%Apr 12, 2024Yield to maturity4.764%Apr 17, 2024Yield to maturity4.816%Apr 22, 2024Yield to maturity4.844%Apr 25, 2024Yield to maturity4.897%Apr 30, 2024Yield to maturity4.938%May 3, 2024Yield to maturity4.695%May 8, 2024Yield to maturity4.722%May 13, 2024Yield to maturity4.724%May 16, 2024Yield to maturity4.647%May 21, 2024Yield to maturity4.674%May 24, 2024Yield to maturity4.795%May 30, 2024Yield to maturity4.810%Jun 4, 2024Yield to maturity4.639%Jun 7, 2024Yield to maturity4.748%Jun 12, 2024Yield to maturity4.615%Jun 17, 2024Yield to maturity4.616%Jun 21, 2024Yield to maturity4.577%Jun 26, 2024Yield to maturity4.645%Jul 1, 2024Yield to maturity4.688%Jul 5, 2024Yield to maturity4.497%Jul 10, 2024Yield to maturity4.511%Jul 15, 2024Yield to maturity4.332%Jul 18, 2024Yield to maturity4.346%Jul 23, 2024Yield to maturity4.373%Jul 26, 2024Yield to maturity4.303%Jul 31, 2024Yield to maturity4.219%Aug 5, 2024Yield to maturity3.814%Aug 8, 2024Yield to maturity3.979%Aug 13, 2024Yield to maturity3.865%Aug 16, 2024Yield to maturity3.975%Aug 21, 2024Yield to maturity3.846%Aug 26, 2024Yield to maturity3.843%Aug 29, 2024Yield to maturity3.855%Sep 4, 2024Yield to maturity3.708%Sep 9, 2024Yield to maturity3.618%Sep 12, 2024Yield to maturity3.587%Sep 17, 2024Yield to maturity3.539%Sep 20, 2024Yield to maturity3.534%Sep 25, 2024Yield to maturity3.546%Sep 30, 2024Yield to maturity3.629%Oct 3, 2024Yield to maturity3.685%Oct 8, 2024Yield to maturity3.950%Oct 11, 2024Yield to maturity3.932%Oct 17, 2024Yield to maturity3.946%Oct 22, 2024Yield to maturity4.020%Oct 25, 2024Yield to maturity4.095%Oct 30, 2024Yield to maturity4.155%Nov 4, 2024Yield to maturity4.170%Nov 7, 2024Yield to maturity4.201%Nov 13, 2024Yield to maturity4.278%Nov 18, 2024Yield to maturity4.294%Nov 21, 2024Yield to maturity4.358%Nov 26, 2024Yield to maturity4.277%Dec 2, 2024Yield to maturity4.196%Dec 5, 2024Yield to maturity4.163%Dec 10, 2024Yield to maturity4.162%Dec 13, 2024Yield to maturity4.260%Dec 18, 2024Yield to maturity4.358%Dec 23, 2024Yield to maturity4.358%Dec 27, 2024Yield to maturity4.324%Jan 2, 2025Yield to maturity4.256%Jan 7, 2025Yield to maturity4.306%Jan 10, 2025Yield to maturity4.390%Jan 15, 2025Yield to maturity4.270%Jan 21, 2025Yield to maturity4.286%Jan 24, 2025Yield to maturity4.285%Jan 29, 2025Yield to maturity4.232%Feb 3, 2025Yield to maturity4.266%Feb 6, 2025Yield to maturity4.213%Feb 11, 2025Yield to maturity4.301%Feb 14, 2025Yield to maturity4.282%Feb 20, 2025Yield to maturity4.281%Feb 25, 2025Yield to maturity4.117%Feb 28, 2025Yield to maturity4.024%Mar 5, 2025Yield to maturity4.022%Mar 10, 2025Yield to maturity3.928%Mar 13, 2025Yield to maturity3.981%Mar 18, 2025Yield to maturity4.071%Mar 21, 2025Yield to maturity3.975%Mar 26, 2025Yield to maturity4.068%Mar 31, 2025Yield to maturity3.932%Apr 3, 2025Yield to maturity3.778%Apr 8, 2025Yield to maturity3.773%Apr 11, 2025Yield to maturity4.020%Apr 16, 2025Yield to maturity3.843%Apr 21, 2025Yield to maturity3.819%Apr 24, 2025Yield to maturity3.876%Apr 29, 2025Yield to maturity3.733%May 2, 2025Yield to maturity3.908%May 7, 2025Yield to maturity3.866%May 12, 2025Yield to maturity4.045%May 15, 2025Yield to maturity4.044%May 20, 2025Yield to maturity4.041%May 23, 2025Yield to maturity4.080%May 29, 2025Yield to maturity4.058%Jun 3, 2025Yield to maturity4.055%Jun 6, 2025Yield to maturity4.117%Jun 11, 2025Yield to maturity4.030%Jun 16, 2025Yield to maturity4.048%Jun 20, 2025Yield to maturity4.001%Jun 25, 2025Yield to maturity3.888%Jun 30, 2025Yield to maturity3.839%Jul 3, 2025Yield to maturity4.012%Jul 9, 2025Yield to maturity3.965%Jul 14, 2025Yield to maturity4.007%Jul 17, 2025Yield to maturity4.027%Jul 22, 2025Yield to maturity3.954%Jul 25, 2025Yield to maturity4.020%Jul 30, 2025Yield to maturity4.065%Aug 4, 2025Yield to maturity3.801%Aug 7, 2025Yield to maturity3.845%Aug 12, 2025Yield to maturity3.840%Aug 15, 2025Yield to maturity3.883%Aug 20, 2025Yield to maturity3.855%Aug 25, 2025Yield to maturity3.850%Aug 28, 2025Yield to maturity3.797%Sep 3, 2025Yield to maturity3.765%Sep 8, 2025Yield to maturity3.657%Sep 11, 2025Yield to maturity3.652%Sep 16, 2025Yield to maturity3.645%Sep 19, 2025Yield to maturity3.663%Sep 24, 2025Yield to maturity3.684%Sep 29, 2025Yield to maturity3.703%Oct 2, 2025Yield to maturity3.646%Oct 7, 2025Yield to maturity3.638%Oct 10, 2025Yield to maturity3.600%Oct 16, 2025Yield to maturity3.540%Oct 21, 2025Yield to maturity3.586%Oct 24, 2025Yield to maturity3.605%Oct 29, 2025Yield to maturity3.714%Nov 3, 2025Yield to maturity3.706%Nov 6, 2025Yield to maturity3.672%Nov 12, 2025Yield to maturity3.662%Nov 17, 2025Yield to maturity3.714%Nov 20, 2025Yield to maturity3.679%Nov 25, 2025Yield to maturity3.610%Dec 1, 2025Yield to maturity3.660%Dec 4, 2025Yield to maturity3.624%Dec 9, 2025Yield to maturity3.646%Dec 12, 2025Yield to maturity3.573%Dec 17, 2025Yield to maturity3.502%Dec 22, 2025Yield to maturity3.522%Dec 26, 2025Yield to maturity3.507%Dec 31, 2025Yield to maturity3.530%Jan 6, 2026Yield to maturity3.518%Jan 9, 2026Yield to maturity3.574%Jan 14, 2026Yield to maturity3.566%Jan 20, 2026Yield to maturity3.587%Jan 23, 2026Yield to maturity3.575%Jan 28, 2026Yield to maturity3.603%Feb 2, 2026Yield to maturity3.591%Feb 5, 2026Yield to maturity3.546%Feb 10, 2026Yield to maturity3.533%Feb 13, 2026Yield to maturity3.555%Feb 19, 2026Yield to maturity3.585%Feb 24, 2026Yield to maturity3.572%Feb 27, 2026Yield to maturity3.558%Mar 4, 2026Yield to maturity3.631%Mar 9, 2026Yield to maturity3.659%Mar 12, 2026Yield to maturity3.735%Mar 17, 2026Yield to maturity3.681%Mar 20, 2026Yield to maturity3.842%Mar 25, 2026Yield to maturity3.792%Mar 30, 2026Yield to maturity3.782%Apr 2, 2026Yield to maturity3.775%Apr 7, 2026Yield to maturity3.763%Apr 10, 2026Yield to maturity3.751%Apr 15, 2026Yield to maturity3.744%Apr 20, 2026Yield to maturity3.682%Apr 23, 2026Yield to maturity3.723%Apr 28, 2026Yield to maturity3.709%May 1, 2026Yield to maturity3.695%May 6, 2026Yield to maturity3.687%May 11, 2026Yield to maturity3.725%May 14, 2026Yield to maturity3.716%May 19, 2026Yield to maturity3.757%May 22, 2026Yield to maturity3.740%May 28, 2026Yield to maturity3.789%Jun 2, 2026Yield to maturity3.715%Jun 5, 2026Yield to maturity3.760%Jun 10, 2026Yield to maturity3.751%Jun 15, 2026Yield to maturity3.734%Jun 18, 2026Yield to maturity3.842%Jun 24, 2026Yield to maturity3.899%Jun 29, 2026Yield to maturity3.883%Jul 2, 2026Yield to maturity3.863%Jul 8, 2026Yield to maturity3.852%Jul 13, 2026Yield to maturity3.909%Jul 16, 2026Yield to maturity3.822%Jul 21, 2026Yield to maturity3.881%Jul 24, 2026Yield to maturity3.943%Jul 29, 2026Yield to maturity3.933%Aug 3, 2026Yield to maturity3.829%Aug 6, 2026Yield to maturity3.904%Aug 11, 2026Yield to maturity3.884%Aug 14, 2026Yield to maturity3.863%Aug 19, 2026Yield to maturity3.850%Aug 24, 2026Yield to maturity3.826%Aug 27, 2026Yield to maturity3.811%Sep 1, 2026Yield to maturity3.893%Sep 4, 2026Yield to maturity3.864%Sep 9, 2026Yield to maturity3.854%

Price history

684 trading days to Sep 9, 2026

98.5099.0099.50100.00100.50101.00101.50102.00Dec 15, 2023Sep 9, 2026Dec 15, 2023Close100.688Dec 20, 2023Close100.875Dec 26, 2023Close100.875Dec 29, 2023Close101.000Jan 4, 2024Close100.625Jan 9, 2024Close100.656Jan 12, 2024Close101.188Jan 18, 2024Close100.625Jan 23, 2024Close100.563Jan 26, 2024Close100.531Jan 31, 2024Close100.813Feb 5, 2024Close100.250Feb 8, 2024Close100.281Feb 13, 2024Close99.750Feb 16, 2024Close99.781Feb 22, 2024Close99.656Feb 27, 2024Close99.625Mar 1, 2024Close100.031Mar 6, 2024Close100.031Mar 11, 2024Close100.125Mar 14, 2024Close99.656Mar 19, 2024Close99.625Mar 22, 2024Close99.875Mar 27, 2024Close99.906Apr 1, 2024Close99.531Apr 4, 2024Close99.656Apr 9, 2024Close99.438Apr 12, 2024Close99.031Apr 17, 2024Close98.906Apr 22, 2024Close98.844Apr 25, 2024Close98.719Apr 30, 2024Close98.625May 3, 2024Close99.219May 8, 2024Close99.156May 13, 2024Close99.156May 16, 2024Close99.344May 21, 2024Close99.281May 24, 2024Close99.000May 30, 2024Close98.969Jun 4, 2024Close99.375Jun 7, 2024Close99.125Jun 12, 2024Close99.438Jun 17, 2024Close99.438Jun 21, 2024Close99.531Jun 26, 2024Close99.375Jul 1, 2024Close99.281Jul 5, 2024Close99.719Jul 10, 2024Close99.688Jul 15, 2024Close100.094Jul 18, 2024Close100.063Jul 23, 2024Close100.000Jul 26, 2024Close100.156Jul 31, 2024Close100.344Aug 5, 2024Close101.250Aug 8, 2024Close100.875Aug 13, 2024Close101.125Aug 16, 2024Close100.875Aug 21, 2024Close101.156Aug 26, 2024Close101.156Aug 29, 2024Close101.125Sep 4, 2024Close101.438Sep 9, 2024Close101.625Sep 12, 2024Close101.688Sep 17, 2024Close101.781Sep 20, 2024Close101.781Sep 25, 2024Close101.750Sep 30, 2024Close101.563Oct 3, 2024Close101.438Oct 8, 2024Close100.875Oct 11, 2024Close100.906Oct 17, 2024Close100.875Oct 22, 2024Close100.719Oct 25, 2024Close100.563Oct 30, 2024Close100.438Nov 4, 2024Close100.406Nov 7, 2024Close100.344Nov 13, 2024Close100.188Nov 18, 2024Close100.156Nov 21, 2024Close100.031Nov 26, 2024Close100.188Dec 2, 2024Close100.344Dec 5, 2024Close100.406Dec 10, 2024Close100.406Dec 13, 2024Close100.219Dec 18, 2024Close100.031Dec 23, 2024Close100.031Dec 27, 2024Close100.094Jan 2, 2025Close100.219Jan 7, 2025Close100.125Jan 10, 2025Close99.969Jan 15, 2025Close100.188Jan 21, 2025Close100.156Jan 24, 2025Close100.156Jan 29, 2025Close100.250Feb 3, 2025Close100.188Feb 6, 2025Close100.281Feb 11, 2025Close100.125Feb 14, 2025Close100.156Feb 20, 2025Close100.156Feb 25, 2025Close100.438Feb 28, 2025Close100.594Mar 5, 2025Close100.594Mar 10, 2025Close100.750Mar 13, 2025Close100.656Mar 18, 2025Close100.500Mar 21, 2025Close100.656Mar 26, 2025Close100.500Mar 31, 2025Close100.719Apr 3, 2025Close100.969Apr 8, 2025Close100.969Apr 11, 2025Close100.563Apr 16, 2025Close100.844Apr 21, 2025Close100.875Apr 24, 2025Close100.781Apr 29, 2025Close101.000May 2, 2025Close100.719May 7, 2025Close100.781May 12, 2025Close100.500May 15, 2025Close100.500May 20, 2025Close100.500May 23, 2025Close100.438May 29, 2025Close100.469Jun 3, 2025Close100.469Jun 6, 2025Close100.375Jun 11, 2025Close100.500Jun 16, 2025Close100.469Jun 20, 2025Close100.531Jun 25, 2025Close100.688Jun 30, 2025Close100.750Jul 3, 2025Close100.500Jul 9, 2025Close100.563Jul 14, 2025Close100.500Jul 17, 2025Close100.469Jul 22, 2025Close100.563Jul 25, 2025Close100.469Jul 30, 2025Close100.406Aug 4, 2025Close100.750Aug 7, 2025Close100.688Aug 12, 2025Close100.688Aug 15, 2025Close100.625Aug 20, 2025Close100.656Aug 25, 2025Close100.656Aug 28, 2025Close100.719Sep 3, 2025Close100.750Sep 8, 2025Close100.875Sep 11, 2025Close100.875Sep 16, 2025Close100.875Sep 19, 2025Close100.844Sep 24, 2025Close100.813Sep 29, 2025Close100.781Oct 2, 2025Close100.844Oct 7, 2025Close100.844Oct 10, 2025Close100.875Oct 16, 2025Close100.938Oct 21, 2025Close100.875Oct 24, 2025Close100.844Oct 29, 2025Close100.719Nov 3, 2025Close100.719Nov 6, 2025Close100.750Nov 12, 2025Close100.750Nov 17, 2025Close100.688Nov 20, 2025Close100.719Nov 25, 2025Close100.781Dec 1, 2025Close100.719Dec 4, 2025Close100.750Dec 9, 2025Close100.719Dec 12, 2025Close100.781Dec 17, 2025Close100.844Dec 22, 2025Close100.813Dec 26, 2025Close100.813Dec 31, 2025Close100.781Jan 6, 2026Close100.781Jan 9, 2026Close100.719Jan 14, 2026Close100.719Jan 20, 2026Close100.688Jan 23, 2026Close100.688Jan 28, 2026Close100.656Feb 2, 2026Close100.656Feb 5, 2026Close100.688Feb 10, 2026Close100.688Feb 13, 2026Close100.656Feb 19, 2026Close100.625Feb 24, 2026Close100.625Feb 27, 2026Close100.625Mar 4, 2026Close100.563Mar 9, 2026Close100.531Mar 12, 2026Close100.469Mar 17, 2026Close100.500Mar 20, 2026Close100.375Mar 25, 2026Close100.406Mar 30, 2026Close100.406Apr 2, 2026Close100.406Apr 7, 2026Close100.406Apr 10, 2026Close100.406Apr 15, 2026Close100.406Apr 20, 2026Close100.438Apr 23, 2026Close100.406Apr 28, 2026Close100.406May 1, 2026Close100.406May 6, 2026Close100.406May 11, 2026Close100.375May 14, 2026Close100.375May 19, 2026Close100.344May 22, 2026Close100.344May 28, 2026Close100.313Jun 2, 2026Close100.344Jun 5, 2026Close100.313Jun 10, 2026Close100.313Jun 15, 2026Close100.313Jun 18, 2026Close100.250Jun 24, 2026Close100.219Jun 29, 2026Close100.219Jul 2, 2026Close100.219Jul 8, 2026Close100.219Jul 13, 2026Close100.188Jul 16, 2026Close100.219Jul 21, 2026Close100.188Jul 24, 2026Close100.156Jul 29, 2026Close100.156Aug 3, 2026Close100.188Aug 6, 2026Close100.156Aug 11, 2026Close100.156Aug 14, 2026Close100.156Aug 19, 2026Close100.156Aug 24, 2026Close100.156Aug 27, 2026Close100.156Sep 1, 2026Close100.125Sep 4, 2026Close100.125Sep 9, 2026Close100.125
The most recent 20 trading days of prices for 91282CJP7.
DateBidOfferClose
Sep 9, 2026–100.125100.125
Sep 8, 2026–100.125100.125
Sep 4, 2026–100.125100.125
Sep 3, 2026–100.156100.156
Sep 2, 2026–100.125100.125
Sep 1, 2026–100.125100.125
Aug 31, 2026–100.156100.125
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, 2026–100.156100.156
Aug 19, 2026–100.188100.156
Aug 18, 2026–100.188100.188
Aug 17, 2026–100.156100.156
Aug 14, 2026–100.156100.156
Aug 13, 2026–100.156100.156
Aug 12, 2026–100.156100.156

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 91282CJP7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 11, 2023Dec 15, 2023New issue$50.0bn$50.0bn2.42x4.490%

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.