Treasury note

91282CJW2 · 4% due January 31, 2029

Original term
5-Year
Maturity
Jan 31, 2029
Coupon
4.000%
Pays
Semi-Annual
Dated
Jan 31, 2024
First coupon
Jul 31, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$60.79bn
Held stripped
$92.8m
Share stripped
0.15%

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
4.472%
Modified duration
2.242 yr
DV01
0.0223
Convexity
6.252
Dirty price
99.383

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 2.295 years against a modified duration of 2.242.

Against the fitted curve

Priced 1.9 bp rich to the curve on that day, 4.22 cents per 100 of face.

That is -1.25 standard deviations from its own typical residual.

Yield to maturity, 654 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jan 31, 2024Sep 9, 2026Jan 31, 2024Yield to maturity3.910%Feb 5, 2024Yield to maturity4.126%Feb 8, 2024Yield to maturity4.119%Feb 13, 2024Yield to maturity4.310%Feb 16, 2024Yield to maturity4.290%Feb 22, 2024Yield to maturity4.333%Feb 27, 2024Yield to maturity4.334%Mar 1, 2024Yield to maturity4.177%Mar 6, 2024Yield to maturity4.134%Mar 11, 2024Yield to maturity4.099%Mar 14, 2024Yield to maturity4.307%Mar 19, 2024Yield to maturity4.323%Mar 22, 2024Yield to maturity4.215%Mar 27, 2024Yield to maturity4.201%Apr 1, 2024Yield to maturity4.347%Apr 4, 2024Yield to maturity4.311%Apr 9, 2024Yield to maturity4.392%Apr 12, 2024Yield to maturity4.556%Apr 17, 2024Yield to maturity4.639%Apr 22, 2024Yield to maturity4.670%Apr 25, 2024Yield to maturity4.732%Apr 30, 2024Yield to maturity4.741%May 3, 2024Yield to maturity4.502%May 8, 2024Yield to maturity4.525%May 13, 2024Yield to maturity4.527%May 16, 2024Yield to maturity4.422%May 21, 2024Yield to maturity4.453%May 24, 2024Yield to maturity4.546%May 30, 2024Yield to maturity4.600%Jun 4, 2024Yield to maturity4.381%Jun 7, 2024Yield to maturity4.481%Jun 12, 2024Yield to maturity4.353%Jun 17, 2024Yield to maturity4.338%Jun 21, 2024Yield to maturity4.294%Jun 26, 2024Yield to maturity4.371%Jul 1, 2024Yield to maturity4.464%Jul 5, 2024Yield to maturity4.243%Jul 10, 2024Yield to maturity4.259%Jul 15, 2024Yield to maturity4.144%Jul 18, 2024Yield to maturity4.129%Jul 23, 2024Yield to maturity4.168%Jul 26, 2024Yield to maturity4.092%Jul 31, 2024Yield to maturity3.985%Aug 5, 2024Yield to maturity3.634%Aug 8, 2024Yield to maturity3.846%Aug 13, 2024Yield to maturity3.693%Aug 16, 2024Yield to maturity3.792%Aug 21, 2024Yield to maturity3.669%Aug 26, 2024Yield to maturity3.683%Aug 29, 2024Yield to maturity3.706%Sep 4, 2024Yield to maturity3.589%Sep 9, 2024Yield to maturity3.511%Sep 12, 2024Yield to maturity3.487%Sep 17, 2024Yield to maturity3.455%Sep 20, 2024Yield to maturity3.492%Sep 25, 2024Yield to maturity3.530%Sep 30, 2024Yield to maturity3.591%Oct 3, 2024Yield to maturity3.637%Oct 8, 2024Yield to maturity3.888%Oct 11, 2024Yield to maturity3.895%Oct 17, 2024Yield to maturity3.911%Oct 22, 2024Yield to maturity4.015%Oct 25, 2024Yield to maturity4.087%Oct 30, 2024Yield to maturity4.153%Nov 4, 2024Yield to maturity4.186%Nov 7, 2024Yield to maturity4.194%Nov 13, 2024Yield to maturity4.318%Nov 18, 2024Yield to maturity4.294%Nov 21, 2024Yield to maturity4.328%Nov 26, 2024Yield to maturity4.221%Dec 2, 2024Yield to maturity4.123%Dec 5, 2024Yield to maturity4.106%Dec 10, 2024Yield to maturity4.123%Dec 13, 2024Yield to maturity4.266%Dec 18, 2024Yield to maturity4.410%Dec 23, 2024Yield to maturity4.437%Dec 27, 2024Yield to maturity4.447%Jan 2, 2025Yield to maturity4.363%Jan 7, 2025Yield to maturity4.441%Jan 10, 2025Yield to maturity4.572%Jan 15, 2025Yield to maturity4.435%Jan 21, 2025Yield to maturity4.385%Jan 24, 2025Yield to maturity4.403%Jan 29, 2025Yield to maturity4.335%Feb 3, 2025Yield to maturity4.345%Feb 6, 2025Yield to maturity4.267%Feb 11, 2025Yield to maturity4.364%Feb 14, 2025Yield to maturity4.321%Feb 20, 2025Yield to maturity4.322%Feb 25, 2025Yield to maturity4.121%Feb 28, 2025Yield to maturity4.025%Mar 5, 2025Yield to maturity4.060%Mar 10, 2025Yield to maturity3.964%Mar 13, 2025Yield to maturity3.999%Mar 18, 2025Yield to maturity4.061%Mar 21, 2025Yield to maturity3.972%Mar 26, 2025Yield to maturity4.061%Mar 31, 2025Yield to maturity3.928%Apr 3, 2025Yield to maturity3.716%Apr 8, 2025Yield to maturity3.821%Apr 11, 2025Yield to maturity4.097%Apr 16, 2025Yield to maturity3.847%Apr 21, 2025Yield to maturity3.873%Apr 24, 2025Yield to maturity3.864%Apr 29, 2025Yield to maturity3.711%May 2, 2025Yield to maturity3.863%May 7, 2025Yield to maturity3.808%May 12, 2025Yield to maturity4.044%May 15, 2025Yield to maturity4.017%May 20, 2025Yield to maturity4.008%May 23, 2025Yield to maturity4.017%May 29, 2025Yield to maturity3.953%Jun 3, 2025Yield to maturity3.980%Jun 6, 2025Yield to maturity4.073%Jun 11, 2025Yield to maturity3.962%Jun 16, 2025Yield to maturity3.980%Jun 20, 2025Yield to maturity3.905%Jun 25, 2025Yield to maturity3.783%Jun 30, 2025Yield to maturity3.727%Jul 3, 2025Yield to maturity3.886%Jul 9, 2025Yield to maturity3.857%Jul 14, 2025Yield to maturity3.904%Jul 17, 2025Yield to maturity3.923%Jul 22, 2025Yield to maturity3.808%Jul 25, 2025Yield to maturity3.885%Jul 30, 2025Yield to maturity3.913%Aug 4, 2025Yield to maturity3.682%Aug 7, 2025Yield to maturity3.729%Aug 12, 2025Yield to maturity3.747%Aug 15, 2025Yield to maturity3.756%Aug 20, 2025Yield to maturity3.726%Aug 25, 2025Yield to maturity3.715%Aug 28, 2025Yield to maturity3.617%Sep 3, 2025Yield to maturity3.615%Sep 8, 2025Yield to maturity3.497%Sep 11, 2025Yield to maturity3.515%Sep 16, 2025Yield to maturity3.513%Sep 19, 2025Yield to maturity3.600%Sep 24, 2025Yield to maturity3.629%Sep 29, 2025Yield to maturity3.657%Oct 2, 2025Yield to maturity3.587%Oct 7, 2025Yield to maturity3.615%Oct 10, 2025Yield to maturity3.553%Oct 16, 2025Yield to maturity3.451%Oct 21, 2025Yield to maturity3.469%Oct 24, 2025Yield to maturity3.518%Oct 29, 2025Yield to maturity3.619%Nov 3, 2025Yield to maturity3.638%Nov 6, 2025Yield to maturity3.596%Nov 12, 2025Yield to maturity3.594%Nov 17, 2025Yield to maturity3.634%Nov 20, 2025Yield to maturity3.570%Nov 25, 2025Yield to maturity3.475%Dec 1, 2025Yield to maturity3.567%Dec 4, 2025Yield to maturity3.566%Dec 9, 2025Yield to maturity3.669%Dec 12, 2025Yield to maturity3.605%Dec 17, 2025Yield to maturity3.551%Dec 22, 2025Yield to maturity3.570%Dec 26, 2025Yield to maturity3.547%Dec 31, 2025Yield to maturity3.556%Jan 6, 2026Yield to maturity3.554%Jan 9, 2026Yield to maturity3.607%Jan 14, 2026Yield to maturity3.573%Jan 20, 2026Yield to maturity3.681%Jan 23, 2026Yield to maturity3.679%Jan 28, 2026Yield to maturity3.668%Feb 2, 2026Yield to maturity3.644%Feb 5, 2026Yield to maturity3.555%Feb 10, 2026Yield to maturity3.519%Feb 13, 2026Yield to maturity3.450%Feb 19, 2026Yield to maturity3.504%Feb 24, 2026Yield to maturity3.468%Feb 27, 2026Yield to maturity3.398%Mar 4, 2026Yield to maturity3.554%Mar 9, 2026Yield to maturity3.586%Mar 12, 2026Yield to maturity3.780%Mar 17, 2026Yield to maturity3.687%Mar 20, 2026Yield to maturity3.917%Mar 25, 2026Yield to maturity3.893%Mar 30, 2026Yield to maturity3.858%Apr 2, 2026Yield to maturity3.822%Apr 7, 2026Yield to maturity3.845%Apr 10, 2026Yield to maturity3.820%Apr 15, 2026Yield to maturity3.784%Apr 20, 2026Yield to maturity3.736%Apr 23, 2026Yield to maturity3.854%Apr 28, 2026Yield to maturity3.866%May 1, 2026Yield to maturity3.913%May 6, 2026Yield to maturity3.889%May 11, 2026Yield to maturity3.974%May 14, 2026Yield to maturity4.035%May 19, 2026Yield to maturity4.196%May 22, 2026Yield to maturity4.185%May 28, 2026Yield to maturity4.073%Jun 2, 2026Yield to maturity4.098%Jun 5, 2026Yield to maturity4.225%Jun 10, 2026Yield to maturity4.188%Jun 15, 2026Yield to maturity4.113%Jun 18, 2026Yield to maturity4.203%Jun 24, 2026Yield to maturity4.165%Jun 29, 2026Yield to maturity4.127%Jul 2, 2026Yield to maturity4.167%Jul 8, 2026Yield to maturity4.233%Jul 13, 2026Yield to maturity4.300%Jul 16, 2026Yield to maturity4.196%Jul 21, 2026Yield to maturity4.303%Jul 24, 2026Yield to maturity4.372%Jul 29, 2026Yield to maturity4.279%Aug 3, 2026Yield to maturity4.307%Aug 6, 2026Yield to maturity4.308%Aug 11, 2026Yield to maturity4.283%Aug 14, 2026Yield to maturity4.229%Aug 19, 2026Yield to maturity4.230%Aug 24, 2026Yield to maturity4.286%Aug 27, 2026Yield to maturity4.273%Sep 1, 2026Yield to maturity4.441%Sep 4, 2026Yield to maturity4.429%Sep 9, 2026Yield to maturity4.472%

Price history

654 trading days to Sep 9, 2026

96979899100101102103Jan 31, 2024Sep 9, 2026Jan 31, 2024Close100.406Feb 5, 2024Close99.438Feb 8, 2024Close99.469Feb 13, 2024Close98.625Feb 16, 2024Close98.719Feb 22, 2024Close98.531Feb 27, 2024Close98.531Mar 1, 2024Close99.219Mar 6, 2024Close99.406Mar 11, 2024Close99.563Mar 14, 2024Close98.656Mar 19, 2024Close98.594Mar 22, 2024Close99.063Mar 27, 2024Close99.125Apr 1, 2024Close98.500Apr 4, 2024Close98.656Apr 9, 2024Close98.313Apr 12, 2024Close97.625Apr 17, 2024Close97.281Apr 22, 2024Close97.156Apr 25, 2024Close96.906Apr 30, 2024Close96.875May 3, 2024Close97.875May 8, 2024Close97.781May 13, 2024Close97.781May 16, 2024Close98.219May 21, 2024Close98.094May 24, 2024Close97.719May 30, 2024Close97.500Jun 4, 2024Close98.406Jun 7, 2024Close98.000Jun 12, 2024Close98.531Jun 17, 2024Close98.594Jun 21, 2024Close98.781Jun 26, 2024Close98.469Jul 1, 2024Close98.094Jul 5, 2024Close99.000Jul 10, 2024Close98.938Jul 15, 2024Close99.406Jul 18, 2024Close99.469Jul 23, 2024Close99.313Jul 26, 2024Close99.625Jul 31, 2024Close100.063Aug 5, 2024Close101.500Aug 8, 2024Close100.625Aug 13, 2024Close101.250Aug 16, 2024Close100.844Aug 21, 2024Close101.344Aug 26, 2024Close101.281Aug 29, 2024Close101.188Sep 4, 2024Close101.656Sep 9, 2024Close101.969Sep 12, 2024Close102.063Sep 17, 2024Close102.188Sep 20, 2024Close102.031Sep 25, 2024Close101.875Sep 30, 2024Close101.625Oct 3, 2024Close101.438Oct 8, 2024Close100.438Oct 11, 2024Close100.406Oct 17, 2024Close100.344Oct 22, 2024Close99.938Oct 25, 2024Close99.656Oct 30, 2024Close99.406Nov 4, 2024Close99.281Nov 7, 2024Close99.250Nov 13, 2024Close98.781Nov 18, 2024Close98.875Nov 21, 2024Close98.750Nov 26, 2024Close99.156Dec 2, 2024Close99.531Dec 5, 2024Close99.594Dec 10, 2024Close99.531Dec 13, 2024Close99.000Dec 18, 2024Close98.469Dec 23, 2024Close98.375Dec 27, 2024Close98.344Jan 2, 2025Close98.656Jan 7, 2025Close98.375Jan 10, 2025Close97.906Jan 15, 2025Close98.406Jan 21, 2025Close98.594Jan 24, 2025Close98.531Jan 29, 2025Close98.781Feb 3, 2025Close98.750Feb 6, 2025Close99.031Feb 11, 2025Close98.688Feb 14, 2025Close98.844Feb 20, 2025Close98.844Feb 25, 2025Close99.563Feb 28, 2025Close99.906Mar 5, 2025Close99.781Mar 10, 2025Close100.125Mar 13, 2025Close100.000Mar 18, 2025Close99.781Mar 21, 2025Close100.094Mar 26, 2025Close99.781Mar 31, 2025Close100.250Apr 3, 2025Close101.000Apr 8, 2025Close100.625Apr 11, 2025Close99.656Apr 16, 2025Close100.531Apr 21, 2025Close100.438Apr 24, 2025Close100.469Apr 29, 2025Close101.000May 2, 2025Close100.469May 7, 2025Close100.656May 12, 2025Close99.844May 15, 2025Close99.938May 20, 2025Close99.969May 23, 2025Close99.938May 29, 2025Close100.156Jun 3, 2025Close100.063Jun 6, 2025Close99.750Jun 11, 2025Close100.125Jun 16, 2025Close100.063Jun 20, 2025Close100.313Jun 25, 2025Close100.719Jun 30, 2025Close100.906Jul 3, 2025Close100.375Jul 9, 2025Close100.469Jul 14, 2025Close100.313Jul 17, 2025Close100.250Jul 22, 2025Close100.625Jul 25, 2025Close100.375Jul 30, 2025Close100.281Aug 4, 2025Close101.031Aug 7, 2025Close100.875Aug 12, 2025Close100.813Aug 15, 2025Close100.781Aug 20, 2025Close100.875Aug 25, 2025Close100.906Aug 28, 2025Close101.219Sep 3, 2025Close101.219Sep 8, 2025Close101.594Sep 11, 2025Close101.531Sep 16, 2025Close101.531Sep 19, 2025Close101.250Sep 24, 2025Close101.156Sep 29, 2025Close101.063Oct 2, 2025Close101.281Oct 7, 2025Close101.188Oct 10, 2025Close101.375Oct 16, 2025Close101.688Oct 21, 2025Close101.625Oct 24, 2025Close101.469Oct 29, 2025Close101.156Nov 3, 2025Close101.094Nov 6, 2025Close101.219Nov 12, 2025Close101.219Nov 17, 2025Close101.094Nov 20, 2025Close101.281Nov 25, 2025Close101.563Dec 1, 2025Close101.281Dec 4, 2025Close101.281Dec 9, 2025Close100.969Dec 12, 2025Close101.156Dec 17, 2025Close101.313Dec 22, 2025Close101.250Dec 26, 2025Close101.313Dec 31, 2025Close101.281Jan 6, 2026Close101.281Jan 9, 2026Close101.125Jan 14, 2026Close101.219Jan 20, 2026Close100.906Jan 23, 2026Close100.906Jan 28, 2026Close100.938Feb 2, 2026Close101.000Feb 5, 2026Close101.250Feb 10, 2026Close101.344Feb 13, 2026Close101.531Feb 19, 2026Close101.375Feb 24, 2026Close101.469Feb 27, 2026Close101.656Mar 4, 2026Close101.219Mar 9, 2026Close101.125Mar 12, 2026Close100.594Mar 17, 2026Close100.844Mar 20, 2026Close100.219Mar 25, 2026Close100.281Mar 30, 2026Close100.375Apr 2, 2026Close100.469Apr 7, 2026Close100.406Apr 10, 2026Close100.469Apr 15, 2026Close100.563Apr 20, 2026Close100.688Apr 23, 2026Close100.375Apr 28, 2026Close100.344May 1, 2026Close100.219May 6, 2026Close100.281May 11, 2026Close100.063May 14, 2026Close99.906May 19, 2026Close99.500May 22, 2026Close99.531May 28, 2026Close99.813Jun 2, 2026Close99.750Jun 5, 2026Close99.438Jun 10, 2026Close99.531Jun 15, 2026Close99.719Jun 18, 2026Close99.500Jun 24, 2026Close99.594Jun 29, 2026Close99.688Jul 2, 2026Close99.594Jul 8, 2026Close99.438Jul 13, 2026Close99.281Jul 16, 2026Close99.531Jul 21, 2026Close99.281Jul 24, 2026Close99.125Jul 29, 2026Close99.344Aug 3, 2026Close99.281Aug 6, 2026Close99.281Aug 11, 2026Close99.344Aug 14, 2026Close99.469Aug 19, 2026Close99.469Aug 24, 2026Close99.344Aug 27, 2026Close99.375Sep 1, 2026Close99.000Sep 4, 2026Close99.031Sep 9, 2026Close98.938
The most recent 20 trading days of prices for 91282CJW2.
DateBidOfferClose
Sep 9, 202698.95398.93898.938
Sep 8, 202699.04799.03199.000
Sep 4, 202699.07899.06399.031
Sep 3, 202699.17299.15699.125
Sep 2, 202699.04799.03199.031
Sep 1, 202699.07899.06399.000
Aug 31, 202699.14199.12599.125
Aug 28, 202699.18899.15699.094
Aug 27, 202699.42299.40699.375
Aug 26, 202699.42299.40699.406
Aug 25, 202699.45399.43899.438
Aug 24, 202699.39199.37599.344
Aug 21, 202699.32899.31399.344
Aug 20, 202699.45399.43899.438
Aug 19, 202699.45399.43899.469
Aug 18, 202699.48499.46999.438
Aug 17, 202699.48499.46999.469
Aug 14, 202699.54799.53199.469
Aug 13, 202699.54799.53199.531
Aug 12, 202699.45399.43899.406

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 91282CJW2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 24, 2024Jan 31, 2024New issue$61.0bn$61.0bn2.31x4.055%

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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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.