Treasury note

91282CMA6 · 4.125% due November 30, 2029

Original term
5-Year
Maturity
Nov 30, 2029
Coupon
4.125%
Pays
Semi-Annual
Dated
Nov 30, 2024
First coupon
May 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$74.76bn
Held stripped
$41.6m
Share stripped
0.06%

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
4.534%
Modified duration
2.948 yr
DV01
0.0295
Convexity
10.522
Dirty price
99.931

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 6 of twelve buckets, summing to 3.015 years against a modified duration of 2.948.

Against the fitted curve

Priced 1.5 bp rich to the curve on that day, 4.43 cents per 100 of face.

That is -1.17 standard deviations from its own typical residual.

Yield to maturity, 444 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Dec 2, 2024Sep 9, 2026Dec 2, 2024Yield to maturity4.076%Dec 4, 2024Yield to maturity4.069%Dec 6, 2024Yield to maturity4.034%Dec 10, 2024Yield to maturity4.090%Dec 12, 2024Yield to maturity4.181%Dec 16, 2024Yield to maturity4.245%Dec 18, 2024Yield to maturity4.394%Dec 20, 2024Yield to maturity4.373%Dec 24, 2024Yield to maturity4.438%Dec 27, 2024Yield to maturity4.453%Dec 31, 2024Yield to maturity4.381%Jan 3, 2025Yield to maturity4.403%Jan 7, 2025Yield to maturity4.462%Jan 9, 2025Yield to maturity4.455%Jan 13, 2025Yield to maturity4.608%Jan 15, 2025Yield to maturity4.448%Jan 17, 2025Yield to maturity4.413%Jan 22, 2025Yield to maturity4.420%Jan 24, 2025Yield to maturity4.428%Jan 28, 2025Yield to maturity4.326%Jan 30, 2025Yield to maturity4.305%Feb 3, 2025Yield to maturity4.349%Feb 5, 2025Yield to maturity4.240%Feb 7, 2025Yield to maturity4.342%Feb 11, 2025Yield to maturity4.372%Feb 13, 2025Yield to maturity4.387%Feb 18, 2025Yield to maturity4.395%Feb 20, 2025Yield to maturity4.336%Feb 24, 2025Yield to maturity4.226%Feb 26, 2025Yield to maturity4.073%Feb 28, 2025Yield to maturity4.029%Mar 4, 2025Yield to maturity4.000%Mar 6, 2025Yield to maturity4.058%Mar 10, 2025Yield to maturity3.977%Mar 12, 2025Yield to maturity4.072%Mar 14, 2025Yield to maturity4.080%Mar 18, 2025Yield to maturity4.065%Mar 20, 2025Yield to maturity3.999%Mar 24, 2025Yield to maturity4.087%Mar 26, 2025Yield to maturity4.079%Mar 28, 2025Yield to maturity3.969%Apr 1, 2025Yield to maturity3.902%Apr 3, 2025Yield to maturity3.733%Apr 7, 2025Yield to maturity3.806%Apr 9, 2025Yield to maturity4.035%Apr 11, 2025Yield to maturity4.132%Apr 15, 2025Yield to maturity3.967%Apr 17, 2025Yield to maturity3.915%Apr 21, 2025Yield to maturity3.930%Apr 23, 2025Yield to maturity3.982%Apr 25, 2025Yield to maturity3.855%Apr 29, 2025Yield to maturity3.743%May 1, 2025Yield to maturity3.787%May 5, 2025Yield to maturity3.913%May 7, 2025Yield to maturity3.838%May 9, 2025Yield to maturity3.973%May 13, 2025Yield to maturity4.102%May 15, 2025Yield to maturity4.049%May 19, 2025Yield to maturity4.041%May 21, 2025Yield to maturity4.117%May 23, 2025Yield to maturity4.064%May 28, 2025Yield to maturity4.041%May 30, 2025Yield to maturity3.949%Jun 3, 2025Yield to maturity4.010%Jun 5, 2025Yield to maturity3.979%Jun 9, 2025Yield to maturity4.071%Jun 11, 2025Yield to maturity3.994%Jun 13, 2025Yield to maturity3.993%Jun 17, 2025Yield to maturity3.962%Jun 20, 2025Yield to maturity3.939%Jun 24, 2025Yield to maturity3.831%Jun 26, 2025Yield to maturity3.761%Jun 30, 2025Yield to maturity3.760%Jul 2, 2025Yield to maturity3.837%Jul 7, 2025Yield to maturity3.929%Jul 9, 2025Yield to maturity3.890%Jul 11, 2025Yield to maturity3.959%Jul 15, 2025Yield to maturity4.022%Jul 17, 2025Yield to maturity3.975%Jul 21, 2025Yield to maturity3.880%Jul 23, 2025Yield to maturity3.911%Jul 25, 2025Yield to maturity3.919%Jul 29, 2025Yield to maturity3.871%Jul 31, 2025Yield to maturity3.934%Aug 4, 2025Yield to maturity3.713%Aug 6, 2025Yield to maturity3.728%Aug 8, 2025Yield to maturity3.806%Aug 12, 2025Yield to maturity3.790%Aug 14, 2025Yield to maturity3.790%Aug 18, 2025Yield to maturity3.820%Aug 20, 2025Yield to maturity3.773%Aug 22, 2025Yield to maturity3.724%Aug 26, 2025Yield to maturity3.700%Aug 28, 2025Yield to maturity3.668%Sep 2, 2025Yield to maturity3.698%Sep 4, 2025Yield to maturity3.610%Sep 8, 2025Yield to maturity3.538%Sep 10, 2025Yield to maturity3.561%Sep 12, 2025Yield to maturity3.599%Sep 16, 2025Yield to maturity3.559%Sep 18, 2025Yield to maturity3.630%Sep 22, 2025Yield to maturity3.661%Sep 24, 2025Yield to maturity3.685%Sep 26, 2025Yield to maturity3.740%Sep 30, 2025Yield to maturity3.699%Oct 2, 2025Yield to maturity3.634%Oct 6, 2025Yield to maturity3.714%Oct 8, 2025Yield to maturity3.689%Oct 10, 2025Yield to maturity3.607%Oct 15, 2025Yield to maturity3.590%Oct 17, 2025Yield to maturity3.548%Oct 21, 2025Yield to maturity3.523%Oct 23, 2025Yield to maturity3.563%Oct 27, 2025Yield to maturity3.578%Oct 29, 2025Yield to maturity3.667%Oct 31, 2025Yield to maturity3.675%Nov 4, 2025Yield to maturity3.658%Nov 6, 2025Yield to maturity3.649%Nov 10, 2025Yield to maturity3.672%Nov 13, 2025Yield to maturity3.663%Nov 17, 2025Yield to maturity3.679%Nov 19, 2025Yield to maturity3.662%Nov 21, 2025Yield to maturity3.569%Nov 25, 2025Yield to maturity3.527%Nov 28, 2025Yield to maturity3.558%Dec 2, 2025Yield to maturity3.608%Dec 4, 2025Yield to maturity3.624%Dec 8, 2025Yield to maturity3.690%Dec 10, 2025Yield to maturity3.656%Dec 12, 2025Yield to maturity3.680%Dec 16, 2025Yield to maturity3.620%Dec 18, 2025Yield to maturity3.594%Dec 22, 2025Yield to maturity3.643%Dec 24, 2025Yield to maturity3.659%Dec 29, 2025Yield to maturity3.598%Dec 31, 2025Yield to maturity3.648%Jan 5, 2026Yield to maturity3.621%Jan 7, 2026Yield to maturity3.612%Jan 9, 2026Yield to maturity3.680%Jan 13, 2026Yield to maturity3.662%Jan 15, 2026Yield to maturity3.696%Jan 20, 2026Yield to maturity3.773%Jan 22, 2026Yield to maturity3.763%Jan 26, 2026Yield to maturity3.736%Jan 28, 2026Yield to maturity3.753%Jan 30, 2026Yield to maturity3.700%Feb 3, 2026Yield to maturity3.734%Feb 5, 2026Yield to maturity3.646%Feb 9, 2026Yield to maturity3.653%Feb 11, 2026Yield to maturity3.661%Feb 13, 2026Yield to maturity3.519%Feb 18, 2026Yield to maturity3.571%Feb 20, 2026Yield to maturity3.569%Feb 24, 2026Yield to maturity3.524%Feb 26, 2026Yield to maturity3.506%Mar 2, 2026Yield to maturity3.549%Mar 4, 2026Yield to maturity3.610%Mar 6, 2026Yield to maturity3.653%Mar 10, 2026Yield to maturity3.662%Mar 12, 2026Yield to maturity3.823%Mar 16, 2026Yield to maturity3.741%Mar 18, 2026Yield to maturity3.813%Mar 20, 2026Yield to maturity3.967%Mar 24, 2026Yield to maturity3.986%Mar 26, 2026Yield to maturity4.050%Mar 30, 2026Yield to maturity3.902%Apr 1, 2026Yield to maturity3.893%Apr 3, 2026Yield to maturity3.929%Apr 7, 2026Yield to maturity3.892%Apr 9, 2026Yield to maturity3.845%Apr 13, 2026Yield to maturity3.845%Apr 15, 2026Yield to maturity3.826%Apr 17, 2026Yield to maturity3.769%Apr 21, 2026Yield to maturity3.834%Apr 23, 2026Yield to maturity3.889%Apr 27, 2026Yield to maturity3.870%Apr 29, 2026Yield to maturity3.992%May 1, 2026Yield to maturity3.954%May 5, 2026Yield to maturity4.010%May 7, 2026Yield to maturity3.982%May 11, 2026Yield to maturity4.010%May 13, 2026Yield to maturity4.058%May 15, 2026Yield to maturity4.192%May 19, 2026Yield to maturity4.250%May 21, 2026Yield to maturity4.182%May 26, 2026Yield to maturity4.135%May 28, 2026Yield to maturity4.106%Jun 1, 2026Yield to maturity4.135%Jun 3, 2026Yield to maturity4.164%Jun 5, 2026Yield to maturity4.252%Jun 9, 2026Yield to maturity4.213%Jun 11, 2026Yield to maturity4.134%Jun 15, 2026Yield to maturity4.134%Jun 17, 2026Yield to maturity4.242%Jun 22, 2026Yield to maturity4.262%Jun 24, 2026Yield to maturity4.164%Jun 26, 2026Yield to maturity4.104%Jun 30, 2026Yield to maturity4.164%Jul 2, 2026Yield to maturity4.194%Jul 7, 2026Yield to maturity4.234%Jul 9, 2026Yield to maturity4.224%Jul 13, 2026Yield to maturity4.314%Jul 15, 2026Yield to maturity4.194%Jul 17, 2026Yield to maturity4.234%Jul 21, 2026Yield to maturity4.326%Jul 23, 2026Yield to maturity4.417%Jul 27, 2026Yield to maturity4.377%Jul 29, 2026Yield to maturity4.316%Jul 31, 2026Yield to maturity4.378%Aug 4, 2026Yield to maturity4.276%Aug 6, 2026Yield to maturity4.338%Aug 10, 2026Yield to maturity4.339%Aug 12, 2026Yield to maturity4.298%Aug 14, 2026Yield to maturity4.278%Aug 18, 2026Yield to maturity4.288%Aug 20, 2026Yield to maturity4.299%Aug 24, 2026Yield to maturity4.331%Aug 26, 2026Yield to maturity4.310%Aug 28, 2026Yield to maturity4.436%Sep 1, 2026Yield to maturity4.489%Sep 3, 2026Yield to maturity4.437%Sep 8, 2026Yield to maturity4.491%Sep 9, 2026Yield to maturity4.534%

Price history

444 trading days to Sep 9, 2026

979899100101102103Dec 2, 2024Sep 9, 2026Dec 2, 2024Close100.219Dec 4, 2024Close100.250Dec 6, 2024Close100.406Dec 10, 2024Close100.156Dec 12, 2024Close99.750Dec 16, 2024Close99.469Dec 18, 2024Close98.813Dec 20, 2024Close98.906Dec 24, 2024Close98.625Dec 27, 2024Close98.563Dec 31, 2024Close98.875Jan 3, 2025Close98.781Jan 7, 2025Close98.531Jan 9, 2025Close98.563Jan 13, 2025Close97.906Jan 15, 2025Close98.594Jan 17, 2025Close98.750Jan 22, 2025Close98.719Jan 24, 2025Close98.688Jan 28, 2025Close99.125Jan 30, 2025Close99.219Feb 3, 2025Close99.031Feb 5, 2025Close99.500Feb 7, 2025Close99.063Feb 11, 2025Close98.938Feb 13, 2025Close98.875Feb 18, 2025Close98.844Feb 20, 2025Close99.094Feb 24, 2025Close99.563Feb 26, 2025Close100.219Feb 28, 2025Close100.406Mar 4, 2025Close100.531Mar 6, 2025Close100.281Mar 10, 2025Close100.625Mar 12, 2025Close100.219Mar 14, 2025Close100.188Mar 18, 2025Close100.250Mar 20, 2025Close100.531Mar 24, 2025Close100.156Mar 26, 2025Close100.188Mar 28, 2025Close100.656Apr 1, 2025Close100.938Apr 3, 2025Close101.656Apr 7, 2025Close101.344Apr 9, 2025Close100.375Apr 11, 2025Close99.969Apr 15, 2025Close100.656Apr 17, 2025Close100.875Apr 21, 2025Close100.813Apr 23, 2025Close100.594Apr 25, 2025Close101.125Apr 29, 2025Close101.594May 1, 2025Close101.406May 5, 2025Close100.875May 7, 2025Close101.188May 9, 2025Close100.625May 13, 2025Close100.094May 15, 2025Close100.313May 19, 2025Close100.344May 21, 2025Close100.031May 23, 2025Close100.250May 28, 2025Close100.344May 30, 2025Close100.719Jun 3, 2025Close100.469Jun 5, 2025Close100.594Jun 9, 2025Close100.219Jun 11, 2025Close100.531Jun 13, 2025Close100.531Jun 17, 2025Close100.656Jun 20, 2025Close100.750Jun 24, 2025Close101.188Jun 26, 2025Close101.469Jun 30, 2025Close101.469Jul 2, 2025Close101.156Jul 7, 2025Close100.781Jul 9, 2025Close100.938Jul 11, 2025Close100.656Jul 15, 2025Close100.406Jul 17, 2025Close100.594Jul 21, 2025Close100.969Jul 23, 2025Close100.844Jul 25, 2025Close100.813Jul 29, 2025Close101.000Jul 31, 2025Close100.750Aug 4, 2025Close101.625Aug 6, 2025Close101.563Aug 8, 2025Close101.250Aug 12, 2025Close101.313Aug 14, 2025Close101.313Aug 18, 2025Close101.188Aug 20, 2025Close101.375Aug 22, 2025Close101.563Aug 26, 2025Close101.656Aug 28, 2025Close101.781Sep 2, 2025Close101.656Sep 4, 2025Close102.000Sep 8, 2025Close102.281Sep 10, 2025Close102.188Sep 12, 2025Close102.031Sep 16, 2025Close102.188Sep 18, 2025Close101.906Sep 22, 2025Close101.781Sep 24, 2025Close101.688Sep 26, 2025Close101.469Sep 30, 2025Close101.625Oct 2, 2025Close101.875Oct 6, 2025Close101.563Oct 8, 2025Close101.656Oct 10, 2025Close101.969Oct 15, 2025Close102.031Oct 17, 2025Close102.188Oct 21, 2025Close102.281Oct 23, 2025Close102.125Oct 27, 2025Close102.063Oct 29, 2025Close101.719Oct 31, 2025Close101.688Nov 4, 2025Close101.750Nov 6, 2025Close101.781Nov 10, 2025Close101.688Nov 13, 2025Close101.719Nov 17, 2025Close101.656Nov 19, 2025Close101.719Nov 21, 2025Close102.063Nov 25, 2025Close102.219Nov 28, 2025Close102.094Dec 2, 2025Close101.906Dec 4, 2025Close101.844Dec 8, 2025Close101.594Dec 10, 2025Close101.719Dec 12, 2025Close101.625Dec 16, 2025Close101.844Dec 18, 2025Close101.938Dec 22, 2025Close101.750Dec 24, 2025Close101.688Dec 29, 2025Close101.906Dec 31, 2025Close101.719Jan 5, 2026Close101.813Jan 7, 2026Close101.844Jan 9, 2026Close101.594Jan 13, 2026Close101.656Jan 15, 2026Close101.531Jan 20, 2026Close101.250Jan 22, 2026Close101.281Jan 26, 2026Close101.375Jan 28, 2026Close101.313Jan 30, 2026Close101.500Feb 3, 2026Close101.375Feb 5, 2026Close101.688Feb 9, 2026Close101.656Feb 11, 2026Close101.625Feb 13, 2026Close102.125Feb 18, 2026Close101.938Feb 20, 2026Close101.938Feb 24, 2026Close102.094Feb 26, 2026Close102.156Mar 2, 2026Close102.000Mar 4, 2026Close101.781Mar 6, 2026Close101.625Mar 10, 2026Close101.594Mar 12, 2026Close101.031Mar 16, 2026Close101.313Mar 18, 2026Close101.063Mar 20, 2026Close100.531Mar 24, 2026Close100.469Mar 26, 2026Close100.250Mar 30, 2026Close100.750Apr 1, 2026Close100.781Apr 3, 2026Close100.656Apr 7, 2026Close100.781Apr 9, 2026Close100.938Apr 13, 2026Close100.938Apr 15, 2026Close101.000Apr 17, 2026Close101.188Apr 21, 2026Close100.969Apr 23, 2026Close100.781Apr 27, 2026Close100.844Apr 29, 2026Close100.438May 1, 2026Close100.563May 5, 2026Close100.375May 7, 2026Close100.469May 11, 2026Close100.375May 13, 2026Close100.219May 15, 2026Close99.781May 19, 2026Close99.594May 21, 2026Close99.813May 26, 2026Close99.969May 28, 2026Close100.063Jun 1, 2026Close99.969Jun 3, 2026Close99.875Jun 5, 2026Close99.594Jun 9, 2026Close99.719Jun 11, 2026Close99.969Jun 15, 2026Close99.969Jun 17, 2026Close99.625Jun 22, 2026Close99.563Jun 24, 2026Close99.875Jun 26, 2026Close100.063Jun 30, 2026Close99.875Jul 2, 2026Close99.781Jul 7, 2026Close99.656Jul 9, 2026Close99.688Jul 13, 2026Close99.406Jul 15, 2026Close99.781Jul 17, 2026Close99.656Jul 21, 2026Close99.375Jul 23, 2026Close99.094Jul 27, 2026Close99.219Jul 29, 2026Close99.406Jul 31, 2026Close99.219Aug 4, 2026Close99.531Aug 6, 2026Close99.344Aug 10, 2026Close99.344Aug 12, 2026Close99.469Aug 14, 2026Close99.531Aug 18, 2026Close99.500Aug 20, 2026Close99.469Aug 24, 2026Close99.375Aug 26, 2026Close99.438Aug 28, 2026Close99.063Sep 1, 2026Close98.906Sep 3, 2026Close99.063Sep 8, 2026Close98.906Sep 9, 2026Close98.781
The most recent 20 trading days of prices for 91282CMA6.
DateBidOfferClose
Sep 9, 202698.79798.78198.781
Sep 8, 202698.92298.90698.906
Sep 4, 202698.98498.96998.969
Sep 3, 202699.12599.12599.063
Sep 2, 202698.95398.93898.938
Sep 1, 202699.01699.00098.906
Aug 31, 202699.09499.09499.094
Aug 28, 202699.17299.15699.063
Aug 27, 202699.45399.43899.406
Aug 26, 202699.46999.46999.438
Aug 25, 202699.51699.50099.531
Aug 24, 202699.42299.40699.375
Aug 21, 202699.34499.34499.344
Aug 20, 202699.48499.46999.469
Aug 19, 202699.51699.50099.531
Aug 18, 202699.51699.50099.500
Aug 17, 202699.54799.53199.500
Aug 14, 202699.60999.59499.531
Aug 13, 202699.64199.62599.656
Aug 12, 202699.51699.50099.469

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 91282CMA6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 26, 2024Dec 2, 2024New issue$70.0bn$74.8bn2.43x4.197%

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.