Treasury note

91282CMB4 · 4% due December 15, 2027

Original term
3-Year
Maturity
Dec 15, 2027
Coupon
4.000%
Pays
Semi-Annual
Dated
Dec 15, 2024
First coupon
Jun 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$58.39bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.330%
Modified duration
1.207 yr
DV01
0.0121
Convexity
2.070
Dirty price
100.545

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 4 of twelve buckets, summing to 1.234 years against a modified duration of 1.207.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 2.76 cents per 100 of face.

That is 1.41 standard deviations from its own typical residual.

Yield to maturity, 434 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 16, 2024Sep 9, 2026Dec 16, 2024Yield to maturity4.224%Dec 18, 2024Yield to maturity4.349%Dec 20, 2024Yield to maturity4.316%Dec 24, 2024Yield to maturity4.362%Dec 27, 2024Yield to maturity4.363%Dec 31, 2024Yield to maturity4.273%Jan 3, 2025Yield to maturity4.319%Jan 7, 2025Yield to maturity4.343%Jan 9, 2025Yield to maturity4.320%Jan 13, 2025Yield to maturity4.484%Jan 15, 2025Yield to maturity4.333%Jan 17, 2025Yield to maturity4.323%Jan 22, 2025Yield to maturity4.324%Jan 24, 2025Yield to maturity4.325%Jan 28, 2025Yield to maturity4.232%Jan 30, 2025Yield to maturity4.220%Feb 3, 2025Yield to maturity4.280%Feb 5, 2025Yield to maturity4.186%Feb 7, 2025Yield to maturity4.293%Feb 11, 2025Yield to maturity4.294%Feb 13, 2025Yield to maturity4.330%Feb 18, 2025Yield to maturity4.319%Feb 20, 2025Yield to maturity4.272%Feb 24, 2025Yield to maturity4.165%Feb 26, 2025Yield to maturity4.046%Feb 28, 2025Yield to maturity3.986%Mar 4, 2025Yield to maturity3.950%Mar 6, 2025Yield to maturity3.974%Mar 10, 2025Yield to maturity3.902%Mar 12, 2025Yield to maturity3.986%Mar 14, 2025Yield to maturity4.010%Mar 18, 2025Yield to maturity4.010%Mar 20, 2025Yield to maturity3.937%Mar 24, 2025Yield to maturity4.010%Mar 26, 2025Yield to maturity4.010%Mar 28, 2025Yield to maturity3.900%Apr 1, 2025Yield to maturity3.851%Apr 3, 2025Yield to maturity3.691%Apr 7, 2025Yield to maturity3.727%Apr 9, 2025Yield to maturity3.924%Apr 11, 2025Yield to maturity3.986%Apr 15, 2025Yield to maturity3.836%Apr 17, 2025Yield to maturity3.799%Apr 21, 2025Yield to maturity3.748%Apr 23, 2025Yield to maturity3.848%Apr 25, 2025Yield to maturity3.747%Apr 29, 2025Yield to maturity3.634%May 1, 2025Yield to maturity3.671%May 5, 2025Yield to maturity3.808%May 7, 2025Yield to maturity3.745%May 9, 2025Yield to maturity3.871%May 13, 2025Yield to maturity4.012%May 15, 2025Yield to maturity3.948%May 19, 2025Yield to maturity3.947%May 21, 2025Yield to maturity3.986%May 23, 2025Yield to maturity3.973%May 28, 2025Yield to maturity3.960%May 30, 2025Yield to maturity3.882%Jun 3, 2025Yield to maturity3.934%Jun 5, 2025Yield to maturity3.908%Jun 9, 2025Yield to maturity3.987%Jun 11, 2025Yield to maturity3.921%Jun 13, 2025Yield to maturity3.920%Jun 17, 2025Yield to maturity3.907%Jun 20, 2025Yield to maturity3.866%Jun 24, 2025Yield to maturity3.759%Jun 26, 2025Yield to maturity3.692%Jun 30, 2025Yield to maturity3.704%Jul 2, 2025Yield to maturity3.770%Jul 7, 2025Yield to maturity3.864%Jul 9, 2025Yield to maturity3.822%Jul 11, 2025Yield to maturity3.876%Jul 15, 2025Yield to maturity3.930%Jul 17, 2025Yield to maturity3.889%Jul 21, 2025Yield to maturity3.806%Jul 23, 2025Yield to maturity3.847%Jul 25, 2025Yield to maturity3.874%Jul 29, 2025Yield to maturity3.832%Jul 31, 2025Yield to maturity3.901%Aug 4, 2025Yield to maturity3.650%Aug 6, 2025Yield to maturity3.663%Aug 8, 2025Yield to maturity3.731%Aug 12, 2025Yield to maturity3.703%Aug 14, 2025Yield to maturity3.702%Aug 18, 2025Yield to maturity3.729%Aug 20, 2025Yield to maturity3.700%Aug 22, 2025Yield to maturity3.642%Aug 26, 2025Yield to maturity3.627%Aug 28, 2025Yield to maturity3.612%Sep 2, 2025Yield to maturity3.638%Sep 4, 2025Yield to maturity3.565%Sep 8, 2025Yield to maturity3.477%Sep 10, 2025Yield to maturity3.519%Sep 12, 2025Yield to maturity3.531%Sep 16, 2025Yield to maturity3.487%Sep 18, 2025Yield to maturity3.544%Sep 22, 2025Yield to maturity3.586%Sep 24, 2025Yield to maturity3.599%Sep 26, 2025Yield to maturity3.642%Sep 30, 2025Yield to maturity3.596%Oct 2, 2025Yield to maturity3.536%Oct 6, 2025Yield to maturity3.594%Oct 8, 2025Yield to maturity3.578%Oct 10, 2025Yield to maturity3.515%Oct 15, 2025Yield to maturity3.499%Oct 17, 2025Yield to maturity3.452%Oct 21, 2025Yield to maturity3.435%Oct 23, 2025Yield to maturity3.464%Oct 27, 2025Yield to maturity3.492%Oct 29, 2025Yield to maturity3.583%Oct 31, 2025Yield to maturity3.581%Nov 4, 2025Yield to maturity3.564%Nov 6, 2025Yield to maturity3.548%Nov 10, 2025Yield to maturity3.576%Nov 13, 2025Yield to maturity3.575%Nov 17, 2025Yield to maturity3.589%Nov 19, 2025Yield to maturity3.572%Nov 21, 2025Yield to maturity3.491%Nov 25, 2025Yield to maturity3.458%Nov 28, 2025Yield to maturity3.503%Dec 2, 2025Yield to maturity3.518%Dec 4, 2025Yield to maturity3.532%Dec 8, 2025Yield to maturity3.578%Dec 10, 2025Yield to maturity3.545%Dec 12, 2025Yield to maturity3.527%Dec 16, 2025Yield to maturity3.477%Dec 18, 2025Yield to maturity3.459%Dec 22, 2025Yield to maturity3.505%Dec 24, 2025Yield to maturity3.519%Dec 29, 2025Yield to maturity3.467%Dec 31, 2025Yield to maturity3.481%Jan 5, 2026Yield to maturity3.461%Jan 7, 2026Yield to maturity3.477%Jan 9, 2026Yield to maturity3.541%Jan 13, 2026Yield to maturity3.523%Jan 15, 2026Yield to maturity3.572%Jan 20, 2026Yield to maturity3.603%Jan 22, 2026Yield to maturity3.602%Jan 26, 2026Yield to maturity3.600%Jan 28, 2026Yield to maturity3.581%Jan 30, 2026Yield to maturity3.527%Feb 3, 2026Yield to maturity3.560%Feb 5, 2026Yield to maturity3.472%Feb 9, 2026Yield to maturity3.486%Feb 11, 2026Yield to maturity3.520%Feb 13, 2026Yield to maturity3.410%Feb 18, 2026Yield to maturity3.461%Feb 20, 2026Yield to maturity3.494%Feb 24, 2026Yield to maturity3.475%Feb 26, 2026Yield to maturity3.455%Mar 2, 2026Yield to maturity3.488%Mar 4, 2026Yield to maturity3.559%Mar 6, 2026Yield to maturity3.575%Mar 10, 2026Yield to maturity3.592%Mar 12, 2026Yield to maturity3.775%Mar 16, 2026Yield to maturity3.699%Mar 18, 2026Yield to maturity3.773%Mar 20, 2026Yield to maturity3.941%Mar 24, 2026Yield to maturity3.959%Mar 26, 2026Yield to maturity4.016%Mar 30, 2026Yield to maturity3.845%Apr 1, 2026Yield to maturity3.844%Apr 3, 2026Yield to maturity3.882%Apr 7, 2026Yield to maturity3.843%Apr 9, 2026Yield to maturity3.804%Apr 13, 2026Yield to maturity3.802%Apr 15, 2026Yield to maturity3.782%Apr 17, 2026Yield to maturity3.722%Apr 21, 2026Yield to maturity3.800%Apr 23, 2026Yield to maturity3.839%Apr 27, 2026Yield to maturity3.818%Apr 29, 2026Yield to maturity3.918%May 1, 2026Yield to maturity3.877%May 5, 2026Yield to maturity3.937%May 7, 2026Yield to maturity3.917%May 11, 2026Yield to maturity3.937%May 13, 2026Yield to maturity3.957%May 15, 2026Yield to maturity4.040%May 19, 2026Yield to maturity4.081%May 21, 2026Yield to maturity4.040%May 26, 2026Yield to maturity4.020%May 28, 2026Yield to maturity3.999%Jun 1, 2026Yield to maturity4.020%Jun 3, 2026Yield to maturity4.063%Jun 5, 2026Yield to maturity4.128%Jun 9, 2026Yield to maturity4.086%Jun 11, 2026Yield to maturity4.021%Jun 15, 2026Yield to maturity4.043%Jun 17, 2026Yield to maturity4.196%Jun 22, 2026Yield to maturity4.220%Jun 24, 2026Yield to maturity4.154%Jun 26, 2026Yield to maturity4.088%Jun 30, 2026Yield to maturity4.155%Jul 2, 2026Yield to maturity4.156%Jul 7, 2026Yield to maturity4.179%Jul 9, 2026Yield to maturity4.157%Jul 13, 2026Yield to maturity4.250%Jul 15, 2026Yield to maturity4.113%Jul 17, 2026Yield to maturity4.160%Jul 21, 2026Yield to maturity4.230%Jul 23, 2026Yield to maturity4.324%Jul 27, 2026Yield to maturity4.303%Jul 29, 2026Yield to maturity4.209%Jul 31, 2026Yield to maturity4.235%Aug 4, 2026Yield to maturity4.164%Aug 6, 2026Yield to maturity4.212%Aug 10, 2026Yield to maturity4.190%Aug 12, 2026Yield to maturity4.142%Aug 14, 2026Yield to maturity4.119%Aug 18, 2026Yield to maturity4.119%Aug 20, 2026Yield to maturity4.119%Aug 24, 2026Yield to maturity4.170%Aug 26, 2026Yield to maturity4.146%Aug 28, 2026Yield to maturity4.298%Sep 1, 2026Yield to maturity4.324%Sep 3, 2026Yield to maturity4.275%Sep 8, 2026Yield to maturity4.303%Sep 9, 2026Yield to maturity4.330%

Price history

434 trading days to Sep 9, 2026

98.5099.0099.50100.00100.50101.00101.50Dec 16, 2024Sep 9, 2026Dec 16, 2024Close99.375Dec 18, 2024Close99.031Dec 20, 2024Close99.125Dec 24, 2024Close99.000Dec 27, 2024Close99.000Dec 31, 2024Close99.250Jan 3, 2025Close99.125Jan 7, 2025Close99.063Jan 9, 2025Close99.125Jan 13, 2025Close98.688Jan 15, 2025Close99.094Jan 17, 2025Close99.125Jan 22, 2025Close99.125Jan 24, 2025Close99.125Jan 28, 2025Close99.375Jan 30, 2025Close99.406Feb 3, 2025Close99.250Feb 5, 2025Close99.500Feb 7, 2025Close99.219Feb 11, 2025Close99.219Feb 13, 2025Close99.125Feb 18, 2025Close99.156Feb 20, 2025Close99.281Feb 24, 2025Close99.563Feb 26, 2025Close99.875Feb 28, 2025Close100.031Mar 4, 2025Close100.125Mar 6, 2025Close100.063Mar 10, 2025Close100.250Mar 12, 2025Close100.031Mar 14, 2025Close99.969Mar 18, 2025Close99.969Mar 20, 2025Close100.156Mar 24, 2025Close99.969Mar 26, 2025Close99.969Mar 28, 2025Close100.250Apr 1, 2025Close100.375Apr 3, 2025Close100.781Apr 7, 2025Close100.688Apr 9, 2025Close100.188Apr 11, 2025Close100.031Apr 15, 2025Close100.406Apr 17, 2025Close100.500Apr 21, 2025Close100.625Apr 23, 2025Close100.375Apr 25, 2025Close100.625Apr 29, 2025Close100.906May 1, 2025Close100.813May 5, 2025Close100.469May 7, 2025Close100.625May 9, 2025Close100.313May 13, 2025Close99.969May 15, 2025Close100.125May 19, 2025Close100.125May 21, 2025Close100.031May 23, 2025Close100.063May 28, 2025Close100.094May 30, 2025Close100.281Jun 3, 2025Close100.156Jun 5, 2025Close100.219Jun 9, 2025Close100.031Jun 11, 2025Close100.188Jun 13, 2025Close100.188Jun 17, 2025Close100.219Jun 20, 2025Close100.313Jun 24, 2025Close100.563Jun 26, 2025Close100.719Jun 30, 2025Close100.688Jul 2, 2025Close100.531Jul 7, 2025Close100.313Jul 9, 2025Close100.406Jul 11, 2025Close100.281Jul 15, 2025Close100.156Jul 17, 2025Close100.250Jul 21, 2025Close100.438Jul 23, 2025Close100.344Jul 25, 2025Close100.281Jul 29, 2025Close100.375Jul 31, 2025Close100.219Aug 4, 2025Close100.781Aug 6, 2025Close100.750Aug 8, 2025Close100.594Aug 12, 2025Close100.656Aug 14, 2025Close100.656Aug 18, 2025Close100.594Aug 20, 2025Close100.656Aug 22, 2025Close100.781Aug 26, 2025Close100.813Aug 28, 2025Close100.844Sep 2, 2025Close100.781Sep 4, 2025Close100.938Sep 8, 2025Close101.125Sep 10, 2025Close101.031Sep 12, 2025Close101.000Sep 16, 2025Close101.094Sep 18, 2025Close100.969Sep 22, 2025Close100.875Sep 24, 2025Close100.844Sep 26, 2025Close100.750Sep 30, 2025Close100.844Oct 2, 2025Close100.969Oct 6, 2025Close100.844Oct 8, 2025Close100.875Oct 10, 2025Close101.000Oct 15, 2025Close101.031Oct 17, 2025Close101.125Oct 21, 2025Close101.156Oct 23, 2025Close101.094Oct 27, 2025Close101.031Oct 29, 2025Close100.844Oct 31, 2025Close100.844Nov 4, 2025Close100.875Nov 6, 2025Close100.906Nov 10, 2025Close100.844Nov 13, 2025Close100.844Nov 17, 2025Close100.813Nov 19, 2025Close100.844Nov 21, 2025Close101.000Nov 25, 2025Close101.063Nov 28, 2025Close100.969Dec 2, 2025Close100.938Dec 4, 2025Close100.906Dec 8, 2025Close100.813Dec 10, 2025Close100.875Dec 12, 2025Close100.906Dec 16, 2025Close101.000Dec 18, 2025Close101.031Dec 22, 2025Close100.938Dec 24, 2025Close100.906Dec 29, 2025Close101.000Dec 31, 2025Close100.969Jan 5, 2026Close101.000Jan 7, 2026Close100.969Jan 9, 2026Close100.844Jan 13, 2026Close100.875Jan 15, 2026Close100.781Jan 20, 2026Close100.719Jan 22, 2026Close100.719Jan 26, 2026Close100.719Jan 28, 2026Close100.750Jan 30, 2026Close100.844Feb 3, 2026Close100.781Feb 5, 2026Close100.938Feb 9, 2026Close100.906Feb 11, 2026Close100.844Feb 13, 2026Close101.031Feb 18, 2026Close100.938Feb 20, 2026Close100.875Feb 24, 2026Close100.906Feb 26, 2026Close100.938Mar 2, 2026Close100.875Mar 4, 2026Close100.750Mar 6, 2026Close100.719Mar 10, 2026Close100.688Mar 12, 2026Close100.375Mar 16, 2026Close100.500Mar 18, 2026Close100.375Mar 20, 2026Close100.094Mar 24, 2026Close100.063Mar 26, 2026Close99.969Mar 30, 2026Close100.250Apr 1, 2026Close100.250Apr 3, 2026Close100.188Apr 7, 2026Close100.250Apr 9, 2026Close100.313Apr 13, 2026Close100.313Apr 15, 2026Close100.344Apr 17, 2026Close100.438Apr 21, 2026Close100.313Apr 23, 2026Close100.250Apr 27, 2026Close100.281Apr 29, 2026Close100.125May 1, 2026Close100.188May 5, 2026Close100.094May 7, 2026Close100.125May 11, 2026Close100.094May 13, 2026Close100.063May 15, 2026Close99.938May 19, 2026Close99.875May 21, 2026Close99.938May 26, 2026Close99.969May 28, 2026Close100.000Jun 1, 2026Close99.969Jun 3, 2026Close99.906Jun 5, 2026Close99.813Jun 9, 2026Close99.875Jun 11, 2026Close99.969Jun 15, 2026Close99.938Jun 17, 2026Close99.719Jun 22, 2026Close99.688Jun 24, 2026Close99.781Jun 26, 2026Close99.875Jun 30, 2026Close99.781Jul 2, 2026Close99.781Jul 7, 2026Close99.750Jul 9, 2026Close99.781Jul 13, 2026Close99.656Jul 15, 2026Close99.844Jul 17, 2026Close99.781Jul 21, 2026Close99.688Jul 23, 2026Close99.563Jul 27, 2026Close99.594Jul 29, 2026Close99.719Jul 31, 2026Close99.688Aug 4, 2026Close99.781Aug 6, 2026Close99.719Aug 10, 2026Close99.750Aug 12, 2026Close99.813Aug 14, 2026Close99.844Aug 18, 2026Close99.844Aug 20, 2026Close99.844Aug 24, 2026Close99.781Aug 26, 2026Close99.813Aug 28, 2026Close99.625Sep 1, 2026Close99.594Sep 3, 2026Close99.656Sep 8, 2026Close99.625Sep 9, 2026Close99.594
The most recent 20 trading days of prices for 91282CMB4.
DateBidOfferClose
Sep 9, 202699.60999.59499.594
Sep 8, 202699.64199.62599.625
Sep 4, 202699.64199.62599.625
Sep 3, 202699.68899.68899.656
Sep 2, 202699.60999.59499.625
Sep 1, 202699.64199.62599.594
Aug 31, 202699.65699.65699.656
Aug 28, 202699.67299.65699.625
Aug 27, 202699.81399.81399.781
Aug 26, 202699.81399.81399.813
Aug 25, 202699.82899.81399.813
Aug 24, 202699.79799.78199.781
Aug 21, 202699.78199.78199.781
Aug 20, 202699.85999.84499.844
Aug 19, 202699.84499.84499.844
Aug 18, 202699.85999.84499.844
Aug 17, 202699.85999.84499.844
Aug 14, 202699.87599.87599.844
Aug 13, 202699.87599.87599.875
Aug 12, 202699.81399.81399.813

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 91282CMB4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 10, 2024Dec 16, 2024New issue$58.0bn$58.4bn2.58x4.117%

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.