Treasury note

91282CMC2 · 4.5% due December 31, 2031

Original term
7-Year
Maturity
Dec 31, 2031
Coupon
4.500%
Pays
Semi-Annual
Dated
Dec 31, 2024
First coupon
Jun 30, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$44.09bn
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
4.633%
Modified duration
4.628 yr
DV01
0.0464
Convexity
25.310
Dirty price
100.255

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 7 of twelve buckets, summing to 4.736 years against a modified duration of 4.628.

Against the fitted curve

Priced 0.4 bp cheap to the curve on that day, 2.02 cents per 100 of face.

That is -0.29 standard deviations from its own typical residual.

Yield to maturity, 424 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Dec 31, 2024Sep 9, 2026Dec 31, 2024Yield to maturity4.484%Jan 3, 2025Yield to maturity4.510%Jan 7, 2025Yield to maturity4.574%Jan 9, 2025Yield to maturity4.574%Jan 13, 2025Yield to maturity4.712%Jan 15, 2025Yield to maturity4.553%Jan 17, 2025Yield to maturity4.515%Jan 22, 2025Yield to maturity4.510%Jan 24, 2025Yield to maturity4.531%Jan 28, 2025Yield to maturity4.436%Jan 30, 2025Yield to maturity4.409%Feb 3, 2025Yield to maturity4.446%Feb 5, 2025Yield to maturity4.330%Feb 7, 2025Yield to maturity4.414%Feb 11, 2025Yield to maturity4.451%Feb 13, 2025Yield to maturity4.457%Feb 18, 2025Yield to maturity4.478%Feb 20, 2025Yield to maturity4.424%Feb 24, 2025Yield to maturity4.313%Feb 26, 2025Yield to maturity4.150%Feb 28, 2025Yield to maturity4.128%Mar 4, 2025Yield to maturity4.107%Mar 6, 2025Yield to maturity4.170%Mar 10, 2025Yield to maturity4.090%Mar 12, 2025Yield to maturity4.195%Mar 14, 2025Yield to maturity4.195%Mar 18, 2025Yield to maturity4.168%Mar 20, 2025Yield to maturity4.110%Mar 24, 2025Yield to maturity4.205%Mar 26, 2025Yield to maturity4.204%Mar 28, 2025Yield to maturity4.109%Apr 1, 2025Yield to maturity4.019%Apr 3, 2025Yield to maturity3.872%Apr 7, 2025Yield to maturity3.955%Apr 9, 2025Yield to maturity4.192%Apr 11, 2025Yield to maturity4.315%Apr 15, 2025Yield to maturity4.138%Apr 17, 2025Yield to maturity4.117%Apr 21, 2025Yield to maturity4.170%Apr 23, 2025Yield to maturity4.185%Apr 25, 2025Yield to maturity4.057%Apr 29, 2025Yield to maturity3.951%May 1, 2025Yield to maturity3.998%May 5, 2025Yield to maturity4.120%May 7, 2025Yield to maturity4.039%May 9, 2025Yield to maturity4.162%May 13, 2025Yield to maturity4.286%May 15, 2025Yield to maturity4.232%May 19, 2025Yield to maturity4.237%May 21, 2025Yield to maturity4.340%May 23, 2025Yield to maturity4.263%May 28, 2025Yield to maturity4.242%May 30, 2025Yield to maturity4.154%Jun 3, 2025Yield to maturity4.208%Jun 5, 2025Yield to maturity4.159%Jun 9, 2025Yield to maturity4.257%Jun 11, 2025Yield to maturity4.175%Jun 13, 2025Yield to maturity4.175%Jun 17, 2025Yield to maturity4.142%Jun 20, 2025Yield to maturity4.119%Jun 24, 2025Yield to maturity4.021%Jun 26, 2025Yield to maturity3.967%Jun 30, 2025Yield to maturity3.950%Jul 2, 2025Yield to maturity4.025%Jul 7, 2025Yield to maturity4.123%Jul 9, 2025Yield to maturity4.073%Jul 11, 2025Yield to maturity4.149%Jul 15, 2025Yield to maturity4.215%Jul 17, 2025Yield to maturity4.176%Jul 21, 2025Yield to maturity4.082%Jul 23, 2025Yield to maturity4.104%Jul 25, 2025Yield to maturity4.109%Jul 29, 2025Yield to maturity4.053%Jul 31, 2025Yield to maturity4.102%Aug 4, 2025Yield to maturity3.899%Aug 6, 2025Yield to maturity3.920%Aug 8, 2025Yield to maturity3.985%Aug 12, 2025Yield to maturity3.979%Aug 14, 2025Yield to maturity3.973%Aug 18, 2025Yield to maturity4.016%Aug 20, 2025Yield to maturity3.966%Aug 22, 2025Yield to maturity3.921%Aug 26, 2025Yield to maturity3.910%Aug 28, 2025Yield to maturity3.866%Sep 2, 2025Yield to maturity3.914%Sep 4, 2025Yield to maturity3.809%Sep 8, 2025Yield to maturity3.720%Sep 10, 2025Yield to maturity3.720%Sep 12, 2025Yield to maturity3.757%Sep 16, 2025Yield to maturity3.723%Sep 18, 2025Yield to maturity3.800%Sep 22, 2025Yield to maturity3.837%Sep 24, 2025Yield to maturity3.848%Sep 26, 2025Yield to maturity3.903%Sep 30, 2025Yield to maturity3.869%Oct 2, 2025Yield to maturity3.801%Oct 6, 2025Yield to maturity3.884%Oct 8, 2025Yield to maturity3.850%Oct 10, 2025Yield to maturity3.771%Oct 15, 2025Yield to maturity3.754%Oct 17, 2025Yield to maturity3.713%Oct 21, 2025Yield to maturity3.674%Oct 23, 2025Yield to maturity3.723%Oct 27, 2025Yield to maturity3.728%Oct 29, 2025Yield to maturity3.811%Oct 31, 2025Yield to maturity3.827%Nov 4, 2025Yield to maturity3.810%Nov 6, 2025Yield to maturity3.804%Nov 10, 2025Yield to maturity3.830%Nov 13, 2025Yield to maturity3.819%Nov 17, 2025Yield to maturity3.829%Nov 19, 2025Yield to maturity3.823%Nov 21, 2025Yield to maturity3.737%Nov 25, 2025Yield to maturity3.680%Nov 28, 2025Yield to maturity3.707%Dec 2, 2025Yield to maturity3.768%Dec 4, 2025Yield to maturity3.796%Dec 8, 2025Yield to maturity3.864%Dec 10, 2025Yield to maturity3.835%Dec 12, 2025Yield to maturity3.868%Dec 16, 2025Yield to maturity3.810%Dec 18, 2025Yield to maturity3.781%Dec 22, 2025Yield to maturity3.837%Dec 24, 2025Yield to maturity3.831%Dec 29, 2025Yield to maturity3.784%Dec 31, 2025Yield to maturity3.835%Jan 5, 2026Yield to maturity3.816%Jan 7, 2026Yield to maturity3.804%Jan 9, 2026Yield to maturity3.855%Jan 13, 2026Yield to maturity3.849%Jan 15, 2026Yield to maturity3.866%Jan 20, 2026Yield to maturity3.975%Jan 22, 2026Yield to maturity3.951%Jan 26, 2026Yield to maturity3.921%Jan 28, 2026Yield to maturity3.944%Jan 30, 2026Yield to maturity3.908%Feb 3, 2026Yield to maturity3.937%Feb 5, 2026Yield to maturity3.854%Feb 9, 2026Yield to maturity3.853%Feb 11, 2026Yield to maturity3.847%Feb 13, 2026Yield to maturity3.705%Feb 18, 2026Yield to maturity3.751%Feb 20, 2026Yield to maturity3.744%Feb 24, 2026Yield to maturity3.696%Feb 26, 2026Yield to maturity3.678%Mar 2, 2026Yield to maturity3.712%Mar 4, 2026Yield to maturity3.764%Mar 6, 2026Yield to maturity3.822%Mar 10, 2026Yield to maturity3.821%Mar 12, 2026Yield to maturity3.970%Mar 16, 2026Yield to maturity3.897%Mar 18, 2026Yield to maturity3.956%Mar 20, 2026Yield to maturity4.106%Mar 24, 2026Yield to maturity4.118%Mar 26, 2026Yield to maturity4.173%Mar 30, 2026Yield to maturity4.062%Apr 1, 2026Yield to maturity4.050%Apr 3, 2026Yield to maturity4.067%Apr 7, 2026Yield to maturity4.031%Apr 9, 2026Yield to maturity3.994%Apr 13, 2026Yield to maturity3.999%Apr 15, 2026Yield to maturity3.974%Apr 17, 2026Yield to maturity3.925%Apr 21, 2026Yield to maturity3.985%Apr 23, 2026Yield to maturity4.033%Apr 27, 2026Yield to maturity4.027%Apr 29, 2026Yield to maturity4.131%May 1, 2026Yield to maturity4.093%May 5, 2026Yield to maturity4.136%May 7, 2026Yield to maturity4.111%May 11, 2026Yield to maturity4.129%May 13, 2026Yield to maturity4.178%May 15, 2026Yield to maturity4.322%May 19, 2026Yield to maturity4.391%May 21, 2026Yield to maturity4.303%May 26, 2026Yield to maturity4.240%May 28, 2026Yield to maturity4.208%Jun 1, 2026Yield to maturity4.233%Jun 3, 2026Yield to maturity4.258%Jun 5, 2026Yield to maturity4.327%Jun 9, 2026Yield to maturity4.302%Jun 11, 2026Yield to maturity4.219%Jun 15, 2026Yield to maturity4.225%Jun 17, 2026Yield to maturity4.301%Jun 22, 2026Yield to maturity4.320%Jun 24, 2026Yield to maturity4.211%Jun 26, 2026Yield to maturity4.160%Jun 30, 2026Yield to maturity4.224%Jul 2, 2026Yield to maturity4.268%Jul 7, 2026Yield to maturity4.312%Jul 9, 2026Yield to maturity4.306%Jul 13, 2026Yield to maturity4.396%Jul 15, 2026Yield to maturity4.292%Jul 17, 2026Yield to maturity4.311%Jul 21, 2026Yield to maturity4.402%Jul 23, 2026Yield to maturity4.493%Jul 27, 2026Yield to maturity4.434%Jul 29, 2026Yield to maturity4.414%Jul 31, 2026Yield to maturity4.486%Aug 4, 2026Yield to maturity4.368%Aug 6, 2026Yield to maturity4.427%Aug 10, 2026Yield to maturity4.440%Aug 12, 2026Yield to maturity4.407%Aug 14, 2026Yield to maturity4.393%Aug 18, 2026Yield to maturity4.407%Aug 20, 2026Yield to maturity4.420%Aug 24, 2026Yield to maturity4.446%Aug 26, 2026Yield to maturity4.413%Aug 28, 2026Yield to maturity4.512%Sep 1, 2026Yield to maturity4.579%Sep 3, 2026Yield to maturity4.546%Sep 8, 2026Yield to maturity4.593%Sep 9, 2026Yield to maturity4.633%

Price history

424 trading days to Sep 9, 2026

9899100101102103104105Dec 31, 2024Sep 9, 2026Dec 31, 2024Close100.094Jan 3, 2025Close99.938Jan 7, 2025Close99.563Jan 9, 2025Close99.563Jan 13, 2025Close98.750Jan 15, 2025Close99.688Jan 17, 2025Close99.906Jan 22, 2025Close99.938Jan 24, 2025Close99.813Jan 28, 2025Close100.375Jan 30, 2025Close100.531Feb 3, 2025Close100.313Feb 5, 2025Close101.000Feb 7, 2025Close100.500Feb 11, 2025Close100.281Feb 13, 2025Close100.250Feb 18, 2025Close100.125Feb 20, 2025Close100.438Feb 24, 2025Close101.094Feb 26, 2025Close102.063Feb 28, 2025Close102.188Mar 4, 2025Close102.313Mar 6, 2025Close101.938Mar 10, 2025Close102.406Mar 12, 2025Close101.781Mar 14, 2025Close101.781Mar 18, 2025Close101.938Mar 20, 2025Close102.281Mar 24, 2025Close101.719Mar 26, 2025Close101.719Mar 28, 2025Close102.281Apr 1, 2025Close102.813Apr 3, 2025Close103.688Apr 7, 2025Close103.188Apr 9, 2025Close101.781Apr 11, 2025Close101.063Apr 15, 2025Close102.094Apr 17, 2025Close102.219Apr 21, 2025Close101.906Apr 23, 2025Close101.813Apr 25, 2025Close102.563Apr 29, 2025Close103.188May 1, 2025Close102.906May 5, 2025Close102.188May 7, 2025Close102.656May 9, 2025Close101.938May 13, 2025Close101.219May 15, 2025Close101.531May 19, 2025Close101.500May 21, 2025Close100.906May 23, 2025Close101.344May 28, 2025Close101.469May 30, 2025Close101.969Jun 3, 2025Close101.656Jun 5, 2025Close101.938Jun 9, 2025Close101.375Jun 11, 2025Close101.844Jun 13, 2025Close101.844Jun 17, 2025Close102.031Jun 20, 2025Close102.156Jun 24, 2025Close102.719Jun 26, 2025Close103.031Jun 30, 2025Close103.125Jul 2, 2025Close102.688Jul 7, 2025Close102.125Jul 9, 2025Close102.406Jul 11, 2025Close101.969Jul 15, 2025Close101.594Jul 17, 2025Close101.813Jul 21, 2025Close102.344Jul 23, 2025Close102.219Jul 25, 2025Close102.188Jul 29, 2025Close102.500Jul 31, 2025Close102.219Aug 4, 2025Close103.375Aug 6, 2025Close103.250Aug 8, 2025Close102.875Aug 12, 2025Close102.906Aug 14, 2025Close102.938Aug 18, 2025Close102.688Aug 20, 2025Close102.969Aug 22, 2025Close103.219Aug 26, 2025Close103.281Aug 28, 2025Close103.531Sep 2, 2025Close103.250Sep 4, 2025Close103.844Sep 8, 2025Close104.344Sep 10, 2025Close104.344Sep 12, 2025Close104.125Sep 16, 2025Close104.313Sep 18, 2025Close103.875Sep 22, 2025Close103.656Sep 24, 2025Close103.594Sep 26, 2025Close103.281Sep 30, 2025Close103.469Oct 2, 2025Close103.844Oct 6, 2025Close103.375Oct 8, 2025Close103.563Oct 10, 2025Close104.000Oct 15, 2025Close104.094Oct 17, 2025Close104.313Oct 21, 2025Close104.531Oct 23, 2025Close104.250Oct 27, 2025Close104.219Oct 29, 2025Close103.750Oct 31, 2025Close103.656Nov 4, 2025Close103.750Nov 6, 2025Close103.781Nov 10, 2025Close103.625Nov 13, 2025Close103.688Nov 17, 2025Close103.625Nov 19, 2025Close103.656Nov 21, 2025Close104.125Nov 25, 2025Close104.438Nov 28, 2025Close104.281Dec 2, 2025Close103.938Dec 4, 2025Close103.781Dec 8, 2025Close103.406Dec 10, 2025Close103.563Dec 12, 2025Close103.375Dec 16, 2025Close103.688Dec 18, 2025Close103.844Dec 22, 2025Close103.531Dec 24, 2025Close103.563Dec 29, 2025Close103.813Dec 31, 2025Close103.531Jan 5, 2026Close103.625Jan 7, 2026Close103.688Jan 9, 2026Close103.406Jan 13, 2026Close103.438Jan 15, 2026Close103.344Jan 20, 2026Close102.750Jan 22, 2026Close102.875Jan 26, 2026Close103.031Jan 28, 2026Close102.906Jan 30, 2026Close103.094Feb 3, 2026Close102.938Feb 5, 2026Close103.375Feb 9, 2026Close103.375Feb 11, 2026Close103.406Feb 13, 2026Close104.156Feb 18, 2026Close103.906Feb 20, 2026Close103.938Feb 24, 2026Close104.188Feb 26, 2026Close104.281Mar 2, 2026Close104.094Mar 4, 2026Close103.813Mar 6, 2026Close103.500Mar 10, 2026Close103.500Mar 12, 2026Close102.719Mar 16, 2026Close103.094Mar 18, 2026Close102.781Mar 20, 2026Close102.000Mar 24, 2026Close101.938Mar 26, 2026Close101.656Mar 30, 2026Close102.219Apr 1, 2026Close102.281Apr 3, 2026Close102.188Apr 7, 2026Close102.375Apr 9, 2026Close102.563Apr 13, 2026Close102.531Apr 15, 2026Close102.656Apr 17, 2026Close102.906Apr 21, 2026Close102.594Apr 23, 2026Close102.344Apr 27, 2026Close102.375Apr 29, 2026Close101.844May 1, 2026Close102.031May 5, 2026Close101.813May 7, 2026Close101.938May 11, 2026Close101.844May 13, 2026Close101.594May 15, 2026Close100.875May 19, 2026Close100.531May 21, 2026Close100.969May 26, 2026Close101.281May 28, 2026Close101.438Jun 1, 2026Close101.313Jun 3, 2026Close101.188Jun 5, 2026Close100.844Jun 9, 2026Close100.969Jun 11, 2026Close101.375Jun 15, 2026Close101.344Jun 17, 2026Close100.969Jun 22, 2026Close100.875Jun 24, 2026Close101.406Jun 26, 2026Close101.656Jun 30, 2026Close101.344Jul 2, 2026Close101.125Jul 7, 2026Close100.906Jul 9, 2026Close100.938Jul 13, 2026Close100.500Jul 15, 2026Close101.000Jul 17, 2026Close100.906Jul 21, 2026Close100.469Jul 23, 2026Close100.031Jul 27, 2026Close100.313Jul 29, 2026Close100.406Jul 31, 2026Close100.063Aug 4, 2026Close100.625Aug 6, 2026Close100.344Aug 10, 2026Close100.281Aug 12, 2026Close100.438Aug 14, 2026Close100.500Aug 18, 2026Close100.438Aug 20, 2026Close100.375Aug 24, 2026Close100.250Aug 26, 2026Close100.406Aug 28, 2026Close99.938Sep 1, 2026Close99.625Sep 3, 2026Close99.781Sep 8, 2026Close99.563Sep 9, 2026Close99.375
The most recent 20 trading days of prices for 91282CMC2.
DateBidOfferClose
Sep 9, 202699.35999.34499.375
Sep 8, 202699.60999.59499.563
Sep 4, 202699.70399.68899.656
Sep 3, 202699.89199.87599.781
Sep 2, 202699.64199.62599.625
Sep 1, 202699.76699.75099.625
Aug 31, 202699.87599.87599.875
Aug 28, 2026100.078100.06399.938
Aug 27, 2026100.453100.438100.344
Aug 26, 2026100.453100.438100.406
Aug 25, 2026100.516100.500100.563
Aug 24, 2026100.359100.344100.250
Aug 21, 2026100.172100.156100.188
Aug 20, 2026100.359100.344100.375
Aug 19, 2026100.516100.500100.563
Aug 18, 2026100.422100.406100.438
Aug 17, 2026100.484100.469100.406
Aug 14, 2026100.578100.563100.500
Aug 13, 2026100.703100.688100.688
Aug 12, 2026100.516100.500100.438

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 91282CMC2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 26, 2024Dec 31, 2024New issue$44.0bn$44.4bn2.76x4.532%

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.