Treasury note

91282CMD0 · 4.375% due December 31, 2029

Original term
5-Year
Maturity
Dec 31, 2029
Coupon
4.375%
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
$70.39bn
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
4.538%
Modified duration
3.018 yr
DV01
0.0303
Convexity
10.996
Dirty price
100.356

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 3.088 years against a modified duration of 3.018.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 5.47 cents per 100 of face.

That is -1.26 standard deviations from its own typical residual.

Yield to maturity, 424 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Dec 31, 2024Sep 9, 2026Dec 31, 2024Yield to maturity4.382%Jan 3, 2025Yield to maturity4.410%Jan 7, 2025Yield to maturity4.460%Jan 9, 2025Yield to maturity4.460%Jan 13, 2025Yield to maturity4.610%Jan 15, 2025Yield to maturity4.453%Jan 17, 2025Yield to maturity4.417%Jan 22, 2025Yield to maturity4.424%Jan 24, 2025Yield to maturity4.431%Jan 28, 2025Yield to maturity4.339%Jan 30, 2025Yield to maturity4.310%Feb 3, 2025Yield to maturity4.353%Feb 5, 2025Yield to maturity4.246%Feb 7, 2025Yield to maturity4.345%Feb 11, 2025Yield to maturity4.374%Feb 13, 2025Yield to maturity4.396%Feb 18, 2025Yield to maturity4.403%Feb 20, 2025Yield to maturity4.345%Feb 24, 2025Yield to maturity4.237%Feb 26, 2025Yield to maturity4.079%Feb 28, 2025Yield to maturity4.043%Mar 4, 2025Yield to maturity4.014%Mar 6, 2025Yield to maturity4.071%Mar 10, 2025Yield to maturity3.985%Mar 12, 2025Yield to maturity4.084%Mar 14, 2025Yield to maturity4.091%Mar 18, 2025Yield to maturity4.076%Mar 20, 2025Yield to maturity4.011%Mar 24, 2025Yield to maturity4.097%Mar 26, 2025Yield to maturity4.089%Mar 28, 2025Yield to maturity3.980%Apr 1, 2025Yield to maturity3.908%Apr 3, 2025Yield to maturity3.750%Apr 7, 2025Yield to maturity3.813%Apr 9, 2025Yield to maturity4.051%Apr 11, 2025Yield to maturity4.153%Apr 15, 2025Yield to maturity3.977%Apr 17, 2025Yield to maturity3.940%Apr 21, 2025Yield to maturity3.947%Apr 23, 2025Yield to maturity3.997%Apr 25, 2025Yield to maturity3.872%Apr 29, 2025Yield to maturity3.756%May 1, 2025Yield to maturity3.799%May 5, 2025Yield to maturity3.929%May 7, 2025Yield to maturity3.855%May 9, 2025Yield to maturity3.979%May 13, 2025Yield to maturity4.120%May 15, 2025Yield to maturity4.060%May 19, 2025Yield to maturity4.052%May 21, 2025Yield to maturity4.134%May 23, 2025Yield to maturity4.073%May 28, 2025Yield to maturity4.050%May 30, 2025Yield to maturity3.960%Jun 3, 2025Yield to maturity4.019%Jun 5, 2025Yield to maturity3.989%Jun 9, 2025Yield to maturity4.086%Jun 11, 2025Yield to maturity4.003%Jun 13, 2025Yield to maturity4.002%Jun 17, 2025Yield to maturity3.972%Jun 20, 2025Yield to maturity3.948%Jun 24, 2025Yield to maturity3.842%Jun 26, 2025Yield to maturity3.774%Jun 30, 2025Yield to maturity3.765%Jul 2, 2025Yield to maturity3.848%Jul 7, 2025Yield to maturity3.945%Jul 9, 2025Yield to maturity3.899%Jul 11, 2025Yield to maturity3.966%Jul 15, 2025Yield to maturity4.027%Jul 17, 2025Yield to maturity3.980%Jul 21, 2025Yield to maturity3.887%Jul 23, 2025Yield to maturity3.917%Jul 25, 2025Yield to maturity3.924%Jul 29, 2025Yield to maturity3.877%Jul 31, 2025Yield to maturity3.938%Aug 4, 2025Yield to maturity3.722%Aug 6, 2025Yield to maturity3.737%Aug 8, 2025Yield to maturity3.812%Aug 12, 2025Yield to maturity3.796%Aug 14, 2025Yield to maturity3.795%Aug 18, 2025Yield to maturity3.825%Aug 20, 2025Yield to maturity3.778%Aug 22, 2025Yield to maturity3.730%Aug 26, 2025Yield to maturity3.706%Aug 28, 2025Yield to maturity3.667%Sep 2, 2025Yield to maturity3.703%Sep 4, 2025Yield to maturity3.617%Sep 8, 2025Yield to maturity3.538%Sep 10, 2025Yield to maturity3.560%Sep 12, 2025Yield to maturity3.605%Sep 16, 2025Yield to maturity3.557%Sep 18, 2025Yield to maturity3.634%Sep 22, 2025Yield to maturity3.664%Sep 24, 2025Yield to maturity3.687%Sep 26, 2025Yield to maturity3.740%Sep 30, 2025Yield to maturity3.700%Oct 2, 2025Yield to maturity3.644%Oct 6, 2025Yield to maturity3.714%Oct 8, 2025Yield to maturity3.689%Oct 10, 2025Yield to maturity3.608%Oct 15, 2025Yield to maturity3.591%Oct 17, 2025Yield to maturity3.549%Oct 21, 2025Yield to maturity3.525%Oct 23, 2025Yield to maturity3.571%Oct 27, 2025Yield to maturity3.577%Oct 29, 2025Yield to maturity3.673%Oct 31, 2025Yield to maturity3.671%Nov 4, 2025Yield to maturity3.654%Nov 6, 2025Yield to maturity3.645%Nov 10, 2025Yield to maturity3.675%Nov 13, 2025Yield to maturity3.666%Nov 17, 2025Yield to maturity3.681%Nov 19, 2025Yield to maturity3.664%Nov 21, 2025Yield to maturity3.573%Nov 25, 2025Yield to maturity3.531%Nov 28, 2025Yield to maturity3.561%Dec 2, 2025Yield to maturity3.610%Dec 4, 2025Yield to maturity3.625%Dec 8, 2025Yield to maturity3.697%Dec 10, 2025Yield to maturity3.663%Dec 12, 2025Yield to maturity3.687%Dec 16, 2025Yield to maturity3.620%Dec 18, 2025Yield to maturity3.594%Dec 22, 2025Yield to maturity3.650%Dec 24, 2025Yield to maturity3.666%Dec 29, 2025Yield to maturity3.597%Dec 31, 2025Yield to maturity3.646%Jan 5, 2026Yield to maturity3.627%Jan 7, 2026Yield to maturity3.618%Jan 9, 2026Yield to maturity3.683%Jan 13, 2026Yield to maturity3.665%Jan 15, 2026Yield to maturity3.698%Jan 20, 2026Yield to maturity3.772%Jan 22, 2026Yield to maturity3.771%Jan 26, 2026Yield to maturity3.744%Jan 28, 2026Yield to maturity3.760%Jan 30, 2026Yield to maturity3.707%Feb 3, 2026Yield to maturity3.741%Feb 5, 2026Yield to maturity3.654%Feb 9, 2026Yield to maturity3.652%Feb 11, 2026Yield to maturity3.660%Feb 13, 2026Yield to maturity3.529%Feb 18, 2026Yield to maturity3.579%Feb 20, 2026Yield to maturity3.577%Feb 24, 2026Yield to maturity3.533%Feb 26, 2026Yield to maturity3.514%Mar 2, 2026Yield to maturity3.555%Mar 4, 2026Yield to maturity3.606%Mar 6, 2026Yield to maturity3.656%Mar 10, 2026Yield to maturity3.664%Mar 12, 2026Yield to maturity3.830%Mar 16, 2026Yield to maturity3.749%Mar 18, 2026Yield to maturity3.810%Mar 20, 2026Yield to maturity3.969%Mar 24, 2026Yield to maturity3.986%Mar 26, 2026Yield to maturity4.057%Mar 30, 2026Yield to maturity3.913%Apr 1, 2026Yield to maturity3.903%Apr 3, 2026Yield to maturity3.929%Apr 7, 2026Yield to maturity3.901%Apr 9, 2026Yield to maturity3.855%Apr 13, 2026Yield to maturity3.854%Apr 15, 2026Yield to maturity3.835%Apr 17, 2026Yield to maturity3.780%Apr 21, 2026Yield to maturity3.842%Apr 23, 2026Yield to maturity3.896%Apr 27, 2026Yield to maturity3.876%Apr 29, 2026Yield to maturity3.995%May 1, 2026Yield to maturity3.957%May 5, 2026Yield to maturity4.012%May 7, 2026Yield to maturity3.983%May 11, 2026Yield to maturity4.010%May 13, 2026Yield to maturity4.056%May 15, 2026Yield to maturity4.195%May 19, 2026Yield to maturity4.251%May 21, 2026Yield to maturity4.185%May 26, 2026Yield to maturity4.138%May 28, 2026Yield to maturity4.109%Jun 1, 2026Yield to maturity4.137%Jun 3, 2026Yield to maturity4.174%Jun 5, 2026Yield to maturity4.250%Jun 9, 2026Yield to maturity4.221%Jun 11, 2026Yield to maturity4.135%Jun 15, 2026Yield to maturity4.135%Jun 17, 2026Yield to maturity4.250%Jun 22, 2026Yield to maturity4.269%Jun 24, 2026Yield to maturity4.162%Jun 26, 2026Yield to maturity4.104%Jun 30, 2026Yield to maturity4.171%Jul 2, 2026Yield to maturity4.190%Jul 7, 2026Yield to maturity4.228%Jul 9, 2026Yield to maturity4.218%Jul 13, 2026Yield to maturity4.325%Jul 15, 2026Yield to maturity4.208%Jul 17, 2026Yield to maturity4.237%Jul 21, 2026Yield to maturity4.325%Jul 23, 2026Yield to maturity4.424%Jul 27, 2026Yield to maturity4.374%Jul 29, 2026Yield to maturity4.314%Jul 31, 2026Yield to maturity4.384%Aug 4, 2026Yield to maturity4.274%Aug 6, 2026Yield to maturity4.344%Aug 10, 2026Yield to maturity4.344%Aug 12, 2026Yield to maturity4.303%Aug 14, 2026Yield to maturity4.283%Aug 18, 2026Yield to maturity4.293%Aug 20, 2026Yield to maturity4.303%Aug 24, 2026Yield to maturity4.333%Aug 26, 2026Yield to maturity4.313%Aug 28, 2026Yield to maturity4.434%Sep 1, 2026Yield to maturity4.486%Sep 3, 2026Yield to maturity4.445%Sep 8, 2026Yield to maturity4.496%Sep 9, 2026Yield to maturity4.538%

Price history

424 trading days to Sep 9, 2026

9899100101102103104Dec 31, 2024Sep 9, 2026Dec 31, 2024Close99.969Jan 3, 2025Close99.844Jan 7, 2025Close99.625Jan 9, 2025Close99.625Jan 13, 2025Close98.969Jan 15, 2025Close99.656Jan 17, 2025Close99.813Jan 22, 2025Close99.781Jan 24, 2025Close99.750Jan 28, 2025Close100.156Jan 30, 2025Close100.281Feb 3, 2025Close100.094Feb 5, 2025Close100.563Feb 7, 2025Close100.125Feb 11, 2025Close100.000Feb 13, 2025Close99.906Feb 18, 2025Close99.875Feb 20, 2025Close100.125Feb 24, 2025Close100.594Feb 26, 2025Close101.281Feb 28, 2025Close101.438Mar 4, 2025Close101.563Mar 6, 2025Close101.313Mar 10, 2025Close101.688Mar 12, 2025Close101.250Mar 14, 2025Close101.219Mar 18, 2025Close101.281Mar 20, 2025Close101.563Mar 24, 2025Close101.188Mar 26, 2025Close101.219Mar 28, 2025Close101.688Apr 1, 2025Close102.000Apr 3, 2025Close102.688Apr 7, 2025Close102.406Apr 9, 2025Close101.375Apr 11, 2025Close100.938Apr 15, 2025Close101.688Apr 17, 2025Close101.844Apr 21, 2025Close101.813Apr 23, 2025Close101.594Apr 25, 2025Close102.125Apr 29, 2025Close102.625May 1, 2025Close102.438May 5, 2025Close101.875May 7, 2025Close102.188May 9, 2025Close101.656May 13, 2025Close101.063May 15, 2025Close101.313May 19, 2025Close101.344May 21, 2025Close101.000May 23, 2025Close101.250May 28, 2025Close101.344May 30, 2025Close101.719Jun 3, 2025Close101.469Jun 5, 2025Close101.594Jun 9, 2025Close101.188Jun 11, 2025Close101.531Jun 13, 2025Close101.531Jun 17, 2025Close101.656Jun 20, 2025Close101.750Jun 24, 2025Close102.188Jun 26, 2025Close102.469Jun 30, 2025Close102.500Jul 2, 2025Close102.156Jul 7, 2025Close101.750Jul 9, 2025Close101.938Jul 11, 2025Close101.656Jul 15, 2025Close101.406Jul 17, 2025Close101.594Jul 21, 2025Close101.969Jul 23, 2025Close101.844Jul 25, 2025Close101.813Jul 29, 2025Close102.000Jul 31, 2025Close101.750Aug 4, 2025Close102.625Aug 6, 2025Close102.563Aug 8, 2025Close102.250Aug 12, 2025Close102.313Aug 14, 2025Close102.313Aug 18, 2025Close102.188Aug 20, 2025Close102.375Aug 22, 2025Close102.563Aug 26, 2025Close102.656Aug 28, 2025Close102.813Sep 2, 2025Close102.656Sep 4, 2025Close103.000Sep 8, 2025Close103.313Sep 10, 2025Close103.219Sep 12, 2025Close103.031Sep 16, 2025Close103.219Sep 18, 2025Close102.906Sep 22, 2025Close102.781Sep 24, 2025Close102.688Sep 26, 2025Close102.469Sep 30, 2025Close102.625Oct 2, 2025Close102.844Oct 6, 2025Close102.563Oct 8, 2025Close102.656Oct 10, 2025Close102.969Oct 15, 2025Close103.031Oct 17, 2025Close103.188Oct 21, 2025Close103.281Oct 23, 2025Close103.094Oct 27, 2025Close103.063Oct 29, 2025Close102.688Oct 31, 2025Close102.688Nov 4, 2025Close102.750Nov 6, 2025Close102.781Nov 10, 2025Close102.656Nov 13, 2025Close102.688Nov 17, 2025Close102.625Nov 19, 2025Close102.688Nov 21, 2025Close103.031Nov 25, 2025Close103.188Nov 28, 2025Close103.063Dec 2, 2025Close102.875Dec 4, 2025Close102.813Dec 8, 2025Close102.531Dec 10, 2025Close102.656Dec 12, 2025Close102.563Dec 16, 2025Close102.813Dec 18, 2025Close102.906Dec 22, 2025Close102.688Dec 24, 2025Close102.625Dec 29, 2025Close102.875Dec 31, 2025Close102.688Jan 5, 2026Close102.750Jan 7, 2026Close102.781Jan 9, 2026Close102.531Jan 13, 2026Close102.594Jan 15, 2026Close102.469Jan 20, 2026Close102.188Jan 22, 2026Close102.188Jan 26, 2026Close102.281Jan 28, 2026Close102.219Jan 30, 2026Close102.406Feb 3, 2026Close102.281Feb 5, 2026Close102.594Feb 9, 2026Close102.594Feb 11, 2026Close102.563Feb 13, 2026Close103.031Feb 18, 2026Close102.844Feb 20, 2026Close102.844Feb 24, 2026Close103.000Feb 26, 2026Close103.063Mar 2, 2026Close102.906Mar 4, 2026Close102.719Mar 6, 2026Close102.531Mar 10, 2026Close102.500Mar 12, 2026Close101.906Mar 16, 2026Close102.188Mar 18, 2026Close101.969Mar 20, 2026Close101.406Mar 24, 2026Close101.344Mar 26, 2026Close101.094Mar 30, 2026Close101.594Apr 1, 2026Close101.625Apr 3, 2026Close101.531Apr 7, 2026Close101.625Apr 9, 2026Close101.781Apr 13, 2026Close101.781Apr 15, 2026Close101.844Apr 17, 2026Close102.031Apr 21, 2026Close101.813Apr 23, 2026Close101.625Apr 27, 2026Close101.688Apr 29, 2026Close101.281May 1, 2026Close101.406May 5, 2026Close101.219May 7, 2026Close101.313May 11, 2026Close101.219May 13, 2026Close101.063May 15, 2026Close100.594May 19, 2026Close100.406May 21, 2026Close100.625May 26, 2026Close100.781May 28, 2026Close100.875Jun 1, 2026Close100.781Jun 3, 2026Close100.656Jun 5, 2026Close100.406Jun 9, 2026Close100.500Jun 11, 2026Close100.781Jun 15, 2026Close100.781Jun 17, 2026Close100.406Jun 22, 2026Close100.344Jun 24, 2026Close100.688Jun 26, 2026Close100.875Jun 30, 2026Close100.656Jul 2, 2026Close100.594Jul 7, 2026Close100.469Jul 9, 2026Close100.500Jul 13, 2026Close100.156Jul 15, 2026Close100.531Jul 17, 2026Close100.438Jul 21, 2026Close100.156Jul 23, 2026Close99.844Jul 27, 2026Close100.000Jul 29, 2026Close100.188Jul 31, 2026Close99.969Aug 4, 2026Close100.313Aug 6, 2026Close100.094Aug 10, 2026Close100.094Aug 12, 2026Close100.219Aug 14, 2026Close100.281Aug 18, 2026Close100.250Aug 20, 2026Close100.219Aug 24, 2026Close100.125Aug 26, 2026Close100.188Aug 28, 2026Close99.813Sep 1, 2026Close99.656Sep 3, 2026Close99.781Sep 8, 2026Close99.625Sep 9, 2026Close99.500
The most recent 20 trading days of prices for 91282CMD0.
DateBidOfferClose
Sep 9, 202699.51699.50099.500
Sep 8, 202699.65699.65699.625
Sep 4, 202699.70399.68899.688
Sep 3, 202699.85999.84499.781
Sep 2, 202699.67299.65699.688
Sep 1, 202699.73499.71999.656
Aug 31, 202699.82899.81399.813
Aug 28, 202699.92299.90699.813
Aug 27, 2026100.203100.188100.156
Aug 26, 2026100.219100.219100.188
Aug 25, 2026100.281100.281100.281
Aug 24, 2026100.172100.156100.125
Aug 21, 2026100.078100.063100.094
Aug 20, 2026100.234100.219100.219
Aug 19, 2026100.266100.250100.313
Aug 18, 2026100.266100.250100.250
Aug 17, 2026100.297100.281100.250
Aug 14, 2026100.359100.344100.281
Aug 13, 2026100.391100.375100.406
Aug 12, 2026100.266100.250100.219

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 91282CMD0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 24, 2024Dec 31, 2024New issue$70.0bn$70.7bn2.40x4.478%

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.