Treasury note

91282CMF5 · 4.25% due January 15, 2028

Original term
3-Year
Maturity
Jan 15, 2028
Coupon
4.250%
Pays
Semi-Annual
Dated
Jan 15, 2025
First coupon
Jul 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$70.74bn
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
4.367%
Modified duration
1.286 yr
DV01
0.0129
Convexity
2.307
Dirty price
100.502

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 1.317 years against a modified duration of 1.286.

Against the fitted curve

Priced 3.4 bp cheap to the curve on that day, 4.44 cents per 100 of face.

That is 2.13 standard deviations from its own typical residual.

Yield to maturity, 414 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%Jan 15, 2025Sep 9, 2026Jan 15, 2025Yield to maturity4.340%Jan 17, 2025Yield to maturity4.329%Jan 22, 2025Yield to maturity4.340%Jan 24, 2025Yield to maturity4.329%Jan 28, 2025Yield to maturity4.249%Jan 30, 2025Yield to maturity4.238%Feb 3, 2025Yield to maturity4.283%Feb 5, 2025Yield to maturity4.192%Feb 7, 2025Yield to maturity4.306%Feb 11, 2025Yield to maturity4.306%Feb 13, 2025Yield to maturity4.341%Feb 18, 2025Yield to maturity4.330%Feb 20, 2025Yield to maturity4.283%Feb 24, 2025Yield to maturity4.179%Feb 26, 2025Yield to maturity4.051%Feb 28, 2025Yield to maturity3.993%Mar 4, 2025Yield to maturity3.957%Mar 6, 2025Yield to maturity3.992%Mar 10, 2025Yield to maturity3.909%Mar 12, 2025Yield to maturity4.002%Mar 14, 2025Yield to maturity4.013%Mar 18, 2025Yield to maturity4.024%Mar 20, 2025Yield to maturity3.941%Mar 24, 2025Yield to maturity4.022%Mar 26, 2025Yield to maturity4.022%Mar 28, 2025Yield to maturity3.914%Apr 1, 2025Yield to maturity3.866%Apr 3, 2025Yield to maturity3.700%Apr 7, 2025Yield to maturity3.733%Apr 9, 2025Yield to maturity3.935%Apr 11, 2025Yield to maturity4.006%Apr 15, 2025Yield to maturity3.861%Apr 17, 2025Yield to maturity3.824%Apr 21, 2025Yield to maturity3.774%Apr 23, 2025Yield to maturity3.870%Apr 25, 2025Yield to maturity3.760%Apr 29, 2025Yield to maturity3.650%May 1, 2025Yield to maturity3.697%May 5, 2025Yield to maturity3.829%May 7, 2025Yield to maturity3.767%May 9, 2025Yield to maturity3.888%May 13, 2025Yield to maturity4.024%May 15, 2025Yield to maturity3.961%May 19, 2025Yield to maturity3.960%May 21, 2025Yield to maturity4.010%May 23, 2025Yield to maturity3.984%May 28, 2025Yield to maturity3.983%May 30, 2025Yield to maturity3.894%Jun 3, 2025Yield to maturity3.944%Jun 5, 2025Yield to maturity3.918%Jun 9, 2025Yield to maturity4.006%Jun 11, 2025Yield to maturity3.929%Jun 13, 2025Yield to maturity3.940%Jun 17, 2025Yield to maturity3.927%Jun 20, 2025Yield to maturity3.887%Jun 24, 2025Yield to maturity3.770%Jun 26, 2025Yield to maturity3.718%Jun 30, 2025Yield to maturity3.703%Jul 2, 2025Yield to maturity3.793%Jul 7, 2025Yield to maturity3.882%Jul 9, 2025Yield to maturity3.829%Jul 11, 2025Yield to maturity3.880%Jul 15, 2025Yield to maturity3.932%Jul 17, 2025Yield to maturity3.905%Jul 21, 2025Yield to maturity3.823%Jul 23, 2025Yield to maturity3.862%Jul 25, 2025Yield to maturity3.887%Jul 29, 2025Yield to maturity3.846%Jul 31, 2025Yield to maturity3.926%Aug 4, 2025Yield to maturity3.669%Aug 6, 2025Yield to maturity3.681%Aug 8, 2025Yield to maturity3.746%Aug 12, 2025Yield to maturity3.718%Aug 14, 2025Yield to maturity3.717%Aug 18, 2025Yield to maturity3.741%Aug 20, 2025Yield to maturity3.713%Aug 22, 2025Yield to maturity3.656%Aug 26, 2025Yield to maturity3.641%Aug 28, 2025Yield to maturity3.626%Sep 2, 2025Yield to maturity3.650%Sep 4, 2025Yield to maturity3.579%Sep 8, 2025Yield to maturity3.493%Sep 10, 2025Yield to maturity3.519%Sep 12, 2025Yield to maturity3.544%Sep 16, 2025Yield to maturity3.500%Sep 18, 2025Yield to maturity3.569%Sep 22, 2025Yield to maturity3.594%Sep 24, 2025Yield to maturity3.606%Sep 26, 2025Yield to maturity3.660%Sep 30, 2025Yield to maturity3.616%Oct 2, 2025Yield to maturity3.558%Oct 6, 2025Yield to maturity3.612%Oct 8, 2025Yield to maturity3.596%Oct 10, 2025Yield to maturity3.535%Oct 15, 2025Yield to maturity3.504%Oct 17, 2025Yield to maturity3.472%Oct 21, 2025Yield to maturity3.455%Oct 23, 2025Yield to maturity3.483%Oct 27, 2025Yield to maturity3.508%Oct 29, 2025Yield to maturity3.595%Oct 31, 2025Yield to maturity3.607%Nov 4, 2025Yield to maturity3.575%Nov 6, 2025Yield to maturity3.559%Nov 10, 2025Yield to maturity3.585%Nov 13, 2025Yield to maturity3.583%Nov 17, 2025Yield to maturity3.610%Nov 19, 2025Yield to maturity3.579%Nov 21, 2025Yield to maturity3.500%Nov 25, 2025Yield to maturity3.468%Nov 28, 2025Yield to maturity3.509%Dec 2, 2025Yield to maturity3.522%Dec 4, 2025Yield to maturity3.536%Dec 8, 2025Yield to maturity3.594%Dec 10, 2025Yield to maturity3.546%Dec 12, 2025Yield to maturity3.543%Dec 16, 2025Yield to maturity3.494%Dec 18, 2025Yield to maturity3.477%Dec 22, 2025Yield to maturity3.520%Dec 24, 2025Yield to maturity3.549%Dec 29, 2025Yield to maturity3.482%Dec 31, 2025Yield to maturity3.495%Jan 5, 2026Yield to maturity3.476%Jan 7, 2026Yield to maturity3.490%Jan 9, 2026Yield to maturity3.551%Jan 13, 2026Yield to maturity3.533%Jan 15, 2026Yield to maturity3.580%Jan 20, 2026Yield to maturity3.607%Jan 22, 2026Yield to maturity3.622%Jan 26, 2026Yield to maturity3.602%Jan 28, 2026Yield to maturity3.600%Jan 30, 2026Yield to maturity3.530%Feb 3, 2026Yield to maturity3.578%Feb 5, 2026Yield to maturity3.476%Feb 9, 2026Yield to maturity3.488%Feb 11, 2026Yield to maturity3.520%Feb 13, 2026Yield to maturity3.413%Feb 18, 2026Yield to maturity3.462%Feb 20, 2026Yield to maturity3.491%Feb 24, 2026Yield to maturity3.472%Feb 26, 2026Yield to maturity3.452%Mar 2, 2026Yield to maturity3.499%Mar 4, 2026Yield to maturity3.549%Mar 6, 2026Yield to maturity3.580%Mar 10, 2026Yield to maturity3.595%Mar 12, 2026Yield to maturity3.769%Mar 16, 2026Yield to maturity3.696%Mar 18, 2026Yield to maturity3.765%Mar 20, 2026Yield to maturity3.941%Mar 24, 2026Yield to maturity3.958%Mar 26, 2026Yield to maturity4.029%Mar 30, 2026Yield to maturity3.865%Apr 1, 2026Yield to maturity3.845%Apr 3, 2026Yield to maturity3.880%Apr 7, 2026Yield to maturity3.842%Apr 9, 2026Yield to maturity3.804%Apr 13, 2026Yield to maturity3.801%Apr 15, 2026Yield to maturity3.800%Apr 17, 2026Yield to maturity3.722%Apr 21, 2026Yield to maturity3.796%Apr 23, 2026Yield to maturity3.850%Apr 27, 2026Yield to maturity3.810%Apr 29, 2026Yield to maturity3.923%May 1, 2026Yield to maturity3.882%May 5, 2026Yield to maturity3.939%May 7, 2026Yield to maturity3.919%May 11, 2026Yield to maturity3.955%May 13, 2026Yield to maturity3.974%May 15, 2026Yield to maturity4.070%May 19, 2026Yield to maturity4.109%May 21, 2026Yield to maturity4.069%May 26, 2026Yield to maturity4.048%May 28, 2026Yield to maturity4.007%Jun 1, 2026Yield to maturity4.046%Jun 3, 2026Yield to maturity4.086%Jun 5, 2026Yield to maturity4.166%Jun 9, 2026Yield to maturity4.125%Jun 11, 2026Yield to maturity4.043%Jun 15, 2026Yield to maturity4.063%Jun 17, 2026Yield to maturity4.207%Jun 22, 2026Yield to maturity4.248%Jun 24, 2026Yield to maturity4.165%Jun 26, 2026Yield to maturity4.101%Jun 30, 2026Yield to maturity4.164%Jul 2, 2026Yield to maturity4.164%Jul 7, 2026Yield to maturity4.207%Jul 9, 2026Yield to maturity4.164%Jul 13, 2026Yield to maturity4.272%Jul 15, 2026Yield to maturity4.120%Jul 17, 2026Yield to maturity4.162%Jul 21, 2026Yield to maturity4.249%Jul 23, 2026Yield to maturity4.338%Jul 27, 2026Yield to maturity4.316%Jul 29, 2026Yield to maturity4.204%Jul 31, 2026Yield to maturity4.249%Aug 4, 2026Yield to maturity4.181%Aug 6, 2026Yield to maturity4.226%Aug 10, 2026Yield to maturity4.202%Aug 12, 2026Yield to maturity4.179%Aug 14, 2026Yield to maturity4.132%Aug 18, 2026Yield to maturity4.132%Aug 20, 2026Yield to maturity4.155%Aug 24, 2026Yield to maturity4.200%Aug 26, 2026Yield to maturity4.177%Aug 28, 2026Yield to maturity4.318%Sep 1, 2026Yield to maturity4.342%Sep 3, 2026Yield to maturity4.294%Sep 8, 2026Yield to maturity4.343%Sep 9, 2026Yield to maturity4.367%

Price history

414 trading days to Sep 9, 2026

99.50100.00100.50101.00101.50102.00Jan 15, 2025Sep 9, 2026Jan 15, 2025Close99.750Jan 17, 2025Close99.781Jan 22, 2025Close99.750Jan 24, 2025Close99.781Jan 28, 2025Close100.000Jan 30, 2025Close100.031Feb 3, 2025Close99.906Feb 5, 2025Close100.156Feb 7, 2025Close99.844Feb 11, 2025Close99.844Feb 13, 2025Close99.750Feb 18, 2025Close99.781Feb 20, 2025Close99.906Feb 24, 2025Close100.188Feb 26, 2025Close100.531Feb 28, 2025Close100.688Mar 4, 2025Close100.781Mar 6, 2025Close100.688Mar 10, 2025Close100.906Mar 12, 2025Close100.656Mar 14, 2025Close100.625Mar 18, 2025Close100.594Mar 20, 2025Close100.813Mar 24, 2025Close100.594Mar 26, 2025Close100.594Mar 28, 2025Close100.875Apr 1, 2025Close101.000Apr 3, 2025Close101.438Apr 7, 2025Close101.344Apr 9, 2025Close100.813Apr 11, 2025Close100.625Apr 15, 2025Close101.000Apr 17, 2025Close101.094Apr 21, 2025Close101.219Apr 23, 2025Close100.969Apr 25, 2025Close101.250Apr 29, 2025Close101.531May 1, 2025Close101.406May 5, 2025Close101.063May 7, 2025Close101.219May 9, 2025Close100.906May 13, 2025Close100.563May 15, 2025Close100.719May 19, 2025Close100.719May 21, 2025Close100.594May 23, 2025Close100.656May 28, 2025Close100.656May 30, 2025Close100.875Jun 3, 2025Close100.750Jun 5, 2025Close100.813Jun 9, 2025Close100.594Jun 11, 2025Close100.781Jun 13, 2025Close100.750Jun 17, 2025Close100.781Jun 20, 2025Close100.875Jun 24, 2025Close101.156Jun 26, 2025Close101.281Jun 30, 2025Close101.313Jul 2, 2025Close101.094Jul 7, 2025Close100.875Jul 9, 2025Close101.000Jul 11, 2025Close100.875Jul 15, 2025Close100.750Jul 17, 2025Close100.813Jul 21, 2025Close101.000Jul 23, 2025Close100.906Jul 25, 2025Close100.844Jul 29, 2025Close100.938Jul 31, 2025Close100.750Aug 4, 2025Close101.344Aug 6, 2025Close101.313Aug 8, 2025Close101.156Aug 12, 2025Close101.219Aug 14, 2025Close101.219Aug 18, 2025Close101.156Aug 20, 2025Close101.219Aug 22, 2025Close101.344Aug 26, 2025Close101.375Aug 28, 2025Close101.406Sep 2, 2025Close101.344Sep 4, 2025Close101.500Sep 8, 2025Close101.688Sep 10, 2025Close101.625Sep 12, 2025Close101.563Sep 16, 2025Close101.656Sep 18, 2025Close101.500Sep 22, 2025Close101.438Sep 24, 2025Close101.406Sep 26, 2025Close101.281Sep 30, 2025Close101.375Oct 2, 2025Close101.500Oct 6, 2025Close101.375Oct 8, 2025Close101.406Oct 10, 2025Close101.531Oct 15, 2025Close101.594Oct 17, 2025Close101.656Oct 21, 2025Close101.688Oct 23, 2025Close101.625Oct 27, 2025Close101.563Oct 29, 2025Close101.375Oct 31, 2025Close101.344Nov 4, 2025Close101.406Nov 6, 2025Close101.438Nov 10, 2025Close101.375Nov 13, 2025Close101.375Nov 17, 2025Close101.313Nov 19, 2025Close101.375Nov 21, 2025Close101.531Nov 25, 2025Close101.594Nov 28, 2025Close101.500Dec 2, 2025Close101.469Dec 4, 2025Close101.438Dec 8, 2025Close101.313Dec 10, 2025Close101.406Dec 12, 2025Close101.406Dec 16, 2025Close101.500Dec 18, 2025Close101.531Dec 22, 2025Close101.438Dec 24, 2025Close101.375Dec 29, 2025Close101.500Dec 31, 2025Close101.469Jan 5, 2026Close101.500Jan 7, 2026Close101.469Jan 9, 2026Close101.344Jan 13, 2026Close101.375Jan 15, 2026Close101.281Jan 20, 2026Close101.219Jan 22, 2026Close101.188Jan 26, 2026Close101.219Jan 28, 2026Close101.219Jan 30, 2026Close101.344Feb 3, 2026Close101.250Feb 5, 2026Close101.438Feb 9, 2026Close101.406Feb 11, 2026Close101.344Feb 13, 2026Close101.531Feb 18, 2026Close101.438Feb 20, 2026Close101.375Feb 24, 2026Close101.406Feb 26, 2026Close101.438Mar 2, 2026Close101.344Mar 4, 2026Close101.250Mar 6, 2026Close101.188Mar 10, 2026Close101.156Mar 12, 2026Close100.844Mar 16, 2026Close100.969Mar 18, 2026Close100.844Mar 20, 2026Close100.531Mar 24, 2026Close100.500Mar 26, 2026Close100.375Mar 30, 2026Close100.656Apr 1, 2026Close100.688Apr 3, 2026Close100.625Apr 7, 2026Close100.688Apr 9, 2026Close100.750Apr 13, 2026Close100.750Apr 15, 2026Close100.750Apr 17, 2026Close100.875Apr 21, 2026Close100.750Apr 23, 2026Close100.656Apr 27, 2026Close100.719Apr 29, 2026Close100.531May 1, 2026Close100.594May 5, 2026Close100.500May 7, 2026Close100.531May 11, 2026Close100.469May 13, 2026Close100.438May 15, 2026Close100.281May 19, 2026Close100.219May 21, 2026Close100.281May 26, 2026Close100.313May 28, 2026Close100.375Jun 1, 2026Close100.313Jun 3, 2026Close100.250Jun 5, 2026Close100.125Jun 9, 2026Close100.188Jun 11, 2026Close100.313Jun 15, 2026Close100.281Jun 17, 2026Close100.063Jun 22, 2026Close100.000Jun 24, 2026Close100.125Jun 26, 2026Close100.219Jun 30, 2026Close100.125Jul 2, 2026Close100.125Jul 7, 2026Close100.063Jul 9, 2026Close100.125Jul 13, 2026Close99.969Jul 15, 2026Close100.188Jul 17, 2026Close100.125Jul 21, 2026Close100.000Jul 23, 2026Close99.875Jul 27, 2026Close99.906Jul 29, 2026Close100.063Jul 31, 2026Close100.000Aug 4, 2026Close100.094Aug 6, 2026Close100.031Aug 10, 2026Close100.063Aug 12, 2026Close100.094Aug 14, 2026Close100.156Aug 18, 2026Close100.156Aug 20, 2026Close100.125Aug 24, 2026Close100.063Aug 26, 2026Close100.094Aug 28, 2026Close99.906Sep 1, 2026Close99.875Sep 3, 2026Close99.938Sep 8, 2026Close99.875Sep 9, 2026Close99.844
The most recent 20 trading days of prices for 91282CMF5.
DateBidOfferClose
Sep 9, 202699.85999.84499.844
Sep 8, 202699.90699.90699.875
Sep 4, 202699.92299.90699.906
Sep 3, 202699.96999.96999.938
Sep 2, 202699.89199.87599.875
Sep 1, 202699.90699.90699.875
Aug 31, 202699.93899.93899.938
Aug 28, 202699.95399.93899.906
Aug 27, 2026100.109100.094100.094
Aug 26, 2026100.109100.094100.094
Aug 25, 2026100.125100.125100.125
Aug 24, 2026100.094100.094100.063
Aug 21, 2026100.078100.063100.063
Aug 20, 2026100.141100.125100.125
Aug 19, 2026100.141100.125100.156
Aug 18, 2026100.156100.156100.156
Aug 17, 2026100.172100.156100.125
Aug 14, 2026100.203100.188100.156
Aug 13, 2026100.188100.188100.188
Aug 12, 2026100.125100.125100.094

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 91282CMF5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 6, 2025Jan 15, 2025New issue$58.0bn$70.7bn2.62x4.332%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.