Treasury note

91282CMH1 · 4.125% due January 31, 2027

Original term
2-Year
Maturity
Jan 31, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Jan 31, 2025
First coupon
Jul 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$65.45bn
Held stripped
$132.8m
Share stripped
0.20%

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
4.025%
Modified duration
0.383 yr
DV01
0.0038
Convexity
0.293
Dirty price
100.491

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 2 of twelve buckets, summing to 0.392 years against a modified duration of 0.383.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 0.69 cents per 100 of face.

That is 0.45 standard deviations from its own typical residual.

Yield to maturity, 403 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jan 31, 2025Sep 9, 2026Jan 31, 2025Yield to maturity4.224%Feb 4, 2025Yield to maturity4.208%Feb 6, 2025Yield to maturity4.208%Feb 10, 2025Yield to maturity4.275%Feb 12, 2025Yield to maturity4.359%Feb 14, 2025Yield to maturity4.259%Feb 19, 2025Yield to maturity4.276%Feb 21, 2025Yield to maturity4.192%Feb 25, 2025Yield to maturity4.107%Feb 27, 2025Yield to maturity4.089%Mar 3, 2025Yield to maturity3.969%Mar 5, 2025Yield to maturity4.020%Mar 7, 2025Yield to maturity4.002%Mar 11, 2025Yield to maturity3.950%Mar 13, 2025Yield to maturity3.967%Mar 17, 2025Yield to maturity4.070%Mar 19, 2025Yield to maturity4.000%Mar 21, 2025Yield to maturity3.964%Mar 25, 2025Yield to maturity4.016%Mar 27, 2025Yield to maturity4.034%Mar 31, 2025Yield to maturity3.926%Apr 2, 2025Yield to maturity3.944%Apr 4, 2025Yield to maturity3.728%Apr 8, 2025Yield to maturity3.744%Apr 10, 2025Yield to maturity3.887%Apr 14, 2025Yield to maturity3.886%Apr 16, 2025Yield to maturity3.812%Apr 18, 2025Yield to maturity3.865%Apr 22, 2025Yield to maturity3.846%Apr 24, 2025Yield to maturity3.845%Apr 28, 2025Yield to maturity3.733%Apr 30, 2025Yield to maturity3.658%May 2, 2025Yield to maturity3.897%May 6, 2025Yield to maturity3.859%May 8, 2025Yield to maturity3.952%May 12, 2025Yield to maturity4.046%May 14, 2025Yield to maturity4.103%May 16, 2025Yield to maturity4.045%May 20, 2025Yield to maturity4.026%May 22, 2025Yield to maturity4.045%May 27, 2025Yield to maturity4.025%May 29, 2025Yield to maturity4.024%Jun 2, 2025Yield to maturity4.004%Jun 4, 2025Yield to maturity3.945%Jun 6, 2025Yield to maturity4.102%Jun 10, 2025Yield to maturity4.063%Jun 12, 2025Yield to maturity3.963%Jun 16, 2025Yield to maturity4.042%Jun 18, 2025Yield to maturity4.002%Jun 23, 2025Yield to maturity3.920%Jun 25, 2025Yield to maturity3.858%Jun 27, 2025Yield to maturity3.836%Jul 1, 2025Yield to maturity3.876%Jul 3, 2025Yield to maturity3.978%Jul 8, 2025Yield to maturity3.998%Jul 10, 2025Yield to maturity3.956%Jul 14, 2025Yield to maturity3.976%Jul 16, 2025Yield to maturity3.976%Jul 18, 2025Yield to maturity3.975%Jul 22, 2025Yield to maturity3.932%Jul 24, 2025Yield to maturity4.017%Jul 28, 2025Yield to maturity4.017%Jul 30, 2025Yield to maturity4.038%Aug 1, 2025Yield to maturity3.798%Aug 5, 2025Yield to maturity3.818%Aug 7, 2025Yield to maturity3.839%Aug 11, 2025Yield to maturity3.859%Aug 13, 2025Yield to maturity3.769%Aug 15, 2025Yield to maturity3.856%Aug 19, 2025Yield to maturity3.854%Aug 21, 2025Yield to maturity3.876%Aug 25, 2025Yield to maturity3.829%Aug 27, 2025Yield to maturity3.759%Aug 29, 2025Yield to maturity3.756%Sep 3, 2025Yield to maturity3.754%Sep 5, 2025Yield to maturity3.636%Sep 9, 2025Yield to maturity3.680%Sep 11, 2025Yield to maturity3.655%Sep 15, 2025Yield to maturity3.651%Sep 17, 2025Yield to maturity3.626%Sep 19, 2025Yield to maturity3.645%Sep 23, 2025Yield to maturity3.667%Sep 25, 2025Yield to maturity3.737%Sep 29, 2025Yield to maturity3.710%Oct 1, 2025Yield to maturity3.636%Oct 3, 2025Yield to maturity3.656%Oct 7, 2025Yield to maturity3.654%Oct 9, 2025Yield to maturity3.677%Oct 14, 2025Yield to maturity3.573%Oct 16, 2025Yield to maturity3.521%Oct 20, 2025Yield to maturity3.566%Oct 22, 2025Yield to maturity3.538%Oct 24, 2025Yield to maturity3.584%Oct 28, 2025Yield to maturity3.582%Oct 30, 2025Yield to maturity3.708%Nov 3, 2025Yield to maturity3.704%Nov 5, 2025Yield to maturity3.729%Nov 7, 2025Yield to maturity3.647%Nov 12, 2025Yield to maturity3.670%Nov 14, 2025Yield to maturity3.719%Nov 18, 2025Yield to maturity3.664%Nov 20, 2025Yield to maturity3.662%Nov 24, 2025Yield to maturity3.604%Nov 26, 2025Yield to maturity3.600%Dec 1, 2025Yield to maturity3.651%Dec 3, 2025Yield to maturity3.593%Dec 5, 2025Yield to maturity3.616%Dec 9, 2025Yield to maturity3.642%Dec 11, 2025Yield to maturity3.584%Dec 15, 2025Yield to maturity3.550%Dec 17, 2025Yield to maturity3.548%Dec 19, 2025Yield to maturity3.542%Dec 23, 2025Yield to maturity3.569%Dec 26, 2025Yield to maturity3.562%Dec 30, 2025Yield to maturity3.530%Jan 2, 2026Yield to maturity3.523%Jan 6, 2026Yield to maturity3.520%Jan 8, 2026Yield to maturity3.517%Jan 12, 2026Yield to maturity3.572%Jan 14, 2026Yield to maturity3.539%Jan 16, 2026Yield to maturity3.594%Jan 21, 2026Yield to maturity3.591%Jan 23, 2026Yield to maturity3.586%Jan 27, 2026Yield to maturity3.583%Jan 29, 2026Yield to maturity3.581%Feb 2, 2026Yield to maturity3.575%Feb 4, 2026Yield to maturity3.571%Feb 6, 2026Yield to maturity3.532%Feb 10, 2026Yield to maturity3.496%Feb 12, 2026Yield to maturity3.558%Feb 17, 2026Yield to maturity3.550%Feb 19, 2026Yield to maturity3.580%Feb 23, 2026Yield to maturity3.573%Feb 25, 2026Yield to maturity3.604%Feb 27, 2026Yield to maturity3.563%Mar 3, 2026Yield to maturity3.630%Mar 5, 2026Yield to maturity3.662%Mar 9, 2026Yield to maturity3.656%Mar 11, 2026Yield to maturity3.653%Mar 13, 2026Yield to maturity3.720%Mar 17, 2026Yield to maturity3.680%Mar 19, 2026Yield to maturity3.825%Mar 23, 2026Yield to maturity3.821%Mar 25, 2026Yield to maturity3.856%Mar 27, 2026Yield to maturity3.815%Mar 31, 2026Yield to maturity3.736%Apr 2, 2026Yield to maturity3.772%Apr 6, 2026Yield to maturity3.806%Apr 8, 2026Yield to maturity3.764%Apr 10, 2026Yield to maturity3.759%Apr 14, 2026Yield to maturity3.757%Apr 16, 2026Yield to maturity3.754%Apr 20, 2026Yield to maturity3.708%Apr 22, 2026Yield to maturity3.705%Apr 24, 2026Yield to maturity3.741%Apr 28, 2026Yield to maturity3.738%Apr 30, 2026Yield to maturity3.735%May 4, 2026Yield to maturity3.816%May 6, 2026Yield to maturity3.770%May 8, 2026Yield to maturity3.765%May 12, 2026Yield to maturity3.762%May 14, 2026Yield to maturity3.804%May 18, 2026Yield to maturity3.845%May 20, 2026Yield to maturity3.797%May 22, 2026Yield to maturity3.837%May 27, 2026Yield to maturity3.835%May 29, 2026Yield to maturity3.830%Jun 2, 2026Yield to maturity3.828%Jun 4, 2026Yield to maturity3.826%Jun 8, 2026Yield to maturity3.870%Jun 10, 2026Yield to maturity3.868%Jun 12, 2026Yield to maturity3.864%Jun 16, 2026Yield to maturity3.862%Jun 18, 2026Yield to maturity4.014%Jun 23, 2026Yield to maturity4.013%Jun 25, 2026Yield to maturity3.959%Jun 29, 2026Yield to maturity4.011%Jul 1, 2026Yield to maturity4.010%Jul 6, 2026Yield to maturity4.008%Jul 8, 2026Yield to maturity4.007%Jul 10, 2026Yield to maturity4.063%Jul 14, 2026Yield to maturity4.005%Jul 16, 2026Yield to maturity3.945%Jul 20, 2026Yield to maturity4.002%Jul 22, 2026Yield to maturity4.062%Jul 24, 2026Yield to maturity4.062%Jul 28, 2026Yield to maturity4.061%Jul 30, 2026Yield to maturity3.998%Aug 3, 2026Yield to maturity3.993%Aug 5, 2026Yield to maturity3.991%Aug 7, 2026Yield to maturity3.986%Aug 11, 2026Yield to maturity3.983%Aug 13, 2026Yield to maturity3.912%Aug 17, 2026Yield to maturity3.906%Aug 19, 2026Yield to maturity3.902%Aug 21, 2026Yield to maturity3.895%Aug 25, 2026Yield to maturity3.892%Aug 27, 2026Yield to maturity3.963%Aug 31, 2026Yield to maturity4.034%Sep 2, 2026Yield to maturity4.032%Sep 4, 2026Yield to maturity3.947%Sep 9, 2026Yield to maturity4.025%

Price history

403 trading days to Sep 9, 2026

99.5099.75100.00100.25100.50100.75101.00Jan 31, 2025Sep 9, 2026Jan 31, 2025Close99.813Feb 4, 2025Close99.844Feb 6, 2025Close99.844Feb 10, 2025Close99.719Feb 12, 2025Close99.563Feb 14, 2025Close99.750Feb 19, 2025Close99.719Feb 21, 2025Close99.875Feb 25, 2025Close100.031Feb 27, 2025Close100.063Mar 3, 2025Close100.281Mar 5, 2025Close100.188Mar 7, 2025Close100.219Mar 11, 2025Close100.313Mar 13, 2025Close100.281Mar 17, 2025Close100.094Mar 19, 2025Close100.219Mar 21, 2025Close100.281Mar 25, 2025Close100.188Mar 27, 2025Close100.156Mar 31, 2025Close100.344Apr 2, 2025Close100.313Apr 4, 2025Close100.688Apr 8, 2025Close100.656Apr 10, 2025Close100.406Apr 14, 2025Close100.406Apr 16, 2025Close100.531Apr 18, 2025Close100.438Apr 22, 2025Close100.469Apr 24, 2025Close100.469Apr 28, 2025Close100.656Apr 30, 2025Close100.781May 2, 2025Close100.375May 6, 2025Close100.438May 8, 2025Close100.281May 12, 2025Close100.125May 14, 2025Close100.031May 16, 2025Close100.125May 20, 2025Close100.156May 22, 2025Close100.125May 27, 2025Close100.156May 29, 2025Close100.156Jun 2, 2025Close100.188Jun 4, 2025Close100.281Jun 6, 2025Close100.031Jun 10, 2025Close100.094Jun 12, 2025Close100.250Jun 16, 2025Close100.125Jun 18, 2025Close100.188Jun 23, 2025Close100.313Jun 25, 2025Close100.406Jun 27, 2025Close100.438Jul 1, 2025Close100.375Jul 3, 2025Close100.219Jul 8, 2025Close100.188Jul 10, 2025Close100.250Jul 14, 2025Close100.219Jul 16, 2025Close100.219Jul 18, 2025Close100.219Jul 22, 2025Close100.281Jul 24, 2025Close100.156Jul 28, 2025Close100.156Jul 30, 2025Close100.125Aug 1, 2025Close100.469Aug 5, 2025Close100.438Aug 7, 2025Close100.406Aug 11, 2025Close100.375Aug 13, 2025Close100.500Aug 15, 2025Close100.375Aug 19, 2025Close100.375Aug 21, 2025Close100.344Aug 25, 2025Close100.406Aug 27, 2025Close100.500Aug 29, 2025Close100.500Sep 3, 2025Close100.500Sep 5, 2025Close100.656Sep 9, 2025Close100.594Sep 11, 2025Close100.625Sep 15, 2025Close100.625Sep 17, 2025Close100.656Sep 19, 2025Close100.625Sep 23, 2025Close100.594Sep 25, 2025Close100.500Sep 29, 2025Close100.531Oct 1, 2025Close100.625Oct 3, 2025Close100.594Oct 7, 2025Close100.594Oct 9, 2025Close100.563Oct 14, 2025Close100.688Oct 16, 2025Close100.750Oct 20, 2025Close100.688Oct 22, 2025Close100.719Oct 24, 2025Close100.656Oct 28, 2025Close100.656Oct 30, 2025Close100.500Nov 3, 2025Close100.500Nov 5, 2025Close100.469Nov 7, 2025Close100.563Nov 12, 2025Close100.531Nov 14, 2025Close100.469Nov 18, 2025Close100.531Nov 20, 2025Close100.531Nov 24, 2025Close100.594Nov 26, 2025Close100.594Dec 1, 2025Close100.531Dec 3, 2025Close100.594Dec 5, 2025Close100.563Dec 9, 2025Close100.531Dec 11, 2025Close100.594Dec 15, 2025Close100.625Dec 17, 2025Close100.625Dec 19, 2025Close100.625Dec 23, 2025Close100.594Dec 26, 2025Close100.594Dec 30, 2025Close100.625Jan 2, 2026Close100.625Jan 6, 2026Close100.625Jan 8, 2026Close100.625Jan 12, 2026Close100.563Jan 14, 2026Close100.594Jan 16, 2026Close100.531Jan 21, 2026Close100.531Jan 23, 2026Close100.531Jan 27, 2026Close100.531Jan 29, 2026Close100.531Feb 2, 2026Close100.531Feb 4, 2026Close100.531Feb 6, 2026Close100.563Feb 10, 2026Close100.594Feb 12, 2026Close100.531Feb 17, 2026Close100.531Feb 19, 2026Close100.500Feb 23, 2026Close100.500Feb 25, 2026Close100.469Feb 27, 2026Close100.500Mar 3, 2026Close100.438Mar 5, 2026Close100.406Mar 9, 2026Close100.406Mar 11, 2026Close100.406Mar 13, 2026Close100.344Mar 17, 2026Close100.375Mar 19, 2026Close100.250Mar 23, 2026Close100.250Mar 25, 2026Close100.219Mar 27, 2026Close100.250Mar 31, 2026Close100.313Apr 2, 2026Close100.281Apr 6, 2026Close100.250Apr 8, 2026Close100.281Apr 10, 2026Close100.281Apr 14, 2026Close100.281Apr 16, 2026Close100.281Apr 20, 2026Close100.313Apr 22, 2026Close100.313Apr 24, 2026Close100.281Apr 28, 2026Close100.281Apr 30, 2026Close100.281May 4, 2026Close100.219May 6, 2026Close100.250May 8, 2026Close100.250May 12, 2026Close100.250May 14, 2026Close100.219May 18, 2026Close100.188May 20, 2026Close100.219May 22, 2026Close100.188May 27, 2026Close100.188May 29, 2026Close100.188Jun 2, 2026Close100.188Jun 4, 2026Close100.188Jun 8, 2026Close100.156Jun 10, 2026Close100.156Jun 12, 2026Close100.156Jun 16, 2026Close100.156Jun 18, 2026Close100.063Jun 23, 2026Close100.063Jun 25, 2026Close100.094Jun 29, 2026Close100.063Jul 1, 2026Close100.063Jul 6, 2026Close100.063Jul 8, 2026Close100.063Jul 10, 2026Close100.031Jul 14, 2026Close100.063Jul 16, 2026Close100.094Jul 20, 2026Close100.063Jul 22, 2026Close100.031Jul 24, 2026Close100.031Jul 28, 2026Close100.031Jul 30, 2026Close100.063Aug 3, 2026Close100.063Aug 5, 2026Close100.063Aug 7, 2026Close100.063Aug 11, 2026Close100.063Aug 13, 2026Close100.094Aug 17, 2026Close100.094Aug 19, 2026Close100.094Aug 21, 2026Close100.094Aug 25, 2026Close100.094Aug 27, 2026Close100.063Aug 31, 2026Close100.031Sep 2, 2026Close100.031Sep 4, 2026Close100.063Sep 9, 2026Close100.031
The most recent 20 trading days of prices for 91282CMH1.
DateBidOfferClose
Sep 9, 2026–100.031100.031
Sep 8, 2026–100.063100.063
Sep 4, 2026–100.031100.063
Sep 3, 2026–100.063100.063
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.031100.031
Aug 31, 2026–100.031100.031
Aug 28, 2026–100.031100.031
Aug 27, 2026–100.063100.063
Aug 26, 2026–100.094100.063
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.094100.094
Aug 18, 2026–100.094100.094
Aug 17, 2026–100.094100.094
Aug 14, 2026–100.094100.094
Aug 13, 2026–100.094100.094
Aug 12, 2026–100.063100.063

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 91282CMH1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 27, 2025Jan 31, 2025New issue$69.0bn$72.8bn2.66x4.211%

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.