Treasury note

91282CMK4 · 4.375% due January 31, 2032

Original term
7-Year
Maturity
Jan 31, 2032
Coupon
4.375%
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
$46.44bn
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
4.646%
Modified duration
4.722 yr
DV01
0.0468
Convexity
26.206
Dirty price
99.206

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 4.833 years against a modified duration of 4.722.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 6.29 cents per 100 of face.

That is 0.47 standard deviations from its own typical residual.

Yield to maturity, 403 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Jan 31, 2025Sep 9, 2026Jan 31, 2025Yield to maturity4.475%Feb 4, 2025Yield to maturity4.417%Feb 6, 2025Yield to maturity4.359%Feb 10, 2025Yield to maturity4.422%Feb 12, 2025Yield to maturity4.560%Feb 14, 2025Yield to maturity4.406%Feb 19, 2025Yield to maturity4.454%Feb 21, 2025Yield to maturity4.343%Feb 25, 2025Yield to maturity4.212%Feb 27, 2025Yield to maturity4.191%Mar 3, 2025Yield to maturity4.061%Mar 5, 2025Yield to maturity4.180%Mar 7, 2025Yield to maturity4.206%Mar 11, 2025Yield to maturity4.153%Mar 13, 2025Yield to maturity4.148%Mar 17, 2025Yield to maturity4.205%Mar 19, 2025Yield to maturity4.137%Mar 21, 2025Yield to maturity4.121%Mar 25, 2025Yield to maturity4.178%Mar 27, 2025Yield to maturity4.231%Mar 31, 2025Yield to maturity4.083%Apr 2, 2025Yield to maturity4.062%Apr 4, 2025Yield to maturity3.844%Apr 8, 2025Yield to maturity4.051%Apr 10, 2025Yield to maturity4.209%Apr 14, 2025Yield to maturity4.187%Apr 16, 2025Yield to maturity4.071%Apr 18, 2025Yield to maturity4.123%Apr 22, 2025Yield to maturity4.176%Apr 24, 2025Yield to maturity4.107%Apr 28, 2025Yield to maturity4.001%Apr 30, 2025Yield to maturity3.922%May 2, 2025Yield to maturity4.101%May 6, 2025Yield to maturity4.090%May 8, 2025Yield to maturity4.175%May 12, 2025Yield to maturity4.261%May 14, 2025Yield to maturity4.342%May 16, 2025Yield to maturity4.228%May 20, 2025Yield to maturity4.255%May 22, 2025Yield to maturity4.309%May 27, 2025Yield to maturity4.206%May 29, 2025Yield to maturity4.190%Jun 2, 2025Yield to maturity4.206%Jun 4, 2025Yield to maturity4.114%Jun 6, 2025Yield to maturity4.298%Jun 10, 2025Yield to maturity4.249%Jun 12, 2025Yield to maturity4.124%Jun 16, 2025Yield to maturity4.211%Jun 18, 2025Yield to maturity4.145%Jun 23, 2025Yield to maturity4.075%Jun 25, 2025Yield to maturity4.015%Jun 27, 2025Yield to maturity4.010%Jul 1, 2025Yield to maturity3.993%Jul 3, 2025Yield to maturity4.095%Jul 8, 2025Yield to maturity4.155%Jul 10, 2025Yield to maturity4.095%Jul 14, 2025Yield to maturity4.155%Jul 16, 2025Yield to maturity4.171%Jul 18, 2025Yield to maturity4.149%Jul 22, 2025Yield to maturity4.056%Jul 24, 2025Yield to maturity4.148%Jul 28, 2025Yield to maturity4.143%Jul 30, 2025Yield to maturity4.115%Aug 1, 2025Yield to maturity3.935%Aug 5, 2025Yield to maturity3.923%Aug 7, 2025Yield to maturity3.950%Aug 11, 2025Yield to maturity3.988%Aug 13, 2025Yield to maturity3.933%Aug 15, 2025Yield to maturity4.020%Aug 19, 2025Yield to maturity3.992%Aug 21, 2025Yield to maturity4.025%Aug 25, 2025Yield to maturity3.964%Aug 27, 2025Yield to maturity3.898%Aug 29, 2025Yield to maturity3.875%Sep 3, 2025Yield to maturity3.869%Sep 5, 2025Yield to maturity3.748%Sep 9, 2025Yield to maturity3.759%Sep 11, 2025Yield to maturity3.715%Sep 15, 2025Yield to maturity3.746%Sep 17, 2025Yield to maturity3.762%Sep 19, 2025Yield to maturity3.832%Sep 23, 2025Yield to maturity3.815%Sep 25, 2025Yield to maturity3.898%Sep 29, 2025Yield to maturity3.875%Oct 1, 2025Yield to maturity3.825%Oct 3, 2025Yield to maturity3.852%Oct 7, 2025Yield to maturity3.851%Oct 9, 2025Yield to maturity3.867%Oct 14, 2025Yield to maturity3.734%Oct 16, 2025Yield to maturity3.684%Oct 20, 2025Yield to maturity3.710%Oct 22, 2025Yield to maturity3.682%Oct 24, 2025Yield to maturity3.731%Oct 28, 2025Yield to maturity3.725%Oct 30, 2025Yield to maturity3.846%Nov 3, 2025Yield to maturity3.846%Nov 5, 2025Yield to maturity3.890%Nov 7, 2025Yield to maturity3.805%Nov 12, 2025Yield to maturity3.794%Nov 14, 2025Yield to maturity3.860%Nov 18, 2025Yield to maturity3.820%Nov 20, 2025Yield to maturity3.797%Nov 24, 2025Yield to maturity3.729%Nov 26, 2025Yield to maturity3.689%Dec 1, 2025Yield to maturity3.789%Dec 3, 2025Yield to maturity3.744%Dec 5, 2025Yield to maturity3.833%Dec 9, 2025Yield to maturity3.895%Dec 11, 2025Yield to maturity3.838%Dec 15, 2025Yield to maturity3.860%Dec 17, 2025Yield to maturity3.826%Dec 19, 2025Yield to maturity3.830%Dec 23, 2025Yield to maturity3.864%Dec 26, 2025Yield to maturity3.818%Dec 30, 2025Yield to maturity3.806%Jan 2, 2026Yield to maturity3.862%Jan 6, 2026Yield to maturity3.839%Jan 8, 2026Yield to maturity3.861%Jan 12, 2026Yield to maturity3.878%Jan 14, 2026Yield to maturity3.831%Jan 16, 2026Yield to maturity3.940%Jan 21, 2026Yield to maturity3.951%Jan 23, 2026Yield to maturity3.951%Jan 27, 2026Yield to maturity3.939%Jan 29, 2026Yield to maturity3.921%Feb 2, 2026Yield to maturity3.955%Feb 4, 2026Yield to maturity3.955%Feb 6, 2026Yield to maturity3.878%Feb 10, 2026Yield to maturity3.814%Feb 12, 2026Yield to maturity3.779%Feb 17, 2026Yield to maturity3.731%Feb 19, 2026Yield to maturity3.754%Feb 23, 2026Yield to maturity3.695%Feb 25, 2026Yield to maturity3.723%Feb 27, 2026Yield to maturity3.629%Mar 3, 2026Yield to maturity3.739%Mar 5, 2026Yield to maturity3.820%Mar 9, 2026Yield to maturity3.807%Mar 11, 2026Yield to maturity3.889%Mar 13, 2026Yield to maturity3.977%Mar 17, 2026Yield to maturity3.888%Mar 19, 2026Yield to maturity3.977%Mar 23, 2026Yield to maturity4.066%Mar 25, 2026Yield to maturity4.065%Mar 27, 2026Yield to maturity4.167%Mar 31, 2026Yield to maturity4.022%Apr 2, 2026Yield to maturity4.034%Apr 6, 2026Yield to maturity4.070%Apr 8, 2026Yield to maturity4.009%Apr 10, 2026Yield to maturity4.027%Apr 14, 2026Yield to maturity3.960%Apr 16, 2026Yield to maturity4.002%Apr 20, 2026Yield to maturity3.941%Apr 22, 2026Yield to maturity4.001%Apr 24, 2026Yield to maturity4.006%Apr 28, 2026Yield to maturity4.067%Apr 30, 2026Yield to maturity4.103%May 4, 2026Yield to maturity4.164%May 6, 2026Yield to maturity4.072%May 8, 2026Yield to maturity4.090%May 12, 2026Yield to maturity4.194%May 14, 2026Yield to maturity4.200%May 18, 2026Yield to maturity4.336%May 20, 2026Yield to maturity4.293%May 22, 2026Yield to maturity4.324%May 27, 2026Yield to maturity4.236%May 29, 2026Yield to maturity4.199%Jun 2, 2026Yield to maturity4.230%Jun 4, 2026Yield to maturity4.242%Jun 8, 2026Yield to maturity4.336%Jun 10, 2026Yield to maturity4.317%Jun 12, 2026Yield to maturity4.261%Jun 16, 2026Yield to maturity4.198%Jun 18, 2026Yield to maturity4.273%Jun 23, 2026Yield to maturity4.311%Jun 25, 2026Yield to maturity4.197%Jun 29, 2026Yield to maturity4.178%Jul 1, 2026Yield to maturity4.273%Jul 6, 2026Yield to maturity4.254%Jul 8, 2026Yield to maturity4.349%Jul 10, 2026Yield to maturity4.343%Jul 14, 2026Yield to maturity4.355%Jul 16, 2026Yield to maturity4.323%Jul 20, 2026Yield to maturity4.362%Jul 22, 2026Yield to maturity4.452%Jul 24, 2026Yield to maturity4.472%Jul 28, 2026Yield to maturity4.401%Jul 30, 2026Yield to maturity4.427%Aug 3, 2026Yield to maturity4.446%Aug 5, 2026Yield to maturity4.375%Aug 7, 2026Yield to maturity4.388%Aug 11, 2026Yield to maturity4.440%Aug 13, 2026Yield to maturity4.362%Aug 17, 2026Yield to maturity4.427%Aug 19, 2026Yield to maturity4.388%Aug 21, 2026Yield to maturity4.473%Aug 25, 2026Yield to maturity4.387%Aug 27, 2026Yield to maturity4.433%Aug 31, 2026Yield to maturity4.532%Sep 2, 2026Yield to maturity4.585%Sep 4, 2026Yield to maturity4.579%Sep 9, 2026Yield to maturity4.646%

Price history

403 trading days to Sep 9, 2026

9899100101102103104Jan 31, 2025Sep 9, 2026Jan 31, 2025Close99.406Feb 4, 2025Close99.750Feb 6, 2025Close100.094Feb 10, 2025Close99.719Feb 12, 2025Close98.906Feb 14, 2025Close99.813Feb 19, 2025Close99.531Feb 21, 2025Close100.188Feb 25, 2025Close100.969Feb 27, 2025Close101.094Mar 3, 2025Close101.875Mar 5, 2025Close101.156Mar 7, 2025Close101.000Mar 11, 2025Close101.313Mar 13, 2025Close101.344Mar 17, 2025Close101.000Mar 19, 2025Close101.406Mar 21, 2025Close101.500Mar 25, 2025Close101.156Mar 27, 2025Close100.844Mar 31, 2025Close101.719Apr 2, 2025Close101.844Apr 4, 2025Close103.156Apr 8, 2025Close101.906Apr 10, 2025Close100.969Apr 14, 2025Close101.094Apr 16, 2025Close101.781Apr 18, 2025Close101.469Apr 22, 2025Close101.156Apr 24, 2025Close101.563Apr 28, 2025Close102.188Apr 30, 2025Close102.656May 2, 2025Close101.594May 6, 2025Close101.656May 8, 2025Close101.156May 12, 2025Close100.656May 14, 2025Close100.188May 16, 2025Close100.844May 20, 2025Close100.688May 22, 2025Close100.375May 27, 2025Close100.969May 29, 2025Close101.063Jun 2, 2025Close100.969Jun 4, 2025Close101.500Jun 6, 2025Close100.438Jun 10, 2025Close100.719Jun 12, 2025Close101.438Jun 16, 2025Close100.938Jun 18, 2025Close101.313Jun 23, 2025Close101.719Jun 25, 2025Close102.063Jun 27, 2025Close102.094Jul 1, 2025Close102.188Jul 3, 2025Close101.594Jul 8, 2025Close101.250Jul 10, 2025Close101.594Jul 14, 2025Close101.250Jul 16, 2025Close101.156Jul 18, 2025Close101.281Jul 22, 2025Close101.813Jul 24, 2025Close101.281Jul 28, 2025Close101.313Jul 30, 2025Close101.469Aug 1, 2025Close102.500Aug 5, 2025Close102.563Aug 7, 2025Close102.406Aug 11, 2025Close102.188Aug 13, 2025Close102.500Aug 15, 2025Close102.000Aug 19, 2025Close102.156Aug 21, 2025Close101.969Aug 25, 2025Close102.313Aug 27, 2025Close102.688Aug 29, 2025Close102.813Sep 3, 2025Close102.844Sep 5, 2025Close103.531Sep 9, 2025Close103.469Sep 11, 2025Close103.719Sep 15, 2025Close103.531Sep 17, 2025Close103.438Sep 19, 2025Close103.031Sep 23, 2025Close103.125Sep 25, 2025Close102.656Sep 29, 2025Close102.781Oct 1, 2025Close103.063Oct 3, 2025Close102.906Oct 7, 2025Close102.906Oct 9, 2025Close102.813Oct 14, 2025Close103.563Oct 16, 2025Close103.844Oct 20, 2025Close103.688Oct 22, 2025Close103.844Oct 24, 2025Close103.563Oct 28, 2025Close103.594Oct 30, 2025Close102.906Nov 3, 2025Close102.906Nov 5, 2025Close102.656Nov 7, 2025Close103.125Nov 12, 2025Close103.188Nov 14, 2025Close102.813Nov 18, 2025Close103.031Nov 20, 2025Close103.156Nov 24, 2025Close103.531Nov 26, 2025Close103.750Dec 1, 2025Close103.188Dec 3, 2025Close103.438Dec 5, 2025Close102.938Dec 9, 2025Close102.594Dec 11, 2025Close102.906Dec 15, 2025Close102.781Dec 17, 2025Close102.969Dec 19, 2025Close102.938Dec 23, 2025Close102.750Dec 26, 2025Close103.000Dec 30, 2025Close103.063Jan 2, 2026Close102.750Jan 6, 2026Close102.875Jan 8, 2026Close102.750Jan 12, 2026Close102.656Jan 14, 2026Close102.906Jan 16, 2026Close102.313Jan 21, 2026Close102.250Jan 23, 2026Close102.250Jan 27, 2026Close102.313Jan 29, 2026Close102.406Feb 2, 2026Close102.219Feb 4, 2026Close102.219Feb 6, 2026Close102.625Feb 10, 2026Close102.969Feb 12, 2026Close103.156Feb 17, 2026Close103.406Feb 19, 2026Close103.281Feb 23, 2026Close103.594Feb 25, 2026Close103.438Feb 27, 2026Close103.938Mar 3, 2026Close103.344Mar 5, 2026Close102.906Mar 9, 2026Close102.969Mar 11, 2026Close102.531Mar 13, 2026Close102.063Mar 17, 2026Close102.531Mar 19, 2026Close102.063Mar 23, 2026Close101.594Mar 25, 2026Close101.594Mar 27, 2026Close101.063Mar 31, 2026Close101.813Apr 2, 2026Close101.750Apr 6, 2026Close101.563Apr 8, 2026Close101.875Apr 10, 2026Close101.781Apr 14, 2026Close102.125Apr 16, 2026Close101.906Apr 20, 2026Close102.219Apr 22, 2026Close101.906Apr 24, 2026Close101.875Apr 28, 2026Close101.563Apr 30, 2026Close101.375May 4, 2026Close101.063May 6, 2026Close101.531May 8, 2026Close101.438May 12, 2026Close100.906May 14, 2026Close100.875May 18, 2026Close100.188May 20, 2026Close100.406May 22, 2026Close100.250May 27, 2026Close100.688May 29, 2026Close100.875Jun 2, 2026Close100.719Jun 4, 2026Close100.656Jun 8, 2026Close100.188Jun 10, 2026Close100.281Jun 12, 2026Close100.563Jun 16, 2026Close100.875Jun 18, 2026Close100.500Jun 23, 2026Close100.313Jun 25, 2026Close100.875Jun 29, 2026Close100.969Jul 1, 2026Close100.500Jul 6, 2026Close100.594Jul 8, 2026Close100.125Jul 10, 2026Close100.156Jul 14, 2026Close100.094Jul 16, 2026Close100.250Jul 20, 2026Close100.063Jul 22, 2026Close99.625Jul 24, 2026Close99.531Jul 28, 2026Close99.875Jul 30, 2026Close99.750Aug 3, 2026Close99.656Aug 5, 2026Close100.000Aug 7, 2026Close99.938Aug 11, 2026Close99.688Aug 13, 2026Close100.063Aug 17, 2026Close99.750Aug 19, 2026Close99.938Aug 21, 2026Close99.531Aug 25, 2026Close99.938Aug 27, 2026Close99.719Aug 31, 2026Close99.250Sep 2, 2026Close99.000Sep 4, 2026Close99.031Sep 9, 2026Close98.719
The most recent 20 trading days of prices for 91282CMK4.
DateBidOfferClose
Sep 9, 202698.70398.68898.719
Sep 8, 202698.98498.96998.906
Sep 4, 202699.07899.06399.031
Sep 3, 202699.26699.25099.156
Sep 2, 202698.98498.96999.000
Sep 1, 202699.14199.12598.969
Aug 31, 202699.23499.21999.250
Aug 28, 202699.45399.43899.281
Aug 27, 202699.82899.81399.719
Aug 26, 202699.82899.81399.781
Aug 25, 202699.89199.87599.938
Aug 24, 202699.73499.71999.625
Aug 21, 202699.54799.53199.531
Aug 20, 202699.73499.71999.719
Aug 19, 202699.89199.87599.938
Aug 18, 202699.79799.78199.781
Aug 17, 202699.82899.81399.750
Aug 14, 202699.92299.90699.844
Aug 13, 2026100.047100.031100.063
Aug 12, 202699.85999.84499.781

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 91282CMK4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 28, 2025Jan 31, 2025New issue$44.0bn$46.4bn2.64x4.457%

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.