Treasury note

91282CMM0 · 4.625% due February 15, 2035

Original term
10-Year
Maturity
Feb 15, 2035
Coupon
4.625%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$138.49bn
Held stripped
$55.9m
Share stripped
0.04%

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
4.784%
Modified duration
6.879 yr
DV01
0.0683
Convexity
56.350
Dirty price
99.233

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 8 of twelve buckets, summing to 7.041 years against a modified duration of 6.879.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 16.01 cents per 100 of face.

That is 1.43 standard deviations from its own typical residual.

Yield to maturity, 392 observations

3.8%4.0%4.2%4.4%4.6%4.8%Feb 18, 2025Sep 9, 2026Feb 18, 2025Yield to maturity4.554%Feb 20, 2025Yield to maturity4.503%Feb 24, 2025Yield to maturity4.398%Feb 26, 2025Yield to maturity4.245%Feb 28, 2025Yield to maturity4.233%Mar 4, 2025Yield to maturity4.218%Mar 6, 2025Yield to maturity4.286%Mar 10, 2025Yield to maturity4.217%Mar 12, 2025Yield to maturity4.316%Mar 14, 2025Yield to maturity4.312%Mar 18, 2025Yield to maturity4.281%Mar 20, 2025Yield to maturity4.231%Mar 24, 2025Yield to maturity4.331%Mar 26, 2025Yield to maturity4.342%Mar 28, 2025Yield to maturity4.261%Apr 1, 2025Yield to maturity4.161%Apr 3, 2025Yield to maturity4.051%Apr 7, 2025Yield to maturity4.134%Apr 9, 2025Yield to maturity4.341%Apr 11, 2025Yield to maturity4.474%Apr 15, 2025Yield to maturity4.337%Apr 17, 2025Yield to maturity4.329%Apr 21, 2025Yield to maturity4.407%Apr 23, 2025Yield to maturity4.387%Apr 25, 2025Yield to maturity4.270%Apr 29, 2025Yield to maturity4.170%May 1, 2025Yield to maturity4.231%May 5, 2025Yield to maturity4.343%May 7, 2025Yield to maturity4.261%May 9, 2025Yield to maturity4.374%May 13, 2025Yield to maturity4.489%May 15, 2025Yield to maturity4.441%May 19, 2025Yield to maturity4.453%May 21, 2025Yield to maturity4.576%May 23, 2025Yield to maturity4.508%May 28, 2025Yield to maturity4.468%May 30, 2025Yield to maturity4.401%Jun 3, 2025Yield to maturity4.452%Jun 5, 2025Yield to maturity4.389%Jun 9, 2025Yield to maturity4.476%Jun 11, 2025Yield to maturity4.404%Jun 13, 2025Yield to maturity4.404%Jun 17, 2025Yield to maturity4.372%Jun 20, 2025Yield to maturity4.364%Jun 24, 2025Yield to maturity4.277%Jun 26, 2025Yield to maturity4.238%Jun 30, 2025Yield to maturity4.214%Jul 2, 2025Yield to maturity4.281%Jul 7, 2025Yield to maturity4.375%Jul 9, 2025Yield to maturity4.324%Jul 11, 2025Yield to maturity4.415%Jul 15, 2025Yield to maturity4.471%Jul 17, 2025Yield to maturity4.447%Jul 21, 2025Yield to maturity4.359%Jul 23, 2025Yield to maturity4.375%Jul 25, 2025Yield to maturity4.366%Jul 29, 2025Yield to maturity4.311%Jul 31, 2025Yield to maturity4.346%Aug 4, 2025Yield to maturity4.184%Aug 6, 2025Yield to maturity4.199%Aug 8, 2025Yield to maturity4.254%Aug 12, 2025Yield to maturity4.262%Aug 14, 2025Yield to maturity4.258%Aug 18, 2025Yield to maturity4.305%Aug 20, 2025Yield to maturity4.253%Aug 22, 2025Yield to maturity4.221%Aug 26, 2025Yield to maturity4.217%Aug 28, 2025Yield to maturity4.169%Sep 2, 2025Yield to maturity4.236%Sep 4, 2025Yield to maturity4.125%Sep 8, 2025Yield to maturity4.011%Sep 10, 2025Yield to maturity3.999%Sep 12, 2025Yield to maturity4.018%Sep 16, 2025Yield to maturity3.986%Sep 18, 2025Yield to maturity4.064%Sep 22, 2025Yield to maturity4.103%Sep 24, 2025Yield to maturity4.107%Sep 26, 2025Yield to maturity4.150%Sep 30, 2025Yield to maturity4.114%Oct 2, 2025Yield to maturity4.050%Oct 6, 2025Yield to maturity4.129%Oct 8, 2025Yield to maturity4.097%Oct 10, 2025Yield to maturity4.017%Oct 15, 2025Yield to maturity4.005%Oct 17, 2025Yield to maturity3.969%Oct 21, 2025Yield to maturity3.922%Oct 23, 2025Yield to maturity3.961%Oct 27, 2025Yield to maturity3.956%Oct 29, 2025Yield to maturity4.031%Oct 31, 2025Yield to maturity4.062%Nov 4, 2025Yield to maturity4.050%Nov 6, 2025Yield to maturity4.053%Nov 10, 2025Yield to maturity4.077%Nov 13, 2025Yield to maturity4.064%Nov 17, 2025Yield to maturity4.080%Nov 19, 2025Yield to maturity4.076%Nov 21, 2025Yield to maturity4.003%Nov 25, 2025Yield to maturity3.952%Nov 28, 2025Yield to maturity3.959%Dec 2, 2025Yield to maturity4.030%Dec 4, 2025Yield to maturity4.046%Dec 8, 2025Yield to maturity4.113%Dec 10, 2025Yield to maturity4.085%Dec 12, 2025Yield to maturity4.137%Dec 16, 2025Yield to maturity4.084%Dec 18, 2025Yield to maturity4.056%Dec 22, 2025Yield to maturity4.104%Dec 24, 2025Yield to maturity4.087%Dec 29, 2025Yield to maturity4.054%Dec 31, 2025Yield to maturity4.115%Jan 5, 2026Yield to maturity4.102%Jan 7, 2026Yield to maturity4.078%Jan 9, 2026Yield to maturity4.114%Jan 13, 2026Yield to maturity4.113%Jan 15, 2026Yield to maturity4.109%Jan 20, 2026Yield to maturity4.235%Jan 22, 2026Yield to maturity4.194%Jan 26, 2026Yield to maturity4.157%Jan 28, 2026Yield to maturity4.198%Jan 30, 2026Yield to maturity4.189%Feb 3, 2026Yield to maturity4.214%Feb 5, 2026Yield to maturity4.139%Feb 9, 2026Yield to maturity4.139%Feb 11, 2026Yield to maturity4.118%Feb 13, 2026Yield to maturity3.979%Feb 18, 2026Yield to maturity4.019%Feb 20, 2026Yield to maturity4.015%Feb 24, 2026Yield to maturity3.974%Feb 26, 2026Yield to maturity3.949%Mar 2, 2026Yield to maturity3.981%Mar 4, 2026Yield to maturity4.021%Mar 6, 2026Yield to maturity4.078%Mar 10, 2026Yield to maturity4.077%Mar 12, 2026Yield to maturity4.205%Mar 16, 2026Yield to maturity4.155%Mar 18, 2026Yield to maturity4.196%Mar 20, 2026Yield to maturity4.334%Mar 24, 2026Yield to maturity4.334%Mar 26, 2026Yield to maturity4.376%Mar 30, 2026Yield to maturity4.291%Apr 1, 2026Yield to maturity4.279%Apr 3, 2026Yield to maturity4.295%Apr 7, 2026Yield to maturity4.270%Apr 9, 2026Yield to maturity4.231%Apr 13, 2026Yield to maturity4.235%Apr 15, 2026Yield to maturity4.218%Apr 17, 2026Yield to maturity4.184%Apr 21, 2026Yield to maturity4.226%Apr 23, 2026Yield to maturity4.268%Apr 27, 2026Yield to maturity4.276%Apr 29, 2026Yield to maturity4.352%May 1, 2026Yield to maturity4.322%May 5, 2026Yield to maturity4.365%May 7, 2026Yield to maturity4.335%May 11, 2026Yield to maturity4.352%May 13, 2026Yield to maturity4.403%May 15, 2026Yield to maturity4.537%May 19, 2026Yield to maturity4.607%May 21, 2026Yield to maturity4.511%May 26, 2026Yield to maturity4.441%May 28, 2026Yield to maturity4.402%Jun 1, 2026Yield to maturity4.419%Jun 3, 2026Yield to maturity4.441%Jun 5, 2026Yield to maturity4.501%Jun 9, 2026Yield to maturity4.479%Jun 11, 2026Yield to maturity4.406%Jun 15, 2026Yield to maturity4.414%Jun 17, 2026Yield to maturity4.449%Jun 22, 2026Yield to maturity4.470%Jun 24, 2026Yield to maturity4.366%Jun 26, 2026Yield to maturity4.327%Jun 30, 2026Yield to maturity4.387%Jul 2, 2026Yield to maturity4.439%Jul 7, 2026Yield to maturity4.492%Jul 9, 2026Yield to maturity4.487%Jul 13, 2026Yield to maturity4.567%Jul 15, 2026Yield to maturity4.487%Jul 17, 2026Yield to maturity4.492%Jul 21, 2026Yield to maturity4.576%Jul 23, 2026Yield to maturity4.656%Jul 27, 2026Yield to maturity4.598%Jul 29, 2026Yield to maturity4.607%Jul 31, 2026Yield to maturity4.683%Aug 4, 2026Yield to maturity4.567%Aug 6, 2026Yield to maturity4.616%Aug 10, 2026Yield to maturity4.647%Aug 12, 2026Yield to maturity4.620%Aug 14, 2026Yield to maturity4.616%Aug 18, 2026Yield to maturity4.634%Aug 20, 2026Yield to maturity4.625%Aug 24, 2026Yield to maturity4.638%Aug 26, 2026Yield to maturity4.598%Aug 28, 2026Yield to maturity4.674%Sep 1, 2026Yield to maturity4.738%Sep 3, 2026Yield to maturity4.711%Sep 8, 2026Yield to maturity4.747%Sep 9, 2026Yield to maturity4.784%

Price history

392 trading days to Sep 9, 2026

98100102104106Feb 18, 2025Sep 9, 2026Feb 18, 2025Close100.563Feb 20, 2025Close100.969Feb 24, 2025Close101.813Feb 26, 2025Close103.063Feb 28, 2025Close103.156Mar 4, 2025Close103.281Mar 6, 2025Close102.719Mar 10, 2025Close103.281Mar 12, 2025Close102.469Mar 14, 2025Close102.500Mar 18, 2025Close102.750Mar 20, 2025Close103.156Mar 24, 2025Close102.344Mar 26, 2025Close102.250Mar 28, 2025Close102.906Apr 1, 2025Close103.719Apr 3, 2025Close104.625Apr 7, 2025Close103.938Apr 9, 2025Close102.250Apr 11, 2025Close101.188Apr 15, 2025Close102.281Apr 17, 2025Close102.344Apr 21, 2025Close101.719Apr 23, 2025Close101.875Apr 25, 2025Close102.813Apr 29, 2025Close103.625May 1, 2025Close103.125May 5, 2025Close102.219May 7, 2025Close102.875May 9, 2025Close101.969May 13, 2025Close101.063May 15, 2025Close101.438May 19, 2025Close101.344May 21, 2025Close100.375May 23, 2025Close100.906May 28, 2025Close101.219May 30, 2025Close101.750Jun 3, 2025Close101.344Jun 5, 2025Close101.844Jun 9, 2025Close101.156Jun 11, 2025Close101.719Jun 13, 2025Close101.719Jun 17, 2025Close101.969Jun 20, 2025Close102.031Jun 24, 2025Close102.719Jun 26, 2025Close103.031Jun 30, 2025Close103.219Jul 2, 2025Close102.688Jul 7, 2025Close101.938Jul 9, 2025Close102.344Jul 11, 2025Close101.625Jul 15, 2025Close101.188Jul 17, 2025Close101.375Jul 21, 2025Close102.063Jul 23, 2025Close101.938Jul 25, 2025Close102.000Jul 29, 2025Close102.438Jul 31, 2025Close102.156Aug 4, 2025Close103.438Aug 6, 2025Close103.313Aug 8, 2025Close102.875Aug 12, 2025Close102.813Aug 14, 2025Close102.844Aug 18, 2025Close102.469Aug 20, 2025Close102.875Aug 22, 2025Close103.125Aug 26, 2025Close103.156Aug 28, 2025Close103.531Sep 2, 2025Close103.000Sep 4, 2025Close103.875Sep 8, 2025Close104.781Sep 10, 2025Close104.875Sep 12, 2025Close104.719Sep 16, 2025Close104.969Sep 18, 2025Close104.344Sep 22, 2025Close104.031Sep 24, 2025Close104.000Sep 26, 2025Close103.656Sep 30, 2025Close103.938Oct 2, 2025Close104.438Oct 6, 2025Close103.813Oct 8, 2025Close104.063Oct 10, 2025Close104.688Oct 15, 2025Close104.781Oct 17, 2025Close105.063Oct 21, 2025Close105.438Oct 23, 2025Close105.125Oct 27, 2025Close105.156Oct 29, 2025Close104.563Oct 31, 2025Close104.313Nov 4, 2025Close104.406Nov 6, 2025Close104.375Nov 10, 2025Close104.188Nov 13, 2025Close104.281Nov 17, 2025Close104.156Nov 19, 2025Close104.188Nov 21, 2025Close104.750Nov 25, 2025Close105.156Nov 28, 2025Close105.094Dec 2, 2025Close104.531Dec 4, 2025Close104.406Dec 8, 2025Close103.875Dec 10, 2025Close104.094Dec 12, 2025Close103.688Dec 16, 2025Close104.094Dec 18, 2025Close104.313Dec 22, 2025Close103.938Dec 24, 2025Close104.063Dec 29, 2025Close104.313Dec 31, 2025Close103.844Jan 5, 2026Close103.938Jan 7, 2026Close104.125Jan 9, 2026Close103.844Jan 13, 2026Close103.844Jan 15, 2026Close103.875Jan 20, 2026Close102.906Jan 22, 2026Close103.219Jan 26, 2026Close103.500Jan 28, 2026Close103.188Jan 30, 2026Close103.250Feb 3, 2026Close103.063Feb 5, 2026Close103.625Feb 9, 2026Close103.625Feb 11, 2026Close103.781Feb 13, 2026Close104.844Feb 18, 2026Close104.531Feb 20, 2026Close104.563Feb 24, 2026Close104.875Feb 26, 2026Close105.063Mar 2, 2026Close104.813Mar 4, 2026Close104.500Mar 6, 2026Close104.063Mar 10, 2026Close104.063Mar 12, 2026Close103.094Mar 16, 2026Close103.469Mar 18, 2026Close103.156Mar 20, 2026Close102.125Mar 24, 2026Close102.125Mar 26, 2026Close101.813Mar 30, 2026Close102.438Apr 1, 2026Close102.531Apr 3, 2026Close102.406Apr 7, 2026Close102.594Apr 9, 2026Close102.875Apr 13, 2026Close102.844Apr 15, 2026Close102.969Apr 17, 2026Close103.219Apr 21, 2026Close102.906Apr 23, 2026Close102.594Apr 27, 2026Close102.531Apr 29, 2026Close101.969May 1, 2026Close102.188May 5, 2026Close101.875May 7, 2026Close102.094May 11, 2026Close101.969May 13, 2026Close101.594May 15, 2026Close100.625May 19, 2026Close100.125May 21, 2026Close100.813May 26, 2026Close101.313May 28, 2026Close101.594Jun 1, 2026Close101.469Jun 3, 2026Close101.313Jun 5, 2026Close100.875Jun 9, 2026Close101.031Jun 11, 2026Close101.563Jun 15, 2026Close101.500Jun 17, 2026Close101.250Jun 22, 2026Close101.094Jun 24, 2026Close101.844Jun 26, 2026Close102.125Jun 30, 2026Close101.688Jul 2, 2026Close101.313Jul 7, 2026Close100.938Jul 9, 2026Close100.969Jul 13, 2026Close100.406Jul 15, 2026Close100.969Jul 17, 2026Close100.938Jul 21, 2026Close100.344Jul 23, 2026Close99.781Jul 27, 2026Close100.188Jul 29, 2026Close100.125Jul 31, 2026Close99.594Aug 4, 2026Close100.406Aug 6, 2026Close100.063Aug 10, 2026Close99.844Aug 12, 2026Close100.031Aug 14, 2026Close100.063Aug 18, 2026Close99.938Aug 20, 2026Close100.000Aug 24, 2026Close99.906Aug 26, 2026Close100.188Aug 28, 2026Close99.656Sep 1, 2026Close99.219Sep 3, 2026Close99.406Sep 8, 2026Close99.156Sep 9, 2026Close98.906
The most recent 20 trading days of prices for 91282CMM0.
DateBidOfferClose
Sep 9, 202698.84498.81398.906
Sep 8, 202699.20399.18899.156
Sep 4, 202699.32899.31399.281
Sep 3, 202699.54799.53199.406
Sep 2, 202699.20399.18899.219
Sep 1, 202699.42299.40699.219
Aug 31, 202699.46999.46999.500
Aug 28, 202699.85999.84499.656
Aug 27, 2026100.234100.219100.094
Aug 26, 2026100.250100.250100.188
Aug 25, 2026100.328100.313100.375
Aug 24, 2026100.047100.03199.906
Aug 21, 202699.73499.71999.719
Aug 20, 202699.98499.969100.000
Aug 19, 2026100.234100.219100.313
Aug 18, 202699.92299.90699.938
Aug 17, 202699.98499.96999.844
Aug 14, 2026100.141100.125100.063
Aug 13, 2026100.391100.375100.406
Aug 12, 2026100.141100.125100.031

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.

3 auctions

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 91282CMM0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 12, 2025Feb 18, 2025New issue$42.0bn$53.5bn2.48x4.632%
Mar 12, 2025Mar 17, 2025Reopening$39.0bn$39.7bn2.59x4.310%
Apr 9, 2025Apr 15, 2025Reopening$39.0bn$45.5bn2.67x4.435%

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.