Treasury note

91282CMN8 · 4.25% due February 15, 2028

Original term
3-Year
Maturity
Feb 15, 2028
Coupon
4.250%
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
$73.13bn
Held stripped
$1.0m
Share stripped
<0.01%

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
4.362%
Modified duration
1.368 yr
DV01
0.0137
Convexity
2.566
Dirty price
100.144

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 1.401 years against a modified duration of 1.368.

Against the fitted curve

Priced 1.0 bp cheap to the curve on that day, 1.34 cents per 100 of face.

That is 0.90 standard deviations from its own typical residual.

Yield to maturity, 392 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%Feb 18, 2025Sep 9, 2026Feb 18, 2025Yield to maturity4.329%Feb 20, 2025Yield to maturity4.272%Feb 24, 2025Yield to maturity4.171%Feb 26, 2025Yield to maturity4.035%Feb 28, 2025Yield to maturity3.989%Mar 4, 2025Yield to maturity3.944%Mar 6, 2025Yield to maturity3.977%Mar 10, 2025Yield to maturity3.908%Mar 12, 2025Yield to maturity3.998%Mar 14, 2025Yield to maturity4.008%Mar 18, 2025Yield to maturity4.019%Mar 20, 2025Yield to maturity3.939%Mar 24, 2025Yield to maturity4.018%Mar 26, 2025Yield to maturity4.006%Mar 28, 2025Yield to maturity3.901%Apr 1, 2025Yield to maturity3.854%Apr 3, 2025Yield to maturity3.692%Apr 7, 2025Yield to maturity3.725%Apr 9, 2025Yield to maturity3.933%Apr 11, 2025Yield to maturity4.002%Apr 15, 2025Yield to maturity3.849%Apr 17, 2025Yield to maturity3.813%Apr 21, 2025Yield to maturity3.765%Apr 23, 2025Yield to maturity3.869%Apr 25, 2025Yield to maturity3.762%Apr 29, 2025Yield to maturity3.643%May 1, 2025Yield to maturity3.689%May 5, 2025Yield to maturity3.818%May 7, 2025Yield to maturity3.757%May 9, 2025Yield to maturity3.875%May 13, 2025Yield to maturity4.018%May 15, 2025Yield to maturity3.958%May 19, 2025Yield to maturity3.956%May 21, 2025Yield to maturity4.004%May 23, 2025Yield to maturity3.979%May 28, 2025Yield to maturity3.966%May 30, 2025Yield to maturity3.880%Jun 3, 2025Yield to maturity3.940%Jun 5, 2025Yield to maturity3.915%Jun 9, 2025Yield to maturity4.000%Jun 11, 2025Yield to maturity3.925%Jun 13, 2025Yield to maturity3.924%Jun 17, 2025Yield to maturity3.911%Jun 20, 2025Yield to maturity3.872%Jun 24, 2025Yield to maturity3.772%Jun 26, 2025Yield to maturity3.709%Jun 30, 2025Yield to maturity3.706%Jul 2, 2025Yield to maturity3.781%Jul 7, 2025Yield to maturity3.879%Jul 9, 2025Yield to maturity3.828%Jul 11, 2025Yield to maturity3.877%Jul 15, 2025Yield to maturity3.928%Jul 17, 2025Yield to maturity3.889%Jul 21, 2025Yield to maturity3.811%Jul 23, 2025Yield to maturity3.848%Jul 25, 2025Yield to maturity3.873%Jul 29, 2025Yield to maturity3.846%Jul 31, 2025Yield to maturity3.910%Aug 4, 2025Yield to maturity3.662%Aug 6, 2025Yield to maturity3.674%Aug 8, 2025Yield to maturity3.737%Aug 12, 2025Yield to maturity3.710%Aug 14, 2025Yield to maturity3.709%Aug 18, 2025Yield to maturity3.733%Aug 20, 2025Yield to maturity3.705%Aug 22, 2025Yield to maturity3.650%Aug 26, 2025Yield to maturity3.635%Aug 28, 2025Yield to maturity3.620%Sep 2, 2025Yield to maturity3.644%Sep 4, 2025Yield to maturity3.562%Sep 8, 2025Yield to maturity3.479%Sep 10, 2025Yield to maturity3.517%Sep 12, 2025Yield to maturity3.541%Sep 16, 2025Yield to maturity3.499%Sep 18, 2025Yield to maturity3.551%Sep 22, 2025Yield to maturity3.589%Sep 24, 2025Yield to maturity3.601%Sep 26, 2025Yield to maturity3.653%Sep 30, 2025Yield to maturity3.611%Oct 2, 2025Yield to maturity3.554%Oct 6, 2025Yield to maturity3.606%Oct 8, 2025Yield to maturity3.591%Oct 10, 2025Yield to maturity3.518%Oct 15, 2025Yield to maturity3.502%Oct 17, 2025Yield to maturity3.457%Oct 21, 2025Yield to maturity3.455%Oct 23, 2025Yield to maturity3.481%Oct 27, 2025Yield to maturity3.506%Oct 29, 2025Yield to maturity3.604%Oct 31, 2025Yield to maturity3.601%Nov 4, 2025Yield to maturity3.571%Nov 6, 2025Yield to maturity3.569%Nov 10, 2025Yield to maturity3.594%Nov 13, 2025Yield to maturity3.592%Nov 17, 2025Yield to maturity3.604%Nov 19, 2025Yield to maturity3.573%Nov 21, 2025Yield to maturity3.497%Nov 25, 2025Yield to maturity3.466%Nov 28, 2025Yield to maturity3.491%Dec 2, 2025Yield to maturity3.519%Dec 4, 2025Yield to maturity3.532%Dec 8, 2025Yield to maturity3.588%Dec 10, 2025Yield to maturity3.557%Dec 12, 2025Yield to maturity3.553%Dec 16, 2025Yield to maturity3.492%Dec 18, 2025Yield to maturity3.475%Dec 22, 2025Yield to maturity3.517%Dec 24, 2025Yield to maturity3.559%Dec 29, 2025Yield to maturity3.480%Dec 31, 2025Yield to maturity3.493%Jan 5, 2026Yield to maturity3.474%Jan 7, 2026Yield to maturity3.487%Jan 9, 2026Yield to maturity3.545%Jan 13, 2026Yield to maturity3.544%Jan 15, 2026Yield to maturity3.573%Jan 20, 2026Yield to maturity3.616%Jan 22, 2026Yield to maturity3.630%Jan 26, 2026Yield to maturity3.611%Jan 28, 2026Yield to maturity3.610%Jan 30, 2026Yield to maturity3.543%Feb 3, 2026Yield to maturity3.573%Feb 5, 2026Yield to maturity3.476%Feb 9, 2026Yield to maturity3.488%Feb 11, 2026Yield to maturity3.518%Feb 13, 2026Yield to maturity3.400%Feb 18, 2026Yield to maturity3.463%Feb 20, 2026Yield to maturity3.491%Feb 24, 2026Yield to maturity3.473%Feb 26, 2026Yield to maturity3.454%Mar 2, 2026Yield to maturity3.483%Mar 4, 2026Yield to maturity3.547%Mar 6, 2026Yield to maturity3.559%Mar 10, 2026Yield to maturity3.591%Mar 12, 2026Yield to maturity3.757%Mar 16, 2026Yield to maturity3.686%Mar 18, 2026Yield to maturity3.770%Mar 20, 2026Yield to maturity3.921%Mar 24, 2026Yield to maturity3.954%Mar 26, 2026Yield to maturity4.005%Mar 30, 2026Yield to maturity3.848%Apr 1, 2026Yield to maturity3.829%Apr 3, 2026Yield to maturity3.861%Apr 7, 2026Yield to maturity3.843%Apr 9, 2026Yield to maturity3.806%Apr 13, 2026Yield to maturity3.804%Apr 15, 2026Yield to maturity3.785%Apr 17, 2026Yield to maturity3.729%Apr 21, 2026Yield to maturity3.798%Apr 23, 2026Yield to maturity3.851%Apr 27, 2026Yield to maturity3.812%Apr 29, 2026Yield to maturity3.938%May 1, 2026Yield to maturity3.881%May 5, 2026Yield to maturity3.935%May 7, 2026Yield to maturity3.916%May 11, 2026Yield to maturity3.950%May 13, 2026Yield to maturity3.968%May 15, 2026Yield to maturity4.078%May 19, 2026Yield to maturity4.115%May 21, 2026Yield to maturity4.077%May 26, 2026Yield to maturity4.038%May 28, 2026Yield to maturity4.018%Jun 1, 2026Yield to maturity4.036%Jun 3, 2026Yield to maturity4.074%Jun 5, 2026Yield to maturity4.150%Jun 9, 2026Yield to maturity4.130%Jun 11, 2026Yield to maturity4.052%Jun 15, 2026Yield to maturity4.051%Jun 17, 2026Yield to maturity4.208%Jun 22, 2026Yield to maturity4.247%Jun 24, 2026Yield to maturity4.148%Jun 26, 2026Yield to maturity4.107%Jun 30, 2026Yield to maturity4.167%Jul 2, 2026Yield to maturity4.166%Jul 7, 2026Yield to maturity4.207%Jul 9, 2026Yield to maturity4.166%Jul 13, 2026Yield to maturity4.268%Jul 15, 2026Yield to maturity4.124%Jul 17, 2026Yield to maturity4.165%Jul 21, 2026Yield to maturity4.248%Jul 23, 2026Yield to maturity4.332%Jul 27, 2026Yield to maturity4.312%Jul 29, 2026Yield to maturity4.228%Jul 31, 2026Yield to maturity4.270%Aug 4, 2026Yield to maturity4.185%Aug 6, 2026Yield to maturity4.228%Aug 10, 2026Yield to maturity4.228%Aug 12, 2026Yield to maturity4.185%Aug 14, 2026Yield to maturity4.141%Aug 18, 2026Yield to maturity4.140%Aug 20, 2026Yield to maturity4.162%Aug 24, 2026Yield to maturity4.205%Aug 26, 2026Yield to maturity4.183%Aug 28, 2026Yield to maturity4.316%Sep 1, 2026Yield to maturity4.361%Sep 3, 2026Yield to maturity4.293%Sep 8, 2026Yield to maturity4.339%Sep 9, 2026Yield to maturity4.362%

Price history

392 trading days to Sep 9, 2026

99.50100.00100.50101.00101.50102.00Feb 18, 2025Sep 9, 2026Feb 18, 2025Close99.781Feb 20, 2025Close99.938Feb 24, 2025Close100.219Feb 26, 2025Close100.594Feb 28, 2025Close100.719Mar 4, 2025Close100.844Mar 6, 2025Close100.750Mar 10, 2025Close100.938Mar 12, 2025Close100.688Mar 14, 2025Close100.656Mar 18, 2025Close100.625Mar 20, 2025Close100.844Mar 24, 2025Close100.625Mar 26, 2025Close100.656Mar 28, 2025Close100.938Apr 1, 2025Close101.063Apr 3, 2025Close101.500Apr 7, 2025Close101.406Apr 9, 2025Close100.844Apr 11, 2025Close100.656Apr 15, 2025Close101.063Apr 17, 2025Close101.156Apr 21, 2025Close101.281Apr 23, 2025Close101.000Apr 25, 2025Close101.281Apr 29, 2025Close101.594May 1, 2025Close101.469May 5, 2025Close101.125May 7, 2025Close101.281May 9, 2025Close100.969May 13, 2025Close100.594May 15, 2025Close100.750May 19, 2025Close100.750May 21, 2025Close100.625May 23, 2025Close100.688May 28, 2025Close100.719May 30, 2025Close100.938Jun 3, 2025Close100.781Jun 5, 2025Close100.844Jun 9, 2025Close100.625Jun 11, 2025Close100.813Jun 13, 2025Close100.813Jun 17, 2025Close100.844Jun 20, 2025Close100.938Jun 24, 2025Close101.188Jun 26, 2025Close101.344Jun 30, 2025Close101.344Jul 2, 2025Close101.156Jul 7, 2025Close100.906Jul 9, 2025Close101.031Jul 11, 2025Close100.906Jul 15, 2025Close100.781Jul 17, 2025Close100.875Jul 21, 2025Close101.063Jul 23, 2025Close100.969Jul 25, 2025Close100.906Jul 29, 2025Close100.969Jul 31, 2025Close100.813Aug 4, 2025Close101.406Aug 6, 2025Close101.375Aug 8, 2025Close101.219Aug 12, 2025Close101.281Aug 14, 2025Close101.281Aug 18, 2025Close101.219Aug 20, 2025Close101.281Aug 22, 2025Close101.406Aug 26, 2025Close101.438Aug 28, 2025Close101.469Sep 2, 2025Close101.406Sep 4, 2025Close101.594Sep 8, 2025Close101.781Sep 10, 2025Close101.688Sep 12, 2025Close101.625Sep 16, 2025Close101.719Sep 18, 2025Close101.594Sep 22, 2025Close101.500Sep 24, 2025Close101.469Sep 26, 2025Close101.344Sep 30, 2025Close101.438Oct 2, 2025Close101.563Oct 6, 2025Close101.438Oct 8, 2025Close101.469Oct 10, 2025Close101.625Oct 15, 2025Close101.656Oct 17, 2025Close101.750Oct 21, 2025Close101.750Oct 23, 2025Close101.688Oct 27, 2025Close101.625Oct 29, 2025Close101.406Oct 31, 2025Close101.406Nov 4, 2025Close101.469Nov 6, 2025Close101.469Nov 10, 2025Close101.406Nov 13, 2025Close101.406Nov 17, 2025Close101.375Nov 19, 2025Close101.438Nov 21, 2025Close101.594Nov 25, 2025Close101.656Nov 28, 2025Close101.594Dec 2, 2025Close101.531Dec 4, 2025Close101.500Dec 8, 2025Close101.375Dec 10, 2025Close101.438Dec 12, 2025Close101.438Dec 16, 2025Close101.563Dec 18, 2025Close101.594Dec 22, 2025Close101.500Dec 24, 2025Close101.406Dec 29, 2025Close101.563Dec 31, 2025Close101.531Jan 5, 2026Close101.563Jan 7, 2026Close101.531Jan 9, 2026Close101.406Jan 13, 2026Close101.406Jan 15, 2026Close101.344Jan 20, 2026Close101.250Jan 22, 2026Close101.219Jan 26, 2026Close101.250Jan 28, 2026Close101.250Jan 30, 2026Close101.375Feb 3, 2026Close101.313Feb 5, 2026Close101.500Feb 9, 2026Close101.469Feb 11, 2026Close101.406Feb 13, 2026Close101.625Feb 18, 2026Close101.500Feb 20, 2026Close101.438Feb 24, 2026Close101.469Feb 26, 2026Close101.500Mar 2, 2026Close101.438Mar 4, 2026Close101.313Mar 6, 2026Close101.281Mar 10, 2026Close101.219Mar 12, 2026Close100.906Mar 16, 2026Close101.031Mar 18, 2026Close100.875Mar 20, 2026Close100.594Mar 24, 2026Close100.531Mar 26, 2026Close100.438Mar 30, 2026Close100.719Apr 1, 2026Close100.750Apr 3, 2026Close100.688Apr 7, 2026Close100.719Apr 9, 2026Close100.781Apr 13, 2026Close100.781Apr 15, 2026Close100.813Apr 17, 2026Close100.906Apr 21, 2026Close100.781Apr 23, 2026Close100.688Apr 27, 2026Close100.750Apr 29, 2026Close100.531May 1, 2026Close100.625May 5, 2026Close100.531May 7, 2026Close100.563May 11, 2026Close100.500May 13, 2026Close100.469May 15, 2026Close100.281May 19, 2026Close100.219May 21, 2026Close100.281May 26, 2026Close100.344May 28, 2026Close100.375Jun 1, 2026Close100.344Jun 3, 2026Close100.281Jun 5, 2026Close100.156Jun 9, 2026Close100.188Jun 11, 2026Close100.313Jun 15, 2026Close100.313Jun 17, 2026Close100.063Jun 22, 2026Close100.000Jun 24, 2026Close100.156Jun 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, 2026Close100.031Jul 31, 2026Close99.969Aug 4, 2026Close100.094Aug 6, 2026Close100.031Aug 10, 2026Close100.031Aug 12, 2026Close100.094Aug 14, 2026Close100.156Aug 18, 2026Close100.156Aug 20, 2026Close100.125Aug 24, 2026Close100.063Aug 26, 2026Close100.094Aug 28, 2026Close99.906Sep 1, 2026Close99.844Sep 3, 2026Close99.938Sep 8, 2026Close99.875Sep 9, 2026Close99.844
The most recent 20 trading days of prices for 91282CMN8.
DateBidOfferClose
Sep 9, 202699.84499.84499.844
Sep 8, 202699.89199.87599.875
Sep 4, 202699.90699.90699.875
Sep 3, 202699.95399.93899.938
Sep 2, 202699.87599.87599.875
Sep 1, 202699.89199.87599.844
Aug 31, 202699.92299.90699.906
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, 2026100.078100.063100.094
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, 2026100.188100.188100.156
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 91282CMN8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 11, 2025Feb 18, 2025New issue$58.0bn$73.9bn2.79x4.300%

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.