Treasury note

91282CMR9 · 4.125% due February 29, 2032

Original term
7-Year
Maturity
Feb 29, 2032
Coupon
4.125%
Pays
Semi-Annual
Dated
Feb 28, 2025
First coupon
Aug 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$48.43bn
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
4.647%
Modified duration
4.829 yr
DV01
0.0471
Convexity
27.217
Dirty price
97.614

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 4.938 years against a modified duration of 4.829.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 7.53 cents per 100 of face.

That is 0.85 standard deviations from its own typical residual.

Yield to maturity, 384 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Feb 28, 2025Sep 9, 2026Feb 28, 2025Yield to maturity4.135%Mar 4, 2025Yield to maturity4.109%Mar 6, 2025Yield to maturity4.177%Mar 10, 2025Yield to maturity4.099%Mar 12, 2025Yield to maturity4.203%Mar 14, 2025Yield to maturity4.203%Mar 18, 2025Yield to maturity4.177%Mar 20, 2025Yield to maturity4.114%Mar 24, 2025Yield to maturity4.214%Mar 26, 2025Yield to maturity4.214%Mar 28, 2025Yield to maturity4.119%Apr 1, 2025Yield to maturity4.030%Apr 3, 2025Yield to maturity3.885%Apr 7, 2025Yield to maturity3.968%Apr 9, 2025Yield to maturity4.203%Apr 11, 2025Yield to maturity4.326%Apr 15, 2025Yield to maturity4.151%Apr 17, 2025Yield to maturity4.130%Apr 21, 2025Yield to maturity4.182%Apr 23, 2025Yield to maturity4.198%Apr 25, 2025Yield to maturity4.066%Apr 29, 2025Yield to maturity3.961%May 1, 2025Yield to maturity4.013%May 5, 2025Yield to maturity4.129%May 7, 2025Yield to maturity4.050%May 9, 2025Yield to maturity4.177%May 13, 2025Yield to maturity4.295%May 15, 2025Yield to maturity4.242%May 19, 2025Yield to maturity4.253%May 21, 2025Yield to maturity4.355%May 23, 2025Yield to maturity4.280%May 28, 2025Yield to maturity4.253%May 30, 2025Yield to maturity4.167%Jun 3, 2025Yield to maturity4.221%Jun 5, 2025Yield to maturity4.172%Jun 9, 2025Yield to maturity4.270%Jun 11, 2025Yield to maturity4.189%Jun 13, 2025Yield to maturity4.183%Jun 17, 2025Yield to maturity4.151%Jun 20, 2025Yield to maturity4.135%Jun 24, 2025Yield to maturity4.033%Jun 26, 2025Yield to maturity3.979%Jun 30, 2025Yield to maturity3.963%Jul 2, 2025Yield to maturity4.038%Jul 7, 2025Yield to maturity4.135%Jul 9, 2025Yield to maturity4.086%Jul 11, 2025Yield to maturity4.168%Jul 15, 2025Yield to maturity4.228%Jul 17, 2025Yield to maturity4.195%Jul 21, 2025Yield to maturity4.097%Jul 23, 2025Yield to maturity4.119%Jul 25, 2025Yield to maturity4.119%Jul 29, 2025Yield to maturity4.070%Jul 31, 2025Yield to maturity4.114%Aug 4, 2025Yield to maturity3.912%Aug 6, 2025Yield to maturity3.934%Aug 8, 2025Yield to maturity3.993%Aug 12, 2025Yield to maturity3.999%Aug 14, 2025Yield to maturity3.993%Aug 18, 2025Yield to maturity4.037%Aug 20, 2025Yield to maturity3.982%Aug 22, 2025Yield to maturity3.938%Aug 26, 2025Yield to maturity3.927%Aug 28, 2025Yield to maturity3.878%Sep 2, 2025Yield to maturity3.932%Sep 4, 2025Yield to maturity3.823%Sep 8, 2025Yield to maturity3.736%Sep 10, 2025Yield to maturity3.736%Sep 12, 2025Yield to maturity3.773%Sep 16, 2025Yield to maturity3.735%Sep 18, 2025Yield to maturity3.816%Sep 22, 2025Yield to maturity3.854%Sep 24, 2025Yield to maturity3.864%Sep 26, 2025Yield to maturity3.919%Sep 30, 2025Yield to maturity3.880%Oct 2, 2025Yield to maturity3.814%Oct 6, 2025Yield to maturity3.896%Oct 8, 2025Yield to maturity3.863%Oct 10, 2025Yield to maturity3.785%Oct 15, 2025Yield to maturity3.763%Oct 17, 2025Yield to maturity3.729%Oct 21, 2025Yield to maturity3.691%Oct 23, 2025Yield to maturity3.740%Oct 27, 2025Yield to maturity3.745%Oct 29, 2025Yield to maturity3.827%Oct 31, 2025Yield to maturity3.838%Nov 4, 2025Yield to maturity3.827%Nov 6, 2025Yield to maturity3.821%Nov 10, 2025Yield to maturity3.848%Nov 13, 2025Yield to maturity3.837%Nov 17, 2025Yield to maturity3.847%Nov 19, 2025Yield to maturity3.836%Nov 21, 2025Yield to maturity3.752%Nov 25, 2025Yield to maturity3.701%Nov 28, 2025Yield to maturity3.723%Dec 2, 2025Yield to maturity3.790%Dec 4, 2025Yield to maturity3.812%Dec 8, 2025Yield to maturity3.879%Dec 10, 2025Yield to maturity3.851%Dec 12, 2025Yield to maturity3.884%Dec 16, 2025Yield to maturity3.827%Dec 18, 2025Yield to maturity3.799%Dec 22, 2025Yield to maturity3.855%Dec 24, 2025Yield to maturity3.843%Dec 29, 2025Yield to maturity3.803%Dec 31, 2025Yield to maturity3.860%Jan 5, 2026Yield to maturity3.836%Jan 7, 2026Yield to maturity3.825%Jan 9, 2026Yield to maturity3.876%Jan 13, 2026Yield to maturity3.870%Jan 15, 2026Yield to maturity3.887%Jan 20, 2026Yield to maturity3.996%Jan 22, 2026Yield to maturity3.973%Jan 26, 2026Yield to maturity3.938%Jan 28, 2026Yield to maturity3.967%Jan 30, 2026Yield to maturity3.932%Feb 3, 2026Yield to maturity3.961%Feb 5, 2026Yield to maturity3.874%Feb 9, 2026Yield to maturity3.879%Feb 11, 2026Yield to maturity3.867%Feb 13, 2026Yield to maturity3.728%Feb 18, 2026Yield to maturity3.768%Feb 20, 2026Yield to maturity3.768%Feb 24, 2026Yield to maturity3.715%Feb 26, 2026Yield to maturity3.698%Mar 2, 2026Yield to maturity3.732%Mar 4, 2026Yield to maturity3.784%Mar 6, 2026Yield to maturity3.836%Mar 10, 2026Yield to maturity3.841%Mar 12, 2026Yield to maturity3.988%Mar 16, 2026Yield to maturity3.917%Mar 18, 2026Yield to maturity3.970%Mar 20, 2026Yield to maturity4.125%Mar 24, 2026Yield to maturity4.137%Mar 26, 2026Yield to maturity4.191%Mar 30, 2026Yield to maturity4.082%Apr 1, 2026Yield to maturity4.064%Apr 3, 2026Yield to maturity4.088%Apr 7, 2026Yield to maturity4.052%Apr 9, 2026Yield to maturity4.016%Apr 13, 2026Yield to maturity4.016%Apr 15, 2026Yield to maturity3.992%Apr 17, 2026Yield to maturity3.944%Apr 21, 2026Yield to maturity3.997%Apr 23, 2026Yield to maturity4.052%Apr 27, 2026Yield to maturity4.045%Apr 29, 2026Yield to maturity4.148%May 1, 2026Yield to maturity4.106%May 5, 2026Yield to maturity4.155%May 7, 2026Yield to maturity4.124%May 11, 2026Yield to maturity4.148%May 13, 2026Yield to maturity4.198%May 15, 2026Yield to maturity4.334%May 19, 2026Yield to maturity4.402%May 21, 2026Yield to maturity4.315%May 26, 2026Yield to maturity4.254%May 28, 2026Yield to maturity4.217%Jun 1, 2026Yield to maturity4.241%Jun 3, 2026Yield to maturity4.266%Jun 5, 2026Yield to maturity4.335%Jun 9, 2026Yield to maturity4.311%Jun 11, 2026Yield to maturity4.230%Jun 15, 2026Yield to maturity4.236%Jun 17, 2026Yield to maturity4.305%Jun 22, 2026Yield to maturity4.330%Jun 24, 2026Yield to maturity4.224%Jun 26, 2026Yield to maturity4.174%Jun 30, 2026Yield to maturity4.230%Jul 2, 2026Yield to maturity4.275%Jul 7, 2026Yield to maturity4.319%Jul 9, 2026Yield to maturity4.313%Jul 13, 2026Yield to maturity4.409%Jul 15, 2026Yield to maturity4.301%Jul 17, 2026Yield to maturity4.320%Jul 21, 2026Yield to maturity4.410%Jul 23, 2026Yield to maturity4.500%Jul 27, 2026Yield to maturity4.443%Jul 29, 2026Yield to maturity4.418%Jul 31, 2026Yield to maturity4.496%Aug 4, 2026Yield to maturity4.373%Aug 6, 2026Yield to maturity4.438%Aug 10, 2026Yield to maturity4.452%Aug 12, 2026Yield to maturity4.420%Aug 14, 2026Yield to maturity4.407%Aug 18, 2026Yield to maturity4.420%Aug 20, 2026Yield to maturity4.427%Aug 24, 2026Yield to maturity4.454%Aug 26, 2026Yield to maturity4.422%Aug 28, 2026Yield to maturity4.520%Sep 1, 2026Yield to maturity4.586%Sep 3, 2026Yield to maturity4.554%Sep 8, 2026Yield to maturity4.607%Sep 9, 2026Yield to maturity4.647%

Price history

384 trading days to Sep 9, 2026

979899100101102103Feb 28, 2025Sep 9, 2026Feb 28, 2025Close99.938Mar 4, 2025Close100.094Mar 6, 2025Close99.688Mar 10, 2025Close100.156Mar 12, 2025Close99.531Mar 14, 2025Close99.531Mar 18, 2025Close99.688Mar 20, 2025Close100.063Mar 24, 2025Close99.469Mar 26, 2025Close99.469Mar 28, 2025Close100.031Apr 1, 2025Close100.563Apr 3, 2025Close101.438Apr 7, 2025Close100.938Apr 9, 2025Close99.531Apr 11, 2025Close98.813Apr 15, 2025Close99.844Apr 17, 2025Close99.969Apr 21, 2025Close99.656Apr 23, 2025Close99.563Apr 25, 2025Close100.344Apr 29, 2025Close100.969May 1, 2025Close100.656May 5, 2025Close99.969May 7, 2025Close100.438May 9, 2025Close99.688May 13, 2025Close99.000May 15, 2025Close99.313May 19, 2025Close99.250May 21, 2025Close98.656May 23, 2025Close99.094May 28, 2025Close99.250May 30, 2025Close99.750Jun 3, 2025Close99.438Jun 5, 2025Close99.719Jun 9, 2025Close99.156Jun 11, 2025Close99.625Jun 13, 2025Close99.656Jun 17, 2025Close99.844Jun 20, 2025Close99.938Jun 24, 2025Close100.531Jun 26, 2025Close100.844Jun 30, 2025Close100.938Jul 2, 2025Close100.500Jul 7, 2025Close99.938Jul 9, 2025Close100.219Jul 11, 2025Close99.750Jul 15, 2025Close99.406Jul 17, 2025Close99.594Jul 21, 2025Close100.156Jul 23, 2025Close100.031Jul 25, 2025Close100.031Jul 29, 2025Close100.313Jul 31, 2025Close100.063Aug 4, 2025Close101.219Aug 6, 2025Close101.094Aug 8, 2025Close100.750Aug 12, 2025Close100.719Aug 14, 2025Close100.750Aug 18, 2025Close100.500Aug 20, 2025Close100.813Aug 22, 2025Close101.063Aug 26, 2025Close101.125Aug 28, 2025Close101.406Sep 2, 2025Close101.094Sep 4, 2025Close101.719Sep 8, 2025Close102.219Sep 10, 2025Close102.219Sep 12, 2025Close102.000Sep 16, 2025Close102.219Sep 18, 2025Close101.750Sep 22, 2025Close101.531Sep 24, 2025Close101.469Sep 26, 2025Close101.156Sep 30, 2025Close101.375Oct 2, 2025Close101.750Oct 6, 2025Close101.281Oct 8, 2025Close101.469Oct 10, 2025Close101.906Oct 15, 2025Close102.031Oct 17, 2025Close102.219Oct 21, 2025Close102.438Oct 23, 2025Close102.156Oct 27, 2025Close102.125Oct 29, 2025Close101.656Oct 31, 2025Close101.594Nov 4, 2025Close101.656Nov 6, 2025Close101.688Nov 10, 2025Close101.531Nov 13, 2025Close101.594Nov 17, 2025Close101.531Nov 19, 2025Close101.594Nov 21, 2025Close102.063Nov 25, 2025Close102.344Nov 28, 2025Close102.219Dec 2, 2025Close101.844Dec 4, 2025Close101.719Dec 8, 2025Close101.344Dec 10, 2025Close101.500Dec 12, 2025Close101.313Dec 16, 2025Close101.625Dec 18, 2025Close101.781Dec 22, 2025Close101.469Dec 24, 2025Close101.531Dec 29, 2025Close101.750Dec 31, 2025Close101.438Jan 5, 2026Close101.563Jan 7, 2026Close101.625Jan 9, 2026Close101.344Jan 13, 2026Close101.375Jan 15, 2026Close101.281Jan 20, 2026Close100.688Jan 22, 2026Close100.813Jan 26, 2026Close101.000Jan 28, 2026Close100.844Jan 30, 2026Close101.031Feb 3, 2026Close100.875Feb 5, 2026Close101.344Feb 9, 2026Close101.313Feb 11, 2026Close101.375Feb 13, 2026Close102.125Feb 18, 2026Close101.906Feb 20, 2026Close101.906Feb 24, 2026Close102.188Feb 26, 2026Close102.281Mar 2, 2026Close102.094Mar 4, 2026Close101.813Mar 6, 2026Close101.531Mar 10, 2026Close101.500Mar 12, 2026Close100.719Mar 16, 2026Close101.094Mar 18, 2026Close100.813Mar 20, 2026Close100.000Mar 24, 2026Close99.938Mar 26, 2026Close99.656Mar 30, 2026Close100.219Apr 1, 2026Close100.313Apr 3, 2026Close100.188Apr 7, 2026Close100.375Apr 9, 2026Close100.563Apr 13, 2026Close100.563Apr 15, 2026Close100.688Apr 17, 2026Close100.938Apr 21, 2026Close100.656Apr 23, 2026Close100.375Apr 27, 2026Close100.406Apr 29, 2026Close99.875May 1, 2026Close100.094May 5, 2026Close99.844May 7, 2026Close100.000May 11, 2026Close99.875May 13, 2026Close99.625May 15, 2026Close98.938May 19, 2026Close98.594May 21, 2026Close99.031May 26, 2026Close99.344May 28, 2026Close99.531Jun 1, 2026Close99.406Jun 3, 2026Close99.281Jun 5, 2026Close98.938Jun 9, 2026Close99.063Jun 11, 2026Close99.469Jun 15, 2026Close99.438Jun 17, 2026Close99.094Jun 22, 2026Close98.969Jun 24, 2026Close99.500Jun 26, 2026Close99.750Jun 30, 2026Close99.469Jul 2, 2026Close99.250Jul 7, 2026Close99.031Jul 9, 2026Close99.063Jul 13, 2026Close98.594Jul 15, 2026Close99.125Jul 17, 2026Close99.031Jul 21, 2026Close98.594Jul 23, 2026Close98.156Jul 27, 2026Close98.438Jul 29, 2026Close98.563Jul 31, 2026Close98.188Aug 4, 2026Close98.781Aug 6, 2026Close98.469Aug 10, 2026Close98.406Aug 12, 2026Close98.563Aug 14, 2026Close98.625Aug 18, 2026Close98.563Aug 20, 2026Close98.531Aug 24, 2026Close98.406Aug 26, 2026Close98.563Aug 28, 2026Close98.094Sep 1, 2026Close97.781Sep 3, 2026Close97.938Sep 8, 2026Close97.688Sep 9, 2026Close97.500
The most recent 20 trading days of prices for 91282CMR9.
DateBidOfferClose
Sep 9, 202697.48497.46997.500
Sep 8, 202697.76697.75097.688
Sep 4, 202697.85997.84497.813
Sep 3, 202698.04798.03197.938
Sep 2, 202697.78197.75097.781
Sep 1, 202697.92297.90697.781
Aug 31, 202698.04798.03198.031
Aug 28, 202698.23498.21998.094
Aug 27, 202698.60998.59498.500
Aug 26, 202698.60998.59498.563
Aug 25, 202698.70398.68898.719
Aug 24, 202698.51698.50098.406
Aug 21, 202698.32898.31398.344
Aug 20, 202698.51698.50098.531
Aug 19, 202698.67298.65698.719
Aug 18, 202698.57898.56398.563
Aug 17, 202698.60998.59498.531
Aug 14, 202698.70398.68898.625
Aug 13, 202698.82898.81398.844
Aug 12, 202698.64198.62598.563

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 91282CMR9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 26, 2025Feb 28, 2025New issue$44.0bn$48.4bn2.64x4.194%

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.