Treasury note

91282CMT5 · 4.125% due March 31, 2032

Original term
7-Year
Maturity
Mar 31, 2032
Coupon
4.125%
Pays
Semi-Annual
Dated
Mar 31, 2025
First coupon
Sep 30, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$44.80bn
Held stripped
$1.6m
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
4.647%
Modified duration
4.808 yr
DV01
0.0478
Convexity
27.459
Dirty price
99.306

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 4.919 years against a modified duration of 4.808.

Against the fitted curve

Priced 1.1 bp cheap to the curve on that day, 5.02 cents per 100 of face.

That is 0.18 standard deviations from its own typical residual.

Yield to maturity, 363 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Mar 31, 2025Sep 9, 2026Mar 31, 2025Yield to maturity4.089%Apr 2, 2025Yield to maturity4.068%Apr 4, 2025Yield to maturity3.842%Apr 8, 2025Yield to maturity4.052%Apr 10, 2025Yield to maturity4.208%Apr 14, 2025Yield to maturity4.193%Apr 16, 2025Yield to maturity4.073%Apr 18, 2025Yield to maturity4.130%Apr 22, 2025Yield to maturity4.182%Apr 24, 2025Yield to maturity4.114%Apr 28, 2025Yield to maturity4.005%Apr 30, 2025Yield to maturity3.927%May 2, 2025Yield to maturity4.103%May 6, 2025Yield to maturity4.093%May 8, 2025Yield to maturity4.177%May 12, 2025Yield to maturity4.267%May 14, 2025Yield to maturity4.342%May 16, 2025Yield to maturity4.235%May 20, 2025Yield to maturity4.262%May 22, 2025Yield to maturity4.316%May 27, 2025Yield to maturity4.214%May 29, 2025Yield to maturity4.198%Jun 2, 2025Yield to maturity4.215%Jun 4, 2025Yield to maturity4.124%Jun 6, 2025Yield to maturity4.306%Jun 10, 2025Yield to maturity4.258%Jun 12, 2025Yield to maturity4.135%Jun 16, 2025Yield to maturity4.220%Jun 18, 2025Yield to maturity4.151%Jun 23, 2025Yield to maturity4.087%Jun 25, 2025Yield to maturity4.028%Jun 27, 2025Yield to maturity4.023%Jul 1, 2025Yield to maturity4.007%Jul 3, 2025Yield to maturity4.108%Jul 8, 2025Yield to maturity4.167%Jul 10, 2025Yield to maturity4.103%Jul 14, 2025Yield to maturity4.167%Jul 16, 2025Yield to maturity4.183%Jul 18, 2025Yield to maturity4.157%Jul 22, 2025Yield to maturity4.070%Jul 24, 2025Yield to maturity4.157%Jul 28, 2025Yield to maturity4.157%Jul 30, 2025Yield to maturity4.124%Aug 1, 2025Yield to maturity3.947%Aug 5, 2025Yield to maturity3.936%Aug 7, 2025Yield to maturity3.962%Aug 11, 2025Yield to maturity3.994%Aug 13, 2025Yield to maturity3.946%Aug 15, 2025Yield to maturity4.032%Aug 19, 2025Yield to maturity4.005%Aug 21, 2025Yield to maturity4.037%Aug 25, 2025Yield to maturity3.972%Aug 27, 2025Yield to maturity3.908%Aug 29, 2025Yield to maturity3.891%Sep 3, 2025Yield to maturity3.880%Sep 5, 2025Yield to maturity3.762%Sep 9, 2025Yield to maturity3.767%Sep 11, 2025Yield to maturity3.724%Sep 15, 2025Yield to maturity3.755%Sep 17, 2025Yield to maturity3.771%Sep 19, 2025Yield to maturity3.846%Sep 23, 2025Yield to maturity3.830%Sep 25, 2025Yield to maturity3.911%Sep 29, 2025Yield to maturity3.889%Oct 1, 2025Yield to maturity3.840%Oct 3, 2025Yield to maturity3.861%Oct 7, 2025Yield to maturity3.861%Oct 9, 2025Yield to maturity3.883%Oct 14, 2025Yield to maturity3.751%Oct 16, 2025Yield to maturity3.697%Oct 20, 2025Yield to maturity3.723%Oct 22, 2025Yield to maturity3.696%Oct 24, 2025Yield to maturity3.744%Oct 28, 2025Yield to maturity3.738%Oct 30, 2025Yield to maturity3.858%Nov 3, 2025Yield to maturity3.858%Nov 5, 2025Yield to maturity3.902%Nov 7, 2025Yield to maturity3.819%Nov 12, 2025Yield to maturity3.807%Nov 14, 2025Yield to maturity3.873%Nov 18, 2025Yield to maturity3.834%Nov 20, 2025Yield to maturity3.812%Nov 24, 2025Yield to maturity3.739%Nov 26, 2025Yield to maturity3.700%Dec 1, 2025Yield to maturity3.805%Dec 3, 2025Yield to maturity3.760%Dec 5, 2025Yield to maturity3.849%Dec 9, 2025Yield to maturity3.910%Dec 11, 2025Yield to maturity3.854%Dec 15, 2025Yield to maturity3.876%Dec 17, 2025Yield to maturity3.847%Dec 19, 2025Yield to maturity3.841%Dec 23, 2025Yield to maturity3.880%Dec 26, 2025Yield to maturity3.835%Dec 30, 2025Yield to maturity3.824%Jan 2, 2026Yield to maturity3.879%Jan 6, 2026Yield to maturity3.857%Jan 8, 2026Yield to maturity3.873%Jan 12, 2026Yield to maturity3.896%Jan 14, 2026Yield to maturity3.844%Jan 16, 2026Yield to maturity3.952%Jan 21, 2026Yield to maturity3.969%Jan 23, 2026Yield to maturity3.963%Jan 27, 2026Yield to maturity3.951%Jan 29, 2026Yield to maturity3.940%Feb 2, 2026Yield to maturity3.974%Feb 4, 2026Yield to maturity3.974%Feb 6, 2026Yield to maturity3.893%Feb 10, 2026Yield to maturity3.836%Feb 12, 2026Yield to maturity3.796%Feb 17, 2026Yield to maturity3.749%Feb 19, 2026Yield to maturity3.766%Feb 23, 2026Yield to maturity3.709%Feb 25, 2026Yield to maturity3.737%Feb 27, 2026Yield to maturity3.645%Mar 3, 2026Yield to maturity3.753%Mar 5, 2026Yield to maturity3.834%Mar 9, 2026Yield to maturity3.822%Mar 11, 2026Yield to maturity3.902%Mar 13, 2026Yield to maturity3.990%Mar 17, 2026Yield to maturity3.902%Mar 19, 2026Yield to maturity3.989%Mar 23, 2026Yield to maturity4.078%Mar 25, 2026Yield to maturity4.078%Mar 27, 2026Yield to maturity4.184%Mar 31, 2026Yield to maturity4.036%Apr 2, 2026Yield to maturity4.048%Apr 6, 2026Yield to maturity4.089%Apr 8, 2026Yield to maturity4.024%Apr 10, 2026Yield to maturity4.041%Apr 14, 2026Yield to maturity3.976%Apr 16, 2026Yield to maturity4.017%Apr 20, 2026Yield to maturity3.958%Apr 22, 2026Yield to maturity4.017%Apr 24, 2026Yield to maturity4.017%Apr 28, 2026Yield to maturity4.083%Apr 30, 2026Yield to maturity4.118%May 4, 2026Yield to maturity4.179%May 6, 2026Yield to maturity4.082%May 8, 2026Yield to maturity4.100%May 12, 2026Yield to maturity4.209%May 14, 2026Yield to maturity4.209%May 18, 2026Yield to maturity4.350%May 20, 2026Yield to maturity4.307%May 22, 2026Yield to maturity4.332%May 27, 2026Yield to maturity4.246%May 29, 2026Yield to maturity4.209%Jun 2, 2026Yield to maturity4.234%Jun 4, 2026Yield to maturity4.246%Jun 8, 2026Yield to maturity4.345%Jun 10, 2026Yield to maturity4.327%Jun 12, 2026Yield to maturity4.265%Jun 16, 2026Yield to maturity4.204%Jun 18, 2026Yield to maturity4.278%Jun 23, 2026Yield to maturity4.315%Jun 25, 2026Yield to maturity4.204%Jun 29, 2026Yield to maturity4.186%Jul 1, 2026Yield to maturity4.285%Jul 6, 2026Yield to maturity4.260%Jul 8, 2026Yield to maturity4.354%Jul 10, 2026Yield to maturity4.355%Jul 14, 2026Yield to maturity4.361%Jul 16, 2026Yield to maturity4.330%Jul 20, 2026Yield to maturity4.374%Jul 22, 2026Yield to maturity4.463%Jul 24, 2026Yield to maturity4.476%Jul 28, 2026Yield to maturity4.407%Jul 30, 2026Yield to maturity4.433%Aug 3, 2026Yield to maturity4.452%Aug 5, 2026Yield to maturity4.383%Aug 7, 2026Yield to maturity4.396%Aug 11, 2026Yield to maturity4.447%Aug 13, 2026Yield to maturity4.371%Aug 17, 2026Yield to maturity4.435%Aug 19, 2026Yield to maturity4.397%Aug 21, 2026Yield to maturity4.475%Aug 25, 2026Yield to maturity4.391%Aug 27, 2026Yield to maturity4.437%Aug 31, 2026Yield to maturity4.541%Sep 2, 2026Yield to maturity4.586%Sep 4, 2026Yield to maturity4.588%Sep 9, 2026Yield to maturity4.647%

Price history

363 trading days to Sep 9, 2026

979899100101102103Mar 31, 2025Sep 9, 2026Mar 31, 2025Close100.219Apr 2, 2025Close100.344Apr 4, 2025Close101.719Apr 8, 2025Close100.438Apr 10, 2025Close99.500Apr 14, 2025Close99.594Apr 16, 2025Close100.313Apr 18, 2025Close99.969Apr 22, 2025Close99.656Apr 24, 2025Close100.063Apr 28, 2025Close100.719Apr 30, 2025Close101.188May 2, 2025Close100.125May 6, 2025Close100.188May 8, 2025Close99.688May 12, 2025Close99.156May 14, 2025Close98.719May 16, 2025Close99.344May 20, 2025Close99.188May 22, 2025Close98.875May 27, 2025Close99.469May 29, 2025Close99.563Jun 2, 2025Close99.469Jun 4, 2025Close100.000Jun 6, 2025Close98.938Jun 10, 2025Close99.219Jun 12, 2025Close99.938Jun 16, 2025Close99.438Jun 18, 2025Close99.844Jun 23, 2025Close100.219Jun 25, 2025Close100.563Jun 27, 2025Close100.594Jul 1, 2025Close100.688Jul 3, 2025Close100.094Jul 8, 2025Close99.750Jul 10, 2025Close100.125Jul 14, 2025Close99.750Jul 16, 2025Close99.656Jul 18, 2025Close99.813Jul 22, 2025Close100.313Jul 24, 2025Close99.813Jul 28, 2025Close99.813Jul 30, 2025Close100.000Aug 1, 2025Close101.031Aug 5, 2025Close101.094Aug 7, 2025Close100.938Aug 11, 2025Close100.750Aug 13, 2025Close101.031Aug 15, 2025Close100.531Aug 19, 2025Close100.688Aug 21, 2025Close100.500Aug 25, 2025Close100.875Aug 27, 2025Close101.250Aug 29, 2025Close101.344Sep 3, 2025Close101.406Sep 5, 2025Close102.094Sep 9, 2025Close102.063Sep 11, 2025Close102.313Sep 15, 2025Close102.125Sep 17, 2025Close102.031Sep 19, 2025Close101.594Sep 23, 2025Close101.688Sep 25, 2025Close101.219Sep 29, 2025Close101.344Oct 1, 2025Close101.625Oct 3, 2025Close101.500Oct 7, 2025Close101.500Oct 9, 2025Close101.375Oct 14, 2025Close102.125Oct 16, 2025Close102.438Oct 20, 2025Close102.281Oct 22, 2025Close102.438Oct 24, 2025Close102.156Oct 28, 2025Close102.188Oct 30, 2025Close101.500Nov 3, 2025Close101.500Nov 5, 2025Close101.250Nov 7, 2025Close101.719Nov 12, 2025Close101.781Nov 14, 2025Close101.406Nov 18, 2025Close101.625Nov 20, 2025Close101.750Nov 24, 2025Close102.156Nov 26, 2025Close102.375Dec 1, 2025Close101.781Dec 3, 2025Close102.031Dec 5, 2025Close101.531Dec 9, 2025Close101.188Dec 11, 2025Close101.500Dec 15, 2025Close101.375Dec 17, 2025Close101.531Dec 19, 2025Close101.563Dec 23, 2025Close101.344Dec 26, 2025Close101.594Dec 30, 2025Close101.656Jan 2, 2026Close101.344Jan 6, 2026Close101.469Jan 8, 2026Close101.375Jan 12, 2026Close101.250Jan 14, 2026Close101.531Jan 16, 2026Close100.938Jan 21, 2026Close100.844Jan 23, 2026Close100.875Jan 27, 2026Close100.938Jan 29, 2026Close101.000Feb 2, 2026Close100.813Feb 4, 2026Close100.813Feb 6, 2026Close101.250Feb 10, 2026Close101.563Feb 12, 2026Close101.781Feb 17, 2026Close102.031Feb 19, 2026Close101.938Feb 23, 2026Close102.250Feb 25, 2026Close102.094Feb 27, 2026Close102.594Mar 3, 2026Close102.000Mar 5, 2026Close101.563Mar 9, 2026Close101.625Mar 11, 2026Close101.188Mar 13, 2026Close100.719Mar 17, 2026Close101.188Mar 19, 2026Close100.719Mar 23, 2026Close100.250Mar 25, 2026Close100.250Mar 27, 2026Close99.688Mar 31, 2026Close100.469Apr 2, 2026Close100.406Apr 6, 2026Close100.188Apr 8, 2026Close100.531Apr 10, 2026Close100.438Apr 14, 2026Close100.781Apr 16, 2026Close100.563Apr 20, 2026Close100.875Apr 22, 2026Close100.563Apr 24, 2026Close100.563Apr 28, 2026Close100.219Apr 30, 2026Close100.031May 4, 2026Close99.719May 6, 2026Close100.219May 8, 2026Close100.125May 12, 2026Close99.563May 14, 2026Close99.563May 18, 2026Close98.844May 20, 2026Close99.063May 22, 2026Close98.938May 27, 2026Close99.375May 29, 2026Close99.563Jun 2, 2026Close99.438Jun 4, 2026Close99.375Jun 8, 2026Close98.875Jun 10, 2026Close98.969Jun 12, 2026Close99.281Jun 16, 2026Close99.594Jun 18, 2026Close99.219Jun 23, 2026Close99.031Jun 25, 2026Close99.594Jun 29, 2026Close99.688Jul 1, 2026Close99.188Jul 6, 2026Close99.313Jul 8, 2026Close98.844Jul 10, 2026Close98.844Jul 14, 2026Close98.813Jul 16, 2026Close98.969Jul 20, 2026Close98.750Jul 22, 2026Close98.313Jul 24, 2026Close98.250Jul 28, 2026Close98.594Jul 30, 2026Close98.469Aug 3, 2026Close98.375Aug 5, 2026Close98.719Aug 7, 2026Close98.656Aug 11, 2026Close98.406Aug 13, 2026Close98.781Aug 17, 2026Close98.469Aug 19, 2026Close98.656Aug 21, 2026Close98.281Aug 25, 2026Close98.688Aug 27, 2026Close98.469Aug 31, 2026Close97.969Sep 2, 2026Close97.750Sep 4, 2026Close97.750Sep 9, 2026Close97.469
The most recent 20 trading days of prices for 91282CMT5.
DateBidOfferClose
Sep 9, 202697.45397.43897.469
Sep 8, 202697.70397.68897.656
Sep 4, 202697.81397.81397.750
Sep 3, 202697.98497.96997.875
Sep 2, 202697.73497.71997.750
Sep 1, 202697.85997.84497.719
Aug 31, 202697.98497.96997.969
Aug 28, 202698.20398.18898.031
Aug 27, 202698.57898.56398.469
Aug 26, 202698.57898.56398.531
Aug 25, 202698.64198.62598.688
Aug 24, 202698.45398.43898.344
Aug 21, 202698.26698.25098.281
Aug 20, 202698.45398.43898.469
Aug 19, 202698.60998.59498.656
Aug 18, 202698.51698.50098.500
Aug 17, 202698.54798.53198.469
Aug 14, 202698.64198.62598.563
Aug 13, 202698.79798.78198.781
Aug 12, 202698.57898.56398.500

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 91282CMT5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 27, 2025Mar 31, 2025New issue$44.0bn$45.3bn2.53x4.233%

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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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.