Treasury note

91282CMU2 · 4% due March 31, 2030

Original term
5-Year
Maturity
Mar 31, 2030
Coupon
4.000%
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
$72.02bn
Held stripped
$53.5m
Share stripped
0.07%

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
4.548%
Modified duration
3.214 yr
DV01
0.0321
Convexity
12.482
Dirty price
100.000

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 6 of twelve buckets, summing to 3.286 years against a modified duration of 3.214.

Against the fitted curve

Priced 1.6 bp rich to the curve on that day, 5.26 cents per 100 of face.

That is -1.71 standard deviations from its own typical residual.

Yield to maturity, 363 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Mar 31, 2025Sep 9, 2026Mar 31, 2025Yield to maturity3.958%Apr 2, 2025Yield to maturity3.951%Apr 4, 2025Yield to maturity3.723%Apr 8, 2025Yield to maturity3.874%Apr 10, 2025Yield to maturity4.035%Apr 14, 2025Yield to maturity4.014%Apr 16, 2025Yield to maturity3.902%Apr 18, 2025Yield to maturity3.950%Apr 22, 2025Yield to maturity3.978%Apr 24, 2025Yield to maturity3.929%Apr 28, 2025Yield to maturity3.817%Apr 30, 2025Yield to maturity3.726%May 2, 2025Yield to maturity3.922%May 6, 2025Yield to maturity3.900%May 8, 2025Yield to maturity3.999%May 12, 2025Yield to maturity4.099%May 14, 2025Yield to maturity4.171%May 16, 2025Yield to maturity4.063%May 20, 2025Yield to maturity4.063%May 22, 2025Yield to maturity4.107%May 27, 2025Yield to maturity4.028%May 29, 2025Yield to maturity4.006%Jun 2, 2025Yield to maturity4.013%Jun 4, 2025Yield to maturity3.934%Jun 6, 2025Yield to maturity4.129%Jun 10, 2025Yield to maturity4.078%Jun 12, 2025Yield to maturity3.963%Jun 16, 2025Yield to maturity4.035%Jun 18, 2025Yield to maturity3.977%Jun 23, 2025Yield to maturity3.897%Jun 25, 2025Yield to maturity3.832%Jun 27, 2025Yield to maturity3.825%Jul 1, 2025Yield to maturity3.832%Jul 3, 2025Yield to maturity3.926%Jul 8, 2025Yield to maturity3.977%Jul 10, 2025Yield to maturity3.918%Jul 14, 2025Yield to maturity3.970%Jul 16, 2025Yield to maturity3.977%Jul 18, 2025Yield to maturity3.947%Jul 22, 2025Yield to maturity3.867%Jul 24, 2025Yield to maturity3.962%Jul 28, 2025Yield to maturity3.955%Jul 30, 2025Yield to maturity3.947%Aug 1, 2025Yield to maturity3.756%Aug 5, 2025Yield to maturity3.755%Aug 7, 2025Yield to maturity3.777%Aug 11, 2025Yield to maturity3.814%Aug 13, 2025Yield to maturity3.754%Aug 15, 2025Yield to maturity3.828%Aug 19, 2025Yield to maturity3.805%Aug 21, 2025Yield to maturity3.842%Aug 25, 2025Yield to maturity3.775%Aug 27, 2025Yield to maturity3.686%Aug 29, 2025Yield to maturity3.670%Sep 3, 2025Yield to maturity3.670%Sep 5, 2025Yield to maturity3.573%Sep 9, 2025Yield to maturity3.587%Sep 11, 2025Yield to maturity3.564%Sep 15, 2025Yield to maturity3.593%Sep 17, 2025Yield to maturity3.608%Sep 19, 2025Yield to maturity3.667%Sep 23, 2025Yield to maturity3.652%Sep 25, 2025Yield to maturity3.749%Sep 29, 2025Yield to maturity3.726%Oct 1, 2025Yield to maturity3.665%Oct 3, 2025Yield to maturity3.695%Oct 7, 2025Yield to maturity3.687%Oct 9, 2025Yield to maturity3.717%Oct 14, 2025Yield to maturity3.579%Oct 16, 2025Yield to maturity3.526%Oct 20, 2025Yield to maturity3.555%Oct 22, 2025Yield to maturity3.539%Oct 24, 2025Yield to maturity3.584%Oct 28, 2025Yield to maturity3.583%Oct 30, 2025Yield to maturity3.698%Nov 3, 2025Yield to maturity3.697%Nov 5, 2025Yield to maturity3.743%Nov 7, 2025Yield to maturity3.649%Nov 12, 2025Yield to maturity3.649%Nov 14, 2025Yield to maturity3.710%Nov 18, 2025Yield to maturity3.671%Nov 20, 2025Yield to maturity3.647%Nov 24, 2025Yield to maturity3.576%Nov 26, 2025Yield to maturity3.545%Dec 1, 2025Yield to maturity3.637%Dec 3, 2025Yield to maturity3.590%Dec 5, 2025Yield to maturity3.675%Dec 9, 2025Yield to maturity3.737%Dec 11, 2025Yield to maturity3.674%Dec 15, 2025Yield to maturity3.681%Dec 17, 2025Yield to maturity3.649%Dec 19, 2025Yield to maturity3.648%Dec 23, 2025Yield to maturity3.688%Dec 26, 2025Yield to maturity3.647%Dec 30, 2025Yield to maturity3.623%Jan 2, 2026Yield to maturity3.677%Jan 6, 2026Yield to maturity3.661%Jan 8, 2026Yield to maturity3.677%Jan 12, 2026Yield to maturity3.716%Jan 14, 2026Yield to maturity3.667%Jan 16, 2026Yield to maturity3.771%Jan 21, 2026Yield to maturity3.779%Jan 23, 2026Yield to maturity3.779%Jan 27, 2026Yield to maturity3.762%Jan 29, 2026Yield to maturity3.746%Feb 2, 2026Yield to maturity3.769%Feb 4, 2026Yield to maturity3.769%Feb 6, 2026Yield to maturity3.695%Feb 10, 2026Yield to maturity3.638%Feb 12, 2026Yield to maturity3.613%Feb 17, 2026Yield to maturity3.571%Feb 19, 2026Yield to maturity3.595%Feb 23, 2026Yield to maturity3.528%Feb 25, 2026Yield to maturity3.569%Feb 27, 2026Yield to maturity3.469%Mar 3, 2026Yield to maturity3.592%Mar 5, 2026Yield to maturity3.674%Mar 9, 2026Yield to maturity3.657%Mar 11, 2026Yield to maturity3.731%Mar 13, 2026Yield to maturity3.831%Mar 17, 2026Yield to maturity3.747%Mar 19, 2026Yield to maturity3.865%Mar 23, 2026Yield to maturity3.932%Mar 25, 2026Yield to maturity3.949%Mar 27, 2026Yield to maturity4.026%Mar 31, 2026Yield to maturity3.881%Apr 2, 2026Yield to maturity3.898%Apr 6, 2026Yield to maturity3.940%Apr 8, 2026Yield to maturity3.880%Apr 10, 2026Yield to maturity3.897%Apr 14, 2026Yield to maturity3.828%Apr 16, 2026Yield to maturity3.862%Apr 20, 2026Yield to maturity3.801%Apr 22, 2026Yield to maturity3.870%Apr 24, 2026Yield to maturity3.869%Apr 28, 2026Yield to maturity3.930%Apr 30, 2026Yield to maturity3.973%May 4, 2026Yield to maturity4.043%May 6, 2026Yield to maturity3.947%May 8, 2026Yield to maturity3.973%May 12, 2026Yield to maturity4.078%May 14, 2026Yield to maturity4.087%May 18, 2026Yield to maturity4.211%May 20, 2026Yield to maturity4.176%May 22, 2026Yield to maturity4.221%May 27, 2026Yield to maturity4.141%May 29, 2026Yield to maturity4.105%Jun 2, 2026Yield to maturity4.141%Jun 4, 2026Yield to maturity4.150%Jun 8, 2026Yield to maturity4.250%Jun 10, 2026Yield to maturity4.232%Jun 12, 2026Yield to maturity4.178%Jun 16, 2026Yield to maturity4.125%Jun 18, 2026Yield to maturity4.216%Jun 23, 2026Yield to maturity4.243%Jun 25, 2026Yield to maturity4.143%Jun 29, 2026Yield to maturity4.126%Jul 1, 2026Yield to maturity4.208%Jul 6, 2026Yield to maturity4.172%Jul 8, 2026Yield to maturity4.264%Jul 10, 2026Yield to maturity4.265%Jul 14, 2026Yield to maturity4.265%Jul 16, 2026Yield to maturity4.238%Jul 20, 2026Yield to maturity4.285%Jul 22, 2026Yield to maturity4.378%Jul 24, 2026Yield to maturity4.398%Jul 28, 2026Yield to maturity4.333%Jul 30, 2026Yield to maturity4.343%Aug 3, 2026Yield to maturity4.353%Aug 5, 2026Yield to maturity4.288%Aug 7, 2026Yield to maturity4.298%Aug 11, 2026Yield to maturity4.337%Aug 13, 2026Yield to maturity4.262%Aug 17, 2026Yield to maturity4.310%Aug 19, 2026Yield to maturity4.291%Aug 21, 2026Yield to maturity4.359%Aug 25, 2026Yield to maturity4.293%Aug 27, 2026Yield to maturity4.341%Aug 31, 2026Yield to maturity4.448%Sep 2, 2026Yield to maturity4.496%Sep 4, 2026Yield to maturity4.489%Sep 9, 2026Yield to maturity4.548%

Price history

363 trading days to Sep 9, 2026

9899100101102Mar 31, 2025Sep 9, 2026Mar 31, 2025Close100.188Apr 2, 2025Close100.219Apr 4, 2025Close101.250Apr 8, 2025Close100.563Apr 10, 2025Close99.844Apr 14, 2025Close99.938Apr 16, 2025Close100.438Apr 18, 2025Close100.219Apr 22, 2025Close100.094Apr 24, 2025Close100.313Apr 28, 2025Close100.813Apr 30, 2025Close101.219May 2, 2025Close100.344May 6, 2025Close100.438May 8, 2025Close100.000May 12, 2025Close99.563May 14, 2025Close99.250May 16, 2025Close99.719May 20, 2025Close99.719May 22, 2025Close99.531May 27, 2025Close99.875May 29, 2025Close99.969Jun 2, 2025Close99.938Jun 4, 2025Close100.281Jun 6, 2025Close99.438Jun 10, 2025Close99.656Jun 12, 2025Close100.156Jun 16, 2025Close99.844Jun 18, 2025Close100.094Jun 23, 2025Close100.438Jun 25, 2025Close100.719Jun 27, 2025Close100.750Jul 1, 2025Close100.719Jul 3, 2025Close100.313Jul 8, 2025Close100.094Jul 10, 2025Close100.344Jul 14, 2025Close100.125Jul 16, 2025Close100.094Jul 18, 2025Close100.219Jul 22, 2025Close100.563Jul 24, 2025Close100.156Jul 28, 2025Close100.188Jul 30, 2025Close100.219Aug 1, 2025Close101.031Aug 5, 2025Close101.031Aug 7, 2025Close100.938Aug 11, 2025Close100.781Aug 13, 2025Close101.031Aug 15, 2025Close100.719Aug 19, 2025Close100.813Aug 21, 2025Close100.656Aug 25, 2025Close100.938Aug 27, 2025Close101.313Aug 29, 2025Close101.375Sep 3, 2025Close101.375Sep 5, 2025Close101.781Sep 9, 2025Close101.719Sep 11, 2025Close101.813Sep 15, 2025Close101.688Sep 17, 2025Close101.625Sep 19, 2025Close101.375Sep 23, 2025Close101.438Sep 25, 2025Close101.031Sep 29, 2025Close101.125Oct 1, 2025Close101.375Oct 3, 2025Close101.250Oct 7, 2025Close101.281Oct 9, 2025Close101.156Oct 14, 2025Close101.719Oct 16, 2025Close101.938Oct 20, 2025Close101.813Oct 22, 2025Close101.875Oct 24, 2025Close101.688Oct 28, 2025Close101.688Oct 30, 2025Close101.219Nov 3, 2025Close101.219Nov 5, 2025Close101.031Nov 7, 2025Close101.406Nov 12, 2025Close101.406Nov 14, 2025Close101.156Nov 18, 2025Close101.313Nov 20, 2025Close101.406Nov 24, 2025Close101.688Nov 26, 2025Close101.813Dec 1, 2025Close101.438Dec 3, 2025Close101.625Dec 5, 2025Close101.281Dec 9, 2025Close101.031Dec 11, 2025Close101.281Dec 15, 2025Close101.250Dec 17, 2025Close101.375Dec 19, 2025Close101.375Dec 23, 2025Close101.219Dec 26, 2025Close101.375Dec 30, 2025Close101.469Jan 2, 2026Close101.250Jan 6, 2026Close101.313Jan 8, 2026Close101.250Jan 12, 2026Close101.094Jan 14, 2026Close101.281Jan 16, 2026Close100.875Jan 21, 2026Close100.844Jan 23, 2026Close100.844Jan 27, 2026Close100.906Jan 29, 2026Close100.969Feb 2, 2026Close100.875Feb 4, 2026Close100.875Feb 6, 2026Close101.156Feb 10, 2026Close101.375Feb 12, 2026Close101.469Feb 17, 2026Close101.625Feb 19, 2026Close101.531Feb 23, 2026Close101.781Feb 25, 2026Close101.625Feb 27, 2026Close102.000Mar 3, 2026Close101.531Mar 5, 2026Close101.219Mar 9, 2026Close101.281Mar 11, 2026Close101.000Mar 13, 2026Close100.625Mar 17, 2026Close100.938Mar 19, 2026Close100.500Mar 23, 2026Close100.250Mar 25, 2026Close100.188Mar 27, 2026Close99.906Mar 31, 2026Close100.438Apr 2, 2026Close100.375Apr 6, 2026Close100.219Apr 8, 2026Close100.438Apr 10, 2026Close100.375Apr 14, 2026Close100.625Apr 16, 2026Close100.500Apr 20, 2026Close100.719Apr 22, 2026Close100.469Apr 24, 2026Close100.469Apr 28, 2026Close100.250Apr 30, 2026Close100.094May 4, 2026Close99.844May 6, 2026Close100.188May 8, 2026Close100.094May 12, 2026Close99.719May 14, 2026Close99.688May 18, 2026Close99.250May 20, 2026Close99.375May 22, 2026Close99.219May 27, 2026Close99.500May 29, 2026Close99.625Jun 2, 2026Close99.500Jun 4, 2026Close99.469Jun 8, 2026Close99.125Jun 10, 2026Close99.188Jun 12, 2026Close99.375Jun 16, 2026Close99.563Jun 18, 2026Close99.250Jun 23, 2026Close99.156Jun 25, 2026Close99.500Jun 29, 2026Close99.563Jul 1, 2026Close99.281Jul 6, 2026Close99.406Jul 8, 2026Close99.094Jul 10, 2026Close99.094Jul 14, 2026Close99.094Jul 16, 2026Close99.188Jul 20, 2026Close99.031Jul 22, 2026Close98.719Jul 24, 2026Close98.656Jul 28, 2026Close98.875Jul 30, 2026Close98.844Aug 3, 2026Close98.813Aug 5, 2026Close99.031Aug 7, 2026Close99.000Aug 11, 2026Close98.875Aug 13, 2026Close99.125Aug 17, 2026Close98.969Aug 19, 2026Close99.031Aug 21, 2026Close98.813Aug 25, 2026Close99.031Aug 27, 2026Close98.875Aug 31, 2026Close98.531Sep 2, 2026Close98.375Sep 4, 2026Close98.406Sep 9, 2026Close98.219
The most recent 20 trading days of prices for 91282CMU2.
DateBidOfferClose
Sep 9, 202698.21998.18898.219
Sep 8, 202698.37598.37598.344
Sep 4, 202698.45398.43898.406
Sep 3, 202698.57898.56398.500
Sep 2, 202698.39198.37598.375
Sep 1, 202698.45398.43898.344
Aug 31, 202698.54798.53198.531
Aug 28, 202698.64198.62598.531
Aug 27, 202698.95398.93898.875
Aug 26, 202698.95398.93898.938
Aug 25, 202699.01699.00099.031
Aug 24, 202698.89198.87598.844
Aug 21, 202698.79798.78198.813
Aug 20, 202698.95398.93898.938
Aug 19, 202699.00099.00099.031
Aug 18, 202699.00099.00099.000
Aug 17, 202699.03199.03198.969
Aug 14, 202699.07899.06399.000
Aug 13, 202699.14199.12599.125
Aug 12, 202699.01699.00098.938

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 91282CMU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2025Mar 31, 2025New issue$70.0bn$72.1bn2.33x4.100%

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.