Treasury note

91282CNA5 · 4% due April 30, 2032

Original term
7-Year
Maturity
Apr 30, 2032
Coupon
4.000%
Pays
Semi-Annual
Dated
Apr 30, 2025
First coupon
Oct 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$47.01bn
Held stripped
$0.1m
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
4.648%
Modified duration
4.905 yr
DV01
0.0482
Convexity
28.407
Dirty price
98.258

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 5.017 years against a modified duration of 4.905.

Against the fitted curve

Priced 1.0 bp cheap to the curve on that day, 5.03 cents per 100 of face.

That is 0.10 standard deviations from its own typical residual.

Yield to maturity, 341 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Apr 30, 2025Sep 9, 2026Apr 30, 2025Yield to maturity3.928%May 2, 2025Yield to maturity4.109%May 6, 2025Yield to maturity4.099%May 8, 2025Yield to maturity4.182%May 12, 2025Yield to maturity4.267%May 14, 2025Yield to maturity4.346%May 16, 2025Yield to maturity4.241%May 20, 2025Yield to maturity4.267%May 22, 2025Yield to maturity4.321%May 27, 2025Yield to maturity4.220%May 29, 2025Yield to maturity4.204%Jun 2, 2025Yield to maturity4.226%Jun 4, 2025Yield to maturity4.131%Jun 6, 2025Yield to maturity4.311%Jun 10, 2025Yield to maturity4.264%Jun 12, 2025Yield to maturity4.142%Jun 16, 2025Yield to maturity4.227%Jun 18, 2025Yield to maturity4.158%Jun 23, 2025Yield to maturity4.094%Jun 25, 2025Yield to maturity4.036%Jun 27, 2025Yield to maturity4.026%Jul 1, 2025Yield to maturity4.010%Jul 3, 2025Yield to maturity4.111%Jul 8, 2025Yield to maturity4.175%Jul 10, 2025Yield to maturity4.111%Jul 14, 2025Yield to maturity4.175%Jul 16, 2025Yield to maturity4.191%Jul 18, 2025Yield to maturity4.165%Jul 22, 2025Yield to maturity4.074%Jul 24, 2025Yield to maturity4.165%Jul 28, 2025Yield to maturity4.165%Jul 30, 2025Yield to maturity4.133%Aug 1, 2025Yield to maturity3.951%Aug 5, 2025Yield to maturity3.941%Aug 7, 2025Yield to maturity3.967%Aug 11, 2025Yield to maturity4.005%Aug 13, 2025Yield to maturity3.951%Aug 15, 2025Yield to maturity4.037%Aug 19, 2025Yield to maturity4.010%Aug 21, 2025Yield to maturity4.042%Aug 25, 2025Yield to maturity3.983%Aug 27, 2025Yield to maturity3.919%Aug 29, 2025Yield to maturity3.897%Sep 3, 2025Yield to maturity3.892%Sep 5, 2025Yield to maturity3.774%Sep 9, 2025Yield to maturity3.774%Sep 11, 2025Yield to maturity3.731%Sep 15, 2025Yield to maturity3.763%Sep 17, 2025Yield to maturity3.779%Sep 19, 2025Yield to maturity3.854%Sep 23, 2025Yield to maturity3.837%Sep 25, 2025Yield to maturity3.913%Sep 29, 2025Yield to maturity3.896%Oct 1, 2025Yield to maturity3.842%Oct 3, 2025Yield to maturity3.869%Oct 7, 2025Yield to maturity3.869%Oct 9, 2025Yield to maturity3.885%Oct 14, 2025Yield to maturity3.755%Oct 16, 2025Yield to maturity3.701%Oct 20, 2025Yield to maturity3.728%Oct 22, 2025Yield to maturity3.701%Oct 24, 2025Yield to maturity3.749%Oct 28, 2025Yield to maturity3.743%Oct 30, 2025Yield to maturity3.863%Nov 3, 2025Yield to maturity3.863%Nov 5, 2025Yield to maturity3.906%Nov 7, 2025Yield to maturity3.824%Nov 12, 2025Yield to maturity3.813%Nov 14, 2025Yield to maturity3.878%Nov 18, 2025Yield to maturity3.840%Nov 20, 2025Yield to maturity3.818%Nov 24, 2025Yield to maturity3.746%Nov 26, 2025Yield to maturity3.707%Dec 1, 2025Yield to maturity3.811%Dec 3, 2025Yield to maturity3.767%Dec 5, 2025Yield to maturity3.855%Dec 9, 2025Yield to maturity3.916%Dec 11, 2025Yield to maturity3.860%Dec 15, 2025Yield to maturity3.882%Dec 17, 2025Yield to maturity3.854%Dec 19, 2025Yield to maturity3.848%Dec 23, 2025Yield to maturity3.887%Dec 26, 2025Yield to maturity3.848%Dec 30, 2025Yield to maturity3.826%Jan 2, 2026Yield to maturity3.887%Jan 6, 2026Yield to maturity3.864%Jan 8, 2026Yield to maturity3.881%Jan 12, 2026Yield to maturity3.903%Jan 14, 2026Yield to maturity3.858%Jan 16, 2026Yield to maturity3.959%Jan 21, 2026Yield to maturity3.976%Jan 23, 2026Yield to maturity3.971%Jan 27, 2026Yield to maturity3.959%Jan 29, 2026Yield to maturity3.948%Feb 2, 2026Yield to maturity3.982%Feb 4, 2026Yield to maturity3.982%Feb 6, 2026Yield to maturity3.902%Feb 10, 2026Yield to maturity3.845%Feb 12, 2026Yield to maturity3.805%Feb 17, 2026Yield to maturity3.760%Feb 19, 2026Yield to maturity3.777%Feb 23, 2026Yield to maturity3.720%Feb 25, 2026Yield to maturity3.748%Feb 27, 2026Yield to maturity3.651%Mar 3, 2026Yield to maturity3.759%Mar 5, 2026Yield to maturity3.844%Mar 9, 2026Yield to maturity3.832%Mar 11, 2026Yield to maturity3.913%Mar 13, 2026Yield to maturity3.999%Mar 17, 2026Yield to maturity3.912%Mar 19, 2026Yield to maturity3.999%Mar 23, 2026Yield to maturity4.087%Mar 25, 2026Yield to maturity4.087%Mar 27, 2026Yield to maturity4.193%Mar 31, 2026Yield to maturity4.046%Apr 2, 2026Yield to maturity4.052%Apr 6, 2026Yield to maturity4.094%Apr 8, 2026Yield to maturity4.035%Apr 10, 2026Yield to maturity4.053%Apr 14, 2026Yield to maturity3.982%Apr 16, 2026Yield to maturity4.023%Apr 20, 2026Yield to maturity3.965%Apr 22, 2026Yield to maturity4.023%Apr 24, 2026Yield to maturity4.024%Apr 28, 2026Yield to maturity4.089%Apr 30, 2026Yield to maturity4.125%May 4, 2026Yield to maturity4.185%May 6, 2026Yield to maturity4.095%May 8, 2026Yield to maturity4.107%May 12, 2026Yield to maturity4.215%May 14, 2026Yield to maturity4.215%May 18, 2026Yield to maturity4.355%May 20, 2026Yield to maturity4.312%May 22, 2026Yield to maturity4.337%May 27, 2026Yield to maturity4.252%May 29, 2026Yield to maturity4.216%Jun 2, 2026Yield to maturity4.241%Jun 4, 2026Yield to maturity4.253%Jun 8, 2026Yield to maturity4.351%Jun 10, 2026Yield to maturity4.333%Jun 12, 2026Yield to maturity4.272%Jun 16, 2026Yield to maturity4.211%Jun 18, 2026Yield to maturity4.285%Jun 23, 2026Yield to maturity4.323%Jun 25, 2026Yield to maturity4.206%Jun 29, 2026Yield to maturity4.188%Jul 1, 2026Yield to maturity4.287%Jul 6, 2026Yield to maturity4.262%Jul 8, 2026Yield to maturity4.362%Jul 10, 2026Yield to maturity4.356%Jul 14, 2026Yield to maturity4.369%Jul 16, 2026Yield to maturity4.338%Jul 20, 2026Yield to maturity4.376%Jul 22, 2026Yield to maturity4.470%Jul 24, 2026Yield to maturity4.484%Jul 28, 2026Yield to maturity4.409%Jul 30, 2026Yield to maturity4.440%Aug 3, 2026Yield to maturity4.454%Aug 5, 2026Yield to maturity4.385%Aug 7, 2026Yield to maturity4.404%Aug 11, 2026Yield to maturity4.449%Aug 13, 2026Yield to maturity4.380%Aug 17, 2026Yield to maturity4.437%Aug 19, 2026Yield to maturity4.400%Aug 21, 2026Yield to maturity4.477%Aug 25, 2026Yield to maturity4.394%Aug 27, 2026Yield to maturity4.446%Aug 31, 2026Yield to maturity4.543%Sep 2, 2026Yield to maturity4.595%Sep 4, 2026Yield to maturity4.589%Sep 9, 2026Yield to maturity4.648%

Price history

341 trading days to Sep 9, 2026

96979899100101102Apr 30, 2025Sep 9, 2026Apr 30, 2025Close100.438May 2, 2025Close99.344May 6, 2025Close99.406May 8, 2025Close98.906May 12, 2025Close98.406May 14, 2025Close97.938May 16, 2025Close98.563May 20, 2025Close98.406May 22, 2025Close98.094May 27, 2025Close98.688May 29, 2025Close98.781Jun 2, 2025Close98.656Jun 4, 2025Close99.219Jun 6, 2025Close98.156Jun 10, 2025Close98.438Jun 12, 2025Close99.156Jun 16, 2025Close98.656Jun 18, 2025Close99.063Jun 23, 2025Close99.438Jun 25, 2025Close99.781Jun 27, 2025Close99.844Jul 1, 2025Close99.938Jul 3, 2025Close99.344Jul 8, 2025Close98.969Jul 10, 2025Close99.344Jul 14, 2025Close98.969Jul 16, 2025Close98.875Jul 18, 2025Close99.031Jul 22, 2025Close99.563Jul 24, 2025Close99.031Jul 28, 2025Close99.031Jul 30, 2025Close99.219Aug 1, 2025Close100.281Aug 5, 2025Close100.344Aug 7, 2025Close100.188Aug 11, 2025Close99.969Aug 13, 2025Close100.281Aug 15, 2025Close99.781Aug 19, 2025Close99.938Aug 21, 2025Close99.750Aug 25, 2025Close100.094Aug 27, 2025Close100.469Aug 29, 2025Close100.594Sep 3, 2025Close100.625Sep 5, 2025Close101.313Sep 9, 2025Close101.313Sep 11, 2025Close101.563Sep 15, 2025Close101.375Sep 17, 2025Close101.281Sep 19, 2025Close100.844Sep 23, 2025Close100.938Sep 25, 2025Close100.500Sep 29, 2025Close100.594Oct 1, 2025Close100.906Oct 3, 2025Close100.750Oct 7, 2025Close100.750Oct 9, 2025Close100.656Oct 14, 2025Close101.406Oct 16, 2025Close101.719Oct 20, 2025Close101.563Oct 22, 2025Close101.719Oct 24, 2025Close101.438Oct 28, 2025Close101.469Oct 30, 2025Close100.781Nov 3, 2025Close100.781Nov 5, 2025Close100.531Nov 7, 2025Close101.000Nov 12, 2025Close101.063Nov 14, 2025Close100.688Nov 18, 2025Close100.906Nov 20, 2025Close101.031Nov 24, 2025Close101.438Nov 26, 2025Close101.656Dec 1, 2025Close101.063Dec 3, 2025Close101.313Dec 5, 2025Close100.813Dec 9, 2025Close100.469Dec 11, 2025Close100.781Dec 15, 2025Close100.656Dec 17, 2025Close100.813Dec 19, 2025Close100.844Dec 23, 2025Close100.625Dec 26, 2025Close100.844Dec 30, 2025Close100.969Jan 2, 2026Close100.625Jan 6, 2026Close100.750Jan 8, 2026Close100.656Jan 12, 2026Close100.531Jan 14, 2026Close100.781Jan 16, 2026Close100.219Jan 21, 2026Close100.125Jan 23, 2026Close100.156Jan 27, 2026Close100.219Jan 29, 2026Close100.281Feb 2, 2026Close100.094Feb 4, 2026Close100.094Feb 6, 2026Close100.531Feb 10, 2026Close100.844Feb 12, 2026Close101.063Feb 17, 2026Close101.313Feb 19, 2026Close101.219Feb 23, 2026Close101.531Feb 25, 2026Close101.375Feb 27, 2026Close101.906Mar 3, 2026Close101.313Mar 5, 2026Close100.844Mar 9, 2026Close100.906Mar 11, 2026Close100.469Mar 13, 2026Close100.000Mar 17, 2026Close100.469Mar 19, 2026Close100.000Mar 23, 2026Close99.531Mar 25, 2026Close99.531Mar 27, 2026Close98.969Mar 31, 2026Close99.750Apr 2, 2026Close99.719Apr 6, 2026Close99.500Apr 8, 2026Close99.813Apr 10, 2026Close99.719Apr 14, 2026Close100.094Apr 16, 2026Close99.875Apr 20, 2026Close100.188Apr 22, 2026Close99.875Apr 24, 2026Close99.875Apr 28, 2026Close99.531Apr 30, 2026Close99.344May 4, 2026Close99.031May 6, 2026Close99.500May 8, 2026Close99.438May 12, 2026Close98.875May 14, 2026Close98.875May 18, 2026Close98.156May 20, 2026Close98.375May 22, 2026Close98.250May 27, 2026Close98.688May 29, 2026Close98.875Jun 2, 2026Close98.750Jun 4, 2026Close98.688Jun 8, 2026Close98.188Jun 10, 2026Close98.281Jun 12, 2026Close98.594Jun 16, 2026Close98.906Jun 18, 2026Close98.531Jun 23, 2026Close98.344Jun 25, 2026Close98.938Jun 29, 2026Close99.031Jul 1, 2026Close98.531Jul 6, 2026Close98.656Jul 8, 2026Close98.156Jul 10, 2026Close98.188Jul 14, 2026Close98.125Jul 16, 2026Close98.281Jul 20, 2026Close98.094Jul 22, 2026Close97.625Jul 24, 2026Close97.563Jul 28, 2026Close97.938Jul 30, 2026Close97.781Aug 3, 2026Close97.719Aug 5, 2026Close98.063Aug 7, 2026Close97.969Aug 11, 2026Close97.750Aug 13, 2026Close98.094Aug 17, 2026Close97.813Aug 19, 2026Close98.000Aug 21, 2026Close97.625Aug 25, 2026Close98.031Aug 27, 2026Close97.781Aug 31, 2026Close97.313Sep 2, 2026Close97.063Sep 4, 2026Close97.094Sep 9, 2026Close96.813
The most recent 20 trading days of prices for 91282CNA5.
DateBidOfferClose
Sep 9, 202696.79796.78196.813
Sep 8, 202697.04797.03197.000
Sep 4, 202697.14197.12597.094
Sep 3, 202697.32897.31397.219
Sep 2, 202697.04797.03197.063
Sep 1, 202697.20397.18897.063
Aug 31, 202697.31397.31397.313
Aug 28, 202697.54797.53197.375
Aug 27, 202697.90697.87597.781
Aug 26, 202697.92297.90697.875
Aug 25, 202697.98497.96998.031
Aug 24, 202697.79797.78197.688
Aug 21, 202697.60997.59497.625
Aug 20, 202697.79797.78197.813
Aug 19, 202697.95397.93898.000
Aug 18, 202697.84497.84497.844
Aug 17, 202697.89197.87597.813
Aug 14, 202697.98497.96997.906
Aug 13, 202698.10998.09498.094
Aug 12, 202697.92297.90697.844

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 91282CNA5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 24, 2025Apr 30, 2025New issue$44.0bn$47.0bn2.55x4.123%

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.