Treasury note

91282CNC1 · 4.25% due May 15, 2035

Original term
10-Year
Maturity
May 15, 2035
Coupon
4.250%
Pays
Semi-Annual
Dated
May 15, 2025
First coupon
Nov 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$140.13bn
Held stripped
$659.1m
Share stripped
0.47%

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
4.796%
Modified duration
7.047 yr
DV01
0.0687
Convexity
59.471
Dirty price
97.519

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 8 of twelve buckets, summing to 7.208 years against a modified duration of 7.047.

Against the fitted curve

Priced 2.4 bp cheap to the curve on that day, 16.44 cents per 100 of face.

That is 1.60 standard deviations from its own typical residual.

Yield to maturity, 330 observations

3.8%4.0%4.2%4.4%4.6%4.8%May 15, 2025Sep 9, 2026May 15, 2025Yield to maturity4.449%May 19, 2025Yield to maturity4.457%May 21, 2025Yield to maturity4.585%May 23, 2025Yield to maturity4.513%May 28, 2025Yield to maturity4.473%May 30, 2025Yield to maturity4.410%Jun 3, 2025Yield to maturity4.462%Jun 5, 2025Yield to maturity4.395%Jun 9, 2025Yield to maturity4.486%Jun 11, 2025Yield to maturity4.414%Jun 13, 2025Yield to maturity4.414%Jun 17, 2025Yield to maturity4.383%Jun 20, 2025Yield to maturity4.375%Jun 24, 2025Yield to maturity4.289%Jun 26, 2025Yield to maturity4.250%Jun 30, 2025Yield to maturity4.226%Jul 2, 2025Yield to maturity4.293%Jul 7, 2025Yield to maturity4.387%Jul 9, 2025Yield to maturity4.336%Jul 11, 2025Yield to maturity4.427%Jul 15, 2025Yield to maturity4.487%Jul 17, 2025Yield to maturity4.463%Jul 21, 2025Yield to maturity4.372%Jul 23, 2025Yield to maturity4.388%Jul 25, 2025Yield to maturity4.384%Jul 29, 2025Yield to maturity4.324%Jul 31, 2025Yield to maturity4.360%Aug 4, 2025Yield to maturity4.202%Aug 6, 2025Yield to maturity4.218%Aug 8, 2025Yield to maturity4.273%Aug 12, 2025Yield to maturity4.277%Aug 14, 2025Yield to maturity4.277%Aug 18, 2025Yield to maturity4.325%Aug 20, 2025Yield to maturity4.273%Aug 22, 2025Yield to maturity4.241%Aug 26, 2025Yield to maturity4.237%Aug 28, 2025Yield to maturity4.194%Sep 2, 2025Yield to maturity4.261%Sep 4, 2025Yield to maturity4.151%Sep 8, 2025Yield to maturity4.033%Sep 10, 2025Yield to maturity4.021%Sep 12, 2025Yield to maturity4.041%Sep 16, 2025Yield to maturity4.009%Sep 18, 2025Yield to maturity4.087%Sep 22, 2025Yield to maturity4.127%Sep 24, 2025Yield to maturity4.131%Sep 26, 2025Yield to maturity4.170%Sep 30, 2025Yield to maturity4.130%Oct 2, 2025Yield to maturity4.067%Oct 6, 2025Yield to maturity4.150%Oct 8, 2025Yield to maturity4.114%Oct 10, 2025Yield to maturity4.032%Oct 15, 2025Yield to maturity4.024%Oct 17, 2025Yield to maturity3.984%Oct 21, 2025Yield to maturity3.941%Oct 23, 2025Yield to maturity3.976%Oct 27, 2025Yield to maturity3.976%Oct 29, 2025Yield to maturity4.047%Oct 31, 2025Yield to maturity4.078%Nov 4, 2025Yield to maturity4.066%Nov 6, 2025Yield to maturity4.074%Nov 10, 2025Yield to maturity4.098%Nov 13, 2025Yield to maturity4.082%Nov 17, 2025Yield to maturity4.098%Nov 19, 2025Yield to maturity4.098%Nov 21, 2025Yield to maturity4.026%Nov 25, 2025Yield to maturity3.970%Nov 28, 2025Yield to maturity3.978%Dec 2, 2025Yield to maturity4.049%Dec 4, 2025Yield to maturity4.069%Dec 8, 2025Yield to maturity4.133%Dec 10, 2025Yield to maturity4.109%Dec 12, 2025Yield to maturity4.157%Dec 16, 2025Yield to maturity4.104%Dec 18, 2025Yield to maturity4.076%Dec 22, 2025Yield to maturity4.124%Dec 24, 2025Yield to maturity4.104%Dec 29, 2025Yield to maturity4.076%Dec 31, 2025Yield to maturity4.136%Jan 5, 2026Yield to maturity4.124%Jan 7, 2026Yield to maturity4.099%Jan 9, 2026Yield to maturity4.131%Jan 13, 2026Yield to maturity4.131%Jan 15, 2026Yield to maturity4.127%Jan 20, 2026Yield to maturity4.253%Jan 22, 2026Yield to maturity4.212%Jan 26, 2026Yield to maturity4.176%Jan 28, 2026Yield to maturity4.216%Jan 30, 2026Yield to maturity4.208%Feb 3, 2026Yield to maturity4.233%Feb 5, 2026Yield to maturity4.163%Feb 9, 2026Yield to maturity4.163%Feb 11, 2026Yield to maturity4.139%Feb 13, 2026Yield to maturity4.001%Feb 18, 2026Yield to maturity4.041%Feb 20, 2026Yield to maturity4.037%Feb 24, 2026Yield to maturity3.996%Feb 26, 2026Yield to maturity3.968%Mar 2, 2026Yield to maturity4.004%Mar 4, 2026Yield to maturity4.040%Mar 6, 2026Yield to maturity4.101%Mar 10, 2026Yield to maturity4.101%Mar 12, 2026Yield to maturity4.229%Mar 16, 2026Yield to maturity4.175%Mar 18, 2026Yield to maturity4.216%Mar 20, 2026Yield to maturity4.350%Mar 24, 2026Yield to maturity4.350%Mar 26, 2026Yield to maturity4.388%Mar 30, 2026Yield to maturity4.308%Apr 1, 2026Yield to maturity4.295%Apr 3, 2026Yield to maturity4.308%Apr 7, 2026Yield to maturity4.283%Apr 9, 2026Yield to maturity4.254%Apr 13, 2026Yield to maturity4.258%Apr 15, 2026Yield to maturity4.237%Apr 17, 2026Yield to maturity4.204%Apr 21, 2026Yield to maturity4.245%Apr 23, 2026Yield to maturity4.287%Apr 27, 2026Yield to maturity4.296%Apr 29, 2026Yield to maturity4.368%May 1, 2026Yield to maturity4.338%May 5, 2026Yield to maturity4.381%May 7, 2026Yield to maturity4.356%May 11, 2026Yield to maturity4.368%May 13, 2026Yield to maturity4.424%May 15, 2026Yield to maturity4.553%May 19, 2026Yield to maturity4.627%May 21, 2026Yield to maturity4.532%May 26, 2026Yield to maturity4.459%May 28, 2026Yield to maturity4.416%Jun 1, 2026Yield to maturity4.438%Jun 3, 2026Yield to maturity4.455%Jun 5, 2026Yield to maturity4.516%Jun 9, 2026Yield to maturity4.494%Jun 11, 2026Yield to maturity4.421%Jun 15, 2026Yield to maturity4.429%Jun 17, 2026Yield to maturity4.460%Jun 22, 2026Yield to maturity4.477%Jun 24, 2026Yield to maturity4.378%Jun 26, 2026Yield to maturity4.339%Jun 30, 2026Yield to maturity4.400%Jul 2, 2026Yield to maturity4.452%Jul 7, 2026Yield to maturity4.504%Jul 9, 2026Yield to maturity4.500%Jul 13, 2026Yield to maturity4.579%Jul 15, 2026Yield to maturity4.500%Jul 17, 2026Yield to maturity4.505%Jul 21, 2026Yield to maturity4.589%Jul 23, 2026Yield to maturity4.664%Jul 27, 2026Yield to maturity4.607%Jul 29, 2026Yield to maturity4.620%Jul 31, 2026Yield to maturity4.696%Aug 4, 2026Yield to maturity4.581%Aug 6, 2026Yield to maturity4.630%Aug 10, 2026Yield to maturity4.661%Aug 12, 2026Yield to maturity4.635%Aug 14, 2026Yield to maturity4.631%Aug 18, 2026Yield to maturity4.649%Aug 20, 2026Yield to maturity4.640%Aug 24, 2026Yield to maturity4.654%Aug 26, 2026Yield to maturity4.609%Aug 28, 2026Yield to maturity4.686%Sep 1, 2026Yield to maturity4.749%Sep 3, 2026Yield to maturity4.722%Sep 8, 2026Yield to maturity4.759%Sep 9, 2026Yield to maturity4.796%

Price history

330 trading days to Sep 9, 2026

96979899100101102103May 15, 2025Sep 9, 2026May 15, 2025Close98.406May 19, 2025Close98.344May 21, 2025Close97.344May 23, 2025Close97.906May 28, 2025Close98.219May 30, 2025Close98.719Jun 3, 2025Close98.313Jun 5, 2025Close98.844Jun 9, 2025Close98.125Jun 11, 2025Close98.688Jun 13, 2025Close98.688Jun 17, 2025Close98.938Jun 20, 2025Close99.000Jun 24, 2025Close99.688Jun 26, 2025Close100.000Jun 30, 2025Close100.188Jul 2, 2025Close99.656Jul 7, 2025Close98.906Jul 9, 2025Close99.313Jul 11, 2025Close98.594Jul 15, 2025Close98.125Jul 17, 2025Close98.313Jul 21, 2025Close99.031Jul 23, 2025Close98.906Jul 25, 2025Close98.938Jul 29, 2025Close99.406Jul 31, 2025Close99.125Aug 4, 2025Close100.375Aug 6, 2025Close100.250Aug 8, 2025Close99.813Aug 12, 2025Close99.781Aug 14, 2025Close99.781Aug 18, 2025Close99.406Aug 20, 2025Close99.813Aug 22, 2025Close100.063Aug 26, 2025Close100.094Aug 28, 2025Close100.438Sep 2, 2025Close99.906Sep 4, 2025Close100.781Sep 8, 2025Close101.719Sep 10, 2025Close101.813Sep 12, 2025Close101.656Sep 16, 2025Close101.906Sep 18, 2025Close101.281Sep 22, 2025Close100.969Sep 24, 2025Close100.938Sep 26, 2025Close100.625Sep 30, 2025Close100.938Oct 2, 2025Close101.438Oct 6, 2025Close100.781Oct 8, 2025Close101.063Oct 10, 2025Close101.719Oct 15, 2025Close101.781Oct 17, 2025Close102.094Oct 21, 2025Close102.438Oct 23, 2025Close102.156Oct 27, 2025Close102.156Oct 29, 2025Close101.594Oct 31, 2025Close101.344Nov 4, 2025Close101.438Nov 6, 2025Close101.375Nov 10, 2025Close101.188Nov 13, 2025Close101.313Nov 17, 2025Close101.188Nov 19, 2025Close101.188Nov 21, 2025Close101.750Nov 25, 2025Close102.188Nov 28, 2025Close102.125Dec 2, 2025Close101.563Dec 4, 2025Close101.406Dec 8, 2025Close100.906Dec 10, 2025Close101.094Dec 12, 2025Close100.719Dec 16, 2025Close101.125Dec 18, 2025Close101.344Dec 22, 2025Close100.969Dec 24, 2025Close101.125Dec 29, 2025Close101.344Dec 31, 2025Close100.875Jan 5, 2026Close100.969Jan 7, 2026Close101.156Jan 9, 2026Close100.906Jan 13, 2026Close100.906Jan 15, 2026Close100.938Jan 20, 2026Close99.969Jan 22, 2026Close100.281Jan 26, 2026Close100.563Jan 28, 2026Close100.250Jan 30, 2026Close100.313Feb 3, 2026Close100.125Feb 5, 2026Close100.656Feb 9, 2026Close100.656Feb 11, 2026Close100.844Feb 13, 2026Close101.906Feb 18, 2026Close101.594Feb 20, 2026Close101.625Feb 24, 2026Close101.938Feb 26, 2026Close102.156Mar 2, 2026Close101.875Mar 4, 2026Close101.594Mar 6, 2026Close101.125Mar 10, 2026Close101.125Mar 12, 2026Close100.156Mar 16, 2026Close100.563Mar 18, 2026Close100.250Mar 20, 2026Close99.250Mar 24, 2026Close99.250Mar 26, 2026Close98.969Mar 30, 2026Close99.563Apr 1, 2026Close99.656Apr 3, 2026Close99.563Apr 7, 2026Close99.750Apr 9, 2026Close99.969Apr 13, 2026Close99.938Apr 15, 2026Close100.094Apr 17, 2026Close100.344Apr 21, 2026Close100.031Apr 23, 2026Close99.719Apr 27, 2026Close99.656Apr 29, 2026Close99.125May 1, 2026Close99.344May 5, 2026Close99.031May 7, 2026Close99.219May 11, 2026Close99.125May 13, 2026Close98.719May 15, 2026Close97.781May 19, 2026Close97.250May 21, 2026Close97.938May 26, 2026Close98.469May 28, 2026Close98.781Jun 1, 2026Close98.625Jun 3, 2026Close98.500Jun 5, 2026Close98.063Jun 9, 2026Close98.219Jun 11, 2026Close98.750Jun 15, 2026Close98.688Jun 17, 2026Close98.469Jun 22, 2026Close98.344Jun 24, 2026Close99.063Jun 26, 2026Close99.344Jun 30, 2026Close98.906Jul 2, 2026Close98.531Jul 7, 2026Close98.156Jul 9, 2026Close98.188Jul 13, 2026Close97.625Jul 15, 2026Close98.188Jul 17, 2026Close98.156Jul 21, 2026Close97.563Jul 23, 2026Close97.031Jul 27, 2026Close97.438Jul 29, 2026Close97.344Jul 31, 2026Close96.813Aug 4, 2026Close97.625Aug 6, 2026Close97.281Aug 10, 2026Close97.063Aug 12, 2026Close97.250Aug 14, 2026Close97.281Aug 18, 2026Close97.156Aug 20, 2026Close97.219Aug 24, 2026Close97.125Aug 26, 2026Close97.438Aug 28, 2026Close96.906Sep 1, 2026Close96.469Sep 3, 2026Close96.656Sep 8, 2026Close96.406Sep 9, 2026Close96.156
The most recent 20 trading days of prices for 91282CNC1.
DateBidOfferClose
Sep 9, 202696.10996.09496.156
Sep 8, 202696.48496.46996.406
Sep 4, 202696.60996.59496.531
Sep 3, 202696.81396.81396.656
Sep 2, 202696.45396.43896.469
Sep 1, 202696.64196.62596.469
Aug 31, 202696.73496.71996.750
Aug 28, 202697.10997.09496.906
Aug 27, 202697.48497.46997.344
Aug 26, 202697.48497.46997.438
Aug 25, 202697.54797.53197.625
Aug 24, 202697.26697.25097.125
Aug 21, 202696.95396.93896.938
Aug 20, 202697.18897.18897.219
Aug 19, 202697.45397.43897.531
Aug 18, 202697.10997.09497.156
Aug 17, 202697.20397.18897.063
Aug 14, 202697.34497.34497.281
Aug 13, 202697.60997.59497.594
Aug 12, 202697.35997.34497.250

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.

3 auctions

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 91282CNC1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 6, 2025May 15, 2025New issue$42.0bn$56.8bn2.60x4.342%
Jun 11, 2025Jun 16, 2025Reopening$39.0bn$39.7bn2.52x4.421%
Jul 9, 2025Jul 15, 2025Reopening$39.0bn$43.6bn2.61x4.362%

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.