Treasury note

91282CNF4 · 4.125% due May 31, 2032

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

Statement of August 31, 2026

Amount outstanding
$50.02bn
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
4.658%
Modified duration
4.971 yr
DV01
0.0490
Convexity
29.126
Dirty price
98.493

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 5.086 years against a modified duration of 4.971.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 7.91 cents per 100 of face.

That is 0.48 standard deviations from its own typical residual.

Yield to maturity, 319 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Jun 2, 2025Sep 9, 2026Jun 2, 2025Yield to maturity4.224%Jun 4, 2025Yield to maturity4.135%Jun 6, 2025Yield to maturity4.313%Jun 10, 2025Yield to maturity4.266%Jun 12, 2025Yield to maturity4.146%Jun 16, 2025Yield to maturity4.229%Jun 18, 2025Yield to maturity4.166%Jun 23, 2025Yield to maturity4.098%Jun 25, 2025Yield to maturity4.041%Jun 27, 2025Yield to maturity4.031%Jul 1, 2025Yield to maturity4.020%Jul 3, 2025Yield to maturity4.119%Jul 8, 2025Yield to maturity4.177%Jul 10, 2025Yield to maturity4.119%Jul 14, 2025Yield to maturity4.182%Jul 16, 2025Yield to maturity4.198%Jul 18, 2025Yield to maturity4.172%Jul 22, 2025Yield to maturity4.082%Jul 24, 2025Yield to maturity4.172%Jul 28, 2025Yield to maturity4.172%Jul 30, 2025Yield to maturity4.140%Aug 1, 2025Yield to maturity3.961%Aug 5, 2025Yield to maturity3.950%Aug 7, 2025Yield to maturity3.976%Aug 11, 2025Yield to maturity4.013%Aug 13, 2025Yield to maturity3.960%Aug 15, 2025Yield to maturity4.050%Aug 19, 2025Yield to maturity4.018%Aug 21, 2025Yield to maturity4.050%Aug 25, 2025Yield to maturity3.991%Aug 27, 2025Yield to maturity3.928%Aug 29, 2025Yield to maturity3.906%Sep 3, 2025Yield to maturity3.901%Sep 5, 2025Yield to maturity3.779%Sep 9, 2025Yield to maturity3.784%Sep 11, 2025Yield to maturity3.742%Sep 15, 2025Yield to maturity3.768%Sep 17, 2025Yield to maturity3.789%Sep 19, 2025Yield to maturity3.862%Sep 23, 2025Yield to maturity3.846%Sep 25, 2025Yield to maturity3.926%Sep 29, 2025Yield to maturity3.904%Oct 1, 2025Yield to maturity3.856%Oct 3, 2025Yield to maturity3.877%Oct 7, 2025Yield to maturity3.877%Oct 9, 2025Yield to maturity3.898%Oct 14, 2025Yield to maturity3.764%Oct 16, 2025Yield to maturity3.711%Oct 20, 2025Yield to maturity3.737%Oct 22, 2025Yield to maturity3.710%Oct 24, 2025Yield to maturity3.758%Oct 28, 2025Yield to maturity3.752%Oct 30, 2025Yield to maturity3.870%Nov 3, 2025Yield to maturity3.875%Nov 5, 2025Yield to maturity3.918%Nov 7, 2025Yield to maturity3.836%Nov 12, 2025Yield to maturity3.820%Nov 14, 2025Yield to maturity3.890%Nov 18, 2025Yield to maturity3.852%Nov 20, 2025Yield to maturity3.825%Nov 24, 2025Yield to maturity3.754%Nov 26, 2025Yield to maturity3.716%Dec 1, 2025Yield to maturity3.824%Dec 3, 2025Yield to maturity3.780%Dec 5, 2025Yield to maturity3.866%Dec 9, 2025Yield to maturity3.921%Dec 11, 2025Yield to maturity3.871%Dec 15, 2025Yield to maturity3.893%Dec 17, 2025Yield to maturity3.865%Dec 19, 2025Yield to maturity3.859%Dec 23, 2025Yield to maturity3.892%Dec 26, 2025Yield to maturity3.853%Dec 30, 2025Yield to maturity3.836%Jan 2, 2026Yield to maturity3.896%Jan 6, 2026Yield to maturity3.874%Jan 8, 2026Yield to maturity3.890%Jan 12, 2026Yield to maturity3.907%Jan 14, 2026Yield to maturity3.862%Jan 16, 2026Yield to maturity3.967%Jan 21, 2026Yield to maturity3.984%Jan 23, 2026Yield to maturity3.978%Jan 27, 2026Yield to maturity3.972%Jan 29, 2026Yield to maturity3.955%Feb 2, 2026Yield to maturity3.989%Feb 4, 2026Yield to maturity3.994%Feb 6, 2026Yield to maturity3.910%Feb 10, 2026Yield to maturity3.854%Feb 12, 2026Yield to maturity3.814%Feb 17, 2026Yield to maturity3.764%Feb 19, 2026Yield to maturity3.786%Feb 23, 2026Yield to maturity3.724%Feb 25, 2026Yield to maturity3.757%Feb 27, 2026Yield to maturity3.656%Mar 3, 2026Yield to maturity3.767%Mar 5, 2026Yield to maturity3.851%Mar 9, 2026Yield to maturity3.840%Mar 11, 2026Yield to maturity3.924%Mar 13, 2026Yield to maturity4.009%Mar 17, 2026Yield to maturity3.918%Mar 19, 2026Yield to maturity4.009%Mar 23, 2026Yield to maturity4.089%Mar 25, 2026Yield to maturity4.095%Mar 27, 2026Yield to maturity4.200%Mar 31, 2026Yield to maturity4.055%Apr 2, 2026Yield to maturity4.066%Apr 6, 2026Yield to maturity4.107%Apr 8, 2026Yield to maturity4.043%Apr 10, 2026Yield to maturity4.060%Apr 14, 2026Yield to maturity3.991%Apr 16, 2026Yield to maturity4.037%Apr 20, 2026Yield to maturity3.973%Apr 22, 2026Yield to maturity4.031%Apr 24, 2026Yield to maturity4.031%Apr 28, 2026Yield to maturity4.095%Apr 30, 2026Yield to maturity4.136%May 4, 2026Yield to maturity4.195%May 6, 2026Yield to maturity4.101%May 8, 2026Yield to maturity4.119%May 12, 2026Yield to maturity4.219%May 14, 2026Yield to maturity4.225%May 18, 2026Yield to maturity4.363%May 20, 2026Yield to maturity4.321%May 22, 2026Yield to maturity4.345%May 27, 2026Yield to maturity4.262%May 29, 2026Yield to maturity4.226%Jun 2, 2026Yield to maturity4.250%Jun 4, 2026Yield to maturity4.262%Jun 8, 2026Yield to maturity4.359%Jun 10, 2026Yield to maturity4.341%Jun 12, 2026Yield to maturity4.281%Jun 16, 2026Yield to maturity4.215%Jun 18, 2026Yield to maturity4.287%Jun 23, 2026Yield to maturity4.329%Jun 25, 2026Yield to maturity4.215%Jun 29, 2026Yield to maturity4.191%Jul 1, 2026Yield to maturity4.294%Jul 6, 2026Yield to maturity4.269%Jul 8, 2026Yield to maturity4.367%Jul 10, 2026Yield to maturity4.367%Jul 14, 2026Yield to maturity4.374%Jul 16, 2026Yield to maturity4.343%Jul 20, 2026Yield to maturity4.387%Jul 22, 2026Yield to maturity4.473%Jul 24, 2026Yield to maturity4.486%Jul 28, 2026Yield to maturity4.412%Jul 30, 2026Yield to maturity4.450%Aug 3, 2026Yield to maturity4.462%Aug 5, 2026Yield to maturity4.394%Aug 7, 2026Yield to maturity4.413%Aug 11, 2026Yield to maturity4.457%Aug 13, 2026Yield to maturity4.383%Aug 17, 2026Yield to maturity4.452%Aug 19, 2026Yield to maturity4.408%Aug 21, 2026Yield to maturity4.490%Aug 25, 2026Yield to maturity4.403%Aug 27, 2026Yield to maturity4.453%Aug 31, 2026Yield to maturity4.548%Sep 2, 2026Yield to maturity4.599%Sep 4, 2026Yield to maturity4.594%Sep 9, 2026Yield to maturity4.658%

Price history

319 trading days to Sep 9, 2026

979899100101102103Jun 2, 2025Sep 9, 2026Jun 2, 2025Close99.406Jun 4, 2025Close99.938Jun 6, 2025Close98.875Jun 10, 2025Close99.156Jun 12, 2025Close99.875Jun 16, 2025Close99.375Jun 18, 2025Close99.750Jun 23, 2025Close100.156Jun 25, 2025Close100.500Jun 27, 2025Close100.563Jul 1, 2025Close100.625Jul 3, 2025Close100.031Jul 8, 2025Close99.688Jul 10, 2025Close100.031Jul 14, 2025Close99.656Jul 16, 2025Close99.563Jul 18, 2025Close99.719Jul 22, 2025Close100.250Jul 24, 2025Close99.719Jul 28, 2025Close99.719Jul 30, 2025Close99.906Aug 1, 2025Close100.969Aug 5, 2025Close101.031Aug 7, 2025Close100.875Aug 11, 2025Close100.656Aug 13, 2025Close100.969Aug 15, 2025Close100.438Aug 19, 2025Close100.625Aug 21, 2025Close100.438Aug 25, 2025Close100.781Aug 27, 2025Close101.156Aug 29, 2025Close101.281Sep 3, 2025Close101.313Sep 5, 2025Close102.031Sep 9, 2025Close102.000Sep 11, 2025Close102.250Sep 15, 2025Close102.094Sep 17, 2025Close101.969Sep 19, 2025Close101.531Sep 23, 2025Close101.625Sep 25, 2025Close101.156Sep 29, 2025Close101.281Oct 1, 2025Close101.563Oct 3, 2025Close101.438Oct 7, 2025Close101.438Oct 9, 2025Close101.313Oct 14, 2025Close102.094Oct 16, 2025Close102.406Oct 20, 2025Close102.250Oct 22, 2025Close102.406Oct 24, 2025Close102.125Oct 28, 2025Close102.156Oct 30, 2025Close101.469Nov 3, 2025Close101.438Nov 5, 2025Close101.188Nov 7, 2025Close101.656Nov 12, 2025Close101.750Nov 14, 2025Close101.344Nov 18, 2025Close101.563Nov 20, 2025Close101.719Nov 24, 2025Close102.125Nov 26, 2025Close102.344Dec 1, 2025Close101.719Dec 3, 2025Close101.969Dec 5, 2025Close101.469Dec 9, 2025Close101.156Dec 11, 2025Close101.438Dec 15, 2025Close101.313Dec 17, 2025Close101.469Dec 19, 2025Close101.500Dec 23, 2025Close101.313Dec 26, 2025Close101.531Dec 30, 2025Close101.625Jan 2, 2026Close101.281Jan 6, 2026Close101.406Jan 8, 2026Close101.313Jan 12, 2026Close101.219Jan 14, 2026Close101.469Jan 16, 2026Close100.875Jan 21, 2026Close100.781Jan 23, 2026Close100.813Jan 27, 2026Close100.844Jan 29, 2026Close100.938Feb 2, 2026Close100.750Feb 4, 2026Close100.719Feb 6, 2026Close101.188Feb 10, 2026Close101.500Feb 12, 2026Close101.719Feb 17, 2026Close102.000Feb 19, 2026Close101.875Feb 23, 2026Close102.219Feb 25, 2026Close102.031Feb 27, 2026Close102.594Mar 3, 2026Close101.969Mar 5, 2026Close101.500Mar 9, 2026Close101.563Mar 11, 2026Close101.094Mar 13, 2026Close100.625Mar 17, 2026Close101.125Mar 19, 2026Close100.625Mar 23, 2026Close100.188Mar 25, 2026Close100.156Mar 27, 2026Close99.594Mar 31, 2026Close100.375Apr 2, 2026Close100.313Apr 6, 2026Close100.094Apr 8, 2026Close100.438Apr 10, 2026Close100.344Apr 14, 2026Close100.719Apr 16, 2026Close100.469Apr 20, 2026Close100.813Apr 22, 2026Close100.500Apr 24, 2026Close100.500Apr 28, 2026Close100.156Apr 30, 2026Close99.938May 4, 2026Close99.625May 6, 2026Close100.125May 8, 2026Close100.031May 12, 2026Close99.500May 14, 2026Close99.469May 18, 2026Close98.750May 20, 2026Close98.969May 22, 2026Close98.844May 27, 2026Close99.281May 29, 2026Close99.469Jun 2, 2026Close99.344Jun 4, 2026Close99.281Jun 8, 2026Close98.781Jun 10, 2026Close98.875Jun 12, 2026Close99.188Jun 16, 2026Close99.531Jun 18, 2026Close99.156Jun 23, 2026Close98.938Jun 25, 2026Close99.531Jun 29, 2026Close99.656Jul 1, 2026Close99.125Jul 6, 2026Close99.250Jul 8, 2026Close98.750Jul 10, 2026Close98.750Jul 14, 2026Close98.719Jul 16, 2026Close98.875Jul 20, 2026Close98.656Jul 22, 2026Close98.219Jul 24, 2026Close98.156Jul 28, 2026Close98.531Jul 30, 2026Close98.344Aug 3, 2026Close98.281Aug 5, 2026Close98.625Aug 7, 2026Close98.531Aug 11, 2026Close98.313Aug 13, 2026Close98.688Aug 17, 2026Close98.344Aug 19, 2026Close98.563Aug 21, 2026Close98.156Aug 25, 2026Close98.594Aug 27, 2026Close98.344Aug 31, 2026Close97.875Sep 2, 2026Close97.625Sep 4, 2026Close97.656Sep 9, 2026Close97.344
The most recent 20 trading days of prices for 91282CNF4.
DateBidOfferClose
Sep 9, 202697.32897.31397.344
Sep 8, 202697.60997.59497.531
Sep 4, 202697.70397.68897.656
Sep 3, 202697.89197.87597.781
Sep 2, 202697.60997.59497.625
Sep 1, 202697.76697.75097.594
Aug 31, 202697.85997.84497.875
Aug 28, 202698.07898.06397.938
Aug 27, 202698.48498.46998.344
Aug 26, 202698.48498.46998.438
Aug 25, 202698.54798.53198.594
Aug 24, 202698.35998.34498.250
Aug 21, 202698.17298.15698.156
Aug 20, 202698.35998.34498.375
Aug 19, 202698.51698.50098.563
Aug 18, 202698.39198.37598.406
Aug 17, 202698.45398.43898.344
Aug 14, 202698.54798.53198.469
Aug 13, 202698.67298.65698.688
Aug 12, 202698.48498.46998.406

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 91282CNF4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 29, 2025Jun 2, 2025New issue$44.0bn$50.0bn2.69x4.194%

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.