Treasury note

91282CNJ6 · 4% due June 30, 2032

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

Statement of August 31, 2026

Amount outstanding
$48.38bn
Held stripped
$17.1m
Share stripped
0.04%

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
4.657%
Modified duration
5.067 yr
DV01
0.0494
Convexity
30.098
Dirty price
97.470

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 5.183 years against a modified duration of 5.067.

Against the fitted curve

Priced 1.2 bp cheap to the curve on that day, 6.11 cents per 100 of face.

That is 0.20 standard deviations from its own typical residual.

Yield to maturity, 300 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Jun 30, 2025Sep 9, 2026Jun 30, 2025Yield to maturity3.984%Jul 2, 2025Yield to maturity4.062%Jul 7, 2025Yield to maturity4.156%Jul 9, 2025Yield to maturity4.109%Jul 11, 2025Yield to maturity4.193%Jul 15, 2025Yield to maturity4.256%Jul 17, 2025Yield to maturity4.220%Jul 21, 2025Yield to maturity4.125%Jul 23, 2025Yield to maturity4.146%Jul 25, 2025Yield to maturity4.146%Jul 29, 2025Yield to maturity4.094%Jul 31, 2025Yield to maturity4.136%Aug 4, 2025Yield to maturity3.942%Aug 6, 2025Yield to maturity3.958%Aug 8, 2025Yield to maturity4.020%Aug 12, 2025Yield to maturity4.026%Aug 14, 2025Yield to maturity4.020%Aug 18, 2025Yield to maturity4.062%Aug 20, 2025Yield to maturity4.005%Aug 22, 2025Yield to maturity3.968%Aug 26, 2025Yield to maturity3.957%Aug 28, 2025Yield to maturity3.910%Sep 2, 2025Yield to maturity3.962%Sep 4, 2025Yield to maturity3.857%Sep 8, 2025Yield to maturity3.763%Sep 10, 2025Yield to maturity3.763%Sep 12, 2025Yield to maturity3.794%Sep 16, 2025Yield to maturity3.762%Sep 18, 2025Yield to maturity3.841%Sep 22, 2025Yield to maturity3.883%Sep 24, 2025Yield to maturity3.893%Sep 26, 2025Yield to maturity3.946%Sep 30, 2025Yield to maturity3.909%Oct 2, 2025Yield to maturity3.840%Oct 6, 2025Yield to maturity3.925%Oct 8, 2025Yield to maturity3.893%Oct 10, 2025Yield to maturity3.808%Oct 15, 2025Yield to maturity3.792%Oct 17, 2025Yield to maturity3.754%Oct 21, 2025Yield to maturity3.717%Oct 23, 2025Yield to maturity3.759%Oct 27, 2025Yield to maturity3.764%Oct 29, 2025Yield to maturity3.849%Oct 31, 2025Yield to maturity3.865%Nov 4, 2025Yield to maturity3.849%Nov 6, 2025Yield to maturity3.849%Nov 10, 2025Yield to maturity3.870%Nov 13, 2025Yield to maturity3.865%Nov 17, 2025Yield to maturity3.875%Nov 19, 2025Yield to maturity3.864%Nov 21, 2025Yield to maturity3.778%Nov 25, 2025Yield to maturity3.730%Nov 28, 2025Yield to maturity3.751%Dec 2, 2025Yield to maturity3.815%Dec 4, 2025Yield to maturity3.842%Dec 8, 2025Yield to maturity3.907%Dec 10, 2025Yield to maturity3.880%Dec 12, 2025Yield to maturity3.912%Dec 16, 2025Yield to maturity3.858%Dec 18, 2025Yield to maturity3.831%Dec 22, 2025Yield to maturity3.885%Dec 24, 2025Yield to maturity3.879%Dec 29, 2025Yield to maturity3.830%Dec 31, 2025Yield to maturity3.890%Jan 5, 2026Yield to maturity3.873%Jan 7, 2026Yield to maturity3.857%Jan 9, 2026Yield to maturity3.906%Jan 13, 2026Yield to maturity3.900%Jan 15, 2026Yield to maturity3.917%Jan 20, 2026Yield to maturity4.027%Jan 22, 2026Yield to maturity4.000%Jan 26, 2026Yield to maturity3.966%Jan 28, 2026Yield to maturity3.994%Jan 30, 2026Yield to maturity3.960%Feb 3, 2026Yield to maturity3.988%Feb 5, 2026Yield to maturity3.910%Feb 9, 2026Yield to maturity3.910%Feb 11, 2026Yield to maturity3.899%Feb 13, 2026Yield to maturity3.755%Feb 18, 2026Yield to maturity3.799%Feb 20, 2026Yield to maturity3.793%Feb 24, 2026Yield to maturity3.748%Feb 26, 2026Yield to maturity3.726%Mar 2, 2026Yield to maturity3.759%Mar 4, 2026Yield to maturity3.814%Mar 6, 2026Yield to maturity3.870%Mar 10, 2026Yield to maturity3.870%Mar 12, 2026Yield to maturity4.016%Mar 16, 2026Yield to maturity3.948%Mar 18, 2026Yield to maturity4.005%Mar 20, 2026Yield to maturity4.153%Mar 24, 2026Yield to maturity4.165%Mar 26, 2026Yield to maturity4.217%Mar 30, 2026Yield to maturity4.108%Apr 1, 2026Yield to maturity4.096%Apr 3, 2026Yield to maturity4.114%Apr 7, 2026Yield to maturity4.079%Apr 9, 2026Yield to maturity4.045%Apr 13, 2026Yield to maturity4.045%Apr 15, 2026Yield to maturity4.022%Apr 17, 2026Yield to maturity3.970%Apr 21, 2026Yield to maturity4.028%Apr 23, 2026Yield to maturity4.074%Apr 27, 2026Yield to maturity4.074%Apr 29, 2026Yield to maturity4.173%May 1, 2026Yield to maturity4.138%May 5, 2026Yield to maturity4.185%May 7, 2026Yield to maturity4.156%May 11, 2026Yield to maturity4.174%May 13, 2026Yield to maturity4.221%May 15, 2026Yield to maturity4.363%May 19, 2026Yield to maturity4.435%May 21, 2026Yield to maturity4.346%May 26, 2026Yield to maturity4.276%May 28, 2026Yield to maturity4.240%Jun 1, 2026Yield to maturity4.265%Jun 3, 2026Yield to maturity4.295%Jun 5, 2026Yield to maturity4.361%Jun 9, 2026Yield to maturity4.331%Jun 11, 2026Yield to maturity4.254%Jun 15, 2026Yield to maturity4.260%Jun 17, 2026Yield to maturity4.326%Jun 22, 2026Yield to maturity4.345%Jun 24, 2026Yield to maturity4.238%Jun 26, 2026Yield to maturity4.190%Jun 30, 2026Yield to maturity4.256%Jul 2, 2026Yield to maturity4.299%Jul 7, 2026Yield to maturity4.347%Jul 9, 2026Yield to maturity4.342%Jul 13, 2026Yield to maturity4.427%Jul 15, 2026Yield to maturity4.330%Jul 17, 2026Yield to maturity4.343%Jul 21, 2026Yield to maturity4.435%Jul 23, 2026Yield to maturity4.521%Jul 27, 2026Yield to maturity4.460%Jul 29, 2026Yield to maturity4.442%Jul 31, 2026Yield to maturity4.517%Aug 4, 2026Yield to maturity4.400%Aug 6, 2026Yield to maturity4.462%Aug 10, 2026Yield to maturity4.481%Aug 12, 2026Yield to maturity4.444%Aug 14, 2026Yield to maturity4.433%Aug 18, 2026Yield to maturity4.445%Aug 20, 2026Yield to maturity4.452%Aug 24, 2026Yield to maturity4.471%Aug 26, 2026Yield to maturity4.441%Aug 28, 2026Yield to maturity4.535%Sep 1, 2026Yield to maturity4.604%Sep 3, 2026Yield to maturity4.573%Sep 8, 2026Yield to maturity4.619%Sep 9, 2026Yield to maturity4.657%

Price history

300 trading days to Sep 9, 2026

96979899100101102Jun 30, 2025Sep 9, 2026Jun 30, 2025Close100.094Jul 2, 2025Close99.625Jul 7, 2025Close99.063Jul 9, 2025Close99.344Jul 11, 2025Close98.844Jul 15, 2025Close98.469Jul 17, 2025Close98.688Jul 21, 2025Close99.250Jul 23, 2025Close99.125Jul 25, 2025Close99.125Jul 29, 2025Close99.438Jul 31, 2025Close99.188Aug 4, 2025Close100.344Aug 6, 2025Close100.250Aug 8, 2025Close99.875Aug 12, 2025Close99.844Aug 14, 2025Close99.875Aug 18, 2025Close99.625Aug 20, 2025Close99.969Aug 22, 2025Close100.188Aug 26, 2025Close100.250Aug 28, 2025Close100.531Sep 2, 2025Close100.219Sep 4, 2025Close100.844Sep 8, 2025Close101.406Sep 10, 2025Close101.406Sep 12, 2025Close101.219Sep 16, 2025Close101.406Sep 18, 2025Close100.938Sep 22, 2025Close100.688Sep 24, 2025Close100.625Sep 26, 2025Close100.313Sep 30, 2025Close100.531Oct 2, 2025Close100.938Oct 6, 2025Close100.438Oct 8, 2025Close100.625Oct 10, 2025Close101.125Oct 15, 2025Close101.219Oct 17, 2025Close101.438Oct 21, 2025Close101.656Oct 23, 2025Close101.406Oct 27, 2025Close101.375Oct 29, 2025Close100.875Oct 31, 2025Close100.781Nov 4, 2025Close100.875Nov 6, 2025Close100.875Nov 10, 2025Close100.750Nov 13, 2025Close100.781Nov 17, 2025Close100.719Nov 19, 2025Close100.781Nov 21, 2025Close101.281Nov 25, 2025Close101.563Nov 28, 2025Close101.438Dec 2, 2025Close101.063Dec 4, 2025Close100.906Dec 8, 2025Close100.531Dec 10, 2025Close100.688Dec 12, 2025Close100.500Dec 16, 2025Close100.813Dec 18, 2025Close100.969Dec 22, 2025Close100.656Dec 24, 2025Close100.688Dec 29, 2025Close100.969Dec 31, 2025Close100.625Jan 5, 2026Close100.719Jan 7, 2026Close100.813Jan 9, 2026Close100.531Jan 13, 2026Close100.563Jan 15, 2026Close100.469Jan 20, 2026Close99.844Jan 22, 2026Close100.000Jan 26, 2026Close100.188Jan 28, 2026Close100.031Jan 30, 2026Close100.219Feb 3, 2026Close100.063Feb 5, 2026Close100.500Feb 9, 2026Close100.500Feb 11, 2026Close100.563Feb 13, 2026Close101.375Feb 18, 2026Close101.125Feb 20, 2026Close101.156Feb 24, 2026Close101.406Feb 26, 2026Close101.531Mar 2, 2026Close101.344Mar 4, 2026Close101.031Mar 6, 2026Close100.719Mar 10, 2026Close100.719Mar 12, 2026Close99.906Mar 16, 2026Close100.281Mar 18, 2026Close99.969Mar 20, 2026Close99.156Mar 24, 2026Close99.094Mar 26, 2026Close98.813Mar 30, 2026Close99.406Apr 1, 2026Close99.469Apr 3, 2026Close99.375Apr 7, 2026Close99.563Apr 9, 2026Close99.750Apr 13, 2026Close99.750Apr 15, 2026Close99.875Apr 17, 2026Close100.156Apr 21, 2026Close99.844Apr 23, 2026Close99.594Apr 27, 2026Close99.594Apr 29, 2026Close99.063May 1, 2026Close99.250May 5, 2026Close99.000May 7, 2026Close99.156May 11, 2026Close99.063May 13, 2026Close98.813May 15, 2026Close98.063May 19, 2026Close97.688May 21, 2026Close98.156May 26, 2026Close98.531May 28, 2026Close98.719Jun 1, 2026Close98.594Jun 3, 2026Close98.438Jun 5, 2026Close98.094Jun 9, 2026Close98.250Jun 11, 2026Close98.656Jun 15, 2026Close98.625Jun 17, 2026Close98.281Jun 22, 2026Close98.188Jun 24, 2026Close98.750Jun 26, 2026Close99.000Jun 30, 2026Close98.656Jul 2, 2026Close98.438Jul 7, 2026Close98.188Jul 9, 2026Close98.219Jul 13, 2026Close97.781Jul 15, 2026Close98.281Jul 17, 2026Close98.219Jul 21, 2026Close97.750Jul 23, 2026Close97.313Jul 27, 2026Close97.625Jul 29, 2026Close97.719Jul 31, 2026Close97.344Aug 4, 2026Close97.938Aug 6, 2026Close97.625Aug 10, 2026Close97.531Aug 12, 2026Close97.719Aug 14, 2026Close97.781Aug 18, 2026Close97.719Aug 20, 2026Close97.688Aug 24, 2026Close97.594Aug 26, 2026Close97.750Aug 28, 2026Close97.281Sep 1, 2026Close96.938Sep 3, 2026Close97.094Sep 8, 2026Close96.875Sep 9, 2026Close96.688
The most recent 20 trading days of prices for 91282CNJ6.
DateBidOfferClose
Sep 9, 202696.65696.62596.688
Sep 8, 202696.92296.90696.875
Sep 4, 202697.03197.03196.969
Sep 3, 202697.23497.21997.094
Sep 2, 202696.92296.90696.938
Sep 1, 202697.07897.06396.938
Aug 31, 202697.20397.18897.188
Aug 28, 202697.42297.40697.281
Aug 27, 202697.79797.78197.688
Aug 26, 202697.79797.78197.750
Aug 25, 202697.89197.87597.906
Aug 24, 202697.67297.65697.594
Aug 21, 202697.48497.46997.500
Aug 20, 202697.67297.65697.688
Aug 19, 202697.85997.84497.906
Aug 18, 202697.73497.71997.719
Aug 17, 202697.76697.75097.688
Aug 14, 202697.85997.84497.781
Aug 13, 202698.01698.00098.000
Aug 12, 202697.79797.78197.719

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 91282CNJ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 26, 2025Jun 30, 2025New issue$44.0bn$48.4bn2.53x4.022%

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.