Treasury note

91282CNR8 · 4% due July 31, 2032

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

Statement of August 31, 2026

Amount outstanding
$46.92bn
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
4.667%
Modified duration
5.149 yr
DV01
0.0500
Convexity
30.975
Dirty price
97.039

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 5.268 years against a modified duration of 5.149.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 9.79 cents per 100 of face.

That is 0.56 standard deviations from its own typical residual.

Yield to maturity, 278 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Jul 31, 2025Sep 9, 2026Jul 31, 2025Yield to maturity4.145%Aug 4, 2025Yield to maturity3.948%Aug 6, 2025Yield to maturity3.969%Aug 8, 2025Yield to maturity4.031%Aug 12, 2025Yield to maturity4.031%Aug 14, 2025Yield to maturity4.026%Aug 18, 2025Yield to maturity4.067%Aug 20, 2025Yield to maturity4.015%Aug 22, 2025Yield to maturity3.979%Aug 26, 2025Yield to maturity3.968%Aug 28, 2025Yield to maturity3.922%Sep 2, 2025Yield to maturity3.973%Sep 4, 2025Yield to maturity3.864%Sep 8, 2025Yield to maturity3.771%Sep 10, 2025Yield to maturity3.771%Sep 12, 2025Yield to maturity3.807%Sep 16, 2025Yield to maturity3.770%Sep 18, 2025Yield to maturity3.853%Sep 22, 2025Yield to maturity3.889%Sep 24, 2025Yield to maturity3.900%Sep 26, 2025Yield to maturity3.957%Sep 30, 2025Yield to maturity3.915%Oct 2, 2025Yield to maturity3.847%Oct 6, 2025Yield to maturity3.936%Oct 8, 2025Yield to maturity3.899%Oct 10, 2025Yield to maturity3.815%Oct 15, 2025Yield to maturity3.799%Oct 17, 2025Yield to maturity3.762%Oct 21, 2025Yield to maturity3.720%Oct 23, 2025Yield to maturity3.772%Oct 27, 2025Yield to maturity3.772%Oct 29, 2025Yield to maturity3.856%Oct 31, 2025Yield to maturity3.877%Nov 4, 2025Yield to maturity3.861%Nov 6, 2025Yield to maturity3.861%Nov 10, 2025Yield to maturity3.882%Nov 13, 2025Yield to maturity3.871%Nov 17, 2025Yield to maturity3.882%Nov 19, 2025Yield to maturity3.876%Nov 21, 2025Yield to maturity3.791%Nov 25, 2025Yield to maturity3.738%Nov 28, 2025Yield to maturity3.759%Dec 2, 2025Yield to maturity3.822%Dec 4, 2025Yield to maturity3.849%Dec 8, 2025Yield to maturity3.913%Dec 10, 2025Yield to maturity3.886%Dec 12, 2025Yield to maturity3.924%Dec 16, 2025Yield to maturity3.870%Dec 18, 2025Yield to maturity3.843%Dec 22, 2025Yield to maturity3.897%Dec 24, 2025Yield to maturity3.886%Dec 29, 2025Yield to maturity3.842%Dec 31, 2025Yield to maturity3.902%Jan 5, 2026Yield to maturity3.880%Jan 7, 2026Yield to maturity3.864%Jan 9, 2026Yield to maturity3.918%Jan 13, 2026Yield to maturity3.907%Jan 15, 2026Yield to maturity3.923%Jan 20, 2026Yield to maturity4.033%Jan 22, 2026Yield to maturity4.011%Jan 26, 2026Yield to maturity3.978%Jan 28, 2026Yield to maturity4.005%Jan 30, 2026Yield to maturity3.972%Feb 3, 2026Yield to maturity4.000%Feb 5, 2026Yield to maturity3.917%Feb 9, 2026Yield to maturity3.923%Feb 11, 2026Yield to maturity3.912%Feb 13, 2026Yield to maturity3.769%Feb 18, 2026Yield to maturity3.812%Feb 20, 2026Yield to maturity3.806%Feb 24, 2026Yield to maturity3.757%Feb 26, 2026Yield to maturity3.735%Mar 2, 2026Yield to maturity3.773%Mar 4, 2026Yield to maturity3.822%Mar 6, 2026Yield to maturity3.877%Mar 10, 2026Yield to maturity3.883%Mar 12, 2026Yield to maturity4.022%Mar 16, 2026Yield to maturity3.955%Mar 18, 2026Yield to maturity4.011%Mar 20, 2026Yield to maturity4.163%Mar 24, 2026Yield to maturity4.169%Mar 26, 2026Yield to maturity4.226%Mar 30, 2026Yield to maturity4.118%Apr 1, 2026Yield to maturity4.101%Apr 3, 2026Yield to maturity4.124%Apr 7, 2026Yield to maturity4.090%Apr 9, 2026Yield to maturity4.050%Apr 13, 2026Yield to maturity4.056%Apr 15, 2026Yield to maturity4.033%Apr 17, 2026Yield to maturity3.982%Apr 21, 2026Yield to maturity4.039%Apr 23, 2026Yield to maturity4.090%Apr 27, 2026Yield to maturity4.085%Apr 29, 2026Yield to maturity4.177%May 1, 2026Yield to maturity4.148%May 5, 2026Yield to maturity4.194%May 7, 2026Yield to maturity4.166%May 11, 2026Yield to maturity4.183%May 13, 2026Yield to maturity4.230%May 15, 2026Yield to maturity4.371%May 19, 2026Yield to maturity4.442%May 21, 2026Yield to maturity4.354%May 26, 2026Yield to maturity4.284%May 28, 2026Yield to maturity4.249%Jun 1, 2026Yield to maturity4.273%Jun 3, 2026Yield to maturity4.302%Jun 5, 2026Yield to maturity4.368%Jun 9, 2026Yield to maturity4.339%Jun 11, 2026Yield to maturity4.256%Jun 15, 2026Yield to maturity4.268%Jun 17, 2026Yield to maturity4.328%Jun 22, 2026Yield to maturity4.352%Jun 24, 2026Yield to maturity4.246%Jun 26, 2026Yield to maturity4.199%Jun 30, 2026Yield to maturity4.258%Jul 2, 2026Yield to maturity4.301%Jul 7, 2026Yield to maturity4.349%Jul 9, 2026Yield to maturity4.349%Jul 13, 2026Yield to maturity4.440%Jul 15, 2026Yield to maturity4.338%Jul 17, 2026Yield to maturity4.351%Jul 21, 2026Yield to maturity4.441%Jul 23, 2026Yield to maturity4.527%Jul 27, 2026Yield to maturity4.467%Jul 29, 2026Yield to maturity4.455%Jul 31, 2026Yield to maturity4.529%Aug 4, 2026Yield to maturity4.408%Aug 6, 2026Yield to maturity4.469%Aug 10, 2026Yield to maturity4.488%Aug 12, 2026Yield to maturity4.451%Aug 14, 2026Yield to maturity4.446%Aug 18, 2026Yield to maturity4.452%Aug 20, 2026Yield to maturity4.459%Aug 24, 2026Yield to maturity4.484%Aug 26, 2026Yield to maturity4.448%Aug 28, 2026Yield to maturity4.547%Sep 1, 2026Yield to maturity4.616%Sep 3, 2026Yield to maturity4.579%Sep 8, 2026Yield to maturity4.624%Sep 9, 2026Yield to maturity4.667%

Price history

278 trading days to Sep 9, 2026

96979899100101102Jul 31, 2025Sep 9, 2026Jul 31, 2025Close99.125Aug 4, 2025Close100.313Aug 6, 2025Close100.188Aug 8, 2025Close99.813Aug 12, 2025Close99.813Aug 14, 2025Close99.844Aug 18, 2025Close99.594Aug 20, 2025Close99.906Aug 22, 2025Close100.125Aug 26, 2025Close100.188Aug 28, 2025Close100.469Sep 2, 2025Close100.156Sep 4, 2025Close100.813Sep 8, 2025Close101.375Sep 10, 2025Close101.375Sep 12, 2025Close101.156Sep 16, 2025Close101.375Sep 18, 2025Close100.875Sep 22, 2025Close100.656Sep 24, 2025Close100.594Sep 26, 2025Close100.250Sep 30, 2025Close100.500Oct 2, 2025Close100.906Oct 6, 2025Close100.375Oct 8, 2025Close100.594Oct 10, 2025Close101.094Oct 15, 2025Close101.188Oct 17, 2025Close101.406Oct 21, 2025Close101.656Oct 23, 2025Close101.344Oct 27, 2025Close101.344Oct 29, 2025Close100.844Oct 31, 2025Close100.719Nov 4, 2025Close100.813Nov 6, 2025Close100.813Nov 10, 2025Close100.688Nov 13, 2025Close100.750Nov 17, 2025Close100.688Nov 19, 2025Close100.719Nov 21, 2025Close101.219Nov 25, 2025Close101.531Nov 28, 2025Close101.406Dec 2, 2025Close101.031Dec 4, 2025Close100.875Dec 8, 2025Close100.500Dec 10, 2025Close100.656Dec 12, 2025Close100.438Dec 16, 2025Close100.750Dec 18, 2025Close100.906Dec 22, 2025Close100.594Dec 24, 2025Close100.656Dec 29, 2025Close100.906Dec 31, 2025Close100.563Jan 5, 2026Close100.688Jan 7, 2026Close100.781Jan 9, 2026Close100.469Jan 13, 2026Close100.531Jan 15, 2026Close100.438Jan 20, 2026Close99.813Jan 22, 2026Close99.938Jan 26, 2026Close100.125Jan 28, 2026Close99.969Jan 30, 2026Close100.156Feb 3, 2026Close100.000Feb 5, 2026Close100.469Feb 9, 2026Close100.438Feb 11, 2026Close100.500Feb 13, 2026Close101.313Feb 18, 2026Close101.063Feb 20, 2026Close101.094Feb 24, 2026Close101.375Feb 26, 2026Close101.500Mar 2, 2026Close101.281Mar 4, 2026Close101.000Mar 6, 2026Close100.688Mar 10, 2026Close100.656Mar 12, 2026Close99.875Mar 16, 2026Close100.250Mar 18, 2026Close99.938Mar 20, 2026Close99.094Mar 24, 2026Close99.063Mar 26, 2026Close98.750Mar 30, 2026Close99.344Apr 1, 2026Close99.438Apr 3, 2026Close99.313Apr 7, 2026Close99.500Apr 9, 2026Close99.719Apr 13, 2026Close99.688Apr 15, 2026Close99.813Apr 17, 2026Close100.094Apr 21, 2026Close99.781Apr 23, 2026Close99.500Apr 27, 2026Close99.531Apr 29, 2026Close99.031May 1, 2026Close99.188May 5, 2026Close98.938May 7, 2026Close99.094May 11, 2026Close99.000May 13, 2026Close98.750May 15, 2026Close98.000May 19, 2026Close97.625May 21, 2026Close98.094May 26, 2026Close98.469May 28, 2026Close98.656Jun 1, 2026Close98.531Jun 3, 2026Close98.375Jun 5, 2026Close98.031Jun 9, 2026Close98.188Jun 11, 2026Close98.625Jun 15, 2026Close98.563Jun 17, 2026Close98.250Jun 22, 2026Close98.125Jun 24, 2026Close98.688Jun 26, 2026Close98.938Jun 30, 2026Close98.625Jul 2, 2026Close98.406Jul 7, 2026Close98.156Jul 9, 2026Close98.156Jul 13, 2026Close97.688Jul 15, 2026Close98.219Jul 17, 2026Close98.156Jul 21, 2026Close97.688Jul 23, 2026Close97.250Jul 27, 2026Close97.563Jul 29, 2026Close97.625Jul 31, 2026Close97.250Aug 4, 2026Close97.875Aug 6, 2026Close97.563Aug 10, 2026Close97.469Aug 12, 2026Close97.656Aug 14, 2026Close97.688Aug 18, 2026Close97.656Aug 20, 2026Close97.625Aug 24, 2026Close97.500Aug 26, 2026Close97.688Aug 28, 2026Close97.188Sep 1, 2026Close96.844Sep 3, 2026Close97.031Sep 8, 2026Close96.813Sep 9, 2026Close96.594
The most recent 20 trading days of prices for 91282CNR8.
DateBidOfferClose
Sep 9, 202696.57896.56396.594
Sep 8, 202696.85996.84496.813
Sep 4, 202696.95396.93896.906
Sep 3, 202697.14197.12597.031
Sep 2, 202696.85996.84496.875
Sep 1, 202697.01697.00096.844
Aug 31, 202697.10997.09497.125
Aug 28, 202697.35997.34497.188
Aug 27, 202697.73497.71997.625
Aug 26, 202697.73497.71997.688
Aug 25, 202697.81397.81397.844
Aug 24, 202697.60997.59497.500
Aug 21, 202697.40697.40697.406
Aug 20, 202697.60997.59497.625
Aug 19, 202697.76697.75097.813
Aug 18, 202697.64197.62597.656
Aug 17, 202697.67297.65697.594
Aug 14, 202697.78197.78197.688
Aug 13, 202697.92297.90697.938
Aug 12, 202697.73497.71997.656

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 91282CNR8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 29, 2025Jul 31, 2025New issue$44.0bn$47.0bn2.79x4.092%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.