Treasury note

91282CNT4 · 4.25% due August 15, 2035

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

Statement of August 31, 2026

Amount outstanding
$134.93bn
Held stripped
$1.18bn
Share stripped
0.88%

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
4.806%
Modified duration
7.290 yr
DV01
0.0702
Convexity
63.077
Dirty price
96.300

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 7.458 years against a modified duration of 7.290.

Against the fitted curve

Priced 1.9 bp cheap to the curve on that day, 13.05 cents per 100 of face.

That is 1.68 standard deviations from its own typical residual.

Yield to maturity, 267 observations

3.8%4.0%4.2%4.4%4.6%4.8%5.0%Aug 15, 2025Sep 9, 2026Aug 15, 2025Yield to maturity4.328%Aug 19, 2025Yield to maturity4.300%Aug 21, 2025Yield to maturity4.328%Aug 25, 2025Yield to maturity4.281%Aug 27, 2025Yield to maturity4.238%Aug 29, 2025Yield to maturity4.223%Sep 3, 2025Yield to maturity4.219%Sep 5, 2025Yield to maturity4.091%Sep 9, 2025Yield to maturity4.072%Sep 11, 2025Yield to maturity4.011%Sep 15, 2025Yield to maturity4.038%Sep 17, 2025Yield to maturity4.053%Sep 19, 2025Yield to maturity4.133%Sep 23, 2025Yield to maturity4.114%Sep 25, 2025Yield to maturity4.168%Sep 29, 2025Yield to maturity4.145%Oct 1, 2025Yield to maturity4.110%Oct 3, 2025Yield to maturity4.121%Oct 7, 2025Yield to maturity4.129%Oct 9, 2025Yield to maturity4.140%Oct 14, 2025Yield to maturity4.021%Oct 16, 2025Yield to maturity3.971%Oct 20, 2025Yield to maturity3.986%Oct 22, 2025Yield to maturity3.955%Oct 24, 2025Yield to maturity4.001%Oct 28, 2025Yield to maturity3.978%Oct 30, 2025Yield to maturity4.097%Nov 3, 2025Yield to maturity4.108%Nov 5, 2025Yield to maturity4.155%Nov 7, 2025Yield to maturity4.089%Nov 12, 2025Yield to maturity4.069%Nov 14, 2025Yield to maturity4.135%Nov 18, 2025Yield to maturity4.108%Nov 20, 2025Yield to maturity4.088%Nov 24, 2025Yield to maturity4.022%Nov 26, 2025Yield to maturity3.980%Dec 1, 2025Yield to maturity4.076%Dec 3, 2025Yield to maturity4.037%Dec 5, 2025Yield to maturity4.119%Dec 9, 2025Yield to maturity4.166%Dec 11, 2025Yield to maturity4.127%Dec 15, 2025Yield to maturity4.158%Dec 17, 2025Yield to maturity4.131%Dec 19, 2025Yield to maturity4.131%Dec 23, 2025Yield to maturity4.146%Dec 26, 2025Yield to maturity4.111%Dec 30, 2025Yield to maturity4.107%Jan 2, 2026Yield to maturity4.166%Jan 6, 2026Yield to maturity4.154%Jan 8, 2026Yield to maturity4.162%Jan 12, 2026Yield to maturity4.162%Jan 14, 2026Yield to maturity4.118%Jan 16, 2026Yield to maturity4.206%Jan 21, 2026Yield to maturity4.234%Jan 23, 2026Yield to maturity4.214%Jan 27, 2026Yield to maturity4.210%Jan 29, 2026Yield to maturity4.210%Feb 2, 2026Yield to maturity4.254%Feb 4, 2026Yield to maturity4.258%Feb 6, 2026Yield to maturity4.186%Feb 10, 2026Yield to maturity4.122%Feb 12, 2026Yield to maturity4.074%Feb 17, 2026Yield to maturity4.022%Feb 19, 2026Yield to maturity4.046%Feb 23, 2026Yield to maturity4.002%Feb 25, 2026Yield to maturity4.022%Feb 27, 2026Yield to maturity3.939%Mar 3, 2026Yield to maturity4.029%Mar 5, 2026Yield to maturity4.101%Mar 9, 2026Yield to maturity4.085%Mar 11, 2026Yield to maturity4.181%Mar 13, 2026Yield to maturity4.254%Mar 17, 2026Yield to maturity4.169%Mar 19, 2026Yield to maturity4.225%Mar 23, 2026Yield to maturity4.315%Mar 25, 2026Yield to maturity4.298%Mar 27, 2026Yield to maturity4.414%Mar 31, 2026Yield to maturity4.270%Apr 2, 2026Yield to maturity4.278%Apr 6, 2026Yield to maturity4.311%Apr 8, 2026Yield to maturity4.266%Apr 10, 2026Yield to maturity4.286%Apr 14, 2026Yield to maturity4.225%Apr 16, 2026Yield to maturity4.278%Apr 20, 2026Yield to maturity4.221%Apr 22, 2026Yield to maturity4.266%Apr 24, 2026Yield to maturity4.274%Apr 28, 2026Yield to maturity4.323%Apr 30, 2026Yield to maturity4.357%May 4, 2026Yield to maturity4.415%May 6, 2026Yield to maturity4.324%May 8, 2026Yield to maturity4.340%May 12, 2026Yield to maturity4.436%May 14, 2026Yield to maturity4.436%May 18, 2026Yield to maturity4.576%May 20, 2026Yield to maturity4.538%May 22, 2026Yield to maturity4.538%May 27, 2026Yield to maturity4.454%May 29, 2026Yield to maturity4.416%Jun 2, 2026Yield to maturity4.429%Jun 4, 2026Yield to maturity4.446%Jun 8, 2026Yield to maturity4.530%Jun 10, 2026Yield to maturity4.522%Jun 12, 2026Yield to maturity4.459%Jun 16, 2026Yield to maturity4.400%Jun 18, 2026Yield to maturity4.434%Jun 23, 2026Yield to maturity4.476%Jun 25, 2026Yield to maturity4.371%Jun 29, 2026Yield to maturity4.350%Jul 1, 2026Yield to maturity4.456%Jul 6, 2026Yield to maturity4.447%Jul 8, 2026Yield to maturity4.537%Jul 10, 2026Yield to maturity4.537%Jul 14, 2026Yield to maturity4.546%Jul 16, 2026Yield to maturity4.533%Jul 20, 2026Yield to maturity4.560%Jul 22, 2026Yield to maturity4.638%Jul 24, 2026Yield to maturity4.651%Jul 28, 2026Yield to maturity4.578%Jul 30, 2026Yield to maturity4.643%Aug 3, 2026Yield to maturity4.656%Aug 5, 2026Yield to maturity4.591%Aug 7, 2026Yield to maturity4.609%Aug 11, 2026Yield to maturity4.657%Aug 13, 2026Yield to maturity4.601%Aug 17, 2026Yield to maturity4.680%Aug 19, 2026Yield to maturity4.606%Aug 21, 2026Yield to maturity4.698%Aug 25, 2026Yield to maturity4.597%Aug 27, 2026Yield to maturity4.637%Aug 31, 2026Yield to maturity4.721%Sep 2, 2026Yield to maturity4.761%Sep 4, 2026Yield to maturity4.752%Sep 9, 2026Yield to maturity4.806%

Price history

267 trading days to Sep 9, 2026

96979899100101102103Aug 15, 2025Sep 9, 2026Aug 15, 2025Close99.375Aug 19, 2025Close99.594Aug 21, 2025Close99.375Aug 25, 2025Close99.750Aug 27, 2025Close100.094Aug 29, 2025Close100.219Sep 3, 2025Close100.250Sep 5, 2025Close101.281Sep 9, 2025Close101.438Sep 11, 2025Close101.938Sep 15, 2025Close101.719Sep 17, 2025Close101.594Sep 19, 2025Close100.938Sep 23, 2025Close101.094Sep 25, 2025Close100.656Sep 29, 2025Close100.844Oct 1, 2025Close101.125Oct 3, 2025Close101.031Oct 7, 2025Close100.969Oct 9, 2025Close100.875Oct 14, 2025Close101.844Oct 16, 2025Close102.250Oct 20, 2025Close102.125Oct 22, 2025Close102.375Oct 24, 2025Close102.000Oct 28, 2025Close102.188Oct 30, 2025Close101.219Nov 3, 2025Close101.125Nov 5, 2025Close100.750Nov 7, 2025Close101.281Nov 12, 2025Close101.438Nov 14, 2025Close100.906Nov 18, 2025Close101.125Nov 20, 2025Close101.281Nov 24, 2025Close101.813Nov 26, 2025Close102.156Dec 1, 2025Close101.375Dec 3, 2025Close101.688Dec 5, 2025Close101.031Dec 9, 2025Close100.656Dec 11, 2025Close100.969Dec 15, 2025Close100.719Dec 17, 2025Close100.938Dec 19, 2025Close100.938Dec 23, 2025Close100.813Dec 26, 2025Close101.094Dec 30, 2025Close101.125Jan 2, 2026Close100.656Jan 6, 2026Close100.750Jan 8, 2026Close100.688Jan 12, 2026Close100.688Jan 14, 2026Close101.031Jan 16, 2026Close100.344Jan 21, 2026Close100.125Jan 23, 2026Close100.281Jan 27, 2026Close100.313Jan 29, 2026Close100.313Feb 2, 2026Close99.969Feb 4, 2026Close99.938Feb 6, 2026Close100.500Feb 10, 2026Close101.000Feb 12, 2026Close101.375Feb 17, 2026Close101.781Feb 19, 2026Close101.594Feb 23, 2026Close101.938Feb 25, 2026Close101.781Feb 27, 2026Close102.438Mar 3, 2026Close101.719Mar 5, 2026Close101.156Mar 9, 2026Close101.281Mar 11, 2026Close100.531Mar 13, 2026Close99.969Mar 17, 2026Close100.625Mar 19, 2026Close100.188Mar 23, 2026Close99.500Mar 25, 2026Close99.625Mar 27, 2026Close98.750Mar 31, 2026Close99.844Apr 2, 2026Close99.781Apr 6, 2026Close99.531Apr 8, 2026Close99.875Apr 10, 2026Close99.719Apr 14, 2026Close100.188Apr 16, 2026Close99.781Apr 20, 2026Close100.219Apr 22, 2026Close99.875Apr 24, 2026Close99.813Apr 28, 2026Close99.438Apr 30, 2026Close99.188May 4, 2026Close98.750May 6, 2026Close99.438May 8, 2026Close99.313May 12, 2026Close98.594May 14, 2026Close98.594May 18, 2026Close97.563May 20, 2026Close97.844May 22, 2026Close97.844May 27, 2026Close98.469May 29, 2026Close98.750Jun 2, 2026Close98.656Jun 4, 2026Close98.531Jun 8, 2026Close97.906Jun 10, 2026Close97.969Jun 12, 2026Close98.438Jun 16, 2026Close98.875Jun 18, 2026Close98.625Jun 23, 2026Close98.313Jun 25, 2026Close99.094Jun 29, 2026Close99.250Jul 1, 2026Close98.469Jul 6, 2026Close98.531Jul 8, 2026Close97.875Jul 10, 2026Close97.875Jul 14, 2026Close97.813Jul 16, 2026Close97.906Jul 20, 2026Close97.719Jul 22, 2026Close97.156Jul 24, 2026Close97.063Jul 28, 2026Close97.594Jul 30, 2026Close97.125Aug 3, 2026Close97.031Aug 5, 2026Close97.500Aug 7, 2026Close97.375Aug 11, 2026Close97.031Aug 13, 2026Close97.438Aug 17, 2026Close96.875Aug 19, 2026Close97.406Aug 21, 2026Close96.750Aug 25, 2026Close97.469Aug 27, 2026Close97.188Aug 31, 2026Close96.594Sep 2, 2026Close96.313Sep 4, 2026Close96.375Sep 9, 2026Close96.000
The most recent 20 trading days of prices for 91282CNT4.
DateBidOfferClose
Sep 9, 202695.95395.93896.000
Sep 8, 202696.32896.31396.250
Sep 4, 202696.45396.43896.375
Sep 3, 202696.64196.62596.500
Sep 2, 202696.29796.28196.313
Sep 1, 202696.50096.50096.313
Aug 31, 202696.56396.56396.594
Aug 28, 202696.95396.93896.750
Aug 27, 202697.32897.31397.188
Aug 26, 202697.32897.31397.281
Aug 25, 202697.39197.37597.469
Aug 24, 202697.10997.09496.969
Aug 21, 202696.79796.78196.750
Aug 20, 202697.03197.03197.063
Aug 19, 202697.29797.28197.406
Aug 18, 202696.93896.93896.969
Aug 17, 202697.01697.00096.875
Aug 14, 202697.17297.15697.125
Aug 13, 202697.45397.43897.438
Aug 12, 202697.20397.18897.094

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 91282CNT4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 6, 2025Aug 15, 2025New issue$42.0bn$56.3bn2.35x4.255%
Sep 10, 2025Sep 15, 2025Reopening$39.0bn$39.0bn2.65x4.033%
Oct 8, 2025Oct 15, 2025Reopening$39.0bn$39.7bn2.48x4.117%

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.