Treasury note

91282CPJ4 · 4% due November 15, 2035

Original term
10-Year
Maturity
Nov 15, 2035
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2025
First coupon
May 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$137.84bn
Held stripped
$246.0m
Share stripped
0.18%

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
4.811%
Modified duration
7.438 yr
DV01
0.0709
Convexity
66.135
Dirty price
95.314

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 7.608 years against a modified duration of 7.438.

Against the fitted curve

Priced 0.8 bp cheap to the curve on that day, 5.62 cents per 100 of face.

That is 1.41 standard deviations from its own typical residual.

Yield to maturity, 204 observations

3.8%4.0%4.2%4.4%4.6%4.8%5.0%Nov 17, 2025Sep 9, 2026Nov 17, 2025Yield to maturity4.131%Nov 18, 2025Yield to maturity4.123%Nov 19, 2025Yield to maturity4.131%Nov 20, 2025Yield to maturity4.104%Nov 21, 2025Yield to maturity4.061%Nov 24, 2025Yield to maturity4.038%Nov 25, 2025Yield to maturity4.008%Nov 26, 2025Yield to maturity3.996%Nov 28, 2025Yield to maturity4.015%Dec 1, 2025Yield to maturity4.092%Dec 2, 2025Yield to maturity4.088%Dec 3, 2025Yield to maturity4.058%Dec 4, 2025Yield to maturity4.108%Dec 5, 2025Yield to maturity4.135%Dec 8, 2025Yield to maturity4.170%Dec 9, 2025Yield to maturity4.182%Dec 10, 2025Yield to maturity4.135%Dec 11, 2025Yield to maturity4.139%Dec 12, 2025Yield to maturity4.194%Dec 15, 2025Yield to maturity4.178%Dec 16, 2025Yield to maturity4.147%Dec 17, 2025Yield to maturity4.151%Dec 18, 2025Yield to maturity4.116%Dec 19, 2025Yield to maturity4.151%Dec 22, 2025Yield to maturity4.163%Dec 23, 2025Yield to maturity4.171%Dec 24, 2025Yield to maturity4.139%Dec 26, 2025Yield to maturity4.132%Dec 29, 2025Yield to maturity4.112%Dec 30, 2025Yield to maturity4.128%Dec 31, 2025Yield to maturity4.171%Jan 2, 2026Yield to maturity4.187%Jan 5, 2026Yield to maturity4.163%Jan 6, 2026Yield to maturity4.175%Jan 7, 2026Yield to maturity4.140%Jan 8, 2026Yield to maturity4.183%Jan 9, 2026Yield to maturity4.167%Jan 12, 2026Yield to maturity4.183%Jan 13, 2026Yield to maturity4.171%Jan 14, 2026Yield to maturity4.140%Jan 15, 2026Yield to maturity4.164%Jan 16, 2026Yield to maturity4.227%Jan 20, 2026Yield to maturity4.291%Jan 21, 2026Yield to maturity4.255%Jan 22, 2026Yield to maturity4.247%Jan 23, 2026Yield to maturity4.231%Jan 26, 2026Yield to maturity4.211%Jan 27, 2026Yield to maturity4.231%Jan 28, 2026Yield to maturity4.251%Jan 29, 2026Yield to maturity4.227%Jan 30, 2026Yield to maturity4.243%Feb 2, 2026Yield to maturity4.275%Feb 3, 2026Yield to maturity4.267%Feb 4, 2026Yield to maturity4.280%Feb 5, 2026Yield to maturity4.200%Feb 6, 2026Yield to maturity4.204%Feb 9, 2026Yield to maturity4.200%Feb 10, 2026Yield to maturity4.145%Feb 11, 2026Yield to maturity4.176%Feb 12, 2026Yield to maturity4.093%Feb 13, 2026Yield to maturity4.038%Feb 17, 2026Yield to maturity4.046%Feb 18, 2026Yield to maturity4.078%Feb 19, 2026Yield to maturity4.066%Feb 20, 2026Yield to maturity4.074%Feb 23, 2026Yield to maturity4.023%Feb 24, 2026Yield to maturity4.031%Feb 25, 2026Yield to maturity4.043%Feb 26, 2026Yield to maturity4.007%Feb 27, 2026Yield to maturity3.960%Mar 2, 2026Yield to maturity4.039%Mar 3, 2026Yield to maturity4.050%Mar 4, 2026Yield to maturity4.078%Mar 5, 2026Yield to maturity4.122%Mar 6, 2026Yield to maturity4.138%Mar 9, 2026Yield to maturity4.106%Mar 10, 2026Yield to maturity4.134%Mar 11, 2026Yield to maturity4.198%Mar 12, 2026Yield to maturity4.258%Mar 13, 2026Yield to maturity4.270%Mar 16, 2026Yield to maturity4.210%Mar 17, 2026Yield to maturity4.190%Mar 18, 2026Yield to maturity4.246%Mar 19, 2026Yield to maturity4.242%Mar 20, 2026Yield to maturity4.380%Mar 23, 2026Yield to maturity4.331%Mar 24, 2026Yield to maturity4.376%Mar 25, 2026Yield to maturity4.315%Mar 26, 2026Yield to maturity4.413%Mar 27, 2026Yield to maturity4.430%Mar 30, 2026Yield to maturity4.336%Mar 31, 2026Yield to maturity4.287%Apr 1, 2026Yield to maturity4.324%Apr 2, 2026Yield to maturity4.296%Apr 3, 2026Yield to maturity4.337%Apr 6, 2026Yield to maturity4.328%Apr 7, 2026Yield to maturity4.312%Apr 8, 2026Yield to maturity4.280%Apr 9, 2026Yield to maturity4.284%Apr 10, 2026Yield to maturity4.305%Apr 13, 2026Yield to maturity4.288%Apr 14, 2026Yield to maturity4.244%Apr 15, 2026Yield to maturity4.268%Apr 16, 2026Yield to maturity4.297%Apr 17, 2026Yield to maturity4.236%Apr 20, 2026Yield to maturity4.240%Apr 21, 2026Yield to maturity4.277%Apr 22, 2026Yield to maturity4.281%Apr 23, 2026Yield to maturity4.318%Apr 24, 2026Yield to maturity4.289%Apr 27, 2026Yield to maturity4.326%Apr 28, 2026Yield to maturity4.343%Apr 29, 2026Yield to maturity4.396%Apr 30, 2026Yield to maturity4.376%May 1, 2026Yield to maturity4.372%May 4, 2026Yield to maturity4.434%May 5, 2026Yield to maturity4.409%May 6, 2026Yield to maturity4.339%May 7, 2026Yield to maturity4.385%May 8, 2026Yield to maturity4.356%May 11, 2026Yield to maturity4.402%May 12, 2026Yield to maturity4.456%May 13, 2026Yield to maturity4.452%May 14, 2026Yield to maturity4.452%May 15, 2026Yield to maturity4.582%May 18, 2026Yield to maturity4.594%May 19, 2026Yield to maturity4.654%May 20, 2026Yield to maturity4.557%May 21, 2026Yield to maturity4.561%May 22, 2026Yield to maturity4.553%May 26, 2026Yield to maturity4.486%May 27, 2026Yield to maturity4.470%May 28, 2026Yield to maturity4.441%May 29, 2026Yield to maturity4.432%Jun 1, 2026Yield to maturity4.462%Jun 2, 2026Yield to maturity4.445%Jun 3, 2026Yield to maturity4.479%Jun 4, 2026Yield to maturity4.458%Jun 5, 2026Yield to maturity4.534%Jun 8, 2026Yield to maturity4.542%Jun 9, 2026Yield to maturity4.517%Jun 10, 2026Yield to maturity4.534%Jun 11, 2026Yield to maturity4.442%Jun 12, 2026Yield to maturity4.471%Jun 15, 2026Yield to maturity4.451%Jun 16, 2026Yield to maturity4.409%Jun 17, 2026Yield to maturity4.476%Jun 18, 2026Yield to maturity4.443%Jun 22, 2026Yield to maturity4.497%Jun 23, 2026Yield to maturity4.485%Jun 24, 2026Yield to maturity4.393%Jun 25, 2026Yield to maturity4.380%Jun 26, 2026Yield to maturity4.360%Jun 29, 2026Yield to maturity4.360%Jun 30, 2026Yield to maturity4.414%Jul 1, 2026Yield to maturity4.465%Jul 2, 2026Yield to maturity4.469%Jul 6, 2026Yield to maturity4.461%Jul 7, 2026Yield to maturity4.525%Jul 8, 2026Yield to maturity4.546%Jul 9, 2026Yield to maturity4.525%Jul 10, 2026Yield to maturity4.546%Jul 13, 2026Yield to maturity4.598%Jul 14, 2026Yield to maturity4.555%Jul 15, 2026Yield to maturity4.525%Jul 16, 2026Yield to maturity4.547%Jul 17, 2026Yield to maturity4.526%Jul 20, 2026Yield to maturity4.573%Jul 21, 2026Yield to maturity4.607%Jul 22, 2026Yield to maturity4.646%Jul 23, 2026Yield to maturity4.685%Jul 24, 2026Yield to maturity4.664%Jul 27, 2026Yield to maturity4.630%Jul 28, 2026Yield to maturity4.587%Jul 29, 2026Yield to maturity4.647%Jul 30, 2026Yield to maturity4.656%Jul 31, 2026Yield to maturity4.721%Aug 3, 2026Yield to maturity4.674%Aug 4, 2026Yield to maturity4.609%Aug 5, 2026Yield to maturity4.605%Aug 6, 2026Yield to maturity4.657%Aug 7, 2026Yield to maturity4.623%Aug 10, 2026Yield to maturity4.683%Aug 11, 2026Yield to maturity4.671%Aug 12, 2026Yield to maturity4.662%Aug 13, 2026Yield to maturity4.615%Aug 14, 2026Yield to maturity4.663%Aug 17, 2026Yield to maturity4.693%Aug 18, 2026Yield to maturity4.680%Aug 19, 2026Yield to maturity4.620%Aug 20, 2026Yield to maturity4.663%Aug 21, 2026Yield to maturity4.712%Aug 24, 2026Yield to maturity4.677%Aug 25, 2026Yield to maturity4.612%Aug 26, 2026Yield to maturity4.634%Aug 27, 2026Yield to maturity4.647%Aug 28, 2026Yield to maturity4.709%Aug 31, 2026Yield to maturity4.726%Sep 1, 2026Yield to maturity4.775%Sep 2, 2026Yield to maturity4.775%Sep 3, 2026Yield to maturity4.744%Sep 4, 2026Yield to maturity4.763%Sep 8, 2026Yield to maturity4.776%Sep 9, 2026Yield to maturity4.811%

Price history

204 trading days to Sep 9, 2026

949596979899100101Nov 17, 2025Sep 9, 2026Nov 17, 2025Close98.938Nov 18, 2025Close99.000Nov 19, 2025Close98.938Nov 20, 2025Close99.156Nov 21, 2025Close99.500Nov 24, 2025Close99.688Nov 25, 2025Close99.938Nov 26, 2025Close100.031Nov 28, 2025Close99.875Dec 1, 2025Close99.250Dec 2, 2025Close99.281Dec 3, 2025Close99.531Dec 4, 2025Close99.125Dec 5, 2025Close98.906Dec 8, 2025Close98.625Dec 9, 2025Close98.531Dec 10, 2025Close98.906Dec 11, 2025Close98.875Dec 12, 2025Close98.438Dec 15, 2025Close98.563Dec 16, 2025Close98.813Dec 17, 2025Close98.781Dec 18, 2025Close99.063Dec 19, 2025Close98.781Dec 22, 2025Close98.688Dec 23, 2025Close98.625Dec 24, 2025Close98.875Dec 26, 2025Close98.938Dec 29, 2025Close99.094Dec 30, 2025Close98.969Dec 31, 2025Close98.625Jan 2, 2026Close98.500Jan 5, 2026Close98.688Jan 6, 2026Close98.594Jan 7, 2026Close98.875Jan 8, 2026Close98.531Jan 9, 2026Close98.656Jan 12, 2026Close98.531Jan 13, 2026Close98.625Jan 14, 2026Close98.875Jan 15, 2026Close98.688Jan 16, 2026Close98.188Jan 20, 2026Close97.688Jan 21, 2026Close97.969Jan 22, 2026Close98.031Jan 23, 2026Close98.156Jan 26, 2026Close98.313Jan 27, 2026Close98.156Jan 28, 2026Close98.000Jan 29, 2026Close98.188Jan 30, 2026Close98.063Feb 2, 2026Close97.813Feb 3, 2026Close97.875Feb 4, 2026Close97.781Feb 5, 2026Close98.406Feb 6, 2026Close98.375Feb 9, 2026Close98.406Feb 10, 2026Close98.844Feb 11, 2026Close98.594Feb 12, 2026Close99.250Feb 13, 2026Close99.688Feb 17, 2026Close99.625Feb 18, 2026Close99.375Feb 19, 2026Close99.469Feb 20, 2026Close99.406Feb 23, 2026Close99.813Feb 24, 2026Close99.750Feb 25, 2026Close99.656Feb 26, 2026Close99.938Feb 27, 2026Close100.313Mar 2, 2026Close99.688Mar 3, 2026Close99.594Mar 4, 2026Close99.375Mar 5, 2026Close99.031Mar 6, 2026Close98.906Mar 9, 2026Close99.156Mar 10, 2026Close98.938Mar 11, 2026Close98.438Mar 12, 2026Close97.969Mar 13, 2026Close97.875Mar 16, 2026Close98.344Mar 17, 2026Close98.500Mar 18, 2026Close98.063Mar 19, 2026Close98.094Mar 20, 2026Close97.031Mar 23, 2026Close97.406Mar 24, 2026Close97.063Mar 25, 2026Close97.531Mar 26, 2026Close96.781Mar 27, 2026Close96.656Mar 30, 2026Close97.375Mar 31, 2026Close97.750Apr 1, 2026Close97.469Apr 2, 2026Close97.688Apr 3, 2026Close97.375Apr 6, 2026Close97.438Apr 7, 2026Close97.563Apr 8, 2026Close97.813Apr 9, 2026Close97.781Apr 10, 2026Close97.625Apr 13, 2026Close97.750Apr 14, 2026Close98.094Apr 15, 2026Close97.906Apr 16, 2026Close97.688Apr 17, 2026Close98.156Apr 20, 2026Close98.125Apr 21, 2026Close97.844Apr 22, 2026Close97.813Apr 23, 2026Close97.531Apr 24, 2026Close97.750Apr 27, 2026Close97.469Apr 28, 2026Close97.344Apr 29, 2026Close96.938Apr 30, 2026Close97.094May 1, 2026Close97.125May 4, 2026Close96.656May 5, 2026Close96.844May 6, 2026Close97.375May 7, 2026Close97.031May 8, 2026Close97.250May 11, 2026Close96.906May 12, 2026Close96.500May 13, 2026Close96.531May 14, 2026Close96.531May 15, 2026Close95.563May 18, 2026Close95.469May 19, 2026Close95.031May 20, 2026Close95.750May 21, 2026Close95.719May 22, 2026Close95.781May 26, 2026Close96.281May 27, 2026Close96.406May 28, 2026Close96.625May 29, 2026Close96.688Jun 1, 2026Close96.469Jun 2, 2026Close96.594Jun 3, 2026Close96.344Jun 4, 2026Close96.500Jun 5, 2026Close95.938Jun 8, 2026Close95.875Jun 9, 2026Close96.063Jun 10, 2026Close95.938Jun 11, 2026Close96.625Jun 12, 2026Close96.406Jun 15, 2026Close96.563Jun 16, 2026Close96.875Jun 17, 2026Close96.375Jun 18, 2026Close96.625Jun 22, 2026Close96.219Jun 23, 2026Close96.313Jun 24, 2026Close97.000Jun 25, 2026Close97.094Jun 26, 2026Close97.250Jun 29, 2026Close97.250Jun 30, 2026Close96.844Jul 1, 2026Close96.469Jul 2, 2026Close96.438Jul 6, 2026Close96.500Jul 7, 2026Close96.031Jul 8, 2026Close95.875Jul 9, 2026Close96.031Jul 10, 2026Close95.875Jul 13, 2026Close95.500Jul 14, 2026Close95.813Jul 15, 2026Close96.031Jul 16, 2026Close95.875Jul 17, 2026Close96.031Jul 20, 2026Close95.688Jul 21, 2026Close95.438Jul 22, 2026Close95.156Jul 23, 2026Close94.875Jul 24, 2026Close95.031Jul 27, 2026Close95.281Jul 28, 2026Close95.594Jul 29, 2026Close95.156Jul 30, 2026Close95.094Jul 31, 2026Close94.625Aug 3, 2026Close94.969Aug 4, 2026Close95.438Aug 5, 2026Close95.469Aug 6, 2026Close95.094Aug 7, 2026Close95.344Aug 10, 2026Close94.906Aug 11, 2026Close95.000Aug 12, 2026Close95.063Aug 13, 2026Close95.406Aug 14, 2026Close95.063Aug 17, 2026Close94.844Aug 18, 2026Close94.938Aug 19, 2026Close95.375Aug 20, 2026Close95.063Aug 21, 2026Close94.719Aug 24, 2026Close94.969Aug 25, 2026Close95.438Aug 26, 2026Close95.281Aug 27, 2026Close95.188Aug 28, 2026Close94.750Aug 31, 2026Close94.625Sep 1, 2026Close94.281Sep 2, 2026Close94.281Sep 3, 2026Close94.500Sep 4, 2026Close94.375Sep 8, 2026Close94.281Sep 9, 2026Close94.031
The most recent 20 trading days of prices for 91282CPJ4.
DateBidOfferClose
Sep 9, 202693.95393.93894.031
Sep 8, 202694.32894.31394.281
Sep 4, 202694.43894.43894.375
Sep 3, 202694.64194.62594.500
Sep 2, 202694.28194.28194.281
Sep 1, 202694.48494.46994.281
Aug 31, 202694.54794.53194.625
Aug 28, 202694.98494.96994.750
Aug 27, 202695.32895.31395.188
Aug 26, 202695.32895.31395.281
Aug 25, 202695.39195.37595.438
Aug 24, 202695.09495.09494.969
Aug 21, 202694.76694.75094.719
Aug 20, 202695.00095.00095.063
Aug 19, 202695.29795.28195.375
Aug 18, 202694.89194.87594.938
Aug 17, 202694.98494.96994.844
Aug 14, 202695.14195.12595.063
Aug 13, 202695.42295.40695.406
Aug 12, 202695.17295.15695.063

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 91282CPJ4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 12, 2025Nov 17, 2025New issue$42.0bn$48.5bn2.43x4.074%
Dec 9, 2025Dec 15, 2025Reopening$39.0bn$39.0bn2.55x4.175%
Jan 12, 2026Jan 15, 2026Reopening$39.0bn$50.4bn2.55x4.173%

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.