Treasury note

91282CAU5 · 0.5% due October 31, 2027

Original term
7-Year
Maturity
Oct 31, 2027
Coupon
0.500%
Pays
Semi-Annual
Dated
Oct 31, 2020
First coupon
Apr 30, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$57.73bn
Held stripped
$37.6m
Share stripped
0.07%

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 10, 2026

Yield to maturity
4.405%
Modified duration
1.108 yr
DV01
0.0106
Convexity
1.772
Dirty price
95.901

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 3 of twelve buckets, summing to 1.133 years against a modified duration of 1.108.

Against the fitted curve

Priced 0.8 bp cheap to the curve on that day, 0.90 cents per 100 of face.

That is 0.35 standard deviations from its own typical residual.

Yield to maturity, 1,466 observations

0%1%2%3%4%5%Nov 2, 2020Sep 10, 2026Nov 2, 2020Yield to maturity0.628%Dec 22, 2020Yield to maturity0.626%Feb 11, 2021Yield to maturity0.768%Apr 1, 2021Yield to maturity1.306%May 19, 2021Yield to maturity1.233%Jul 8, 2021Yield to maturity0.966%Aug 25, 2021Yield to maturity1.023%Oct 14, 2021Yield to maturity1.226%Dec 3, 2021Yield to maturity1.221%Jan 24, 2022Yield to maturity1.623%Mar 14, 2022Yield to maturity2.153%May 2, 2022Yield to maturity3.052%Jun 21, 2022Yield to maturity3.428%Aug 9, 2022Yield to maturity2.992%Sep 27, 2022Yield to maturity4.242%Nov 16, 2022Yield to maturity3.871%Jan 6, 2023Yield to maturity3.738%Feb 27, 2023Yield to maturity4.231%Apr 14, 2023Yield to maturity3.675%Jun 2, 2023Yield to maturity3.949%Jul 24, 2023Yield to maturity4.243%Sep 11, 2023Yield to maturity4.528%Oct 30, 2023Yield to maturity4.853%Dec 18, 2023Yield to maturity4.062%Feb 7, 2024Yield to maturity4.137%Mar 27, 2024Yield to maturity4.314%May 14, 2024Yield to maturity4.576%Jul 3, 2024Yield to maturity4.469%Aug 21, 2024Yield to maturity3.739%Oct 9, 2024Yield to maturity3.938%Nov 29, 2024Yield to maturity4.122%Jan 21, 2025Yield to maturity4.333%Mar 11, 2025Yield to maturity3.953%Apr 28, 2025Yield to maturity3.691%Jun 16, 2025Yield to maturity3.958%Aug 5, 2025Yield to maturity3.706%Sep 23, 2025Yield to maturity3.584%Nov 12, 2025Yield to maturity3.574%Jan 2, 2026Yield to maturity3.488%Feb 23, 2026Yield to maturity3.454%Apr 10, 2026Yield to maturity3.839%May 29, 2026Yield to maturity3.967%Jul 20, 2026Yield to maturity4.180%Sep 4, 2026Yield to maturity4.260%Sep 10, 2026Yield to maturity4.405%

Price history

1,466 trading days to Sep 10, 2026

80859095100Nov 2, 2020Sep 10, 2026Nov 2, 2020Close99.125Dec 22, 2020Close99.156Feb 11, 2021Close98.250Apr 1, 2021Close94.938May 19, 2021Close95.469Jul 8, 2021Close97.156Aug 25, 2021Close96.875Oct 14, 2021Close95.781Dec 3, 2021Close95.906Jan 24, 2022Close93.844Mar 14, 2022Close91.281May 2, 2022Close87.188Jun 21, 2022Close85.781Aug 9, 2022Close88.031Sep 27, 2022Close83.031Nov 16, 2022Close84.938Jan 6, 2023Close85.875Feb 27, 2023Close84.344Apr 14, 2023Close86.844Jun 2, 2023Close86.188Jul 24, 2023Close85.531Sep 11, 2023Close84.969Oct 30, 2023Close84.344Dec 18, 2023Close87.375Feb 7, 2024Close87.563Mar 27, 2024Close87.438May 14, 2024Close87.094Jul 3, 2024Close87.875Aug 21, 2024Close90.344Oct 9, 2024Close90.188Nov 29, 2024Close90.156Jan 21, 2025Close90.094Mar 11, 2025Close91.438Apr 28, 2025Close92.438Jun 16, 2025Close92.250Aug 5, 2025Close93.188Sep 23, 2025Close93.813Nov 12, 2025Close94.219Jan 2, 2026Close94.781Feb 23, 2026Close95.219Apr 10, 2026Close95.031May 29, 2026Close95.281Jul 20, 2026Close95.469Sep 4, 2026Close95.844Sep 10, 2026Close95.719
The most recent 20 trading days of prices for 91282CAU5.
DateBidOfferClose
Sep 10, 202695.76695.75095.719
Sep 9, 202695.84495.81395.844
Sep 8, 202695.85995.84495.844
Sep 4, 202695.85995.84495.844
Sep 3, 202695.82895.81395.844
Sep 2, 202695.76695.75095.750
Sep 1, 202695.76695.75095.750
Aug 31, 202695.76695.75095.750
Aug 28, 202695.78195.75095.750
Aug 27, 202695.89195.87595.844
Aug 26, 202695.85995.84495.844
Aug 25, 202695.85995.84495.875
Aug 24, 202695.84495.84495.813
Aug 21, 202695.82895.81395.813
Aug 20, 202695.84495.84495.844
Aug 19, 202695.82895.81395.813
Aug 18, 202695.82895.81395.813
Aug 17, 202695.82895.81395.813
Aug 14, 202695.82895.81395.813
Aug 13, 202695.79795.78195.781

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 91282CAU5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2020Nov 2, 2020New issue$53.0bn$58.6bn2.24x0.600%

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.