Treasury note

91282CAY7 · 0.625% due November 30, 2027

Original term
7-Year
Maturity
Nov 30, 2027
Coupon
0.625%
Pays
Semi-Annual
Dated
Nov 30, 2020
First coupon
May 31, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$63.16bn
Held stripped
$33.9m
Share stripped
0.05%

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
4.459%
Modified duration
1.187 yr
DV01
0.0114
Convexity
1.994
Dirty price
95.676

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 4 of twelve buckets, summing to 1.214 years against a modified duration of 1.187.

Against the fitted curve

Priced 4.0 bp cheap to the curve on that day, 4.59 cents per 100 of face.

That is 2.11 standard deviations from its own typical residual.

Yield to maturity, 1,448 observations

0%1%2%3%4%5%Nov 30, 2020Sep 10, 2026Nov 30, 2020Yield to maturity0.616%Jan 19, 2021Yield to maturity0.761%Mar 8, 2021Yield to maturity1.247%Apr 22, 2021Yield to maturity1.182%Jun 9, 2021Yield to maturity1.081%Jul 27, 2021Yield to maturity0.920%Sep 13, 2021Yield to maturity1.000%Oct 29, 2021Yield to maturity1.350%Dec 17, 2021Yield to maturity1.288%Feb 4, 2022Yield to maturity1.856%Mar 24, 2022Yield to maturity2.418%May 11, 2022Yield to maturity2.947%Jun 29, 2022Yield to maturity3.207%Aug 16, 2022Yield to maturity2.979%Oct 3, 2022Yield to maturity3.928%Nov 21, 2022Yield to maturity4.038%Jan 10, 2023Yield to maturity3.746%Feb 28, 2023Yield to maturity4.216%Apr 14, 2023Yield to maturity3.656%Jun 1, 2023Yield to maturity3.799%Jul 20, 2023Yield to maturity4.178%Sep 6, 2023Yield to maturity4.556%Oct 24, 2023Yield to maturity4.868%Dec 11, 2023Yield to maturity4.349%Jan 30, 2024Yield to maturity4.066%Mar 18, 2024Yield to maturity4.467%May 2, 2024Yield to maturity4.682%Jun 20, 2024Yield to maturity4.410%Aug 7, 2024Yield to maturity3.850%Sep 24, 2024Yield to maturity3.471%Nov 12, 2024Yield to maturity4.342%Dec 31, 2024Yield to maturity4.319%Feb 19, 2025Yield to maturity4.306%Apr 7, 2025Yield to maturity3.741%May 22, 2025Yield to maturity3.991%Jul 11, 2025Yield to maturity3.885%Aug 27, 2025Yield to maturity3.621%Oct 15, 2025Yield to maturity3.489%Dec 3, 2025Yield to maturity3.495%Jan 22, 2026Yield to maturity3.617%Mar 11, 2026Yield to maturity3.651%Apr 27, 2026Yield to maturity3.812%Jun 12, 2026Yield to maturity4.055%Jul 31, 2026Yield to maturity4.251%Sep 10, 2026Yield to maturity4.459%

Price history

1,448 trading days to Sep 10, 2026

80859095100105Nov 30, 2020Sep 10, 2026Nov 30, 2020Close100.063Jan 19, 2021Close99.094Mar 8, 2021Close96.000Apr 22, 2021Close96.469Jun 9, 2021Close97.156Jul 27, 2021Close98.188Sep 13, 2021Close97.750Oct 29, 2021Close95.781Dec 17, 2021Close96.219Feb 4, 2022Close93.250Mar 24, 2022Close90.531May 11, 2022Close88.188Jun 29, 2022Close87.250Aug 16, 2022Close88.563Oct 3, 2022Close84.719Nov 21, 2022Close84.625Jan 10, 2023Close86.188Feb 28, 2023Close84.688Apr 14, 2023Close87.219Jun 1, 2023Close87.000Jul 20, 2023Close85.969Sep 6, 2023Close85.031Oct 24, 2023Close84.406Dec 11, 2023Close86.563Jan 30, 2024Close87.906Mar 18, 2024Close87.031May 2, 2024Close86.781Jun 20, 2024Close88.031Aug 7, 2024Close90.063Sep 24, 2024Close91.500Nov 12, 2024Close89.500Dec 31, 2024Close90.000Feb 19, 2025Close90.469Apr 7, 2025Close92.219May 22, 2025Close92.000Jul 11, 2025Close92.656Aug 27, 2025Close93.563Oct 15, 2025Close94.188Dec 3, 2025Close94.531Jan 22, 2026Close94.688Mar 11, 2026Close95.000Apr 27, 2026Close95.125Jun 12, 2026Close95.188Jul 31, 2026Close95.375Sep 10, 2026Close95.500
The most recent 20 trading days of prices for 91282CAY7.
DateBidOfferClose
Sep 10, 202695.57895.56395.500
Sep 9, 202695.67295.65695.656
Sep 8, 202695.67295.65695.656
Sep 4, 202695.67295.65695.656
Sep 3, 202695.67295.65695.656
Sep 2, 202695.60995.59495.594
Sep 1, 202695.60995.59495.563
Aug 31, 202695.62595.62595.594
Aug 28, 202695.62595.59495.594
Aug 27, 202695.73495.71995.688
Aug 26, 202695.73495.71995.719
Aug 25, 202695.73495.71995.719
Aug 24, 202695.70395.68895.656
Aug 21, 202695.68895.68895.688
Aug 20, 202695.70395.68895.688
Aug 19, 202695.70395.68895.688
Aug 18, 202695.70395.68895.688
Aug 17, 202695.70395.68895.656
Aug 14, 202695.70395.68895.656
Aug 13, 202695.67295.65695.656

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 91282CAY7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 24, 2020Nov 30, 2020New issue$56.0bn$63.8bn2.37x0.653%

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.