Treasury note

91282CBS9 · 1.25% due March 31, 2028

Original term
7-Year
Maturity
Mar 31, 2028
Coupon
1.250%
Pays
Semi-Annual
Dated
Mar 31, 2021
First coupon
Sep 30, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$72.45bn
Held stripped
$31.8m
Share stripped
0.04%

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
4.516%
Modified duration
1.499 yr
DV01
0.0143
Convexity
3.001
Dirty price
95.716

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 1.533 years against a modified duration of 1.499.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 1.90 cents per 100 of face.

That is 1.06 standard deviations from its own typical residual.

Yield to maturity, 1,365 observations

0%1%2%3%4%5%Mar 31, 2021Sep 10, 2026Mar 31, 2021Yield to maturity1.401%May 14, 2021Yield to maturity1.269%Jun 30, 2021Yield to maturity1.173%Aug 16, 2021Yield to maturity0.991%Sep 30, 2021Yield to maturity1.245%Nov 17, 2021Yield to maturity1.430%Jan 4, 2022Yield to maturity1.514%Feb 18, 2022Yield to maturity1.898%Apr 6, 2022Yield to maturity2.732%May 23, 2022Yield to maturity2.929%Jul 11, 2022Yield to maturity3.106%Aug 24, 2022Yield to maturity3.275%Oct 11, 2022Yield to maturity4.180%Nov 28, 2022Yield to maturity3.914%Jan 13, 2023Yield to maturity3.630%Mar 2, 2023Yield to maturity4.346%Apr 17, 2023Yield to maturity3.732%Jun 1, 2023Yield to maturity3.770%Jul 19, 2023Yield to maturity4.028%Sep 1, 2023Yield to maturity4.366%Oct 19, 2023Yield to maturity4.991%Dec 5, 2023Yield to maturity4.224%Jan 23, 2024Yield to maturity4.088%Mar 8, 2024Yield to maturity4.149%Apr 23, 2024Yield to maturity4.715%Jun 7, 2024Yield to maturity4.557%Jul 25, 2024Yield to maturity4.231%Sep 10, 2024Yield to maturity3.465%Oct 25, 2024Yield to maturity4.084%Dec 12, 2024Yield to maturity4.191%Jan 30, 2025Yield to maturity4.247%Mar 18, 2025Yield to maturity4.023%May 1, 2025Yield to maturity3.693%Jun 17, 2025Yield to maturity3.928%Aug 4, 2025Yield to maturity3.656%Sep 18, 2025Yield to maturity3.555%Nov 4, 2025Yield to maturity3.578%Dec 22, 2025Yield to maturity3.518%Feb 9, 2026Yield to maturity3.502%Mar 26, 2026Yield to maturity4.027%May 11, 2026Yield to maturity3.958%Jun 26, 2026Yield to maturity4.102%Aug 12, 2026Yield to maturity4.192%Sep 10, 2026Yield to maturity4.516%

Price history

1,365 trading days to Sep 10, 2026

80859095100105Mar 31, 2021Sep 10, 2026Mar 31, 2021Close99.000May 14, 2021Close99.875Jun 30, 2021Close100.500Aug 16, 2021Close101.656Sep 30, 2021Close100.031Nov 17, 2021Close98.906Jan 4, 2022Close98.438Feb 18, 2022Close96.281Apr 6, 2022Close91.875May 23, 2022Close91.031Jul 11, 2022Close90.344Aug 24, 2022Close89.719Oct 11, 2022Close85.813Nov 28, 2022Close87.281Jan 13, 2023Close88.813Mar 2, 2023Close86.031Apr 17, 2023Close88.875Jun 1, 2023Close88.969Jul 19, 2023Close88.219Sep 1, 2023Close87.219Oct 19, 2023Close85.250Dec 5, 2023Close88.375Jan 23, 2024Close89.188Mar 8, 2024Close89.281Apr 23, 2024Close87.688Jun 7, 2024Close88.563Jul 25, 2024Close89.938Sep 10, 2024Close92.656Oct 25, 2024Close91.031Dec 12, 2024Close91.031Jan 30, 2025Close91.219Mar 18, 2025Close92.156May 1, 2025Close93.313Jun 17, 2025Close93.000Aug 4, 2025Close93.969Sep 18, 2025Close94.469Nov 4, 2025Close94.688Dec 22, 2025Close95.094Feb 9, 2026Close95.406Mar 26, 2026Close94.688May 11, 2026Close95.125Jun 26, 2026Close95.219Aug 12, 2026Close95.406Sep 10, 2026Close95.156
The most recent 20 trading days of prices for 91282CBS9.
DateBidOfferClose
Sep 10, 202695.20395.18895.156
Sep 9, 202695.34495.34495.344
Sep 8, 202695.39195.37595.375
Sep 4, 202695.39195.37595.375
Sep 3, 202695.42295.40695.406
Sep 2, 202695.32895.31395.313
Sep 1, 202695.34495.34495.281
Aug 31, 202695.37595.37595.344
Aug 28, 202695.39195.37595.344
Aug 27, 202695.51695.50095.500
Aug 26, 202695.51695.50095.500
Aug 25, 202695.51695.50095.531
Aug 24, 202695.48495.46995.438
Aug 21, 202695.45395.43895.469
Aug 20, 202695.51695.50095.500
Aug 19, 202695.50095.50095.500
Aug 18, 202695.51695.50095.500
Aug 17, 202695.51695.50095.469
Aug 14, 202695.53195.53195.500
Aug 13, 202695.51695.50095.500

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 91282CBS9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 25, 2021Mar 31, 2021New issue$62.0bn$73.1bn2.23x1.300%

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.