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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$72.14bn
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, November 9, 2026

Yield to maturity
4.514%
Modified duration
1.347 yr
DV01
0.0129
Convexity
0.0248
Dirty price
95.797

Where its rate sensitivity sits

<.01
<.01
0.84
0.53
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 1.379 years against a modified duration of 1.347.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 1.15 cents per 100 of face.

That is 0.66 standard deviations from its own typical residual.

Yield to maturity, 1,404 observations

0%1%2%3%4%5%Mar 31, 2021Nov 9, 2026Mar 31, 2021Yield to maturity1.401%Apr 8, 2021Yield to maturity1.297%Apr 16, 2021Yield to maturity1.255%Apr 26, 2021Yield to maturity1.259%May 4, 2021Yield to maturity1.259%May 12, 2021Yield to maturity1.321%May 20, 2021Yield to maturity1.264%May 28, 2021Yield to maturity1.212%Jun 8, 2021Yield to maturity1.169%Jun 16, 2021Yield to maturity1.260%Jun 24, 2021Yield to maturity1.216%Jul 2, 2021Yield to maturity1.153%Jul 13, 2021Yield to maturity1.124%Jul 21, 2021Yield to maturity1.003%Jul 29, 2021Yield to maturity0.993%Aug 6, 2021Yield to maturity1.026%Aug 16, 2021Yield to maturity0.991%Aug 24, 2021Yield to maturity1.029%Sep 1, 2021Yield to maturity1.023%Sep 10, 2021Yield to maturity1.062%Sep 20, 2021Yield to maturity1.051%Sep 28, 2021Yield to maturity1.275%Oct 6, 2021Yield to maturity1.250%Oct 15, 2021Yield to maturity1.351%Oct 25, 2021Yield to maturity1.408%Nov 2, 2021Yield to maturity1.362%Nov 10, 2021Yield to maturity1.404%Nov 19, 2021Yield to maturity1.394%Nov 30, 2021Yield to maturity1.302%Dec 8, 2021Yield to maturity1.401%Dec 16, 2021Yield to maturity1.312%Dec 27, 2021Yield to maturity1.381%Jan 4, 2022Yield to maturity1.514%Jan 12, 2022Yield to maturity1.638%Jan 21, 2022Yield to maturity1.667%Jan 31, 2022Yield to maturity1.733%Feb 8, 2022Yield to maturity1.911%Feb 16, 2022Yield to maturity1.992%Feb 25, 2022Yield to maturity1.939%Mar 7, 2022Yield to maturity1.768%Mar 15, 2022Yield to maturity2.171%Mar 23, 2022Yield to maturity2.394%Mar 31, 2022Yield to maturity2.444%Apr 8, 2022Yield to maturity2.818%Apr 19, 2022Yield to maturity2.964%Apr 27, 2022Yield to maturity2.867%May 5, 2022Yield to maturity3.081%May 13, 2022Yield to maturity2.959%May 23, 2022Yield to maturity2.929%Jun 1, 2022Yield to maturity3.004%Jun 9, 2022Yield to maturity3.123%Jun 17, 2022Yield to maturity3.387%Jun 28, 2022Yield to maturity3.311%Jul 7, 2022Yield to maturity3.109%Jul 15, 2022Yield to maturity3.092%Jul 25, 2022Yield to maturity2.940%Aug 2, 2022Yield to maturity2.889%Aug 10, 2022Yield to maturity2.952%Aug 18, 2022Yield to maturity3.055%Aug 26, 2022Yield to maturity3.252%Sep 6, 2022Yield to maturity3.486%Sep 14, 2022Yield to maturity3.609%Sep 22, 2022Yield to maturity3.938%Sep 30, 2022Yield to maturity4.090%Oct 11, 2022Yield to maturity4.180%Oct 19, 2022Yield to maturity4.383%Oct 27, 2022Yield to maturity4.146%Nov 4, 2022Yield to maturity4.360%Nov 15, 2022Yield to maturity3.954%Nov 23, 2022Yield to maturity3.930%Dec 2, 2022Yield to maturity3.704%Dec 12, 2022Yield to maturity3.827%Dec 20, 2022Yield to maturity3.830%Dec 29, 2022Yield to maturity3.992%Jan 9, 2023Yield to maturity3.685%Jan 18, 2023Yield to maturity3.455%Jan 26, 2023Yield to maturity3.614%Feb 3, 2023Yield to maturity3.690%Feb 13, 2023Yield to maturity3.941%Feb 22, 2023Yield to maturity4.175%Mar 2, 2023Yield to maturity4.346%Mar 10, 2023Yield to maturity3.972%Mar 20, 2023Yield to maturity3.629%Mar 28, 2023Yield to maturity3.705%Apr 5, 2023Yield to maturity3.408%Apr 13, 2023Yield to maturity3.541%Apr 21, 2023Yield to maturity3.695%May 1, 2023Yield to maturity3.676%May 9, 2023Yield to maturity3.544%May 17, 2023Yield to maturity3.629%May 25, 2023Yield to maturity3.990%Jun 5, 2023Yield to maturity3.891%Jun 13, 2023Yield to maturity4.081%Jun 22, 2023Yield to maturity4.103%Jun 30, 2023Yield to maturity4.190%Jul 11, 2023Yield to maturity4.285%Jul 19, 2023Yield to maturity4.028%Jul 27, 2023Yield to maturity4.313%Aug 4, 2023Yield to maturity4.209%Aug 14, 2023Yield to maturity4.410%Aug 22, 2023Yield to maturity4.548%Aug 30, 2023Yield to maturity4.357%Sep 8, 2023Yield to maturity4.477%Sep 18, 2023Yield to maturity4.542%Sep 26, 2023Yield to maturity4.684%Oct 4, 2023Yield to maturity4.769%Oct 13, 2023Yield to maturity4.698%Oct 23, 2023Yield to maturity4.843%Oct 31, 2023Yield to maturity4.861%Nov 8, 2023Yield to maturity4.575%Nov 16, 2023Yield to maturity4.488%Nov 27, 2023Yield to maturity4.475%Dec 5, 2023Yield to maturity4.224%Dec 13, 2023Yield to maturity4.075%Dec 21, 2023Yield to maturity3.952%Jan 2, 2024Yield to maturity3.990%Jan 10, 2024Yield to maturity4.039%Jan 19, 2024Yield to maturity4.111%Jan 29, 2024Yield to maturity4.020%Feb 6, 2024Yield to maturity4.096%Feb 14, 2024Yield to maturity4.307%Feb 23, 2024Yield to maturity4.356%Mar 4, 2024Yield to maturity4.291%Mar 12, 2024Yield to maturity4.253%Mar 20, 2024Yield to maturity4.333%Mar 28, 2024Yield to maturity4.313%Apr 8, 2024Yield to maturity4.521%Apr 16, 2024Yield to maturity4.774%Apr 24, 2024Yield to maturity4.736%May 2, 2024Yield to maturity4.660%May 10, 2024Yield to maturity4.607%May 20, 2024Yield to maturity4.540%May 29, 2024Yield to maturity4.724%Jun 6, 2024Yield to maturity4.396%Jun 14, 2024Yield to maturity4.341%Jun 25, 2024Yield to maturity4.380%Jul 3, 2024Yield to maturity4.429%Jul 12, 2024Yield to maturity4.188%Jul 22, 2024Yield to maturity4.254%Jul 30, 2024Yield to maturity4.114%Aug 7, 2024Yield to maturity3.836%Aug 15, 2024Yield to maturity3.871%Aug 23, 2024Yield to maturity3.713%Sep 3, 2024Yield to maturity3.719%Sep 11, 2024Yield to maturity3.486%Sep 19, 2024Yield to maturity3.500%Sep 27, 2024Yield to maturity3.508%Oct 7, 2024Yield to maturity3.917%Oct 16, 2024Yield to maturity3.874%Oct 24, 2024Yield to maturity4.046%Nov 1, 2024Yield to maturity4.226%Nov 12, 2024Yield to maturity4.343%Nov 20, 2024Yield to maturity4.298%Nov 29, 2024Yield to maturity4.111%Dec 9, 2024Yield to maturity4.097%Dec 17, 2024Yield to maturity4.246%Dec 26, 2024Yield to maturity4.390%Jan 6, 2025Yield to maturity4.352%Jan 14, 2025Yield to maturity4.496%Jan 23, 2025Yield to maturity4.363%Jan 31, 2025Yield to maturity4.288%Feb 10, 2025Yield to maturity4.309%Feb 19, 2025Yield to maturity4.310%Feb 27, 2025Yield to maturity4.068%Mar 7, 2025Yield to maturity4.035%Mar 17, 2025Yield to maturity4.055%Mar 25, 2025Yield to maturity3.994%Apr 2, 2025Yield to maturity3.908%Apr 10, 2025Yield to maturity3.892%Apr 21, 2025Yield to maturity3.788%Apr 29, 2025Yield to maturity3.664%May 7, 2025Yield to maturity3.766%May 15, 2025Yield to maturity3.967%May 23, 2025Yield to maturity3.983%Jun 3, 2025Yield to maturity3.942%Jun 11, 2025Yield to maturity3.938%Jun 20, 2025Yield to maturity3.891%Jun 30, 2025Yield to maturity3.710%Jul 9, 2025Yield to maturity3.834%Jul 17, 2025Yield to maturity3.906%Jul 25, 2025Yield to maturity3.868%Aug 4, 2025Yield to maturity3.656%Aug 12, 2025Yield to maturity3.715%Aug 20, 2025Yield to maturity3.709%Aug 28, 2025Yield to maturity3.610%Sep 8, 2025Yield to maturity3.477%Sep 16, 2025Yield to maturity3.497%Sep 24, 2025Yield to maturity3.611%Oct 2, 2025Yield to maturity3.563%Oct 10, 2025Yield to maturity3.522%Oct 21, 2025Yield to maturity3.459%Oct 29, 2025Yield to maturity3.605%Nov 6, 2025Yield to maturity3.569%Nov 17, 2025Yield to maturity3.613%Nov 25, 2025Yield to maturity3.461%Dec 4, 2025Yield to maturity3.528%Dec 12, 2025Yield to maturity3.555%Dec 22, 2025Yield to maturity3.518%Dec 31, 2025Yield to maturity3.500%Jan 9, 2026Yield to maturity3.558%Jan 20, 2026Yield to maturity3.631%Jan 28, 2026Yield to maturity3.608%Feb 5, 2026Yield to maturity3.490%Feb 13, 2026Yield to maturity3.411%Feb 24, 2026Yield to maturity3.465%Mar 4, 2026Yield to maturity3.538%Mar 12, 2026Yield to maturity3.759%Mar 20, 2026Yield to maturity3.911%Mar 30, 2026Yield to maturity3.838%Apr 7, 2026Yield to maturity3.850%Apr 15, 2026Yield to maturity3.792%Apr 23, 2026Yield to maturity3.838%May 1, 2026Yield to maturity3.892%May 11, 2026Yield to maturity3.958%May 19, 2026Yield to maturity4.135%May 28, 2026Yield to maturity4.026%Jun 5, 2026Yield to maturity4.161%Jun 15, 2026Yield to maturity4.064%Jun 24, 2026Yield to maturity4.161%Jul 2, 2026Yield to maturity4.153%Jul 13, 2026Yield to maturity4.268%Jul 21, 2026Yield to maturity4.267%Jul 29, 2026Yield to maturity4.226%Aug 6, 2026Yield to maturity4.245%Aug 14, 2026Yield to maturity4.150%Aug 24, 2026Yield to maturity4.232%Sep 1, 2026Yield to maturity4.380%Sep 10, 2026Yield to maturity4.516%Sep 18, 2026Yield to maturity4.708%Sep 28, 2026Yield to maturity4.849%Oct 6, 2026Yield to maturity4.719%Oct 15, 2026Yield to maturity4.708%Oct 23, 2026Yield to maturity4.609%Nov 2, 2026Yield to maturity4.542%Nov 9, 2026Yield to maturity4.514%

Price history

1,404 trading days to Nov 9, 2026

80859095100105Mar 31, 2021Nov 9, 2026Mar 31, 2021Close99.000Apr 8, 2021Close99.688Apr 16, 2021Close99.969Apr 26, 2021Close99.938May 4, 2021Close99.938May 12, 2021Close99.531May 20, 2021Close99.906May 28, 2021Close100.250Jun 8, 2021Close100.531Jun 16, 2021Close99.938Jun 24, 2021Close100.219Jul 2, 2021Close100.625Jul 13, 2021Close100.813Jul 21, 2021Close101.594Jul 29, 2021Close101.656Aug 6, 2021Close101.438Aug 16, 2021Close101.656Aug 24, 2021Close101.406Sep 1, 2021Close101.438Sep 10, 2021Close101.188Sep 20, 2021Close101.250Sep 28, 2021Close99.844Oct 6, 2021Close100.000Oct 15, 2021Close99.375Oct 25, 2021Close99.031Nov 2, 2021Close99.313Nov 10, 2021Close99.063Nov 19, 2021Close99.125Nov 30, 2021Close99.688Dec 8, 2021Close99.094Dec 16, 2021Close99.625Dec 27, 2021Close99.219Jan 4, 2022Close98.438Jan 12, 2022Close97.719Jan 21, 2022Close97.563Jan 31, 2022Close97.188Feb 8, 2022Close96.188Feb 16, 2022Close95.750Feb 25, 2022Close96.063Mar 7, 2022Close97.031Mar 15, 2022Close94.813Mar 23, 2022Close93.625Mar 31, 2022Close93.375Apr 8, 2022Close91.438Apr 19, 2022Close90.719Apr 27, 2022Close91.250May 5, 2022Close90.188May 13, 2022Close90.844May 23, 2022Close91.031Jun 1, 2022Close90.688Jun 9, 2022Close90.125Jun 17, 2022Close88.875Jun 28, 2022Close89.281Jul 7, 2022Close90.313Jul 15, 2022Close90.438Jul 25, 2022Close91.219Aug 2, 2022Close91.500Aug 10, 2022Close91.219Aug 18, 2022Close90.750Aug 26, 2022Close89.844Sep 6, 2022Close88.781Sep 14, 2022Close88.250Sep 22, 2022Close86.781Sep 30, 2022Close86.156Oct 11, 2022Close85.813Oct 19, 2022Close84.969Oct 27, 2022Close86.063Nov 4, 2022Close85.188Nov 15, 2022Close87.031Nov 23, 2022Close87.188Dec 2, 2022Close88.250Dec 12, 2022Close87.750Dec 20, 2022Close87.781Dec 29, 2022Close87.125Jan 9, 2023Close88.531Jan 18, 2023Close89.594Jan 26, 2023Close88.938Feb 3, 2023Close88.656Feb 13, 2023Close87.625Feb 22, 2023Close86.688Mar 2, 2023Close86.031Mar 10, 2023Close87.656Mar 20, 2023Close89.156Mar 28, 2023Close88.875Apr 5, 2023Close90.188Apr 13, 2023Close89.656Apr 21, 2023Close89.063May 1, 2023Close89.188May 9, 2023Close89.781May 17, 2023Close89.469May 25, 2023Close88.031Jun 5, 2023Close88.500Jun 13, 2023Close87.781Jun 22, 2023Close87.750Jun 30, 2023Close87.469Jul 11, 2023Close87.156Jul 19, 2023Close88.219Jul 27, 2023Close87.156Aug 4, 2023Close87.625Aug 14, 2023Close86.906Aug 22, 2023Close86.438Aug 30, 2023Close87.219Sep 8, 2023Close86.844Sep 18, 2023Close86.656Sep 26, 2023Close86.188Oct 4, 2023Close85.938Oct 13, 2023Close86.281Oct 23, 2023Close85.813Oct 31, 2023Close85.813Nov 8, 2023Close86.906Nov 16, 2023Close87.281Nov 27, 2023Close87.406Dec 5, 2023Close88.375Dec 13, 2023Close88.969Dec 21, 2023Close89.469Jan 2, 2024Close89.406Jan 10, 2024Close89.281Jan 19, 2024Close89.094Jan 29, 2024Close89.469Feb 6, 2024Close89.250Feb 14, 2024Close88.563Feb 23, 2024Close88.469Mar 4, 2024Close88.750Mar 12, 2024Close88.938Mar 20, 2024Close88.719Mar 28, 2024Close88.844Apr 8, 2024Close88.219Apr 16, 2024Close87.438Apr 24, 2024Close87.625May 2, 2024Close87.938May 10, 2024Close88.188May 20, 2024Close88.469May 29, 2024Close87.938Jun 6, 2024Close89.063Jun 14, 2024Close89.313Jun 25, 2024Close89.250Jul 3, 2024Close89.156Jul 12, 2024Close90.000Jul 22, 2024Close89.844Jul 30, 2024Close90.344Aug 7, 2024Close91.281Aug 15, 2024Close91.219Aug 23, 2024Close91.781Sep 3, 2024Close91.813Sep 11, 2024Close92.594Sep 19, 2024Close92.594Sep 27, 2024Close92.625Oct 7, 2024Close91.406Oct 16, 2024Close91.594Oct 24, 2024Close91.125Nov 1, 2024Close90.656Nov 12, 2024Close90.375Nov 20, 2024Close90.563Nov 29, 2024Close91.188Dec 9, 2024Close91.281Dec 17, 2024Close90.906Dec 26, 2024Close90.563Jan 6, 2025Close90.750Jan 14, 2025Close90.406Jan 23, 2025Close90.844Jan 31, 2025Close91.125Feb 10, 2025Close91.125Feb 19, 2025Close91.188Feb 27, 2025Close91.906Mar 7, 2025Close92.063Mar 17, 2025Close92.063Mar 25, 2025Close92.281Apr 2, 2025Close92.563Apr 10, 2025Close92.656Apr 21, 2025Close93.000Apr 29, 2025Close93.375May 7, 2025Close93.156May 15, 2025Close92.688May 23, 2025Close92.719Jun 3, 2025Close92.875Jun 11, 2025Close92.938Jun 20, 2025Close93.125Jun 30, 2025Close93.625Jul 9, 2025Close93.375Jul 17, 2025Close93.250Jul 25, 2025Close93.406Aug 4, 2025Close93.969Aug 12, 2025Close93.875Aug 20, 2025Close93.938Aug 28, 2025Close94.219Sep 8, 2025Close94.594Sep 16, 2025Close94.594Sep 24, 2025Close94.375Oct 2, 2025Close94.531Oct 10, 2025Close94.688Oct 21, 2025Close94.875Oct 29, 2025Close94.594Nov 6, 2025Close94.719Nov 17, 2025Close94.688Nov 25, 2025Close95.063Dec 4, 2025Close94.969Dec 12, 2025Close94.969Dec 22, 2025Close95.094Dec 31, 2025Close95.188Jan 9, 2026Close95.125Jan 20, 2026Close95.031Jan 28, 2026Close95.125Feb 5, 2026Close95.406Feb 13, 2026Close95.625Feb 24, 2026Close95.563Mar 4, 2026Close95.469Mar 12, 2026Close95.094Mar 20, 2026Close94.875Mar 30, 2026Close95.063Apr 7, 2026Close95.094Apr 15, 2026Close95.250Apr 23, 2026Close95.219May 1, 2026Close95.188May 11, 2026Close95.125May 19, 2026Close94.875May 28, 2026Close95.125Jun 5, 2026Close94.969Jun 15, 2026Close95.188Jun 24, 2026Close95.094Jul 2, 2026Close95.188Jul 13, 2026Close95.063Jul 21, 2026Close95.125Jul 29, 2026Close95.250Aug 6, 2026Close95.281Aug 14, 2026Close95.500Aug 24, 2026Close95.438Sep 1, 2026Close95.281Sep 10, 2026Close95.156Sep 18, 2026Close94.969Sep 28, 2026Close94.844Oct 6, 2026Close95.094Oct 15, 2026Close95.188Oct 23, 2026Close95.406Nov 2, 2026Close95.563Nov 9, 2026Close95.656
The most recent 20 trading days of prices for 91282CBS9.
DateBidOfferClose
Nov 9, 202695.65695.67295.656
Nov 6, 202695.68895.70395.719
Nov 5, 202695.65695.67295.750
Nov 4, 202695.56395.57895.563
Nov 3, 202695.56395.57895.531
Nov 2, 202695.56395.57895.563
Oct 30, 202695.53195.54795.563
Oct 29, 202695.46995.48495.469
Oct 28, 202695.31395.32895.375
Oct 27, 202695.37595.37595.344
Oct 26, 202695.37595.39195.375
Oct 23, 202695.37595.39195.406
Oct 22, 202695.34495.35995.406
Oct 21, 202695.21995.23495.219
Oct 20, 202695.25095.26695.219
Oct 19, 202695.25095.26695.250
Oct 16, 202695.28195.29795.281
Oct 15, 202695.18895.20395.188
Oct 14, 202695.06395.07895.125
Oct 13, 202695.12595.14195.156

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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.