Treasury note

91282CBZ3 · 1.25% due April 30, 2028

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

Statement of August 31, 2026

Amount outstanding
$73.42bn
Held stripped
$112.8m
Share stripped
0.15%

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
4.535%
Modified duration
1.581 yr
DV01
0.0151
Convexity
3.293
Dirty price
95.330

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 1.615 years against a modified duration of 1.581.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 3.01 cents per 100 of face.

That is 1.55 standard deviations from its own typical residual.

Yield to maturity, 1,343 observations

0%1%2%3%4%5%Apr 30, 2021Sep 10, 2026Apr 30, 2021Yield to maturity1.320%Jun 15, 2021Yield to maturity1.179%Jul 29, 2021Yield to maturity1.000%Sep 13, 2021Yield to maturity1.054%Oct 27, 2021Yield to maturity1.356%Dec 13, 2021Yield to maturity1.337%Jan 27, 2022Yield to maturity1.769%Mar 14, 2022Yield to maturity2.164%Apr 27, 2022Yield to maturity2.863%Jun 10, 2022Yield to maturity3.293%Jul 27, 2022Yield to maturity2.880%Sep 9, 2022Yield to maturity3.498%Oct 25, 2022Yield to maturity4.289%Dec 9, 2022Yield to maturity3.772%Jan 26, 2023Yield to maturity3.619%Mar 13, 2023Yield to maturity3.698%Apr 25, 2023Yield to maturity3.476%Jun 8, 2023Yield to maturity3.928%Jul 25, 2023Yield to maturity4.225%Sep 7, 2023Yield to maturity4.455%Oct 23, 2023Yield to maturity4.846%Dec 6, 2023Yield to maturity4.195%Jan 23, 2024Yield to maturity4.085%Mar 7, 2024Yield to maturity4.166%Apr 19, 2024Yield to maturity4.743%Jun 4, 2024Yield to maturity4.448%Jul 19, 2024Yield to maturity4.244%Sep 3, 2024Yield to maturity3.712%Oct 17, 2024Yield to maturity3.925%Dec 3, 2024Yield to maturity4.161%Jan 17, 2025Yield to maturity4.364%Mar 5, 2025Yield to maturity4.031%Apr 17, 2025Yield to maturity3.826%Jun 2, 2025Yield to maturity3.924%Jul 17, 2025Yield to maturity3.890%Aug 29, 2025Yield to maturity3.585%Oct 15, 2025Yield to maturity3.505%Dec 1, 2025Yield to maturity3.540%Jan 15, 2026Yield to maturity3.589%Mar 3, 2026Yield to maturity3.509%Apr 15, 2026Yield to maturity3.789%May 29, 2026Yield to maturity4.026%Jul 15, 2026Yield to maturity4.138%Aug 27, 2026Yield to maturity4.218%Sep 10, 2026Yield to maturity4.535%

Price history

1,343 trading days to Sep 10, 2026

80859095100105Apr 30, 2021Sep 10, 2026Apr 30, 2021Close99.531Jun 15, 2021Close100.469Jul 29, 2021Close101.625Sep 13, 2021Close101.250Oct 27, 2021Close99.344Dec 13, 2021Close99.469Jan 27, 2022Close96.938Mar 14, 2022Close94.781Apr 27, 2022Close91.156Jun 10, 2022Close89.156Jul 27, 2022Close91.406Sep 9, 2022Close88.594Oct 25, 2022Close85.219Dec 9, 2022Close87.813Jan 26, 2023Close88.750Mar 13, 2023Close88.656Apr 25, 2023Close89.844Jun 8, 2023Close88.188Jul 25, 2023Close87.281Sep 7, 2023Close86.688Oct 23, 2023Close85.563Dec 6, 2023Close88.281Jan 23, 2024Close89.000Mar 7, 2024Close89.000Apr 19, 2024Close87.344Jun 4, 2024Close88.656Jul 19, 2024Close89.656Sep 3, 2024Close91.656Oct 17, 2024Close91.250Dec 3, 2024Close90.844Jan 17, 2025Close90.594Mar 5, 2025Close91.844Apr 17, 2025Close92.688Jun 2, 2025Close92.719Jul 17, 2025Close93.094Aug 29, 2025Close94.125Oct 15, 2025Close94.563Dec 1, 2025Close94.750Jan 15, 2026Close94.906Mar 3, 2026Close95.344Apr 15, 2026Close95.063May 29, 2026Close94.938Jul 15, 2026Close95.063Aug 27, 2026Close95.250Sep 10, 2026Close94.875
The most recent 20 trading days of prices for 91282CBZ3.
DateBidOfferClose
Sep 10, 202694.95394.93894.875
Sep 9, 202695.07895.06395.063
Sep 8, 202695.12595.12595.094
Sep 4, 202695.14195.12595.125
Sep 3, 202695.17295.15695.156
Sep 2, 202695.07895.06395.063
Sep 1, 202695.07895.06395.031
Aug 31, 202695.12595.12595.094
Aug 28, 202695.14195.12595.094
Aug 27, 202695.28195.28195.250
Aug 26, 202695.26695.25095.250
Aug 25, 202695.28195.28195.281
Aug 24, 202695.23495.21995.219
Aug 21, 202695.20395.18895.219
Aug 20, 202695.26695.25095.250
Aug 19, 202695.26695.25095.281
Aug 18, 202695.26695.25095.250
Aug 17, 202695.26695.25095.250
Aug 14, 202695.29795.28195.250
Aug 13, 202695.26695.25095.250

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 91282CBZ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 27, 2021Apr 30, 2021New issue$62.0bn$73.8bn2.31x1.306%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.