Treasury note

91282CCE9 · 1.25% due May 31, 2028

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

Statement of August 31, 2026

Amount outstanding
$73.21bn
Held stripped
$71.4m
Share stripped
0.10%

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
1.662 yr
DV01
0.0158
Convexity
3.595
Dirty price
94.977

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 1.700 years against a modified duration of 1.662.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.31 cents per 100 of face.

That is -0.15 standard deviations from its own typical residual.

Yield to maturity, 1,322 observations

0%1%2%3%4%5%Jun 1, 2021Sep 10, 2026Jun 1, 2021Yield to maturity1.278%Jul 15, 2021Yield to maturity1.052%Aug 27, 2021Yield to maturity1.058%Oct 13, 2021Yield to maturity1.334%Nov 29, 2021Yield to maturity1.376%Jan 12, 2022Yield to maturity1.638%Feb 28, 2022Yield to maturity1.797%Apr 12, 2022Yield to maturity2.743%May 26, 2022Yield to maturity2.778%Jul 13, 2022Yield to maturity3.063%Aug 25, 2022Yield to maturity3.206%Oct 11, 2022Yield to maturity4.184%Nov 25, 2022Yield to maturity3.883%Jan 11, 2023Yield to maturity3.683%Feb 27, 2023Yield to maturity4.179%Apr 11, 2023Yield to maturity3.573%May 24, 2023Yield to maturity3.826%Jul 11, 2023Yield to maturity4.269%Aug 23, 2023Yield to maturity4.413%Oct 6, 2023Yield to maturity4.796%Nov 21, 2023Yield to maturity4.473%Jan 8, 2024Yield to maturity4.015%Feb 22, 2024Yield to maturity4.397%Apr 5, 2024Yield to maturity4.461%May 20, 2024Yield to maturity4.526%Jul 5, 2024Yield to maturity4.312%Aug 19, 2024Yield to maturity3.831%Oct 2, 2024Yield to maturity3.574%Nov 18, 2024Yield to maturity4.284%Jan 3, 2025Yield to maturity4.368%Feb 19, 2025Yield to maturity4.319%Apr 3, 2025Yield to maturity3.704%May 16, 2025Yield to maturity3.977%Jul 2, 2025Yield to maturity3.790%Aug 15, 2025Yield to maturity3.729%Sep 30, 2025Yield to maturity3.633%Nov 14, 2025Yield to maturity3.631%Dec 31, 2025Yield to maturity3.514%Feb 17, 2026Yield to maturity3.448%Apr 1, 2026Yield to maturity3.833%May 14, 2026Yield to maturity4.015%Jun 30, 2026Yield to maturity4.146%Aug 13, 2026Yield to maturity4.150%Sep 10, 2026Yield to maturity4.535%

Price history

1,322 trading days to Sep 10, 2026

80859095100105Jun 1, 2021Sep 10, 2026Jun 1, 2021Close99.813Jul 15, 2021Close101.313Aug 27, 2021Close101.250Oct 13, 2021Close99.469Nov 29, 2021Close99.219Jan 12, 2022Close97.656Feb 28, 2022Close96.781Apr 12, 2022Close91.625May 26, 2022Close91.594Jul 13, 2022Close90.313Aug 25, 2022Close89.781Oct 11, 2022Close85.406Nov 25, 2022Close87.063Jan 11, 2023Close88.219Feb 27, 2023Close86.313Apr 11, 2023Close89.188May 24, 2023Close88.344Jul 11, 2023Close86.813Aug 23, 2023Close86.531Oct 6, 2023Close85.406Nov 21, 2023Close86.938Jan 8, 2024Close88.969Feb 22, 2024Close87.875Apr 5, 2024Close87.969May 20, 2024Close88.063Jul 5, 2024Close89.125Aug 19, 2024Close91.000Oct 2, 2024Close92.094Nov 18, 2024Close90.156Jan 3, 2025Close90.250Feb 19, 2025Close90.719Apr 3, 2025Close92.750May 16, 2025Close92.281Jul 2, 2025Close93.063Aug 15, 2025Close93.500Sep 30, 2025Close94.000Nov 14, 2025Close94.281Dec 31, 2025Close94.813Feb 17, 2026Close95.219Apr 1, 2026Close94.688May 14, 2026Close94.625Jun 30, 2026Close94.719Aug 13, 2026Close95.031Sep 10, 2026Close94.625
The most recent 20 trading days of prices for 91282CCE9.
DateBidOfferClose
Sep 10, 202694.67294.65694.625
Sep 9, 202694.82894.81394.813
Sep 8, 202694.87594.87594.844
Sep 4, 202694.89194.87594.875
Sep 3, 202694.92294.90694.906
Sep 2, 202694.82894.81394.813
Sep 1, 202694.84494.84494.781
Aug 31, 202694.89194.87594.875
Aug 28, 202694.89194.87594.844
Aug 27, 202695.04795.03195.000
Aug 26, 202695.04795.03195.031
Aug 25, 202695.06395.06395.063
Aug 24, 202695.00095.00094.969
Aug 21, 202694.96994.96994.969
Aug 20, 202695.03195.03195.031
Aug 19, 202695.01695.00095.031
Aug 18, 202695.03195.03195.031
Aug 17, 202695.04795.03195.031
Aug 14, 202695.06395.06395.031
Aug 13, 202695.04795.03195.031

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 91282CCE9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 27, 2021Jun 1, 2021New issue$62.0bn$74.0bn2.41x1.285%

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.