Treasury note

91282CCS8 · 1.25% due August 15, 2031

Original term
10-Year
Maturity
Aug 15, 2031
Coupon
1.250%
Pays
Semi-Annual
Dated
Aug 15, 2021
First coupon
Feb 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$141.34bn
Held stripped
$43.8m
Share stripped
0.03%

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
4.759%
Modified duration
4.663 yr
DV01
0.0396
Convexity
24.467
Dirty price
84.842

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 6 of twelve buckets, summing to 4.773 years against a modified duration of 4.663.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 1.19 cents per 100 of face.

That is -0.46 standard deviations from its own typical residual.

Yield to maturity, 1,269 observations

1%2%3%4%5%Aug 16, 2021Sep 10, 2026Aug 16, 2021Yield to maturity1.257%Sep 27, 2021Yield to maturity1.478%Nov 8, 2021Yield to maturity1.498%Dec 21, 2021Yield to maturity1.459%Feb 2, 2022Yield to maturity1.772%Mar 16, 2022Yield to maturity2.183%Apr 27, 2022Yield to maturity2.818%Jun 8, 2022Yield to maturity3.031%Jul 21, 2022Yield to maturity2.903%Aug 31, 2022Yield to maturity3.149%Oct 13, 2022Yield to maturity3.977%Nov 25, 2022Yield to maturity3.664%Jan 9, 2023Yield to maturity3.478%Feb 21, 2023Yield to maturity3.933%Apr 3, 2023Yield to maturity3.427%May 12, 2023Yield to maturity3.416%Jun 26, 2023Yield to maturity3.737%Aug 7, 2023Yield to maturity4.064%Sep 18, 2023Yield to maturity4.336%Oct 30, 2023Yield to maturity4.872%Dec 11, 2023Yield to maturity4.243%Jan 24, 2024Yield to maturity4.146%Mar 6, 2024Yield to maturity4.111%Apr 16, 2024Yield to maturity4.671%May 28, 2024Yield to maturity4.554%Jul 10, 2024Yield to maturity4.257%Aug 20, 2024Yield to maturity3.753%Oct 1, 2024Yield to maturity3.622%Nov 13, 2024Yield to maturity4.385%Dec 26, 2024Yield to maturity4.512%Feb 7, 2025Yield to maturity4.415%Mar 21, 2025Yield to maturity4.108%May 1, 2025Yield to maturity3.980%Jun 12, 2025Yield to maturity4.100%Jul 25, 2025Yield to maturity4.072%Sep 5, 2025Yield to maturity3.704%Oct 17, 2025Yield to maturity3.686%Dec 1, 2025Yield to maturity3.754%Jan 13, 2026Yield to maturity3.818%Feb 25, 2026Yield to maturity3.686%Apr 7, 2026Yield to maturity4.017%May 18, 2026Yield to maturity4.308%Jun 30, 2026Yield to maturity4.213%Aug 11, 2026Yield to maturity4.418%Sep 10, 2026Yield to maturity4.759%

Price history

1,269 trading days to Sep 10, 2026

7580859095100105Aug 16, 2021Sep 10, 2026Aug 16, 2021Close99.938Sep 27, 2021Close97.906Nov 8, 2021Close97.750Dec 21, 2021Close98.125Feb 2, 2022Close95.438Mar 16, 2022Close92.094Apr 27, 2022Close87.250Jun 8, 2022Close85.813Jul 21, 2022Close86.906Aug 31, 2022Close85.281Oct 13, 2022Close79.844Nov 25, 2022Close82.125Jan 9, 2023Close83.563Feb 21, 2023Close80.813Apr 3, 2023Close84.281May 12, 2023Close84.531Jun 26, 2023Close82.688Aug 7, 2023Close80.906Sep 18, 2023Close79.531Oct 30, 2023Close76.750Dec 11, 2023Close80.563Jan 24, 2024Close81.375Mar 6, 2024Close81.813Apr 16, 2024Close78.969May 28, 2024Close79.875Jul 10, 2024Close81.750Aug 20, 2024Close84.750Oct 1, 2024Close85.688Nov 13, 2024Close81.844Dec 26, 2024Close81.469Feb 7, 2025Close82.250Mar 21, 2025Close84.063May 1, 2025Close84.938Jun 12, 2025Close84.594Jul 25, 2025Close85.000Sep 5, 2025Close87.031Oct 17, 2025Close87.344Dec 1, 2025Close87.250Jan 13, 2026Close87.188Feb 25, 2026Close88.031Apr 7, 2026Close86.781May 18, 2026Close85.781Jun 30, 2026Close86.469Aug 11, 2026Close85.906Sep 10, 2026Close84.750
The most recent 20 trading days of prices for 91282CCS8.
DateBidOfferClose
Sep 10, 202684.87584.84484.750
Sep 9, 202685.28185.25085.250
Sep 8, 202685.46985.43885.406
Sep 4, 202685.56385.53185.500
Sep 3, 202685.70385.68885.594
Sep 2, 202685.45385.43885.469
Sep 1, 202685.56385.53185.406
Aug 31, 202685.65685.62585.656
Aug 28, 202685.81385.78185.656
Aug 27, 202686.12586.09486.031
Aug 26, 202686.10986.09486.063
Aug 25, 202686.17286.15686.188
Aug 24, 202686.01686.00085.938
Aug 21, 202685.85985.84485.844
Aug 20, 202686.01686.00086.000
Aug 19, 202686.10986.09486.156
Aug 18, 202686.04786.03186.031
Aug 17, 202686.07886.06386.031
Aug 14, 202686.15686.12586.063
Aug 13, 202686.23486.21986.219

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.

3 auctions

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 91282CCS8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 11, 2021Aug 16, 2021New issue$41.0bn$59.3bn2.65x1.340%
Sep 8, 2021Sep 15, 2021Reopening$38.0bn$42.0bn2.59x1.338%
Oct 12, 2021Oct 15, 2021Reopening$38.0bn$40.9bn2.58x1.584%

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.