Treasury note

91282CCY5 · 1.25% due September 30, 2028

Original term
7-Year
Maturity
Sep 30, 2028
Coupon
1.250%
Pays
Semi-Annual
Dated
Sep 30, 2021
First coupon
Mar 31, 2022
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$69.47bn
Held stripped
$136.0m
Share stripped
0.20%

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
4.569%
Modified duration
1.826 yr
DV01
0.0172
Convexity
0.0425
Dirty price
94.203

Where its rate sensitivity sits

<.01
<.01
0.22
1.65
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 1.869 years against a modified duration of 1.826.

Against the fitted curve

Priced 0.1 bp cheap to the curve on that day, 0.12 cents per 100 of face.

That is 0.36 standard deviations from its own typical residual.

Yield to maturity, 1,276 observations

1%2%3%4%5%Sep 30, 2021Nov 9, 2026Sep 30, 2021Yield to maturity1.316%Oct 8, 2021Yield to maturity1.387%Oct 19, 2021Yield to maturity1.468%Oct 27, 2021Yield to maturity1.402%Nov 4, 2021Yield to maturity1.369%Nov 15, 2021Yield to maturity1.505%Nov 23, 2021Yield to maturity1.574%Dec 2, 2021Yield to maturity1.380%Dec 10, 2021Yield to maturity1.414%Dec 20, 2021Yield to maturity1.337%Dec 29, 2021Yield to maturity1.460%Jan 6, 2022Yield to maturity1.654%Jan 14, 2022Yield to maturity1.716%Jan 25, 2022Yield to maturity1.723%Feb 2, 2022Yield to maturity1.744%Feb 10, 2022Yield to maturity2.050%Feb 18, 2022Yield to maturity1.918%Mar 1, 2022Yield to maturity1.678%Mar 9, 2022Yield to maturity1.938%Mar 17, 2022Yield to maturity2.242%Mar 25, 2022Yield to maturity2.588%Apr 4, 2022Yield to maturity2.560%Apr 12, 2022Yield to maturity2.753%Apr 21, 2022Yield to maturity2.996%Apr 29, 2022Yield to maturity2.974%May 9, 2022Yield to maturity3.060%May 17, 2022Yield to maturity3.026%May 25, 2022Yield to maturity2.785%Jun 3, 2022Yield to maturity3.017%Jun 13, 2022Yield to maturity3.580%Jun 22, 2022Yield to maturity3.277%Jun 30, 2022Yield to maturity3.071%Jul 11, 2022Yield to maturity3.103%Jul 19, 2022Yield to maturity3.157%Jul 27, 2022Yield to maturity2.867%Aug 4, 2022Yield to maturity2.785%Aug 12, 2022Yield to maturity2.986%Aug 22, 2022Yield to maturity3.185%Aug 30, 2022Yield to maturity3.307%Sep 8, 2022Yield to maturity3.444%Sep 16, 2022Yield to maturity3.635%Sep 26, 2022Yield to maturity4.163%Oct 4, 2022Yield to maturity3.856%Oct 13, 2022Yield to maturity4.237%Oct 21, 2022Yield to maturity4.370%Oct 31, 2022Yield to maturity4.288%Nov 8, 2022Yield to maturity4.319%Nov 17, 2022Yield to maturity3.940%Nov 28, 2022Yield to maturity3.895%Dec 6, 2022Yield to maturity3.728%Dec 14, 2022Yield to maturity3.652%Dec 22, 2022Yield to maturity3.825%Jan 3, 2023Yield to maturity3.946%Jan 11, 2023Yield to maturity3.670%Jan 20, 2023Yield to maturity3.570%Jan 30, 2023Yield to maturity3.685%Feb 7, 2023Yield to maturity3.848%Feb 15, 2023Yield to maturity4.021%Feb 24, 2023Yield to maturity4.201%Mar 6, 2023Yield to maturity4.254%Mar 14, 2023Yield to maturity3.810%Mar 22, 2023Yield to maturity3.610%Mar 30, 2023Yield to maturity3.707%Apr 7, 2023Yield to maturity3.535%Apr 17, 2023Yield to maturity3.722%Apr 25, 2023Yield to maturity3.478%May 3, 2023Yield to maturity3.419%May 11, 2023Yield to maturity3.414%May 19, 2023Yield to maturity3.798%May 30, 2023Yield to maturity3.866%Jun 7, 2023Yield to maturity3.976%Jun 15, 2023Yield to maturity3.937%Jun 26, 2023Yield to maturity3.980%Jul 5, 2023Yield to maturity4.247%Jul 13, 2023Yield to maturity3.946%Jul 21, 2023Yield to maturity4.098%Jul 31, 2023Yield to maturity4.206%Aug 8, 2023Yield to maturity4.137%Aug 16, 2023Yield to maturity4.448%Aug 24, 2023Yield to maturity4.431%Sep 1, 2023Yield to maturity4.343%Sep 12, 2023Yield to maturity4.463%Sep 20, 2023Yield to maturity4.569%Sep 28, 2023Yield to maturity4.684%Oct 6, 2023Yield to maturity4.798%Oct 17, 2023Yield to maturity4.908%Oct 25, 2023Yield to maturity4.964%Nov 2, 2023Yield to maturity4.701%Nov 10, 2023Yield to maturity4.704%Nov 20, 2023Yield to maturity4.481%Nov 29, 2023Yield to maturity4.277%Dec 7, 2023Yield to maturity4.173%Dec 15, 2023Yield to maturity3.963%Dec 26, 2023Yield to maturity3.945%Jan 4, 2024Yield to maturity4.014%Jan 12, 2024Yield to maturity3.874%Jan 23, 2024Yield to maturity4.076%Jan 31, 2024Yield to maturity3.937%Feb 8, 2024Yield to maturity4.158%Feb 16, 2024Yield to maturity4.331%Feb 27, 2024Yield to maturity4.370%Mar 6, 2024Yield to maturity4.171%Mar 14, 2024Yield to maturity4.350%Mar 22, 2024Yield to maturity4.252%Apr 2, 2024Yield to maturity4.402%Apr 10, 2024Yield to maturity4.670%Apr 18, 2024Yield to maturity4.730%Apr 26, 2024Yield to maturity4.742%May 6, 2024Yield to maturity4.535%May 14, 2024Yield to maturity4.517%May 22, 2024Yield to maturity4.524%May 31, 2024Yield to maturity4.572%Jun 10, 2024Yield to maturity4.536%Jun 18, 2024Yield to maturity4.310%Jun 27, 2024Yield to maturity4.378%Jul 8, 2024Yield to maturity4.295%Jul 16, 2024Yield to maturity4.135%Jul 24, 2024Yield to maturity4.193%Aug 1, 2024Yield to maturity3.892%Aug 9, 2024Yield to maturity3.839%Aug 19, 2024Yield to maturity3.809%Aug 27, 2024Yield to maturity3.708%Sep 5, 2024Yield to maturity3.582%Sep 13, 2024Yield to maturity3.456%Sep 23, 2024Yield to maturity3.521%Oct 1, 2024Yield to maturity3.542%Oct 9, 2024Yield to maturity3.934%Oct 18, 2024Yield to maturity3.899%Oct 28, 2024Yield to maturity4.126%Nov 5, 2024Yield to maturity4.188%Nov 14, 2024Yield to maturity4.348%Nov 22, 2024Yield to maturity4.332%Dec 3, 2024Yield to maturity4.161%Dec 11, 2024Yield to maturity4.158%Dec 19, 2024Yield to maturity4.416%Dec 30, 2024Yield to maturity4.353%Jan 8, 2025Yield to maturity4.413%Jan 16, 2025Yield to maturity4.362%Jan 27, 2025Yield to maturity4.298%Feb 4, 2025Yield to maturity4.296%Feb 12, 2025Yield to maturity4.455%Feb 21, 2025Yield to maturity4.239%Mar 3, 2025Yield to maturity3.966%Mar 11, 2025Yield to maturity3.993%Mar 19, 2025Yield to maturity3.999%Mar 27, 2025Yield to maturity4.047%Apr 4, 2025Yield to maturity3.691%Apr 14, 2025Yield to maturity3.942%Apr 23, 2025Yield to maturity3.929%May 1, 2025Yield to maturity3.729%May 9, 2025Yield to maturity3.915%May 19, 2025Yield to maturity3.996%May 28, 2025Yield to maturity3.994%Jun 5, 2025Yield to maturity3.927%Jun 13, 2025Yield to maturity3.948%Jun 24, 2025Yield to maturity3.785%Jul 2, 2025Yield to maturity3.791%Jul 11, 2025Yield to maturity3.891%Jul 21, 2025Yield to maturity3.821%Jul 29, 2025Yield to maturity3.838%Aug 6, 2025Yield to maturity3.678%Aug 14, 2025Yield to maturity3.717%Aug 22, 2025Yield to maturity3.660%Sep 2, 2025Yield to maturity3.645%Sep 10, 2025Yield to maturity3.515%Sep 18, 2025Yield to maturity3.576%Sep 26, 2025Yield to maturity3.678%Oct 6, 2025Yield to maturity3.626%Oct 15, 2025Yield to maturity3.517%Oct 23, 2025Yield to maturity3.498%Oct 31, 2025Yield to maturity3.614%Nov 10, 2025Yield to maturity3.610%Nov 19, 2025Yield to maturity3.592%Nov 28, 2025Yield to maturity3.495%Dec 8, 2025Yield to maturity3.610%Dec 16, 2025Yield to maturity3.518%Dec 24, 2025Yield to maturity3.587%Jan 5, 2026Yield to maturity3.525%Jan 13, 2026Yield to maturity3.569%Jan 22, 2026Yield to maturity3.666%Jan 30, 2026Yield to maturity3.588%Feb 9, 2026Yield to maturity3.542%Feb 18, 2026Yield to maturity3.498%Feb 26, 2026Yield to maturity3.451%Mar 6, 2026Yield to maturity3.581%Mar 16, 2026Yield to maturity3.696%Mar 24, 2026Yield to maturity3.949%Apr 1, 2026Yield to maturity3.849%Apr 9, 2026Yield to maturity3.802%Apr 17, 2026Yield to maturity3.732%Apr 27, 2026Yield to maturity3.825%May 5, 2026Yield to maturity3.962%May 13, 2026Yield to maturity4.001%May 21, 2026Yield to maturity4.129%Jun 1, 2026Yield to maturity4.091%Jun 9, 2026Yield to maturity4.163%Jun 17, 2026Yield to maturity4.236%Jun 26, 2026Yield to maturity4.107%Jul 7, 2026Yield to maturity4.216%Jul 15, 2026Yield to maturity4.167%Jul 23, 2026Yield to maturity4.385%Jul 31, 2026Yield to maturity4.329%Aug 10, 2026Yield to maturity4.280%Aug 18, 2026Yield to maturity4.213%Aug 26, 2026Yield to maturity4.244%Sep 3, 2026Yield to maturity4.359%Sep 14, 2026Yield to maturity4.675%Sep 22, 2026Yield to maturity4.763%Sep 30, 2026Yield to maturity4.888%Oct 8, 2026Yield to maturity4.771%Oct 19, 2026Yield to maturity4.772%Oct 27, 2026Yield to maturity4.740%Nov 4, 2026Yield to maturity4.599%Nov 9, 2026Yield to maturity4.569%

Price history

1,276 trading days to Nov 9, 2026

82.585.087.590.092.595.097.5100.0Sep 30, 2021Nov 9, 2026Sep 30, 2021Close99.563Oct 8, 2021Close99.094Oct 19, 2021Close98.563Oct 27, 2021Close99.000Nov 4, 2021Close99.219Nov 15, 2021Close98.344Nov 23, 2021Close97.906Dec 2, 2021Close99.156Dec 10, 2021Close98.938Dec 20, 2021Close99.438Dec 29, 2021Close98.656Jan 6, 2022Close97.438Jan 14, 2022Close97.063Jan 25, 2022Close97.031Feb 2, 2022Close96.906Feb 10, 2022Close95.063Feb 18, 2022Close95.875Mar 1, 2022Close97.344Mar 9, 2022Close95.781Mar 17, 2022Close94.000Mar 25, 2022Close92.031Apr 4, 2022Close92.219Apr 12, 2022Close91.156Apr 21, 2022Close89.844Apr 29, 2022Close90.000May 9, 2022Close89.563May 17, 2022Close89.781May 25, 2022Close91.125Jun 3, 2022Close89.906Jun 13, 2022Close86.969Jun 22, 2022Close88.594Jun 30, 2022Close89.719Jul 11, 2022Close89.594Jul 19, 2022Close89.344Jul 27, 2022Close90.906Aug 4, 2022Close91.375Aug 12, 2022Close90.344Aug 22, 2022Close89.344Aug 30, 2022Close88.750Sep 8, 2022Close88.094Sep 16, 2022Close87.188Sep 26, 2022Close84.656Oct 4, 2022Close86.188Oct 13, 2022Close84.406Oct 21, 2022Close83.844Oct 31, 2022Close84.281Nov 8, 2022Close84.188Nov 17, 2022Close86.031Nov 28, 2022Close86.313Dec 6, 2022Close87.156Dec 14, 2022Close87.563Dec 22, 2022Close86.781Jan 3, 2023Close86.281Jan 11, 2023Close87.625Jan 20, 2023Close88.156Jan 30, 2023Close87.656Feb 7, 2023Close86.938Feb 15, 2023Close86.188Feb 24, 2023Close85.438Mar 6, 2023Close85.250Mar 14, 2023Close87.313Mar 22, 2023Close88.281Mar 30, 2023Close87.875Apr 7, 2023Close88.719Apr 17, 2023Close87.906Apr 25, 2023Close89.063May 3, 2023Close89.375May 11, 2023Close89.438May 19, 2023Close87.750May 30, 2023Close87.500Jun 7, 2023Close87.063Jun 15, 2023Close87.281Jun 26, 2023Close87.156Jul 5, 2023Close86.063Jul 13, 2023Close87.406Jul 21, 2023Close86.813Jul 31, 2023Close86.406Aug 8, 2023Close86.750Aug 16, 2023Close85.500Aug 24, 2023Close85.625Sep 1, 2023Close86.063Sep 12, 2023Close85.625Sep 20, 2023Close85.250Sep 28, 2023Close84.844Oct 6, 2023Close84.469Oct 17, 2023Close84.094Oct 25, 2023Close83.938Nov 2, 2023Close85.031Nov 10, 2023Close85.094Nov 20, 2023Close86.031Nov 29, 2023Close86.906Dec 7, 2023Close87.375Dec 15, 2023Close88.281Dec 26, 2023Close88.406Jan 4, 2024Close88.188Jan 12, 2024Close88.813Jan 23, 2024Close88.063Jan 31, 2024Close88.656Feb 8, 2024Close87.844Feb 16, 2024Close87.250Feb 27, 2024Close87.156Mar 6, 2024Close87.969Mar 14, 2024Close87.344Mar 22, 2024Close87.781Apr 2, 2024Close87.281Apr 10, 2024Close86.344Apr 18, 2024Close86.188Apr 26, 2024Close86.219May 6, 2024Close87.031May 14, 2024Close87.156May 22, 2024Close87.188May 31, 2024Close87.094Jun 10, 2024Close87.281Jun 18, 2024Close88.156Jun 27, 2024Close87.969Jul 8, 2024Close88.344Jul 16, 2024Close88.969Jul 24, 2024Close88.813Aug 1, 2024Close89.938Aug 9, 2024Close90.188Aug 19, 2024Close90.344Aug 27, 2024Close90.750Sep 5, 2024Close91.250Sep 13, 2024Close91.750Sep 23, 2024Close91.563Oct 1, 2024Close91.531Oct 9, 2024Close90.219Oct 18, 2024Close90.406Oct 28, 2024Close89.688Nov 5, 2024Close89.531Nov 14, 2024Close89.063Nov 22, 2024Close89.188Dec 3, 2024Close89.813Dec 11, 2024Close89.875Dec 19, 2024Close89.094Dec 30, 2024Close89.375Jan 8, 2025Close89.250Jan 16, 2025Close89.469Jan 27, 2025Close89.750Feb 4, 2025Close89.813Feb 12, 2025Close89.375Feb 21, 2025Close90.125Mar 3, 2025Close91.031Mar 11, 2025Close91.000Mar 19, 2025Close91.031Mar 27, 2025Close90.938Apr 4, 2025Close92.094Apr 14, 2025Close91.375Apr 23, 2025Close91.469May 1, 2025Close92.125May 9, 2025Close91.625May 19, 2025Close91.438May 28, 2025Close91.500Jun 5, 2025Close91.750Jun 13, 2025Close91.750Jun 24, 2025Close92.281Jul 2, 2025Close92.313Jul 11, 2025Close92.094Jul 21, 2025Close92.344Jul 29, 2025Close92.344Aug 6, 2025Close92.844Aug 14, 2025Close92.781Aug 22, 2025Close93.000Sep 2, 2025Close93.094Sep 10, 2025Close93.500Sep 18, 2025Close93.375Sep 26, 2025Close93.156Oct 6, 2025Close93.344Oct 15, 2025Close93.688Oct 23, 2025Close93.781Oct 31, 2025Close93.531Nov 10, 2025Close93.594Nov 19, 2025Close93.688Nov 28, 2025Close94.000Dec 8, 2025Close93.750Dec 16, 2025Close94.031Dec 24, 2025Close93.906Jan 5, 2026Close94.125Jan 13, 2026Close94.063Jan 22, 2026Close93.875Jan 30, 2026Close94.125Feb 9, 2026Close94.281Feb 18, 2026Close94.438Feb 26, 2026Close94.594Mar 6, 2026Close94.344Mar 16, 2026Close94.125Mar 24, 2026Close93.594Apr 1, 2026Close93.875Apr 9, 2026Close94.031Apr 17, 2026Close94.250Apr 27, 2026Close94.094May 5, 2026Close93.844May 13, 2026Close93.813May 21, 2026Close93.594Jun 1, 2026Close93.750Jun 9, 2026Close93.656Jun 17, 2026Close93.563Jun 26, 2026Close93.906Jul 7, 2026Close93.750Jul 15, 2026Close93.906Jul 23, 2026Close93.531Jul 31, 2026Close93.719Aug 10, 2026Close93.875Aug 18, 2026Close94.063Aug 26, 2026Close94.063Sep 3, 2026Close93.906Sep 14, 2026Close93.406Sep 22, 2026Close93.313Sep 30, 2026Close93.156Oct 8, 2026Close93.438Oct 19, 2026Close93.531Oct 27, 2026Close93.656Nov 4, 2026Close93.969Nov 9, 2026Close94.063
The most recent 20 trading days of prices for 91282CCY5.
DateBidOfferClose
Nov 9, 202694.06394.07894.063
Nov 6, 202694.12594.14194.125
Nov 5, 202694.09494.10994.188
Nov 4, 202693.93893.95393.969
Nov 3, 202693.90693.92293.906
Nov 2, 202693.93893.95393.938
Oct 30, 202693.87593.89193.969
Oct 29, 202693.81393.82893.813
Oct 28, 202693.59493.60993.688
Oct 27, 202693.65693.67293.656
Oct 26, 202693.68893.70393.656
Oct 23, 202693.68893.70393.719
Oct 22, 202693.65693.67293.750
Oct 21, 202693.50093.51693.469
Oct 20, 202693.53193.54793.500
Oct 19, 202693.53193.54793.531
Oct 16, 202693.59493.59493.563
Oct 15, 202693.46993.48493.469
Oct 14, 202693.28193.29793.375
Oct 13, 202693.37593.39193.406

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 91282CCY5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 28, 2021Sep 30, 2021New issue$62.0bn$69.5bn2.24x1.332%

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.