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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$69.47bn
Held stripped
$135.2m
Share stripped
0.19%

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
4.589%
Modified duration
1.974 yr
DV01
0.0186
Convexity
4.908
Dirty price
94.091

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 2.020 years against a modified duration of 1.974.

Against the fitted curve

Priced 0.4 bp rich to the curve on that day, 0.72 cents per 100 of face.

That is -0.47 standard deviations from its own typical residual.

Yield to maturity, 1,237 observations

1%2%3%4%5%Sep 30, 2021Sep 10, 2026Sep 30, 2021Yield to maturity1.316%Nov 12, 2021Yield to maturity1.466%Dec 27, 2021Yield to maturity1.410%Feb 7, 2022Yield to maturity1.889%Mar 21, 2022Yield to maturity2.384%May 2, 2022Yield to maturity3.073%Jun 13, 2022Yield to maturity3.580%Jul 26, 2022Yield to maturity2.925%Sep 6, 2022Yield to maturity3.486%Oct 18, 2022Yield to maturity4.231%Nov 30, 2022Yield to maturity3.838%Jan 12, 2023Yield to maturity3.547%Feb 24, 2023Yield to maturity4.201%Apr 6, 2023Yield to maturity3.411%May 17, 2023Yield to maturity3.626%Jun 29, 2023Yield to maturity4.143%Aug 10, 2023Yield to maturity4.236%Sep 21, 2023Yield to maturity4.655%Nov 2, 2023Yield to maturity4.701%Dec 14, 2023Yield to maturity3.958%Jan 29, 2024Yield to maturity4.006%Mar 11, 2024Yield to maturity4.139%Apr 19, 2024Yield to maturity4.710%May 31, 2024Yield to maturity4.572%Jul 15, 2024Yield to maturity4.176%Aug 23, 2024Yield to maturity3.705%Oct 4, 2024Yield to maturity3.847%Nov 18, 2024Yield to maturity4.300%Dec 31, 2024Yield to maturity4.377%Feb 12, 2025Yield to maturity4.455%Mar 26, 2025Yield to maturity4.045%May 6, 2025Yield to maturity3.811%Jun 17, 2025Yield to maturity3.931%Jul 30, 2025Yield to maturity3.907%Sep 10, 2025Yield to maturity3.515%Oct 22, 2025Yield to maturity3.449%Dec 4, 2025Yield to maturity3.552%Jan 16, 2026Yield to maturity3.659%Mar 2, 2026Yield to maturity3.487%Apr 10, 2026Yield to maturity3.824%May 21, 2026Yield to maturity4.129%Jul 6, 2026Yield to maturity4.151%Aug 14, 2026Yield to maturity4.206%Sep 10, 2026Yield to maturity4.589%

Price history

1,237 trading days to Sep 10, 2026

82.585.087.590.092.595.097.5100.0Sep 30, 2021Sep 10, 2026Sep 30, 2021Close99.563Nov 12, 2021Close98.594Dec 27, 2021Close98.969Feb 7, 2022Close96.031Mar 21, 2022Close93.188May 2, 2022Close89.469Jun 13, 2022Close86.969Jul 26, 2022Close90.594Sep 6, 2022Close87.875Oct 18, 2022Close84.469Nov 30, 2022Close86.594Jan 12, 2023Close88.219Feb 24, 2023Close85.438Apr 6, 2023Close89.281May 17, 2023Close88.500Jun 29, 2023Close86.469Aug 10, 2023Close86.344Sep 21, 2023Close84.906Nov 2, 2023Close85.031Dec 14, 2023Close88.281Jan 29, 2024Close88.375Mar 11, 2024Close88.125Apr 19, 2024Close86.281May 31, 2024Close87.094Jul 15, 2024Close88.813Aug 23, 2024Close90.750Oct 4, 2024Close90.500Nov 18, 2024Close89.250Dec 31, 2024Close89.313Feb 12, 2025Close89.375Mar 26, 2025Close90.938May 6, 2025Close91.906Jun 17, 2025Close91.813Jul 30, 2025Close92.156Sep 10, 2025Close93.500Oct 22, 2025Close93.906Dec 4, 2025Close93.875Jan 16, 2026Close93.875Mar 2, 2026Close94.531Apr 10, 2026Close94.000May 21, 2026Close93.594Jul 6, 2026Close93.875Aug 14, 2026Close94.063Sep 10, 2026Close93.531
The most recent 20 trading days of prices for 91282CCY5.
DateBidOfferClose
Sep 10, 202693.60993.59493.531
Sep 9, 202693.79793.78193.781
Sep 8, 202693.85993.84493.844
Sep 4, 202693.89193.87593.875
Sep 3, 202693.92293.90693.906
Sep 2, 202693.82893.81393.813
Sep 1, 202693.85993.84493.781
Aug 31, 202693.89193.87593.875
Aug 28, 202693.92293.90693.844
Aug 27, 202694.10994.09494.063
Aug 26, 202694.07894.06394.063
Aug 25, 202694.10994.09494.094
Aug 24, 202694.04794.03194.000
Aug 21, 202694.01694.00094.000
Aug 20, 202694.07894.06394.063
Aug 19, 202694.07894.06394.094
Aug 18, 202694.07894.06394.063
Aug 17, 202694.10994.09494.063
Aug 14, 202694.14194.12594.063
Aug 13, 202694.10994.09494.094

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 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.