Treasury note

91282CDF5 · 1.375% due October 31, 2028

Original term
7-Year
Maturity
Oct 31, 2028
Coupon
1.375%
Pays
Semi-Annual
Dated
Oct 31, 2021
First coupon
Apr 30, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$67.43bn
Held stripped
$142.4m
Share stripped
0.21%

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
4.588%
Modified duration
2.053 yr
DV01
0.0193
Convexity
5.269
Dirty price
94.032

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 5 of twelve buckets, summing to 2.102 years against a modified duration of 2.053.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 3.40 cents per 100 of face.

That is -1.34 standard deviations from its own typical residual.

Yield to maturity, 1,216 observations

1%2%3%4%5%Nov 1, 2021Sep 10, 2026Nov 1, 2021Yield to maturity1.460%Dec 13, 2021Yield to maturity1.365%Jan 24, 2022Yield to maturity1.694%Mar 4, 2022Yield to maturity1.714%Apr 13, 2022Yield to maturity2.740%May 24, 2022Yield to maturity2.824%Jul 6, 2022Yield to maturity3.028%Aug 15, 2022Yield to maturity2.933%Sep 23, 2022Yield to maturity3.953%Nov 3, 2022Yield to maturity4.368%Dec 15, 2022Yield to maturity3.626%Jan 27, 2023Yield to maturity3.640%Mar 9, 2023Yield to maturity4.201%Apr 18, 2023Yield to maturity3.706%May 26, 2023Yield to maturity3.975%Jul 10, 2023Yield to maturity4.251%Aug 17, 2023Yield to maturity4.446%Sep 27, 2023Yield to maturity4.733%Nov 7, 2023Yield to maturity4.588%Dec 18, 2023Yield to maturity3.992%Jan 30, 2024Yield to maturity4.031%Mar 11, 2024Yield to maturity4.126%Apr 18, 2024Yield to maturity4.720%May 29, 2024Yield to maturity4.690%Jul 10, 2024Yield to maturity4.297%Aug 19, 2024Yield to maturity3.805%Sep 27, 2024Yield to maturity3.520%Nov 7, 2024Yield to maturity4.200%Dec 19, 2024Yield to maturity4.424%Jan 31, 2025Yield to maturity4.338%Mar 13, 2025Yield to maturity3.988%Apr 22, 2025Yield to maturity3.887%Jun 2, 2025Yield to maturity3.946%Jul 14, 2025Yield to maturity3.894%Aug 21, 2025Yield to maturity3.766%Oct 1, 2025Yield to maturity3.580%Nov 12, 2025Yield to maturity3.583%Dec 23, 2025Yield to maturity3.584%Feb 4, 2026Yield to maturity3.628%Mar 17, 2026Yield to maturity3.685%Apr 24, 2026Yield to maturity3.800%Jun 4, 2026Yield to maturity4.091%Jul 16, 2026Yield to maturity4.195%Aug 25, 2026Yield to maturity4.224%Sep 10, 2026Yield to maturity4.588%

Price history

1,216 trading days to Sep 10, 2026

80859095100105Nov 1, 2021Sep 10, 2026Nov 1, 2021Close99.438Dec 13, 2021Close100.063Jan 24, 2022Close97.969Mar 4, 2022Close97.875Apr 13, 2022Close91.875May 24, 2022Close91.531Jul 6, 2022Close90.563Aug 15, 2022Close91.219Sep 23, 2022Close86.156Nov 3, 2022Close84.375Dec 15, 2022Close88.188Jan 27, 2023Close88.344Mar 9, 2023Close85.938Apr 18, 2023Close88.438May 26, 2023Close87.438Jul 10, 2023Close86.469Aug 17, 2023Close85.875Sep 27, 2023Close84.969Nov 7, 2023Close85.844Dec 18, 2023Close88.531Jan 30, 2024Close88.625Mar 11, 2024Close88.500Apr 18, 2024Close86.500May 29, 2024Close86.906Jul 10, 2024Close88.625Aug 19, 2024Close90.656Sep 27, 2024Close91.906Nov 7, 2024Close89.750Dec 19, 2024Close89.281Jan 31, 2025Close89.875Mar 13, 2025Close91.250Apr 22, 2025Close91.813Jun 2, 2025Close91.875Jul 14, 2025Close92.281Aug 21, 2025Close92.875Oct 1, 2025Close93.625Nov 12, 2025Close93.844Dec 23, 2025Close94.063Feb 4, 2026Close94.188Mar 17, 2026Close94.281Apr 24, 2026Close94.250Jun 4, 2026Close93.844Jul 16, 2026Close93.906Aug 25, 2026Close94.125Sep 10, 2026Close93.531
The most recent 20 trading days of prices for 91282CDF5.
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, 202693.95393.93893.906
Sep 2, 202693.82893.81393.813
Sep 1, 202693.85993.84493.781
Aug 31, 202693.90693.87593.875
Aug 28, 202693.92293.90693.875
Aug 27, 202694.10994.09494.063
Aug 26, 202694.10994.09494.094
Aug 25, 202694.14194.12594.125
Aug 24, 202694.07894.06394.031
Aug 21, 202694.01694.00094.031
Aug 20, 202694.10994.09494.094
Aug 19, 202694.10994.09494.125
Aug 18, 202694.10994.09494.094
Aug 17, 202694.14194.12594.094
Aug 14, 202694.14194.12594.094
Aug 13, 202694.14194.12594.125

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 91282CDF5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2021Nov 1, 2021New issue$62.0bn$68.3bn2.25x1.461%

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.