Treasury note

91282CDK4 · 1.25% due November 30, 2026

Original term
5-Year
Maturity
Nov 30, 2026
Coupon
1.250%
Pays
Semi-Annual
Dated
Nov 30, 2021
First coupon
May 31, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$61.76bn
Held stripped
$506.4m
Share stripped
0.82%

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
3.976%
Modified duration
0.217 yr
DV01
0.0022
Convexity
0.094
Dirty price
99.758

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 0.15 cents per 100 of face.

That is 1.24 standard deviations from its own typical residual.

Yield to maturity, 1,197 observations

1%2%3%4%5%6%Nov 30, 2021Sep 10, 2026Nov 30, 2021Yield to maturity1.140%Jan 10, 2022Yield to maturity1.523%Feb 18, 2022Yield to maturity1.820%Mar 31, 2022Yield to maturity2.455%May 11, 2022Yield to maturity2.895%Jun 22, 2022Yield to maturity3.254%Aug 2, 2022Yield to maturity2.914%Sep 12, 2022Yield to maturity3.552%Oct 21, 2022Yield to maturity4.440%Dec 2, 2022Yield to maturity3.825%Jan 13, 2023Yield to maturity3.744%Feb 24, 2023Yield to maturity4.405%Apr 5, 2023Yield to maturity3.521%May 15, 2023Yield to maturity3.610%Jun 26, 2023Yield to maturity4.228%Aug 4, 2023Yield to maturity4.381%Sep 14, 2023Yield to maturity4.675%Oct 25, 2023Yield to maturity4.973%Dec 5, 2023Yield to maturity4.329%Jan 17, 2024Yield to maturity4.145%Feb 27, 2024Yield to maturity4.530%Apr 5, 2024Yield to maturity4.611%May 15, 2024Yield to maturity4.609%Jun 26, 2024Yield to maturity4.651%Aug 6, 2024Yield to maturity3.930%Sep 16, 2024Yield to maturity3.525%Oct 25, 2024Yield to maturity4.101%Dec 6, 2024Yield to maturity4.128%Jan 17, 2025Yield to maturity4.291%Feb 28, 2025Yield to maturity4.021%Apr 9, 2025Yield to maturity3.971%May 19, 2025Yield to maturity4.057%Jun 30, 2025Yield to maturity3.860%Aug 8, 2025Yield to maturity3.880%Sep 18, 2025Yield to maturity3.673%Oct 29, 2025Yield to maturity3.711%Dec 10, 2025Yield to maturity3.632%Jan 22, 2026Yield to maturity3.617%Mar 4, 2026Yield to maturity3.670%Apr 13, 2026Yield to maturity3.785%May 21, 2026Yield to maturity3.799%Jul 2, 2026Yield to maturity3.932%Aug 12, 2026Yield to maturity3.894%Sep 10, 2026Yield to maturity3.976%

Price history

1,197 trading days to Sep 10, 2026

87.590.092.595.097.5100.0102.5Nov 30, 2021Sep 10, 2026Nov 30, 2021Close100.531Jan 10, 2022Close98.719Feb 18, 2022Close97.406Mar 31, 2022Close94.719May 11, 2022Close93.031Jun 22, 2022Close91.781Aug 2, 2022Close93.281Sep 12, 2022Close91.063Oct 21, 2022Close88.156Dec 2, 2022Close90.563Jan 13, 2023Close91.094Feb 24, 2023Close89.188Apr 5, 2023Close92.281May 15, 2023Close92.219Jun 26, 2023Close90.594Aug 4, 2023Close90.438Sep 14, 2023Close89.906Oct 25, 2023Close89.438Dec 5, 2023Close91.469Jan 17, 2024Close92.250Feb 27, 2024Close91.594Apr 5, 2024Close91.719May 15, 2024Close92.031Jun 26, 2024Close92.281Aug 6, 2024Close94.125Sep 16, 2024Close95.219Oct 25, 2024Close94.344Dec 6, 2024Close94.594Jan 17, 2025Close94.625Feb 28, 2025Close95.375Apr 9, 2025Close95.719May 19, 2025Close95.875Jun 30, 2025Close96.438Aug 8, 2025Close96.688Sep 18, 2025Close97.188Oct 29, 2025Close97.406Dec 10, 2025Close97.750Jan 22, 2026Close98.031Mar 4, 2026Close98.250Apr 13, 2026Close98.438May 21, 2026Close98.688Jul 2, 2026Close98.938Aug 12, 2026Close99.219Sep 10, 2026Close99.406
The most recent 20 trading days of prices for 91282CDK4.
DateBidOfferClose
Sep 10, 2026–99.40699.406
Sep 9, 2026–99.40699.406
Sep 8, 2026–99.40699.406
Sep 4, 2026–99.40699.406
Sep 3, 2026–99.37599.375
Sep 2, 2026–99.37599.375
Sep 1, 2026–99.34499.344
Aug 31, 2026–99.34499.344
Aug 28, 2026–99.34499.344
Aug 27, 2026–99.34499.344
Aug 26, 2026–99.34499.344
Aug 25, 2026–99.31399.313
Aug 24, 2026–99.31399.313
Aug 21, 2026–99.31399.313
Aug 20, 2026–99.28199.281
Aug 19, 2026–99.28199.281
Aug 18, 2026–99.28199.281
Aug 17, 2026–99.28199.281
Aug 14, 2026–99.25099.250
Aug 13, 2026–99.25099.250

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 91282CDK4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 22, 2021Nov 30, 2021New issue$59.0bn$63.9bn2.34x1.319%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.