Treasury note

91282CDQ1 · 1.25% due December 31, 2026

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

Statement of August 31, 2026

Amount outstanding
$63.50bn
Held stripped
$33.9m
Share stripped
0.05%

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
4.072%
Modified duration
0.298 yr
DV01
0.0030
Convexity
0.178
Dirty price
99.404

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 2 of twelve buckets, summing to 0.304 years against a modified duration of 0.298.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 0.69 cents per 100 of face.

That is 1.92 standard deviations from its own typical residual.

Yield to maturity, 1,175 observations

1%2%3%4%5%6%Dec 31, 2021Sep 10, 2026Dec 31, 2021Yield to maturity1.263%Feb 9, 2022Yield to maturity1.814%Mar 21, 2022Yield to maturity2.363%Apr 28, 2022Yield to maturity2.884%Jun 7, 2022Yield to maturity3.023%Jul 18, 2022Yield to maturity3.098%Aug 24, 2022Yield to maturity3.310%Oct 3, 2022Yield to maturity4.008%Nov 10, 2022Yield to maturity4.054%Dec 21, 2022Yield to maturity3.891%Feb 1, 2023Yield to maturity3.610%Mar 13, 2023Yield to maturity3.827%Apr 19, 2023Yield to maturity3.878%May 26, 2023Yield to maturity4.147%Jul 7, 2023Yield to maturity4.553%Aug 15, 2023Yield to maturity4.553%Sep 22, 2023Yield to maturity4.761%Nov 1, 2023Yield to maturity4.725%Dec 11, 2023Yield to maturity4.401%Jan 22, 2024Yield to maturity4.136%Feb 29, 2024Yield to maturity4.441%Apr 8, 2024Yield to maturity4.630%May 15, 2024Yield to maturity4.584%Jun 25, 2024Yield to maturity4.551%Aug 2, 2024Yield to maturity3.776%Sep 11, 2024Yield to maturity3.548%Oct 21, 2024Yield to maturity3.987%Nov 29, 2024Yield to maturity4.182%Jan 9, 2025Yield to maturity4.271%Feb 19, 2025Yield to maturity4.288%Mar 28, 2025Yield to maturity3.952%May 6, 2025Yield to maturity3.855%Jun 13, 2025Yield to maturity4.042%Jul 24, 2025Yield to maturity4.039%Sep 2, 2025Yield to maturity3.815%Oct 9, 2025Yield to maturity3.675%Nov 19, 2025Yield to maturity3.711%Dec 30, 2025Yield to maturity3.528%Feb 9, 2026Yield to maturity3.560%Mar 19, 2026Yield to maturity3.787%Apr 27, 2026Yield to maturity3.711%Jun 4, 2026Yield to maturity3.770%Jul 15, 2026Yield to maturity3.895%Aug 21, 2026Yield to maturity3.863%Sep 10, 2026Yield to maturity4.072%

Price history

1,175 trading days to Sep 10, 2026

85.087.590.092.595.097.5100.0Dec 31, 2021Sep 10, 2026Dec 31, 2021Close99.938Feb 9, 2022Close97.375Mar 21, 2022Close95.000Apr 28, 2022Close92.906Jun 7, 2022Close92.500Jul 18, 2022Close92.375Aug 24, 2022Close91.719Oct 3, 2022Close89.344Nov 10, 2022Close89.438Dec 21, 2022Close90.250Feb 1, 2023Close91.469Mar 13, 2023Close90.969Apr 19, 2023Close91.031May 26, 2023Close90.438Jul 7, 2023Close89.500Aug 15, 2023Close89.781Sep 22, 2023Close89.500Nov 1, 2023Close89.906Dec 11, 2023Close91.094Jan 22, 2024Close92.094Feb 29, 2024Close91.594Apr 8, 2024Close91.438May 15, 2024Close91.844Jun 25, 2024Close92.250Aug 2, 2024Close94.250Sep 11, 2024Close94.969Oct 21, 2024Close94.313Nov 29, 2024Close94.219Jan 9, 2025Close94.344Feb 19, 2025Close94.625Mar 28, 2025Close95.469May 6, 2025Close95.875Jun 13, 2025Close95.875Jul 24, 2025Close96.156Sep 2, 2025Close96.719Oct 9, 2025Close97.125Nov 19, 2025Close97.344Dec 30, 2025Close97.781Feb 9, 2026Close98.000Mar 19, 2026Close98.063Apr 27, 2026Close98.375Jun 4, 2026Close98.594Jul 15, 2026Close98.813Aug 21, 2026Close99.094Sep 10, 2026Close99.156
The most recent 20 trading days of prices for 91282CDQ1.
DateBidOfferClose
Sep 10, 2026–99.15699.156
Sep 9, 2026–99.15699.156
Sep 8, 2026–99.15699.156
Sep 4, 2026–99.18899.188
Sep 3, 2026–99.15699.156
Sep 2, 2026–99.12599.125
Sep 1, 2026–99.12599.125
Aug 31, 2026–99.12599.125
Aug 28, 2026–99.12599.125
Aug 27, 2026–99.12599.125
Aug 26, 2026–99.09499.094
Aug 25, 2026–99.09499.094
Aug 24, 2026–99.09499.094
Aug 21, 2026–99.09499.094
Aug 20, 2026–99.06399.063
Aug 19, 2026–99.06399.063
Aug 18, 2026–99.06399.063
Aug 17, 2026–99.03199.031
Aug 14, 2026–99.03199.031
Aug 13, 2026–99.00099.000

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 91282CDQ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 28, 2021Dec 31, 2021New issue$57.0bn$64.7bn2.41x1.263%

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.