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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
4.173%
Modified duration
0.191 yr
DV01
0.0019
Convexity
0.000733
Dirty price
99.821

Where its rate sensitivity sits

0.19
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 7.9 bp rich to the curve on that day, 1.51 cents per 100 of face.

That is -1.18 standard deviations from its own typical residual.

Yield to maturity, 1,202 observations

1%2%3%4%5%6%Dec 31, 2021Oct 20, 2026Dec 31, 2021Yield to maturity1.263%Jan 10, 2022Yield to maturity1.532%Jan 19, 2022Yield to maturity1.620%Jan 27, 2022Yield to maturity1.661%Feb 4, 2022Yield to maturity1.772%Feb 14, 2022Yield to maturity1.918%Feb 23, 2022Yield to maturity1.901%Mar 3, 2022Yield to maturity1.759%Mar 11, 2022Yield to maturity1.970%Mar 21, 2022Yield to maturity2.363%Mar 29, 2022Yield to maturity2.534%Apr 6, 2022Yield to maturity2.738%Apr 14, 2022Yield to maturity2.804%Apr 25, 2022Yield to maturity2.866%May 3, 2022Yield to maturity3.032%May 11, 2022Yield to maturity2.904%May 19, 2022Yield to maturity2.858%May 27, 2022Yield to maturity2.747%Jun 7, 2022Yield to maturity3.023%Jun 15, 2022Yield to maturity3.415%Jun 24, 2022Yield to maturity3.200%Jul 5, 2022Yield to maturity2.842%Jul 13, 2022Yield to maturity3.061%Jul 21, 2022Yield to maturity3.038%Jul 29, 2022Yield to maturity2.748%Aug 8, 2022Yield to maturity2.985%Aug 16, 2022Yield to maturity3.026%Aug 24, 2022Yield to maturity3.310%Sep 1, 2022Yield to maturity3.477%Sep 12, 2022Yield to maturity3.542%Sep 20, 2022Yield to maturity3.849%Sep 28, 2022Yield to maturity4.017%Oct 6, 2022Yield to maturity4.152%Oct 17, 2022Yield to maturity4.366%Oct 25, 2022Yield to maturity4.346%Nov 2, 2022Yield to maturity4.416%Nov 10, 2022Yield to maturity4.054%Nov 21, 2022Yield to maturity4.140%Nov 30, 2022Yield to maturity3.970%Dec 8, 2022Yield to maturity3.859%Dec 16, 2022Yield to maturity3.751%Dec 27, 2022Yield to maturity4.064%Jan 5, 2023Yield to maturity4.036%Jan 13, 2023Yield to maturity3.737%Jan 24, 2023Yield to maturity3.705%Feb 1, 2023Yield to maturity3.610%Feb 9, 2023Yield to maturity4.019%Feb 17, 2023Yield to maturity4.191%Feb 28, 2023Yield to maturity4.360%Mar 8, 2023Yield to maturity4.581%Mar 16, 2023Yield to maturity3.918%Mar 24, 2023Yield to maturity3.558%Apr 3, 2023Yield to maturity3.676%Apr 11, 2023Yield to maturity3.699%Apr 19, 2023Yield to maturity3.878%Apr 27, 2023Yield to maturity3.748%May 5, 2023Yield to maturity3.543%May 15, 2023Yield to maturity3.596%May 23, 2023Yield to maturity3.915%Jun 1, 2023Yield to maturity3.884%Jun 9, 2023Yield to maturity4.116%Jun 20, 2023Yield to maturity4.186%Jun 28, 2023Yield to maturity4.205%Jul 7, 2023Yield to maturity4.553%Jul 17, 2023Yield to maturity4.238%Jul 25, 2023Yield to maturity4.425%Aug 2, 2023Yield to maturity4.445%Aug 10, 2023Yield to maturity4.401%Aug 18, 2023Yield to maturity4.555%Aug 28, 2023Yield to maturity4.609%Sep 6, 2023Yield to maturity4.644%Sep 14, 2023Yield to maturity4.622%Sep 22, 2023Yield to maturity4.761%Oct 2, 2023Yield to maturity4.852%Oct 11, 2023Yield to maturity4.721%Oct 19, 2023Yield to maturity4.983%Oct 27, 2023Yield to maturity4.808%Nov 6, 2023Yield to maturity4.683%Nov 14, 2023Yield to maturity4.522%Nov 22, 2023Yield to maturity4.571%Dec 1, 2023Yield to maturity4.263%Dec 11, 2023Yield to maturity4.401%Dec 19, 2023Yield to maturity4.119%Dec 28, 2023Yield to maturity4.013%Jan 8, 2024Yield to maturity4.100%Jan 17, 2024Yield to maturity4.111%Jan 25, 2024Yield to maturity4.108%Feb 2, 2024Yield to maturity4.147%Feb 12, 2024Yield to maturity4.267%Feb 21, 2024Yield to maturity4.441%Feb 29, 2024Yield to maturity4.441%Mar 8, 2024Yield to maturity4.270%Mar 18, 2024Yield to maturity4.560%Mar 26, 2024Yield to maturity4.433%Apr 3, 2024Yield to maturity4.522%Apr 11, 2024Yield to maturity4.810%Apr 19, 2024Yield to maturity4.846%Apr 29, 2024Yield to maturity4.849%May 7, 2024Yield to maturity4.691%May 15, 2024Yield to maturity4.584%May 23, 2024Yield to maturity4.776%Jun 3, 2024Yield to maturity4.693%Jun 11, 2024Yield to maturity4.653%Jun 20, 2024Yield to maturity4.533%Jun 28, 2024Yield to maturity4.597%Jul 9, 2024Yield to maturity4.474%Jul 17, 2024Yield to maturity4.275%Jul 25, 2024Yield to maturity4.344%Aug 2, 2024Yield to maturity3.776%Aug 12, 2024Yield to maturity3.914%Aug 20, 2024Yield to maturity3.880%Aug 28, 2024Yield to maturity3.802%Sep 6, 2024Yield to maturity3.598%Sep 16, 2024Yield to maturity3.487%Sep 24, 2024Yield to maturity3.479%Oct 2, 2024Yield to maturity3.591%Oct 10, 2024Yield to maturity3.935%Oct 21, 2024Yield to maturity3.987%Oct 29, 2024Yield to maturity4.093%Nov 6, 2024Yield to maturity4.249%Nov 15, 2024Yield to maturity4.292%Nov 25, 2024Yield to maturity4.258%Dec 4, 2024Yield to maturity4.128%Dec 12, 2024Yield to maturity4.192%Dec 20, 2024Yield to maturity4.316%Dec 31, 2024Yield to maturity4.254%Jan 9, 2025Yield to maturity4.271%Jan 17, 2025Yield to maturity4.282%Jan 28, 2025Yield to maturity4.210%Feb 5, 2025Yield to maturity4.191%Feb 13, 2025Yield to maturity4.316%Feb 24, 2025Yield to maturity4.182%Mar 4, 2025Yield to maturity3.976%Mar 12, 2025Yield to maturity4.028%Mar 20, 2025Yield to maturity3.986%Mar 28, 2025Yield to maturity3.952%Apr 7, 2025Yield to maturity3.773%Apr 15, 2025Yield to maturity3.904%Apr 23, 2025Yield to maturity3.919%May 1, 2025Yield to maturity3.773%May 9, 2025Yield to maturity3.959%May 19, 2025Yield to maturity4.037%May 28, 2025Yield to maturity4.081%Jun 5, 2025Yield to maturity4.014%Jun 13, 2025Yield to maturity4.042%Jun 24, 2025Yield to maturity3.911%Jul 2, 2025Yield to maturity3.906%Jul 11, 2025Yield to maturity4.005%Jul 21, 2025Yield to maturity3.977%Jul 29, 2025Yield to maturity3.995%Aug 6, 2025Yield to maturity3.823%Aug 14, 2025Yield to maturity3.840%Aug 22, 2025Yield to maturity3.818%Sep 2, 2025Yield to maturity3.815%Sep 10, 2025Yield to maturity3.680%Sep 18, 2025Yield to maturity3.670%Sep 26, 2025Yield to maturity3.748%Oct 6, 2025Yield to maturity3.685%Oct 15, 2025Yield to maturity3.598%Oct 23, 2025Yield to maturity3.586%Oct 31, 2025Yield to maturity3.726%Nov 10, 2025Yield to maturity3.692%Nov 19, 2025Yield to maturity3.711%Nov 28, 2025Yield to maturity3.627%Dec 8, 2025Yield to maturity3.645%Dec 16, 2025Yield to maturity3.538%Dec 24, 2025Yield to maturity3.594%Jan 5, 2026Yield to maturity3.533%Jan 13, 2026Yield to maturity3.551%Jan 22, 2026Yield to maturity3.612%Jan 30, 2026Yield to maturity3.576%Feb 9, 2026Yield to maturity3.560%Feb 18, 2026Yield to maturity3.551%Feb 26, 2026Yield to maturity3.573%Mar 6, 2026Yield to maturity3.612%Mar 16, 2026Yield to maturity3.678%Mar 24, 2026Yield to maturity3.875%Apr 1, 2026Yield to maturity3.735%Apr 9, 2026Yield to maturity3.721%Apr 17, 2026Yield to maturity3.726%Apr 27, 2026Yield to maturity3.711%May 5, 2026Yield to maturity3.746%May 13, 2026Yield to maturity3.731%May 21, 2026Yield to maturity3.821%Jun 1, 2026Yield to maturity3.789%Jun 9, 2026Yield to maturity3.833%Jun 17, 2026Yield to maturity3.941%Jun 26, 2026Yield to maturity3.912%Jul 7, 2026Yield to maturity3.979%Jul 15, 2026Yield to maturity3.895%Jul 23, 2026Yield to maturity4.026%Jul 31, 2026Yield to maturity3.972%Aug 10, 2026Yield to maturity3.958%Aug 18, 2026Yield to maturity3.854%Aug 26, 2026Yield to maturity3.925%Sep 3, 2026Yield to maturity3.906%Sep 14, 2026Yield to maturity4.176%Sep 22, 2026Yield to maturity4.175%Sep 30, 2026Yield to maturity4.173%Oct 8, 2026Yield to maturity4.173%Oct 19, 2026Yield to maturity4.294%Oct 20, 2026Yield to maturity4.173%

Price history

1,202 trading days to Oct 20, 2026

85.087.590.092.595.097.5100.0Dec 31, 2021Oct 20, 2026Dec 31, 2021Close99.938Jan 10, 2022Close98.656Jan 19, 2022Close98.250Jan 27, 2022Close98.063Feb 4, 2022Close97.563Feb 14, 2022Close96.906Feb 23, 2022Close97.000Mar 3, 2022Close97.656Mar 11, 2022Close96.719Mar 21, 2022Close95.000Mar 29, 2022Close94.281Apr 6, 2022Close93.438Apr 14, 2022Close93.188Apr 25, 2022Close92.969May 3, 2022Close92.313May 11, 2022Close92.875May 19, 2022Close93.094May 27, 2022Close93.594Jun 7, 2022Close92.500Jun 15, 2022Close90.969Jun 24, 2022Close91.875Jul 5, 2022Close93.344Jul 13, 2022Close92.500Jul 21, 2022Close92.625Jul 29, 2022Close93.813Aug 8, 2022Close92.906Aug 16, 2022Close92.781Aug 24, 2022Close91.719Sep 1, 2022Close91.125Sep 12, 2022Close90.938Sep 20, 2022Close89.844Sep 28, 2022Close89.281Oct 6, 2022Close88.844Oct 17, 2022Close88.156Oct 25, 2022Close88.281Nov 2, 2022Close88.094Nov 10, 2022Close89.438Nov 21, 2022Close89.188Nov 30, 2022Close89.844Dec 8, 2022Close90.281Dec 16, 2022Close90.719Dec 27, 2022Close89.688Jan 5, 2023Close89.844Jan 13, 2023Close90.938Jan 24, 2023Close91.094Feb 1, 2023Close91.469Feb 9, 2023Close90.125Feb 17, 2023Close89.625Feb 28, 2023Close89.125Mar 8, 2023Close88.469Mar 16, 2023Close90.688Mar 24, 2023Close91.938Apr 3, 2023Close91.594Apr 11, 2023Close91.563Apr 19, 2023Close91.031Apr 27, 2023Close91.500May 5, 2023Close92.219May 15, 2023Close92.094May 23, 2023Close91.125Jun 1, 2023Close91.281Jun 9, 2023Close90.625Jun 20, 2023Close90.469Jun 28, 2023Close90.469Jul 7, 2023Close89.500Jul 17, 2023Close90.500Jul 25, 2023Close90.000Aug 2, 2023Close90.000Aug 10, 2023Close90.188Aug 18, 2023Close89.813Aug 28, 2023Close89.719Sep 6, 2023Close89.688Sep 14, 2023Close89.813Sep 22, 2023Close89.500Oct 2, 2023Close89.313Oct 11, 2023Close89.750Oct 19, 2023Close89.094Oct 27, 2023Close89.656Nov 6, 2023Close90.063Nov 14, 2023Close90.563Nov 22, 2023Close90.500Dec 1, 2023Close91.406Dec 11, 2023Close91.094Dec 19, 2023Close91.906Dec 28, 2023Close92.250Jan 8, 2024Close92.094Jan 17, 2024Close92.125Jan 25, 2024Close92.188Feb 2, 2024Close92.156Feb 12, 2024Close91.906Feb 21, 2024Close91.531Feb 29, 2024Close91.594Mar 8, 2024Close92.094Mar 18, 2024Close91.438Mar 26, 2024Close91.813Apr 3, 2024Close91.656Apr 11, 2024Close91.031Apr 19, 2024Close91.031Apr 29, 2024Close91.094May 7, 2024Close91.531May 15, 2024Close91.844May 23, 2024Close91.469Jun 3, 2024Close91.750Jun 11, 2024Close91.906Jun 20, 2024Close92.250Jun 28, 2024Close92.188Jul 9, 2024Close92.531Jul 17, 2024Close93.031Jul 25, 2024Close92.938Aug 2, 2024Close94.250Aug 12, 2024Close94.000Aug 20, 2024Close94.125Aug 28, 2024Close94.344Sep 6, 2024Close94.844Sep 16, 2024Close95.125Sep 24, 2024Close95.188Oct 2, 2024Close95.000Oct 10, 2024Close94.344Oct 21, 2024Close94.313Oct 29, 2024Close94.156Nov 6, 2024Close93.906Nov 15, 2024Close93.906Nov 25, 2024Close94.031Dec 4, 2024Close94.344Dec 12, 2024Close94.281Dec 20, 2024Close94.125Dec 31, 2024Close94.313Jan 9, 2025Close94.344Jan 17, 2025Close94.406Jan 28, 2025Close94.594Feb 5, 2025Close94.688Feb 13, 2025Close94.531Feb 24, 2025Close94.844Mar 4, 2025Close95.250Mar 12, 2025Close95.219Mar 20, 2025Close95.344Mar 28, 2025Close95.469Apr 7, 2025Close95.813Apr 15, 2025Close95.656Apr 23, 2025Close95.688May 1, 2025Close95.969May 9, 2025Close95.750May 19, 2025Close95.688May 28, 2025Close95.688Jun 5, 2025Close95.844Jun 13, 2025Close95.875Jun 24, 2025Close96.125Jul 2, 2025Close96.188Jul 11, 2025Close96.125Jul 21, 2025Close96.219Jul 29, 2025Close96.250Aug 6, 2025Close96.531Aug 14, 2025Close96.563Aug 22, 2025Close96.656Sep 2, 2025Close96.719Sep 10, 2025Close96.938Sep 18, 2025Close97.000Sep 26, 2025Close96.969Oct 6, 2025Close97.094Oct 15, 2025Close97.250Oct 23, 2025Close97.313Oct 31, 2025Close97.219Nov 10, 2025Close97.313Nov 19, 2025Close97.344Nov 28, 2025Close97.500Dec 8, 2025Close97.531Dec 16, 2025Close97.688Dec 24, 2025Close97.688Jan 5, 2026Close97.813Jan 13, 2026Close97.844Jan 22, 2026Close97.844Jan 30, 2026Close97.938Feb 9, 2026Close98.000Feb 18, 2026Close98.063Feb 26, 2026Close98.094Mar 6, 2026Close98.125Mar 16, 2026Close98.125Mar 24, 2026Close98.031Apr 1, 2026Close98.188Apr 9, 2026Close98.250Apr 17, 2026Close98.313Apr 27, 2026Close98.375May 5, 2026Close98.406May 13, 2026Close98.469May 21, 2026Close98.469Jun 1, 2026Close98.563Jun 9, 2026Close98.594Jun 17, 2026Close98.594Jun 26, 2026Close98.688Jul 7, 2026Close98.719Jul 15, 2026Close98.813Jul 23, 2026Close98.813Jul 31, 2026Close98.906Aug 10, 2026Close98.969Aug 18, 2026Close99.063Aug 26, 2026Close99.094Sep 3, 2026Close99.156Sep 14, 2026Close99.156Sep 22, 2026Close99.219Sep 30, 2026Close99.281Oct 8, 2026Close99.344Oct 19, 2026Close99.406Oct 20, 2026Close99.438
The most recent 20 trading days of prices for 91282CDQ1.
DateBidOfferClose
Oct 20, 2026–99.43899.438
Oct 19, 2026–99.40699.406
Oct 16, 2026–99.40699.406
Oct 15, 2026–99.37599.375
Oct 14, 2026–99.37599.375
Oct 13, 2026–99.37599.375
Oct 9, 2026–99.37599.375
Oct 8, 2026–99.34499.344
Oct 7, 2026–99.34499.344
Oct 6, 2026–99.31399.313
Oct 5, 2026–99.31399.313
Oct 2, 2026–99.31399.313
Oct 1, 2026–99.28199.281
Sep 30, 2026–99.28199.281
Sep 29, 2026–99.25099.250
Sep 28, 2026–99.25099.250
Sep 25, 2026–99.25099.250
Sep 24, 2026–99.21999.156
Sep 23, 2026–99.21999.188
Sep 22, 2026–99.21999.219

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.

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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.