Treasury note

91282CDY4 · 1.875% due February 15, 2032

Original term
10-Year
Maturity
Feb 15, 2032
Coupon
1.875%
Pays
Semi-Annual
Dated
Feb 15, 2022
First coupon
Aug 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$140.51bn
Held stripped
$13.3m
Share stripped
<0.01%

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
4.789%
Modified duration
5.033 yr
DV01
0.0435
Convexity
28.649
Dirty price
86.356

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 7 of twelve buckets, summing to 5.156 years against a modified duration of 5.033.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 7.35 cents per 100 of face.

That is 0.30 standard deviations from its own typical residual.

Yield to maturity, 1,144 observations

1.50%2.00%2.50%3.00%3.50%4.00%4.50%5.00%Feb 15, 2022Sep 10, 2026Feb 15, 2022Yield to maturity2.049%Mar 24, 2022Yield to maturity2.344%May 2, 2022Yield to maturity2.990%Jun 8, 2022Yield to maturity3.037%Jul 18, 2022Yield to maturity2.957%Aug 23, 2022Yield to maturity3.056%Sep 29, 2022Yield to maturity3.782%Nov 7, 2022Yield to maturity4.221%Dec 15, 2022Yield to maturity3.449%Jan 25, 2023Yield to maturity3.436%Mar 3, 2023Yield to maturity3.980%Apr 10, 2023Yield to maturity3.417%May 16, 2023Yield to maturity3.522%Jun 23, 2023Yield to maturity3.767%Aug 1, 2023Yield to maturity4.064%Sep 7, 2023Yield to maturity4.294%Oct 16, 2023Yield to maturity4.725%Nov 21, 2023Yield to maturity4.441%Dec 29, 2023Yield to maturity3.903%Feb 7, 2024Yield to maturity4.108%Mar 15, 2024Yield to maturity4.322%Apr 22, 2024Yield to maturity4.638%May 29, 2024Yield to maturity4.633%Jul 8, 2024Yield to maturity4.253%Aug 13, 2024Yield to maturity3.785%Sep 19, 2024Yield to maturity3.642%Oct 28, 2024Yield to maturity4.219%Dec 5, 2024Yield to maturity4.146%Jan 14, 2025Yield to maturity4.709%Feb 21, 2025Yield to maturity4.361%Mar 31, 2025Yield to maturity4.100%May 6, 2025Yield to maturity4.108%Jun 12, 2025Yield to maturity4.146%Jul 22, 2025Yield to maturity4.070%Aug 27, 2025Yield to maturity3.911%Oct 3, 2025Yield to maturity3.859%Nov 12, 2025Yield to maturity3.805%Dec 19, 2025Yield to maturity3.843%Jan 29, 2026Yield to maturity3.944%Mar 9, 2026Yield to maturity3.827%Apr 14, 2026Yield to maturity3.981%May 20, 2026Yield to maturity4.314%Jun 29, 2026Yield to maturity4.190%Aug 5, 2026Yield to maturity4.390%Sep 10, 2026Yield to maturity4.789%

Price history

1,144 trading days to Sep 10, 2026

7580859095100105Feb 15, 2022Sep 10, 2026Feb 15, 2022Close98.438Mar 24, 2022Close95.875May 2, 2022Close90.594Jun 8, 2022Close90.313Jul 18, 2022Close91.031Aug 23, 2022Close90.344Sep 29, 2022Close85.063Nov 7, 2022Close82.156Dec 15, 2022Close87.719Jan 25, 2023Close87.938Mar 3, 2023Close84.281Apr 10, 2023Close88.313May 16, 2023Close87.688Jun 23, 2023Close86.156Aug 1, 2023Close84.344Sep 7, 2023Close83.031Oct 16, 2023Close80.563Nov 21, 2023Close82.469Dec 29, 2023Close86.000Feb 7, 2024Close84.875Mar 15, 2024Close83.750Apr 22, 2024Close82.063May 29, 2024Close82.281Jul 8, 2024Close84.688Aug 13, 2024Close87.625Sep 19, 2024Close88.625Oct 28, 2024Close85.406Dec 5, 2024Close86.000Jan 14, 2025Close83.094Feb 21, 2025Close85.188Mar 31, 2025Close86.781May 6, 2025Close86.906Jun 12, 2025Close86.875Jul 22, 2025Close87.469Aug 27, 2025Close88.469Oct 3, 2025Close88.906Nov 12, 2025Close89.344Dec 19, 2025Close89.313Jan 29, 2026Close88.969Mar 9, 2026Close89.719Apr 14, 2026Close89.125May 20, 2026Close87.719Jun 29, 2026Close88.500Aug 5, 2026Close87.781Sep 10, 2026Close86.219
The most recent 20 trading days of prices for 91282CDY4.
DateBidOfferClose
Sep 10, 202686.35986.34486.219
Sep 9, 202686.78186.75086.781
Sep 8, 202687.01687.00086.969
Sep 4, 202687.10987.09487.031
Sep 3, 202687.26687.25087.156
Sep 2, 202687.00086.96987.000
Sep 1, 202687.12587.09486.969
Aug 31, 202687.21987.18887.219
Aug 28, 202687.40687.37587.250
Aug 27, 202687.75087.71987.656
Aug 26, 202687.73487.71987.688
Aug 25, 202687.81387.78187.844
Aug 24, 202687.64187.62587.531
Aug 21, 202687.45387.43887.438
Aug 20, 202687.62587.59487.625
Aug 19, 202687.75087.71987.781
Aug 18, 202687.65687.62587.656
Aug 17, 202687.68887.65687.594
Aug 14, 202687.76687.75087.688
Aug 13, 202687.87587.84487.875

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.

3 auctions

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 91282CDY4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 9, 2022Feb 15, 2022New issue$37.0bn$59.4bn2.68x1.904%
Mar 9, 2022Mar 15, 2022Reopening$34.0bn$39.7bn2.47x1.920%
Apr 12, 2022Apr 18, 2022Reopening$34.0bn$42.1bn2.43x2.720%

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.