Treasury note

91282CEC1 · 1.875% due February 28, 2027

Original term
5-Year
Maturity
Feb 28, 2027
Coupon
1.875%
Pays
Semi-Annual
Dated
Feb 28, 2022
First coupon
Aug 31, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$55.61bn
Held stripped
$26.9m
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
4.043%
Modified duration
0.461 yr
DV01
0.0046
Convexity
0.425
Dirty price
99.057

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 0.466 years against a modified duration of 0.461.

Against the fitted curve

Priced 4.1 bp rich to the curve on that day, 1.86 cents per 100 of face.

That is -1.45 standard deviations from its own typical residual.

Yield to maturity, 1,136 observations

1%2%3%4%5%6%Feb 28, 2022Sep 10, 2026Feb 28, 2022Yield to maturity1.711%Apr 5, 2022Yield to maturity2.697%May 12, 2022Yield to maturity2.806%Jun 21, 2022Yield to maturity3.400%Jul 28, 2022Yield to maturity2.705%Sep 2, 2022Yield to maturity3.350%Oct 12, 2022Yield to maturity4.184%Nov 18, 2022Yield to maturity4.086%Dec 28, 2022Yield to maturity4.071%Feb 6, 2023Yield to maturity3.943%Mar 15, 2023Yield to maturity3.743%Apr 20, 2023Yield to maturity3.780%May 26, 2023Yield to maturity4.134%Jul 6, 2023Yield to maturity4.590%Aug 11, 2023Yield to maturity4.484%Sep 19, 2023Yield to maturity4.726%Oct 26, 2023Yield to maturity4.875%Dec 4, 2023Yield to maturity4.374%Jan 11, 2024Yield to maturity4.029%Feb 20, 2024Yield to maturity4.396%Mar 27, 2024Yield to maturity4.394%May 2, 2024Yield to maturity4.753%Jun 10, 2024Yield to maturity4.708%Jul 18, 2024Yield to maturity4.311%Aug 23, 2024Yield to maturity3.795%Oct 1, 2024Yield to maturity3.566%Nov 7, 2024Yield to maturity4.197%Dec 17, 2024Yield to maturity4.250%Jan 27, 2025Yield to maturity4.214%Mar 5, 2025Yield to maturity4.009%Apr 10, 2025Yield to maturity3.868%May 16, 2025Yield to maturity4.020%Jun 25, 2025Yield to maturity3.852%Aug 1, 2025Yield to maturity3.774%Sep 9, 2025Yield to maturity3.634%Oct 16, 2025Yield to maturity3.499%Nov 24, 2025Yield to maturity3.584%Jan 2, 2026Yield to maturity3.525%Feb 10, 2026Yield to maturity3.499%Mar 19, 2026Yield to maturity3.810%Apr 24, 2026Yield to maturity3.736%Jun 2, 2026Yield to maturity3.856%Jul 10, 2026Yield to maturity4.043%Aug 17, 2026Yield to maturity3.899%Sep 10, 2026Yield to maturity4.043%

Price history

1,136 trading days to Sep 10, 2026

87.590.092.595.097.5100.0102.5Feb 28, 2022Sep 10, 2026Feb 28, 2022Close100.781Apr 5, 2022Close96.250May 12, 2022Close95.844Jun 21, 2022Close93.438Jul 28, 2022Close96.438Sep 2, 2022Close93.906Oct 12, 2022Close90.844Nov 18, 2022Close91.406Dec 28, 2022Close91.656Feb 6, 2023Close92.313Mar 15, 2023Close93.188Apr 20, 2023Close93.219May 26, 2023Close92.219Jul 6, 2023Close90.969Aug 11, 2023Close91.531Sep 19, 2023Close91.031Oct 26, 2023Close90.844Dec 4, 2023Close92.531Jan 11, 2024Close93.719Feb 20, 2024Close92.938Mar 27, 2024Close93.156May 2, 2024Close92.469Jun 10, 2024Close92.844Jul 18, 2024Close94.031Aug 23, 2024Close95.438Oct 1, 2024Close96.125Nov 7, 2024Close94.938Dec 17, 2024Close95.063Jan 27, 2025Close95.375Mar 5, 2025Close95.969Apr 10, 2025Close96.406May 16, 2025Close96.344Jun 25, 2025Close96.813Aug 1, 2025Close97.125Sep 9, 2025Close97.500Oct 16, 2025Close97.844Nov 24, 2025Close97.906Jan 2, 2026Close98.156Feb 10, 2026Close98.344Mar 19, 2026Close98.219Apr 24, 2026Close98.469Jun 2, 2026Close98.563Jul 10, 2026Close98.656Aug 17, 2026Close98.938Sep 10, 2026Close99.000
The most recent 20 trading days of prices for 91282CEC1.
DateBidOfferClose
Sep 10, 2026–99.00099.000
Sep 9, 2026–99.03199.031
Sep 8, 2026–99.03199.031
Sep 4, 2026–99.00099.000
Sep 3, 2026–99.00099.000
Sep 2, 2026–98.96998.969
Sep 1, 2026–98.96998.969
Aug 31, 202698.98498.96998.969
Aug 28, 202698.98498.96998.969
Aug 27, 202698.98498.96998.969
Aug 26, 202698.98498.96998.969
Aug 25, 202698.98498.96998.969
Aug 24, 202698.96998.96998.969
Aug 21, 202698.98498.96998.969
Aug 20, 202698.95398.93898.938
Aug 19, 202698.95398.93898.938
Aug 18, 202698.95398.93898.938
Aug 17, 202698.93898.93898.938
Aug 14, 202698.92298.90698.906
Aug 13, 202698.92298.90698.906

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 91282CEC1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 23, 2022Feb 28, 2022New issue$53.0bn$62.1bn2.49x1.880%

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.