Treasury note

91282CEF4 · 2.5% due March 31, 2027

Original term
5-Year
Maturity
Mar 31, 2027
Coupon
2.500%
Pays
Semi-Annual
Dated
Mar 31, 2022
First coupon
Sep 30, 2022
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$60.04bn
Held stripped
$16.6m
Share stripped
0.03%

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, November 9, 2026

Yield to maturity
4.210%
Modified duration
0.381 yr
DV01
0.0038
Convexity
0.00291
Dirty price
99.625

Where its rate sensitivity sits

0.18
0.21
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 0.386 years against a modified duration of 0.381.

Against the fitted curve

Priced 3.7 bp rich to the curve on that day, 1.41 cents per 100 of face.

That is -0.18 standard deviations from its own typical residual.

Yield to maturity, 1,152 observations

2.0%2.5%3.0%3.5%4.0%4.5%5.0%Mar 31, 2022Nov 9, 2026Mar 31, 2022Yield to maturity2.420%Apr 7, 2022Yield to maturity2.702%Apr 14, 2022Yield to maturity2.785%Apr 22, 2022Yield to maturity2.938%Apr 29, 2022Yield to maturity2.933%May 6, 2022Yield to maturity3.068%May 13, 2022Yield to maturity2.887%May 20, 2022Yield to maturity2.798%May 27, 2022Yield to maturity2.729%Jun 6, 2022Yield to maturity3.041%Jun 13, 2022Yield to maturity3.572%Jun 21, 2022Yield to maturity3.393%Jun 28, 2022Yield to maturity3.264%Jul 6, 2022Yield to maturity2.970%Jul 13, 2022Yield to maturity3.037%Jul 20, 2022Yield to maturity3.200%Jul 27, 2022Yield to maturity2.844%Aug 3, 2022Yield to maturity2.890%Aug 10, 2022Yield to maturity2.957%Aug 17, 2022Yield to maturity3.077%Aug 24, 2022Yield to maturity3.267%Aug 31, 2022Yield to maturity3.353%Sep 8, 2022Yield to maturity3.448%Sep 15, 2022Yield to maturity3.723%Sep 22, 2022Yield to maturity3.995%Sep 29, 2022Yield to maturity4.049%Oct 6, 2022Yield to maturity4.119%Oct 14, 2022Yield to maturity4.347%Oct 21, 2022Yield to maturity4.404%Oct 28, 2022Yield to maturity4.264%Nov 4, 2022Yield to maturity4.411%Nov 14, 2022Yield to maturity4.074%Nov 21, 2022Yield to maturity4.105%Nov 29, 2022Yield to maturity4.047%Dec 6, 2022Yield to maturity3.848%Dec 13, 2022Yield to maturity3.763%Dec 20, 2022Yield to maturity3.876%Dec 28, 2022Yield to maturity4.058%Jan 5, 2023Yield to maturity4.006%Jan 12, 2023Yield to maturity3.629%Jan 20, 2023Yield to maturity3.653%Jan 27, 2023Yield to maturity3.733%Feb 3, 2023Yield to maturity3.781%Feb 10, 2023Yield to maturity4.034%Feb 17, 2023Yield to maturity4.163%Feb 27, 2023Yield to maturity4.320%Mar 6, 2023Yield to maturity4.434%Mar 13, 2023Yield to maturity3.811%Mar 20, 2023Yield to maturity3.722%Mar 27, 2023Yield to maturity3.736%Apr 3, 2023Yield to maturity3.646%Apr 10, 2023Yield to maturity3.651%Apr 17, 2023Yield to maturity3.815%Apr 24, 2023Yield to maturity3.732%May 1, 2023Yield to maturity3.747%May 8, 2023Yield to maturity3.601%May 15, 2023Yield to maturity3.562%May 22, 2023Yield to maturity3.882%May 30, 2023Yield to maturity3.990%Jun 6, 2023Yield to maturity4.015%Jun 13, 2023Yield to maturity4.190%Jun 21, 2023Yield to maturity4.152%Jun 28, 2023Yield to maturity4.179%Jul 6, 2023Yield to maturity4.560%Jul 13, 2023Yield to maturity4.102%Jul 20, 2023Yield to maturity4.282%Jul 27, 2023Yield to maturity4.445%Aug 3, 2023Yield to maturity4.455%Aug 10, 2023Yield to maturity4.367%Aug 17, 2023Yield to maturity4.554%Aug 24, 2023Yield to maturity4.564%Aug 31, 2023Yield to maturity4.426%Sep 8, 2023Yield to maturity4.570%Sep 15, 2023Yield to maturity4.622%Sep 22, 2023Yield to maturity4.724%Sep 29, 2023Yield to maturity4.736%Oct 6, 2023Yield to maturity4.832%Oct 16, 2023Yield to maturity4.813%Oct 23, 2023Yield to maturity4.857%Oct 30, 2023Yield to maturity4.838%Nov 6, 2023Yield to maturity4.672%Nov 13, 2023Yield to maturity4.757%Nov 20, 2023Yield to maturity4.558%Nov 28, 2023Yield to maturity4.433%Dec 5, 2023Yield to maturity4.275%Dec 12, 2023Yield to maturity4.380%Dec 19, 2023Yield to maturity4.093%Dec 27, 2023Yield to maturity3.933%Jan 4, 2024Yield to maturity4.092%Jan 11, 2024Yield to maturity4.004%Jan 19, 2024Yield to maturity4.158%Jan 26, 2024Yield to maturity4.146%Feb 2, 2024Yield to maturity4.122%Feb 9, 2024Yield to maturity4.265%Feb 16, 2024Yield to maturity4.423%Feb 26, 2024Yield to maturity4.468%Mar 4, 2024Yield to maturity4.378%Mar 11, 2024Yield to maturity4.276%Mar 18, 2024Yield to maturity4.528%Mar 25, 2024Yield to maturity4.390%Apr 2, 2024Yield to maturity4.508%Apr 9, 2024Yield to maturity4.556%Apr 16, 2024Yield to maturity4.830%Apr 23, 2024Yield to maturity4.761%Apr 30, 2024Yield to maturity4.883%May 7, 2024Yield to maturity4.644%May 14, 2024Yield to maturity4.633%May 21, 2024Yield to maturity4.623%May 29, 2024Yield to maturity4.811%Jun 5, 2024Yield to maturity4.529%Jun 12, 2024Yield to maturity4.542%Jun 20, 2024Yield to maturity4.483%Jun 27, 2024Yield to maturity4.521%Jul 5, 2024Yield to maturity4.414%Jul 12, 2024Yield to maturity4.249%Jul 19, 2024Yield to maturity4.313%Jul 26, 2024Yield to maturity4.222%Aug 2, 2024Yield to maturity3.735%Aug 9, 2024Yield to maturity3.923%Aug 16, 2024Yield to maturity3.908%Aug 23, 2024Yield to maturity3.761%Aug 30, 2024Yield to maturity3.811%Sep 9, 2024Yield to maturity3.558%Sep 16, 2024Yield to maturity3.460%Sep 23, 2024Yield to maturity3.507%Sep 30, 2024Yield to maturity3.595%Oct 7, 2024Yield to maturity3.929%Oct 15, 2024Yield to maturity3.873%Oct 22, 2024Yield to maturity3.980%Oct 29, 2024Yield to maturity4.089%Nov 5, 2024Yield to maturity4.158%Nov 13, 2024Yield to maturity4.259%Nov 20, 2024Yield to maturity4.287%Nov 27, 2024Yield to maturity4.201%Dec 5, 2024Yield to maturity4.127%Dec 12, 2024Yield to maturity4.170%Dec 19, 2024Yield to maturity4.333%Dec 27, 2024Yield to maturity4.339%Jan 6, 2025Yield to maturity4.281%Jan 13, 2025Yield to maturity4.419%Jan 21, 2025Yield to maturity4.283%Jan 28, 2025Yield to maturity4.205%Feb 4, 2025Yield to maturity4.220%Feb 11, 2025Yield to maturity4.283%Feb 19, 2025Yield to maturity4.269%Feb 26, 2025Yield to maturity4.059%Mar 5, 2025Yield to maturity3.993%Mar 12, 2025Yield to maturity3.990%Mar 19, 2025Yield to maturity3.971%Mar 26, 2025Yield to maturity4.019%Apr 2, 2025Yield to maturity3.916%Apr 9, 2025Yield to maturity3.929%Apr 16, 2025Yield to maturity3.772%Apr 24, 2025Yield to maturity3.803%May 1, 2025Yield to maturity3.729%May 8, 2025Yield to maturity3.916%May 15, 2025Yield to maturity3.984%May 22, 2025Yield to maturity4.016%May 30, 2025Yield to maturity3.947%Jun 6, 2025Yield to maturity4.073%Jun 13, 2025Yield to maturity3.978%Jun 23, 2025Yield to maturity3.864%Jun 30, 2025Yield to maturity3.784%Jul 8, 2025Yield to maturity3.953%Jul 15, 2025Yield to maturity3.989%Jul 22, 2025Yield to maturity3.888%Jul 29, 2025Yield to maturity3.923%Aug 5, 2025Yield to maturity3.780%Aug 12, 2025Yield to maturity3.774%Aug 19, 2025Yield to maturity3.810%Aug 26, 2025Yield to maturity3.743%Sep 3, 2025Yield to maturity3.697%Sep 10, 2025Yield to maturity3.606%Sep 17, 2025Yield to maturity3.599%Sep 24, 2025Yield to maturity3.656%Oct 1, 2025Yield to maturity3.605%Oct 8, 2025Yield to maturity3.641%Oct 16, 2025Yield to maturity3.478%Oct 23, 2025Yield to maturity3.536%Oct 30, 2025Yield to maturity3.665%Nov 6, 2025Yield to maturity3.634%Nov 14, 2025Yield to maturity3.680%Nov 21, 2025Yield to maturity3.575%Dec 1, 2025Yield to maturity3.617%Dec 8, 2025Yield to maturity3.633%Dec 15, 2025Yield to maturity3.549%Dec 22, 2025Yield to maturity3.539%Dec 30, 2025Yield to maturity3.505%Jan 7, 2026Yield to maturity3.523%Jan 14, 2026Yield to maturity3.539%Jan 22, 2026Yield to maturity3.613%Jan 29, 2026Yield to maturity3.575%Feb 5, 2026Yield to maturity3.508%Feb 12, 2026Yield to maturity3.526%Feb 20, 2026Yield to maturity3.551%Feb 27, 2026Yield to maturity3.510%Mar 6, 2026Yield to maturity3.590%Mar 13, 2026Yield to maturity3.672%Mar 20, 2026Yield to maturity3.885%Mar 27, 2026Yield to maturity3.847%Apr 3, 2026Yield to maturity3.806%Apr 10, 2026Yield to maturity3.764%Apr 17, 2026Yield to maturity3.687%Apr 24, 2026Yield to maturity3.711%May 1, 2026Yield to maturity3.771%May 8, 2026Yield to maturity3.762%May 15, 2026Yield to maturity3.826%May 22, 2026Yield to maturity3.898%Jun 1, 2026Yield to maturity3.852%Jun 8, 2026Yield to maturity3.923%Jun 15, 2026Yield to maturity3.875%Jun 23, 2026Yield to maturity3.998%Jun 30, 2026Yield to maturity3.993%Jul 8, 2026Yield to maturity4.038%Jul 15, 2026Yield to maturity3.943%Jul 22, 2026Yield to maturity4.076%Jul 29, 2026Yield to maturity4.025%Aug 5, 2026Yield to maturity3.971%Aug 12, 2026Yield to maturity3.964%Aug 19, 2026Yield to maturity3.905%Aug 26, 2026Yield to maturity3.951%Sep 2, 2026Yield to maturity4.055%Sep 10, 2026Yield to maturity4.059%Sep 17, 2026Yield to maturity4.237%Sep 24, 2026Yield to maturity4.302%Oct 1, 2026Yield to maturity4.241%Oct 8, 2026Yield to maturity4.309%Oct 16, 2026Yield to maturity4.344%Oct 23, 2026Yield to maturity4.274%Oct 30, 2026Yield to maturity4.199%Nov 6, 2026Yield to maturity4.198%Nov 9, 2026Yield to maturity4.210%

Price history

1,152 trading days to Nov 9, 2026

9092949698100102Mar 31, 2022Nov 9, 2026Mar 31, 2022Close100.375Apr 7, 2022Close99.063Apr 14, 2022Close98.688Apr 22, 2022Close98.000Apr 29, 2022Close98.031May 6, 2022Close97.438May 13, 2022Close98.250May 20, 2022Close98.656May 27, 2022Close98.969Jun 6, 2022Close97.594Jun 13, 2022Close95.313Jun 21, 2022Close96.094Jun 28, 2022Close96.656Jul 6, 2022Close97.938Jul 13, 2022Close97.656Jul 20, 2022Close96.969Jul 27, 2022Close98.500Aug 3, 2022Close98.313Aug 10, 2022Close98.031Aug 17, 2022Close97.531Aug 24, 2022Close96.750Aug 31, 2022Close96.406Sep 8, 2022Close96.031Sep 15, 2022Close94.938Sep 22, 2022Close93.875Sep 29, 2022Close93.688Oct 6, 2022Close93.438Oct 14, 2022Close92.594Oct 21, 2022Close92.406Oct 28, 2022Close92.969Nov 4, 2022Close92.438Nov 14, 2022Close93.750Nov 21, 2022Close93.656Nov 29, 2022Close93.906Dec 6, 2022Close94.688Dec 13, 2022Close95.031Dec 20, 2022Close94.625Dec 28, 2022Close93.969Jan 5, 2023Close94.188Jan 12, 2023Close95.625Jan 20, 2023Close95.563Jan 27, 2023Close95.281Feb 3, 2023Close95.125Feb 10, 2023Close94.219Feb 17, 2023Close93.781Feb 27, 2023Close93.250Mar 6, 2023Close92.875Mar 13, 2023Close95.125Mar 20, 2023Close95.469Mar 27, 2023Close95.438Apr 3, 2023Close95.781Apr 10, 2023Close95.781Apr 17, 2023Close95.219Apr 24, 2023Close95.531May 1, 2023Close95.500May 8, 2023Close96.031May 15, 2023Close96.188May 22, 2023Close95.094May 30, 2023Close94.750Jun 6, 2023Close94.688Jun 13, 2023Close94.125Jun 21, 2023Close94.281Jun 28, 2023Close94.219Jul 6, 2023Close93.000Jul 13, 2023Close94.531Jul 20, 2023Close93.969Jul 27, 2023Close93.469Aug 3, 2023Close93.469Aug 10, 2023Close93.781Aug 17, 2023Close93.219Aug 24, 2023Close93.219Aug 31, 2023Close93.688Sep 8, 2023Close93.281Sep 15, 2023Close93.156Sep 22, 2023Close92.875Sep 29, 2023Close92.875Oct 6, 2023Close92.625Oct 16, 2023Close92.719Oct 23, 2023Close92.625Oct 30, 2023Close92.719Nov 6, 2023Close93.250Nov 13, 2023Close93.031Nov 20, 2023Close93.656Nov 28, 2023Close94.063Dec 5, 2023Close94.563Dec 12, 2023Close94.281Dec 19, 2023Close95.156Dec 27, 2023Close95.656Jan 4, 2024Close95.219Jan 11, 2024Close95.500Jan 19, 2024Close95.094Jan 26, 2024Close95.156Feb 2, 2024Close95.250Feb 9, 2024Close94.875Feb 16, 2024Close94.469Feb 26, 2024Close94.375Mar 4, 2024Close94.656Mar 11, 2024Close94.969Mar 18, 2024Close94.313Mar 25, 2024Close94.719Apr 2, 2024Close94.438Apr 9, 2024Close94.344Apr 16, 2024Close93.656Apr 23, 2024Close93.875Apr 30, 2024Close93.594May 7, 2024Close94.250May 14, 2024Close94.313May 21, 2024Close94.375May 29, 2024Close93.938Jun 5, 2024Close94.688Jun 12, 2024Close94.688Jun 20, 2024Close94.875Jun 27, 2024Close94.813Jul 5, 2024Close95.125Jul 12, 2024Close95.563Jul 19, 2024Close95.438Jul 26, 2024Close95.688Aug 2, 2024Close96.906Aug 9, 2024Close96.469Aug 16, 2024Close96.531Aug 23, 2024Close96.906Aug 30, 2024Close96.813Sep 9, 2024Close97.438Sep 16, 2024Close97.688Sep 23, 2024Close97.594Sep 30, 2024Close97.406Oct 7, 2024Close96.656Oct 15, 2024Close96.813Oct 22, 2024Close96.594Oct 29, 2024Close96.375Nov 5, 2024Close96.250Nov 13, 2024Close96.063Nov 20, 2024Close96.031Nov 27, 2024Close96.250Dec 5, 2024Close96.438Dec 12, 2024Close96.375Dec 19, 2024Close96.063Dec 27, 2024Close96.094Jan 6, 2025Close96.250Jan 13, 2025Close96.000Jan 21, 2025Close96.313Jan 28, 2025Close96.500Feb 4, 2025Close96.500Feb 11, 2025Close96.406Feb 19, 2025Close96.469Feb 26, 2025Close96.906Mar 5, 2025Close97.063Mar 12, 2025Close97.094Mar 19, 2025Close97.156Mar 26, 2025Close97.094Apr 2, 2025Close97.313Apr 9, 2025Close97.313Apr 16, 2025Close97.625Apr 24, 2025Close97.594May 1, 2025Close97.750May 8, 2025Close97.438May 15, 2025Close97.344May 22, 2025Close97.313May 30, 2025Close97.469Jun 6, 2025Close97.281Jun 13, 2025Close97.469Jun 23, 2025Close97.688Jun 30, 2025Close97.844Jul 8, 2025Close97.594Jul 15, 2025Close97.563Jul 22, 2025Close97.750Jul 29, 2025Close97.719Aug 5, 2025Close97.969Aug 12, 2025Close98.000Aug 19, 2025Close97.969Aug 26, 2025Close98.094Sep 3, 2025Close98.188Sep 10, 2025Close98.344Sep 17, 2025Close98.375Sep 24, 2025Close98.313Oct 1, 2025Close98.406Oct 8, 2025Close98.375Oct 16, 2025Close98.625Oct 23, 2025Close98.563Oct 30, 2025Close98.406Nov 6, 2025Close98.469Nov 14, 2025Close98.438Nov 21, 2025Close98.594Dec 1, 2025Close98.563Dec 8, 2025Close98.563Dec 15, 2025Close98.688Dec 22, 2025Close98.719Dec 30, 2025Close98.781Jan 7, 2026Close98.781Jan 14, 2026Close98.781Jan 22, 2026Close98.719Jan 29, 2026Close98.781Feb 5, 2026Close98.875Feb 12, 2026Close98.875Feb 20, 2026Close98.875Feb 27, 2026Close98.938Mar 6, 2026Close98.875Mar 13, 2026Close98.813Mar 20, 2026Close98.625Mar 27, 2026Close98.688Apr 3, 2026Close98.750Apr 10, 2026Close98.813Apr 17, 2026Close98.906Apr 24, 2026Close98.906May 1, 2026Close98.875May 8, 2026Close98.906May 15, 2026Close98.875May 22, 2026Close98.844Jun 1, 2026Close98.906Jun 8, 2026Close98.875Jun 15, 2026Close98.938Jun 23, 2026Close98.875Jun 30, 2026Close98.906Jul 8, 2026Close98.906Jul 15, 2026Close99.000Jul 22, 2026Close98.938Jul 29, 2026Close99.000Aug 5, 2026Close99.063Aug 12, 2026Close99.094Aug 19, 2026Close99.156Aug 26, 2026Close99.156Sep 2, 2026Close99.125Sep 10, 2026Close99.156Sep 17, 2026Close99.094Sep 24, 2026Close99.094Oct 1, 2026Close99.156Oct 8, 2026Close99.156Oct 16, 2026Close99.188Oct 23, 2026Close99.250Oct 30, 2026Close99.313Nov 6, 2026Close99.344Nov 9, 2026Close99.344
The most recent 20 trading days of prices for 91282CEF4.
DateBidOfferClose
Nov 9, 202699.344–99.344
Nov 6, 202699.344–99.344
Nov 5, 202699.313–99.344
Nov 4, 202699.313–99.313
Nov 3, 202699.313–99.313
Nov 2, 202699.313–99.313
Oct 30, 202699.313–99.313
Oct 29, 202699.281–99.281
Oct 28, 202699.250–99.281
Oct 27, 202699.250–99.250
Oct 26, 202699.250–99.250
Oct 23, 202699.250–99.250
Oct 22, 202699.250–99.250
Oct 21, 202699.219–99.219
Oct 20, 202699.219–99.219
Oct 19, 202699.219–99.219
Oct 16, 202699.219–99.188
Oct 15, 202699.188–99.188
Oct 14, 202699.156–99.156
Oct 13, 202699.188–99.188

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 91282CEF4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 28, 2022Mar 31, 2022New issue$51.0bn$60.5bn2.53x2.543%

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.