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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$60.04bn
Held stripped
$15.1m
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, September 10, 2026

Yield to maturity
4.059%
Modified duration
0.535 yr
DV01
0.0054
Convexity
0.551
Dirty price
100.276

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 3 of twelve buckets, summing to 0.544 years against a modified duration of 0.535.

Against the fitted curve

Priced 9.4 bp rich to the curve on that day, 5.03 cents per 100 of face.

That is -3.23 standard deviations from its own typical residual.

Yield to maturity, 1,113 observations

2.00%2.50%3.00%3.50%4.00%4.50%5.00%Mar 31, 2022Sep 10, 2026Mar 31, 2022Yield to maturity2.420%May 9, 2022Yield to maturity2.956%Jun 15, 2022Yield to maturity3.390%Jul 25, 2022Yield to maturity2.902%Aug 30, 2022Yield to maturity3.337%Oct 6, 2022Yield to maturity4.119%Nov 15, 2022Yield to maturity4.001%Dec 22, 2022Yield to maturity3.886%Feb 1, 2023Yield to maturity3.585%Mar 10, 2023Yield to maturity4.141%Apr 17, 2023Yield to maturity3.815%May 23, 2023Yield to maturity3.883%Jun 30, 2023Yield to maturity4.344%Aug 8, 2023Yield to maturity4.267%Sep 14, 2023Yield to maturity4.597%Oct 23, 2023Yield to maturity4.857%Nov 29, 2023Yield to maturity4.350%Jan 8, 2024Yield to maturity4.076%Feb 14, 2024Yield to maturity4.370%Mar 22, 2024Yield to maturity4.365%Apr 29, 2024Yield to maturity4.809%Jun 5, 2024Yield to maturity4.529%Jul 15, 2024Yield to maturity4.264%Aug 20, 2024Yield to maturity3.833%Sep 26, 2024Yield to maturity3.564%Nov 4, 2024Yield to maturity4.142%Dec 12, 2024Yield to maturity4.170%Jan 22, 2025Yield to maturity4.301%Feb 28, 2025Yield to maturity4.003%Apr 7, 2025Yield to maturity3.723%May 13, 2025Yield to maturity4.033%Jun 20, 2025Yield to maturity3.937%Jul 29, 2025Yield to maturity3.923%Sep 4, 2025Yield to maturity3.678%Oct 10, 2025Yield to maturity3.562%Nov 19, 2025Yield to maturity3.663%Dec 29, 2025Yield to maturity3.503%Feb 5, 2026Yield to maturity3.508%Mar 16, 2026Yield to maturity3.675%Apr 21, 2026Yield to maturity3.728%May 28, 2026Yield to maturity3.834%Jul 7, 2026Yield to maturity4.032%Aug 12, 2026Yield to maturity3.964%Sep 10, 2026Yield to maturity4.059%

Price history

1,113 trading days to Sep 10, 2026

9092949698100102Mar 31, 2022Sep 10, 2026Mar 31, 2022Close100.375May 9, 2022Close97.938Jun 15, 2022Close96.094Jul 25, 2022Close98.250Aug 30, 2022Close96.469Oct 6, 2022Close93.438Nov 15, 2022Close94.031Dec 22, 2022Close94.594Feb 1, 2023Close95.844Mar 10, 2023Close93.938Apr 17, 2023Close95.219May 23, 2023Close95.094Jun 30, 2023Close93.688Aug 8, 2023Close94.094Sep 14, 2023Close93.219Oct 23, 2023Close92.625Nov 29, 2023Close94.313Jan 8, 2024Close95.281Feb 14, 2024Close94.594Mar 22, 2024Close94.781Apr 29, 2024Close93.781Jun 5, 2024Close94.688Jul 15, 2024Close95.531Aug 20, 2024Close96.719Sep 26, 2024Close97.469Nov 4, 2024Close96.281Dec 12, 2024Close96.375Jan 22, 2025Close96.281Feb 28, 2025Close97.031Apr 7, 2025Close97.688May 13, 2025Close97.250Jun 20, 2025Close97.563Jul 29, 2025Close97.719Sep 4, 2025Close98.219Oct 10, 2025Close98.500Nov 19, 2025Close98.469Dec 29, 2025Close98.781Feb 5, 2026Close98.875Mar 16, 2026Close98.813Apr 21, 2026Close98.875May 28, 2026Close98.906Jul 7, 2026Close98.906Aug 12, 2026Close99.094Sep 10, 2026Close99.156
The most recent 20 trading days of prices for 91282CEF4.
DateBidOfferClose
Sep 10, 202699.17299.15699.156
Sep 9, 202699.20399.18899.188
Sep 8, 202699.18899.18899.188
Sep 4, 202699.18899.18899.156
Sep 3, 202699.17299.15699.156
Sep 2, 202699.15699.15699.125
Sep 1, 202699.14199.12599.125
Aug 31, 202699.14199.12599.125
Aug 28, 202699.17299.15699.125
Aug 27, 202699.18899.18899.156
Aug 26, 202699.17299.15699.156
Aug 25, 202699.17299.15699.156
Aug 24, 202699.15699.15699.156
Aug 21, 202699.17299.15699.156
Aug 20, 202699.17299.15699.156
Aug 19, 202699.17299.15699.156
Aug 18, 202699.14199.12599.156
Aug 17, 202699.14199.12599.125
Aug 14, 202699.14199.12599.125
Aug 13, 202699.12599.12599.125

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 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.