Treasury note

91282CEM9 · 2.875% due April 30, 2029

Original term
7-Year
Maturity
Apr 30, 2029
Coupon
2.875%
Pays
Semi-Annual
Dated
Apr 30, 2022
First coupon
Oct 31, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.50bn
Held stripped
$248.0m
Share stripped
0.51%

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
4.630%
Modified duration
2.471 yr
DV01
0.0239
Convexity
7.493
Dirty price
96.734

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 5 of twelve buckets, summing to 2.525 years against a modified duration of 2.471.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 4.33 cents per 100 of face.

That is -1.19 standard deviations from its own typical residual.

Yield to maturity, 1,092 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 2, 2022Sep 10, 2026May 2, 2022Yield to maturity3.040%Jun 7, 2022Yield to maturity3.031%Jul 14, 2022Yield to maturity3.054%Aug 18, 2022Yield to maturity3.009%Sep 23, 2022Yield to maturity3.921%Oct 31, 2022Yield to maturity4.259%Dec 7, 2022Yield to maturity3.603%Jan 13, 2023Yield to maturity3.603%Feb 21, 2023Yield to maturity4.146%Mar 28, 2023Yield to maturity3.666%May 2, 2023Yield to maturity3.498%Jun 7, 2023Yield to maturity3.954%Jul 14, 2023Yield to maturity4.022%Aug 18, 2023Yield to maturity4.397%Sep 25, 2023Yield to maturity4.663%Oct 31, 2023Yield to maturity4.900%Dec 6, 2023Yield to maturity4.173%Jan 12, 2024Yield to maturity3.883%Feb 20, 2024Yield to maturity4.277%Mar 26, 2024Yield to maturity4.259%Apr 30, 2024Yield to maturity4.749%Jun 5, 2024Yield to maturity4.340%Jul 12, 2024Yield to maturity4.136%Aug 16, 2024Yield to maturity3.797%Sep 23, 2024Yield to maturity3.535%Oct 29, 2024Yield to maturity4.126%Dec 5, 2024Yield to maturity4.104%Jan 13, 2025Yield to maturity4.600%Feb 19, 2025Yield to maturity4.357%Mar 26, 2025Yield to maturity4.070%Apr 30, 2025Yield to maturity3.672%Jun 5, 2025Yield to maturity3.957%Jul 14, 2025Yield to maturity3.921%Aug 18, 2025Yield to maturity3.778%Sep 23, 2025Yield to maturity3.612%Oct 29, 2025Yield to maturity3.632%Dec 5, 2025Yield to maturity3.614%Jan 13, 2026Yield to maturity3.615%Feb 19, 2026Yield to maturity3.521%Mar 26, 2026Yield to maturity4.024%Apr 30, 2026Yield to maturity3.923%Jun 5, 2026Yield to maturity4.230%Jul 14, 2026Yield to maturity4.239%Aug 18, 2026Yield to maturity4.248%Sep 10, 2026Yield to maturity4.630%

Price history

1,092 trading days to Sep 10, 2026

87.590.092.595.097.5100.0102.5May 2, 2022Sep 10, 2026May 2, 2022Close98.969Jun 7, 2022Close99.031Jul 14, 2022Close98.906Aug 18, 2022Close99.188Sep 23, 2022Close93.969Oct 31, 2022Close92.219Dec 7, 2022Close95.875Jan 13, 2023Close95.938Feb 21, 2023Close93.125Mar 28, 2023Close95.719May 2, 2023Close96.656Jun 7, 2023Close94.375Jul 14, 2023Close94.125Aug 18, 2023Close92.406Sep 25, 2023Close91.281Oct 31, 2023Close90.344Dec 6, 2023Close93.781Jan 12, 2024Close95.219Feb 20, 2024Close93.531Mar 26, 2024Close93.719Apr 30, 2024Close91.750Jun 5, 2024Close93.594Jul 12, 2024Close94.563Aug 16, 2024Close96.063Sep 23, 2024Close97.219Oct 29, 2024Close94.906Dec 5, 2024Close95.094Jan 13, 2025Close93.344Feb 19, 2025Close94.375Mar 26, 2025Close95.531Apr 30, 2025Close97.063Jun 5, 2025Close96.125Jul 14, 2025Close96.344Aug 18, 2025Close96.906Sep 23, 2025Close97.531Oct 29, 2025Close97.531Dec 5, 2025Close97.656Jan 13, 2026Close97.719Feb 19, 2026Close98.063Mar 26, 2026Close96.688Apr 30, 2026Close97.063Jun 5, 2026Close96.344Jul 14, 2026Close96.438Aug 18, 2026Close96.531Sep 10, 2026Close95.688
The most recent 20 trading days of prices for 91282CEM9.
DateBidOfferClose
Sep 10, 202695.76695.75095.688
Sep 9, 202696.03196.00096.000
Sep 8, 202696.14196.12596.094
Sep 4, 202696.17296.15696.125
Sep 3, 202696.26696.25096.219
Sep 2, 202696.12596.09496.125
Sep 1, 202696.17296.15696.094
Aug 31, 202696.23496.21996.219
Aug 28, 202696.28196.25096.188
Aug 27, 202696.51696.50096.469
Aug 26, 202696.51696.50096.469
Aug 25, 202696.54796.53196.531
Aug 24, 202696.48496.46996.438
Aug 21, 202696.42296.40696.406
Aug 20, 202696.51696.50096.500
Aug 19, 202696.54796.53196.563
Aug 18, 202696.54796.53196.531
Aug 17, 202696.57896.56396.531
Aug 14, 202696.60996.59496.563
Aug 13, 202696.64196.62596.625

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 91282CEM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 28, 2022May 2, 2022New issue$44.0bn$50.1bn2.41x2.908%

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.