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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$48.50bn
Held stripped
$323.2m
Share stripped
0.67%

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
4.591%
Modified duration
2.347 yr
DV01
0.0226
Convexity
0.0675
Dirty price
96.111

Where its rate sensitivity sits

<.01
0.01
0.02
1.27
1.09
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 2.397 years against a modified duration of 2.347.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 2.75 cents per 100 of face.

That is -0.71 standard deviations from its own typical residual.

Yield to maturity, 1,131 observations

2.5%3.0%3.5%4.0%4.5%5.0%5.5%May 2, 2022Nov 9, 2026May 2, 2022Yield to maturity3.040%May 9, 2022Yield to maturity3.040%May 16, 2022Yield to maturity2.885%May 23, 2022Yield to maturity2.905%May 31, 2022Yield to maturity2.880%Jun 7, 2022Yield to maturity3.031%Jun 14, 2022Yield to maturity3.604%Jun 22, 2022Yield to maturity3.249%Jun 29, 2022Yield to maturity3.177%Jul 7, 2022Yield to maturity3.074%Jul 14, 2022Yield to maturity3.054%Jul 21, 2022Yield to maturity2.998%Jul 28, 2022Yield to maturity2.712%Aug 4, 2022Yield to maturity2.752%Aug 11, 2022Yield to maturity2.973%Aug 18, 2022Yield to maturity3.009%Aug 25, 2022Yield to maturity3.173%Sep 1, 2022Yield to maturity3.414%Sep 9, 2022Yield to maturity3.470%Sep 16, 2022Yield to maturity3.613%Sep 23, 2022Yield to maturity3.921%Sep 30, 2022Yield to maturity4.054%Oct 7, 2022Yield to maturity4.115%Oct 17, 2022Yield to maturity4.228%Oct 24, 2022Yield to maturity4.377%Oct 31, 2022Yield to maturity4.259%Nov 7, 2022Yield to maturity4.385%Nov 15, 2022Yield to maturity3.942%Nov 22, 2022Yield to maturity3.933%Nov 30, 2022Yield to maturity3.828%Dec 7, 2022Yield to maturity3.603%Dec 14, 2022Yield to maturity3.639%Dec 21, 2022Yield to maturity3.812%Dec 29, 2022Yield to maturity3.972%Jan 6, 2023Yield to maturity3.686%Jan 13, 2023Yield to maturity3.603%Jan 23, 2023Yield to maturity3.610%Jan 30, 2023Yield to maturity3.670%Feb 6, 2023Yield to maturity3.783%Feb 13, 2023Yield to maturity3.892%Feb 21, 2023Yield to maturity4.146%Feb 28, 2023Yield to maturity4.138%Mar 7, 2023Yield to maturity4.257%Mar 14, 2023Yield to maturity3.803%Mar 21, 2023Yield to maturity3.758%Mar 28, 2023Yield to maturity3.666%Apr 4, 2023Yield to maturity3.432%Apr 11, 2023Yield to maturity3.558%Apr 18, 2023Yield to maturity3.697%Apr 25, 2023Yield to maturity3.467%May 2, 2023Yield to maturity3.498%May 9, 2023Yield to maturity3.554%May 16, 2023Yield to maturity3.568%May 23, 2023Yield to maturity3.782%May 31, 2023Yield to maturity3.766%Jun 7, 2023Yield to maturity3.954%Jun 14, 2023Yield to maturity4.044%Jun 22, 2023Yield to maturity4.017%Jun 29, 2023Yield to maturity4.108%Jul 7, 2023Yield to maturity4.324%Jul 14, 2023Yield to maturity4.022%Jul 21, 2023Yield to maturity4.070%Jul 28, 2023Yield to maturity4.182%Aug 4, 2023Yield to maturity4.167%Aug 11, 2023Yield to maturity4.320%Aug 18, 2023Yield to maturity4.397%Aug 25, 2023Yield to maturity4.441%Sep 1, 2023Yield to maturity4.328%Sep 11, 2023Yield to maturity4.431%Sep 18, 2023Yield to maturity4.483%Sep 25, 2023Yield to maturity4.663%Oct 2, 2023Yield to maturity4.771%Oct 10, 2023Yield to maturity4.689%Oct 17, 2023Yield to maturity4.915%Oct 24, 2023Yield to maturity4.887%Oct 31, 2023Yield to maturity4.900%Nov 7, 2023Yield to maturity4.602%Nov 14, 2023Yield to maturity4.478%Nov 21, 2023Yield to maturity4.462%Nov 29, 2023Yield to maturity4.291%Dec 6, 2023Yield to maturity4.173%Dec 13, 2023Yield to maturity4.049%Dec 20, 2023Yield to maturity3.911%Dec 28, 2023Yield to maturity3.881%Jan 5, 2024Yield to maturity4.056%Jan 12, 2024Yield to maturity3.883%Jan 22, 2024Yield to maturity4.051%Jan 29, 2024Yield to maturity4.006%Feb 5, 2024Yield to maturity4.156%Feb 12, 2024Yield to maturity4.167%Feb 20, 2024Yield to maturity4.277%Feb 27, 2024Yield to maturity4.353%Mar 5, 2024Yield to maturity4.160%Mar 12, 2024Yield to maturity4.186%Mar 19, 2024Yield to maturity4.333%Mar 26, 2024Yield to maturity4.259%Apr 3, 2024Yield to maturity4.366%Apr 10, 2024Yield to maturity4.634%Apr 17, 2024Yield to maturity4.648%Apr 24, 2024Yield to maturity4.684%May 1, 2024Yield to maturity4.675%May 8, 2024Yield to maturity4.526%May 15, 2024Yield to maturity4.376%May 22, 2024Yield to maturity4.493%May 30, 2024Yield to maturity4.604%Jun 6, 2024Yield to maturity4.318%Jun 13, 2024Yield to maturity4.272%Jun 21, 2024Yield to maturity4.301%Jun 28, 2024Yield to maturity4.382%Jul 8, 2024Yield to maturity4.267%Jul 15, 2024Yield to maturity4.167%Jul 22, 2024Yield to maturity4.202%Jul 29, 2024Yield to maturity4.094%Aug 5, 2024Yield to maturity3.650%Aug 12, 2024Yield to maturity3.779%Aug 19, 2024Yield to maturity3.790%Aug 26, 2024Yield to maturity3.696%Sep 3, 2024Yield to maturity3.700%Sep 10, 2024Yield to maturity3.463%Sep 17, 2024Yield to maturity3.473%Sep 24, 2024Yield to maturity3.498%Oct 1, 2024Yield to maturity3.538%Oct 8, 2024Yield to maturity3.893%Oct 16, 2024Yield to maturity3.867%Oct 23, 2024Yield to maturity4.075%Oct 30, 2024Yield to maturity4.167%Nov 6, 2024Yield to maturity4.291%Nov 14, 2024Yield to maturity4.346%Nov 21, 2024Yield to maturity4.328%Nov 29, 2024Yield to maturity4.085%Dec 6, 2024Yield to maturity4.066%Dec 13, 2024Yield to maturity4.274%Dec 20, 2024Yield to maturity4.379%Dec 30, 2024Yield to maturity4.370%Jan 7, 2025Yield to maturity4.452%Jan 14, 2025Yield to maturity4.585%Jan 22, 2025Yield to maturity4.424%Jan 29, 2025Yield to maturity4.346%Feb 5, 2025Yield to maturity4.252%Feb 12, 2025Yield to maturity4.470%Feb 20, 2025Yield to maturity4.341%Feb 27, 2025Yield to maturity4.092%Mar 6, 2025Yield to maturity4.055%Mar 13, 2025Yield to maturity4.009%Mar 20, 2025Yield to maturity3.998%Mar 27, 2025Yield to maturity4.071%Apr 3, 2025Yield to maturity3.726%Apr 10, 2025Yield to maturity3.996%Apr 17, 2025Yield to maturity3.897%Apr 25, 2025Yield to maturity3.834%May 2, 2025Yield to maturity3.882%May 9, 2025Yield to maturity3.948%May 16, 2025Yield to maturity4.024%May 23, 2025Yield to maturity4.047%Jun 2, 2025Yield to maturity3.972%Jun 9, 2025Yield to maturity4.049%Jun 16, 2025Yield to maturity3.991%Jun 24, 2025Yield to maturity3.808%Jul 1, 2025Yield to maturity3.794%Jul 9, 2025Yield to maturity3.863%Jul 16, 2025Yield to maturity3.913%Jul 23, 2025Yield to maturity3.881%Jul 30, 2025Yield to maturity3.914%Aug 6, 2025Yield to maturity3.697%Aug 13, 2025Yield to maturity3.701%Aug 20, 2025Yield to maturity3.742%Aug 27, 2025Yield to maturity3.635%Sep 4, 2025Yield to maturity3.583%Sep 11, 2025Yield to maturity3.530%Sep 18, 2025Yield to maturity3.600%Sep 25, 2025Yield to maturity3.708%Oct 2, 2025Yield to maturity3.598%Oct 9, 2025Yield to maturity3.659%Oct 17, 2025Yield to maturity3.511%Oct 24, 2025Yield to maturity3.533%Oct 31, 2025Yield to maturity3.634%Nov 7, 2025Yield to maturity3.599%Nov 17, 2025Yield to maturity3.652%Nov 24, 2025Yield to maturity3.528%Dec 2, 2025Yield to maturity3.562%Dec 9, 2025Yield to maturity3.675%Dec 16, 2025Yield to maturity3.559%Dec 23, 2025Yield to maturity3.613%Dec 31, 2025Yield to maturity3.588%Jan 8, 2026Yield to maturity3.602%Jan 15, 2026Yield to maturity3.647%Jan 23, 2026Yield to maturity3.695%Jan 30, 2026Yield to maturity3.637%Feb 6, 2026Yield to maturity3.599%Feb 13, 2026Yield to maturity3.467%Feb 23, 2026Yield to maturity3.471%Mar 2, 2026Yield to maturity3.506%Mar 9, 2026Yield to maturity3.596%Mar 16, 2026Yield to maturity3.708%Mar 23, 2026Yield to maturity3.878%Mar 30, 2026Yield to maturity3.873%Apr 6, 2026Yield to maturity3.890%Apr 13, 2026Yield to maturity3.818%Apr 20, 2026Yield to maturity3.746%Apr 27, 2026Yield to maturity3.841%May 4, 2026Yield to maturity3.995%May 11, 2026Yield to maturity3.979%May 18, 2026Yield to maturity4.148%May 26, 2026Yield to maturity4.110%Jun 2, 2026Yield to maturity4.106%Jun 9, 2026Yield to maturity4.185%Jun 16, 2026Yield to maturity4.098%Jun 24, 2026Yield to maturity4.154%Jul 1, 2026Yield to maturity4.199%Jul 9, 2026Yield to maturity4.196%Jul 16, 2026Yield to maturity4.205%Jul 23, 2026Yield to maturity4.399%Jul 30, 2026Yield to maturity4.285%Aug 6, 2026Yield to maturity4.307%Aug 13, 2026Yield to maturity4.203%Aug 20, 2026Yield to maturity4.263%Aug 27, 2026Yield to maturity4.285%Sep 3, 2026Yield to maturity4.398%Sep 11, 2026Yield to maturity4.701%Sep 18, 2026Yield to maturity4.820%Sep 25, 2026Yield to maturity4.915%Oct 2, 2026Yield to maturity4.930%Oct 9, 2026Yield to maturity4.892%Oct 19, 2026Yield to maturity4.839%Oct 26, 2026Yield to maturity4.771%Nov 2, 2026Yield to maturity4.647%Nov 9, 2026Yield to maturity4.591%

Price history

1,131 trading days to Nov 9, 2026

87.590.092.595.097.5100.0102.5May 2, 2022Nov 9, 2026May 2, 2022Close98.969May 9, 2022Close98.969May 16, 2022Close99.938May 23, 2022Close99.813May 31, 2022Close99.969Jun 7, 2022Close99.031Jun 14, 2022Close95.594Jun 22, 2022Close97.719Jun 29, 2022Close98.156Jul 7, 2022Close98.781Jul 14, 2022Close98.906Jul 21, 2022Close99.250Jul 28, 2022Close101.000Aug 4, 2022Close100.750Aug 11, 2022Close99.406Aug 18, 2022Close99.188Aug 25, 2022Close98.219Sep 1, 2022Close96.813Sep 9, 2022Close96.500Sep 16, 2022Close95.688Sep 23, 2022Close93.969Sep 30, 2022Close93.250Oct 7, 2022Close92.938Oct 17, 2022Close92.344Oct 24, 2022Close91.563Oct 31, 2022Close92.219Nov 7, 2022Close91.563Nov 15, 2022Close93.969Nov 22, 2022Close94.031Nov 30, 2022Close94.625Dec 7, 2022Close95.875Dec 14, 2022Close95.688Dec 21, 2022Close94.750Dec 29, 2022Close93.906Jan 6, 2023Close95.469Jan 13, 2023Close95.938Jan 23, 2023Close95.906Jan 30, 2023Close95.594Feb 6, 2023Close95.000Feb 13, 2023Close94.438Feb 21, 2023Close93.125Feb 28, 2023Close93.188Mar 7, 2023Close92.594Mar 14, 2023Close94.969Mar 21, 2023Close95.219Mar 28, 2023Close95.719Apr 4, 2023Close96.969Apr 11, 2023Close96.313Apr 18, 2023Close95.594Apr 25, 2023Close96.813May 2, 2023Close96.656May 9, 2023Close96.375May 16, 2023Close96.313May 23, 2023Close95.219May 31, 2023Close95.313Jun 7, 2023Close94.375Jun 14, 2023Close93.938Jun 22, 2023Close94.094Jun 29, 2023Close93.656Jul 7, 2023Close92.625Jul 14, 2023Close94.125Jul 21, 2023Close93.906Jul 28, 2023Close93.375Aug 4, 2023Close93.469Aug 11, 2023Close92.750Aug 18, 2023Close92.406Aug 25, 2023Close92.219Sep 1, 2023Close92.781Sep 11, 2023Close92.313Sep 18, 2023Close92.094Sep 25, 2023Close91.281Oct 2, 2023Close90.813Oct 10, 2023Close91.219Oct 17, 2023Close90.219Oct 24, 2023Close90.375Oct 31, 2023Close90.344Nov 7, 2023Close91.719Nov 14, 2023Close92.313Nov 21, 2023Close92.406Nov 29, 2023Close93.219Dec 6, 2023Close93.781Dec 13, 2023Close94.375Dec 20, 2023Close95.031Dec 28, 2023Close95.188Jan 5, 2024Close94.406Jan 12, 2024Close95.219Jan 22, 2024Close94.469Jan 29, 2024Close94.688Feb 5, 2024Close94.031Feb 12, 2024Close94.000Feb 20, 2024Close93.531Feb 27, 2024Close93.219Mar 5, 2024Close94.094Mar 12, 2024Close94.000Mar 19, 2024Close93.375Mar 26, 2024Close93.719Apr 3, 2024Close93.281Apr 10, 2024Close92.156Apr 17, 2024Close92.125Apr 24, 2024Close92.000May 1, 2024Close92.063May 8, 2024Close92.719May 15, 2024Close93.375May 22, 2024Close92.906May 30, 2024Close92.469Jun 6, 2024Close93.688Jun 13, 2024Close93.906Jun 21, 2024Close93.813Jun 28, 2024Close93.500Jul 8, 2024Close94.000Jul 15, 2024Close94.438Jul 22, 2024Close94.313Jul 29, 2024Close94.781Aug 5, 2024Close96.656Aug 12, 2024Close96.125Aug 19, 2024Close96.094Aug 26, 2024Close96.500Sep 3, 2024Close96.500Sep 10, 2024Close97.500Sep 17, 2024Close97.469Sep 24, 2024Close97.375Oct 1, 2024Close97.219Oct 8, 2024Close95.781Oct 16, 2024Close95.906Oct 23, 2024Close95.094Oct 30, 2024Close94.750Nov 6, 2024Close94.281Nov 14, 2024Close94.094Nov 21, 2024Close94.188Nov 29, 2024Close95.156Dec 6, 2024Close95.250Dec 13, 2024Close94.469Dec 20, 2024Close94.094Dec 30, 2024Close94.156Jan 7, 2025Close93.875Jan 14, 2025Close93.406Jan 22, 2025Close94.031Jan 29, 2025Close94.344Feb 5, 2025Close94.719Feb 12, 2025Close93.938Feb 20, 2025Close94.438Feb 27, 2025Close95.375Mar 6, 2025Close95.531Mar 13, 2025Close95.719Mar 20, 2025Close95.781Mar 27, 2025Close95.531Apr 3, 2025Close96.813Apr 10, 2025Close95.844Apr 17, 2025Close96.219Apr 25, 2025Close96.469May 2, 2025Close96.313May 9, 2025Close96.094May 16, 2025Close95.844May 23, 2025Close95.781Jun 2, 2025Close96.063Jun 9, 2025Close95.813Jun 16, 2025Close96.031Jun 24, 2025Close96.688Jul 1, 2025Close96.750Jul 9, 2025Close96.531Jul 16, 2025Close96.375Jul 23, 2025Close96.500Jul 30, 2025Close96.406Aug 6, 2025Close97.156Aug 13, 2025Close97.156Aug 20, 2025Close97.031Aug 27, 2025Close97.406Sep 4, 2025Close97.594Sep 11, 2025Close97.781Sep 18, 2025Close97.563Sep 25, 2025Close97.219Oct 2, 2025Close97.594Oct 9, 2025Close97.406Oct 17, 2025Close97.906Oct 24, 2025Close97.844Oct 31, 2025Close97.531Nov 7, 2025Close97.656Nov 17, 2025Close97.500Nov 24, 2025Close97.906Dec 2, 2025Close97.813Dec 9, 2025Close97.469Dec 16, 2025Close97.844Dec 23, 2025Close97.688Dec 31, 2025Close97.781Jan 8, 2026Close97.750Jan 15, 2026Close97.625Jan 23, 2026Close97.500Jan 30, 2026Close97.688Feb 6, 2026Close97.813Feb 13, 2026Close98.219Feb 23, 2026Close98.219Mar 2, 2026Close98.125Mar 9, 2026Close97.875Mar 16, 2026Close97.563Mar 23, 2026Close97.094Mar 30, 2026Close97.125Apr 6, 2026Close97.094Apr 13, 2026Close97.313Apr 20, 2026Close97.531Apr 27, 2026Close97.281May 4, 2026Close96.875May 11, 2026Close96.938May 18, 2026Close96.500May 26, 2026Close96.625Jun 2, 2026Close96.656Jun 9, 2026Close96.469Jun 16, 2026Close96.719Jun 24, 2026Close96.594Jul 1, 2026Close96.500Jul 9, 2026Close96.531Jul 16, 2026Close96.531Jul 23, 2026Close96.063Jul 30, 2026Close96.375Aug 6, 2026Close96.344Aug 13, 2026Close96.625Aug 20, 2026Close96.500Aug 27, 2026Close96.469Sep 3, 2026Close96.219Sep 11, 2026Close95.531Sep 18, 2026Close95.281Sep 25, 2026Close95.094Oct 2, 2026Close95.094Oct 9, 2026Close95.219Oct 19, 2026Close95.375Oct 26, 2026Close95.563Nov 2, 2026Close95.875Nov 9, 2026Close96.031
The most recent 20 trading days of prices for 91282CEM9.
DateBidOfferClose
Nov 9, 202696.00096.03196.031
Nov 6, 202696.06396.09496.094
Nov 5, 202696.06396.09496.188
Nov 4, 202695.90695.92295.938
Nov 3, 202695.84495.87595.844
Nov 2, 202695.90695.93895.875
Oct 30, 202695.81395.84495.906
Oct 29, 202695.71995.75095.719
Oct 28, 202695.43895.46995.563
Oct 27, 202695.56395.57895.531
Oct 26, 202695.59495.60995.563
Oct 23, 202695.62595.64195.625
Oct 22, 202695.56395.57895.688
Oct 21, 202695.34495.37595.313
Oct 20, 202695.37595.40695.344
Oct 19, 202695.37595.40695.375
Oct 16, 202695.46995.48495.469
Oct 15, 202695.34495.37595.375
Oct 14, 202695.09495.10995.219
Oct 13, 202695.21995.23495.250

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 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.

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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.