Treasury note

91282CET4 · 2.625% due May 31, 2027

Original term
5-Year
Maturity
May 31, 2027
Coupon
2.625%
Pays
Semi-Annual
Dated
May 31, 2022
First coupon
Nov 30, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$52.23bn
Held stripped
$8.0m
Share stripped
0.02%

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
4.226%
Modified duration
0.697 yr
DV01
0.0069
Convexity
0.831
Dirty price
99.614

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 0.711 years against a modified duration of 0.697.

Against the fitted curve

Priced 0.7 bp rich to the curve on that day, 0.51 cents per 100 of face.

That is -0.43 standard deviations from its own typical residual.

Yield to maturity, 1,072 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 31, 2022Sep 10, 2026May 31, 2022Yield to maturity2.814%Jul 7, 2022Yield to maturity3.047%Aug 11, 2022Yield to maturity2.983%Sep 16, 2022Yield to maturity3.654%Oct 24, 2022Yield to maturity4.382%Nov 30, 2022Yield to maturity3.894%Jan 6, 2023Yield to maturity3.762%Feb 13, 2023Yield to maturity4.025%Mar 21, 2023Yield to maturity3.871%Apr 25, 2023Yield to maturity3.525%May 31, 2023Yield to maturity3.903%Jul 7, 2023Yield to maturity4.518%Aug 11, 2023Yield to maturity4.460%Sep 18, 2023Yield to maturity4.641%Oct 24, 2023Yield to maturity4.884%Nov 29, 2023Yield to maturity4.356%Jan 5, 2024Yield to maturity4.139%Feb 12, 2024Yield to maturity4.245%Mar 19, 2024Yield to maturity4.468%Apr 23, 2024Yield to maturity4.772%May 29, 2024Yield to maturity4.794%Jul 5, 2024Yield to maturity4.412%Aug 9, 2024Yield to maturity3.920%Sep 16, 2024Yield to maturity3.467%Oct 22, 2024Yield to maturity4.002%Nov 27, 2024Yield to maturity4.206%Jan 6, 2025Yield to maturity4.302%Feb 11, 2025Yield to maturity4.298%Mar 19, 2025Yield to maturity3.988%Apr 23, 2025Yield to maturity3.890%May 29, 2025Yield to maturity3.969%Jul 7, 2025Yield to maturity3.936%Aug 11, 2025Yield to maturity3.783%Sep 16, 2025Yield to maturity3.558%Oct 22, 2025Yield to maturity3.493%Nov 28, 2025Yield to maturity3.554%Jan 6, 2026Yield to maturity3.503%Feb 11, 2026Yield to maturity3.543%Mar 19, 2026Yield to maturity3.835%Apr 23, 2026Yield to maturity3.792%May 29, 2026Yield to maturity3.915%Jul 7, 2026Yield to maturity4.093%Aug 11, 2026Yield to maturity4.063%Sep 10, 2026Yield to maturity4.226%

Price history

1,072 trading days to Sep 10, 2026

92949698100May 31, 2022Sep 10, 2026May 31, 2022Close99.125Jul 7, 2022Close98.094Aug 11, 2022Close98.406Sep 16, 2022Close95.594Oct 24, 2022Close92.750Nov 30, 2022Close94.813Jan 6, 2023Close95.438Feb 13, 2023Close94.531Mar 21, 2023Close95.219Apr 25, 2023Close96.594May 31, 2023Close95.313Jul 7, 2023Close93.313Aug 11, 2023Close93.656Sep 18, 2023Close93.219Oct 24, 2023Close92.625Nov 29, 2023Close94.438Jan 5, 2024Close95.250Feb 12, 2024Close95.063Mar 19, 2024Close94.563Apr 23, 2024Close93.875May 29, 2024Close94.000Jul 5, 2024Close95.188Aug 9, 2024Close96.594Sep 16, 2024Close97.844Oct 22, 2024Close96.625Nov 27, 2024Close96.281Jan 6, 2025Close96.219Feb 11, 2025Close96.375Mar 19, 2025Close97.156Apr 23, 2025Close97.469May 29, 2025Close97.438Jul 7, 2025Close97.625Aug 11, 2025Close98.000Sep 16, 2025Close98.469Oct 22, 2025Close98.656Nov 28, 2025Close98.656Jan 6, 2026Close98.813Feb 11, 2026Close98.844Mar 19, 2026Close98.594Apr 23, 2026Close98.750May 29, 2026Close98.750Jul 7, 2026Close98.719Aug 11, 2026Close98.875Sep 10, 2026Close98.875
The most recent 20 trading days of prices for 91282CET4.
DateBidOfferClose
Sep 10, 202698.92298.90698.875
Sep 9, 202698.95398.93898.938
Sep 8, 202698.95398.93898.938
Sep 4, 202698.95398.93898.938
Sep 3, 202698.95398.93898.938
Sep 2, 202698.92298.90698.906
Sep 1, 202698.90698.90698.875
Aug 31, 202698.89198.87598.906
Aug 28, 202698.92298.90698.875
Aug 27, 202698.95398.93898.969
Aug 26, 202698.95398.93898.938
Aug 25, 202698.95398.93898.938
Aug 24, 202698.95398.93898.938
Aug 21, 202698.95398.93898.938
Aug 20, 202698.95398.93898.938
Aug 19, 202698.95398.93898.938
Aug 18, 202698.95398.93898.938
Aug 17, 202698.95398.93898.938
Aug 14, 202698.95398.93898.938
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 91282CET4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 25, 2022May 31, 2022New issue$48.0bn$55.2bn2.44x2.736%

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.