Treasury note

91282CFM8 · 4.125% due September 30, 2027

Original term
5-Year
Maturity
Sep 30, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Sep 30, 2022
First coupon
Mar 31, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.00bn
Held stripped
$56.0m
Share stripped
0.13%

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
4.369%
Modified duration
1.000 yr
DV01
0.0102
Convexity
1.512
Dirty price
101.598

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 4 of twelve buckets, summing to 1.022 years against a modified duration of 1.000.

Against the fitted curve

Priced 0.5 bp cheap to the curve on that day, 0.55 cents per 100 of face.

That is 0.31 standard deviations from its own typical residual.

Yield to maturity, 987 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Sep 30, 2022Sep 10, 2026Sep 30, 2022Yield to maturity4.062%Nov 3, 2022Yield to maturity4.367%Dec 8, 2022Yield to maturity3.759%Jan 12, 2023Yield to maturity3.572%Feb 15, 2023Yield to maturity4.102%Mar 21, 2023Yield to maturity3.829%Apr 21, 2023Yield to maturity3.739%May 24, 2023Yield to maturity3.872%Jun 28, 2023Yield to maturity4.107%Aug 1, 2023Yield to maturity4.364%Sep 1, 2023Yield to maturity4.421%Oct 5, 2023Yield to maturity4.751%Nov 8, 2023Yield to maturity4.603%Dec 12, 2023Yield to maturity4.331%Jan 17, 2024Yield to maturity4.078%Feb 20, 2024Yield to maturity4.351%Mar 22, 2024Yield to maturity4.328%Apr 24, 2024Yield to maturity4.763%May 28, 2024Yield to maturity4.706%Jul 1, 2024Yield to maturity4.573%Aug 2, 2024Yield to maturity3.679%Sep 5, 2024Yield to maturity3.592%Oct 8, 2024Yield to maturity3.889%Nov 12, 2024Yield to maturity4.310%Dec 16, 2024Yield to maturity4.231%Jan 21, 2025Yield to maturity4.310%Feb 24, 2025Yield to maturity4.162%Mar 27, 2025Yield to maturity3.993%Apr 29, 2025Yield to maturity3.634%Jun 2, 2025Yield to maturity3.924%Jul 7, 2025Yield to maturity3.872%Aug 7, 2025Yield to maturity3.710%Sep 10, 2025Yield to maturity3.535%Oct 14, 2025Yield to maturity3.475%Nov 17, 2025Yield to maturity3.616%Dec 19, 2025Yield to maturity3.499%Jan 26, 2026Yield to maturity3.598%Feb 27, 2026Yield to maturity3.427%Apr 1, 2026Yield to maturity3.843%May 4, 2026Yield to maturity3.938%Jun 5, 2026Yield to maturity4.096%Jul 10, 2026Yield to maturity4.174%Aug 12, 2026Yield to maturity4.121%Sep 10, 2026Yield to maturity4.369%

Price history

987 trading days to Sep 10, 2026

9698100102104Sep 30, 2022Sep 10, 2026Sep 30, 2022Close100.281Nov 3, 2022Close98.938Dec 8, 2022Close101.594Jan 12, 2023Close102.375Feb 15, 2023Close100.094Mar 21, 2023Close101.219Apr 21, 2023Close101.563May 24, 2023Close101.000Jun 28, 2023Close100.063Aug 1, 2023Close99.094Sep 1, 2023Close98.906Oct 5, 2023Close97.750Nov 8, 2023Close98.313Dec 12, 2023Close99.281Jan 17, 2024Close100.156Feb 20, 2024Close99.250Mar 22, 2024Close99.344Apr 24, 2024Close98.000May 28, 2024Close98.219Jul 1, 2024Close98.656Aug 2, 2024Close101.313Sep 5, 2024Close101.531Oct 8, 2024Close100.656Nov 12, 2024Close99.500Dec 16, 2024Close99.719Jan 21, 2025Close99.531Feb 24, 2025Close99.906Mar 27, 2025Close100.313Apr 29, 2025Close101.125Jun 2, 2025Close100.438Jul 7, 2025Close100.531Aug 7, 2025Close100.844Sep 10, 2025Close101.156Oct 14, 2025Close101.219Nov 17, 2025Close100.906Dec 19, 2025Close101.063Jan 26, 2026Close100.844Feb 27, 2026Close101.063Apr 1, 2026Close100.406May 4, 2026Close100.250Jun 5, 2026Close100.031Jul 10, 2026Close99.938Aug 12, 2026Close100.000Sep 10, 2026Close99.750
The most recent 20 trading days of prices for 91282CFM8.
DateBidOfferClose
Sep 10, 202699.79799.78199.750
Sep 9, 202699.89199.87599.875
Sep 8, 202699.90699.90699.875
Sep 4, 202699.89199.87599.875
Sep 3, 202699.92299.90699.906
Sep 2, 202699.89199.87599.875
Sep 1, 202699.87599.87599.844
Aug 31, 202699.89199.87599.875
Aug 28, 202699.92299.90699.875
Aug 27, 2026100.016100.000100.000
Aug 26, 2026100.016100.000100.000
Aug 25, 2026100.016100.000100.000
Aug 24, 2026100.016100.00099.969
Aug 21, 2026100.016100.000100.000
Aug 20, 2026100.047100.031100.031
Aug 19, 2026100.047100.031100.031
Aug 18, 2026100.047100.031100.031
Aug 17, 2026100.047100.031100.031
Aug 14, 2026100.078100.063100.031
Aug 13, 2026100.047100.031100.031

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 91282CFM8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 27, 2022Sep 30, 2022New issue$44.0bn$44.0bn2.27x4.228%

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.