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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.375%
Modified duration
0.858 yr
DV01
0.0086
Convexity
0.0116
Dirty price
100.246

Where its rate sensitivity sits

<.01
0.20
0.67
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 0.878 years against a modified duration of 0.858.

Against the fitted curve

Priced 3.3 bp rich to the curve on that day, 2.88 cents per 100 of face.

That is -1.48 standard deviations from its own typical residual.

Yield to maturity, 1,026 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Sep 30, 2022Nov 9, 2026Sep 30, 2022Yield to maturity4.062%Oct 7, 2022Yield to maturity4.139%Oct 17, 2022Yield to maturity4.245%Oct 24, 2022Yield to maturity4.359%Oct 31, 2022Yield to maturity4.274%Nov 7, 2022Yield to maturity4.389%Nov 15, 2022Yield to maturity3.932%Nov 22, 2022Yield to maturity3.988%Nov 30, 2022Yield to maturity3.873%Dec 7, 2022Yield to maturity3.674%Dec 14, 2022Yield to maturity3.679%Dec 21, 2022Yield to maturity3.828%Dec 29, 2022Yield to maturity3.985%Jan 6, 2023Yield to maturity3.738%Jan 13, 2023Yield to maturity3.643%Jan 23, 2023Yield to maturity3.655%Jan 30, 2023Yield to maturity3.734%Feb 6, 2023Yield to maturity3.864%Feb 13, 2023Yield to maturity3.982%Feb 21, 2023Yield to maturity4.222%Feb 28, 2023Yield to maturity4.261%Mar 7, 2023Yield to maturity4.407%Mar 14, 2023Yield to maturity3.875%Mar 21, 2023Yield to maturity3.829%Mar 28, 2023Yield to maturity3.722%Apr 4, 2023Yield to maturity3.465%Apr 11, 2023Yield to maturity3.613%Apr 18, 2023Yield to maturity3.763%Apr 25, 2023Yield to maturity3.502%May 2, 2023Yield to maturity3.523%May 9, 2023Yield to maturity3.566%May 16, 2023Yield to maturity3.587%May 23, 2023Yield to maturity3.841%May 31, 2023Yield to maturity3.871%Jun 7, 2023Yield to maturity4.044%Jun 14, 2023Yield to maturity4.180%Jun 22, 2023Yield to maturity4.164%Jun 29, 2023Yield to maturity4.278%Jul 7, 2023Yield to maturity4.468%Jul 14, 2023Yield to maturity4.156%Jul 21, 2023Yield to maturity4.222%Jul 28, 2023Yield to maturity4.322%Aug 4, 2023Yield to maturity4.265%Aug 11, 2023Yield to maturity4.417%Aug 18, 2023Yield to maturity4.486%Aug 25, 2023Yield to maturity4.564%Sep 1, 2023Yield to maturity4.421%Sep 11, 2023Yield to maturity4.525%Sep 18, 2023Yield to maturity4.588%Sep 25, 2023Yield to maturity4.721%Oct 2, 2023Yield to maturity4.803%Oct 10, 2023Yield to maturity4.691%Oct 17, 2023Yield to maturity4.934%Oct 24, 2023Yield to maturity4.875%Oct 31, 2023Yield to maturity4.869%Nov 7, 2023Yield to maturity4.611%Nov 14, 2023Yield to maturity4.488%Nov 21, 2023Yield to maturity4.498%Nov 29, 2023Yield to maturity4.320%Dec 6, 2023Yield to maturity4.231%Dec 13, 2023Yield to maturity4.106%Dec 20, 2023Yield to maturity3.980%Dec 28, 2023Yield to maturity3.943%Jan 5, 2024Yield to maturity4.096%Jan 12, 2024Yield to maturity3.886%Jan 22, 2024Yield to maturity4.087%Jan 29, 2024Yield to maturity4.040%Feb 5, 2024Yield to maturity4.208%Feb 12, 2024Yield to maturity4.208%Feb 20, 2024Yield to maturity4.351%Feb 27, 2024Yield to maturity4.448%Mar 5, 2024Yield to maturity4.267%Mar 12, 2024Yield to maturity4.297%Mar 19, 2024Yield to maturity4.434%Mar 26, 2024Yield to maturity4.358%Apr 3, 2024Yield to maturity4.457%Apr 10, 2024Yield to maturity4.757%Apr 17, 2024Yield to maturity4.740%Apr 24, 2024Yield to maturity4.763%May 1, 2024Yield to maturity4.766%May 8, 2024Yield to maturity4.627%May 15, 2024Yield to maturity4.476%May 22, 2024Yield to maturity4.611%May 30, 2024Yield to maturity4.707%Jun 6, 2024Yield to maturity4.451%Jun 13, 2024Yield to maturity4.401%Jun 21, 2024Yield to maturity4.434%Jun 28, 2024Yield to maturity4.499%Jul 8, 2024Yield to maturity4.375%Jul 15, 2024Yield to maturity4.218%Jul 22, 2024Yield to maturity4.271%Jul 29, 2024Yield to maturity4.166%Aug 5, 2024Yield to maturity3.700%Aug 12, 2024Yield to maturity3.825%Aug 19, 2024Yield to maturity3.844%Aug 26, 2024Yield to maturity3.725%Sep 3, 2024Yield to maturity3.722%Sep 10, 2024Yield to maturity3.439%Sep 17, 2024Yield to maturity3.457%Sep 24, 2024Yield to maturity3.442%Oct 1, 2024Yield to maturity3.515%Oct 8, 2024Yield to maturity3.889%Oct 16, 2024Yield to maturity3.842%Oct 23, 2024Yield to maturity4.033%Oct 30, 2024Yield to maturity4.124%Nov 6, 2024Yield to maturity4.228%Nov 14, 2024Yield to maturity4.299%Nov 21, 2024Yield to maturity4.311%Nov 29, 2024Yield to maturity4.111%Dec 6, 2024Yield to maturity4.064%Dec 13, 2024Yield to maturity4.231%Dec 20, 2024Yield to maturity4.316%Dec 30, 2024Yield to maturity4.281%Jan 7, 2025Yield to maturity4.332%Jan 14, 2025Yield to maturity4.432%Jan 22, 2025Yield to maturity4.322%Jan 29, 2025Yield to maturity4.248%Feb 5, 2025Yield to maturity4.186%Feb 12, 2025Yield to maturity4.378%Feb 20, 2025Yield to maturity4.264%Feb 27, 2025Yield to maturity4.047%Mar 6, 2025Yield to maturity3.969%Mar 13, 2025Yield to maturity3.929%Mar 20, 2025Yield to maturity3.941%Mar 27, 2025Yield to maturity3.993%Apr 3, 2025Yield to maturity3.687%Apr 10, 2025Yield to maturity3.857%Apr 17, 2025Yield to maturity3.787%Apr 25, 2025Yield to maturity3.743%May 2, 2025Yield to maturity3.808%May 9, 2025Yield to maturity3.861%May 16, 2025Yield to maturity3.956%May 23, 2025Yield to maturity3.982%Jun 2, 2025Yield to maturity3.924%Jun 9, 2025Yield to maturity3.994%Jun 16, 2025Yield to maturity3.950%Jun 24, 2025Yield to maturity3.774%Jul 1, 2025Yield to maturity3.771%Jul 9, 2025Yield to maturity3.827%Jul 16, 2025Yield to maturity3.869%Jul 23, 2025Yield to maturity3.867%Jul 30, 2025Yield to maturity3.925%Aug 6, 2025Yield to maturity3.680%Aug 13, 2025Yield to maturity3.661%Aug 20, 2025Yield to maturity3.719%Aug 27, 2025Yield to maturity3.638%Sep 4, 2025Yield to maturity3.586%Sep 11, 2025Yield to maturity3.534%Sep 18, 2025Yield to maturity3.561%Sep 25, 2025Yield to maturity3.669%Oct 2, 2025Yield to maturity3.551%Oct 9, 2025Yield to maturity3.595%Oct 17, 2025Yield to maturity3.471%Oct 24, 2025Yield to maturity3.481%Oct 31, 2025Yield to maturity3.610%Nov 7, 2025Yield to maturity3.553%Nov 17, 2025Yield to maturity3.616%Nov 24, 2025Yield to maturity3.506%Dec 2, 2025Yield to maturity3.534%Dec 9, 2025Yield to maturity3.617%Dec 16, 2025Yield to maturity3.485%Dec 23, 2025Yield to maturity3.533%Dec 31, 2025Yield to maturity3.488%Jan 8, 2026Yield to maturity3.500%Jan 15, 2026Yield to maturity3.569%Jan 23, 2026Yield to maturity3.599%Jan 30, 2026Yield to maturity3.535%Feb 6, 2026Yield to maturity3.509%Feb 13, 2026Yield to maturity3.441%Feb 23, 2026Yield to maturity3.474%Mar 2, 2026Yield to maturity3.507%Mar 9, 2026Yield to maturity3.603%Mar 16, 2026Yield to maturity3.723%Mar 23, 2026Yield to maturity3.889%Mar 30, 2026Yield to maturity3.865%Apr 6, 2026Yield to maturity3.883%Apr 13, 2026Yield to maturity3.813%Apr 20, 2026Yield to maturity3.742%Apr 27, 2026Yield to maturity3.805%May 4, 2026Yield to maturity3.938%May 11, 2026Yield to maturity3.912%May 18, 2026Yield to maturity4.003%May 26, 2026Yield to maturity3.977%Jun 2, 2026Yield to maturity3.999%Jun 9, 2026Yield to maturity4.071%Jun 16, 2026Yield to maturity3.995%Jun 24, 2026Yield to maturity4.121%Jul 1, 2026Yield to maturity4.173%Jul 9, 2026Yield to maturity4.121%Jul 16, 2026Yield to maturity4.094%Jul 23, 2026Yield to maturity4.284%Jul 30, 2026Yield to maturity4.176%Aug 6, 2026Yield to maturity4.177%Aug 13, 2026Yield to maturity4.093%Aug 20, 2026Yield to maturity4.093%Aug 27, 2026Yield to maturity4.122%Sep 3, 2026Yield to maturity4.213%Sep 11, 2026Yield to maturity4.433%Sep 18, 2026Yield to maturity4.503%Sep 25, 2026Yield to maturity4.639%Oct 2, 2026Yield to maturity4.550%Oct 9, 2026Yield to maturity4.525%Oct 19, 2026Yield to maturity4.532%Oct 26, 2026Yield to maturity4.470%Nov 2, 2026Yield to maturity4.405%Nov 9, 2026Yield to maturity4.375%

Price history

1,026 trading days to Nov 9, 2026

9698100102104Sep 30, 2022Nov 9, 2026Sep 30, 2022Close100.281Oct 7, 2022Close99.938Oct 17, 2022Close99.469Oct 24, 2022Close98.969Oct 31, 2022Close99.344Nov 7, 2022Close98.844Nov 15, 2022Close100.844Nov 22, 2022Close100.594Nov 30, 2022Close101.094Dec 7, 2022Close101.969Dec 14, 2022Close101.938Dec 21, 2022Close101.281Dec 29, 2022Close100.594Jan 6, 2023Close101.656Jan 13, 2023Close102.063Jan 23, 2023Close102.000Jan 30, 2023Close101.656Feb 6, 2023Close101.094Feb 13, 2023Close100.594Feb 21, 2023Close99.594Feb 28, 2023Close99.438Mar 7, 2023Close98.844Mar 14, 2023Close101.031Mar 21, 2023Close101.219Mar 28, 2023Close101.656Apr 4, 2023Close102.719Apr 11, 2023Close102.094Apr 18, 2023Close101.469Apr 25, 2023Close102.531May 2, 2023Close102.438May 9, 2023Close102.250May 16, 2023Close102.156May 23, 2023Close101.125May 31, 2023Close101.000Jun 7, 2023Close100.313Jun 14, 2023Close99.781Jun 22, 2023Close99.844Jun 29, 2023Close99.406Jul 7, 2023Close98.688Jul 14, 2023Close99.875Jul 21, 2023Close99.625Jul 28, 2023Close99.250Aug 4, 2023Close99.469Aug 11, 2023Close98.906Aug 18, 2023Close98.656Aug 25, 2023Close98.375Sep 1, 2023Close98.906Sep 11, 2023Close98.531Sep 18, 2023Close98.313Sep 25, 2023Close97.844Oct 2, 2023Close97.563Oct 10, 2023Close97.969Oct 17, 2023Close97.125Oct 24, 2023Close97.344Oct 31, 2023Close97.375Nov 7, 2023Close98.281Nov 14, 2023Close98.719Nov 21, 2023Close98.688Nov 29, 2023Close99.313Dec 6, 2023Close99.625Dec 13, 2023Close100.063Dec 20, 2023Close100.500Dec 28, 2023Close100.625Jan 5, 2024Close100.094Jan 12, 2024Close100.813Jan 22, 2024Close100.125Jan 29, 2024Close100.281Feb 5, 2024Close99.719Feb 12, 2024Close99.719Feb 20, 2024Close99.250Feb 27, 2024Close98.938Mar 5, 2024Close99.531Mar 12, 2024Close99.438Mar 19, 2024Close99.000Mar 26, 2024Close99.250Apr 3, 2024Close98.938Apr 10, 2024Close98.000Apr 17, 2024Close98.063Apr 24, 2024Close98.000May 1, 2024Close98.000May 8, 2024Close98.438May 15, 2024Close98.906May 22, 2024Close98.500May 30, 2024Close98.219Jun 6, 2024Close99.000Jun 13, 2024Close99.156Jun 21, 2024Close99.063Jun 28, 2024Close98.875Jul 8, 2024Close99.250Jul 15, 2024Close99.719Jul 22, 2024Close99.563Jul 29, 2024Close99.875Aug 5, 2024Close101.250Aug 12, 2024Close100.875Aug 19, 2024Close100.813Aug 26, 2024Close101.156Sep 3, 2024Close101.156Sep 10, 2024Close101.969Sep 17, 2024Close101.906Sep 24, 2024Close101.938Oct 1, 2024Close101.719Oct 8, 2024Close100.656Oct 16, 2024Close100.781Oct 23, 2024Close100.250Oct 30, 2024Close100.000Nov 6, 2024Close99.719Nov 14, 2024Close99.531Nov 21, 2024Close99.500Nov 29, 2024Close100.031Dec 6, 2024Close100.156Dec 13, 2024Close99.719Dec 20, 2024Close99.500Dec 30, 2024Close99.594Jan 7, 2025Close99.469Jan 14, 2025Close99.219Jan 22, 2025Close99.500Jan 29, 2025Close99.688Feb 5, 2025Close99.844Feb 12, 2025Close99.375Feb 20, 2025Close99.656Feb 27, 2025Close100.188Mar 6, 2025Close100.375Mar 13, 2025Close100.469Mar 20, 2025Close100.438Mar 27, 2025Close100.313Apr 3, 2025Close101.031Apr 10, 2025Close100.625Apr 17, 2025Close100.781Apr 25, 2025Close100.875May 2, 2025Close100.719May 9, 2025Close100.594May 16, 2025Close100.375May 23, 2025Close100.313Jun 2, 2025Close100.438Jun 9, 2025Close100.281Jun 16, 2025Close100.375Jun 24, 2025Close100.750Jul 1, 2025Close100.750Jul 9, 2025Close100.625Jul 16, 2025Close100.531Jul 23, 2025Close100.531Jul 30, 2025Close100.406Aug 6, 2025Close100.906Aug 13, 2025Close100.938Aug 20, 2025Close100.813Aug 27, 2025Close100.969Sep 4, 2025Close101.063Sep 11, 2025Close101.156Sep 18, 2025Close101.094Sep 25, 2025Close100.875Oct 2, 2025Close101.094Oct 9, 2025Close101.000Oct 17, 2025Close101.219Oct 24, 2025Close101.188Oct 31, 2025Close100.938Nov 7, 2025Close101.031Nov 17, 2025Close100.906Nov 24, 2025Close101.094Dec 2, 2025Close101.031Dec 9, 2025Close100.875Dec 16, 2025Close101.094Dec 23, 2025Close101.000Dec 31, 2025Close101.063Jan 8, 2026Close101.031Jan 15, 2026Close100.906Jan 23, 2026Close100.844Jan 30, 2026Close100.938Feb 6, 2026Close100.969Feb 13, 2026Close101.063Feb 23, 2026Close101.000Mar 2, 2026Close100.938Mar 9, 2026Close100.781Mar 16, 2026Close100.594Mar 23, 2026Close100.344Mar 30, 2026Close100.375Apr 6, 2026Close100.344Apr 13, 2026Close100.438Apr 20, 2026Close100.531Apr 27, 2026Close100.438May 4, 2026Close100.250May 11, 2026Close100.281May 18, 2026Close100.156May 26, 2026Close100.188Jun 2, 2026Close100.156Jun 9, 2026Close100.063Jun 16, 2026Close100.156Jun 24, 2026Close100.000Jul 1, 2026Close99.938Jul 9, 2026Close100.000Jul 16, 2026Close100.031Jul 23, 2026Close99.813Jul 30, 2026Close99.938Aug 6, 2026Close99.938Aug 13, 2026Close100.031Aug 20, 2026Close100.031Aug 27, 2026Close100.000Sep 3, 2026Close99.906Sep 11, 2026Close99.688Sep 18, 2026Close99.625Sep 25, 2026Close99.500Oct 2, 2026Close99.594Oct 9, 2026Close99.625Oct 19, 2026Close99.625Oct 26, 2026Close99.688Nov 2, 2026Close99.750Nov 9, 2026Close99.781
The most recent 20 trading days of prices for 91282CFM8.
DateBidOfferClose
Nov 9, 202699.78199.79799.781
Nov 6, 202699.78199.81399.781
Nov 5, 202699.75099.79799.781
Nov 4, 202699.75099.76699.750
Nov 3, 202699.75099.76699.750
Nov 2, 202699.75099.76699.750
Oct 30, 202699.71999.75099.750
Oct 29, 202699.71999.73499.719
Oct 28, 202699.65699.65699.656
Oct 27, 202699.65699.67299.656
Oct 26, 202699.68899.70399.688
Oct 23, 202699.71999.73499.688
Oct 22, 202699.68899.70399.719
Oct 21, 202699.62599.64199.625
Oct 20, 202699.62599.64199.625
Oct 19, 202699.62599.64199.625
Oct 16, 202699.65699.67299.625
Oct 15, 202699.62599.64199.625
Oct 14, 202699.53199.56399.594
Oct 13, 202699.62599.64199.625

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 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.