Treasury note

91282CFT3 · 4% due October 31, 2029

Original term
7-Year
Maturity
Oct 31, 2029
Coupon
4.000%
Pays
Semi-Annual
Dated
Oct 31, 2022
First coupon
Apr 30, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$34.91bn
Held stripped
$47.8m
Share stripped
0.14%

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
4.670%
Modified duration
2.867 yr
DV01
0.0285
Convexity
10.004
Dirty price
99.519

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 6 of twelve buckets, summing to 2.934 years against a modified duration of 2.867.

Against the fitted curve

Priced 1.9 bp rich to the curve on that day, 5.39 cents per 100 of face.

That is -1.51 standard deviations from its own typical residual.

Yield to maturity, 967 observations

3.00%3.50%4.00%4.50%5.00%5.50%Oct 31, 2022Sep 10, 2026Oct 31, 2022Yield to maturity4.177%Dec 2, 2022Yield to maturity3.618%Jan 5, 2023Yield to maturity3.842%Feb 7, 2023Yield to maturity3.803%Mar 10, 2023Yield to maturity3.902%Apr 11, 2023Yield to maturity3.526%May 11, 2023Yield to maturity3.403%Jun 13, 2023Yield to maturity3.994%Jul 17, 2023Yield to maturity3.976%Aug 16, 2023Yield to maturity4.418%Sep 18, 2023Yield to maturity4.471%Oct 19, 2023Yield to maturity5.026%Nov 20, 2023Yield to maturity4.490%Dec 21, 2023Yield to maturity3.927%Jan 25, 2024Yield to maturity4.079%Feb 27, 2024Yield to maturity4.351%Mar 28, 2024Yield to maturity4.234%Apr 29, 2024Yield to maturity4.670%May 30, 2024Yield to maturity4.598%Jul 2, 2024Yield to maturity4.411%Aug 2, 2024Yield to maturity3.642%Sep 4, 2024Yield to maturity3.611%Oct 4, 2024Yield to maturity3.842%Nov 6, 2024Yield to maturity4.302%Dec 10, 2024Yield to maturity4.106%Jan 13, 2025Yield to maturity4.615%Feb 13, 2025Yield to maturity4.400%Mar 18, 2025Yield to maturity4.089%Apr 17, 2025Yield to maturity3.931%May 19, 2025Yield to maturity4.054%Jun 20, 2025Yield to maturity3.936%Jul 23, 2025Yield to maturity3.911%Aug 22, 2025Yield to maturity3.714%Sep 24, 2025Yield to maturity3.676%Oct 27, 2025Yield to maturity3.570%Nov 28, 2025Yield to maturity3.551%Dec 31, 2025Yield to maturity3.628%Feb 3, 2026Yield to maturity3.736%Mar 6, 2026Yield to maturity3.648%Apr 7, 2026Yield to maturity3.895%May 7, 2026Yield to maturity3.990%Jun 9, 2026Yield to maturity4.219%Jul 13, 2026Yield to maturity4.327%Aug 12, 2026Yield to maturity4.293%Sep 10, 2026Yield to maturity4.670%

Price history

967 trading days to Sep 10, 2026

949698100102104Oct 31, 2022Sep 10, 2026Oct 31, 2022Close98.938Dec 2, 2022Close102.313Jan 5, 2023Close100.938Feb 7, 2023Close101.156Mar 10, 2023Close100.563Apr 11, 2023Close102.750May 11, 2023Close103.438Jun 13, 2023Close100.031Jul 17, 2023Close100.125Aug 16, 2023Close97.750Sep 18, 2023Close97.500Oct 19, 2023Close94.719Nov 20, 2023Close97.469Dec 21, 2023Close100.375Jan 25, 2024Close99.594Feb 27, 2024Close98.250Mar 28, 2024Close98.844Apr 29, 2024Close96.781May 30, 2024Close97.156Jul 2, 2024Close98.063Aug 2, 2024Close101.688Sep 4, 2024Close101.813Oct 4, 2024Close100.719Nov 6, 2024Close98.656Dec 10, 2024Close99.531Jan 13, 2025Close97.375Feb 13, 2025Close98.313Mar 18, 2025Close99.625Apr 17, 2025Close100.281May 19, 2025Close99.781Jun 20, 2025Close100.250Jul 23, 2025Close100.344Aug 22, 2025Close101.094Sep 24, 2025Close101.219Oct 27, 2025Close101.594Nov 28, 2025Close101.625Dec 31, 2025Close101.313Feb 3, 2026Close100.906Mar 6, 2026Close101.188Apr 7, 2026Close100.344May 7, 2026Close100.031Jun 9, 2026Close99.313Jul 13, 2026Close99.000Aug 12, 2026Close99.125Sep 10, 2026Close98.063
The most recent 20 trading days of prices for 91282CFT3.
DateBidOfferClose
Sep 10, 202698.17298.15698.063
Sep 9, 202698.46998.43898.469
Sep 8, 202698.60998.59498.563
Sep 4, 202698.67298.65698.625
Sep 3, 202698.79798.78198.719
Sep 2, 202698.60998.59498.625
Sep 1, 202698.67298.65698.594
Aug 31, 202698.76698.75098.750
Aug 28, 202698.82898.81398.719
Aug 27, 202699.10999.09499.031
Aug 26, 202699.10999.09499.094
Aug 25, 202699.17299.15699.156
Aug 24, 202699.07899.06399.031
Aug 21, 202699.01699.00099.000
Aug 20, 202699.14199.12599.125
Aug 19, 202699.17299.15699.188
Aug 18, 202699.17299.15699.156
Aug 17, 202699.20399.18899.156
Aug 14, 202699.26699.25099.188
Aug 13, 202699.29799.28199.281

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 91282CFT3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2022Oct 31, 2022New issue$35.0bn$35.0bn2.43x4.027%

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.