Treasury note

91282CGP0 · 4% due February 29, 2028

Original term
5-Year
Maturity
Feb 29, 2028
Coupon
4.000%
Pays
Semi-Annual
Dated
Feb 28, 2023
First coupon
Aug 31, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$52.17bn
Held stripped
$18.9m
Share stripped
0.04%

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
4.488%
Modified duration
1.409 yr
DV01
0.0140
Convexity
2.696
Dirty price
99.434

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 1.439 years against a modified duration of 1.409.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 1.96 cents per 100 of face.

That is 1.20 standard deviations from its own typical residual.

Yield to maturity, 887 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 28, 2023Sep 10, 2026Feb 28, 2023Yield to maturity4.175%Mar 29, 2023Yield to maturity3.677%Apr 27, 2023Yield to maturity3.609%May 26, 2023Yield to maturity3.977%Jun 28, 2023Yield to maturity4.021%Jul 28, 2023Yield to maturity4.242%Aug 28, 2023Yield to maturity4.448%Sep 27, 2023Yield to maturity4.743%Oct 27, 2023Yield to maturity4.789%Nov 28, 2023Yield to maturity4.356%Dec 28, 2023Yield to maturity3.909%Jan 30, 2024Yield to maturity4.058%Feb 29, 2024Yield to maturity4.353%Mar 29, 2024Yield to maturity4.324%Apr 29, 2024Yield to maturity4.756%May 29, 2024Yield to maturity4.724%Jun 28, 2024Yield to maturity4.456%Jul 30, 2024Yield to maturity4.122%Aug 28, 2024Yield to maturity3.712%Sep 27, 2024Yield to maturity3.500%Oct 29, 2024Yield to maturity4.100%Nov 29, 2024Yield to maturity4.123%Dec 31, 2024Yield to maturity4.308%Jan 31, 2025Yield to maturity4.284%Mar 4, 2025Yield to maturity3.966%Apr 2, 2025Yield to maturity3.907%May 1, 2025Yield to maturity3.693%Jun 2, 2025Yield to maturity3.925%Jul 2, 2025Yield to maturity3.787%Aug 1, 2025Yield to maturity3.678%Sep 2, 2025Yield to maturity3.643%Oct 1, 2025Yield to maturity3.549%Oct 31, 2025Yield to maturity3.602%Dec 3, 2025Yield to maturity3.486%Jan 5, 2026Yield to maturity3.480%Feb 4, 2026Yield to maturity3.571%Mar 6, 2026Yield to maturity3.570%Apr 6, 2026Yield to maturity3.860%May 5, 2026Yield to maturity3.925%Jun 4, 2026Yield to maturity4.035%Jul 7, 2026Yield to maturity4.196%Aug 5, 2026Yield to maturity4.165%Sep 3, 2026Yield to maturity4.284%Sep 10, 2026Yield to maturity4.488%

Price history

887 trading days to Sep 10, 2026

9698100102104Feb 28, 2023Sep 10, 2026Feb 28, 2023Close99.219Mar 29, 2023Close101.438Apr 27, 2023Close101.719May 26, 2023Close100.094Jun 28, 2023Close99.906Jul 28, 2023Close99.000Aug 28, 2023Close98.188Sep 27, 2023Close97.063Oct 27, 2023Close96.938Nov 28, 2023Close98.625Dec 28, 2023Close100.344Jan 30, 2024Close99.781Feb 29, 2024Close98.719Mar 29, 2024Close98.844Apr 29, 2024Close97.375May 29, 2024Close97.531Jun 28, 2024Close98.469Jul 30, 2024Close99.594Aug 28, 2024Close100.938Sep 27, 2024Close101.594Oct 29, 2024Close99.688Nov 29, 2024Close99.625Dec 31, 2024Close99.094Jan 31, 2025Close99.188Mar 4, 2025Close100.094Apr 2, 2025Close100.250May 1, 2025Close100.813Jun 2, 2025Close100.188Jul 2, 2025Close100.531Aug 1, 2025Close100.781Sep 2, 2025Close100.844Oct 1, 2025Close101.031Oct 31, 2025Close100.875Dec 3, 2025Close101.094Jan 5, 2026Close101.063Feb 4, 2026Close100.844Mar 6, 2026Close100.813Apr 6, 2026Close100.250May 5, 2026Close100.125Jun 4, 2026Close99.938Jul 7, 2026Close99.688Aug 5, 2026Close99.750Sep 3, 2026Close99.594Sep 10, 2026Close99.313
The most recent 20 trading days of prices for 91282CGP0.
DateBidOfferClose
Sep 10, 202699.35999.34499.313
Sep 9, 202699.48499.46999.469
Sep 8, 202699.54799.53199.531
Sep 4, 202699.54799.53199.531
Sep 3, 202699.59499.59499.594
Sep 2, 202699.51699.50099.500
Sep 1, 202699.53199.53199.500
Aug 31, 202699.57899.56399.563
Aug 28, 202699.57899.56399.531
Aug 27, 202699.73499.71999.719
Aug 26, 202699.75099.75099.719
Aug 25, 202699.76699.75099.750
Aug 24, 202699.73499.71999.719
Aug 21, 202699.70399.68899.719
Aug 20, 202699.79799.78199.781
Aug 19, 202699.78199.78199.781
Aug 18, 202699.79799.78199.781
Aug 17, 202699.81399.81399.781
Aug 14, 202699.82899.81399.781
Aug 13, 202699.82899.81399.813

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 91282CGP0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 22, 2023Feb 28, 2023New issue$43.0bn$52.8bn2.48x4.109%

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.