Treasury note

91282CHK0 · 4% due June 30, 2028

Original term
5-Year
Maturity
Jun 30, 2028
Coupon
4.000%
Pays
Semi-Annual
Dated
Jun 30, 2023
First coupon
Dec 31, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.00bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.545%
Modified duration
1.704 yr
DV01
0.0170
Convexity
3.801
Dirty price
99.856

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 1.743 years against a modified duration of 1.704.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.20 cents per 100 of face.

That is 0.87 standard deviations from its own typical residual.

Yield to maturity, 801 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jun 30, 2023Sep 10, 2026Jun 30, 2023Yield to maturity4.126%Jul 28, 2023Yield to maturity4.205%Aug 24, 2023Yield to maturity4.418%Sep 21, 2023Yield to maturity4.640%Oct 19, 2023Yield to maturity4.956%Nov 15, 2023Yield to maturity4.536%Dec 13, 2023Yield to maturity4.045%Jan 11, 2024Yield to maturity3.930%Feb 8, 2024Yield to maturity4.156%Mar 7, 2024Yield to maturity4.143%Apr 3, 2024Yield to maturity4.390%Apr 30, 2024Yield to maturity4.785%May 28, 2024Yield to maturity4.644%Jun 25, 2024Yield to maturity4.343%Jul 23, 2024Yield to maturity4.199%Aug 19, 2024Yield to maturity3.815%Sep 16, 2024Yield to maturity3.422%Oct 11, 2024Yield to maturity3.880%Nov 8, 2024Yield to maturity4.214%Dec 9, 2024Yield to maturity4.095%Jan 7, 2025Yield to maturity4.391%Feb 4, 2025Yield to maturity4.268%Mar 4, 2025Yield to maturity3.968%Mar 31, 2025Yield to maturity3.895%Apr 25, 2025Yield to maturity3.767%May 22, 2025Yield to maturity3.988%Jun 20, 2025Yield to maturity3.867%Jul 18, 2025Yield to maturity3.829%Aug 14, 2025Yield to maturity3.698%Sep 11, 2025Yield to maturity3.502%Oct 8, 2025Yield to maturity3.598%Nov 5, 2025Yield to maturity3.637%Dec 4, 2025Yield to maturity3.525%Jan 2, 2026Yield to maturity3.510%Jan 30, 2026Yield to maturity3.548%Feb 27, 2026Yield to maturity3.380%Mar 26, 2026Yield to maturity3.998%Apr 22, 2026Yield to maturity3.803%May 19, 2026Yield to maturity4.139%Jun 16, 2026Yield to maturity4.064%Jul 15, 2026Yield to maturity4.133%Aug 11, 2026Yield to maturity4.225%Sep 8, 2026Yield to maturity4.379%Sep 10, 2026Yield to maturity4.545%

Price history

801 trading days to Sep 10, 2026

96979899100101102103Jun 30, 2023Sep 10, 2026Jun 30, 2023Close99.438Jul 28, 2023Close99.094Aug 24, 2023Close98.188Sep 21, 2023Close97.281Oct 19, 2023Close96.031Nov 15, 2023Close97.781Dec 13, 2023Close99.813Jan 11, 2024Close100.281Feb 8, 2024Close99.375Mar 7, 2024Close99.438Apr 3, 2024Close98.500Apr 30, 2024Close97.063May 28, 2024Close97.625Jun 25, 2024Close98.750Jul 23, 2024Close99.281Aug 19, 2024Close100.656Sep 16, 2024Close102.031Oct 11, 2024Close100.406Nov 8, 2024Close99.281Dec 9, 2024Close99.688Jan 7, 2025Close98.750Feb 4, 2025Close99.156Mar 4, 2025Close100.094Mar 31, 2025Close100.313Apr 25, 2025Close100.688May 22, 2025Close100.031Jun 20, 2025Close100.375Jul 18, 2025Close100.469Aug 14, 2025Close100.813Sep 11, 2025Close101.313Oct 8, 2025Close101.031Nov 5, 2025Close100.906Dec 4, 2025Close101.156Jan 2, 2026Close101.156Jan 30, 2026Close101.031Feb 27, 2026Close101.375Mar 26, 2026Close100.000Apr 22, 2026Close100.406May 19, 2026Close99.719Jun 16, 2026Close99.875Jul 15, 2026Close99.750Aug 11, 2026Close99.594Sep 8, 2026Close99.344Sep 10, 2026Close99.063
The most recent 20 trading days of prices for 91282CHK0.
DateBidOfferClose
Sep 10, 202699.10999.09499.063
Sep 9, 202699.29799.28199.281
Sep 8, 202699.35999.34499.344
Sep 4, 202699.39199.37599.375
Sep 3, 202699.45399.43899.406
Sep 2, 202699.35999.34499.344
Sep 1, 202699.37599.37599.313
Aug 31, 202699.42299.40699.406
Aug 28, 202699.45399.43899.406
Aug 27, 202699.64199.62599.594
Aug 26, 202699.64199.62599.625
Aug 25, 202699.65699.65699.656
Aug 24, 202699.60999.59499.594
Aug 21, 202699.57899.56399.594
Aug 20, 202699.67299.65699.688
Aug 19, 202699.67299.65699.688
Aug 18, 202699.70399.68899.688
Aug 17, 202699.71999.71999.688
Aug 14, 202699.75099.75099.688
Aug 13, 202699.75099.75099.750

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 91282CHK0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 27, 2023Jun 30, 2023New issue$43.0bn$43.0bn2.52x4.019%

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.