Treasury note

91282CHQ7 · 4.125% due July 31, 2028

Original term
5-Year
Maturity
Jul 31, 2028
Coupon
4.125%
Pays
Semi-Annual
Dated
Jul 31, 2023
First coupon
Jan 31, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.00bn
Held stripped
$526.9m
Share stripped
1.23%

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
4.560%
Modified duration
1.785 yr
DV01
0.0178
Convexity
4.123
Dirty price
99.690

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 1.826 years against a modified duration of 1.785.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.32 cents per 100 of face.

That is 0.39 standard deviations from its own typical residual.

Yield to maturity, 781 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jul 31, 2023Sep 10, 2026Jul 31, 2023Yield to maturity4.181%Aug 24, 2023Yield to maturity4.395%Sep 20, 2023Yield to maturity4.551%Oct 17, 2023Yield to maturity4.871%Nov 10, 2023Yield to maturity4.668%Dec 7, 2023Yield to maturity4.154%Jan 4, 2024Yield to maturity4.004%Jan 31, 2024Yield to maturity3.934%Feb 27, 2024Yield to maturity4.375%Mar 22, 2024Yield to maturity4.259%Apr 17, 2024Yield to maturity4.676%May 13, 2024Yield to maturity4.560%Jun 7, 2024Yield to maturity4.525%Jul 5, 2024Yield to maturity4.285%Jul 31, 2024Yield to maturity4.022%Aug 26, 2024Yield to maturity3.710%Sep 20, 2024Yield to maturity3.486%Oct 17, 2024Yield to maturity3.909%Nov 13, 2024Yield to maturity4.298%Dec 10, 2024Yield to maturity4.124%Jan 7, 2025Yield to maturity4.402%Feb 3, 2025Yield to maturity4.310%Feb 28, 2025Yield to maturity4.005%Mar 26, 2025Yield to maturity4.033%Apr 21, 2025Yield to maturity3.816%May 15, 2025Yield to maturity3.977%Jun 11, 2025Yield to maturity3.931%Jul 9, 2025Yield to maturity3.829%Aug 4, 2025Yield to maturity3.657%Aug 28, 2025Yield to maturity3.613%Sep 24, 2025Yield to maturity3.611%Oct 21, 2025Yield to maturity3.456%Nov 17, 2025Yield to maturity3.609%Dec 12, 2025Yield to maturity3.571%Jan 9, 2026Yield to maturity3.569%Feb 5, 2026Yield to maturity3.502%Mar 4, 2026Yield to maturity3.537%Mar 30, 2026Yield to maturity3.841%Apr 23, 2026Yield to maturity3.833%May 19, 2026Yield to maturity4.153%Jun 15, 2026Yield to maturity4.077%Jul 13, 2026Yield to maturity4.285%Aug 6, 2026Yield to maturity4.258%Sep 1, 2026Yield to maturity4.382%Sep 10, 2026Yield to maturity4.560%

Price history

781 trading days to Sep 10, 2026

96979899100101102103Jul 31, 2023Sep 10, 2026Jul 31, 2023Close99.750Aug 24, 2023Close98.813Sep 20, 2023Close98.156Oct 17, 2023Close96.844Nov 10, 2023Close97.719Dec 7, 2023Close99.875Jan 4, 2024Close100.500Jan 31, 2024Close100.781Feb 27, 2024Close99.000Mar 22, 2024Close99.469Apr 17, 2024Close97.875May 13, 2024Close98.344Jun 7, 2024Close98.500Jul 5, 2024Close99.406Jul 31, 2024Close100.375Aug 26, 2024Close101.500Sep 20, 2024Close102.281Oct 17, 2024Close100.750Nov 13, 2024Close99.406Dec 10, 2024Close100.000Jan 7, 2025Close99.094Feb 3, 2025Close99.406Feb 28, 2025Close100.375Mar 26, 2025Close100.281Apr 21, 2025Close100.938May 15, 2025Close100.438Jun 11, 2025Close100.563Jul 9, 2025Close100.844Aug 4, 2025Close101.313Aug 28, 2025Close101.406Sep 24, 2025Close101.375Oct 21, 2025Close101.750Nov 17, 2025Close101.313Dec 12, 2025Close101.375Jan 9, 2026Close101.344Feb 5, 2026Close101.469Mar 4, 2026Close101.344Mar 30, 2026Close100.625Apr 23, 2026Close100.625May 19, 2026Close99.938Jun 15, 2026Close100.094Jul 13, 2026Close99.688Aug 6, 2026Close99.750Sep 1, 2026Close99.531Sep 10, 2026Close99.219
The most recent 20 trading days of prices for 91282CHQ7.
DateBidOfferClose
Sep 10, 202699.29799.28199.219
Sep 9, 202699.48499.46999.469
Sep 8, 202699.54799.53199.531
Sep 4, 202699.57899.56399.563
Sep 3, 202699.64199.62599.625
Sep 2, 202699.54799.53199.531
Sep 1, 202699.57899.56399.531
Aug 31, 202699.62599.62599.625
Aug 28, 202699.64199.62599.594
Aug 27, 202699.82899.81399.813
Aug 26, 202699.84499.84499.813
Aug 25, 202699.85999.84499.875
Aug 24, 202699.82899.81399.781
Aug 21, 202699.78199.78199.781
Aug 20, 202699.89199.87599.875
Aug 19, 202699.89199.87599.906
Aug 18, 202699.90699.90699.875
Aug 17, 202699.92299.90699.875
Aug 14, 202699.95399.93899.906
Aug 13, 202699.96999.96999.969

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 91282CHQ7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 25, 2023Jul 31, 2023New issue$43.0bn$43.0bn2.60x4.170%

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.