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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.541%
Modified duration
1.626 yr
DV01
0.0163
Convexity
0.035
Dirty price
100.456

Where its rate sensitivity sits

<.01
0.01
0.48
1.17
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 1.662 years against a modified duration of 1.626.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.16 cents per 100 of face.

That is 0.73 standard deviations from its own typical residual.

Yield to maturity, 820 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jul 31, 2023Nov 9, 2026Jul 31, 2023Yield to maturity4.181%Aug 4, 2023Yield to maturity4.146%Aug 10, 2023Yield to maturity4.209%Aug 16, 2023Yield to maturity4.423%Aug 22, 2023Yield to maturity4.488%Aug 28, 2023Yield to maturity4.395%Sep 1, 2023Yield to maturity4.317%Sep 8, 2023Yield to maturity4.419%Sep 14, 2023Yield to maturity4.448%Sep 20, 2023Yield to maturity4.551%Sep 26, 2023Yield to maturity4.648%Oct 2, 2023Yield to maturity4.731%Oct 6, 2023Yield to maturity4.763%Oct 13, 2023Yield to maturity4.660%Oct 19, 2023Yield to maturity4.955%Oct 25, 2023Yield to maturity4.919%Oct 31, 2023Yield to maturity4.823%Nov 6, 2023Yield to maturity4.614%Nov 10, 2023Yield to maturity4.668%Nov 16, 2023Yield to maturity4.443%Nov 22, 2023Yield to maturity4.452%Nov 29, 2023Yield to maturity4.258%Dec 5, 2023Yield to maturity4.184%Dec 11, 2023Yield to maturity4.289%Dec 15, 2023Yield to maturity3.952%Dec 21, 2023Yield to maturity3.915%Dec 28, 2023Yield to maturity3.869%Jan 4, 2024Yield to maturity4.004%Jan 10, 2024Yield to maturity4.011%Jan 17, 2024Yield to maturity4.033%Jan 23, 2024Yield to maturity4.064%Jan 29, 2024Yield to maturity3.995%Feb 2, 2024Yield to maturity4.025%Feb 8, 2024Yield to maturity4.148%Feb 14, 2024Yield to maturity4.280%Feb 21, 2024Yield to maturity4.335%Feb 27, 2024Yield to maturity4.375%Mar 4, 2024Yield to maturity4.266%Mar 8, 2024Yield to maturity4.116%Mar 14, 2024Yield to maturity4.354%Mar 20, 2024Yield to maturity4.306%Mar 26, 2024Yield to maturity4.283%Apr 2, 2024Yield to maturity4.404%Apr 8, 2024Yield to maturity4.486%Apr 12, 2024Yield to maturity4.602%Apr 18, 2024Yield to maturity4.734%Apr 24, 2024Yield to maturity4.703%Apr 30, 2024Yield to maturity4.780%May 6, 2024Yield to maturity4.542%May 10, 2024Yield to maturity4.576%May 16, 2024Yield to maturity4.461%May 22, 2024Yield to maturity4.529%May 29, 2024Yield to maturity4.699%Jun 4, 2024Yield to maturity4.423%Jun 10, 2024Yield to maturity4.542%Jun 14, 2024Yield to maturity4.308%Jun 21, 2024Yield to maturity4.342%Jun 27, 2024Yield to maturity4.377%Jul 3, 2024Yield to maturity4.387%Jul 10, 2024Yield to maturity4.303%Jul 16, 2024Yield to maturity4.133%Jul 22, 2024Yield to maturity4.219%Jul 26, 2024Yield to maturity4.125%Aug 1, 2024Yield to maturity3.895%Aug 7, 2024Yield to maturity3.817%Aug 13, 2024Yield to maturity3.714%Aug 19, 2024Yield to maturity3.806%Aug 23, 2024Yield to maturity3.694%Aug 29, 2024Yield to maturity3.727%Sep 5, 2024Yield to maturity3.579%Sep 11, 2024Yield to maturity3.465%Sep 17, 2024Yield to maturity3.463%Sep 23, 2024Yield to maturity3.503%Sep 27, 2024Yield to maturity3.509%Oct 3, 2024Yield to maturity3.638%Oct 9, 2024Yield to maturity3.927%Oct 16, 2024Yield to maturity3.864%Oct 22, 2024Yield to maturity4.006%Oct 28, 2024Yield to maturity4.123%Nov 1, 2024Yield to maturity4.224%Nov 7, 2024Yield to maturity4.187%Nov 14, 2024Yield to maturity4.326%Nov 20, 2024Yield to maturity4.290%Nov 26, 2024Yield to maturity4.225%Dec 3, 2024Yield to maturity4.152%Dec 9, 2024Yield to maturity4.105%Dec 13, 2024Yield to maturity4.255%Dec 19, 2024Yield to maturity4.398%Dec 26, 2024Yield to maturity4.409%Jan 2, 2025Yield to maturity4.334%Jan 8, 2025Yield to maturity4.383%Jan 14, 2025Yield to maturity4.520%Jan 21, 2025Yield to maturity4.357%Jan 27, 2025Yield to maturity4.270%Jan 31, 2025Yield to maturity4.310%Feb 6, 2025Yield to maturity4.252%Feb 12, 2025Yield to maturity4.429%Feb 19, 2025Yield to maturity4.322%Feb 25, 2025Yield to maturity4.104%Mar 3, 2025Yield to maturity3.946%Mar 7, 2025Yield to maturity4.044%Mar 13, 2025Yield to maturity3.965%Mar 19, 2025Yield to maturity3.984%Mar 25, 2025Yield to maturity4.003%Mar 31, 2025Yield to maturity3.902%Apr 4, 2025Yield to maturity3.680%Apr 10, 2025Yield to maturity3.920%Apr 16, 2025Yield to maturity3.797%Apr 23, 2025Yield to maturity3.897%Apr 29, 2025Yield to maturity3.671%May 5, 2025Yield to maturity3.844%May 9, 2025Yield to maturity3.894%May 15, 2025Yield to maturity3.977%May 21, 2025Yield to maturity4.029%May 28, 2025Yield to maturity3.975%Jun 3, 2025Yield to maturity3.943%Jun 9, 2025Yield to maturity4.006%Jun 13, 2025Yield to maturity3.931%Jun 20, 2025Yield to maturity3.887%Jun 26, 2025Yield to maturity3.703%Jul 2, 2025Yield to maturity3.788%Jul 9, 2025Yield to maturity3.829%Jul 15, 2025Yield to maturity3.937%Jul 21, 2025Yield to maturity3.805%Jul 25, 2025Yield to maturity3.869%Jul 31, 2025Yield to maturity3.891%Aug 6, 2025Yield to maturity3.667%Aug 12, 2025Yield to maturity3.720%Aug 18, 2025Yield to maturity3.740%Aug 22, 2025Yield to maturity3.648%Aug 28, 2025Yield to maturity3.613%Sep 4, 2025Yield to maturity3.553%Sep 10, 2025Yield to maturity3.515%Sep 16, 2025Yield to maturity3.489%Sep 22, 2025Yield to maturity3.589%Sep 26, 2025Yield to maturity3.667%Oct 2, 2025Yield to maturity3.561%Oct 8, 2025Yield to maturity3.604%Oct 15, 2025Yield to maturity3.507%Oct 21, 2025Yield to maturity3.456%Oct 27, 2025Yield to maturity3.500%Oct 31, 2025Yield to maturity3.604%Nov 6, 2025Yield to maturity3.578%Nov 13, 2025Yield to maturity3.599%Nov 19, 2025Yield to maturity3.584%Nov 25, 2025Yield to maturity3.459%Dec 2, 2025Yield to maturity3.515%Dec 8, 2025Yield to maturity3.599%Dec 12, 2025Yield to maturity3.571%Dec 18, 2025Yield to maturity3.481%Dec 24, 2025Yield to maturity3.578%Dec 31, 2025Yield to maturity3.511%Jan 7, 2026Yield to maturity3.494%Jan 13, 2026Yield to maturity3.555%Jan 20, 2026Yield to maturity3.642%Jan 26, 2026Yield to maturity3.626%Jan 30, 2026Yield to maturity3.557%Feb 5, 2026Yield to maturity3.502%Feb 11, 2026Yield to maturity3.538%Feb 18, 2026Yield to maturity3.480%Feb 24, 2026Yield to maturity3.448%Mar 2, 2026Yield to maturity3.471%Mar 6, 2026Yield to maturity3.561%Mar 12, 2026Yield to maturity3.764%Mar 18, 2026Yield to maturity3.762%Mar 24, 2026Yield to maturity3.941%Mar 30, 2026Yield to maturity3.841%Apr 3, 2026Yield to maturity3.867%Apr 9, 2026Yield to maturity3.795%Apr 15, 2026Yield to maturity3.778%Apr 21, 2026Yield to maturity3.790%Apr 27, 2026Yield to maturity3.817%May 1, 2026Yield to maturity3.888%May 7, 2026Yield to maturity3.931%May 13, 2026Yield to maturity3.989%May 19, 2026Yield to maturity4.153%May 26, 2026Yield to maturity4.062%Jun 1, 2026Yield to maturity4.062%Jun 5, 2026Yield to maturity4.184%Jun 11, 2026Yield to maturity4.077%Jun 17, 2026Yield to maturity4.216%Jun 24, 2026Yield to maturity4.155%Jun 30, 2026Yield to maturity4.155%Jul 7, 2026Yield to maturity4.204%Jul 13, 2026Yield to maturity4.285%Jul 17, 2026Yield to maturity4.189%Jul 23, 2026Yield to maturity4.370%Jul 29, 2026Yield to maturity4.240%Aug 4, 2026Yield to maturity4.208%Aug 10, 2026Yield to maturity4.241%Aug 14, 2026Yield to maturity4.175%Aug 20, 2026Yield to maturity4.191%Aug 26, 2026Yield to maturity4.226%Sep 1, 2026Yield to maturity4.382%Sep 8, 2026Yield to maturity4.384%Sep 14, 2026Yield to maturity4.633%Sep 18, 2026Yield to maturity4.744%Sep 24, 2026Yield to maturity4.891%Sep 30, 2026Yield to maturity4.861%Oct 6, 2026Yield to maturity4.776%Oct 13, 2026Yield to maturity4.764%Oct 19, 2026Yield to maturity4.751%Oct 23, 2026Yield to maturity4.663%Oct 29, 2026Yield to maturity4.628%Nov 4, 2026Yield to maturity4.557%Nov 9, 2026Yield to maturity4.541%

Price history

820 trading days to Nov 9, 2026

96979899100101102103Jul 31, 2023Nov 9, 2026Jul 31, 2023Close99.750Aug 4, 2023Close99.906Aug 10, 2023Close99.625Aug 16, 2023Close98.688Aug 22, 2023Close98.406Aug 28, 2023Close98.813Sep 1, 2023Close99.156Sep 8, 2023Close98.719Sep 14, 2023Close98.594Sep 20, 2023Close98.156Sep 26, 2023Close97.750Oct 2, 2023Close97.406Oct 6, 2023Close97.281Oct 13, 2023Close97.719Oct 19, 2023Close96.500Oct 25, 2023Close96.656Oct 31, 2023Close97.063Nov 6, 2023Close97.938Nov 10, 2023Close97.719Nov 16, 2023Close98.656Nov 22, 2023Close98.625Nov 29, 2023Close99.438Dec 5, 2023Close99.750Dec 11, 2023Close99.313Dec 15, 2023Close100.719Dec 21, 2023Close100.875Dec 28, 2023Close101.063Jan 4, 2024Close100.500Jan 10, 2024Close100.469Jan 17, 2024Close100.375Jan 23, 2024Close100.250Jan 29, 2024Close100.531Feb 2, 2024Close100.406Feb 8, 2024Close99.906Feb 14, 2024Close99.375Feb 21, 2024Close99.156Feb 27, 2024Close99.000Mar 4, 2024Close99.438Mar 8, 2024Close100.031Mar 14, 2024Close99.094Mar 20, 2024Close99.281Mar 26, 2024Close99.375Apr 2, 2024Close98.906Apr 8, 2024Close98.594Apr 12, 2024Close98.156Apr 18, 2024Close97.656Apr 24, 2024Close97.781Apr 30, 2024Close97.500May 6, 2024Close98.406May 10, 2024Close98.281May 16, 2024Close98.719May 22, 2024Close98.469May 29, 2024Close97.844Jun 4, 2024Close98.875Jun 10, 2024Close98.438Jun 14, 2024Close99.313Jun 21, 2024Close99.188Jun 27, 2024Close99.063Jul 3, 2024Close99.031Jul 10, 2024Close99.344Jul 16, 2024Close99.969Jul 22, 2024Close99.656Jul 26, 2024Close100.000Aug 1, 2024Close100.844Aug 7, 2024Close101.125Aug 13, 2024Close101.500Aug 19, 2024Close101.156Aug 23, 2024Close101.563Aug 29, 2024Close101.438Sep 5, 2024Close101.969Sep 11, 2024Close102.375Sep 17, 2024Close102.375Sep 23, 2024Close102.219Sep 27, 2024Close102.188Oct 3, 2024Close101.719Oct 9, 2024Close100.688Oct 16, 2024Close100.906Oct 22, 2024Close100.406Oct 28, 2024Close100.000Nov 1, 2024Close99.656Nov 7, 2024Close99.781Nov 14, 2024Close99.313Nov 20, 2024Close99.438Nov 26, 2024Close99.656Dec 3, 2024Close99.906Dec 9, 2024Close100.063Dec 13, 2024Close99.563Dec 19, 2024Close99.094Dec 26, 2024Close99.063Jan 2, 2025Close99.313Jan 8, 2025Close99.156Jan 14, 2025Close98.719Jan 21, 2025Close99.250Jan 27, 2025Close99.531Jan 31, 2025Close99.406Feb 6, 2025Close99.594Feb 12, 2025Close99.031Feb 19, 2025Close99.375Feb 25, 2025Close100.063Mar 3, 2025Close100.563Mar 7, 2025Close100.250Mar 13, 2025Close100.500Mar 19, 2025Close100.438Mar 25, 2025Close100.375Mar 31, 2025Close100.688Apr 4, 2025Close101.375Apr 10, 2025Close100.625Apr 16, 2025Close101.000Apr 23, 2025Close100.688Apr 29, 2025Close101.375May 5, 2025Close100.844May 9, 2025Close100.688May 15, 2025Close100.438May 21, 2025Close100.281May 28, 2025Close100.438Jun 3, 2025Close100.531Jun 9, 2025Close100.344Jun 13, 2025Close100.563Jun 20, 2025Close100.688Jun 26, 2025Close101.219Jul 2, 2025Close100.969Jul 9, 2025Close100.844Jul 15, 2025Close100.531Jul 21, 2025Close100.906Jul 25, 2025Close100.719Jul 31, 2025Close100.656Aug 6, 2025Close101.281Aug 12, 2025Close101.125Aug 18, 2025Close101.063Aug 22, 2025Close101.313Aug 28, 2025Close101.406Sep 4, 2025Close101.563Sep 10, 2025Close101.656Sep 16, 2025Close101.719Sep 22, 2025Close101.438Sep 26, 2025Close101.219Oct 2, 2025Close101.500Oct 8, 2025Close101.375Oct 15, 2025Close101.625Oct 21, 2025Close101.750Oct 27, 2025Close101.625Oct 31, 2025Close101.344Nov 6, 2025Close101.406Nov 13, 2025Close101.344Nov 19, 2025Close101.375Nov 25, 2025Close101.688Dec 2, 2025Close101.531Dec 8, 2025Close101.313Dec 12, 2025Close101.375Dec 18, 2025Close101.594Dec 24, 2025Close101.344Dec 31, 2025Close101.500Jan 7, 2026Close101.531Jan 13, 2026Close101.375Jan 20, 2026Close101.156Jan 26, 2026Close101.188Jan 30, 2026Close101.344Feb 5, 2026Close101.469Feb 11, 2026Close101.375Feb 18, 2026Close101.500Feb 24, 2026Close101.563Mar 2, 2026Close101.500Mar 6, 2026Close101.281Mar 12, 2026Close100.813Mar 18, 2026Close100.813Mar 24, 2026Close100.406Mar 30, 2026Close100.625Apr 3, 2026Close100.563Apr 9, 2026Close100.719Apr 15, 2026Close100.750Apr 21, 2026Close100.719Apr 27, 2026Close100.656May 1, 2026Close100.500May 7, 2026Close100.406May 13, 2026Close100.281May 19, 2026Close99.938May 26, 2026Close100.125Jun 1, 2026Close100.125Jun 5, 2026Close99.875Jun 11, 2026Close100.094Jun 17, 2026Close99.813Jun 24, 2026Close99.938Jun 30, 2026Close99.938Jul 7, 2026Close99.844Jul 13, 2026Close99.688Jul 17, 2026Close99.875Jul 23, 2026Close99.531Jul 29, 2026Close99.781Aug 4, 2026Close99.844Aug 10, 2026Close99.781Aug 14, 2026Close99.906Aug 20, 2026Close99.875Aug 26, 2026Close99.813Sep 1, 2026Close99.531Sep 8, 2026Close99.531Sep 14, 2026Close99.094Sep 18, 2026Close98.906Sep 24, 2026Close98.656Sep 30, 2026Close98.719Oct 6, 2026Close98.875Oct 13, 2026Close98.906Oct 19, 2026Close98.938Oct 23, 2026Close99.094Oct 29, 2026Close99.156Nov 4, 2026Close99.281Nov 9, 2026Close99.313
The most recent 20 trading days of prices for 91282CHQ7.
DateBidOfferClose
Nov 9, 202699.31399.32899.313
Nov 6, 202699.37599.39199.375
Nov 5, 202699.34499.35999.469
Nov 4, 202699.25099.25099.281
Nov 3, 202699.21999.23499.219
Nov 2, 202699.28199.28199.250
Oct 30, 202699.21999.23499.281
Oct 29, 202699.15699.17299.156
Oct 28, 202698.96998.96999.031
Oct 27, 202699.03199.04799.000
Oct 26, 202699.06399.06399.031
Oct 23, 202699.09499.09499.094
Oct 22, 202699.06399.06399.125
Oct 21, 202698.90698.92298.875
Oct 20, 202698.93898.95398.906
Oct 19, 202698.96998.96998.938
Oct 16, 202699.00099.01699.000
Oct 15, 202698.93898.95398.938
Oct 14, 202698.78198.79798.844
Oct 13, 202698.87598.87598.906

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 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.

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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.