Treasury note

91282CHR5 · 4% due July 31, 2030

Original term
7-Year
Maturity
Jul 31, 2030
Coupon
4.000%
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
$33.76bn
Held stripped
$6.5m
Share stripped
0.02%

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
4.710%
Modified duration
3.534 yr
DV01
0.0346
Convexity
14.799
Dirty price
97.957

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 3.616 years against a modified duration of 3.534.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 2.98 cents per 100 of face.

That is -1.53 standard deviations from its own typical residual.

Yield to maturity, 781 observations

3.00%3.50%4.00%4.50%5.00%5.50%Jul 31, 2023Sep 10, 2026Jul 31, 2023Yield to maturity4.083%Aug 24, 2023Yield to maturity4.342%Sep 20, 2023Yield to maturity4.464%Oct 17, 2023Yield to maturity4.890%Nov 10, 2023Yield to maturity4.689%Dec 7, 2023Yield to maturity4.168%Jan 4, 2024Yield to maturity4.010%Jan 31, 2024Yield to maturity3.956%Feb 27, 2024Yield to maturity4.348%Mar 22, 2024Yield to maturity4.231%Apr 17, 2024Yield to maturity4.624%May 13, 2024Yield to maturity4.505%Jun 7, 2024Yield to maturity4.457%Jul 5, 2024Yield to maturity4.235%Jul 31, 2024Yield to maturity3.994%Aug 26, 2024Yield to maturity3.709%Sep 20, 2024Yield to maturity3.558%Oct 17, 2024Yield to maturity3.950%Nov 13, 2024Yield to maturity4.342%Dec 10, 2024Yield to maturity4.131%Jan 7, 2025Yield to maturity4.506%Feb 3, 2025Yield to maturity4.395%Feb 28, 2025Yield to maturity4.071%Mar 26, 2025Yield to maturity4.131%Apr 21, 2025Yield to maturity4.012%May 15, 2025Yield to maturity4.100%Jun 11, 2025Yield to maturity4.040%Jul 9, 2025Yield to maturity3.931%Aug 4, 2025Yield to maturity3.764%Aug 28, 2025Yield to maturity3.712%Sep 24, 2025Yield to maturity3.722%Oct 21, 2025Yield to maturity3.561%Nov 17, 2025Yield to maturity3.714%Dec 12, 2025Yield to maturity3.732%Jan 9, 2026Yield to maturity3.721%Feb 5, 2026Yield to maturity3.702%Mar 4, 2026Yield to maturity3.643%Mar 30, 2026Yield to maturity3.944%Apr 23, 2026Yield to maturity3.935%May 19, 2026Yield to maturity4.294%Jun 15, 2026Yield to maturity4.165%Jul 13, 2026Yield to maturity4.348%Aug 6, 2026Yield to maturity4.363%Sep 1, 2026Yield to maturity4.519%Sep 10, 2026Yield to maturity4.710%

Price history

781 trading days to Sep 10, 2026

949698100102104Jul 31, 2023Sep 10, 2026Jul 31, 2023Close99.500Aug 24, 2023Close97.969Sep 20, 2023Close97.281Oct 17, 2023Close94.906Nov 10, 2023Close96.063Dec 7, 2023Close99.031Jan 4, 2024Close99.938Jan 31, 2024Close100.250Feb 27, 2024Close98.063Mar 22, 2024Close98.719Apr 17, 2024Close96.625May 13, 2024Close97.281Jun 7, 2024Close97.563Jul 5, 2024Close98.750Jul 31, 2024Close100.031Aug 26, 2024Close101.531Sep 20, 2024Close102.313Oct 17, 2024Close100.250Nov 13, 2024Close98.281Dec 10, 2024Close99.344Jan 7, 2025Close97.531Feb 3, 2025Close98.094Feb 28, 2025Close99.656Mar 26, 2025Close99.375Apr 21, 2025Close99.938May 15, 2025Close99.531Jun 11, 2025Close99.813Jul 9, 2025Close100.313Aug 4, 2025Close101.063Aug 28, 2025Close101.281Sep 24, 2025Close101.219Oct 21, 2025Close101.906Nov 17, 2025Close101.219Dec 12, 2025Close101.125Jan 9, 2026Close101.156Feb 5, 2026Close101.219Mar 4, 2026Close101.438Mar 30, 2026Close100.219Apr 23, 2026Close100.250May 19, 2026Close98.875Jun 15, 2026Close99.375Jul 13, 2026Close98.719Aug 6, 2026Close98.688Sep 1, 2026Close98.156Sep 10, 2026Close97.500
The most recent 20 trading days of prices for 91282CHR5.
DateBidOfferClose
Sep 10, 202697.62597.59497.500
Sep 9, 202697.98497.96997.969
Sep 8, 202698.15698.12598.125
Sep 4, 202698.23498.21998.188
Sep 3, 202698.39198.37598.313
Sep 2, 202698.17298.15698.156
Sep 1, 202698.26698.25098.156
Aug 31, 202698.35998.34498.344
Aug 28, 202698.46998.43898.344
Aug 27, 202698.79798.78198.719
Aug 26, 202698.79798.78198.750
Aug 25, 202698.85998.84498.875
Aug 24, 202698.73498.71998.656
Aug 21, 202698.64198.62598.625
Aug 20, 202698.79798.78198.781
Aug 19, 202698.85998.84498.875
Aug 18, 202698.85998.84498.844
Aug 17, 202698.87598.84498.813
Aug 14, 202698.95398.93898.844
Aug 13, 202699.01699.00099.000

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 91282CHR5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 27, 2023Jul 31, 2023New issue$35.0bn$35.0bn2.48x4.087%

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.