Treasury note

91282CHX2 · 4.375% due August 31, 2028

Original term
5-Year
Maturity
Aug 31, 2028
Coupon
4.375%
Pays
Semi-Annual
Dated
Aug 31, 2023
First coupon
Feb 29, 2024
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$50.50bn
Held stripped
$255.7m
Share stripped
0.51%

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
4.554%
Modified duration
1.702 yr
DV01
0.0171
Convexity
0.0379
Dirty price
100.546

Where its rate sensitivity sits

0.01
0.01
0.36
1.37
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 1.702.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 1.07 cents per 100 of face.

That is 0.14 standard deviations from its own typical residual.

Yield to maturity, 797 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Aug 31, 2023Nov 9, 2026Aug 31, 2023Yield to maturity4.235%Sep 7, 2023Yield to maturity4.382%Sep 13, 2023Yield to maturity4.389%Sep 19, 2023Yield to maturity4.517%Sep 25, 2023Yield to maturity4.618%Sep 29, 2023Yield to maturity4.604%Oct 5, 2023Yield to maturity4.677%Oct 12, 2023Yield to maturity4.685%Oct 18, 2023Yield to maturity4.914%Oct 24, 2023Yield to maturity4.812%Oct 30, 2023Yield to maturity4.798%Nov 3, 2023Yield to maturity4.490%Nov 9, 2023Yield to maturity4.645%Nov 15, 2023Yield to maturity4.520%Nov 21, 2023Yield to maturity4.418%Nov 28, 2023Yield to maturity4.315%Dec 4, 2023Yield to maturity4.256%Dec 8, 2023Yield to maturity4.270%Dec 14, 2023Yield to maturity3.926%Dec 20, 2023Yield to maturity3.889%Dec 27, 2023Yield to maturity3.814%Jan 3, 2024Yield to maturity3.922%Jan 9, 2024Yield to maturity3.987%Jan 16, 2024Yield to maturity3.948%Jan 22, 2024Yield to maturity4.036%Jan 26, 2024Yield to maturity4.073%Feb 1, 2024Yield to maturity3.826%Feb 7, 2024Yield to maturity4.079%Feb 13, 2024Yield to maturity4.336%Feb 20, 2024Yield to maturity4.275%Feb 26, 2024Yield to maturity4.352%Mar 1, 2024Yield to maturity4.205%Mar 7, 2024Yield to maturity4.128%Mar 13, 2024Yield to maturity4.243%Mar 19, 2024Yield to maturity4.359%Mar 25, 2024Yield to maturity4.280%Apr 1, 2024Yield to maturity4.382%Apr 5, 2024Yield to maturity4.429%Apr 11, 2024Yield to maturity4.669%Apr 17, 2024Yield to maturity4.670%Apr 23, 2024Yield to maturity4.670%Apr 29, 2024Yield to maturity4.712%May 3, 2024Yield to maturity4.535%May 9, 2024Yield to maturity4.519%May 15, 2024Yield to maturity4.398%May 21, 2024Yield to maturity4.487%May 28, 2024Yield to maturity4.635%Jun 3, 2024Yield to maturity4.488%Jun 7, 2024Yield to maturity4.521%Jun 13, 2024Yield to maturity4.308%Jun 20, 2024Yield to maturity4.332%Jun 26, 2024Yield to maturity4.407%Jul 2, 2024Yield to maturity4.448%Jul 9, 2024Yield to maturity4.299%Jul 15, 2024Yield to maturity4.166%Jul 19, 2024Yield to maturity4.207%Jul 25, 2024Yield to maturity4.198%Jul 31, 2024Yield to maturity4.014%Aug 6, 2024Yield to maturity3.764%Aug 12, 2024Yield to maturity3.787%Aug 16, 2024Yield to maturity3.818%Aug 22, 2024Yield to maturity3.767%Aug 28, 2024Yield to maturity3.698%Sep 4, 2024Yield to maturity3.603%Sep 10, 2024Yield to maturity3.449%Sep 16, 2024Yield to maturity3.429%Sep 20, 2024Yield to maturity3.492%Sep 26, 2024Yield to maturity3.566%Oct 2, 2024Yield to maturity3.563%Oct 8, 2024Yield to maturity3.894%Oct 15, 2024Yield to maturity3.874%Oct 21, 2024Yield to maturity3.986%Oct 25, 2024Yield to maturity4.090%Oct 31, 2024Yield to maturity4.169%Nov 6, 2024Yield to maturity4.284%Nov 13, 2024Yield to maturity4.310%Nov 19, 2024Yield to maturity4.265%Nov 25, 2024Yield to maturity4.219%Dec 2, 2024Yield to maturity4.137%Dec 6, 2024Yield to maturity4.081%Dec 12, 2024Yield to maturity4.199%Dec 18, 2024Yield to maturity4.401%Dec 24, 2024Yield to maturity4.420%Dec 31, 2024Yield to maturity4.355%Jan 7, 2025Yield to maturity4.420%Jan 13, 2025Yield to maturity4.563%Jan 17, 2025Yield to maturity4.383%Jan 24, 2025Yield to maturity4.383%Jan 30, 2025Yield to maturity4.279%Feb 5, 2025Yield to maturity4.231%Feb 11, 2025Yield to maturity4.346%Feb 18, 2025Yield to maturity4.365%Feb 24, 2025Yield to maturity4.210%Feb 28, 2025Yield to maturity4.017%Mar 6, 2025Yield to maturity4.025%Mar 12, 2025Yield to maturity4.043%Mar 18, 2025Yield to maturity4.051%Mar 24, 2025Yield to maturity4.049%Mar 28, 2025Yield to maturity3.940%Apr 3, 2025Yield to maturity3.714%Apr 9, 2025Yield to maturity3.986%Apr 15, 2025Yield to maturity3.905%Apr 22, 2025Yield to maturity3.862%Apr 28, 2025Yield to maturity3.721%May 2, 2025Yield to maturity3.837%May 8, 2025Yield to maturity3.916%May 14, 2025Yield to maturity4.087%May 20, 2025Yield to maturity3.983%May 27, 2025Yield to maturity3.950%Jun 2, 2025Yield to maturity3.928%Jun 6, 2025Yield to maturity4.039%Jun 12, 2025Yield to maturity3.893%Jun 18, 2025Yield to maturity3.911%Jun 25, 2025Yield to maturity3.763%Jul 1, 2025Yield to maturity3.771%Jul 8, 2025Yield to maturity3.894%Jul 14, 2025Yield to maturity3.881%Jul 18, 2025Yield to maturity3.858%Jul 24, 2025Yield to maturity3.888%Jul 30, 2025Yield to maturity3.907%Aug 5, 2025Yield to maturity3.690%Aug 11, 2025Yield to maturity3.740%Aug 15, 2025Yield to maturity3.737%Aug 21, 2025Yield to maturity3.757%Aug 27, 2025Yield to maturity3.612%Sep 3, 2025Yield to maturity3.596%Sep 9, 2025Yield to maturity3.504%Sep 15, 2025Yield to maturity3.521%Sep 19, 2025Yield to maturity3.572%Sep 25, 2025Yield to maturity3.670%Oct 1, 2025Yield to maturity3.565%Oct 7, 2025Yield to maturity3.594%Oct 14, 2025Yield to maturity3.487%Oct 20, 2025Yield to maturity3.471%Oct 24, 2025Yield to maturity3.500%Oct 30, 2025Yield to maturity3.624%Nov 5, 2025Yield to maturity3.654%Nov 12, 2025Yield to maturity3.568%Nov 18, 2025Yield to maturity3.587%Nov 24, 2025Yield to maturity3.500%Dec 1, 2025Yield to maturity3.553%Dec 5, 2025Yield to maturity3.584%Dec 11, 2025Yield to maturity3.569%Dec 17, 2025Yield to maturity3.529%Dec 23, 2025Yield to maturity3.572%Dec 30, 2025Yield to maturity3.494%Jan 6, 2026Yield to maturity3.525%Jan 12, 2026Yield to maturity3.582%Jan 16, 2026Yield to maturity3.651%Jan 23, 2026Yield to maturity3.647%Jan 29, 2026Yield to maturity3.606%Feb 4, 2026Yield to maturity3.615%Feb 10, 2026Yield to maturity3.495%Feb 17, 2026Yield to maturity3.463%Feb 23, 2026Yield to maturity3.445%Feb 27, 2026Yield to maturity3.387%Mar 5, 2026Yield to maturity3.592%Mar 11, 2026Yield to maturity3.653%Mar 17, 2026Yield to maturity3.675%Mar 23, 2026Yield to maturity3.858%Mar 27, 2026Yield to maturity3.950%Apr 2, 2026Yield to maturity3.825%Apr 8, 2026Yield to maturity3.808%Apr 14, 2026Yield to maturity3.763%Apr 20, 2026Yield to maturity3.731%Apr 24, 2026Yield to maturity3.796%Apr 30, 2026Yield to maturity3.892%May 6, 2026Yield to maturity3.888%May 12, 2026Yield to maturity4.013%May 18, 2026Yield to maturity4.112%May 22, 2026Yield to maturity4.153%May 29, 2026Yield to maturity4.035%Jun 4, 2026Yield to maturity4.077%Jun 10, 2026Yield to maturity4.164%Jun 16, 2026Yield to maturity4.073%Jun 23, 2026Yield to maturity4.221%Jun 29, 2026Yield to maturity4.114%Jul 6, 2026Yield to maturity4.143%Jul 10, 2026Yield to maturity4.218%Jul 16, 2026Yield to maturity4.171%Jul 22, 2026Yield to maturity4.326%Jul 28, 2026Yield to maturity4.294%Aug 3, 2026Yield to maturity4.262%Aug 7, 2026Yield to maturity4.214%Aug 13, 2026Yield to maturity4.165%Aug 19, 2026Yield to maturity4.196%Aug 25, 2026Yield to maturity4.195%Aug 31, 2026Yield to maturity4.342%Sep 4, 2026Yield to maturity4.374%Sep 11, 2026Yield to maturity4.627%Sep 17, 2026Yield to maturity4.679%Sep 23, 2026Yield to maturity4.887%Sep 29, 2026Yield to maturity4.891%Oct 5, 2026Yield to maturity4.825%Oct 9, 2026Yield to maturity4.794%Oct 16, 2026Yield to maturity4.726%Oct 22, 2026Yield to maturity4.639%Oct 28, 2026Yield to maturity4.713%Nov 3, 2026Yield to maturity4.607%Nov 9, 2026Yield to maturity4.554%

Price history

797 trading days to Nov 9, 2026

979899100101102103104Aug 31, 2023Nov 9, 2026Aug 31, 2023Close100.625Sep 7, 2023Close99.969Sep 13, 2023Close99.938Sep 19, 2023Close99.375Sep 25, 2023Close98.938Sep 29, 2023Close99.000Oct 5, 2023Close98.688Oct 12, 2023Close98.656Oct 18, 2023Close97.688Oct 24, 2023Close98.125Oct 30, 2023Close98.188Nov 3, 2023Close99.500Nov 9, 2023Close98.844Nov 15, 2023Close99.375Nov 21, 2023Close99.813Nov 28, 2023Close100.250Dec 4, 2023Close100.500Dec 8, 2023Close100.438Dec 14, 2023Close101.906Dec 20, 2023Close102.063Dec 27, 2023Close102.375Jan 3, 2024Close101.906Jan 9, 2024Close101.625Jan 16, 2024Close101.781Jan 22, 2024Close101.406Jan 26, 2024Close101.250Feb 1, 2024Close102.281Feb 7, 2024Close101.219Feb 13, 2024Close100.156Feb 20, 2024Close100.406Feb 26, 2024Close100.094Mar 1, 2024Close100.688Mar 7, 2024Close101.000Mar 13, 2024Close100.531Mar 19, 2024Close100.063Mar 25, 2024Close100.375Apr 1, 2024Close99.969Apr 5, 2024Close99.781Apr 11, 2024Close98.844Apr 17, 2024Close98.844Apr 23, 2024Close98.844Apr 29, 2024Close98.688May 3, 2024Close99.375May 9, 2024Close99.438May 15, 2024Close99.906May 21, 2024Close99.563May 28, 2024Close99.000Jun 3, 2024Close99.563Jun 7, 2024Close99.438Jun 13, 2024Close100.250Jun 20, 2024Close100.156Jun 26, 2024Close99.875Jul 2, 2024Close99.719Jul 9, 2024Close100.281Jul 15, 2024Close100.781Jul 19, 2024Close100.625Jul 25, 2024Close100.656Jul 31, 2024Close101.344Aug 6, 2024Close102.281Aug 12, 2024Close102.188Aug 16, 2024Close102.063Aug 22, 2024Close102.250Aug 28, 2024Close102.500Sep 4, 2024Close102.844Sep 10, 2024Close103.406Sep 16, 2024Close103.469Sep 20, 2024Close103.219Sep 26, 2024Close102.938Oct 2, 2024Close102.938Oct 8, 2024Close101.719Oct 15, 2024Close101.781Oct 21, 2024Close101.375Oct 25, 2024Close101.000Oct 31, 2024Close100.719Nov 6, 2024Close100.313Nov 13, 2024Close100.219Nov 19, 2024Close100.375Nov 25, 2024Close100.531Dec 2, 2024Close100.813Dec 6, 2024Close101.000Dec 12, 2024Close100.594Dec 18, 2024Close99.906Dec 24, 2024Close99.844Dec 31, 2024Close100.063Jan 7, 2025Close99.844Jan 13, 2025Close99.375Jan 17, 2025Close99.969Jan 24, 2025Close99.969Jan 30, 2025Close100.313Feb 5, 2025Close100.469Feb 11, 2025Close100.094Feb 18, 2025Close100.031Feb 24, 2025Close100.531Feb 28, 2025Close101.156Mar 6, 2025Close101.125Mar 12, 2025Close101.063Mar 18, 2025Close101.031Mar 24, 2025Close101.031Mar 28, 2025Close101.375Apr 3, 2025Close102.094Apr 9, 2025Close101.219Apr 15, 2025Close101.469Apr 22, 2025Close101.594Apr 28, 2025Close102.031May 2, 2025Close101.656May 8, 2025Close101.406May 14, 2025Close100.875May 20, 2025Close101.188May 27, 2025Close101.281Jun 2, 2025Close101.344Jun 6, 2025Close101.000Jun 12, 2025Close101.438Jun 18, 2025Close101.375Jun 25, 2025Close101.813Jul 1, 2025Close101.781Jul 8, 2025Close101.406Jul 14, 2025Close101.438Jul 18, 2025Close101.500Jul 24, 2025Close101.406Jul 30, 2025Close101.344Aug 5, 2025Close101.969Aug 11, 2025Close101.813Aug 15, 2025Close101.813Aug 21, 2025Close101.750Aug 27, 2025Close102.156Sep 3, 2025Close102.188Sep 9, 2025Close102.438Sep 15, 2025Close102.375Sep 19, 2025Close102.219Sep 25, 2025Close101.938Oct 1, 2025Close102.219Oct 7, 2025Close102.125Oct 14, 2025Close102.406Oct 20, 2025Close102.438Oct 24, 2025Close102.344Oct 30, 2025Close102.000Nov 5, 2025Close101.906Nov 12, 2025Close102.125Nov 18, 2025Close102.063Nov 24, 2025Close102.281Dec 1, 2025Close102.125Dec 5, 2025Close102.031Dec 11, 2025Close102.063Dec 17, 2025Close102.156Dec 23, 2025Close102.031Dec 30, 2025Close102.219Jan 6, 2026Close102.125Jan 12, 2026Close101.969Jan 16, 2026Close101.781Jan 23, 2026Close101.781Jan 29, 2026Close101.875Feb 4, 2026Close101.844Feb 10, 2026Close102.125Feb 17, 2026Close102.188Feb 23, 2026Close102.219Feb 27, 2026Close102.344Mar 5, 2026Close101.844Mar 11, 2026Close101.688Mar 17, 2026Close101.625Mar 23, 2026Close101.188Mar 27, 2026Close100.969Apr 2, 2026Close101.250Apr 8, 2026Close101.281Apr 14, 2026Close101.375Apr 20, 2026Close101.438Apr 24, 2026Close101.281Apr 30, 2026Close101.063May 6, 2026Close101.063May 12, 2026Close100.781May 18, 2026Close100.563May 22, 2026Close100.469May 29, 2026Close100.719Jun 4, 2026Close100.625Jun 10, 2026Close100.438Jun 16, 2026Close100.625Jun 23, 2026Close100.313Jun 29, 2026Close100.531Jul 6, 2026Close100.469Jul 10, 2026Close100.313Jul 16, 2026Close100.406Jul 22, 2026Close100.094Jul 28, 2026Close100.156Aug 3, 2026Close100.219Aug 7, 2026Close100.313Aug 13, 2026Close100.406Aug 19, 2026Close100.344Aug 25, 2026Close100.344Aug 31, 2026Close100.063Sep 4, 2026Close100.000Sep 11, 2026Close99.531Sep 17, 2026Close99.438Sep 23, 2026Close99.063Sep 29, 2026Close99.063Oct 5, 2026Close99.188Oct 9, 2026Close99.250Oct 16, 2026Close99.375Oct 22, 2026Close99.531Oct 28, 2026Close99.406Nov 3, 2026Close99.594Nov 9, 2026Close99.688
The most recent 20 trading days of prices for 91282CHX2.
DateBidOfferClose
Nov 9, 202699.68899.68899.688
Nov 6, 202699.75099.75099.750
Nov 5, 202699.71999.73499.844
Nov 4, 202699.62599.62599.656
Nov 3, 202699.59499.60999.594
Nov 2, 202699.65699.65699.625
Oct 30, 202699.59499.60999.656
Oct 29, 202699.53199.54799.531
Oct 28, 202699.31399.32899.406
Oct 27, 202699.40699.40699.375
Oct 26, 202699.43899.43899.406
Oct 23, 202699.43899.45399.469
Oct 22, 202699.43899.43899.531
Oct 21, 202699.28199.29799.250
Oct 20, 202699.31399.32899.281
Oct 19, 202699.31399.32899.313
Oct 16, 202699.37599.39199.375
Oct 15, 202699.31399.32899.313
Oct 14, 202699.12599.14199.219
Oct 13, 202699.25099.25099.281

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 91282CHX2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 28, 2023Aug 31, 2023New issue$46.0bn$50.8bn2.54x4.400%

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.