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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.559%
Modified duration
1.864 yr
DV01
0.0186
Convexity
4.452
Dirty price
99.789

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 1.907 years against a modified duration of 1.864.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 3.30 cents per 100 of face.

That is -1.30 standard deviations from its own typical residual.

Yield to maturity, 758 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Aug 31, 2023Sep 10, 2026Aug 31, 2023Yield to maturity4.235%Sep 27, 2023Yield to maturity4.683%Oct 24, 2023Yield to maturity4.812%Nov 17, 2023Yield to maturity4.447%Dec 14, 2023Yield to maturity3.926%Jan 11, 2024Yield to maturity3.920%Feb 7, 2024Yield to maturity4.079%Mar 5, 2024Yield to maturity4.182%Mar 29, 2024Yield to maturity4.272%Apr 24, 2024Yield to maturity4.703%May 20, 2024Yield to maturity4.511%Jun 14, 2024Yield to maturity4.300%Jul 12, 2024Yield to maturity4.149%Aug 7, 2024Yield to maturity3.821%Sep 3, 2024Yield to maturity3.695%Sep 27, 2024Yield to maturity3.513%Oct 24, 2024Yield to maturity4.046%Nov 20, 2024Yield to maturity4.301%Dec 17, 2024Yield to maturity4.263%Jan 14, 2025Yield to maturity4.544%Feb 10, 2025Yield to maturity4.326%Mar 7, 2025Yield to maturity4.053%Apr 2, 2025Yield to maturity3.919%Apr 28, 2025Yield to maturity3.721%May 22, 2025Yield to maturity4.013%Jun 18, 2025Yield to maturity3.911%Jul 16, 2025Yield to maturity3.870%Aug 11, 2025Yield to maturity3.740%Sep 5, 2025Yield to maturity3.484%Oct 1, 2025Yield to maturity3.565%Oct 28, 2025Yield to maturity3.510%Nov 24, 2025Yield to maturity3.500%Dec 19, 2025Yield to maturity3.525%Jan 16, 2026Yield to maturity3.651%Feb 12, 2026Yield to maturity3.493%Mar 11, 2026Yield to maturity3.653%Apr 6, 2026Yield to maturity3.877%Apr 30, 2026Yield to maturity3.892%May 27, 2026Yield to maturity4.065%Jun 23, 2026Yield to maturity4.221%Jul 20, 2026Yield to maturity4.232%Aug 13, 2026Yield to maturity4.165%Sep 9, 2026Yield to maturity4.424%Sep 10, 2026Yield to maturity4.559%

Price history

758 trading days to Sep 10, 2026

979899100101102103104Aug 31, 2023Sep 10, 2026Aug 31, 2023Close100.625Sep 27, 2023Close98.656Oct 24, 2023Close98.125Nov 17, 2023Close99.688Dec 14, 2023Close101.906Jan 11, 2024Close101.906Feb 7, 2024Close101.219Mar 5, 2024Close100.781Mar 29, 2024Close100.406Apr 24, 2024Close98.719May 20, 2024Close99.469Jun 14, 2024Close100.281Jul 12, 2024Close100.844Aug 7, 2024Close102.063Sep 3, 2024Close102.500Sep 27, 2024Close103.125Oct 24, 2024Close101.156Nov 20, 2024Close100.250Dec 17, 2024Close100.375Jan 14, 2025Close99.438Feb 10, 2025Close100.156Mar 7, 2025Close101.031Apr 2, 2025Close101.438Apr 28, 2025Close102.031May 22, 2025Close101.094Jun 18, 2025Close101.375Jul 16, 2025Close101.469Aug 11, 2025Close101.813Sep 5, 2025Close102.500Oct 1, 2025Close102.219Oct 28, 2025Close102.313Nov 24, 2025Close102.281Dec 19, 2025Close102.156Jan 16, 2026Close101.781Feb 12, 2026Close102.125Mar 11, 2026Close101.688Apr 6, 2026Close101.125Apr 30, 2026Close101.063May 27, 2026Close100.656Jun 23, 2026Close100.313Jul 20, 2026Close100.281Aug 13, 2026Close100.406Sep 9, 2026Close99.906Sep 10, 2026Close99.656
The most recent 20 trading days of prices for 91282CHX2.
DateBidOfferClose
Sep 10, 202699.70399.68899.656
Sep 9, 202699.90699.90699.906
Sep 8, 202699.96999.96999.969
Sep 4, 2026100.016100.000100.000
Sep 3, 2026100.078100.063100.063
Sep 2, 202699.98499.96999.969
Sep 1, 2026100.016100.00099.969
Aug 31, 2026100.078100.063100.063
Aug 28, 2026100.109100.094100.031
Aug 27, 2026100.297100.281100.250
Aug 26, 2026100.297100.281100.281
Aug 25, 2026100.328100.313100.344
Aug 24, 2026100.281100.281100.250
Aug 21, 2026100.250100.250100.250
Aug 20, 2026100.344100.344100.344
Aug 19, 2026100.344100.344100.344
Aug 18, 2026100.359100.344100.344
Aug 17, 2026100.391100.375100.344
Aug 14, 2026100.422100.406100.375
Aug 13, 2026100.422100.406100.406

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 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.

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.