Treasury note

91282CJA0 · 4.625% due September 30, 2028

Original term
5-Year
Maturity
Sep 30, 2028
Coupon
4.625%
Pays
Semi-Annual
Dated
Sep 30, 2023
First coupon
Mar 31, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$49.00bn
Held stripped
$40.0m
Share stripped
0.08%

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
4.591%
Modified duration
1.898 yr
DV01
0.0194
Convexity
4.678
Dirty price
102.135

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 5 of twelve buckets, summing to 1.942 years against a modified duration of 1.898.

Against the fitted curve

Priced 0.4 bp cheap to the curve on that day, 0.77 cents per 100 of face.

That is 1.51 standard deviations from its own typical residual.

Yield to maturity, 737 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Oct 2, 2023Sep 10, 2026Oct 2, 2023Yield to maturity4.717%Oct 26, 2023Yield to maturity4.819%Nov 20, 2023Yield to maturity4.450%Dec 14, 2023Yield to maturity3.931%Jan 10, 2024Yield to maturity4.000%Feb 5, 2024Yield to maturity4.154%Feb 29, 2024Yield to maturity4.305%Mar 25, 2024Yield to maturity4.279%Apr 17, 2024Yield to maturity4.672%May 10, 2024Yield to maturity4.568%Jun 5, 2024Yield to maturity4.367%Jul 1, 2024Yield to maturity4.493%Jul 25, 2024Yield to maturity4.196%Aug 19, 2024Yield to maturity3.804%Sep 12, 2024Yield to maturity3.489%Oct 7, 2024Yield to maturity3.897%Oct 31, 2024Yield to maturity4.170%Nov 26, 2024Yield to maturity4.232%Dec 20, 2024Yield to maturity4.360%Jan 16, 2025Yield to maturity4.355%Feb 11, 2025Yield to maturity4.342%Mar 7, 2025Yield to maturity4.053%Apr 1, 2025Yield to maturity3.872%Apr 24, 2025Yield to maturity3.830%May 19, 2025Yield to maturity3.982%Jun 12, 2025Yield to maturity3.890%Jul 9, 2025Yield to maturity3.833%Aug 1, 2025Yield to maturity3.682%Aug 26, 2025Yield to maturity3.633%Sep 19, 2025Yield to maturity3.569%Oct 15, 2025Yield to maturity3.502%Nov 7, 2025Yield to maturity3.556%Dec 4, 2025Yield to maturity3.542%Dec 30, 2025Yield to maturity3.492%Jan 26, 2026Yield to maturity3.633%Feb 19, 2026Yield to maturity3.486%Mar 16, 2026Yield to maturity3.688%Apr 8, 2026Yield to maturity3.810%May 1, 2026Yield to maturity3.896%May 27, 2026Yield to maturity4.058%Jun 22, 2026Yield to maturity4.258%Jul 16, 2026Yield to maturity4.173%Aug 10, 2026Yield to maturity4.267%Sep 2, 2026Yield to maturity4.400%Sep 10, 2026Yield to maturity4.591%

Price history

737 trading days to Sep 10, 2026

9899100101102103104105Oct 2, 2023Sep 10, 2026Oct 2, 2023Close99.594Oct 26, 2023Close99.156Nov 20, 2023Close100.750Dec 14, 2023Close103.000Jan 10, 2024Close102.656Feb 5, 2024Close101.969Feb 29, 2024Close101.313Mar 25, 2024Close101.406Apr 17, 2024Close99.813May 10, 2024Close100.219Jun 5, 2024Close101.000Jul 1, 2024Close100.500Jul 25, 2024Close101.625Aug 19, 2024Close103.094Sep 12, 2024Close104.250Oct 7, 2024Close102.656Oct 31, 2024Close101.625Nov 26, 2024Close101.375Dec 20, 2024Close100.906Jan 16, 2025Close100.906Feb 11, 2025Close100.938Mar 7, 2025Close101.875Apr 1, 2025Close102.438Apr 24, 2025Close102.531May 19, 2025Close102.000Jun 12, 2025Close102.250Jul 9, 2025Close102.375Aug 1, 2025Close102.781Aug 26, 2025Close102.875Sep 19, 2025Close103.000Oct 15, 2025Close103.125Nov 7, 2025Close102.906Dec 4, 2025Close102.875Dec 30, 2025Close102.938Jan 26, 2026Close102.500Feb 19, 2026Close102.813Mar 16, 2026Close102.250Apr 8, 2026Close101.906May 1, 2026Close101.656May 27, 2026Close101.250Jun 22, 2026Close100.781Jul 16, 2026Close100.938Aug 10, 2026Close100.719Sep 2, 2026Close100.438Sep 10, 2026Close100.063
The most recent 20 trading days of prices for 91282CJA0.
DateBidOfferClose
Sep 10, 2026100.141100.125100.063
Sep 9, 2026100.359100.344100.344
Sep 8, 2026100.438100.438100.406
Sep 4, 2026100.484100.469100.438
Sep 3, 2026100.547100.531100.531
Sep 2, 2026100.453100.438100.438
Sep 1, 2026100.484100.469100.406
Aug 31, 2026100.547100.531100.531
Aug 28, 2026100.578100.563100.500
Aug 27, 2026100.797100.781100.750
Aug 26, 2026100.797100.781100.781
Aug 25, 2026100.828100.813100.813
Aug 24, 2026100.766100.750100.719
Aug 21, 2026100.734100.719100.750
Aug 20, 2026100.844100.844100.844
Aug 19, 2026100.859100.844100.875
Aug 18, 2026100.859100.844100.844
Aug 17, 2026100.891100.875100.844
Aug 14, 2026100.922100.906100.875
Aug 13, 2026100.922100.906100.938

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 91282CJA0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 27, 2023Oct 2, 2023New issue$49.0bn$49.0bn2.52x4.659%

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.