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: Nov 9, 2026
Analyzed through: Nov 9, 2026

Statement of October 31, 2026

Amount outstanding: $49.00bn
Held stripped: $78.4m
Share stripped: 0.16%

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: 4.570%
Modified duration: 1.780 yr
DV01: 0.0179
Convexity: 0.0411
Dirty price: 100.615

Where its rate sensitivity sits

<.01

0.01

0.23

1.58

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 1.821 years against a modified duration of 1.780.

Against the fitted curve

Priced 0.5 bp cheap to the curve on that day, 0.93 cents per 100 of face.

That is 1.71 standard deviations from its own typical residual.

Yield to maturity, 776 observations

Price history

776 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 91282CJA0.
Date	Bid	Offer	Close
Nov 9, 2026	100.094	100.109	100.094
Nov 6, 2026	100.156	100.172	100.188
Nov 5, 2026	100.156	100.172	100.281
Nov 4, 2026	100.031	100.047	100.063
Nov 3, 2026	100.000	100.016	100.000
Nov 2, 2026	100.063	100.078	100.031
Oct 30, 2026	100.000	100.016	100.063
Oct 29, 2026	99.938	99.953	99.938
Oct 28, 2026	99.719	99.734	99.813
Oct 27, 2026	99.813	99.813	99.781
Oct 26, 2026	99.813	99.828	99.813
Oct 23, 2026	99.875	99.875	99.875
Oct 22, 2026	99.844	99.859	99.938
Oct 21, 2026	99.688	99.703	99.656
Oct 20, 2026	99.719	99.734	99.688
Oct 19, 2026	99.719	99.734	99.719
Oct 16, 2026	99.781	99.797	99.781
Oct 15, 2026	99.719	99.734	99.719
Oct 14, 2026	99.531	99.531	99.625
Oct 13, 2026	99.625	99.641	99.656

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 91282CJA0.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Sep 27, 2023	Oct 2, 2023	New issue	$49.0bn	$49.0bn	2.52x	4.659%

The curve this was priced against →