Treasury note

91282CJK8 · 4.625% due November 15, 2026

Original term
3-Year
Maturity
Nov 15, 2026
Coupon
4.625%
Pays
Semi-Annual
Dated
Nov 15, 2023
First coupon
May 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$47.24bn
Held stripped
$11.0m
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
4.030%
Modified duration
0.175 yr
DV01
0.0018
Convexity
0.062
Dirty price
101.589

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 6.9 bp cheap to the curve on that day, 1.22 cents per 100 of face.

That is 2.75 standard deviations from its own typical residual.

Yield to maturity, 706 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 15, 2023Sep 10, 2026Nov 15, 2023Yield to maturity4.681%Dec 11, 2023Yield to maturity4.463%Jan 5, 2024Yield to maturity4.200%Jan 31, 2024Yield to maturity4.084%Feb 26, 2024Yield to maturity4.536%Mar 20, 2024Yield to maturity4.459%Apr 12, 2024Yield to maturity4.780%May 7, 2024Yield to maturity4.718%May 31, 2024Yield to maturity4.788%Jun 26, 2024Yield to maturity4.665%Jul 22, 2024Yield to maturity4.421%Aug 14, 2024Yield to maturity3.890%Sep 9, 2024Yield to maturity3.645%Oct 2, 2024Yield to maturity3.633%Oct 28, 2024Yield to maturity4.141%Nov 21, 2024Yield to maturity4.358%Dec 17, 2024Yield to maturity4.261%Jan 13, 2025Yield to maturity4.407%Feb 6, 2025Yield to maturity4.232%Mar 4, 2025Yield to maturity3.987%Mar 27, 2025Yield to maturity4.063%Apr 21, 2025Yield to maturity3.834%May 14, 2025Yield to maturity4.148%Jun 9, 2025Yield to maturity4.123%Jul 3, 2025Yield to maturity4.024%Jul 29, 2025Yield to maturity4.020%Aug 21, 2025Yield to maturity3.938%Sep 16, 2025Yield to maturity3.677%Oct 9, 2025Yield to maturity3.684%Nov 4, 2025Yield to maturity3.717%Dec 1, 2025Yield to maturity3.680%Dec 24, 2025Yield to maturity3.609%Jan 21, 2026Yield to maturity3.634%Feb 13, 2026Yield to maturity3.582%Mar 11, 2026Yield to maturity3.674%Apr 3, 2026Yield to maturity3.831%Apr 28, 2026Yield to maturity3.744%May 21, 2026Yield to maturity3.828%Jun 16, 2026Yield to maturity3.836%Jul 13, 2026Yield to maturity3.844%Aug 5, 2026Yield to maturity3.894%Aug 28, 2026Yield to maturity3.811%Sep 10, 2026Yield to maturity4.030%

Price history

706 trading days to Sep 10, 2026

99.0099.50100.00100.50101.00101.50102.00102.50Nov 15, 2023Sep 10, 2026Nov 15, 2023Close99.844Dec 11, 2023Close100.438Jan 5, 2024Close101.125Jan 31, 2024Close101.406Feb 26, 2024Close100.219Mar 20, 2024Close100.406Apr 12, 2024Close99.625May 7, 2024Close99.781May 31, 2024Close99.625Jun 26, 2024Close99.906Jul 22, 2024Close100.438Aug 14, 2024Close101.563Sep 9, 2024Close102.031Oct 2, 2024Close102.000Oct 28, 2024Close100.938Nov 21, 2024Close100.500Dec 17, 2024Close100.656Jan 13, 2025Close100.375Feb 6, 2025Close100.656Mar 4, 2025Close101.031Mar 27, 2025Close100.875Apr 21, 2025Close101.188May 14, 2025Close100.688Jun 9, 2025Close100.688Jul 3, 2025Close100.781Jul 29, 2025Close100.750Aug 21, 2025Close100.813Sep 16, 2025Close101.063Oct 9, 2025Close101.000Nov 4, 2025Close100.906Dec 1, 2025Close100.875Dec 24, 2025Close100.875Jan 21, 2026Close100.781Feb 13, 2026Close100.750Mar 11, 2026Close100.625Apr 3, 2026Close100.469Apr 28, 2026Close100.469May 21, 2026Close100.375Jun 16, 2026Close100.313Jul 13, 2026Close100.250Aug 5, 2026Close100.188Aug 28, 2026Close100.156Sep 10, 2026Close100.094
The most recent 20 trading days of prices for 91282CJK8.
DateBidOfferClose
Sep 10, 2026–100.094100.094
Sep 9, 2026–100.094100.094
Sep 8, 2026–100.125100.125
Sep 4, 2026–100.125100.125
Sep 3, 2026–100.125100.125
Sep 2, 2026–100.125100.125
Sep 1, 2026–100.125100.125
Aug 31, 2026–100.125100.125
Aug 28, 2026–100.156100.156
Aug 27, 2026–100.156100.156
Aug 26, 2026–100.156100.156
Aug 25, 2026–100.156100.156
Aug 24, 2026–100.156100.156
Aug 21, 2026–100.156100.156
Aug 20, 2026–100.188100.156
Aug 19, 2026–100.156100.156
Aug 18, 2026–100.188100.188
Aug 17, 2026–100.188100.188
Aug 14, 2026–100.188100.188
Aug 13, 2026–100.188100.188

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 91282CJK8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 7, 2023Nov 15, 2023New issue$48.0bn$48.9bn2.67x4.701%

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.