Treasury note

91282CJM4 · 4.375% due November 30, 2030

Original term
7-Year
Maturity
Nov 30, 2030
Coupon
4.375%
Pays
Semi-Annual
Dated
Nov 30, 2023
First coupon
May 31, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$39.41bn
Held stripped
$0.3m
Share stripped
<0.01%

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
4.728%
Modified duration
3.760 yr
DV01
0.0376
Convexity
16.858
Dirty price
99.887

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 6 of twelve buckets, summing to 3.848 years against a modified duration of 3.760.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.61 cents per 100 of face.

That is -0.73 standard deviations from its own typical residual.

Yield to maturity, 696 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Nov 30, 2023Sep 10, 2026Nov 30, 2023Yield to maturity4.380%Dec 22, 2023Yield to maturity3.918%Jan 18, 2024Yield to maturity4.111%Feb 9, 2024Yield to maturity4.188%Mar 5, 2024Yield to maturity4.159%Mar 27, 2024Yield to maturity4.212%Apr 18, 2024Yield to maturity4.679%May 10, 2024Yield to maturity4.519%Jun 4, 2024Yield to maturity4.347%Jun 27, 2024Yield to maturity4.301%Jul 22, 2024Yield to maturity4.199%Aug 13, 2024Yield to maturity3.734%Sep 5, 2024Yield to maturity3.618%Sep 27, 2024Yield to maturity3.588%Oct 22, 2024Yield to maturity4.077%Nov 14, 2024Yield to maturity4.363%Dec 9, 2024Yield to maturity4.119%Jan 2, 2025Yield to maturity4.429%Jan 27, 2025Yield to maturity4.386%Feb 19, 2025Yield to maturity4.423%Mar 13, 2025Yield to maturity4.089%Apr 4, 2025Yield to maturity3.785%Apr 28, 2025Yield to maturity3.897%May 20, 2025Yield to maturity4.139%Jun 12, 2025Yield to maturity4.021%Jul 8, 2025Yield to maturity4.036%Jul 30, 2025Yield to maturity4.000%Aug 21, 2025Yield to maturity3.898%Sep 15, 2025Yield to maturity3.636%Oct 7, 2025Yield to maturity3.735%Oct 30, 2025Yield to maturity3.741%Nov 24, 2025Yield to maturity3.619%Dec 17, 2025Yield to maturity3.706%Jan 12, 2026Yield to maturity3.759%Feb 4, 2026Yield to maturity3.829%Feb 27, 2026Yield to maturity3.524%Mar 23, 2026Yield to maturity3.968%Apr 14, 2026Yield to maturity3.868%May 6, 2026Yield to maturity3.989%May 29, 2026Yield to maturity4.137%Jun 23, 2026Yield to maturity4.265%Jul 16, 2026Yield to maturity4.271%Aug 7, 2026Yield to maturity4.333%Aug 31, 2026Yield to maturity4.480%Sep 10, 2026Yield to maturity4.728%

Price history

696 trading days to Sep 10, 2026

9899100101102103104105Nov 30, 2023Sep 10, 2026Nov 30, 2023Close99.969Dec 22, 2023Close102.750Jan 18, 2024Close101.563Feb 9, 2024Close101.094Mar 5, 2024Close101.250Mar 27, 2024Close100.938Apr 18, 2024Close98.281May 10, 2024Close99.188Jun 4, 2024Close100.156Jun 27, 2024Close100.406Jul 22, 2024Close100.969Aug 13, 2024Close103.563Sep 5, 2024Close104.188Sep 27, 2024Close104.313Oct 22, 2024Close101.594Nov 14, 2024Close100.063Dec 9, 2024Close101.344Jan 2, 2025Close99.719Jan 27, 2025Close99.938Feb 19, 2025Close99.750Mar 13, 2025Close101.438Apr 4, 2025Close102.969Apr 28, 2025Close102.375May 20, 2025Close101.156Jun 12, 2025Close101.719Jul 8, 2025Close101.625Jul 30, 2025Close101.781Aug 21, 2025Close102.250Sep 15, 2025Close103.469Oct 7, 2025Close102.969Oct 30, 2025Close102.906Nov 24, 2025Close103.438Dec 17, 2025Close103.000Jan 12, 2026Close102.719Feb 4, 2026Close102.375Feb 27, 2026Close103.688Mar 23, 2026Close101.719Apr 14, 2026Close102.125May 6, 2026Close101.594May 29, 2026Close100.969Jun 23, 2026Close100.438Jul 16, 2026Close100.406Aug 7, 2026Close100.156Aug 31, 2026Close99.594Sep 10, 2026Close98.656
The most recent 20 trading days of prices for 91282CJM4.
DateBidOfferClose
Sep 10, 202698.79798.78198.656
Sep 9, 202699.18899.15699.188
Sep 8, 202699.39199.37599.344
Sep 4, 202699.46999.43899.406
Sep 3, 202699.64199.62599.531
Sep 2, 202699.40699.37599.406
Sep 1, 202699.51699.50099.375
Aug 31, 202699.60999.59499.594
Aug 28, 202699.75099.71999.625
Aug 27, 2026100.094100.063100.000
Aug 26, 2026100.094100.063100.063
Aug 25, 2026100.172100.156100.156
Aug 24, 2026100.016100.00099.938
Aug 21, 202699.89199.87599.875
Aug 20, 2026100.047100.031100.063
Aug 19, 2026100.141100.125100.188
Aug 18, 2026100.141100.125100.094
Aug 17, 2026100.141100.125100.094
Aug 14, 2026100.234100.219100.125
Aug 13, 2026100.297100.281100.313

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 91282CJM4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 28, 2023Nov 30, 2023New issue$39.0bn$39.4bn2.44x4.399%

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.