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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
4.934%
Modified duration
3.648 yr
DV01
0.0363
Convexity
0.16
Dirty price
99.647

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
1.67
1.94
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 3.737 years against a modified duration of 3.648.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.76 cents per 100 of face.

That is -0.66 standard deviations from its own typical residual.

Yield to maturity, 723 observations

3.0%3.5%4.0%4.5%5.0%5.5%Nov 30, 2023Oct 20, 2026Nov 30, 2023Yield to maturity4.380%Dec 6, 2023Yield to maturity4.156%Dec 12, 2023Yield to maturity4.244%Dec 18, 2023Yield to maturity3.970%Dec 22, 2023Yield to maturity3.918%Dec 29, 2023Yield to maturity3.896%Jan 5, 2024Yield to maturity4.055%Jan 11, 2024Yield to maturity3.961%Jan 18, 2024Yield to maturity4.111%Jan 24, 2024Yield to maturity4.152%Jan 30, 2024Yield to maturity4.052%Feb 5, 2024Yield to maturity4.167%Feb 9, 2024Yield to maturity4.188%Feb 15, 2024Yield to maturity4.256%Feb 22, 2024Yield to maturity4.363%Feb 28, 2024Yield to maturity4.304%Mar 5, 2024Yield to maturity4.159%Mar 11, 2024Yield to maturity4.111%Mar 15, 2024Yield to maturity4.341%Mar 21, 2024Yield to maturity4.287%Mar 27, 2024Yield to maturity4.212%Apr 2, 2024Yield to maturity4.380%Apr 8, 2024Yield to maturity4.445%Apr 12, 2024Yield to maturity4.540%Apr 18, 2024Yield to maturity4.679%Apr 24, 2024Yield to maturity4.669%Apr 30, 2024Yield to maturity4.720%May 6, 2024Yield to maturity4.491%May 10, 2024Yield to maturity4.519%May 16, 2024Yield to maturity4.397%May 22, 2024Yield to maturity4.453%May 29, 2024Yield to maturity4.645%Jun 4, 2024Yield to maturity4.347%Jun 10, 2024Yield to maturity4.481%Jun 14, 2024Yield to maturity4.224%Jun 21, 2024Yield to maturity4.268%Jun 27, 2024Yield to maturity4.301%Jul 3, 2024Yield to maturity4.340%Jul 10, 2024Yield to maturity4.250%Jul 16, 2024Yield to maturity4.110%Jul 22, 2024Yield to maturity4.199%Jul 26, 2024Yield to maturity4.120%Aug 1, 2024Yield to maturity3.885%Aug 7, 2024Yield to maturity3.851%Aug 13, 2024Yield to maturity3.734%Aug 19, 2024Yield to maturity3.793%Aug 23, 2024Yield to maturity3.709%Aug 29, 2024Yield to maturity3.758%Sep 5, 2024Yield to maturity3.618%Sep 11, 2024Yield to maturity3.522%Sep 17, 2024Yield to maturity3.515%Sep 23, 2024Yield to maturity3.596%Sep 27, 2024Yield to maturity3.588%Oct 3, 2024Yield to maturity3.699%Oct 9, 2024Yield to maturity3.963%Oct 16, 2024Yield to maturity3.911%Oct 22, 2024Yield to maturity4.077%Oct 28, 2024Yield to maturity4.169%Nov 1, 2024Yield to maturity4.280%Nov 7, 2024Yield to maturity4.227%Nov 14, 2024Yield to maturity4.363%Nov 20, 2024Yield to maturity4.327%Nov 26, 2024Yield to maturity4.232%Dec 3, 2024Yield to maturity4.167%Dec 9, 2024Yield to maturity4.119%Dec 13, 2024Yield to maturity4.309%Dec 19, 2024Yield to maturity4.483%Dec 26, 2024Yield to maturity4.471%Jan 2, 2025Yield to maturity4.429%Jan 8, 2025Yield to maturity4.515%Jan 14, 2025Yield to maturity4.650%Jan 21, 2025Yield to maturity4.447%Jan 27, 2025Yield to maturity4.386%Jan 31, 2025Yield to maturity4.429%Feb 6, 2025Yield to maturity4.325%Feb 12, 2025Yield to maturity4.529%Feb 19, 2025Yield to maturity4.423%Feb 25, 2025Yield to maturity4.177%Mar 3, 2025Yield to maturity4.023%Mar 7, 2025Yield to maturity4.157%Mar 13, 2025Yield to maturity4.089%Mar 19, 2025Yield to maturity4.089%Mar 25, 2025Yield to maturity4.125%Mar 31, 2025Yield to maturity4.019%Apr 4, 2025Yield to maturity3.785%Apr 10, 2025Yield to maturity4.123%Apr 16, 2025Yield to maturity3.980%Apr 22, 2025Yield to maturity4.072%Apr 28, 2025Yield to maturity3.897%May 2, 2025Yield to maturity3.996%May 8, 2025Yield to maturity4.064%May 14, 2025Yield to maturity4.228%May 20, 2025Yield to maturity4.139%May 27, 2025Yield to maturity4.094%Jun 2, 2025Yield to maturity4.086%Jun 6, 2025Yield to maturity4.188%Jun 12, 2025Yield to maturity4.021%Jun 18, 2025Yield to maturity4.039%Jun 25, 2025Yield to maturity3.898%Jul 1, 2025Yield to maturity3.890%Jul 8, 2025Yield to maturity4.036%Jul 14, 2025Yield to maturity4.028%Jul 18, 2025Yield to maturity4.008%Jul 24, 2025Yield to maturity4.014%Jul 30, 2025Yield to maturity4.000%Aug 5, 2025Yield to maturity3.804%Aug 11, 2025Yield to maturity3.868%Aug 15, 2025Yield to maturity3.886%Aug 21, 2025Yield to maturity3.898%Aug 27, 2025Yield to maturity3.753%Sep 3, 2025Yield to maturity3.731%Sep 9, 2025Yield to maturity3.639%Sep 15, 2025Yield to maturity3.636%Sep 19, 2025Yield to maturity3.720%Sep 25, 2025Yield to maturity3.791%Oct 1, 2025Yield to maturity3.710%Oct 7, 2025Yield to maturity3.735%Oct 14, 2025Yield to maturity3.627%Oct 20, 2025Yield to maturity3.605%Oct 24, 2025Yield to maturity3.629%Oct 30, 2025Yield to maturity3.741%Nov 5, 2025Yield to maturity3.780%Nov 12, 2025Yield to maturity3.690%Nov 18, 2025Yield to maturity3.709%Nov 24, 2025Yield to maturity3.619%Dec 1, 2025Yield to maturity3.684%Dec 5, 2025Yield to maturity3.723%Dec 11, 2025Yield to maturity3.722%Dec 17, 2025Yield to maturity3.706%Dec 23, 2025Yield to maturity3.745%Dec 30, 2025Yield to maturity3.680%Jan 6, 2026Yield to maturity3.713%Jan 12, 2026Yield to maturity3.759%Jan 16, 2026Yield to maturity3.827%Jan 23, 2026Yield to maturity3.832%Jan 29, 2026Yield to maturity3.803%Feb 4, 2026Yield to maturity3.829%Feb 10, 2026Yield to maturity3.693%Feb 17, 2026Yield to maturity3.620%Feb 23, 2026Yield to maturity3.583%Feb 27, 2026Yield to maturity3.524%Mar 5, 2026Yield to maturity3.721%Mar 11, 2026Yield to maturity3.783%Mar 17, 2026Yield to maturity3.789%Mar 23, 2026Yield to maturity3.968%Mar 27, 2026Yield to maturity4.062%Apr 2, 2026Yield to maturity3.944%Apr 8, 2026Yield to maturity3.921%Apr 14, 2026Yield to maturity3.868%Apr 20, 2026Yield to maturity3.852%Apr 24, 2026Yield to maturity3.909%Apr 30, 2026Yield to maturity4.013%May 6, 2026Yield to maturity3.989%May 12, 2026Yield to maturity4.116%May 18, 2026Yield to maturity4.260%May 22, 2026Yield to maturity4.260%May 29, 2026Yield to maturity4.137%Jun 4, 2026Yield to maturity4.174%Jun 10, 2026Yield to maturity4.258%Jun 16, 2026Yield to maturity4.150%Jun 23, 2026Yield to maturity4.265%Jun 29, 2026Yield to maturity4.140%Jul 6, 2026Yield to maturity4.201%Jul 10, 2026Yield to maturity4.295%Jul 16, 2026Yield to maturity4.271%Jul 22, 2026Yield to maturity4.406%Jul 28, 2026Yield to maturity4.358%Aug 3, 2026Yield to maturity4.390%Aug 7, 2026Yield to maturity4.333%Aug 13, 2026Yield to maturity4.293%Aug 19, 2026Yield to maturity4.325%Aug 25, 2026Yield to maturity4.333%Aug 31, 2026Yield to maturity4.480%Sep 4, 2026Yield to maturity4.529%Sep 11, 2026Yield to maturity4.771%Sep 17, 2026Yield to maturity4.789%Sep 23, 2026Yield to maturity5.010%Sep 29, 2026Yield to maturity5.055%Oct 5, 2026Yield to maturity5.049%Oct 9, 2026Yield to maturity5.009%Oct 16, 2026Yield to maturity4.882%Oct 20, 2026Yield to maturity4.934%

Price history

723 trading days to Oct 20, 2026

9698100102104106Nov 30, 2023Oct 20, 2026Nov 30, 2023Close99.969Dec 6, 2023Close101.313Dec 12, 2023Close100.781Dec 18, 2023Close102.438Dec 22, 2023Close102.750Dec 29, 2023Close102.875Jan 5, 2024Close101.906Jan 11, 2024Close102.469Jan 18, 2024Close101.563Jan 24, 2024Close101.313Jan 30, 2024Close101.906Feb 5, 2024Close101.219Feb 9, 2024Close101.094Feb 15, 2024Close100.688Feb 22, 2024Close100.063Feb 28, 2024Close100.406Mar 5, 2024Close101.250Mar 11, 2024Close101.531Mar 15, 2024Close100.188Mar 21, 2024Close100.500Mar 27, 2024Close100.938Apr 2, 2024Close99.969Apr 8, 2024Close99.594Apr 12, 2024Close99.063Apr 18, 2024Close98.281Apr 24, 2024Close98.344Apr 30, 2024Close98.063May 6, 2024Close99.344May 10, 2024Close99.188May 16, 2024Close99.875May 22, 2024Close99.563May 29, 2024Close98.500Jun 4, 2024Close100.156Jun 10, 2024Close99.406Jun 14, 2024Close100.844Jun 21, 2024Close100.594Jun 27, 2024Close100.406Jul 3, 2024Close100.188Jul 10, 2024Close100.688Jul 16, 2024Close101.469Jul 22, 2024Close100.969Jul 26, 2024Close101.406Aug 1, 2024Close102.719Aug 7, 2024Close102.906Aug 13, 2024Close103.563Aug 19, 2024Close103.219Aug 23, 2024Close103.688Aug 29, 2024Close103.406Sep 5, 2024Close104.188Sep 11, 2024Close104.719Sep 17, 2024Close104.750Sep 23, 2024Close104.281Sep 27, 2024Close104.313Oct 3, 2024Close103.688Oct 9, 2024Close102.219Oct 16, 2024Close102.500Oct 22, 2024Close101.594Oct 28, 2024Close101.094Nov 1, 2024Close100.500Nov 7, 2024Close100.781Nov 14, 2024Close100.063Nov 20, 2024Close100.250Nov 26, 2024Close100.750Dec 3, 2024Close101.094Dec 9, 2024Close101.344Dec 13, 2024Close100.344Dec 19, 2024Close99.438Dec 26, 2024Close99.500Jan 2, 2025Close99.719Jan 8, 2025Close99.281Jan 14, 2025Close98.594Jan 21, 2025Close99.625Jan 27, 2025Close99.938Jan 31, 2025Close99.719Feb 6, 2025Close100.250Feb 12, 2025Close99.219Feb 19, 2025Close99.750Feb 25, 2025Close101.000Mar 3, 2025Close101.781Mar 7, 2025Close101.094Mar 13, 2025Close101.438Mar 19, 2025Close101.438Mar 25, 2025Close101.250Mar 31, 2025Close101.781Apr 4, 2025Close102.969Apr 10, 2025Close101.250Apr 16, 2025Close101.969Apr 22, 2025Close101.500Apr 28, 2025Close102.375May 2, 2025Close101.875May 8, 2025Close101.531May 14, 2025Close100.719May 20, 2025Close101.156May 27, 2025Close101.375Jun 2, 2025Close101.406Jun 6, 2025Close100.906Jun 12, 2025Close101.719Jun 18, 2025Close101.625Jun 25, 2025Close102.313Jul 1, 2025Close102.344Jul 8, 2025Close101.625Jul 14, 2025Close101.656Jul 18, 2025Close101.750Jul 24, 2025Close101.719Jul 30, 2025Close101.781Aug 5, 2025Close102.719Aug 11, 2025Close102.406Aug 15, 2025Close102.313Aug 21, 2025Close102.250Aug 27, 2025Close102.938Sep 3, 2025Close103.031Sep 9, 2025Close103.469Sep 15, 2025Close103.469Sep 19, 2025Close103.063Sep 25, 2025Close102.719Oct 1, 2025Close103.094Oct 7, 2025Close102.969Oct 14, 2025Close103.469Oct 20, 2025Close103.563Oct 24, 2025Close103.438Oct 30, 2025Close102.906Nov 5, 2025Close102.719Nov 12, 2025Close103.125Nov 18, 2025Close103.031Nov 24, 2025Close103.438Dec 1, 2025Close103.125Dec 5, 2025Close102.938Dec 11, 2025Close102.938Dec 17, 2025Close103.000Dec 23, 2025Close102.813Dec 30, 2025Close103.094Jan 6, 2026Close102.938Jan 12, 2026Close102.719Jan 16, 2026Close102.406Jan 23, 2026Close102.375Jan 29, 2026Close102.500Feb 4, 2026Close102.375Feb 10, 2026Close102.969Feb 17, 2026Close103.281Feb 23, 2026Close103.438Feb 27, 2026Close103.688Mar 5, 2026Close102.813Mar 11, 2026Close102.531Mar 17, 2026Close102.500Mar 23, 2026Close101.719Mar 27, 2026Close101.313Apr 2, 2026Close101.813Apr 8, 2026Close101.906Apr 14, 2026Close102.125Apr 20, 2026Close102.188Apr 24, 2026Close101.938Apr 30, 2026Close101.500May 6, 2026Close101.594May 12, 2026Close101.063May 18, 2026Close100.469May 22, 2026Close100.469May 29, 2026Close100.969Jun 4, 2026Close100.813Jun 10, 2026Close100.469Jun 16, 2026Close100.906Jun 23, 2026Close100.438Jun 29, 2026Close100.938Jul 6, 2026Close100.688Jul 10, 2026Close100.313Jul 16, 2026Close100.406Jul 22, 2026Close99.875Jul 28, 2026Close100.063Aug 3, 2026Close99.938Aug 7, 2026Close100.156Aug 13, 2026Close100.313Aug 19, 2026Close100.188Aug 25, 2026Close100.156Aug 31, 2026Close99.594Sep 4, 2026Close99.406Sep 11, 2026Close98.500Sep 17, 2026Close98.438Sep 23, 2026Close97.625Sep 29, 2026Close97.469Oct 5, 2026Close97.500Oct 9, 2026Close97.656Oct 16, 2026Close98.125Oct 20, 2026Close97.938
The most recent 20 trading days of prices for 91282CJM4.
DateBidOfferClose
Oct 20, 202698.03198.00097.938
Oct 19, 202698.00097.96997.938
Oct 16, 202698.15698.12598.125
Oct 15, 202698.03198.00098.031
Oct 14, 202697.51697.50097.719
Oct 13, 202697.70397.68897.719
Oct 9, 202697.64197.62597.656
Oct 8, 202697.53197.50097.781
Oct 7, 202697.64197.62597.656
Oct 6, 202697.70397.68897.656
Oct 5, 202697.46997.43897.500
Oct 2, 202697.64197.62597.500
Oct 1, 202697.64197.62597.719
Sep 30, 202697.51697.50097.406
Sep 29, 202697.32897.31397.469
Sep 28, 202697.39197.37597.438
Sep 25, 202697.57897.56397.719
Sep 24, 202697.57897.56397.500
Sep 23, 202697.79797.78197.625
Sep 22, 202698.26698.25098.250

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.

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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.