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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.665%
Modified duration
3.601 yr
DV01
0.0363
Convexity
0.156
Dirty price
100.886

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
1.74
1.82
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 3.685 years against a modified duration of 3.601.

Against the fitted curve

Priced 0.1 bp cheap to the curve on that day, 0.35 cents per 100 of face.

That is -0.17 standard deviations from its own typical residual.

Yield to maturity, 735 observations

3.0%3.5%4.0%4.5%5.0%5.5%Nov 30, 2023Nov 9, 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 3, 2024Yield to maturity4.369%Apr 9, 2024Yield to maturity4.391%Apr 15, 2024Yield to maturity4.657%Apr 19, 2024Yield to maturity4.657%Apr 25, 2024Yield to maturity4.731%May 1, 2024Yield to maturity4.647%May 7, 2024Yield to maturity4.474%May 13, 2024Yield to maturity4.503%May 17, 2024Yield to maturity4.442%May 23, 2024Yield to maturity4.509%May 30, 2024Yield to maturity4.583%Jun 5, 2024Yield to maturity4.308%Jun 11, 2024Yield to maturity4.408%Jun 17, 2024Yield to maturity4.291%Jun 24, 2024Yield to maturity4.268%Jun 28, 2024Yield to maturity4.352%Jul 5, 2024Yield to maturity4.239%Jul 11, 2024Yield to maturity4.149%Jul 17, 2024Yield to maturity4.093%Jul 23, 2024Yield to maturity4.182%Jul 29, 2024Yield to maturity4.092%Aug 2, 2024Yield to maturity3.670%Aug 8, 2024Yield to maturity3.890%Aug 14, 2024Yield to maturity3.723%Aug 20, 2024Yield to maturity3.743%Aug 26, 2024Yield to maturity3.720%Aug 30, 2024Yield to maturity3.796%Sep 6, 2024Yield to maturity3.584%Sep 12, 2024Yield to maturity3.549%Sep 18, 2024Yield to maturity3.559%Sep 24, 2024Yield to maturity3.568%Sep 30, 2024Yield to maturity3.655%Oct 4, 2024Yield to maturity3.867%Oct 10, 2024Yield to maturity3.975%Oct 17, 2024Yield to maturity3.968%Oct 23, 2024Yield to maturity4.117%Oct 29, 2024Yield to maturity4.169%Nov 4, 2024Yield to maturity4.227%Nov 8, 2024Yield to maturity4.239%Nov 15, 2024Yield to maturity4.345%Nov 21, 2024Yield to maturity4.351%Nov 27, 2024Yield to maturity4.179%Dec 4, 2024Yield to maturity4.119%Dec 10, 2024Yield to maturity4.142%Dec 16, 2024Yield to maturity4.297%Dec 20, 2024Yield to maturity4.417%Dec 27, 2024Yield to maturity4.508%Jan 3, 2025Yield to maturity4.466%Jan 9, 2025Yield to maturity4.527%Jan 15, 2025Yield to maturity4.515%Jan 22, 2025Yield to maturity4.478%Jan 28, 2025Yield to maturity4.392%Feb 3, 2025Yield to maturity4.411%Feb 7, 2025Yield to maturity4.386%Feb 13, 2025Yield to maturity4.436%Feb 20, 2025Yield to maturity4.399%Feb 26, 2025Yield to maturity4.122%Mar 4, 2025Yield to maturity4.066%Mar 10, 2025Yield to maturity4.047%Mar 14, 2025Yield to maturity4.150%Mar 20, 2025Yield to maturity4.064%Mar 26, 2025Yield to maturity4.150%Apr 1, 2025Yield to maturity3.970%Apr 7, 2025Yield to maturity3.889%Apr 11, 2025Yield to maturity4.236%Apr 17, 2025Yield to maturity4.029%Apr 24, 2025Yield to maturity4.010%Apr 30, 2025Yield to maturity3.804%May 6, 2025Yield to maturity3.970%May 12, 2025Yield to maturity4.158%May 16, 2025Yield to maturity4.120%May 22, 2025Yield to maturity4.177%May 29, 2025Yield to maturity4.074%Jun 4, 2025Yield to maturity4.004%Jun 10, 2025Yield to maturity4.136%Jun 16, 2025Yield to maturity4.097%Jun 23, 2025Yield to maturity3.955%Jun 27, 2025Yield to maturity3.884%Jul 3, 2025Yield to maturity3.985%Jul 10, 2025Yield to maturity3.978%Jul 16, 2025Yield to maturity4.035%Jul 22, 2025Yield to maturity3.924%Jul 28, 2025Yield to maturity4.013%Aug 1, 2025Yield to maturity3.811%Aug 7, 2025Yield to maturity3.830%Aug 13, 2025Yield to maturity3.809%Aug 19, 2025Yield to maturity3.859%Aug 25, 2025Yield to maturity3.832%Aug 29, 2025Yield to maturity3.739%Sep 5, 2025Yield to maturity3.626%Sep 11, 2025Yield to maturity3.612%Sep 17, 2025Yield to maturity3.655%Sep 23, 2025Yield to maturity3.706%Sep 29, 2025Yield to maturity3.770%Oct 3, 2025Yield to maturity3.742%Oct 9, 2025Yield to maturity3.760%Oct 16, 2025Yield to maturity3.573%Oct 22, 2025Yield to maturity3.577%Oct 28, 2025Yield to maturity3.628%Nov 3, 2025Yield to maturity3.733%Nov 7, 2025Yield to maturity3.691%Nov 14, 2025Yield to maturity3.756%Nov 20, 2025Yield to maturity3.688%Nov 26, 2025Yield to maturity3.591%Dec 3, 2025Yield to maturity3.636%Dec 9, 2025Yield to maturity3.791%Dec 15, 2025Yield to maturity3.741%Dec 19, 2025Yield to maturity3.697%Dec 26, 2025Yield to maturity3.702%Jan 2, 2026Yield to maturity3.734%Jan 8, 2026Yield to maturity3.733%Jan 14, 2026Yield to maturity3.717%Jan 21, 2026Yield to maturity3.826%Jan 27, 2026Yield to maturity3.817%Feb 2, 2026Yield to maturity3.823%Feb 6, 2026Yield to maturity3.743%Feb 12, 2026Yield to maturity3.664%Feb 19, 2026Yield to maturity3.641%Feb 25, 2026Yield to maturity3.617%Mar 3, 2026Yield to maturity3.636%Mar 9, 2026Yield to maturity3.705%Mar 13, 2026Yield to maturity3.876%Mar 19, 2026Yield to maturity3.889%Mar 25, 2026Yield to maturity3.983%Mar 31, 2026Yield to maturity3.923%Apr 6, 2026Yield to maturity3.980%Apr 10, 2026Yield to maturity3.935%Apr 16, 2026Yield to maturity3.912%Apr 22, 2026Yield to maturity3.910%Apr 28, 2026Yield to maturity3.976%May 4, 2026Yield to maturity4.079%May 8, 2026Yield to maturity4.011%May 14, 2026Yield to maturity4.123%May 20, 2026Yield to maturity4.214%May 27, 2026Yield to maturity4.175%Jun 2, 2026Yield to maturity4.167%Jun 8, 2026Yield to maturity4.282%Jun 12, 2026Yield to maturity4.212%Jun 18, 2026Yield to maturity4.234%Jun 25, 2026Yield to maturity4.164%Jul 1, 2026Yield to maturity4.241%Jul 8, 2026Yield to maturity4.295%Jul 14, 2026Yield to maturity4.303%Jul 20, 2026Yield to maturity4.310%Jul 24, 2026Yield to maturity4.422%Jul 30, 2026Yield to maturity4.374%Aug 5, 2026Yield to maturity4.318%Aug 11, 2026Yield to maturity4.374%Aug 17, 2026Yield to maturity4.349%Aug 21, 2026Yield to maturity4.406%Aug 27, 2026Yield to maturity4.373%Sep 2, 2026Yield to maturity4.529%Sep 9, 2026Yield to maturity4.587%Sep 15, 2026Yield to maturity4.813%Sep 21, 2026Yield to maturity4.840%Sep 25, 2026Yield to maturity4.986%Oct 1, 2026Yield to maturity4.987%Oct 7, 2026Yield to maturity5.007%Oct 14, 2026Yield to maturity4.992%Oct 20, 2026Yield to maturity4.934%Oct 26, 2026Yield to maturity4.833%Oct 30, 2026Yield to maturity4.706%Nov 5, 2026Yield to maturity4.587%Nov 9, 2026Yield to maturity4.665%

Price history

735 trading days to Nov 9, 2026

9698100102104106Nov 30, 2023Nov 9, 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 3, 2024Close100.031Apr 9, 2024Close99.906Apr 15, 2024Close98.406Apr 19, 2024Close98.406Apr 25, 2024Close98.000May 1, 2024Close98.469May 7, 2024Close99.438May 13, 2024Close99.281May 17, 2024Close99.625May 23, 2024Close99.250May 30, 2024Close98.844Jun 5, 2024Close100.375Jun 11, 2024Close99.813Jun 17, 2024Close100.469Jun 24, 2024Close100.594Jun 28, 2024Close100.125Jul 5, 2024Close100.750Jul 11, 2024Close101.250Jul 17, 2024Close101.563Jul 23, 2024Close101.063Jul 29, 2024Close101.563Aug 2, 2024Close103.938Aug 8, 2024Close102.688Aug 14, 2024Close103.625Aug 20, 2024Close103.500Aug 26, 2024Close103.625Aug 30, 2024Close103.188Sep 6, 2024Close104.375Sep 12, 2024Close104.563Sep 18, 2024Close104.500Sep 24, 2024Close104.438Sep 30, 2024Close103.938Oct 4, 2024Close102.750Oct 10, 2024Close102.156Oct 17, 2024Close102.188Oct 23, 2024Close101.375Oct 29, 2024Close101.094Nov 4, 2024Close100.781Nov 8, 2024Close100.719Nov 15, 2024Close100.156Nov 21, 2024Close100.125Nov 27, 2024Close101.031Dec 4, 2024Close101.344Dec 10, 2024Close101.219Dec 16, 2024Close100.406Dec 20, 2024Close99.781Dec 27, 2024Close99.313Jan 3, 2025Close99.531Jan 9, 2025Close99.219Jan 15, 2025Close99.281Jan 22, 2025Close99.469Jan 28, 2025Close99.906Feb 3, 2025Close99.813Feb 7, 2025Close99.938Feb 13, 2025Close99.688Feb 20, 2025Close99.875Feb 26, 2025Close101.281Mar 4, 2025Close101.563Mar 10, 2025Close101.656Mar 14, 2025Close101.125Mar 20, 2025Close101.563Mar 26, 2025Close101.125Apr 1, 2025Close102.031Apr 7, 2025Close102.438Apr 11, 2025Close100.688Apr 17, 2025Close101.719Apr 24, 2025Close101.813Apr 30, 2025Close102.844May 6, 2025Close102.000May 12, 2025Close101.063May 16, 2025Close101.250May 22, 2025Close100.969May 29, 2025Close101.469Jun 4, 2025Close101.813Jun 10, 2025Close101.156Jun 16, 2025Close101.344Jun 23, 2025Close102.031Jun 27, 2025Close102.375Jul 3, 2025Close101.875Jul 10, 2025Close101.906Jul 16, 2025Close101.625Jul 22, 2025Close102.156Jul 28, 2025Close101.719Aug 1, 2025Close102.688Aug 7, 2025Close102.594Aug 13, 2025Close102.688Aug 19, 2025Close102.438Aug 25, 2025Close102.563Aug 29, 2025Close103.000Sep 5, 2025Close103.531Sep 11, 2025Close103.594Sep 17, 2025Close103.375Sep 23, 2025Close103.125Sep 29, 2025Close102.813Oct 3, 2025Close102.938Oct 9, 2025Close102.844Oct 16, 2025Close103.719Oct 22, 2025Close103.688Oct 28, 2025Close103.438Nov 3, 2025Close102.938Nov 7, 2025Close103.125Nov 14, 2025Close102.813Nov 20, 2025Close103.125Nov 26, 2025Close103.563Dec 3, 2025Close103.344Dec 9, 2025Close102.625Dec 15, 2025Close102.844Dec 19, 2025Close103.031Dec 26, 2025Close103.000Jan 2, 2026Close102.844Jan 8, 2026Close102.844Jan 14, 2026Close102.906Jan 21, 2026Close102.406Jan 27, 2026Close102.438Feb 2, 2026Close102.406Feb 6, 2026Close102.750Feb 12, 2026Close103.094Feb 19, 2026Close103.188Feb 25, 2026Close103.281Mar 3, 2026Close103.188Mar 9, 2026Close102.875Mar 13, 2026Close102.125Mar 19, 2026Close102.063Mar 25, 2026Close101.656Mar 31, 2026Close101.906Apr 6, 2026Close101.656Apr 10, 2026Close101.844Apr 16, 2026Close101.938Apr 22, 2026Close101.938Apr 28, 2026Close101.656May 4, 2026Close101.219May 8, 2026Close101.500May 14, 2026Close101.031May 20, 2026Close100.656May 27, 2026Close100.813Jun 2, 2026Close100.844Jun 8, 2026Close100.375Jun 12, 2026Close100.656Jun 18, 2026Close100.563Jun 25, 2026Close100.844Jul 1, 2026Close100.531Jul 8, 2026Close100.313Jul 14, 2026Close100.281Jul 20, 2026Close100.250Jul 24, 2026Close99.813Jul 30, 2026Close100.000Aug 5, 2026Close100.219Aug 11, 2026Close100.000Aug 17, 2026Close100.094Aug 21, 2026Close99.875Aug 27, 2026Close100.000Sep 2, 2026Close99.406Sep 9, 2026Close99.188Sep 15, 2026Close98.344Sep 21, 2026Close98.250Sep 25, 2026Close97.719Oct 1, 2026Close97.719Oct 7, 2026Close97.656Oct 14, 2026Close97.719Oct 20, 2026Close97.938Oct 26, 2026Close98.313Oct 30, 2026Close98.781Nov 5, 2026Close99.219Nov 9, 2026Close98.938
The most recent 20 trading days of prices for 91282CJM4.
DateBidOfferClose
Nov 9, 202698.93898.95398.938
Nov 6, 202699.00099.03199.031
Nov 5, 202699.06399.09499.219
Nov 4, 202698.78198.81398.875
Nov 3, 202698.71998.73498.688
Nov 2, 202698.84498.85998.813
Oct 30, 202698.65698.67298.781
Oct 29, 202698.50098.53198.500
Oct 28, 202698.15698.17298.219
Oct 27, 202698.31398.34498.281
Oct 26, 202698.34498.37598.313
Oct 23, 202698.37598.39198.406
Oct 22, 202698.31398.34498.531
Oct 21, 202697.96997.98497.906
Oct 20, 202698.00098.03197.938
Oct 19, 202697.96998.00097.938
Oct 16, 202698.12598.15698.125
Oct 15, 202698.00098.03198.031
Oct 14, 202697.50097.51697.719
Oct 13, 202697.68897.70397.719

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 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.