Treasury note

91282CJN2 · 4.375% due November 30, 2028

Original term
5-Year
Maturity
Nov 30, 2028
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
$54.91bn
Held stripped
$113.3m
Share stripped
0.21%

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
4.597%
Modified duration
2.066 yr
DV01
0.0208
Convexity
5.419
Dirty price
100.762

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 5 of twelve buckets, summing to 2.114 years against a modified duration of 2.066.

Against the fitted curve

Priced 1.3 bp rich to the curve on that day, 2.70 cents per 100 of face.

That is -0.89 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%5.00%Nov 30, 2023Sep 10, 2026Nov 30, 2023Yield to maturity4.312%Dec 22, 2023Yield to maturity3.876%Jan 18, 2024Yield to maturity4.031%Feb 9, 2024Yield to maturity4.149%Mar 5, 2024Yield to maturity4.154%Mar 27, 2024Yield to maturity4.218%Apr 18, 2024Yield to maturity4.709%May 10, 2024Yield to maturity4.543%Jun 4, 2024Yield to maturity4.390%Jun 27, 2024Yield to maturity4.343%Jul 22, 2024Yield to maturity4.199%Aug 13, 2024Yield to maturity3.699%Sep 5, 2024Yield to maturity3.572%Sep 27, 2024Yield to maturity3.512%Oct 22, 2024Yield to maturity4.016%Nov 14, 2024Yield to maturity4.340%Dec 9, 2024Yield to maturity4.099%Jan 2, 2025Yield to maturity4.356%Jan 27, 2025Yield to maturity4.302%Feb 19, 2025Yield to maturity4.337%Mar 13, 2025Yield to maturity3.990%Apr 4, 2025Yield to maturity3.690%Apr 28, 2025Yield to maturity3.736%May 20, 2025Yield to maturity3.991%Jun 12, 2025Yield to maturity3.907%Jul 8, 2025Yield to maturity3.908%Jul 30, 2025Yield to maturity3.909%Aug 21, 2025Yield to maturity3.769%Sep 15, 2025Yield to maturity3.521%Oct 7, 2025Yield to maturity3.610%Oct 30, 2025Yield to maturity3.628%Nov 24, 2025Yield to maturity3.504%Dec 17, 2025Yield to maturity3.531%Jan 12, 2026Yield to maturity3.602%Feb 4, 2026Yield to maturity3.631%Feb 27, 2026Yield to maturity3.389%Mar 23, 2026Yield to maturity3.866%Apr 14, 2026Yield to maturity3.768%May 6, 2026Yield to maturity3.896%May 29, 2026Yield to maturity4.043%Jun 23, 2026Yield to maturity4.224%Jul 16, 2026Yield to maturity4.191%Aug 7, 2026Yield to maturity4.229%Aug 31, 2026Yield to maturity4.372%Sep 10, 2026Yield to maturity4.597%

Price history

696 trading days to Sep 10, 2026

9899100101102103104Nov 30, 2023Sep 10, 2026Nov 30, 2023Close100.281Dec 22, 2023Close102.219Jan 18, 2024Close101.500Feb 9, 2024Close100.969Mar 5, 2024Close100.938Mar 27, 2024Close100.656Apr 18, 2024Close98.625May 10, 2024Close99.313Jun 4, 2024Close99.938Jun 27, 2024Close100.125Jul 22, 2024Close100.688Aug 13, 2024Close102.656Sep 5, 2024Close103.125Sep 27, 2024Close103.313Oct 22, 2024Close101.344Nov 14, 2024Close100.125Dec 9, 2024Close101.000Jan 2, 2025Close100.063Jan 27, 2025Close100.250Feb 19, 2025Close100.125Mar 13, 2025Close101.313Apr 4, 2025Close102.313Apr 28, 2025Close102.125May 20, 2025Close101.250Jun 12, 2025Close101.500Jul 8, 2025Close101.469Jul 30, 2025Close101.438Aug 21, 2025Close101.844Sep 15, 2025Close102.563Oct 7, 2025Close102.250Oct 30, 2025Close102.156Nov 24, 2025Close102.469Dec 17, 2025Close102.344Jan 12, 2026Close102.094Feb 4, 2026Close101.969Feb 27, 2026Close102.563Mar 23, 2026Close101.281Apr 14, 2026Close101.500May 6, 2026Close101.156May 29, 2026Close100.781Jun 23, 2026Close100.344Jul 16, 2026Close100.406Aug 7, 2026Close100.313Aug 31, 2026Close100.000Sep 10, 2026Close99.531
The most recent 20 trading days of prices for 91282CJN2.
DateBidOfferClose
Sep 10, 202699.60999.59499.531
Sep 9, 202699.84499.81399.813
Sep 8, 202699.92299.90699.906
Sep 4, 202699.95399.93899.938
Sep 3, 2026100.047100.031100.000
Sep 2, 202699.92299.90699.906
Sep 1, 202699.95399.93899.906
Aug 31, 2026100.031100.000100.000
Aug 28, 2026100.063100.031100.000
Aug 27, 2026100.297100.281100.250
Aug 26, 2026100.297100.281100.281
Aug 25, 2026100.328100.313100.313
Aug 24, 2026100.266100.250100.219
Aug 21, 2026100.234100.219100.250
Aug 20, 2026100.328100.313100.344
Aug 19, 2026100.328100.313100.344
Aug 18, 2026100.359100.344100.344
Aug 17, 2026100.391100.375100.344
Aug 14, 2026100.422100.406100.344
Aug 13, 2026100.422100.406100.406

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 91282CJN2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 27, 2023Nov 30, 2023New issue$55.0bn$55.6bn2.46x4.420%

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.