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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
4.814%
Modified duration
1.957 yr
DV01
0.0197
Convexity
0.0493
Dirty price
100.834

Where its rate sensitivity sits

<.01
0.01
0.04
1.74
0.21
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 2.004 years against a modified duration of 1.957.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.16 cents per 100 of face.

That is 0.38 standard deviations from its own typical residual.

Yield to maturity, 723 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2023Oct 20, 2026Nov 30, 2023Yield to maturity4.312%Dec 6, 2023Yield to maturity4.123%Dec 12, 2023Yield to maturity4.227%Dec 18, 2023Yield to maturity3.940%Dec 22, 2023Yield to maturity3.876%Dec 29, 2023Yield to maturity3.846%Jan 5, 2024Yield to maturity4.012%Jan 11, 2024Yield to maturity3.899%Jan 18, 2024Yield to maturity4.031%Jan 24, 2024Yield to maturity4.080%Jan 30, 2024Yield to maturity4.001%Feb 5, 2024Yield to maturity4.128%Feb 9, 2024Yield to maturity4.149%Feb 15, 2024Yield to maturity4.228%Feb 22, 2024Yield to maturity4.344%Feb 28, 2024Yield to maturity4.293%Mar 5, 2024Yield to maturity4.154%Mar 11, 2024Yield to maturity4.109%Mar 15, 2024Yield to maturity4.359%Mar 21, 2024Yield to maturity4.285%Mar 27, 2024Yield to maturity4.218%Apr 2, 2024Yield to maturity4.374%Apr 8, 2024Yield to maturity4.457%Apr 12, 2024Yield to maturity4.571%Apr 18, 2024Yield to maturity4.709%Apr 24, 2024Yield to maturity4.679%Apr 30, 2024Yield to maturity4.758%May 6, 2024Yield to maturity4.512%May 10, 2024Yield to maturity4.543%May 16, 2024Yield to maturity4.428%May 22, 2024Yield to maturity4.490%May 29, 2024Yield to maturity4.670%Jun 4, 2024Yield to maturity4.390%Jun 10, 2024Yield to maturity4.515%Jun 14, 2024Yield to maturity4.266%Jun 21, 2024Yield to maturity4.304%Jun 27, 2024Yield to maturity4.343%Jul 3, 2024Yield to maturity4.358%Jul 10, 2024Yield to maturity4.271%Jul 16, 2024Yield to maturity4.106%Jul 22, 2024Yield to maturity4.199%Jul 26, 2024Yield to maturity4.096%Aug 1, 2024Yield to maturity3.867%Aug 7, 2024Yield to maturity3.803%Aug 13, 2024Yield to maturity3.699%Aug 19, 2024Yield to maturity3.783%Aug 23, 2024Yield to maturity3.679%Aug 29, 2024Yield to maturity3.717%Sep 5, 2024Yield to maturity3.572%Sep 11, 2024Yield to maturity3.466%Sep 17, 2024Yield to maturity3.463%Sep 23, 2024Yield to maturity3.515%Sep 27, 2024Yield to maturity3.512%Oct 3, 2024Yield to maturity3.639%Oct 9, 2024Yield to maturity3.928%Oct 16, 2024Yield to maturity3.861%Oct 22, 2024Yield to maturity4.016%Oct 28, 2024Yield to maturity4.123%Nov 1, 2024Yield to maturity4.231%Nov 7, 2024Yield to maturity4.188%Nov 14, 2024Yield to maturity4.340%Nov 20, 2024Yield to maturity4.298%Nov 26, 2024Yield to maturity4.229%Dec 3, 2024Yield to maturity4.152%Dec 9, 2024Yield to maturity4.099%Dec 13, 2024Yield to maturity4.262%Dec 19, 2024Yield to maturity4.418%Dec 26, 2024Yield to maturity4.418%Jan 2, 2025Yield to maturity4.356%Jan 8, 2025Yield to maturity4.418%Jan 14, 2025Yield to maturity4.551%Jan 21, 2025Yield to maturity4.383%Jan 27, 2025Yield to maturity4.302%Jan 31, 2025Yield to maturity4.338%Feb 6, 2025Yield to maturity4.266%Feb 12, 2025Yield to maturity4.455%Feb 19, 2025Yield to maturity4.337%Feb 25, 2025Yield to maturity4.120%Mar 3, 2025Yield to maturity3.965%Mar 7, 2025Yield to maturity4.063%Mar 13, 2025Yield to maturity3.990%Mar 19, 2025Yield to maturity4.006%Mar 25, 2025Yield to maturity4.032%Mar 31, 2025Yield to maturity3.921%Apr 4, 2025Yield to maturity3.690%Apr 10, 2025Yield to maturity3.964%Apr 16, 2025Yield to maturity3.833%Apr 22, 2025Yield to maturity3.886%Apr 28, 2025Yield to maturity3.736%May 2, 2025Yield to maturity3.854%May 8, 2025Yield to maturity3.928%May 14, 2025Yield to maturity4.107%May 20, 2025Yield to maturity3.991%May 27, 2025Yield to maturity3.961%Jun 2, 2025Yield to maturity3.949%Jun 6, 2025Yield to maturity4.063%Jun 12, 2025Yield to maturity3.907%Jun 18, 2025Yield to maturity3.924%Jun 25, 2025Yield to maturity3.776%Jul 1, 2025Yield to maturity3.773%Jul 8, 2025Yield to maturity3.908%Jul 14, 2025Yield to maturity3.895%Jul 18, 2025Yield to maturity3.863%Jul 24, 2025Yield to maturity3.892%Jul 30, 2025Yield to maturity3.909%Aug 5, 2025Yield to maturity3.697%Aug 11, 2025Yield to maturity3.754%Aug 15, 2025Yield to maturity3.751%Aug 21, 2025Yield to maturity3.769%Aug 27, 2025Yield to maturity3.614%Sep 3, 2025Yield to maturity3.600%Sep 9, 2025Yield to maturity3.515%Sep 15, 2025Yield to maturity3.521%Sep 19, 2025Yield to maturity3.589%Sep 25, 2025Yield to maturity3.680%Oct 1, 2025Yield to maturity3.583%Oct 7, 2025Yield to maturity3.610%Oct 14, 2025Yield to maturity3.501%Oct 20, 2025Yield to maturity3.486%Oct 24, 2025Yield to maturity3.503%Oct 30, 2025Yield to maturity3.628%Nov 5, 2025Yield to maturity3.657%Nov 12, 2025Yield to maturity3.577%Nov 18, 2025Yield to maturity3.584%Nov 24, 2025Yield to maturity3.504%Dec 1, 2025Yield to maturity3.565%Dec 5, 2025Yield to maturity3.594%Dec 11, 2025Yield to maturity3.580%Dec 17, 2025Yield to maturity3.531%Dec 23, 2025Yield to maturity3.593%Dec 30, 2025Yield to maturity3.510%Jan 6, 2026Yield to maturity3.538%Jan 12, 2026Yield to maturity3.602%Jan 16, 2026Yield to maturity3.665%Jan 23, 2026Yield to maturity3.661%Jan 29, 2026Yield to maturity3.612%Feb 4, 2026Yield to maturity3.631%Feb 10, 2026Yield to maturity3.511%Feb 17, 2026Yield to maturity3.470%Feb 23, 2026Yield to maturity3.441%Feb 27, 2026Yield to maturity3.389%Mar 5, 2026Yield to maturity3.587%Mar 11, 2026Yield to maturity3.655%Mar 17, 2026Yield to maturity3.675%Mar 23, 2026Yield to maturity3.866%Mar 27, 2026Yield to maturity3.938%Apr 2, 2026Yield to maturity3.824%Apr 8, 2026Yield to maturity3.809%Apr 14, 2026Yield to maturity3.768%Apr 20, 2026Yield to maturity3.740%Apr 24, 2026Yield to maturity3.799%Apr 30, 2026Yield to maturity3.899%May 6, 2026Yield to maturity3.896%May 12, 2026Yield to maturity4.023%May 18, 2026Yield to maturity4.138%May 22, 2026Yield to maturity4.176%May 29, 2026Yield to maturity4.043%Jun 4, 2026Yield to maturity4.094%Jun 10, 2026Yield to maturity4.173%Jun 16, 2026Yield to maturity4.077%Jun 23, 2026Yield to maturity4.224%Jun 29, 2026Yield to maturity4.127%Jul 6, 2026Yield to maturity4.152%Jul 10, 2026Yield to maturity4.234%Jul 16, 2026Yield to maturity4.191%Jul 22, 2026Yield to maturity4.345%Jul 28, 2026Yield to maturity4.302%Aug 3, 2026Yield to maturity4.301%Aug 7, 2026Yield to maturity4.229%Aug 13, 2026Yield to maturity4.185%Aug 19, 2026Yield to maturity4.213%Aug 25, 2026Yield to maturity4.226%Aug 31, 2026Yield to maturity4.372%Sep 4, 2026Yield to maturity4.402%Sep 11, 2026Yield to maturity4.658%Sep 17, 2026Yield to maturity4.705%Sep 23, 2026Yield to maturity4.922%Sep 29, 2026Yield to maturity4.926%Oct 5, 2026Yield to maturity4.868%Oct 9, 2026Yield to maturity4.825%Oct 16, 2026Yield to maturity4.765%Oct 20, 2026Yield to maturity4.814%

Price history

723 trading days to Oct 20, 2026

9899100101102103104Nov 30, 2023Oct 20, 2026Nov 30, 2023Close100.281Dec 6, 2023Close101.125Dec 12, 2023Close100.656Dec 18, 2023Close101.938Dec 22, 2023Close102.219Dec 29, 2023Close102.344Jan 5, 2024Close101.594Jan 11, 2024Close102.094Jan 18, 2024Close101.500Jan 24, 2024Close101.281Jan 30, 2024Close101.625Feb 5, 2024Close101.063Feb 9, 2024Close100.969Feb 15, 2024Close100.625Feb 22, 2024Close100.125Feb 28, 2024Close100.344Mar 5, 2024Close100.938Mar 11, 2024Close101.125Mar 15, 2024Close100.063Mar 21, 2024Close100.375Mar 27, 2024Close100.656Apr 2, 2024Close100.000Apr 8, 2024Close99.656Apr 12, 2024Close99.188Apr 18, 2024Close98.625Apr 24, 2024Close98.750Apr 30, 2024Close98.438May 6, 2024Close99.438May 10, 2024Close99.313May 16, 2024Close99.781May 22, 2024Close99.531May 29, 2024Close98.813Jun 4, 2024Close99.938Jun 10, 2024Close99.438Jun 14, 2024Close100.438Jun 21, 2024Close100.281Jun 27, 2024Close100.125Jul 3, 2024Close100.063Jul 10, 2024Close100.406Jul 16, 2024Close101.063Jul 22, 2024Close100.688Jul 26, 2024Close101.094Aug 1, 2024Close102.000Aug 7, 2024Close102.250Aug 13, 2024Close102.656Aug 19, 2024Close102.313Aug 23, 2024Close102.719Aug 29, 2024Close102.563Sep 5, 2024Close103.125Sep 11, 2024Close103.531Sep 17, 2024Close103.531Sep 23, 2024Close103.313Sep 27, 2024Close103.313Oct 3, 2024Close102.813Oct 9, 2024Close101.688Oct 16, 2024Close101.938Oct 22, 2024Close101.344Oct 28, 2024Close100.938Nov 1, 2024Close100.531Nov 7, 2024Close100.688Nov 14, 2024Close100.125Nov 20, 2024Close100.281Nov 26, 2024Close100.531Dec 3, 2024Close100.813Dec 9, 2024Close101.000Dec 13, 2024Close100.406Dec 19, 2024Close99.844Dec 26, 2024Close99.844Jan 2, 2025Close100.063Jan 8, 2025Close99.844Jan 14, 2025Close99.375Jan 21, 2025Close99.969Jan 27, 2025Close100.250Jan 31, 2025Close100.125Feb 6, 2025Close100.375Feb 12, 2025Close99.719Feb 19, 2025Close100.125Feb 25, 2025Close100.875Mar 3, 2025Close101.406Mar 7, 2025Close101.063Mar 13, 2025Close101.313Mar 19, 2025Close101.250Mar 25, 2025Close101.156Mar 31, 2025Close101.531Apr 4, 2025Close102.313Apr 10, 2025Close101.375Apr 16, 2025Close101.813Apr 22, 2025Close101.625Apr 28, 2025Close102.125May 2, 2025Close101.719May 8, 2025Close101.469May 14, 2025Close100.875May 20, 2025Close101.250May 27, 2025Close101.344Jun 2, 2025Close101.375Jun 6, 2025Close101.000Jun 12, 2025Close101.500Jun 18, 2025Close101.438Jun 25, 2025Close101.906Jul 1, 2025Close101.906Jul 8, 2025Close101.469Jul 14, 2025Close101.500Jul 18, 2025Close101.594Jul 24, 2025Close101.500Jul 30, 2025Close101.438Aug 5, 2025Close102.094Aug 11, 2025Close101.906Aug 15, 2025Close101.906Aug 21, 2025Close101.844Aug 27, 2025Close102.313Sep 3, 2025Close102.344Sep 9, 2025Close102.594Sep 15, 2025Close102.563Sep 19, 2025Close102.344Sep 25, 2025Close102.063Oct 1, 2025Close102.344Oct 7, 2025Close102.250Oct 14, 2025Close102.563Oct 20, 2025Close102.594Oct 24, 2025Close102.531Oct 30, 2025Close102.156Nov 5, 2025Close102.063Nov 12, 2025Close102.281Nov 18, 2025Close102.250Nov 24, 2025Close102.469Dec 1, 2025Close102.281Dec 5, 2025Close102.188Dec 11, 2025Close102.219Dec 17, 2025Close102.344Dec 23, 2025Close102.156Dec 30, 2025Close102.375Jan 6, 2026Close102.281Jan 12, 2026Close102.094Jan 16, 2026Close101.906Jan 23, 2026Close101.906Jan 29, 2026Close102.031Feb 4, 2026Close101.969Feb 10, 2026Close102.281Feb 17, 2026Close102.375Feb 23, 2026Close102.438Feb 27, 2026Close102.563Mar 5, 2026Close102.031Mar 11, 2026Close101.844Mar 17, 2026Close101.781Mar 23, 2026Close101.281Mar 27, 2026Close101.094Apr 2, 2026Close101.375Apr 8, 2026Close101.406Apr 14, 2026Close101.500Apr 20, 2026Close101.563Apr 24, 2026Close101.406Apr 30, 2026Close101.156May 6, 2026Close101.156May 12, 2026Close100.844May 18, 2026Close100.563May 22, 2026Close100.469May 29, 2026Close100.781Jun 4, 2026Close100.656Jun 10, 2026Close100.469Jun 16, 2026Close100.688Jun 23, 2026Close100.344Jun 29, 2026Close100.563Jul 6, 2026Close100.500Jul 10, 2026Close100.313Jul 16, 2026Close100.406Jul 22, 2026Close100.063Jul 28, 2026Close100.156Aug 3, 2026Close100.156Aug 7, 2026Close100.313Aug 13, 2026Close100.406Aug 19, 2026Close100.344Aug 25, 2026Close100.313Aug 31, 2026Close100.000Sep 4, 2026Close99.938Sep 11, 2026Close99.406Sep 17, 2026Close99.313Sep 23, 2026Close98.875Sep 29, 2026Close98.875Oct 5, 2026Close99.000Oct 9, 2026Close99.094Oct 16, 2026Close99.219Oct 20, 2026Close99.125
The most recent 20 trading days of prices for 91282CJN2.
DateBidOfferClose
Oct 20, 202699.17299.15699.125
Oct 19, 202699.17299.15699.156
Oct 16, 202699.25099.21999.219
Oct 15, 202699.15699.12599.156
Oct 14, 202698.96998.93899.031
Oct 13, 202699.07899.06399.094
Oct 9, 202699.07899.06399.094
Oct 8, 202699.04799.03199.156
Oct 7, 202699.10999.09499.094
Oct 6, 202699.10999.09499.063
Oct 5, 202698.98498.96999.000
Oct 2, 202699.04799.03199.000
Oct 1, 202699.04799.03199.094
Sep 30, 202698.95398.93898.906
Sep 29, 202698.79798.78198.875
Sep 28, 202698.81398.78198.813
Sep 25, 202698.92298.90698.969
Sep 24, 202698.89198.87598.844
Sep 23, 202698.95398.93898.875
Sep 22, 202699.17299.15699.156

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.