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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.567%
Modified duration
1.906 yr
DV01
0.0194
Convexity
0.0471
Dirty price
101.573

Where its rate sensitivity sits

<.01
0.01
0.04
1.80
0.10
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 1.950 years against a modified duration of 1.906.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 2.36 cents per 100 of face.

That is -0.71 standard deviations from its own typical residual.

Yield to maturity, 735 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2023Nov 9, 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 3, 2024Yield to maturity4.359%Apr 9, 2024Yield to maturity4.404%Apr 15, 2024Yield to maturity4.670%Apr 19, 2024Yield to maturity4.686%Apr 25, 2024Yield to maturity4.741%May 1, 2024Yield to maturity4.673%May 7, 2024Yield to maturity4.504%May 13, 2024Yield to maturity4.528%May 17, 2024Yield to maturity4.467%May 23, 2024Yield to maturity4.560%May 30, 2024Yield to maturity4.608%Jun 5, 2024Yield to maturity4.352%Jun 11, 2024Yield to maturity4.445%Jun 17, 2024Yield to maturity4.343%Jun 24, 2024Yield to maturity4.312%Jun 28, 2024Yield to maturity4.374%Jul 5, 2024Yield to maturity4.256%Jul 11, 2024Yield to maturity4.154%Jul 17, 2024Yield to maturity4.090%Jul 23, 2024Yield to maturity4.168%Jul 29, 2024Yield to maturity4.088%Aug 2, 2024Yield to maturity3.625%Aug 8, 2024Yield to maturity3.842%Aug 14, 2024Yield to maturity3.691%Aug 20, 2024Yield to maturity3.728%Aug 26, 2024Yield to maturity3.694%Aug 30, 2024Yield to maturity3.755%Sep 6, 2024Yield to maturity3.523%Sep 12, 2024Yield to maturity3.489%Sep 18, 2024Yield to maturity3.494%Sep 24, 2024Yield to maturity3.483%Sep 30, 2024Yield to maturity3.592%Oct 4, 2024Yield to maturity3.839%Oct 10, 2024Yield to maturity3.928%Oct 17, 2024Yield to maturity3.918%Oct 23, 2024Yield to maturity4.065%Oct 29, 2024Yield to maturity4.114%Nov 4, 2024Yield to maturity4.180%Nov 8, 2024Yield to maturity4.222%Nov 15, 2024Yield to maturity4.315%Nov 21, 2024Yield to maturity4.323%Nov 27, 2024Yield to maturity4.170%Dec 4, 2024Yield to maturity4.100%Dec 10, 2024Yield to maturity4.125%Dec 16, 2024Yield to maturity4.262%Dec 20, 2024Yield to maturity4.366%Dec 27, 2024Yield to maturity4.436%Jan 3, 2025Yield to maturity4.392%Jan 9, 2025Yield to maturity4.418%Jan 15, 2025Yield to maturity4.418%Jan 22, 2025Yield to maturity4.400%Jan 28, 2025Yield to maturity4.302%Feb 3, 2025Yield to maturity4.338%Feb 7, 2025Yield to maturity4.337%Feb 13, 2025Yield to maturity4.373%Feb 20, 2025Yield to maturity4.319%Feb 26, 2025Yield to maturity4.074%Mar 4, 2025Yield to maturity3.992%Mar 10, 2025Yield to maturity3.954%Mar 14, 2025Yield to maturity4.053%Mar 20, 2025Yield to maturity3.979%Mar 26, 2025Yield to maturity4.050%Apr 1, 2025Yield to maturity3.884%Apr 7, 2025Yield to maturity3.772%Apr 11, 2025Yield to maturity4.084%Apr 17, 2025Yield to maturity3.879%Apr 24, 2025Yield to maturity3.849%Apr 30, 2025Yield to maturity3.642%May 6, 2025Yield to maturity3.816%May 12, 2025Yield to maturity4.031%May 16, 2025Yield to maturity4.001%May 22, 2025Yield to maturity4.029%May 29, 2025Yield to maturity3.951%Jun 4, 2025Yield to maturity3.872%Jun 10, 2025Yield to maturity4.014%Jun 16, 2025Yield to maturity3.974%Jun 23, 2025Yield to maturity3.826%Jun 27, 2025Yield to maturity3.755%Jul 3, 2025Yield to maturity3.869%Jul 10, 2025Yield to maturity3.858%Jul 16, 2025Yield to maturity3.885%Jul 22, 2025Yield to maturity3.793%Jul 28, 2025Yield to maturity3.890%Aug 1, 2025Yield to maturity3.698%Aug 7, 2025Yield to maturity3.716%Aug 13, 2025Yield to maturity3.683%Aug 19, 2025Yield to maturity3.730%Aug 25, 2025Yield to maturity3.707%Aug 29, 2025Yield to maturity3.601%Sep 5, 2025Yield to maturity3.506%Sep 11, 2025Yield to maturity3.513%Sep 17, 2025Yield to maturity3.540%Sep 23, 2025Yield to maturity3.588%Sep 29, 2025Yield to maturity3.657%Oct 3, 2025Yield to maturity3.612%Oct 9, 2025Yield to maturity3.630%Oct 16, 2025Yield to maturity3.447%Oct 22, 2025Yield to maturity3.464%Oct 28, 2025Yield to maturity3.513%Nov 3, 2025Yield to maturity3.626%Nov 7, 2025Yield to maturity3.569%Nov 14, 2025Yield to maturity3.629%Nov 20, 2025Yield to maturity3.561%Nov 26, 2025Yield to maturity3.481%Dec 3, 2025Yield to maturity3.509%Dec 9, 2025Yield to maturity3.647%Dec 15, 2025Yield to maturity3.566%Dec 19, 2025Yield to maturity3.539%Dec 26, 2025Yield to maturity3.545%Jan 2, 2026Yield to maturity3.551%Jan 8, 2026Yield to maturity3.559%Jan 14, 2026Yield to maturity3.566%Jan 21, 2026Yield to maturity3.653%Jan 27, 2026Yield to maturity3.637%Feb 2, 2026Yield to maturity3.633%Feb 6, 2026Yield to maturity3.559%Feb 12, 2026Yield to maturity3.509%Feb 19, 2026Yield to maturity3.492%Feb 25, 2026Yield to maturity3.487%Mar 3, 2026Yield to maturity3.505%Mar 9, 2026Yield to maturity3.584%Mar 13, 2026Yield to maturity3.749%Mar 19, 2026Yield to maturity3.807%Mar 25, 2026Yield to maturity3.890%Mar 31, 2026Yield to maturity3.813%Apr 6, 2026Yield to maturity3.885%Apr 10, 2026Yield to maturity3.819%Apr 16, 2026Yield to maturity3.792%Apr 22, 2026Yield to maturity3.814%Apr 28, 2026Yield to maturity3.874%May 4, 2026Yield to maturity3.974%May 8, 2026Yield to maturity3.920%May 14, 2026Yield to maturity4.035%May 20, 2026Yield to maturity4.099%May 27, 2026Yield to maturity4.084%Jun 2, 2026Yield to maturity4.082%Jun 8, 2026Yield to maturity4.200%Jun 12, 2026Yield to maturity4.118%Jun 18, 2026Yield to maturity4.197%Jun 25, 2026Yield to maturity4.142%Jul 1, 2026Yield to maturity4.195%Jul 8, 2026Yield to maturity4.235%Jul 14, 2026Yield to maturity4.220%Jul 20, 2026Yield to maturity4.246%Jul 24, 2026Yield to maturity4.359%Jul 30, 2026Yield to maturity4.273%Aug 5, 2026Yield to maturity4.230%Aug 11, 2026Yield to maturity4.257%Aug 17, 2026Yield to maturity4.213%Aug 21, 2026Yield to maturity4.256%Aug 27, 2026Yield to maturity4.255%Sep 2, 2026Yield to maturity4.417%Sep 9, 2026Yield to maturity4.462%Sep 15, 2026Yield to maturity4.704%Sep 21, 2026Yield to maturity4.783%Sep 25, 2026Yield to maturity4.878%Oct 1, 2026Yield to maturity4.819%Oct 7, 2026Yield to maturity4.822%Oct 14, 2026Yield to maturity4.858%Oct 20, 2026Yield to maturity4.814%Oct 26, 2026Yield to maturity4.738%Oct 30, 2026Yield to maturity4.597%Nov 5, 2026Yield to maturity4.486%Nov 9, 2026Yield to maturity4.567%

Price history

735 trading days to Nov 9, 2026

9899100101102103104Nov 30, 2023Nov 9, 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 3, 2024Close100.063Apr 9, 2024Close99.875Apr 15, 2024Close98.781Apr 19, 2024Close98.719Apr 25, 2024Close98.500May 1, 2024Close98.781May 7, 2024Close99.469May 13, 2024Close99.375May 17, 2024Close99.625May 23, 2024Close99.250May 30, 2024Close99.063Jun 5, 2024Close100.094Jun 11, 2024Close99.719Jun 17, 2024Close100.125Jun 24, 2024Close100.250Jun 28, 2024Close100.000Jul 5, 2024Close100.469Jul 11, 2024Close100.875Jul 17, 2024Close101.125Jul 23, 2024Close100.813Jul 29, 2024Close101.125Aug 2, 2024Close102.969Aug 8, 2024Close102.094Aug 14, 2024Close102.688Aug 20, 2024Close102.531Aug 26, 2024Close102.656Aug 30, 2024Close102.406Sep 6, 2024Close103.313Sep 12, 2024Close103.438Sep 18, 2024Close103.406Sep 24, 2024Close103.438Sep 30, 2024Close103.000Oct 4, 2024Close102.031Oct 10, 2024Close101.688Oct 17, 2024Close101.719Oct 23, 2024Close101.156Oct 29, 2024Close100.969Nov 4, 2024Close100.719Nov 8, 2024Close100.563Nov 15, 2024Close100.219Nov 21, 2024Close100.188Nov 27, 2024Close100.750Dec 4, 2024Close101.000Dec 10, 2024Close100.906Dec 16, 2024Close100.406Dec 20, 2024Close100.031Dec 27, 2024Close99.781Jan 3, 2025Close99.938Jan 9, 2025Close99.844Jan 15, 2025Close99.844Jan 22, 2025Close99.906Jan 28, 2025Close100.250Feb 3, 2025Close100.125Feb 7, 2025Close100.125Feb 13, 2025Close100.000Feb 20, 2025Close100.188Feb 26, 2025Close101.031Mar 4, 2025Close101.313Mar 10, 2025Close101.438Mar 14, 2025Close101.094Mar 20, 2025Close101.344Mar 26, 2025Close101.094Apr 1, 2025Close101.656Apr 7, 2025Close102.031Apr 11, 2025Close100.969Apr 17, 2025Close101.656Apr 24, 2025Close101.750Apr 30, 2025Close102.438May 6, 2025Close101.844May 12, 2025Close101.125May 16, 2025Close101.219May 22, 2025Close101.125May 29, 2025Close101.375Jun 4, 2025Close101.625Jun 10, 2025Close101.156Jun 16, 2025Close101.281Jun 23, 2025Close101.750Jun 27, 2025Close101.969Jul 3, 2025Close101.594Jul 10, 2025Close101.625Jul 16, 2025Close101.531Jul 22, 2025Close101.813Jul 28, 2025Close101.500Aug 1, 2025Close102.094Aug 7, 2025Close102.031Aug 13, 2025Close102.125Aug 19, 2025Close101.969Aug 25, 2025Close102.031Aug 29, 2025Close102.344Sep 5, 2025Close102.625Sep 11, 2025Close102.594Sep 17, 2025Close102.500Sep 23, 2025Close102.344Sep 29, 2025Close102.125Oct 3, 2025Close102.250Oct 9, 2025Close102.188Oct 16, 2025Close102.719Oct 22, 2025Close102.656Oct 28, 2025Close102.500Nov 3, 2025Close102.156Nov 7, 2025Close102.313Nov 14, 2025Close102.125Nov 20, 2025Close102.313Nov 26, 2025Close102.531Dec 3, 2025Close102.438Dec 9, 2025Close102.031Dec 15, 2025Close102.250Dec 19, 2025Close102.313Dec 26, 2025Close102.281Jan 2, 2026Close102.250Jan 8, 2026Close102.219Jan 14, 2026Close102.188Jan 21, 2026Close101.938Jan 27, 2026Close101.969Feb 2, 2026Close101.969Feb 6, 2026Close102.156Feb 12, 2026Close102.281Feb 19, 2026Close102.313Feb 25, 2026Close102.313Mar 3, 2026Close102.250Mar 9, 2026Close102.031Mar 13, 2026Close101.594Mar 19, 2026Close101.438Mar 25, 2026Close101.219Mar 31, 2026Close101.406Apr 6, 2026Close101.219Apr 10, 2026Close101.375Apr 16, 2026Close101.438Apr 22, 2026Close101.375Apr 28, 2026Close101.219May 4, 2026Close100.969May 8, 2026Close101.094May 14, 2026Close100.813May 20, 2026Close100.656May 27, 2026Close100.688Jun 2, 2026Close100.688Jun 8, 2026Close100.406Jun 12, 2026Close100.594Jun 18, 2026Close100.406Jun 25, 2026Close100.531Jul 1, 2026Close100.406Jul 8, 2026Close100.313Jul 14, 2026Close100.344Jul 20, 2026Close100.281Jul 24, 2026Close100.031Jul 30, 2026Close100.219Aug 5, 2026Close100.313Aug 11, 2026Close100.250Aug 17, 2026Close100.344Aug 21, 2026Close100.250Aug 27, 2026Close100.250Sep 2, 2026Close99.906Sep 9, 2026Close99.813Sep 15, 2026Close99.313Sep 21, 2026Close99.156Sep 25, 2026Close98.969Oct 1, 2026Close99.094Oct 7, 2026Close99.094Oct 14, 2026Close99.031Oct 20, 2026Close99.125Oct 26, 2026Close99.281Oct 30, 2026Close99.563Nov 5, 2026Close99.781Nov 9, 2026Close99.625
The most recent 20 trading days of prices for 91282CJN2.
DateBidOfferClose
Nov 9, 202699.59499.60999.625
Nov 6, 202699.68899.70399.688
Nov 5, 202699.65699.67299.781
Nov 4, 202699.53199.54799.563
Nov 3, 202699.50099.51699.500
Nov 2, 202699.56399.57899.531
Oct 30, 202699.46999.50099.563
Oct 29, 202699.40699.42299.406
Oct 28, 202699.18899.20399.281
Oct 27, 202699.28199.29799.250
Oct 26, 202699.28199.29799.281
Oct 23, 202699.34499.35999.344
Oct 22, 202699.31399.32899.406
Oct 21, 202699.12599.14199.094
Oct 20, 202699.15699.17299.125
Oct 19, 202699.15699.17299.156
Oct 16, 202699.21999.25099.219
Oct 15, 202699.12599.15699.156
Oct 14, 202698.93898.96999.031
Oct 13, 202699.06399.07899.094

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 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.