Treasury note

91282CJP7 · 4.375% due December 15, 2026

Original term
3-Year
Maturity
Dec 15, 2026
Coupon
4.375%
Pays
Semi-Annual
Dated
Dec 15, 2023
First coupon
Jun 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$50.00bn
Held stripped
$95.4m
Share stripped
0.19%

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
3.968%
Modified duration
0.257 yr
DV01
0.0026
Convexity
0.132
Dirty price
101.146

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 2 of twelve buckets, summing to 0.260 years against a modified duration of 0.257.

Against the fitted curve

Priced 2.9 bp rich to the curve on that day, 0.75 cents per 100 of face.

That is 0.66 standard deviations from its own typical residual.

Yield to maturity, 685 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Dec 15, 2023Sep 10, 2026Dec 15, 2023Yield to maturity4.128%Jan 10, 2024Yield to maturity4.134%Feb 2, 2024Yield to maturity4.162%Feb 27, 2024Yield to maturity4.517%Mar 20, 2024Yield to maturity4.446%Apr 11, 2024Yield to maturity4.826%May 3, 2024Yield to maturity4.695%May 28, 2024Yield to maturity4.822%Jun 20, 2024Yield to maturity4.576%Jul 15, 2024Yield to maturity4.332%Aug 6, 2024Yield to maturity3.910%Aug 28, 2024Yield to maturity3.827%Sep 20, 2024Yield to maturity3.534%Oct 15, 2024Yield to maturity3.932%Nov 6, 2024Yield to maturity4.263%Dec 2, 2024Yield to maturity4.196%Dec 24, 2024Yield to maturity4.341%Jan 17, 2025Yield to maturity4.286%Feb 11, 2025Yield to maturity4.301%Mar 6, 2025Yield to maturity3.985%Mar 28, 2025Yield to maturity3.952%Apr 21, 2025Yield to maturity3.819%May 13, 2025Yield to maturity4.086%Jun 5, 2025Yield to maturity4.033%Jun 30, 2025Yield to maturity3.839%Jul 23, 2025Yield to maturity4.000%Aug 14, 2025Yield to maturity3.862%Sep 8, 2025Yield to maturity3.657%Sep 30, 2025Yield to maturity3.702%Oct 23, 2025Yield to maturity3.583%Nov 17, 2025Yield to maturity3.714%Dec 10, 2025Yield to maturity3.612%Jan 5, 2026Yield to maturity3.520%Jan 28, 2026Yield to maturity3.603%Feb 20, 2026Yield to maturity3.577%Mar 16, 2026Yield to maturity3.684%Apr 7, 2026Yield to maturity3.763%Apr 29, 2026Yield to maturity3.757%May 21, 2026Yield to maturity3.751%Jun 15, 2026Yield to maturity3.734%Jul 9, 2026Yield to maturity3.848%Jul 31, 2026Yield to maturity3.833%Aug 24, 2026Yield to maturity3.826%Sep 10, 2026Yield to maturity3.968%

Price history

685 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50101.00101.50102.00Dec 15, 2023Sep 10, 2026Dec 15, 2023Close100.688Jan 10, 2024Close100.656Feb 2, 2024Close100.563Feb 27, 2024Close99.625Mar 20, 2024Close99.813Apr 11, 2024Close98.875May 3, 2024Close99.219May 28, 2024Close98.938Jun 20, 2024Close99.531Jul 15, 2024Close100.094Aug 6, 2024Close101.031Aug 28, 2024Close101.188Sep 20, 2024Close101.781Oct 15, 2024Close100.906Nov 6, 2024Close100.219Dec 2, 2024Close100.344Dec 24, 2024Close100.063Jan 17, 2025Close100.156Feb 11, 2025Close100.125Mar 6, 2025Close100.656Mar 28, 2025Close100.688Apr 21, 2025Close100.875May 13, 2025Close100.438Jun 5, 2025Close100.500Jun 30, 2025Close100.750Jul 23, 2025Close100.500Aug 14, 2025Close100.656Sep 8, 2025Close100.875Sep 30, 2025Close100.781Oct 23, 2025Close100.875Nov 17, 2025Close100.688Dec 10, 2025Close100.750Jan 5, 2026Close100.781Jan 28, 2026Close100.656Feb 20, 2026Close100.625Mar 16, 2026Close100.500Apr 7, 2026Close100.406Apr 29, 2026Close100.375May 21, 2026Close100.344Jun 15, 2026Close100.313Jul 9, 2026Close100.219Jul 31, 2026Close100.188Aug 24, 2026Close100.156Sep 10, 2026Close100.094
The most recent 20 trading days of prices for 91282CJP7.
DateBidOfferClose
Sep 10, 2026–100.094100.094
Sep 9, 2026–100.125100.125
Sep 8, 2026–100.125100.125
Sep 4, 2026–100.125100.125
Sep 3, 2026–100.156100.156
Sep 2, 2026–100.125100.125
Sep 1, 2026–100.125100.125
Aug 31, 2026–100.156100.125
Aug 28, 2026–100.156100.156
Aug 27, 2026–100.156100.156
Aug 26, 2026–100.156100.156
Aug 25, 2026–100.156100.156
Aug 24, 2026–100.156100.156
Aug 21, 2026–100.156100.156
Aug 20, 2026–100.156100.156
Aug 19, 2026–100.188100.156
Aug 18, 2026–100.188100.188
Aug 17, 2026–100.156100.156
Aug 14, 2026–100.156100.156
Aug 13, 2026–100.156100.156

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 91282CJP7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 11, 2023Dec 15, 2023New issue$50.0bn$50.0bn2.42x4.490%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.