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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$50.00bn
Held stripped
$69.1m
Share stripped
0.14%

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
3.977%
Modified duration
0.095 yr
DV01
0.0010
Convexity
0.000182
Dirty price
101.800

Where its rate sensitivity sits

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 16.3 bp rich to the curve on that day, 1.58 cents per 100 of face.

That is -1.98 standard deviations from its own typical residual.

Yield to maturity, 724 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Dec 15, 2023Nov 9, 2026Dec 15, 2023Yield to maturity4.128%Dec 21, 2023Yield to maturity4.060%Dec 28, 2023Yield to maturity4.024%Jan 4, 2024Yield to maturity4.146%Jan 10, 2024Yield to maturity4.134%Jan 17, 2024Yield to maturity4.132%Jan 23, 2024Yield to maturity4.165%Jan 29, 2024Yield to maturity4.106%Feb 2, 2024Yield to maturity4.162%Feb 8, 2024Yield to maturity4.267%Feb 14, 2024Yield to maturity4.397%Feb 21, 2024Yield to maturity4.456%Feb 27, 2024Yield to maturity4.517%Mar 4, 2024Yield to maturity4.421%Mar 8, 2024Yield to maturity4.288%Mar 14, 2024Yield to maturity4.507%Mar 20, 2024Yield to maturity4.446%Mar 26, 2024Yield to maturity4.447%Apr 2, 2024Yield to maturity4.559%Apr 8, 2024Yield to maturity4.648%Apr 12, 2024Yield to maturity4.764%Apr 18, 2024Yield to maturity4.867%Apr 24, 2024Yield to maturity4.832%Apr 30, 2024Yield to maturity4.938%May 6, 2024Yield to maturity4.708%May 10, 2024Yield to maturity4.736%May 16, 2024Yield to maturity4.647%May 22, 2024Yield to maturity4.727%May 29, 2024Yield to maturity4.863%Jun 4, 2024Yield to maturity4.639%Jun 10, 2024Yield to maturity4.749%Jun 14, 2024Yield to maturity4.549%Jun 21, 2024Yield to maturity4.577%Jun 27, 2024Yield to maturity4.605%Jul 3, 2024Yield to maturity4.592%Jul 10, 2024Yield to maturity4.511%Jul 16, 2024Yield to maturity4.318%Jul 22, 2024Yield to maturity4.401%Jul 26, 2024Yield to maturity4.303%Aug 1, 2024Yield to maturity4.080%Aug 7, 2024Yield to maturity3.938%Aug 13, 2024Yield to maturity3.865%Aug 19, 2024Yield to maturity3.974%Aug 23, 2024Yield to maturity3.829%Aug 29, 2024Yield to maturity3.855%Sep 5, 2024Yield to maturity3.693%Sep 11, 2024Yield to maturity3.573%Sep 17, 2024Yield to maturity3.539%Sep 23, 2024Yield to maturity3.547%Sep 27, 2024Yield to maturity3.542%Oct 3, 2024Yield to maturity3.685%Oct 9, 2024Yield to maturity3.980%Oct 16, 2024Yield to maturity3.916%Oct 22, 2024Yield to maturity4.020%Oct 28, 2024Yield to maturity4.125%Nov 1, 2024Yield to maturity4.201%Nov 7, 2024Yield to maturity4.201%Nov 14, 2024Yield to maturity4.342%Nov 20, 2024Yield to maturity4.310%Nov 26, 2024Yield to maturity4.277%Dec 3, 2024Yield to maturity4.196%Dec 9, 2024Yield to maturity4.146%Dec 13, 2024Yield to maturity4.260%Dec 19, 2024Yield to maturity4.325%Dec 26, 2024Yield to maturity4.341%Jan 2, 2025Yield to maturity4.256%Jan 8, 2025Yield to maturity4.288%Jan 14, 2025Yield to maturity4.373%Jan 21, 2025Yield to maturity4.286%Jan 27, 2025Yield to maturity4.215%Jan 31, 2025Yield to maturity4.231%Feb 6, 2025Yield to maturity4.213%Feb 12, 2025Yield to maturity4.372%Feb 19, 2025Yield to maturity4.282%Feb 25, 2025Yield to maturity4.117%Mar 3, 2025Yield to maturity3.987%Mar 7, 2025Yield to maturity4.020%Mar 13, 2025Yield to maturity3.981%Mar 19, 2025Yield to maturity4.015%Mar 25, 2025Yield to maturity4.030%Mar 31, 2025Yield to maturity3.932%Apr 4, 2025Yield to maturity3.737%Apr 10, 2025Yield to maturity3.906%Apr 16, 2025Yield to maturity3.843%Apr 23, 2025Yield to maturity3.936%Apr 29, 2025Yield to maturity3.733%May 5, 2025Yield to maturity3.908%May 9, 2025Yield to maturity3.964%May 15, 2025Yield to maturity4.044%May 21, 2025Yield to maturity4.082%May 28, 2025Yield to maturity4.100%Jun 3, 2025Yield to maturity4.055%Jun 9, 2025Yield to maturity4.095%Jun 13, 2025Yield to maturity4.049%Jun 20, 2025Yield to maturity4.001%Jun 26, 2025Yield to maturity3.843%Jul 2, 2025Yield to maturity3.904%Jul 9, 2025Yield to maturity3.965%Jul 15, 2025Yield to maturity4.052%Jul 21, 2025Yield to maturity3.978%Jul 25, 2025Yield to maturity4.020%Jul 31, 2025Yield to maturity4.064%Aug 6, 2025Yield to maturity3.822%Aug 12, 2025Yield to maturity3.840%Aug 18, 2025Yield to maturity3.882%Aug 22, 2025Yield to maturity3.802%Aug 28, 2025Yield to maturity3.797%Sep 4, 2025Yield to maturity3.738%Sep 10, 2025Yield to maturity3.679%Sep 16, 2025Yield to maturity3.645%Sep 22, 2025Yield to maturity3.687%Sep 26, 2025Yield to maturity3.731%Oct 2, 2025Yield to maturity3.646%Oct 8, 2025Yield to maturity3.663%Oct 15, 2025Yield to maturity3.597%Oct 21, 2025Yield to maturity3.586%Oct 27, 2025Yield to maturity3.604%Oct 31, 2025Yield to maturity3.708%Nov 6, 2025Yield to maturity3.672%Nov 13, 2025Yield to maturity3.690%Nov 19, 2025Yield to maturity3.710%Nov 25, 2025Yield to maturity3.610%Dec 2, 2025Yield to maturity3.627%Dec 8, 2025Yield to maturity3.616%Dec 12, 2025Yield to maturity3.573%Dec 18, 2025Yield to maturity3.499%Dec 24, 2025Yield to maturity3.547%Dec 31, 2025Yield to maturity3.530%Jan 7, 2026Yield to maturity3.515%Jan 13, 2026Yield to maturity3.569%Jan 20, 2026Yield to maturity3.587%Jan 26, 2026Yield to maturity3.572%Jan 30, 2026Yield to maturity3.593%Feb 5, 2026Yield to maturity3.546%Feb 11, 2026Yield to maturity3.568%Feb 18, 2026Yield to maturity3.588%Feb 24, 2026Yield to maturity3.572%Mar 2, 2026Yield to maturity3.596%Mar 6, 2026Yield to maturity3.620%Mar 12, 2026Yield to maturity3.735%Mar 18, 2026Yield to maturity3.721%Mar 24, 2026Yield to maturity3.882%Mar 30, 2026Yield to maturity3.782%Apr 3, 2026Yield to maturity3.814%Apr 9, 2026Yield to maturity3.712%Apr 15, 2026Yield to maturity3.744%Apr 21, 2026Yield to maturity3.679%Apr 27, 2026Yield to maturity3.712%May 1, 2026Yield to maturity3.695%May 7, 2026Yield to maturity3.736%May 13, 2026Yield to maturity3.719%May 19, 2026Yield to maturity3.757%May 26, 2026Yield to maturity3.737%Jun 1, 2026Yield to maturity3.778%Jun 5, 2026Yield to maturity3.760%Jun 11, 2026Yield to maturity3.748%Jun 17, 2026Yield to maturity3.856%Jun 24, 2026Yield to maturity3.899%Jun 30, 2026Yield to maturity3.880%Jul 7, 2026Yield to maturity3.856%Jul 13, 2026Yield to maturity3.909%Jul 17, 2026Yield to maturity3.888%Jul 23, 2026Yield to maturity3.953%Jul 29, 2026Yield to maturity3.933%Aug 4, 2026Yield to maturity3.825%Aug 10, 2026Yield to maturity3.889%Aug 14, 2026Yield to maturity3.863%Aug 20, 2026Yield to maturity3.845%Aug 26, 2026Yield to maturity3.816%Sep 1, 2026Yield to maturity3.893%Sep 8, 2026Yield to maturity3.859%Sep 14, 2026Yield to maturity3.951%Sep 18, 2026Yield to maturity4.056%Sep 24, 2026Yield to maturity4.322%Sep 30, 2026Yield to maturity4.167%Oct 6, 2026Yield to maturity3.987%Oct 13, 2026Yield to maturity4.130%Oct 19, 2026Yield to maturity4.107%Oct 23, 2026Yield to maturity4.080%Oct 29, 2026Yield to maturity4.059%Nov 4, 2026Yield to maturity4.019%Nov 9, 2026Yield to maturity3.977%

Price history

724 trading days to Nov 9, 2026

98.599.099.5100.0100.5101.0101.5102.0Dec 15, 2023Nov 9, 2026Dec 15, 2023Close100.688Dec 21, 2023Close100.875Dec 28, 2023Close100.969Jan 4, 2024Close100.625Jan 10, 2024Close100.656Jan 17, 2024Close100.656Jan 23, 2024Close100.563Jan 29, 2024Close100.719Feb 2, 2024Close100.563Feb 8, 2024Close100.281Feb 14, 2024Close99.938Feb 21, 2024Close99.781Feb 27, 2024Close99.625Mar 4, 2024Close99.875Mar 8, 2024Close100.219Mar 14, 2024Close99.656Mar 20, 2024Close99.813Mar 26, 2024Close99.813Apr 2, 2024Close99.531Apr 8, 2024Close99.313Apr 12, 2024Close99.031Apr 18, 2024Close98.781Apr 24, 2024Close98.875Apr 30, 2024Close98.625May 6, 2024Close99.188May 10, 2024Close99.125May 16, 2024Close99.344May 22, 2024Close99.156May 29, 2024Close98.844Jun 4, 2024Close99.375Jun 10, 2024Close99.125Jun 14, 2024Close99.594Jun 21, 2024Close99.531Jun 27, 2024Close99.469Jul 3, 2024Close99.500Jul 10, 2024Close99.688Jul 16, 2024Close100.125Jul 22, 2024Close99.938Jul 26, 2024Close100.156Aug 1, 2024Close100.656Aug 7, 2024Close100.969Aug 13, 2024Close101.125Aug 19, 2024Close100.875Aug 23, 2024Close101.188Aug 29, 2024Close101.125Sep 5, 2024Close101.469Sep 11, 2024Close101.719Sep 17, 2024Close101.781Sep 23, 2024Close101.750Sep 27, 2024Close101.750Oct 3, 2024Close101.438Oct 9, 2024Close100.813Oct 16, 2024Close100.938Oct 22, 2024Close100.719Oct 28, 2024Close100.500Nov 1, 2024Close100.344Nov 7, 2024Close100.344Nov 14, 2024Close100.063Nov 20, 2024Close100.125Nov 26, 2024Close100.188Dec 3, 2024Close100.344Dec 9, 2024Close100.438Dec 13, 2024Close100.219Dec 19, 2024Close100.094Dec 26, 2024Close100.063Jan 2, 2025Close100.219Jan 8, 2025Close100.156Jan 14, 2025Close100.000Jan 21, 2025Close100.156Jan 27, 2025Close100.281Jan 31, 2025Close100.250Feb 6, 2025Close100.281Feb 12, 2025Close100.000Feb 19, 2025Close100.156Feb 25, 2025Close100.438Mar 3, 2025Close100.656Mar 7, 2025Close100.594Mar 13, 2025Close100.656Mar 19, 2025Close100.594Mar 25, 2025Close100.563Mar 31, 2025Close100.719Apr 4, 2025Close101.031Apr 10, 2025Close100.750Apr 16, 2025Close100.844Apr 23, 2025Close100.688Apr 29, 2025Close101.000May 5, 2025Close100.719May 9, 2025Close100.625May 15, 2025Close100.500May 21, 2025Close100.438May 28, 2025Close100.406Jun 3, 2025Close100.469Jun 9, 2025Close100.406Jun 13, 2025Close100.469Jun 20, 2025Close100.531Jun 26, 2025Close100.750Jul 2, 2025Close100.656Jul 9, 2025Close100.563Jul 15, 2025Close100.438Jul 21, 2025Close100.531Jul 25, 2025Close100.469Jul 31, 2025Close100.406Aug 6, 2025Close100.719Aug 12, 2025Close100.688Aug 18, 2025Close100.625Aug 22, 2025Close100.719Aug 28, 2025Close100.719Sep 4, 2025Close100.781Sep 10, 2025Close100.844Sep 16, 2025Close100.875Sep 22, 2025Close100.813Sep 26, 2025Close100.750Oct 2, 2025Close100.844Oct 8, 2025Close100.813Oct 15, 2025Close100.875Oct 21, 2025Close100.875Oct 27, 2025Close100.844Oct 31, 2025Close100.719Nov 6, 2025Close100.750Nov 13, 2025Close100.719Nov 19, 2025Close100.688Nov 25, 2025Close100.781Dec 2, 2025Close100.750Dec 8, 2025Close100.750Dec 12, 2025Close100.781Dec 18, 2025Close100.844Dec 24, 2025Close100.781Dec 31, 2025Close100.781Jan 7, 2026Close100.781Jan 13, 2026Close100.719Jan 20, 2026Close100.688Jan 26, 2026Close100.688Jan 30, 2026Close100.656Feb 5, 2026Close100.688Feb 11, 2026Close100.656Feb 18, 2026Close100.625Feb 24, 2026Close100.625Mar 2, 2026Close100.594Mar 6, 2026Close100.563Mar 12, 2026Close100.469Mar 18, 2026Close100.469Mar 24, 2026Close100.344Mar 30, 2026Close100.406Apr 3, 2026Close100.375Apr 9, 2026Close100.438Apr 15, 2026Close100.406Apr 21, 2026Close100.438Apr 27, 2026Close100.406May 1, 2026Close100.406May 7, 2026Close100.375May 13, 2026Close100.375May 19, 2026Close100.344May 26, 2026Close100.344Jun 1, 2026Close100.313Jun 5, 2026Close100.313Jun 11, 2026Close100.313Jun 17, 2026Close100.250Jun 24, 2026Close100.219Jun 30, 2026Close100.219Jul 7, 2026Close100.219Jul 13, 2026Close100.188Jul 17, 2026Close100.188Jul 23, 2026Close100.156Jul 29, 2026Close100.156Aug 4, 2026Close100.188Aug 10, 2026Close100.156Aug 14, 2026Close100.156Aug 20, 2026Close100.156Aug 26, 2026Close100.156Sep 1, 2026Close100.125Sep 8, 2026Close100.125Sep 14, 2026Close100.094Sep 18, 2026Close100.063Sep 24, 2026Close100.000Sep 30, 2026Close100.031Oct 6, 2026Close100.063Oct 13, 2026Close100.031Oct 19, 2026Close100.031Oct 23, 2026Close100.031Oct 29, 2026Close100.031Nov 4, 2026Close100.031Nov 9, 2026Close100.031
The most recent 20 trading days of prices for 91282CJP7.
DateBidOfferClose
Nov 9, 2026100.031–100.031
Nov 6, 2026100.031–100.031
Nov 5, 2026100.031–100.000
Nov 4, 2026100.031–100.031
Nov 3, 2026100.031–100.031
Nov 2, 2026100.031–100.031
Oct 30, 2026100.031–100.031
Oct 29, 2026100.031–100.031
Oct 28, 2026100.031–100.000
Oct 27, 2026100.031–100.031
Oct 26, 2026100.031–100.031
Oct 23, 2026100.031–100.031
Oct 22, 2026100.063–100.031
Oct 21, 2026100.031–100.031
Oct 20, 2026100.031–100.031
Oct 19, 2026100.031–100.031
Oct 16, 2026100.031–100.031
Oct 15, 2026100.031–100.031
Oct 14, 2026100.031–100.031
Oct 13, 2026100.031–100.031

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 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.

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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.