Treasury note

91282CJT9 · 4% due January 15, 2027

Original term
3-Year
Maturity
Jan 15, 2027
Coupon
4.000%
Pays
Semi-Annual
Dated
Jan 15, 2024
First coupon
Jul 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$51.12bn
Held stripped
$48.5m
Share stripped
0.09%

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
3.975%
Modified duration
0.338 yr
DV01
0.0034
Convexity
0.228
Dirty price
100.630

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 0.345 years against a modified duration of 0.338.

Against the fitted curve

Priced 10.0 bp rich to the curve on that day, 3.41 cents per 100 of face.

That is -1.32 standard deviations from its own typical residual.

Yield to maturity, 666 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 16, 2024Sep 10, 2026Jan 16, 2024Yield to maturity4.022%Feb 7, 2024Yield to maturity4.205%Mar 1, 2024Yield to maturity4.350%Mar 25, 2024Yield to maturity4.429%Apr 16, 2024Yield to maturity4.871%May 8, 2024Yield to maturity4.712%May 31, 2024Yield to maturity4.756%Jun 25, 2024Yield to maturity4.550%Jul 18, 2024Yield to maturity4.348%Aug 9, 2024Yield to maturity3.985%Sep 3, 2024Yield to maturity3.817%Sep 25, 2024Yield to maturity3.542%Oct 18, 2024Yield to maturity3.924%Nov 12, 2024Yield to maturity4.333%Dec 5, 2024Yield to maturity4.155%Dec 30, 2024Yield to maturity4.274%Jan 23, 2025Yield to maturity4.300%Feb 14, 2025Yield to maturity4.274%Mar 11, 2025Yield to maturity3.962%Apr 2, 2025Yield to maturity3.961%Apr 24, 2025Yield to maturity3.865%May 16, 2025Yield to maturity4.037%Jun 10, 2025Yield to maturity4.080%Jul 3, 2025Yield to maturity3.999%Jul 28, 2025Yield to maturity4.021%Aug 19, 2025Yield to maturity3.859%Sep 11, 2025Yield to maturity3.635%Oct 3, 2025Yield to maturity3.642%Oct 28, 2025Yield to maturity3.571%Nov 20, 2025Yield to maturity3.633%Dec 15, 2025Yield to maturity3.552%Jan 8, 2026Yield to maturity3.526%Feb 2, 2026Yield to maturity3.558%Feb 25, 2026Yield to maturity3.598%Mar 19, 2026Yield to maturity3.800%Apr 10, 2026Yield to maturity3.740%May 4, 2026Yield to maturity3.764%May 27, 2026Yield to maturity3.792%Jun 18, 2026Yield to maturity3.939%Jul 14, 2026Yield to maturity3.936%Aug 5, 2026Yield to maturity3.918%Aug 27, 2026Yield to maturity3.898%Sep 10, 2026Yield to maturity3.975%

Price history

666 trading days to Sep 10, 2026

979899100101102Jan 16, 2024Sep 10, 2026Jan 16, 2024Close99.938Feb 7, 2024Close99.438Mar 1, 2024Close99.063Mar 25, 2024Close98.875Apr 16, 2024Close97.781May 8, 2024Close98.219May 31, 2024Close98.156Jun 25, 2024Close98.688Jul 18, 2024Close99.188Aug 9, 2024Close100.031Sep 3, 2024Close100.406Sep 25, 2024Close101.000Oct 18, 2024Close100.156Nov 12, 2024Close99.313Dec 5, 2024Close99.688Dec 30, 2024Close99.469Jan 23, 2025Close99.438Feb 14, 2025Close99.500Mar 11, 2025Close100.063Apr 2, 2025Close100.063Apr 24, 2025Close100.219May 16, 2025Close99.938Jun 10, 2025Close99.875Jul 3, 2025Close100.000Jul 28, 2025Close99.969Aug 19, 2025Close100.188Sep 11, 2025Close100.469Oct 3, 2025Close100.438Oct 28, 2025Close100.500Nov 20, 2025Close100.406Dec 15, 2025Close100.469Jan 8, 2026Close100.469Feb 2, 2026Close100.406Feb 25, 2026Close100.344Mar 19, 2026Close100.156Apr 10, 2026Close100.188May 4, 2026Close100.156May 27, 2026Close100.125Jun 18, 2026Close100.031Jul 14, 2026Close100.031Aug 5, 2026Close100.031Aug 27, 2026Close100.031Sep 10, 2026Close100.000
The most recent 20 trading days of prices for 91282CJT9.
DateBidOfferClose
Sep 10, 2026–100.000100.000
Sep 9, 2026–100.000100.031
Sep 8, 2026–100.031100.031
Sep 4, 2026–100.031100.031
Sep 3, 2026–100.031100.031
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.031100.031
Aug 31, 2026–100.031100.031
Aug 28, 2026–100.031100.031
Aug 27, 2026–100.031100.031
Aug 26, 2026–100.031100.031
Aug 25, 2026–100.063100.031
Aug 24, 2026–100.031100.031
Aug 21, 2026–100.031100.031
Aug 20, 2026–100.063100.031
Aug 19, 2026–100.063100.063
Aug 18, 2026–100.063100.063
Aug 17, 2026–100.063100.063
Aug 14, 2026–100.063100.063
Aug 13, 2026–100.063100.063

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 91282CJT9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 9, 2024Jan 16, 2024New issue$52.0bn$52.0bn2.67x4.105%

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.