Treasury note

91282CJW2 · 4% due January 31, 2029

Original term
5-Year
Maturity
Jan 31, 2029
Coupon
4.000%
Pays
Semi-Annual
Dated
Jan 31, 2024
First coupon
Jul 31, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$60.79bn
Held stripped
$92.8m
Share stripped
0.15%

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
4.613%
Modified duration
2.237 yr
DV01
0.0222
Convexity
6.230
Dirty price
99.082

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 5 of twelve buckets, summing to 2.292 years against a modified duration of 2.237.

Against the fitted curve

Priced 2.1 bp rich to the curve on that day, 4.66 cents per 100 of face.

That is -1.40 standard deviations from its own typical residual.

Yield to maturity, 655 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jan 31, 2024Sep 10, 2026Jan 31, 2024Yield to maturity3.910%Feb 22, 2024Yield to maturity4.333%Mar 14, 2024Yield to maturity4.307%Apr 4, 2024Yield to maturity4.311%Apr 25, 2024Yield to maturity4.732%May 16, 2024Yield to maturity4.422%Jun 7, 2024Yield to maturity4.481%Jul 1, 2024Yield to maturity4.464%Jul 23, 2024Yield to maturity4.168%Aug 13, 2024Yield to maturity3.693%Sep 4, 2024Yield to maturity3.589%Sep 25, 2024Yield to maturity3.530%Oct 17, 2024Yield to maturity3.911%Nov 7, 2024Yield to maturity4.194%Dec 2, 2024Yield to maturity4.123%Dec 23, 2024Yield to maturity4.437%Jan 15, 2025Yield to maturity4.435%Feb 6, 2025Yield to maturity4.267%Feb 28, 2025Yield to maturity4.025%Mar 21, 2025Yield to maturity3.972%Apr 11, 2025Yield to maturity4.097%May 2, 2025Yield to maturity3.863%May 23, 2025Yield to maturity4.017%Jun 16, 2025Yield to maturity3.980%Jul 9, 2025Yield to maturity3.857%Jul 30, 2025Yield to maturity3.913%Aug 20, 2025Yield to maturity3.726%Sep 11, 2025Yield to maturity3.515%Oct 2, 2025Yield to maturity3.587%Oct 24, 2025Yield to maturity3.518%Nov 17, 2025Yield to maturity3.634%Dec 9, 2025Yield to maturity3.669%Dec 31, 2025Yield to maturity3.556%Jan 23, 2026Yield to maturity3.679%Feb 13, 2026Yield to maturity3.450%Mar 9, 2026Yield to maturity3.586%Mar 30, 2026Yield to maturity3.858%Apr 20, 2026Yield to maturity3.736%May 11, 2026Yield to maturity3.974%Jun 2, 2026Yield to maturity4.098%Jun 24, 2026Yield to maturity4.165%Jul 16, 2026Yield to maturity4.196%Aug 6, 2026Yield to maturity4.308%Aug 27, 2026Yield to maturity4.273%Sep 10, 2026Yield to maturity4.613%

Price history

655 trading days to Sep 10, 2026

96979899100101102103Jan 31, 2024Sep 10, 2026Jan 31, 2024Close100.406Feb 22, 2024Close98.531Mar 14, 2024Close98.656Apr 4, 2024Close98.656Apr 25, 2024Close96.906May 16, 2024Close98.219Jun 7, 2024Close98.000Jul 1, 2024Close98.094Jul 23, 2024Close99.313Aug 13, 2024Close101.250Sep 4, 2024Close101.656Sep 25, 2024Close101.875Oct 17, 2024Close100.344Nov 7, 2024Close99.250Dec 2, 2024Close99.531Dec 23, 2024Close98.375Jan 15, 2025Close98.406Feb 6, 2025Close99.031Feb 28, 2025Close99.906Mar 21, 2025Close100.094Apr 11, 2025Close99.656May 2, 2025Close100.469May 23, 2025Close99.938Jun 16, 2025Close100.063Jul 9, 2025Close100.469Jul 30, 2025Close100.281Aug 20, 2025Close100.875Sep 11, 2025Close101.531Oct 2, 2025Close101.281Oct 24, 2025Close101.469Nov 17, 2025Close101.094Dec 9, 2025Close100.969Dec 31, 2025Close101.281Jan 23, 2026Close100.906Feb 13, 2026Close101.531Mar 9, 2026Close101.125Mar 30, 2026Close100.375Apr 20, 2026Close100.688May 11, 2026Close100.063Jun 2, 2026Close99.750Jun 24, 2026Close99.594Jul 16, 2026Close99.531Aug 6, 2026Close99.281Aug 27, 2026Close99.375Sep 10, 2026Close98.625
The most recent 20 trading days of prices for 91282CJW2.
DateBidOfferClose
Sep 10, 202698.70398.68898.625
Sep 9, 202698.95398.93898.938
Sep 8, 202699.04799.03199.000
Sep 4, 202699.07899.06399.031
Sep 3, 202699.17299.15699.125
Sep 2, 202699.04799.03199.031
Sep 1, 202699.07899.06399.000
Aug 31, 202699.14199.12599.125
Aug 28, 202699.18899.15699.094
Aug 27, 202699.42299.40699.375
Aug 26, 202699.42299.40699.406
Aug 25, 202699.45399.43899.438
Aug 24, 202699.39199.37599.344
Aug 21, 202699.32899.31399.344
Aug 20, 202699.45399.43899.438
Aug 19, 202699.45399.43899.469
Aug 18, 202699.48499.46999.438
Aug 17, 202699.48499.46999.469
Aug 14, 202699.54799.53199.469
Aug 13, 202699.54799.53199.531

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 91282CJW2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 24, 2024Jan 31, 2024New issue$61.0bn$61.0bn2.31x4.055%

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.