Treasury note

91282CKC4 · 4.25% due February 28, 2031

Original term
7-Year
Maturity
Feb 28, 2031
Coupon
4.250%
Pays
Semi-Annual
Dated
Feb 29, 2024
First coupon
Aug 31, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$41.17bn
Held stripped
$8.0m
Share stripped
0.02%

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
4.728%
Modified duration
4.014 yr
DV01
0.0394
Convexity
18.937
Dirty price
98.223

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 6 of twelve buckets, summing to 4.104 years against a modified duration of 4.014.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 1.99 cents per 100 of face.

That is -1.12 standard deviations from its own typical residual.

Yield to maturity, 635 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Feb 29, 2024Sep 10, 2026Feb 29, 2024Yield to maturity4.276%Mar 21, 2024Yield to maturity4.281%Apr 11, 2024Yield to maturity4.602%May 2, 2024Yield to maturity4.572%May 23, 2024Yield to maturity4.498%Jun 14, 2024Yield to maturity4.211%Jul 9, 2024Yield to maturity4.255%Jul 30, 2024Yield to maturity4.064%Aug 20, 2024Yield to maturity3.738%Sep 11, 2024Yield to maturity3.525%Oct 2, 2024Yield to maturity3.632%Oct 24, 2024Yield to maturity4.102%Nov 15, 2024Yield to maturity4.358%Dec 9, 2024Yield to maturity4.123%Dec 31, 2024Yield to maturity4.460%Jan 23, 2025Yield to maturity4.522%Feb 13, 2025Yield to maturity4.440%Mar 7, 2025Yield to maturity4.166%Mar 28, 2025Yield to maturity4.064%Apr 18, 2025Yield to maturity4.050%May 9, 2025Yield to maturity4.078%Jun 2, 2025Yield to maturity4.107%Jun 24, 2025Yield to maturity3.933%Jul 16, 2025Yield to maturity4.061%Aug 6, 2025Yield to maturity3.828%Aug 27, 2025Yield to maturity3.775%Sep 18, 2025Yield to maturity3.719%Oct 9, 2025Yield to maturity3.777%Oct 31, 2025Yield to maturity3.746%Nov 24, 2025Yield to maturity3.637%Dec 16, 2025Yield to maturity3.723%Jan 8, 2026Yield to maturity3.757%Jan 30, 2026Yield to maturity3.812%Feb 23, 2026Yield to maturity3.597%Mar 16, 2026Yield to maturity3.824%Apr 6, 2026Yield to maturity3.994%Apr 27, 2026Yield to maturity3.955%May 18, 2026Yield to maturity4.263%Jun 9, 2026Yield to maturity4.263%Jul 1, 2026Yield to maturity4.241%Jul 23, 2026Yield to maturity4.454%Aug 13, 2026Yield to maturity4.303%Sep 3, 2026Yield to maturity4.498%Sep 10, 2026Yield to maturity4.728%

Price history

635 trading days to Sep 10, 2026

9698100102104106Feb 29, 2024Sep 10, 2026Feb 29, 2024Close99.844Mar 21, 2024Close99.813Apr 11, 2024Close97.938May 2, 2024Close98.125May 23, 2024Close98.563Jun 14, 2024Close100.219Jul 9, 2024Close99.969Jul 30, 2024Close101.063Aug 20, 2024Close102.938Sep 11, 2024Close104.156Oct 2, 2024Close103.500Oct 24, 2024Close100.813Nov 15, 2024Close99.406Dec 9, 2024Close100.688Dec 31, 2024Close98.875Jan 23, 2025Close98.563Feb 13, 2025Close99.000Mar 7, 2025Close100.438Mar 28, 2025Close100.969Apr 18, 2025Close101.031May 9, 2025Close100.875Jun 2, 2025Close100.719Jun 24, 2025Close101.594Jul 16, 2025Close100.938Aug 6, 2025Close102.094Aug 27, 2025Close102.344Sep 18, 2025Close102.594Oct 9, 2025Close102.281Oct 31, 2025Close102.406Nov 24, 2025Close102.906Dec 16, 2025Close102.469Jan 8, 2026Close102.281Jan 30, 2026Close102.000Feb 23, 2026Close102.969Mar 16, 2026Close101.906Apr 6, 2026Close101.125Apr 27, 2026Close101.281May 18, 2026Close99.938Jun 9, 2026Close99.938Jul 1, 2026Close100.031Jul 23, 2026Close99.156Aug 13, 2026Close99.781Sep 3, 2026Close99.000Sep 10, 2026Close98.094
The most recent 20 trading days of prices for 91282CKC4.
DateBidOfferClose
Sep 10, 202698.20398.18898.094
Sep 9, 202698.62598.59498.625
Sep 8, 202698.82898.81398.781
Sep 4, 202698.92298.90698.844
Sep 3, 202699.07899.06399.000
Sep 2, 202698.82898.81398.844
Sep 1, 202698.95398.93898.813
Aug 31, 202699.07899.06399.031
Aug 28, 202699.21999.18899.094
Aug 27, 202699.57899.56399.469
Aug 26, 202699.57899.56399.531
Aug 25, 202699.64199.62599.656
Aug 24, 202699.48499.46999.406
Aug 21, 202699.32899.31399.344
Aug 20, 202699.51699.50099.531
Aug 19, 202699.60999.59499.656
Aug 18, 202699.57899.56399.563
Aug 17, 202699.60999.59499.563
Aug 14, 202699.70399.68899.594
Aug 13, 202699.78199.75099.781

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 91282CKC4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 27, 2024Feb 29, 2024New issue$42.0bn$43.8bn2.58x4.327%

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.