Treasury note

91282CKD2 · 4.25% due February 28, 2029

Original term
5-Year
Maturity
Feb 28, 2029
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
$66.47bn
Held stripped
$93.6m
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, September 10, 2026

Yield to maturity
4.615%
Modified duration
2.314 yr
DV01
0.0230
Convexity
6.622
Dirty price
99.285

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 2.363 years against a modified duration of 2.314.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 3.20 cents per 100 of face.

That is -0.90 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 maturity4.257%Mar 21, 2024Yield to maturity4.257%Apr 11, 2024Yield to maturity4.610%May 2, 2024Yield to maturity4.584%May 23, 2024Yield to maturity4.528%Jun 14, 2024Yield to maturity4.249%Jul 9, 2024Yield to maturity4.249%Jul 30, 2024Yield to maturity4.038%Aug 20, 2024Yield to maturity3.705%Sep 11, 2024Yield to maturity3.451%Oct 2, 2024Yield to maturity3.554%Oct 24, 2024Yield to maturity4.043%Nov 15, 2024Yield to maturity4.313%Dec 9, 2024Yield to maturity4.094%Dec 31, 2024Yield to maturity4.373%Jan 23, 2025Yield to maturity4.426%Feb 13, 2025Yield to maturity4.386%Mar 7, 2025Yield to maturity4.069%Mar 28, 2025Yield to maturity3.945%Apr 18, 2025Yield to maturity3.888%May 9, 2025Yield to maturity3.936%Jun 2, 2025Yield to maturity3.958%Jun 24, 2025Yield to maturity3.799%Jul 16, 2025Yield to maturity3.903%Aug 6, 2025Yield to maturity3.693%Aug 27, 2025Yield to maturity3.628%Sep 18, 2025Yield to maturity3.589%Oct 9, 2025Yield to maturity3.636%Oct 31, 2025Yield to maturity3.624%Nov 24, 2025Yield to maturity3.513%Dec 16, 2025Yield to maturity3.551%Jan 8, 2026Yield to maturity3.580%Jan 30, 2026Yield to maturity3.620%Feb 23, 2026Yield to maturity3.457%Mar 16, 2026Yield to maturity3.697%Apr 6, 2026Yield to maturity3.880%Apr 27, 2026Yield to maturity3.826%May 18, 2026Yield to maturity4.140%Jun 9, 2026Yield to maturity4.174%Jul 1, 2026Yield to maturity4.198%Jul 23, 2026Yield to maturity4.390%Aug 13, 2026Yield to maturity4.184%Sep 3, 2026Yield to maturity4.384%Sep 10, 2026Yield to maturity4.615%

Price history

635 trading days to Sep 10, 2026

979899100101102103104Feb 29, 2024Sep 10, 2026Feb 29, 2024Close99.969Mar 21, 2024Close99.969Apr 11, 2024Close98.438May 2, 2024Close98.563May 23, 2024Close98.813Jun 14, 2024Close100.000Jul 9, 2024Close100.000Jul 30, 2024Close100.875Aug 20, 2024Close102.250Sep 11, 2024Close103.281Oct 2, 2024Close102.813Oct 24, 2024Close100.813Nov 15, 2024Close99.750Dec 9, 2024Close100.594Dec 31, 2024Close99.531Jan 23, 2025Close99.344Feb 13, 2025Close99.500Mar 7, 2025Close100.656Mar 28, 2025Close101.094Apr 18, 2025Close101.281May 9, 2025Close101.094Jun 2, 2025Close101.000Jun 24, 2025Close101.531Jul 16, 2025Close101.156Aug 6, 2025Close101.844Aug 27, 2025Close102.031Sep 18, 2025Close102.125Oct 9, 2025Close101.938Oct 31, 2025Close101.938Nov 24, 2025Close102.250Dec 16, 2025Close102.094Jan 8, 2026Close101.969Jan 30, 2026Close101.813Feb 23, 2026Close102.250Mar 16, 2026Close101.531Apr 6, 2026Close101.000Apr 27, 2026Close101.125May 18, 2026Close100.281Jun 9, 2026Close100.188Jul 1, 2026Close100.125Jul 23, 2026Close99.656Aug 13, 2026Close100.156Sep 3, 2026Close99.688Sep 10, 2026Close99.156
The most recent 20 trading days of prices for 91282CKD2.
DateBidOfferClose
Sep 10, 202699.23499.21999.156
Sep 9, 202699.48499.46999.469
Sep 8, 202699.59499.56399.563
Sep 4, 202699.64199.62599.594
Sep 3, 202699.73499.71999.688
Sep 2, 202699.60999.59499.594
Sep 1, 202699.64199.62599.594
Aug 31, 202699.73499.71999.688
Aug 28, 202699.76699.75099.688
Aug 27, 2026100.016100.00099.969
Aug 26, 2026100.016100.00099.969
Aug 25, 2026100.047100.031100.031
Aug 24, 202699.98499.96999.938
Aug 21, 202699.92299.90699.938
Aug 20, 2026100.047100.031100.031
Aug 19, 2026100.047100.031100.063
Aug 18, 2026100.078100.063100.063
Aug 17, 2026100.109100.094100.063
Aug 14, 2026100.141100.125100.063
Aug 13, 2026100.141100.125100.156

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 91282CKD2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 26, 2024Feb 29, 2024New issue$64.0bn$66.8bn2.41x4.320%

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.