Treasury note

91282CKE0 · 4.25% due March 15, 2027

Original term
3-Year
Maturity
Mar 15, 2027
Coupon
4.250%
Pays
Semi-Annual
Dated
Mar 15, 2024
First coupon
Sep 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$55.20bn
Held stripped
$26.4m
Share stripped
0.05%

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
4.062%
Modified duration
0.491 yr
DV01
0.0050
Convexity
0.486
Dirty price
102.173

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 0.497 years against a modified duration of 0.491.

Against the fitted curve

Priced 4.6 bp rich to the curve on that day, 2.31 cents per 100 of face.

That is -0.67 standard deviations from its own typical residual.

Yield to maturity, 624 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Mar 15, 2024Sep 10, 2026Mar 15, 2024Yield to maturity4.509%Apr 5, 2024Yield to maturity4.548%Apr 26, 2024Yield to maturity4.848%May 17, 2024Yield to maturity4.630%Jun 10, 2024Yield to maturity4.699%Jul 2, 2024Yield to maturity4.583%Jul 24, 2024Yield to maturity4.286%Aug 14, 2024Yield to maturity3.813%Sep 5, 2024Yield to maturity3.635%Sep 26, 2024Yield to maturity3.569%Oct 18, 2024Yield to maturity3.891%Nov 8, 2024Yield to maturity4.234%Dec 3, 2024Yield to maturity4.175%Dec 24, 2024Yield to maturity4.352%Jan 16, 2025Yield to maturity4.263%Feb 7, 2025Yield to maturity4.296%Mar 3, 2025Yield to maturity3.974%Mar 24, 2025Yield to maturity4.033%Apr 14, 2025Yield to maturity3.873%May 5, 2025Yield to maturity3.878%May 27, 2025Yield to maturity4.011%Jun 17, 2025Yield to maturity3.984%Jul 10, 2025Yield to maturity3.936%Jul 31, 2025Yield to maturity4.006%Aug 21, 2025Yield to maturity3.854%Sep 12, 2025Yield to maturity3.624%Oct 3, 2025Yield to maturity3.620%Oct 27, 2025Yield to maturity3.546%Nov 18, 2025Yield to maturity3.635%Dec 10, 2025Yield to maturity3.581%Jan 2, 2026Yield to maturity3.516%Jan 26, 2026Yield to maturity3.592%Feb 17, 2026Yield to maturity3.497%Mar 10, 2026Yield to maturity3.614%Mar 31, 2026Yield to maturity3.743%Apr 21, 2026Yield to maturity3.746%May 12, 2026Yield to maturity3.787%Jun 3, 2026Yield to maturity3.833%Jun 25, 2026Yield to maturity3.976%Jul 17, 2026Yield to maturity3.950%Aug 7, 2026Yield to maturity3.977%Aug 28, 2026Yield to maturity3.952%Sep 10, 2026Yield to maturity4.062%

Price history

624 trading days to Sep 10, 2026

9899100101102Mar 15, 2024Sep 10, 2026Mar 15, 2024Close99.281Apr 5, 2024Close99.188Apr 26, 2024Close98.406May 17, 2024Close99.000Jun 10, 2024Close98.844Jul 2, 2024Close99.156Jul 24, 2024Close99.906Aug 14, 2024Close101.063Sep 5, 2024Close101.469Sep 26, 2024Close101.594Oct 18, 2024Close100.813Nov 8, 2024Close100.031Dec 3, 2024Close100.156Dec 24, 2024Close99.781Jan 16, 2025Close99.969Feb 7, 2025Close99.906Mar 3, 2025Close100.531Mar 24, 2025Close100.406Apr 14, 2025Close100.688May 5, 2025Close100.656May 27, 2025Close100.406Jun 17, 2025Close100.438Jul 10, 2025Close100.500Jul 31, 2025Close100.375Aug 21, 2025Close100.594Sep 12, 2025Close100.906Oct 3, 2025Close100.875Oct 27, 2025Close100.938Nov 18, 2025Close100.781Dec 10, 2025Close100.813Jan 2, 2026Close100.844Jan 26, 2026Close100.719Feb 17, 2026Close100.781Mar 10, 2026Close100.625Mar 31, 2026Close100.469Apr 21, 2026Close100.438May 12, 2026Close100.375Jun 3, 2026Close100.313Jun 25, 2026Close100.188Jul 17, 2026Close100.188Aug 7, 2026Close100.156Aug 28, 2026Close100.156Sep 10, 2026Close100.094
The most recent 20 trading days of prices for 91282CKE0.
DateBidOfferClose
Sep 10, 2026100.141100.125100.094
Sep 9, 2026100.156100.125100.125
Sep 8, 2026100.172100.156100.125
Sep 4, 2026100.141100.125100.125
Sep 3, 2026100.172100.156100.156
Sep 2, 2026100.141100.125100.125
Sep 1, 2026100.156100.125100.125
Aug 31, 2026100.172100.156100.156
Aug 28, 2026100.172100.156100.156
Aug 27, 2026100.203100.188100.188
Aug 26, 2026100.203100.188100.188
Aug 25, 2026100.203100.188100.188
Aug 24, 2026100.203100.188100.188
Aug 21, 2026100.219100.219100.188
Aug 20, 2026100.203100.188100.188
Aug 19, 2026100.203100.188100.188
Aug 18, 2026100.203100.188100.188
Aug 17, 2026100.203100.188100.188
Aug 14, 2026100.203100.188100.188
Aug 13, 2026100.203100.188100.188

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 91282CKE0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 11, 2024Mar 15, 2024New issue$56.0bn$56.0bn2.60x4.256%

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.