Treasury note

91282CKU4 · 4.625% due May 31, 2031

Original term
7-Year
Maturity
May 31, 2031
Coupon
4.625%
Pays
Semi-Annual
Dated
May 31, 2024
First coupon
Nov 30, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.21bn
Held stripped
$19.2m
Share stripped
0.04%

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
4.750%
Modified duration
4.140 yr
DV01
0.0417
Convexity
20.416
Dirty price
100.770

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 4.236 years against a modified duration of 4.140.

Against the fitted curve

Priced 0.8 bp cheap to the curve on that day, 3.49 cents per 100 of face.

That is 0.40 standard deviations from its own typical residual.

Yield to maturity, 570 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 31, 2024Sep 10, 2026May 31, 2024Yield to maturity4.520%Jun 20, 2024Yield to maturity4.247%Jul 10, 2024Yield to maturity4.249%Jul 29, 2024Yield to maturity4.090%Aug 15, 2024Yield to maturity3.833%Sep 4, 2024Yield to maturity3.653%Sep 23, 2024Yield to maturity3.611%Oct 10, 2024Yield to maturity3.992%Oct 30, 2024Yield to maturity4.213%Nov 19, 2024Yield to maturity4.320%Dec 9, 2024Yield to maturity4.131%Dec 27, 2024Yield to maturity4.528%Jan 16, 2025Yield to maturity4.487%Feb 5, 2025Yield to maturity4.316%Feb 25, 2025Yield to maturity4.200%Mar 14, 2025Yield to maturity4.180%Apr 2, 2025Yield to maturity4.040%Apr 21, 2025Yield to maturity4.122%May 8, 2025Yield to maturity4.119%May 28, 2025Yield to maturity4.185%Jun 16, 2025Yield to maturity4.146%Jul 7, 2025Yield to maturity4.065%Jul 24, 2025Yield to maturity4.073%Aug 12, 2025Yield to maturity3.919%Aug 29, 2025Yield to maturity3.793%Sep 18, 2025Yield to maturity3.746%Oct 7, 2025Yield to maturity3.781%Oct 27, 2025Yield to maturity3.677%Nov 14, 2025Yield to maturity3.792%Dec 4, 2025Yield to maturity3.742%Dec 23, 2025Yield to maturity3.796%Jan 13, 2026Yield to maturity3.788%Feb 2, 2026Yield to maturity3.877%Feb 20, 2026Yield to maturity3.689%Mar 11, 2026Yield to maturity3.825%Mar 30, 2026Yield to maturity4.009%Apr 16, 2026Yield to maturity3.944%May 5, 2026Yield to maturity4.094%May 22, 2026Yield to maturity4.289%Jun 11, 2026Yield to maturity4.196%Jul 1, 2026Yield to maturity4.247%Jul 21, 2026Yield to maturity4.379%Aug 7, 2026Yield to maturity4.354%Aug 26, 2026Yield to maturity4.381%Sep 10, 2026Yield to maturity4.750%

Price history

570 trading days to Sep 10, 2026

98100102104106108May 31, 2024Sep 10, 2026May 31, 2024Close100.625Jun 20, 2024Close102.250Jul 10, 2024Close102.219Jul 29, 2024Close103.156Aug 15, 2024Close104.688Sep 4, 2024Close105.750Sep 23, 2024Close105.969Oct 10, 2024Close103.656Oct 30, 2024Close102.344Nov 19, 2024Close101.719Dec 9, 2024Close102.781Dec 27, 2024Close100.531Jan 16, 2025Close100.750Feb 5, 2025Close101.688Feb 25, 2025Close102.313Mar 14, 2025Close102.406Apr 2, 2025Close103.156Apr 21, 2025Close102.688May 8, 2025Close102.688May 28, 2025Close102.313Jun 16, 2025Close102.500Jul 7, 2025Close102.906Jul 24, 2025Close102.844Aug 12, 2025Close103.625Aug 29, 2025Close104.250Sep 18, 2025Close104.469Oct 7, 2025Close104.250Oct 27, 2025Close104.750Nov 14, 2025Close104.125Dec 4, 2025Close104.344Dec 23, 2025Close104.031Jan 13, 2026Close104.031Feb 2, 2026Close103.563Feb 20, 2026Close104.438Mar 11, 2026Close103.750Mar 30, 2026Close102.844Apr 16, 2026Close103.125May 5, 2026Close102.406May 22, 2026Close101.500Jun 11, 2026Close101.906Jul 1, 2026Close101.656Jul 21, 2026Close101.063Aug 7, 2026Close101.156Aug 26, 2026Close101.031Sep 10, 2026Close99.469
The most recent 20 trading days of prices for 91282CKU4.
DateBidOfferClose
Sep 10, 202699.62599.59499.469
Sep 9, 2026100.047100.031100.063
Sep 8, 2026100.266100.250100.219
Sep 4, 2026100.359100.344100.313
Sep 3, 2026100.547100.531100.438
Sep 2, 2026100.297100.281100.313
Sep 1, 2026100.422100.406100.281
Aug 31, 2026100.516100.500100.531
Aug 28, 2026100.703100.688100.563
Aug 27, 2026101.078101.063100.969
Aug 26, 2026101.047101.031101.031
Aug 25, 2026101.141101.125101.156
Aug 24, 2026100.984100.969100.875
Aug 21, 2026100.828100.813100.813
Aug 20, 2026101.016101.000101.000
Aug 19, 2026101.109101.094101.156
Aug 18, 2026101.078101.063101.063
Aug 17, 2026101.109101.094101.031
Aug 14, 2026101.203101.188101.094
Aug 13, 2026101.297101.281101.313

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 91282CKU4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 29, 2024May 31, 2024New issue$44.0bn$46.6bn2.43x4.650%

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.