Treasury note

91282CMA6 · 4.125% due November 30, 2029

Original term
5-Year
Maturity
Nov 30, 2029
Coupon
4.125%
Pays
Semi-Annual
Dated
Nov 30, 2024
First coupon
May 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$74.76bn
Held stripped
$41.6m
Share stripped
0.06%

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
4.673%
Modified duration
2.942 yr
DV01
0.0293
Convexity
10.489
Dirty price
99.536

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 3.011 years against a modified duration of 2.942.

Against the fitted curve

Priced 2.0 bp rich to the curve on that day, 5.73 cents per 100 of face.

That is -1.45 standard deviations from its own typical residual.

Yield to maturity, 445 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Dec 2, 2024Sep 10, 2026Dec 2, 2024Yield to maturity4.076%Dec 17, 2024Yield to maturity4.259%Jan 3, 2025Yield to maturity4.403%Jan 21, 2025Yield to maturity4.391%Feb 5, 2025Yield to maturity4.240%Feb 21, 2025Yield to maturity4.248%Mar 10, 2025Yield to maturity3.977%Mar 25, 2025Yield to maturity4.057%Apr 9, 2025Yield to maturity4.035%Apr 24, 2025Yield to maturity3.900%May 9, 2025Yield to maturity3.973%May 27, 2025Yield to maturity4.010%Jun 11, 2025Yield to maturity3.994%Jun 27, 2025Yield to maturity3.799%Jul 15, 2025Yield to maturity4.022%Jul 30, 2025Yield to maturity3.934%Aug 14, 2025Yield to maturity3.790%Aug 29, 2025Yield to maturity3.651%Sep 16, 2025Yield to maturity3.559%Oct 1, 2025Yield to maturity3.642%Oct 17, 2025Yield to maturity3.548%Nov 3, 2025Yield to maturity3.683%Nov 19, 2025Yield to maturity3.662%Dec 5, 2025Yield to maturity3.657%Dec 22, 2025Yield to maturity3.643%Jan 8, 2026Yield to maturity3.655%Jan 26, 2026Yield to maturity3.736%Feb 10, 2026Yield to maturity3.609%Feb 26, 2026Yield to maturity3.506%Mar 13, 2026Yield to maturity3.805%Mar 30, 2026Yield to maturity3.902%Apr 14, 2026Yield to maturity3.807%Apr 29, 2026Yield to maturity3.992%May 14, 2026Yield to maturity4.077%Jun 1, 2026Yield to maturity4.135%Jun 16, 2026Yield to maturity4.115%Jul 2, 2026Yield to maturity4.194%Jul 20, 2026Yield to maturity4.275%Aug 4, 2026Yield to maturity4.276%Aug 19, 2026Yield to maturity4.278%Sep 3, 2026Yield to maturity4.437%Sep 10, 2026Yield to maturity4.673%

Price history

445 trading days to Sep 10, 2026

979899100101102103Dec 2, 2024Sep 10, 2026Dec 2, 2024Close100.219Dec 17, 2024Close99.406Jan 3, 2025Close98.781Jan 21, 2025Close98.844Feb 5, 2025Close99.500Feb 21, 2025Close99.469Mar 10, 2025Close100.625Mar 25, 2025Close100.281Apr 9, 2025Close100.375Apr 24, 2025Close100.938May 9, 2025Close100.625May 27, 2025Close100.469Jun 11, 2025Close100.531Jun 27, 2025Close101.313Jul 15, 2025Close100.406Jul 30, 2025Close100.750Aug 14, 2025Close101.313Aug 29, 2025Close101.844Sep 16, 2025Close102.188Oct 1, 2025Close101.844Oct 17, 2025Close102.188Nov 3, 2025Close101.656Nov 19, 2025Close101.719Dec 5, 2025Close101.719Dec 22, 2025Close101.750Jan 8, 2026Close101.688Jan 26, 2026Close101.375Feb 10, 2026Close101.813Feb 26, 2026Close102.156Mar 13, 2026Close101.094Mar 30, 2026Close100.750Apr 14, 2026Close101.063Apr 29, 2026Close100.438May 14, 2026Close100.156Jun 1, 2026Close99.969Jun 16, 2026Close100.031Jul 2, 2026Close99.781Jul 20, 2026Close99.531Aug 4, 2026Close99.531Aug 19, 2026Close99.531Sep 3, 2026Close99.063Sep 10, 2026Close98.375
The most recent 20 trading days of prices for 91282CMA6.
DateBidOfferClose
Sep 10, 202698.48498.46998.375
Sep 9, 202698.79798.78198.781
Sep 8, 202698.92298.90698.906
Sep 4, 202698.98498.96998.969
Sep 3, 202699.12599.12599.063
Sep 2, 202698.95398.93898.938
Sep 1, 202699.01699.00098.906
Aug 31, 202699.09499.09499.094
Aug 28, 202699.17299.15699.063
Aug 27, 202699.45399.43899.406
Aug 26, 202699.46999.46999.438
Aug 25, 202699.51699.50099.531
Aug 24, 202699.42299.40699.375
Aug 21, 202699.34499.34499.344
Aug 20, 202699.48499.46999.469
Aug 19, 202699.51699.50099.531
Aug 18, 202699.51699.50099.500
Aug 17, 202699.54799.53199.500
Aug 14, 202699.60999.59499.531
Aug 13, 202699.64199.62599.656

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 91282CMA6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 26, 2024Dec 2, 2024New issue$70.0bn$74.8bn2.43x4.197%

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.