Treasury note

91282CMC2 · 4.5% due December 31, 2031

Original term
7-Year
Maturity
Dec 31, 2031
Coupon
4.500%
Pays
Semi-Annual
Dated
Dec 31, 2024
First coupon
Jun 30, 2025
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$44.09bn
Held stripped
$0.4m
Share stripped
<0.01%

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, November 9, 2026

Yield to maturity
4.692%
Modified duration
4.464 yr
DV01
0.0450
Convexity
0.237
Dirty price
100.751

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
0.19
3.96
0.29
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 7 of twelve buckets, summing to 4.568 years against a modified duration of 4.464.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 3.00 cents per 100 of face.

That is -0.06 standard deviations from its own typical residual.

Yield to maturity, 465 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Dec 31, 2024Nov 9, 2026Dec 31, 2024Yield to maturity4.484%Jan 3, 2025Yield to maturity4.510%Jan 7, 2025Yield to maturity4.574%Jan 9, 2025Yield to maturity4.574%Jan 13, 2025Yield to maturity4.712%Jan 15, 2025Yield to maturity4.553%Jan 17, 2025Yield to maturity4.515%Jan 22, 2025Yield to maturity4.510%Jan 24, 2025Yield to maturity4.531%Jan 28, 2025Yield to maturity4.436%Jan 30, 2025Yield to maturity4.409%Feb 3, 2025Yield to maturity4.446%Feb 5, 2025Yield to maturity4.330%Feb 7, 2025Yield to maturity4.414%Feb 11, 2025Yield to maturity4.451%Feb 13, 2025Yield to maturity4.457%Feb 18, 2025Yield to maturity4.478%Feb 20, 2025Yield to maturity4.424%Feb 24, 2025Yield to maturity4.313%Feb 26, 2025Yield to maturity4.150%Feb 28, 2025Yield to maturity4.128%Mar 4, 2025Yield to maturity4.107%Mar 6, 2025Yield to maturity4.170%Mar 10, 2025Yield to maturity4.090%Mar 12, 2025Yield to maturity4.195%Mar 14, 2025Yield to maturity4.195%Mar 18, 2025Yield to maturity4.168%Mar 20, 2025Yield to maturity4.110%Mar 24, 2025Yield to maturity4.205%Mar 26, 2025Yield to maturity4.204%Mar 28, 2025Yield to maturity4.109%Apr 1, 2025Yield to maturity4.019%Apr 3, 2025Yield to maturity3.872%Apr 7, 2025Yield to maturity3.955%Apr 9, 2025Yield to maturity4.192%Apr 11, 2025Yield to maturity4.315%Apr 15, 2025Yield to maturity4.138%Apr 17, 2025Yield to maturity4.117%Apr 22, 2025Yield to maturity4.169%Apr 24, 2025Yield to maturity4.100%Apr 28, 2025Yield to maturity3.993%Apr 30, 2025Yield to maturity3.914%May 2, 2025Yield to maturity4.093%May 6, 2025Yield to maturity4.077%May 8, 2025Yield to maturity4.168%May 12, 2025Yield to maturity4.254%May 14, 2025Yield to maturity4.329%May 16, 2025Yield to maturity4.221%May 20, 2025Yield to maturity4.248%May 22, 2025Yield to maturity4.296%May 27, 2025Yield to maturity4.198%May 29, 2025Yield to maturity4.176%Jun 2, 2025Yield to maturity4.198%Jun 4, 2025Yield to maturity4.105%Jun 6, 2025Yield to maturity4.290%Jun 10, 2025Yield to maturity4.241%Jun 12, 2025Yield to maturity4.121%Jun 16, 2025Yield to maturity4.202%Jun 18, 2025Yield to maturity4.136%Jun 23, 2025Yield to maturity4.065%Jun 25, 2025Yield to maturity4.005%Jun 27, 2025Yield to maturity4.004%Jul 1, 2025Yield to maturity3.988%Jul 3, 2025Yield to maturity4.090%Jul 8, 2025Yield to maturity4.150%Jul 10, 2025Yield to maturity4.084%Jul 14, 2025Yield to maturity4.144%Jul 16, 2025Yield to maturity4.165%Jul 18, 2025Yield to maturity4.137%Jul 22, 2025Yield to maturity4.049%Jul 24, 2025Yield to maturity4.137%Jul 28, 2025Yield to maturity4.136%Jul 30, 2025Yield to maturity4.108%Aug 1, 2025Yield to maturity3.921%Aug 5, 2025Yield to maturity3.915%Aug 7, 2025Yield to maturity3.942%Aug 11, 2025Yield to maturity3.974%Aug 13, 2025Yield to maturity3.924%Aug 15, 2025Yield to maturity4.011%Aug 19, 2025Yield to maturity3.983%Aug 21, 2025Yield to maturity4.010%Aug 25, 2025Yield to maturity3.954%Aug 27, 2025Yield to maturity3.882%Aug 29, 2025Yield to maturity3.865%Sep 3, 2025Yield to maturity3.859%Sep 5, 2025Yield to maturity3.742%Sep 9, 2025Yield to maturity3.747%Sep 11, 2025Yield to maturity3.708%Sep 15, 2025Yield to maturity3.734%Sep 17, 2025Yield to maturity3.756%Sep 19, 2025Yield to maturity3.826%Sep 23, 2025Yield to maturity3.809%Sep 25, 2025Yield to maturity3.887%Sep 29, 2025Yield to maturity3.869%Oct 1, 2025Yield to maturity3.813%Oct 3, 2025Yield to maturity3.840%Oct 7, 2025Yield to maturity3.839%Oct 9, 2025Yield to maturity3.861%Oct 14, 2025Yield to maturity3.726%Oct 16, 2025Yield to maturity3.676%Oct 20, 2025Yield to maturity3.702%Oct 22, 2025Yield to maturity3.674%Oct 24, 2025Yield to maturity3.723%Oct 28, 2025Yield to maturity3.716%Oct 30, 2025Yield to maturity3.833%Nov 3, 2025Yield to maturity3.832%Nov 5, 2025Yield to maturity3.877%Nov 7, 2025Yield to maturity3.797%Nov 12, 2025Yield to maturity3.785%Nov 14, 2025Yield to maturity3.852%Nov 18, 2025Yield to maturity3.812%Nov 20, 2025Yield to maturity3.789%Nov 24, 2025Yield to maturity3.720%Nov 26, 2025Yield to maturity3.679%Dec 1, 2025Yield to maturity3.780%Dec 3, 2025Yield to maturity3.734%Dec 5, 2025Yield to maturity3.824%Dec 9, 2025Yield to maturity3.886%Dec 11, 2025Yield to maturity3.829%Dec 15, 2025Yield to maturity3.851%Dec 17, 2025Yield to maturity3.821%Dec 19, 2025Yield to maturity3.815%Dec 23, 2025Yield to maturity3.854%Dec 26, 2025Yield to maturity3.807%Dec 30, 2025Yield to maturity3.790%Jan 2, 2026Yield to maturity3.851%Jan 6, 2026Yield to maturity3.828%Jan 8, 2026Yield to maturity3.845%Jan 12, 2026Yield to maturity3.867%Jan 14, 2026Yield to maturity3.820%Jan 16, 2026Yield to maturity3.923%Jan 21, 2026Yield to maturity3.940%Jan 23, 2026Yield to maturity3.939%Jan 27, 2026Yield to maturity3.927%Jan 29, 2026Yield to maturity3.909%Feb 2, 2026Yield to maturity3.943%Feb 4, 2026Yield to maturity3.942%Feb 6, 2026Yield to maturity3.865%Feb 10, 2026Yield to maturity3.806%Feb 12, 2026Yield to maturity3.770%Feb 17, 2026Yield to maturity3.722%Feb 19, 2026Yield to maturity3.745%Feb 23, 2026Yield to maturity3.679%Feb 25, 2026Yield to maturity3.713%Feb 27, 2026Yield to maturity3.618%Mar 3, 2026Yield to maturity3.729%Mar 5, 2026Yield to maturity3.811%Mar 9, 2026Yield to maturity3.798%Mar 11, 2026Yield to maturity3.880%Mar 13, 2026Yield to maturity3.963%Mar 17, 2026Yield to maturity3.879%Mar 19, 2026Yield to maturity3.968%Mar 23, 2026Yield to maturity4.052%Mar 25, 2026Yield to maturity4.057%Mar 27, 2026Yield to maturity4.154%Mar 31, 2026Yield to maturity4.008%Apr 2, 2026Yield to maturity4.025%Apr 6, 2026Yield to maturity4.061%Apr 8, 2026Yield to maturity4.000%Apr 10, 2026Yield to maturity4.017%Apr 14, 2026Yield to maturity3.950%Apr 16, 2026Yield to maturity3.992%Apr 20, 2026Yield to maturity3.937%Apr 22, 2026Yield to maturity3.991%Apr 24, 2026Yield to maturity3.996%Apr 28, 2026Yield to maturity4.057%Apr 30, 2026Yield to maturity4.094%May 4, 2026Yield to maturity4.155%May 6, 2026Yield to maturity4.062%May 8, 2026Yield to maturity4.080%May 12, 2026Yield to maturity4.185%May 14, 2026Yield to maturity4.191%May 18, 2026Yield to maturity4.328%May 20, 2026Yield to maturity4.284%May 22, 2026Yield to maturity4.309%May 27, 2026Yield to maturity4.227%May 29, 2026Yield to maturity4.195%Jun 2, 2026Yield to maturity4.220%Jun 4, 2026Yield to maturity4.232%Jun 8, 2026Yield to maturity4.327%Jun 10, 2026Yield to maturity4.314%Jun 12, 2026Yield to maturity4.250%Jun 16, 2026Yield to maturity4.193%Jun 18, 2026Yield to maturity4.263%Jun 23, 2026Yield to maturity4.301%Jun 25, 2026Yield to maturity4.192%Jun 29, 2026Yield to maturity4.173%Jul 1, 2026Yield to maturity4.268%Jul 6, 2026Yield to maturity4.242%Jul 8, 2026Yield to maturity4.338%Jul 10, 2026Yield to maturity4.338%Jul 14, 2026Yield to maturity4.344%Jul 16, 2026Yield to maturity4.318%Jul 20, 2026Yield to maturity4.356%Jul 22, 2026Yield to maturity4.447%Jul 24, 2026Yield to maturity4.460%Jul 28, 2026Yield to maturity4.388%Jul 30, 2026Yield to maturity4.421%Aug 3, 2026Yield to maturity4.434%Aug 5, 2026Yield to maturity4.361%Aug 7, 2026Yield to maturity4.381%Aug 11, 2026Yield to maturity4.427%Aug 13, 2026Yield to maturity4.354%Aug 17, 2026Yield to maturity4.413%Aug 19, 2026Yield to maturity4.380%Aug 21, 2026Yield to maturity4.459%Aug 25, 2026Yield to maturity4.380%Aug 27, 2026Yield to maturity4.426%Aug 31, 2026Yield to maturity4.525%Sep 2, 2026Yield to maturity4.579%Sep 4, 2026Yield to maturity4.572%Sep 9, 2026Yield to maturity4.633%Sep 11, 2026Yield to maturity4.803%Sep 15, 2026Yield to maturity4.851%Sep 17, 2026Yield to maturity4.810%Sep 21, 2026Yield to maturity4.852%Sep 23, 2026Yield to maturity5.017%Sep 25, 2026Yield to maturity5.011%Sep 29, 2026Yield to maturity5.088%Oct 1, 2026Yield to maturity5.033%Oct 5, 2026Yield to maturity5.097%Oct 7, 2026Yield to maturity5.055%Oct 9, 2026Yield to maturity5.057%Oct 14, 2026Yield to maturity5.029%Oct 16, 2026Yield to maturity4.919%Oct 20, 2026Yield to maturity4.961%Oct 22, 2026Yield to maturity4.808%Oct 26, 2026Yield to maturity4.857%Oct 28, 2026Yield to maturity4.886%Oct 30, 2026Yield to maturity4.740%Nov 3, 2026Yield to maturity4.761%Nov 5, 2026Yield to maturity4.616%Nov 9, 2026Yield to maturity4.692%

Price history

465 trading days to Nov 9, 2026

9698100102104106Dec 31, 2024Nov 9, 2026Dec 31, 2024Close100.094Jan 3, 2025Close99.938Jan 7, 2025Close99.563Jan 9, 2025Close99.563Jan 13, 2025Close98.750Jan 15, 2025Close99.688Jan 17, 2025Close99.906Jan 22, 2025Close99.938Jan 24, 2025Close99.813Jan 28, 2025Close100.375Jan 30, 2025Close100.531Feb 3, 2025Close100.313Feb 5, 2025Close101.000Feb 7, 2025Close100.500Feb 11, 2025Close100.281Feb 13, 2025Close100.250Feb 18, 2025Close100.125Feb 20, 2025Close100.438Feb 24, 2025Close101.094Feb 26, 2025Close102.063Feb 28, 2025Close102.188Mar 4, 2025Close102.313Mar 6, 2025Close101.938Mar 10, 2025Close102.406Mar 12, 2025Close101.781Mar 14, 2025Close101.781Mar 18, 2025Close101.938Mar 20, 2025Close102.281Mar 24, 2025Close101.719Mar 26, 2025Close101.719Mar 28, 2025Close102.281Apr 1, 2025Close102.813Apr 3, 2025Close103.688Apr 7, 2025Close103.188Apr 9, 2025Close101.781Apr 11, 2025Close101.063Apr 15, 2025Close102.094Apr 17, 2025Close102.219Apr 22, 2025Close101.906Apr 24, 2025Close102.313Apr 28, 2025Close102.938Apr 30, 2025Close103.406May 2, 2025Close102.344May 6, 2025Close102.438May 8, 2025Close101.906May 12, 2025Close101.406May 14, 2025Close100.969May 16, 2025Close101.594May 20, 2025Close101.438May 22, 2025Close101.156May 27, 2025Close101.719May 29, 2025Close101.844Jun 2, 2025Close101.719Jun 4, 2025Close102.250Jun 6, 2025Close101.188Jun 10, 2025Close101.469Jun 12, 2025Close102.156Jun 16, 2025Close101.688Jun 18, 2025Close102.063Jun 23, 2025Close102.469Jun 25, 2025Close102.813Jun 27, 2025Close102.813Jul 1, 2025Close102.906Jul 3, 2025Close102.313Jul 8, 2025Close101.969Jul 10, 2025Close102.344Jul 14, 2025Close102.000Jul 16, 2025Close101.875Jul 18, 2025Close102.031Jul 22, 2025Close102.531Jul 24, 2025Close102.031Jul 28, 2025Close102.031Jul 30, 2025Close102.188Aug 1, 2025Close103.250Aug 5, 2025Close103.281Aug 7, 2025Close103.125Aug 11, 2025Close102.938Aug 13, 2025Close103.219Aug 15, 2025Close102.719Aug 19, 2025Close102.875Aug 21, 2025Close102.719Aug 25, 2025Close103.031Aug 27, 2025Close103.438Aug 29, 2025Close103.531Sep 3, 2025Close103.563Sep 5, 2025Close104.219Sep 9, 2025Close104.188Sep 11, 2025Close104.406Sep 15, 2025Close104.250Sep 17, 2025Close104.125Sep 19, 2025Close103.719Sep 23, 2025Close103.813Sep 25, 2025Close103.375Sep 29, 2025Close103.469Oct 1, 2025Close103.781Oct 3, 2025Close103.625Oct 7, 2025Close103.625Oct 9, 2025Close103.500Oct 14, 2025Close104.250Oct 16, 2025Close104.531Oct 20, 2025Close104.375Oct 22, 2025Close104.531Oct 24, 2025Close104.250Oct 28, 2025Close104.281Oct 30, 2025Close103.625Nov 3, 2025Close103.625Nov 5, 2025Close103.375Nov 7, 2025Close103.813Nov 12, 2025Close103.875Nov 14, 2025Close103.500Nov 18, 2025Close103.719Nov 20, 2025Close103.844Nov 24, 2025Close104.219Nov 26, 2025Close104.438Dec 1, 2025Close103.875Dec 3, 2025Close104.125Dec 5, 2025Close103.625Dec 9, 2025Close103.281Dec 11, 2025Close103.594Dec 15, 2025Close103.469Dec 17, 2025Close103.625Dec 19, 2025Close103.656Dec 23, 2025Close103.438Dec 26, 2025Close103.688Dec 30, 2025Close103.781Jan 2, 2026Close103.438Jan 6, 2026Close103.563Jan 8, 2026Close103.469Jan 12, 2026Close103.344Jan 14, 2026Close103.594Jan 16, 2026Close103.031Jan 21, 2026Close102.938Jan 23, 2026Close102.938Jan 27, 2026Close103.000Jan 29, 2026Close103.094Feb 2, 2026Close102.906Feb 4, 2026Close102.906Feb 6, 2026Close103.313Feb 10, 2026Close103.625Feb 12, 2026Close103.813Feb 17, 2026Close104.063Feb 19, 2026Close103.938Feb 23, 2026Close104.281Feb 25, 2026Close104.094Feb 27, 2026Close104.594Mar 3, 2026Close104.000Mar 5, 2026Close103.563Mar 9, 2026Close103.625Mar 11, 2026Close103.188Mar 13, 2026Close102.750Mar 17, 2026Close103.188Mar 19, 2026Close102.719Mar 23, 2026Close102.281Mar 25, 2026Close102.250Mar 27, 2026Close101.750Mar 31, 2026Close102.500Apr 2, 2026Close102.406Apr 6, 2026Close102.219Apr 8, 2026Close102.531Apr 10, 2026Close102.438Apr 14, 2026Close102.781Apr 16, 2026Close102.563Apr 20, 2026Close102.844Apr 22, 2026Close102.563Apr 24, 2026Close102.531Apr 28, 2026Close102.219Apr 30, 2026Close102.031May 4, 2026Close101.719May 6, 2026Close102.188May 8, 2026Close102.094May 12, 2026Close101.563May 14, 2026Close101.531May 18, 2026Close100.844May 20, 2026Close101.063May 22, 2026Close100.938May 27, 2026Close101.344May 29, 2026Close101.500Jun 2, 2026Close101.375Jun 4, 2026Close101.313Jun 8, 2026Close100.844Jun 10, 2026Close100.906Jun 12, 2026Close101.219Jun 16, 2026Close101.500Jun 18, 2026Close101.156Jun 23, 2026Close100.969Jun 25, 2026Close101.500Jun 29, 2026Close101.594Jul 1, 2026Close101.125Jul 6, 2026Close101.250Jul 8, 2026Close100.781Jul 10, 2026Close100.781Jul 14, 2026Close100.750Jul 16, 2026Close100.875Jul 20, 2026Close100.688Jul 22, 2026Close100.250Jul 24, 2026Close100.188Jul 28, 2026Close100.531Jul 30, 2026Close100.375Aug 3, 2026Close100.313Aug 5, 2026Close100.656Aug 7, 2026Close100.563Aug 11, 2026Close100.344Aug 13, 2026Close100.688Aug 17, 2026Close100.406Aug 19, 2026Close100.563Aug 21, 2026Close100.188Aug 25, 2026Close100.563Aug 27, 2026Close100.344Aug 31, 2026Close99.875Sep 2, 2026Close99.625Sep 4, 2026Close99.656Sep 9, 2026Close99.375Sep 11, 2026Close98.594Sep 15, 2026Close98.375Sep 17, 2026Close98.563Sep 21, 2026Close98.375Sep 23, 2026Close97.625Sep 25, 2026Close97.656Sep 29, 2026Close97.313Oct 1, 2026Close97.563Oct 5, 2026Close97.281Oct 7, 2026Close97.469Oct 9, 2026Close97.469Oct 14, 2026Close97.594Oct 16, 2026Close98.094Oct 20, 2026Close97.906Oct 22, 2026Close98.594Oct 26, 2026Close98.375Oct 28, 2026Close98.250Oct 30, 2026Close98.906Nov 3, 2026Close98.813Nov 5, 2026Close99.469Nov 9, 2026Close99.125
The most recent 20 trading days of prices for 91282CMC2.
DateBidOfferClose
Nov 9, 202699.12599.14199.125
Nov 6, 202699.21999.23499.250
Nov 5, 202699.31399.32899.469
Nov 4, 202698.96998.98499.063
Nov 3, 202698.87598.89198.813
Nov 2, 202699.06399.07899.000
Oct 30, 202698.78198.79798.906
Oct 29, 202698.59498.60998.563
Oct 28, 202698.18898.20398.250
Oct 27, 202698.37598.39198.344
Oct 26, 202698.40698.42298.375
Oct 23, 202698.40698.43898.469
Oct 22, 202698.34498.35998.594
Oct 21, 202697.93897.95397.813
Oct 20, 202697.96997.98497.906
Oct 19, 202697.90697.92297.875
Oct 16, 202698.09498.10998.094
Oct 15, 202697.96997.98498.000
Oct 14, 202697.31397.34497.594
Oct 13, 202697.53197.54797.563

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 91282CMC2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 26, 2024Dec 31, 2024New issue$44.0bn$44.4bn2.76x4.532%

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.