Treasury note

91282CMD0 · 4.375% due December 31, 2029

Original term
5-Year
Maturity
Dec 31, 2029
Coupon
4.375%
Pays
Semi-Annual
Dated
Dec 31, 2024
First coupon
Jun 30, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$70.39bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.672%
Modified duration
3.013 yr
DV01
0.0301
Convexity
10.962
Dirty price
99.962

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 3.085 years against a modified duration of 3.013.

Against the fitted curve

Priced 2.6 bp rich to the curve on that day, 7.93 cents per 100 of face.

That is -1.78 standard deviations from its own typical residual.

Yield to maturity, 425 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Dec 31, 2024Sep 10, 2026Dec 31, 2024Yield to maturity4.382%Jan 15, 2025Yield to maturity4.453%Jan 30, 2025Yield to maturity4.310%Feb 13, 2025Yield to maturity4.396%Feb 28, 2025Yield to maturity4.043%Mar 14, 2025Yield to maturity4.091%Mar 28, 2025Yield to maturity3.980%Apr 11, 2025Yield to maturity4.153%Apr 25, 2025Yield to maturity3.872%May 9, 2025Yield to maturity3.979%May 23, 2025Yield to maturity4.073%Jun 9, 2025Yield to maturity4.086%Jun 24, 2025Yield to maturity3.842%Jul 9, 2025Yield to maturity3.899%Jul 23, 2025Yield to maturity3.917%Aug 6, 2025Yield to maturity3.737%Aug 20, 2025Yield to maturity3.778%Sep 4, 2025Yield to maturity3.617%Sep 18, 2025Yield to maturity3.634%Oct 2, 2025Yield to maturity3.644%Oct 17, 2025Yield to maturity3.549%Oct 31, 2025Yield to maturity3.671%Nov 17, 2025Yield to maturity3.681%Dec 2, 2025Yield to maturity3.610%Dec 16, 2025Yield to maturity3.620%Dec 31, 2025Yield to maturity3.646%Jan 15, 2026Yield to maturity3.698%Jan 30, 2026Yield to maturity3.707%Feb 13, 2026Yield to maturity3.529%Mar 2, 2026Yield to maturity3.555%Mar 16, 2026Yield to maturity3.749%Mar 30, 2026Yield to maturity3.913%Apr 13, 2026Yield to maturity3.854%Apr 27, 2026Yield to maturity3.876%May 11, 2026Yield to maturity4.010%May 26, 2026Yield to maturity4.138%Jun 9, 2026Yield to maturity4.221%Jun 24, 2026Yield to maturity4.162%Jul 9, 2026Yield to maturity4.218%Jul 23, 2026Yield to maturity4.424%Aug 6, 2026Yield to maturity4.344%Aug 20, 2026Yield to maturity4.303%Sep 3, 2026Yield to maturity4.445%Sep 10, 2026Yield to maturity4.672%

Price history

425 trading days to Sep 10, 2026

9899100101102103104Dec 31, 2024Sep 10, 2026Dec 31, 2024Close99.969Jan 15, 2025Close99.656Jan 30, 2025Close100.281Feb 13, 2025Close99.906Feb 28, 2025Close101.438Mar 14, 2025Close101.219Mar 28, 2025Close101.688Apr 11, 2025Close100.938Apr 25, 2025Close102.125May 9, 2025Close101.656May 23, 2025Close101.250Jun 9, 2025Close101.188Jun 24, 2025Close102.188Jul 9, 2025Close101.938Jul 23, 2025Close101.844Aug 6, 2025Close102.563Aug 20, 2025Close102.375Sep 4, 2025Close103.000Sep 18, 2025Close102.906Oct 2, 2025Close102.844Oct 17, 2025Close103.188Oct 31, 2025Close102.688Nov 17, 2025Close102.625Dec 2, 2025Close102.875Dec 16, 2025Close102.813Dec 31, 2025Close102.688Jan 15, 2026Close102.469Jan 30, 2026Close102.406Feb 13, 2026Close103.031Mar 2, 2026Close102.906Mar 16, 2026Close102.188Mar 30, 2026Close101.594Apr 13, 2026Close101.781Apr 27, 2026Close101.688May 11, 2026Close101.219May 26, 2026Close100.781Jun 9, 2026Close100.500Jun 24, 2026Close100.688Jul 9, 2026Close100.500Jul 23, 2026Close99.844Aug 6, 2026Close100.094Aug 20, 2026Close100.219Sep 3, 2026Close99.781Sep 10, 2026Close99.094
The most recent 20 trading days of prices for 91282CMD0.
DateBidOfferClose
Sep 10, 202699.18899.18899.094
Sep 9, 202699.51699.50099.500
Sep 8, 202699.65699.65699.625
Sep 4, 202699.70399.68899.688
Sep 3, 202699.85999.84499.781
Sep 2, 202699.67299.65699.688
Sep 1, 202699.73499.71999.656
Aug 31, 202699.82899.81399.813
Aug 28, 202699.92299.90699.813
Aug 27, 2026100.203100.188100.156
Aug 26, 2026100.219100.219100.188
Aug 25, 2026100.281100.281100.281
Aug 24, 2026100.172100.156100.125
Aug 21, 2026100.078100.063100.094
Aug 20, 2026100.234100.219100.219
Aug 19, 2026100.266100.250100.313
Aug 18, 2026100.266100.250100.250
Aug 17, 2026100.297100.281100.250
Aug 14, 2026100.359100.344100.281
Aug 13, 2026100.391100.375100.406

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 91282CMD0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 24, 2024Dec 31, 2024New issue$70.0bn$70.7bn2.40x4.478%

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.