Treasury note

91282CMF5 · 4.25% due January 15, 2028

Original term
3-Year
Maturity
Jan 15, 2028
Coupon
4.250%
Pays
Semi-Annual
Dated
Jan 15, 2025
First coupon
Jul 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$70.74bn
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
4.489%
Modified duration
1.283 yr
DV01
0.0129
Convexity
2.296
Dirty price
100.357

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 4 of twelve buckets, summing to 1.314 years against a modified duration of 1.283.

Against the fitted curve

Priced 3.2 bp cheap to the curve on that day, 4.08 cents per 100 of face.

That is 1.93 standard deviations from its own typical residual.

Yield to maturity, 415 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jan 15, 2025Sep 10, 2026Jan 15, 2025Yield to maturity4.340%Jan 30, 2025Yield to maturity4.238%Feb 13, 2025Yield to maturity4.341%Feb 28, 2025Yield to maturity3.993%Mar 14, 2025Yield to maturity4.013%Mar 28, 2025Yield to maturity3.914%Apr 11, 2025Yield to maturity4.006%Apr 25, 2025Yield to maturity3.760%May 9, 2025Yield to maturity3.888%May 23, 2025Yield to maturity3.984%Jun 9, 2025Yield to maturity4.006%Jun 24, 2025Yield to maturity3.770%Jul 9, 2025Yield to maturity3.829%Jul 23, 2025Yield to maturity3.862%Aug 6, 2025Yield to maturity3.681%Aug 20, 2025Yield to maturity3.713%Sep 4, 2025Yield to maturity3.579%Sep 18, 2025Yield to maturity3.569%Oct 2, 2025Yield to maturity3.558%Oct 17, 2025Yield to maturity3.472%Oct 31, 2025Yield to maturity3.607%Nov 17, 2025Yield to maturity3.610%Dec 2, 2025Yield to maturity3.522%Dec 16, 2025Yield to maturity3.494%Dec 31, 2025Yield to maturity3.495%Jan 15, 2026Yield to maturity3.580%Jan 30, 2026Yield to maturity3.530%Feb 13, 2026Yield to maturity3.413%Mar 2, 2026Yield to maturity3.499%Mar 16, 2026Yield to maturity3.696%Mar 30, 2026Yield to maturity3.865%Apr 13, 2026Yield to maturity3.801%Apr 27, 2026Yield to maturity3.810%May 11, 2026Yield to maturity3.955%May 26, 2026Yield to maturity4.048%Jun 9, 2026Yield to maturity4.125%Jun 24, 2026Yield to maturity4.165%Jul 9, 2026Yield to maturity4.164%Jul 23, 2026Yield to maturity4.338%Aug 6, 2026Yield to maturity4.226%Aug 20, 2026Yield to maturity4.155%Sep 3, 2026Yield to maturity4.294%Sep 10, 2026Yield to maturity4.489%

Price history

415 trading days to Sep 10, 2026

99.50100.00100.50101.00101.50102.00Jan 15, 2025Sep 10, 2026Jan 15, 2025Close99.750Jan 30, 2025Close100.031Feb 13, 2025Close99.750Feb 28, 2025Close100.688Mar 14, 2025Close100.625Mar 28, 2025Close100.875Apr 11, 2025Close100.625Apr 25, 2025Close101.250May 9, 2025Close100.906May 23, 2025Close100.656Jun 9, 2025Close100.594Jun 24, 2025Close101.156Jul 9, 2025Close101.000Jul 23, 2025Close100.906Aug 6, 2025Close101.313Aug 20, 2025Close101.219Sep 4, 2025Close101.500Sep 18, 2025Close101.500Oct 2, 2025Close101.500Oct 17, 2025Close101.656Oct 31, 2025Close101.344Nov 17, 2025Close101.313Dec 2, 2025Close101.469Dec 16, 2025Close101.500Dec 31, 2025Close101.469Jan 15, 2026Close101.281Jan 30, 2026Close101.344Feb 13, 2026Close101.531Mar 2, 2026Close101.344Mar 16, 2026Close100.969Mar 30, 2026Close100.656Apr 13, 2026Close100.750Apr 27, 2026Close100.719May 11, 2026Close100.469May 26, 2026Close100.313Jun 9, 2026Close100.188Jun 24, 2026Close100.125Jul 9, 2026Close100.125Jul 23, 2026Close99.875Aug 6, 2026Close100.031Aug 20, 2026Close100.125Sep 3, 2026Close99.938Sep 10, 2026Close99.688
The most recent 20 trading days of prices for 91282CMF5.
DateBidOfferClose
Sep 10, 202699.73499.71999.688
Sep 9, 202699.85999.84499.844
Sep 8, 202699.90699.90699.875
Sep 4, 202699.92299.90699.906
Sep 3, 202699.96999.96999.938
Sep 2, 202699.89199.87599.875
Sep 1, 202699.90699.90699.875
Aug 31, 202699.93899.93899.938
Aug 28, 202699.95399.93899.906
Aug 27, 2026100.109100.094100.094
Aug 26, 2026100.109100.094100.094
Aug 25, 2026100.125100.125100.125
Aug 24, 2026100.094100.094100.063
Aug 21, 2026100.078100.063100.063
Aug 20, 2026100.141100.125100.125
Aug 19, 2026100.141100.125100.156
Aug 18, 2026100.156100.156100.156
Aug 17, 2026100.172100.156100.125
Aug 14, 2026100.203100.188100.156
Aug 13, 2026100.188100.188100.188

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 91282CMF5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 6, 2025Jan 15, 2025New issue$58.0bn$70.7bn2.62x4.332%

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.