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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.493%
Modified duration
1.123 yr
DV01
0.0114
Convexity
0.0183
Dirty price
101.082

Where its rate sensitivity sits

<.01
0.01
0.93
0.20
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 1.150 years against a modified duration of 1.123.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 2.50 cents per 100 of face.

That is 0.95 standard deviations from its own typical residual.

Yield to maturity, 455 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 15, 2025Nov 9, 2026Jan 15, 2025Yield to maturity4.340%Jan 17, 2025Yield to maturity4.329%Jan 22, 2025Yield to maturity4.340%Jan 24, 2025Yield to maturity4.329%Jan 28, 2025Yield to maturity4.249%Jan 30, 2025Yield to maturity4.238%Feb 3, 2025Yield to maturity4.283%Feb 5, 2025Yield to maturity4.192%Feb 7, 2025Yield to maturity4.306%Feb 11, 2025Yield to maturity4.306%Feb 13, 2025Yield to maturity4.341%Feb 18, 2025Yield to maturity4.330%Feb 20, 2025Yield to maturity4.283%Feb 24, 2025Yield to maturity4.179%Feb 26, 2025Yield to maturity4.051%Feb 28, 2025Yield to maturity3.993%Mar 4, 2025Yield to maturity3.957%Mar 6, 2025Yield to maturity3.992%Mar 10, 2025Yield to maturity3.909%Mar 12, 2025Yield to maturity4.002%Mar 14, 2025Yield to maturity4.013%Mar 18, 2025Yield to maturity4.024%Mar 20, 2025Yield to maturity3.941%Mar 24, 2025Yield to maturity4.022%Mar 26, 2025Yield to maturity4.022%Mar 28, 2025Yield to maturity3.914%Apr 1, 2025Yield to maturity3.866%Apr 3, 2025Yield to maturity3.700%Apr 7, 2025Yield to maturity3.733%Apr 9, 2025Yield to maturity3.935%Apr 11, 2025Yield to maturity4.006%Apr 15, 2025Yield to maturity3.861%Apr 17, 2025Yield to maturity3.824%Apr 22, 2025Yield to maturity3.822%Apr 24, 2025Yield to maturity3.797%Apr 28, 2025Yield to maturity3.674%Apr 30, 2025Yield to maturity3.589%May 2, 2025Yield to maturity3.817%May 6, 2025Yield to maturity3.780%May 8, 2025Yield to maturity3.902%May 12, 2025Yield to maturity3.999%May 14, 2025Yield to maturity4.061%May 16, 2025Yield to maturity3.973%May 20, 2025Yield to maturity3.960%May 22, 2025Yield to maturity3.997%May 27, 2025Yield to maturity3.946%May 29, 2025Yield to maturity3.932%Jun 2, 2025Yield to maturity3.919%Jun 4, 2025Yield to maturity3.855%Jun 6, 2025Yield to maturity4.031%Jun 10, 2025Yield to maturity3.993%Jun 12, 2025Yield to maturity3.890%Jun 16, 2025Yield to maturity3.953%Jun 18, 2025Yield to maturity3.913%Jun 23, 2025Yield to maturity3.822%Jun 25, 2025Yield to maturity3.770%Jun 27, 2025Yield to maturity3.742%Jul 1, 2025Yield to maturity3.767%Jul 3, 2025Yield to maturity3.869%Jul 8, 2025Yield to maturity3.894%Jul 10, 2025Yield to maturity3.855%Jul 14, 2025Yield to maturity3.879%Jul 16, 2025Yield to maturity3.865%Jul 18, 2025Yield to maturity3.850%Jul 22, 2025Yield to maturity3.796%Jul 24, 2025Yield to maturity3.902%Jul 28, 2025Yield to maturity3.900%Jul 30, 2025Yield to maturity3.913%Aug 1, 2025Yield to maturity3.683%Aug 5, 2025Yield to maturity3.695%Aug 7, 2025Yield to maturity3.721%Aug 11, 2025Yield to maturity3.745%Aug 13, 2025Yield to maturity3.663%Aug 15, 2025Yield to maturity3.742%Aug 19, 2025Yield to maturity3.727%Aug 21, 2025Yield to maturity3.753%Aug 25, 2025Yield to maturity3.696%Aug 27, 2025Yield to maturity3.627%Aug 29, 2025Yield to maturity3.609%Sep 3, 2025Yield to maturity3.608%Sep 5, 2025Yield to maturity3.508%Sep 9, 2025Yield to maturity3.534%Sep 11, 2025Yield to maturity3.519%Sep 15, 2025Yield to maturity3.529%Sep 17, 2025Yield to maturity3.528%Sep 19, 2025Yield to maturity3.566%Sep 23, 2025Yield to maturity3.579%Sep 25, 2025Yield to maturity3.662%Sep 29, 2025Yield to maturity3.645%Oct 1, 2025Yield to maturity3.559%Oct 3, 2025Yield to maturity3.584%Oct 7, 2025Yield to maturity3.583%Oct 9, 2025Yield to maturity3.610%Oct 14, 2025Yield to maturity3.476%Oct 16, 2025Yield to maturity3.431%Oct 20, 2025Yield to maturity3.471%Oct 22, 2025Yield to maturity3.440%Oct 24, 2025Yield to maturity3.480%Oct 28, 2025Yield to maturity3.493%Oct 30, 2025Yield to maturity3.609%Nov 3, 2025Yield to maturity3.606%Nov 5, 2025Yield to maturity3.634%Nov 7, 2025Yield to maturity3.557%Nov 12, 2025Yield to maturity3.569%Nov 14, 2025Yield to maturity3.611%Nov 18, 2025Yield to maturity3.579%Nov 20, 2025Yield to maturity3.548%Nov 24, 2025Yield to maturity3.499%Nov 26, 2025Yield to maturity3.481%Dec 1, 2025Yield to maturity3.538%Dec 3, 2025Yield to maturity3.491%Dec 5, 2025Yield to maturity3.580%Dec 9, 2025Yield to maturity3.624%Dec 11, 2025Yield to maturity3.545%Dec 15, 2025Yield to maturity3.511%Dec 17, 2025Yield to maturity3.493%Dec 19, 2025Yield to maturity3.490%Dec 23, 2025Yield to maturity3.551%Dec 26, 2025Yield to maturity3.499%Dec 30, 2025Yield to maturity3.466%Jan 2, 2026Yield to maturity3.493%Jan 6, 2026Yield to maturity3.475%Jan 8, 2026Yield to maturity3.505%Jan 12, 2026Yield to maturity3.550%Jan 14, 2026Yield to maturity3.532%Jan 16, 2026Yield to maturity3.608%Jan 21, 2026Yield to maturity3.607%Jan 23, 2026Yield to maturity3.603%Jan 27, 2026Yield to maturity3.585%Jan 29, 2026Yield to maturity3.566%Feb 2, 2026Yield to maturity3.579%Feb 4, 2026Yield to maturity3.577%Feb 6, 2026Yield to maturity3.506%Feb 10, 2026Yield to maturity3.470%Feb 12, 2026Yield to maturity3.468%Feb 17, 2026Yield to maturity3.446%Feb 19, 2026Yield to maturity3.477%Feb 23, 2026Yield to maturity3.456%Feb 25, 2026Yield to maturity3.488%Feb 27, 2026Yield to maturity3.397%Mar 3, 2026Yield to maturity3.516%Mar 5, 2026Yield to maturity3.583%Mar 9, 2026Yield to maturity3.579%Mar 11, 2026Yield to maturity3.647%Mar 13, 2026Yield to maturity3.749%Mar 17, 2026Yield to maturity3.695%Mar 19, 2026Yield to maturity3.818%Mar 23, 2026Yield to maturity3.869%Mar 25, 2026Yield to maturity3.922%Mar 27, 2026Yield to maturity3.956%Mar 31, 2026Yield to maturity3.828%Apr 2, 2026Yield to maturity3.827%Apr 6, 2026Yield to maturity3.879%Apr 8, 2026Yield to maturity3.823%Apr 10, 2026Yield to maturity3.820%Apr 14, 2026Yield to maturity3.782%Apr 16, 2026Yield to maturity3.799%Apr 20, 2026Yield to maturity3.740%Apr 22, 2026Yield to maturity3.814%Apr 24, 2026Yield to maturity3.792%Apr 28, 2026Yield to maturity3.847%Apr 30, 2026Yield to maturity3.884%May 4, 2026Yield to maturity3.958%May 6, 2026Yield to maturity3.881%May 8, 2026Yield to maturity3.898%May 12, 2026Yield to maturity3.994%May 14, 2026Yield to maturity3.993%May 18, 2026Yield to maturity4.070%May 20, 2026Yield to maturity4.030%May 22, 2026Yield to maturity4.128%May 27, 2026Yield to maturity4.028%May 29, 2026Yield to maturity4.006%Jun 2, 2026Yield to maturity4.046%Jun 4, 2026Yield to maturity4.045%Jun 8, 2026Yield to maturity4.146%Jun 10, 2026Yield to maturity4.125%Jun 12, 2026Yield to maturity4.083%Jun 16, 2026Yield to maturity4.042%Jun 18, 2026Yield to maturity4.186%Jun 23, 2026Yield to maturity4.207%Jun 25, 2026Yield to maturity4.144%Jun 29, 2026Yield to maturity4.122%Jul 1, 2026Yield to maturity4.185%Jul 6, 2026Yield to maturity4.142%Jul 8, 2026Yield to maturity4.207%Jul 10, 2026Yield to maturity4.207%Jul 14, 2026Yield to maturity4.185%Jul 16, 2026Yield to maturity4.141%Jul 20, 2026Yield to maturity4.206%Jul 22, 2026Yield to maturity4.293%Jul 24, 2026Yield to maturity4.316%Jul 28, 2026Yield to maturity4.249%Jul 30, 2026Yield to maturity4.204%Aug 3, 2026Yield to maturity4.226%Aug 5, 2026Yield to maturity4.158%Aug 7, 2026Yield to maturity4.157%Aug 11, 2026Yield to maturity4.179%Aug 13, 2026Yield to maturity4.110%Aug 17, 2026Yield to maturity4.155%Aug 19, 2026Yield to maturity4.132%Aug 21, 2026Yield to maturity4.200%Aug 25, 2026Yield to maturity4.153%Aug 27, 2026Yield to maturity4.176%Aug 31, 2026Yield to maturity4.294%Sep 2, 2026Yield to maturity4.342%Sep 4, 2026Yield to maturity4.319%Sep 9, 2026Yield to maturity4.367%Sep 11, 2026Yield to maturity4.539%Sep 15, 2026Yield to maturity4.589%Sep 17, 2026Yield to maturity4.590%Sep 21, 2026Yield to maturity4.667%Sep 23, 2026Yield to maturity4.744%Sep 25, 2026Yield to maturity4.748%Sep 29, 2026Yield to maturity4.775%Oct 1, 2026Yield to maturity4.676%Oct 5, 2026Yield to maturity4.705%Oct 7, 2026Yield to maturity4.630%Oct 9, 2026Yield to maturity4.686%Oct 14, 2026Yield to maturity4.714%Oct 16, 2026Yield to maturity4.639%Oct 20, 2026Yield to maturity4.667%Oct 22, 2026Yield to maturity4.562%Oct 26, 2026Yield to maturity4.619%Oct 28, 2026Yield to maturity4.620%Oct 30, 2026Yield to maturity4.515%Nov 3, 2026Yield to maturity4.544%Nov 5, 2026Yield to maturity4.409%Nov 9, 2026Yield to maturity4.493%

Price history

455 trading days to Nov 9, 2026

99.099.5100.0100.5101.0101.5102.0Jan 15, 2025Nov 9, 2026Jan 15, 2025Close99.750Jan 17, 2025Close99.781Jan 22, 2025Close99.750Jan 24, 2025Close99.781Jan 28, 2025Close100.000Jan 30, 2025Close100.031Feb 3, 2025Close99.906Feb 5, 2025Close100.156Feb 7, 2025Close99.844Feb 11, 2025Close99.844Feb 13, 2025Close99.750Feb 18, 2025Close99.781Feb 20, 2025Close99.906Feb 24, 2025Close100.188Feb 26, 2025Close100.531Feb 28, 2025Close100.688Mar 4, 2025Close100.781Mar 6, 2025Close100.688Mar 10, 2025Close100.906Mar 12, 2025Close100.656Mar 14, 2025Close100.625Mar 18, 2025Close100.594Mar 20, 2025Close100.813Mar 24, 2025Close100.594Mar 26, 2025Close100.594Mar 28, 2025Close100.875Apr 1, 2025Close101.000Apr 3, 2025Close101.438Apr 7, 2025Close101.344Apr 9, 2025Close100.813Apr 11, 2025Close100.625Apr 15, 2025Close101.000Apr 17, 2025Close101.094Apr 22, 2025Close101.094Apr 24, 2025Close101.156Apr 28, 2025Close101.469Apr 30, 2025Close101.688May 2, 2025Close101.094May 6, 2025Close101.188May 8, 2025Close100.875May 12, 2025Close100.625May 14, 2025Close100.469May 16, 2025Close100.688May 20, 2025Close100.719May 22, 2025Close100.625May 27, 2025Close100.750May 29, 2025Close100.781Jun 2, 2025Close100.813Jun 4, 2025Close100.969Jun 6, 2025Close100.531Jun 10, 2025Close100.625Jun 12, 2025Close100.875Jun 16, 2025Close100.719Jun 18, 2025Close100.813Jun 23, 2025Close101.031Jun 25, 2025Close101.156Jun 27, 2025Close101.219Jul 1, 2025Close101.156Jul 3, 2025Close100.906Jul 8, 2025Close100.844Jul 10, 2025Close100.938Jul 14, 2025Close100.875Jul 16, 2025Close100.906Jul 18, 2025Close100.938Jul 22, 2025Close101.063Jul 24, 2025Close100.813Jul 28, 2025Close100.813Jul 30, 2025Close100.781Aug 1, 2025Close101.313Aug 5, 2025Close101.281Aug 7, 2025Close101.219Aug 11, 2025Close101.156Aug 13, 2025Close101.344Aug 15, 2025Close101.156Aug 19, 2025Close101.188Aug 21, 2025Close101.125Aug 25, 2025Close101.250Aug 27, 2025Close101.406Aug 29, 2025Close101.438Sep 3, 2025Close101.438Sep 5, 2025Close101.656Sep 9, 2025Close101.594Sep 11, 2025Close101.625Sep 15, 2025Close101.594Sep 17, 2025Close101.594Sep 19, 2025Close101.500Sep 23, 2025Close101.469Sep 25, 2025Close101.281Sep 29, 2025Close101.313Oct 1, 2025Close101.500Oct 3, 2025Close101.438Oct 7, 2025Close101.438Oct 9, 2025Close101.375Oct 14, 2025Close101.656Oct 16, 2025Close101.750Oct 20, 2025Close101.656Oct 22, 2025Close101.719Oct 24, 2025Close101.625Oct 28, 2025Close101.594Oct 30, 2025Close101.344Nov 3, 2025Close101.344Nov 5, 2025Close101.281Nov 7, 2025Close101.438Nov 12, 2025Close101.406Nov 14, 2025Close101.313Nov 18, 2025Close101.375Nov 20, 2025Close101.438Nov 24, 2025Close101.531Nov 26, 2025Close101.563Dec 1, 2025Close101.438Dec 3, 2025Close101.531Dec 5, 2025Close101.344Dec 9, 2025Close101.250Dec 11, 2025Close101.406Dec 15, 2025Close101.469Dec 17, 2025Close101.500Dec 19, 2025Close101.500Dec 23, 2025Close101.375Dec 26, 2025Close101.469Dec 30, 2025Close101.531Jan 2, 2026Close101.469Jan 6, 2026Close101.500Jan 8, 2026Close101.438Jan 12, 2026Close101.344Jan 14, 2026Close101.375Jan 16, 2026Close101.219Jan 21, 2026Close101.219Jan 23, 2026Close101.219Jan 27, 2026Close101.250Jan 29, 2026Close101.281Feb 2, 2026Close101.250Feb 4, 2026Close101.250Feb 6, 2026Close101.375Feb 10, 2026Close101.438Feb 12, 2026Close101.438Feb 17, 2026Close101.469Feb 19, 2026Close101.406Feb 23, 2026Close101.438Feb 25, 2026Close101.375Feb 27, 2026Close101.531Mar 3, 2026Close101.313Mar 5, 2026Close101.188Mar 9, 2026Close101.188Mar 11, 2026Close101.063Mar 13, 2026Close100.875Mar 17, 2026Close100.969Mar 19, 2026Close100.750Mar 23, 2026Close100.656Mar 25, 2026Close100.563Mar 27, 2026Close100.500Mar 31, 2026Close100.719Apr 2, 2026Close100.719Apr 6, 2026Close100.625Apr 8, 2026Close100.719Apr 10, 2026Close100.719Apr 14, 2026Close100.781Apr 16, 2026Close100.750Apr 20, 2026Close100.844Apr 22, 2026Close100.719Apr 24, 2026Close100.750Apr 28, 2026Close100.656Apr 30, 2026Close100.594May 4, 2026Close100.469May 6, 2026Close100.594May 8, 2026Close100.563May 12, 2026Close100.406May 14, 2026Close100.406May 18, 2026Close100.281May 20, 2026Close100.344May 22, 2026Close100.188May 27, 2026Close100.344May 29, 2026Close100.375Jun 2, 2026Close100.313Jun 4, 2026Close100.313Jun 8, 2026Close100.156Jun 10, 2026Close100.188Jun 12, 2026Close100.250Jun 16, 2026Close100.313Jun 18, 2026Close100.094Jun 23, 2026Close100.063Jun 25, 2026Close100.156Jun 29, 2026Close100.188Jul 1, 2026Close100.094Jul 6, 2026Close100.156Jul 8, 2026Close100.063Jul 10, 2026Close100.063Jul 14, 2026Close100.094Jul 16, 2026Close100.156Jul 20, 2026Close100.063Jul 22, 2026Close99.938Jul 24, 2026Close99.906Jul 28, 2026Close100.000Jul 30, 2026Close100.063Aug 3, 2026Close100.031Aug 5, 2026Close100.125Aug 7, 2026Close100.125Aug 11, 2026Close100.094Aug 13, 2026Close100.188Aug 17, 2026Close100.125Aug 19, 2026Close100.156Aug 21, 2026Close100.063Aug 25, 2026Close100.125Aug 27, 2026Close100.094Aug 31, 2026Close99.938Sep 2, 2026Close99.875Sep 4, 2026Close99.906Sep 9, 2026Close99.844Sep 11, 2026Close99.625Sep 15, 2026Close99.563Sep 17, 2026Close99.563Sep 21, 2026Close99.469Sep 23, 2026Close99.375Sep 25, 2026Close99.375Sep 29, 2026Close99.344Oct 1, 2026Close99.469Oct 5, 2026Close99.438Oct 7, 2026Close99.531Oct 9, 2026Close99.469Oct 14, 2026Close99.438Oct 16, 2026Close99.531Oct 20, 2026Close99.500Oct 22, 2026Close99.625Oct 26, 2026Close99.563Oct 28, 2026Close99.563Oct 30, 2026Close99.688Nov 3, 2026Close99.656Nov 5, 2026Close99.813Nov 9, 2026Close99.719
The most recent 20 trading days of prices for 91282CMF5.
DateBidOfferClose
Nov 9, 202699.71999.71999.719
Nov 6, 202699.75099.76699.750
Nov 5, 202699.75099.76699.813
Nov 4, 202699.68899.68899.688
Nov 3, 202699.65699.67299.656
Nov 2, 202699.68899.70399.688
Oct 30, 202699.65699.67299.688
Oct 29, 202699.62599.64199.625
Oct 28, 202699.50099.51699.563
Oct 27, 202699.56399.57899.531
Oct 26, 202699.56399.57899.563
Oct 23, 202699.59499.60999.594
Oct 22, 202699.56399.57899.625
Oct 21, 202699.50099.50099.469
Oct 20, 202699.50099.51699.500
Oct 19, 202699.50099.51699.500
Oct 16, 202699.53199.54799.531
Oct 15, 202699.46999.48499.469
Oct 14, 202699.37599.39199.438
Oct 13, 202699.46999.46999.469

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 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.

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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.