Treasury note

91282CMH1 · 4.125% due January 31, 2027

Original term
2-Year
Maturity
Jan 31, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Jan 31, 2025
First coupon
Jul 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$65.45bn
Held stripped
$132.8m
Share stripped
0.20%

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
4.106%
Modified duration
0.380 yr
DV01
0.0038
Convexity
0.289
Dirty price
100.471

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 2 of twelve buckets, summing to 0.389 years against a modified duration of 0.380.

Against the fitted curve

Priced 0.2 bp cheap to the curve on that day, 0.08 cents per 100 of face.

That is 1.29 standard deviations from its own typical residual.

Yield to maturity, 404 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jan 31, 2025Sep 10, 2026Jan 31, 2025Yield to maturity4.224%Feb 14, 2025Yield to maturity4.259%Mar 3, 2025Yield to maturity3.969%Mar 17, 2025Yield to maturity4.070%Mar 31, 2025Yield to maturity3.926%Apr 14, 2025Yield to maturity3.886%Apr 28, 2025Yield to maturity3.733%May 12, 2025Yield to maturity4.046%May 27, 2025Yield to maturity4.025%Jun 10, 2025Yield to maturity4.063%Jun 25, 2025Yield to maturity3.858%Jul 10, 2025Yield to maturity3.956%Jul 24, 2025Yield to maturity4.017%Aug 7, 2025Yield to maturity3.839%Aug 21, 2025Yield to maturity3.876%Sep 5, 2025Yield to maturity3.636%Sep 19, 2025Yield to maturity3.645%Oct 3, 2025Yield to maturity3.656%Oct 20, 2025Yield to maturity3.566%Nov 3, 2025Yield to maturity3.704%Nov 18, 2025Yield to maturity3.664%Dec 3, 2025Yield to maturity3.593%Dec 17, 2025Yield to maturity3.548%Jan 2, 2026Yield to maturity3.523%Jan 16, 2026Yield to maturity3.594%Feb 2, 2026Yield to maturity3.575%Feb 17, 2026Yield to maturity3.550%Mar 3, 2026Yield to maturity3.630%Mar 17, 2026Yield to maturity3.680%Mar 31, 2026Yield to maturity3.736%Apr 14, 2026Yield to maturity3.757%Apr 28, 2026Yield to maturity3.738%May 12, 2026Yield to maturity3.762%May 27, 2026Yield to maturity3.835%Jun 10, 2026Yield to maturity3.868%Jun 25, 2026Yield to maturity3.959%Jul 10, 2026Yield to maturity4.063%Jul 24, 2026Yield to maturity4.062%Aug 7, 2026Yield to maturity3.986%Aug 21, 2026Yield to maturity3.895%Sep 4, 2026Yield to maturity3.947%Sep 10, 2026Yield to maturity4.106%

Price history

404 trading days to Sep 10, 2026

99.5099.75100.00100.25100.50100.75101.00Jan 31, 2025Sep 10, 2026Jan 31, 2025Close99.813Feb 14, 2025Close99.750Mar 3, 2025Close100.281Mar 17, 2025Close100.094Mar 31, 2025Close100.344Apr 14, 2025Close100.406Apr 28, 2025Close100.656May 12, 2025Close100.125May 27, 2025Close100.156Jun 10, 2025Close100.094Jun 25, 2025Close100.406Jul 10, 2025Close100.250Jul 24, 2025Close100.156Aug 7, 2025Close100.406Aug 21, 2025Close100.344Sep 5, 2025Close100.656Sep 19, 2025Close100.625Oct 3, 2025Close100.594Oct 20, 2025Close100.688Nov 3, 2025Close100.500Nov 18, 2025Close100.531Dec 3, 2025Close100.594Dec 17, 2025Close100.625Jan 2, 2026Close100.625Jan 16, 2026Close100.531Feb 2, 2026Close100.531Feb 17, 2026Close100.531Mar 3, 2026Close100.438Mar 17, 2026Close100.375Mar 31, 2026Close100.313Apr 14, 2026Close100.281Apr 28, 2026Close100.281May 12, 2026Close100.250May 27, 2026Close100.188Jun 10, 2026Close100.156Jun 25, 2026Close100.094Jul 10, 2026Close100.031Jul 24, 2026Close100.031Aug 7, 2026Close100.063Aug 21, 2026Close100.094Sep 4, 2026Close100.063Sep 10, 2026Close100.000
The most recent 20 trading days of prices for 91282CMH1.
DateBidOfferClose
Sep 10, 2026–100.031100.000
Sep 9, 2026–100.031100.031
Sep 8, 2026–100.063100.063
Sep 4, 2026–100.031100.063
Sep 3, 2026–100.063100.063
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.031100.031
Aug 31, 2026–100.031100.031
Aug 28, 2026–100.031100.031
Aug 27, 2026–100.063100.063
Aug 26, 2026–100.094100.063
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.094100.094
Aug 18, 2026–100.094100.094
Aug 17, 2026–100.094100.094
Aug 14, 2026–100.094100.094
Aug 13, 2026–100.094100.094

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 91282CMH1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 27, 2025Jan 31, 2025New issue$69.0bn$72.8bn2.66x4.211%

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.