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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.078%
Modified duration
0.221 yr
DV01
0.0022
Convexity
0.000975
Dirty price
101.143

Where its rate sensitivity sits

0.22
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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 14.4 bp rich to the curve on that day, 3.22 cents per 100 of face.

That is -3.30 standard deviations from its own typical residual.

Yield to maturity, 444 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jan 31, 2025Nov 9, 2026Jan 31, 2025Yield to maturity4.224%Feb 4, 2025Yield to maturity4.208%Feb 6, 2025Yield to maturity4.208%Feb 10, 2025Yield to maturity4.275%Feb 12, 2025Yield to maturity4.359%Feb 14, 2025Yield to maturity4.259%Feb 19, 2025Yield to maturity4.276%Feb 21, 2025Yield to maturity4.192%Feb 25, 2025Yield to maturity4.107%Feb 27, 2025Yield to maturity4.089%Mar 3, 2025Yield to maturity3.969%Mar 5, 2025Yield to maturity4.020%Mar 7, 2025Yield to maturity4.002%Mar 11, 2025Yield to maturity3.950%Mar 13, 2025Yield to maturity3.967%Mar 17, 2025Yield to maturity4.070%Mar 19, 2025Yield to maturity4.000%Mar 21, 2025Yield to maturity3.964%Mar 25, 2025Yield to maturity4.016%Mar 27, 2025Yield to maturity4.034%Mar 31, 2025Yield to maturity3.926%Apr 2, 2025Yield to maturity3.944%Apr 4, 2025Yield to maturity3.728%Apr 8, 2025Yield to maturity3.744%Apr 10, 2025Yield to maturity3.887%Apr 14, 2025Yield to maturity3.886%Apr 16, 2025Yield to maturity3.812%Apr 21, 2025Yield to maturity3.792%Apr 23, 2025Yield to maturity3.919%Apr 25, 2025Yield to maturity3.826%Apr 29, 2025Yield to maturity3.714%May 1, 2025Yield to maturity3.768%May 5, 2025Yield to maturity3.897%May 7, 2025Yield to maturity3.840%May 9, 2025Yield to maturity3.932%May 13, 2025Yield to maturity4.065%May 15, 2025Yield to maturity4.007%May 19, 2025Yield to maturity4.026%May 21, 2025Yield to maturity4.064%May 23, 2025Yield to maturity4.064%May 28, 2025Yield to maturity4.064%May 30, 2025Yield to maturity3.985%Jun 3, 2025Yield to maturity4.024%Jun 5, 2025Yield to maturity4.004%Jun 9, 2025Yield to maturity4.063%Jun 11, 2025Yield to maturity4.003%Jun 13, 2025Yield to maturity4.022%Jun 17, 2025Yield to maturity4.022%Jun 20, 2025Yield to maturity3.981%Jun 24, 2025Yield to maturity3.879%Jun 26, 2025Yield to maturity3.817%Jun 30, 2025Yield to maturity3.815%Jul 2, 2025Yield to maturity3.876%Jul 7, 2025Yield to maturity3.999%Jul 9, 2025Yield to maturity3.957%Jul 11, 2025Yield to maturity3.977%Jul 15, 2025Yield to maturity4.039%Jul 17, 2025Yield to maturity3.997%Jul 21, 2025Yield to maturity3.954%Jul 23, 2025Yield to maturity3.975%Jul 25, 2025Yield to maturity3.995%Jul 29, 2025Yield to maturity3.974%Jul 31, 2025Yield to maturity4.060%Aug 4, 2025Yield to maturity3.797%Aug 6, 2025Yield to maturity3.796%Aug 8, 2025Yield to maturity3.859%Aug 12, 2025Yield to maturity3.836%Aug 14, 2025Yield to maturity3.835%Aug 18, 2025Yield to maturity3.855%Aug 20, 2025Yield to maturity3.831%Aug 22, 2025Yield to maturity3.784%Aug 26, 2025Yield to maturity3.783%Aug 28, 2025Yield to maturity3.781%Sep 2, 2025Yield to maturity3.801%Sep 4, 2025Yield to maturity3.730%Sep 8, 2025Yield to maturity3.635%Sep 10, 2025Yield to maturity3.656%Sep 12, 2025Yield to maturity3.652%Sep 16, 2025Yield to maturity3.627%Sep 18, 2025Yield to maturity3.648%Sep 22, 2025Yield to maturity3.668%Sep 24, 2025Yield to maturity3.690%Sep 26, 2025Yield to maturity3.711%Sep 30, 2025Yield to maturity3.685%Oct 2, 2025Yield to maturity3.635%Oct 6, 2025Yield to maturity3.680%Oct 8, 2025Yield to maturity3.678%Oct 10, 2025Yield to maturity3.599%Oct 15, 2025Yield to maturity3.597%Oct 17, 2025Yield to maturity3.567%Oct 21, 2025Yield to maturity3.565%Oct 23, 2025Yield to maturity3.588%Oct 27, 2025Yield to maturity3.609%Oct 29, 2025Yield to maturity3.709%Oct 31, 2025Yield to maturity3.705%Nov 4, 2025Yield to maturity3.678%Nov 6, 2025Yield to maturity3.676%Nov 10, 2025Yield to maturity3.671%Nov 13, 2025Yield to maturity3.695%Nov 17, 2025Yield to maturity3.692%Nov 19, 2025Yield to maturity3.690%Nov 21, 2025Yield to maturity3.605%Nov 25, 2025Yield to maturity3.603%Nov 28, 2025Yield to maturity3.597%Dec 2, 2025Yield to maturity3.622%Dec 4, 2025Yield to maturity3.620%Dec 8, 2025Yield to maturity3.643%Dec 10, 2025Yield to maturity3.613%Dec 12, 2025Yield to maturity3.580%Dec 16, 2025Yield to maturity3.549%Dec 18, 2025Yield to maturity3.518%Dec 22, 2025Yield to maturity3.541%Dec 24, 2025Yield to maturity3.566%Dec 29, 2025Yield to maturity3.531%Dec 31, 2025Yield to maturity3.527%Jan 5, 2026Yield to maturity3.522%Jan 7, 2026Yield to maturity3.519%Jan 9, 2026Yield to maturity3.574%Jan 13, 2026Yield to maturity3.571%Jan 15, 2026Yield to maturity3.599%Jan 20, 2026Yield to maturity3.593%Jan 22, 2026Yield to maturity3.621%Jan 26, 2026Yield to maturity3.585%Jan 28, 2026Yield to maturity3.582%Jan 30, 2026Yield to maturity3.544%Feb 3, 2026Yield to maturity3.573%Feb 5, 2026Yield to maturity3.505%Feb 9, 2026Yield to maturity3.530%Feb 11, 2026Yield to maturity3.560%Feb 13, 2026Yield to maturity3.518%Feb 18, 2026Yield to maturity3.548%Feb 20, 2026Yield to maturity3.575%Feb 24, 2026Yield to maturity3.572%Feb 26, 2026Yield to maturity3.568%Mar 2, 2026Yield to maturity3.596%Mar 4, 2026Yield to maturity3.628%Mar 6, 2026Yield to maturity3.622%Mar 10, 2026Yield to maturity3.619%Mar 12, 2026Yield to maturity3.723%Mar 16, 2026Yield to maturity3.682%Mar 18, 2026Yield to maturity3.752%Mar 20, 2026Yield to maturity3.896%Mar 24, 2026Yield to maturity3.857%Mar 26, 2026Yield to maturity3.893%Mar 30, 2026Yield to maturity3.775%Apr 1, 2026Yield to maturity3.735%Apr 3, 2026Yield to maturity3.807%Apr 7, 2026Yield to maturity3.766%Apr 9, 2026Yield to maturity3.724%Apr 13, 2026Yield to maturity3.758%Apr 15, 2026Yield to maturity3.756%Apr 17, 2026Yield to maturity3.710%Apr 21, 2026Yield to maturity3.748%Apr 23, 2026Yield to maturity3.745%Apr 27, 2026Yield to maturity3.698%Apr 29, 2026Yield to maturity3.779%May 1, 2026Yield to maturity3.731%May 5, 2026Yield to maturity3.771%May 7, 2026Yield to maturity3.769%May 11, 2026Yield to maturity3.764%May 13, 2026Yield to maturity3.761%May 15, 2026Yield to maturity3.801%May 19, 2026Yield to maturity3.844%May 21, 2026Yield to maturity3.842%May 26, 2026Yield to maturity3.836%May 28, 2026Yield to maturity3.834%Jun 1, 2026Yield to maturity3.829%Jun 3, 2026Yield to maturity3.827%Jun 5, 2026Yield to maturity3.871%Jun 9, 2026Yield to maturity3.869%Jun 11, 2026Yield to maturity3.867%Jun 15, 2026Yield to maturity3.863%Jun 17, 2026Yield to maturity4.016%Jun 22, 2026Yield to maturity4.014%Jun 24, 2026Yield to maturity4.013%Jun 26, 2026Yield to maturity3.957%Jun 30, 2026Yield to maturity4.010%Jul 2, 2026Yield to maturity4.008%Jul 7, 2026Yield to maturity4.008%Jul 9, 2026Yield to maturity4.007%Jul 13, 2026Yield to maturity4.063%Jul 15, 2026Yield to maturity3.945%Jul 17, 2026Yield to maturity4.002%Jul 21, 2026Yield to maturity4.002%Jul 23, 2026Yield to maturity4.062%Jul 27, 2026Yield to maturity4.124%Jul 29, 2026Yield to maturity3.998%Jul 31, 2026Yield to maturity3.994%Aug 4, 2026Yield to maturity3.992%Aug 6, 2026Yield to maturity3.989%Aug 10, 2026Yield to maturity3.985%Aug 12, 2026Yield to maturity3.982%Aug 14, 2026Yield to maturity3.907%Aug 18, 2026Yield to maturity3.904%Aug 20, 2026Yield to maturity3.901%Aug 24, 2026Yield to maturity3.893%Aug 26, 2026Yield to maturity3.964%Aug 28, 2026Yield to maturity4.035%Sep 1, 2026Yield to maturity4.033%Sep 3, 2026Yield to maturity3.953%Sep 8, 2026Yield to maturity3.945%Sep 10, 2026Yield to maturity4.106%Sep 14, 2026Yield to maturity4.188%Sep 16, 2026Yield to maturity4.274%Sep 18, 2026Yield to maturity4.189%Sep 22, 2026Yield to maturity4.189%Sep 24, 2026Yield to maturity4.280%Sep 28, 2026Yield to maturity4.378%Sep 30, 2026Yield to maturity4.286%Oct 2, 2026Yield to maturity4.193%Oct 6, 2026Yield to maturity4.193%Oct 8, 2026Yield to maturity4.194%Oct 13, 2026Yield to maturity4.197%Oct 15, 2026Yield to maturity4.305%Oct 19, 2026Yield to maturity4.312%Oct 21, 2026Yield to maturity4.315%Oct 23, 2026Yield to maturity4.204%Oct 27, 2026Yield to maturity4.205%Oct 29, 2026Yield to maturity4.207%Nov 2, 2026Yield to maturity4.082%Nov 4, 2026Yield to maturity4.081%Nov 6, 2026Yield to maturity4.079%Nov 9, 2026Yield to maturity4.078%

Price history

444 trading days to Nov 9, 2026

99.5099.75100.00100.25100.50100.75101.00Jan 31, 2025Nov 9, 2026Jan 31, 2025Close99.813Feb 4, 2025Close99.844Feb 6, 2025Close99.844Feb 10, 2025Close99.719Feb 12, 2025Close99.563Feb 14, 2025Close99.750Feb 19, 2025Close99.719Feb 21, 2025Close99.875Feb 25, 2025Close100.031Feb 27, 2025Close100.063Mar 3, 2025Close100.281Mar 5, 2025Close100.188Mar 7, 2025Close100.219Mar 11, 2025Close100.313Mar 13, 2025Close100.281Mar 17, 2025Close100.094Mar 19, 2025Close100.219Mar 21, 2025Close100.281Mar 25, 2025Close100.188Mar 27, 2025Close100.156Mar 31, 2025Close100.344Apr 2, 2025Close100.313Apr 4, 2025Close100.688Apr 8, 2025Close100.656Apr 10, 2025Close100.406Apr 14, 2025Close100.406Apr 16, 2025Close100.531Apr 21, 2025Close100.563Apr 23, 2025Close100.344Apr 25, 2025Close100.500Apr 29, 2025Close100.688May 1, 2025Close100.594May 5, 2025Close100.375May 7, 2025Close100.469May 9, 2025Close100.313May 13, 2025Close100.094May 15, 2025Close100.188May 19, 2025Close100.156May 21, 2025Close100.094May 23, 2025Close100.094May 28, 2025Close100.094May 30, 2025Close100.219Jun 3, 2025Close100.156Jun 5, 2025Close100.188Jun 9, 2025Close100.094Jun 11, 2025Close100.188Jun 13, 2025Close100.156Jun 17, 2025Close100.156Jun 20, 2025Close100.219Jun 24, 2025Close100.375Jun 26, 2025Close100.469Jun 30, 2025Close100.469Jul 2, 2025Close100.375Jul 7, 2025Close100.188Jul 9, 2025Close100.250Jul 11, 2025Close100.219Jul 15, 2025Close100.125Jul 17, 2025Close100.188Jul 21, 2025Close100.250Jul 23, 2025Close100.219Jul 25, 2025Close100.188Jul 29, 2025Close100.219Jul 31, 2025Close100.094Aug 4, 2025Close100.469Aug 6, 2025Close100.469Aug 8, 2025Close100.375Aug 12, 2025Close100.406Aug 14, 2025Close100.406Aug 18, 2025Close100.375Aug 20, 2025Close100.406Aug 22, 2025Close100.469Aug 26, 2025Close100.469Aug 28, 2025Close100.469Sep 2, 2025Close100.438Sep 4, 2025Close100.531Sep 8, 2025Close100.656Sep 10, 2025Close100.625Sep 12, 2025Close100.625Sep 16, 2025Close100.656Sep 18, 2025Close100.625Sep 22, 2025Close100.594Sep 24, 2025Close100.563Sep 26, 2025Close100.531Sep 30, 2025Close100.563Oct 2, 2025Close100.625Oct 6, 2025Close100.563Oct 8, 2025Close100.563Oct 10, 2025Close100.656Oct 15, 2025Close100.656Oct 17, 2025Close100.688Oct 21, 2025Close100.688Oct 23, 2025Close100.656Oct 27, 2025Close100.625Oct 29, 2025Close100.500Oct 31, 2025Close100.500Nov 4, 2025Close100.531Nov 6, 2025Close100.531Nov 10, 2025Close100.531Nov 13, 2025Close100.500Nov 17, 2025Close100.500Nov 19, 2025Close100.500Nov 21, 2025Close100.594Nov 25, 2025Close100.594Nov 28, 2025Close100.594Dec 2, 2025Close100.563Dec 4, 2025Close100.563Dec 8, 2025Close100.531Dec 10, 2025Close100.563Dec 12, 2025Close100.594Dec 16, 2025Close100.625Dec 18, 2025Close100.656Dec 22, 2025Close100.625Dec 24, 2025Close100.594Dec 29, 2025Close100.625Dec 31, 2025Close100.625Jan 5, 2026Close100.625Jan 7, 2026Close100.625Jan 9, 2026Close100.563Jan 13, 2026Close100.563Jan 15, 2026Close100.531Jan 20, 2026Close100.531Jan 22, 2026Close100.500Jan 26, 2026Close100.531Jan 28, 2026Close100.531Jan 30, 2026Close100.563Feb 3, 2026Close100.531Feb 5, 2026Close100.594Feb 9, 2026Close100.563Feb 11, 2026Close100.531Feb 13, 2026Close100.563Feb 18, 2026Close100.531Feb 20, 2026Close100.500Feb 24, 2026Close100.500Feb 26, 2026Close100.500Mar 2, 2026Close100.469Mar 4, 2026Close100.438Mar 6, 2026Close100.438Mar 10, 2026Close100.438Mar 12, 2026Close100.344Mar 16, 2026Close100.375Mar 18, 2026Close100.313Mar 20, 2026Close100.188Mar 24, 2026Close100.219Mar 26, 2026Close100.188Mar 30, 2026Close100.281Apr 1, 2026Close100.313Apr 3, 2026Close100.250Apr 7, 2026Close100.281Apr 9, 2026Close100.313Apr 13, 2026Close100.281Apr 15, 2026Close100.281Apr 17, 2026Close100.313Apr 21, 2026Close100.281Apr 23, 2026Close100.281Apr 27, 2026Close100.313Apr 29, 2026Close100.250May 1, 2026Close100.281May 5, 2026Close100.250May 7, 2026Close100.250May 11, 2026Close100.250May 13, 2026Close100.250May 15, 2026Close100.219May 19, 2026Close100.188May 21, 2026Close100.188May 26, 2026Close100.188May 28, 2026Close100.188Jun 1, 2026Close100.188Jun 3, 2026Close100.188Jun 5, 2026Close100.156Jun 9, 2026Close100.156Jun 11, 2026Close100.156Jun 15, 2026Close100.156Jun 17, 2026Close100.063Jun 22, 2026Close100.063Jun 24, 2026Close100.063Jun 26, 2026Close100.094Jun 30, 2026Close100.063Jul 2, 2026Close100.063Jul 7, 2026Close100.063Jul 9, 2026Close100.063Jul 13, 2026Close100.031Jul 15, 2026Close100.094Jul 17, 2026Close100.063Jul 21, 2026Close100.063Jul 23, 2026Close100.031Jul 27, 2026Close100.000Jul 29, 2026Close100.063Jul 31, 2026Close100.063Aug 4, 2026Close100.063Aug 6, 2026Close100.063Aug 10, 2026Close100.063Aug 12, 2026Close100.063Aug 14, 2026Close100.094Aug 18, 2026Close100.094Aug 20, 2026Close100.094Aug 24, 2026Close100.094Aug 26, 2026Close100.063Aug 28, 2026Close100.031Sep 1, 2026Close100.031Sep 3, 2026Close100.063Sep 8, 2026Close100.063Sep 10, 2026Close100.000Sep 14, 2026Close99.969Sep 16, 2026Close99.938Sep 18, 2026Close99.969Sep 22, 2026Close99.969Sep 24, 2026Close99.938Sep 28, 2026Close99.906Sep 30, 2026Close99.938Oct 2, 2026Close99.969Oct 6, 2026Close99.969Oct 8, 2026Close99.969Oct 13, 2026Close99.969Oct 15, 2026Close99.938Oct 19, 2026Close99.938Oct 21, 2026Close99.938Oct 23, 2026Close99.969Oct 27, 2026Close99.969Oct 29, 2026Close99.969Nov 2, 2026Close100.000Nov 4, 2026Close100.000Nov 6, 2026Close100.000Nov 9, 2026Close100.000
The most recent 20 trading days of prices for 91282CMH1.
DateBidOfferClose
Nov 9, 2026100.000–100.000
Nov 6, 2026100.000–100.000
Nov 5, 202699.969–99.969
Nov 4, 2026100.000–100.000
Nov 3, 2026100.000–100.000
Nov 2, 2026100.000–100.000
Oct 30, 2026100.000–100.000
Oct 29, 202699.969–99.969
Oct 28, 2026100.000–100.000
Oct 27, 202699.969–99.969
Oct 26, 202699.969–99.969
Oct 23, 202699.969–99.969
Oct 22, 202699.969–99.938
Oct 21, 202699.938–99.938
Oct 20, 202699.938–99.938
Oct 19, 202699.938–99.938
Oct 16, 202699.938–99.938
Oct 15, 202699.938–99.938
Oct 14, 202699.875–99.906
Oct 13, 202699.969–99.969

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 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.

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.