Floating rate note

91282CMJ7

Original term: 2-Year
Maturity: Jan 31, 2027
Coupon: –
Pays: Quarterly
Dated: Jan 31, 2025
First coupon: Apr 30, 2025
Priced through: Nov 9, 2026
Analyzed through: not analyzed

Statement of October 31, 2026

Amount outstanding: $90.49bn
Held stripped: not strippable
Share stripped: –

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. 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.

Floating rate measures, November 9, 2026

A floating-rate note resets quarterly against the 13-week bill, so it has no yield to maturity: the cashflow schedule a yield would describe does not exist. What it has instead is a spread, the margin a buyer earns over that reference rate, and a sensitivity to that spread rather than to the level of rates.

Discount margin: -4.5 bp
Spread at auction: 9.8 bp
Index rate: 4.102%
Spread duration: 0.226 yr
Spread DV01: 0.0023
Clean price: 100.031
Accrued: 0.116
Dirty price: 100.147
Rate duration: 0.0003 yr

Rate duration is almost zero, and that is the instrument rather than a missing number: because the coupon resets, the price barely moves when the level of rates moves. Spread duration is the one that matters here. It says how much the price moves if the market demands a wider margin.

Its current margin is -1.60 standard deviations from its own typical margin.

Discount margin, 444 observations

Price history

444 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 91282CMJ7.
Date	Bid	Offer	Close
Nov 9, 2026	100.031	–	100.031
Nov 6, 2026	100.031	–	100.031
Nov 5, 2026	100.032	–	100.032
Nov 4, 2026	100.032	–	100.032
Nov 3, 2026	100.032	–	100.032
Nov 2, 2026	100.035	100.039	100.035
Oct 30, 2026	100.035	100.039	100.035
Oct 29, 2026	100.035	100.039	100.035
Oct 28, 2026	100.034	100.038	100.034
Oct 27, 2026	100.036	100.040	100.036
Oct 26, 2026	100.035	100.041	100.035
Oct 23, 2026	100.038	100.042	100.038
Oct 22, 2026	100.037	100.042	100.037
Oct 21, 2026	100.037	100.042	100.037
Oct 20, 2026	100.040	100.043	100.040
Oct 19, 2026	100.035	100.041	100.035
Oct 16, 2026	100.037	100.043	100.037
Oct 15, 2026	100.037	100.043	100.038
Oct 14, 2026	100.037	100.043	100.036
Oct 13, 2026	100.035	100.041	100.036

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.

3 auctions

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 91282CMJ7.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Jan 28, 2025	Jan 31, 2025	New issue	$30.0bn	$31.7bn	3.01x	–
Feb 26, 2025	Feb 28, 2025	Reopening	$28.0bn	$30.8bn	2.72x	–
Mar 26, 2025	Mar 28, 2025	Reopening	$28.0bn	$28.0bn	2.87x	–

The curve this was priced against →