Treasury note

91282CMK4 · 4.375% due January 31, 2032

Original term
7-Year
Maturity
Jan 31, 2032
Coupon
4.375%
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
$46.44bn
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
4.701%
Modified duration
4.558 yr
DV01
0.0454
Convexity
0.246
Dirty price
99.713

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
0.19
3.88
0.47
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 7 of twelve buckets, summing to 4.666 years against a modified duration of 4.558.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 5.74 cents per 100 of face.

That is 0.22 standard deviations from its own typical residual.

Yield to maturity, 444 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Jan 31, 2025Nov 9, 2026Jan 31, 2025Yield to maturity4.475%Feb 4, 2025Yield to maturity4.417%Feb 6, 2025Yield to maturity4.359%Feb 10, 2025Yield to maturity4.422%Feb 12, 2025Yield to maturity4.560%Feb 14, 2025Yield to maturity4.406%Feb 19, 2025Yield to maturity4.454%Feb 21, 2025Yield to maturity4.343%Feb 25, 2025Yield to maturity4.212%Feb 27, 2025Yield to maturity4.191%Mar 3, 2025Yield to maturity4.061%Mar 5, 2025Yield to maturity4.180%Mar 7, 2025Yield to maturity4.206%Mar 11, 2025Yield to maturity4.153%Mar 13, 2025Yield to maturity4.148%Mar 17, 2025Yield to maturity4.205%Mar 19, 2025Yield to maturity4.137%Mar 21, 2025Yield to maturity4.121%Mar 25, 2025Yield to maturity4.178%Mar 27, 2025Yield to maturity4.231%Mar 31, 2025Yield to maturity4.083%Apr 2, 2025Yield to maturity4.062%Apr 4, 2025Yield to maturity3.844%Apr 8, 2025Yield to maturity4.051%Apr 10, 2025Yield to maturity4.209%Apr 14, 2025Yield to maturity4.187%Apr 16, 2025Yield to maturity4.071%Apr 21, 2025Yield to maturity4.176%Apr 23, 2025Yield to maturity4.192%Apr 25, 2025Yield to maturity4.065%Apr 29, 2025Yield to maturity3.954%May 1, 2025Yield to maturity4.006%May 5, 2025Yield to maturity4.127%May 7, 2025Yield to maturity4.048%May 9, 2025Yield to maturity4.170%May 13, 2025Yield to maturity4.293%May 15, 2025Yield to maturity4.239%May 19, 2025Yield to maturity4.244%May 21, 2025Yield to maturity4.347%May 23, 2025Yield to maturity4.271%May 28, 2025Yield to maturity4.249%May 30, 2025Yield to maturity4.163%Jun 3, 2025Yield to maturity4.217%Jun 5, 2025Yield to maturity4.168%Jun 9, 2025Yield to maturity4.265%Jun 11, 2025Yield to maturity4.184%Jun 13, 2025Yield to maturity4.178%Jun 17, 2025Yield to maturity4.146%Jun 20, 2025Yield to maturity4.129%Jun 24, 2025Yield to maturity4.032%Jun 26, 2025Yield to maturity3.978%Jun 30, 2025Yield to maturity3.956%Jul 2, 2025Yield to maturity4.031%Jul 7, 2025Yield to maturity4.128%Jul 9, 2025Yield to maturity4.079%Jul 11, 2025Yield to maturity4.160%Jul 15, 2025Yield to maturity4.226%Jul 17, 2025Yield to maturity4.187%Jul 21, 2025Yield to maturity4.094%Jul 23, 2025Yield to maturity4.116%Jul 25, 2025Yield to maturity4.115%Jul 29, 2025Yield to maturity4.061%Jul 31, 2025Yield to maturity4.110%Aug 4, 2025Yield to maturity3.907%Aug 6, 2025Yield to maturity3.929%Aug 8, 2025Yield to maturity3.993%Aug 12, 2025Yield to maturity3.993%Aug 14, 2025Yield to maturity3.987%Aug 18, 2025Yield to maturity4.030%Aug 20, 2025Yield to maturity3.975%Aug 22, 2025Yield to maturity3.931%Aug 26, 2025Yield to maturity3.925%Aug 28, 2025Yield to maturity3.876%Sep 2, 2025Yield to maturity3.924%Sep 4, 2025Yield to maturity3.820%Sep 8, 2025Yield to maturity3.732%Sep 10, 2025Yield to maturity3.731%Sep 12, 2025Yield to maturity3.768%Sep 16, 2025Yield to maturity3.735%Sep 18, 2025Yield to maturity3.811%Sep 22, 2025Yield to maturity3.849%Sep 24, 2025Yield to maturity3.859%Sep 26, 2025Yield to maturity3.914%Sep 30, 2025Yield to maturity3.875%Oct 2, 2025Yield to maturity3.808%Oct 6, 2025Yield to maturity3.890%Oct 8, 2025Yield to maturity3.856%Oct 10, 2025Yield to maturity3.778%Oct 15, 2025Yield to maturity3.761%Oct 17, 2025Yield to maturity3.721%Oct 21, 2025Yield to maturity3.682%Oct 23, 2025Yield to maturity3.732%Oct 27, 2025Yield to maturity3.736%Oct 29, 2025Yield to maturity3.819%Oct 31, 2025Yield to maturity3.835%Nov 4, 2025Yield to maturity3.818%Nov 6, 2025Yield to maturity3.817%Nov 10, 2025Yield to maturity3.838%Nov 13, 2025Yield to maturity3.827%Nov 17, 2025Yield to maturity3.843%Nov 19, 2025Yield to maturity3.831%Nov 21, 2025Yield to maturity3.746%Nov 25, 2025Yield to maturity3.696%Nov 28, 2025Yield to maturity3.717%Dec 2, 2025Yield to maturity3.784%Dec 4, 2025Yield to maturity3.806%Dec 8, 2025Yield to maturity3.873%Dec 10, 2025Yield to maturity3.844%Dec 12, 2025Yield to maturity3.877%Dec 16, 2025Yield to maturity3.820%Dec 18, 2025Yield to maturity3.791%Dec 22, 2025Yield to maturity3.847%Dec 24, 2025Yield to maturity3.841%Dec 29, 2025Yield to maturity3.795%Dec 31, 2025Yield to maturity3.851%Jan 5, 2026Yield to maturity3.833%Jan 7, 2026Yield to maturity3.816%Jan 9, 2026Yield to maturity3.872%Jan 13, 2026Yield to maturity3.860%Jan 15, 2026Yield to maturity3.877%Jan 20, 2026Yield to maturity3.986%Jan 22, 2026Yield to maturity3.963%Jan 26, 2026Yield to maturity3.933%Jan 28, 2026Yield to maturity3.956%Jan 30, 2026Yield to maturity3.921%Feb 3, 2026Yield to maturity3.949%Feb 5, 2026Yield to maturity3.867%Feb 9, 2026Yield to maturity3.867%Feb 11, 2026Yield to maturity3.860%Feb 13, 2026Yield to maturity3.714%Feb 18, 2026Yield to maturity3.766%Feb 20, 2026Yield to maturity3.759%Feb 24, 2026Yield to maturity3.712%Feb 26, 2026Yield to maturity3.688%Mar 2, 2026Yield to maturity3.722%Mar 4, 2026Yield to maturity3.773%Mar 6, 2026Yield to maturity3.831%Mar 10, 2026Yield to maturity3.831%Mar 12, 2026Yield to maturity3.978%Mar 16, 2026Yield to maturity3.912%Mar 18, 2026Yield to maturity3.965%Mar 20, 2026Yield to maturity4.120%Mar 24, 2026Yield to maturity4.132%Mar 26, 2026Yield to maturity4.186%Mar 30, 2026Yield to maturity4.071%Apr 1, 2026Yield to maturity4.058%Apr 3, 2026Yield to maturity4.082%Apr 7, 2026Yield to maturity4.045%Apr 9, 2026Yield to maturity4.003%Apr 13, 2026Yield to maturity4.008%Apr 15, 2026Yield to maturity3.984%Apr 17, 2026Yield to maturity3.935%Apr 21, 2026Yield to maturity3.989%Apr 23, 2026Yield to maturity4.043%Apr 27, 2026Yield to maturity4.043%Apr 29, 2026Yield to maturity4.140%May 1, 2026Yield to maturity4.103%May 5, 2026Yield to maturity4.152%May 7, 2026Yield to maturity4.121%May 11, 2026Yield to maturity4.139%May 13, 2026Yield to maturity4.188%May 15, 2026Yield to maturity4.330%May 19, 2026Yield to maturity4.399%May 21, 2026Yield to maturity4.311%May 26, 2026Yield to maturity4.249%May 28, 2026Yield to maturity4.211%Jun 1, 2026Yield to maturity4.236%Jun 3, 2026Yield to maturity4.267%Jun 5, 2026Yield to maturity4.336%Jun 9, 2026Yield to maturity4.311%Jun 11, 2026Yield to maturity4.229%Jun 15, 2026Yield to maturity4.235%Jun 17, 2026Yield to maturity4.305%Jun 22, 2026Yield to maturity4.330%Jun 24, 2026Yield to maturity4.222%Jun 26, 2026Yield to maturity4.172%Jun 30, 2026Yield to maturity4.228%Jul 2, 2026Yield to maturity4.273%Jul 7, 2026Yield to maturity4.317%Jul 9, 2026Yield to maturity4.311%Jul 13, 2026Yield to maturity4.407%Jul 15, 2026Yield to maturity4.304%Jul 17, 2026Yield to maturity4.323%Jul 21, 2026Yield to maturity4.413%Jul 23, 2026Yield to maturity4.504%Jul 27, 2026Yield to maturity4.439%Jul 29, 2026Yield to maturity4.420%Jul 31, 2026Yield to maturity4.492%Aug 4, 2026Yield to maturity4.375%Aug 6, 2026Yield to maturity4.440%Aug 10, 2026Yield to maturity4.453%Aug 12, 2026Yield to maturity4.420%Aug 14, 2026Yield to maturity4.407%Aug 18, 2026Yield to maturity4.420%Aug 20, 2026Yield to maturity4.433%Aug 24, 2026Yield to maturity4.453%Aug 26, 2026Yield to maturity4.420%Aug 28, 2026Yield to maturity4.525%Sep 1, 2026Yield to maturity4.592%Sep 3, 2026Yield to maturity4.552%Sep 8, 2026Yield to maturity4.606%Sep 10, 2026Yield to maturity4.780%Sep 14, 2026Yield to maturity4.834%Sep 16, 2026Yield to maturity4.896%Sep 18, 2026Yield to maturity4.897%Sep 22, 2026Yield to maturity4.856%Sep 24, 2026Yield to maturity5.068%Sep 28, 2026Yield to maturity5.097%Sep 30, 2026Yield to maturity5.119%Oct 2, 2026Yield to maturity5.099%Oct 6, 2026Yield to maturity5.065%Oct 8, 2026Yield to maturity5.031%Oct 13, 2026Yield to maturity5.040%Oct 15, 2026Yield to maturity4.944%Oct 19, 2026Yield to maturity4.979%Oct 21, 2026Yield to maturity4.987%Oct 23, 2026Yield to maturity4.849%Oct 27, 2026Yield to maturity4.871%Oct 29, 2026Yield to maturity4.823%Nov 2, 2026Yield to maturity4.734%Nov 4, 2026Yield to maturity4.714%Nov 6, 2026Yield to maturity4.673%Nov 9, 2026Yield to maturity4.701%

Price history

444 trading days to Nov 9, 2026

9698100102104Jan 31, 2025Nov 9, 2026Jan 31, 2025Close99.406Feb 4, 2025Close99.750Feb 6, 2025Close100.094Feb 10, 2025Close99.719Feb 12, 2025Close98.906Feb 14, 2025Close99.813Feb 19, 2025Close99.531Feb 21, 2025Close100.188Feb 25, 2025Close100.969Feb 27, 2025Close101.094Mar 3, 2025Close101.875Mar 5, 2025Close101.156Mar 7, 2025Close101.000Mar 11, 2025Close101.313Mar 13, 2025Close101.344Mar 17, 2025Close101.000Mar 19, 2025Close101.406Mar 21, 2025Close101.500Mar 25, 2025Close101.156Mar 27, 2025Close100.844Mar 31, 2025Close101.719Apr 2, 2025Close101.844Apr 4, 2025Close103.156Apr 8, 2025Close101.906Apr 10, 2025Close100.969Apr 14, 2025Close101.094Apr 16, 2025Close101.781Apr 21, 2025Close101.156Apr 23, 2025Close101.063Apr 25, 2025Close101.813Apr 29, 2025Close102.469May 1, 2025Close102.156May 5, 2025Close101.438May 7, 2025Close101.906May 9, 2025Close101.188May 13, 2025Close100.469May 15, 2025Close100.781May 19, 2025Close100.750May 21, 2025Close100.156May 23, 2025Close100.594May 28, 2025Close100.719May 30, 2025Close101.219Jun 3, 2025Close100.906Jun 5, 2025Close101.188Jun 9, 2025Close100.625Jun 11, 2025Close101.094Jun 13, 2025Close101.125Jun 17, 2025Close101.313Jun 20, 2025Close101.406Jun 24, 2025Close101.969Jun 26, 2025Close102.281Jun 30, 2025Close102.406Jul 2, 2025Close101.969Jul 7, 2025Close101.406Jul 9, 2025Close101.688Jul 11, 2025Close101.219Jul 15, 2025Close100.844Jul 17, 2025Close101.063Jul 21, 2025Close101.594Jul 23, 2025Close101.469Jul 25, 2025Close101.469Jul 29, 2025Close101.781Jul 31, 2025Close101.500Aug 4, 2025Close102.656Aug 6, 2025Close102.531Aug 8, 2025Close102.156Aug 12, 2025Close102.156Aug 14, 2025Close102.188Aug 18, 2025Close101.938Aug 20, 2025Close102.250Aug 22, 2025Close102.500Aug 26, 2025Close102.531Aug 28, 2025Close102.813Sep 2, 2025Close102.531Sep 4, 2025Close103.125Sep 8, 2025Close103.625Sep 10, 2025Close103.625Sep 12, 2025Close103.406Sep 16, 2025Close103.594Sep 18, 2025Close103.156Sep 22, 2025Close102.938Sep 24, 2025Close102.875Sep 26, 2025Close102.563Sep 30, 2025Close102.781Oct 2, 2025Close103.156Oct 6, 2025Close102.688Oct 8, 2025Close102.875Oct 10, 2025Close103.313Oct 15, 2025Close103.406Oct 17, 2025Close103.625Oct 21, 2025Close103.844Oct 23, 2025Close103.563Oct 27, 2025Close103.531Oct 29, 2025Close103.063Oct 31, 2025Close102.969Nov 4, 2025Close103.063Nov 6, 2025Close103.063Nov 10, 2025Close102.938Nov 13, 2025Close103.000Nov 17, 2025Close102.906Nov 19, 2025Close102.969Nov 21, 2025Close103.438Nov 25, 2025Close103.719Nov 28, 2025Close103.594Dec 2, 2025Close103.219Dec 4, 2025Close103.094Dec 8, 2025Close102.719Dec 10, 2025Close102.875Dec 12, 2025Close102.688Dec 16, 2025Close103.000Dec 18, 2025Close103.156Dec 22, 2025Close102.844Dec 24, 2025Close102.875Dec 29, 2025Close103.125Dec 31, 2025Close102.813Jan 5, 2026Close102.906Jan 7, 2026Close103.000Jan 9, 2026Close102.688Jan 13, 2026Close102.750Jan 15, 2026Close102.656Jan 20, 2026Close102.063Jan 22, 2026Close102.188Jan 26, 2026Close102.344Jan 28, 2026Close102.219Jan 30, 2026Close102.406Feb 3, 2026Close102.250Feb 5, 2026Close102.688Feb 9, 2026Close102.688Feb 11, 2026Close102.719Feb 13, 2026Close103.500Feb 18, 2026Close103.219Feb 20, 2026Close103.250Feb 24, 2026Close103.500Feb 26, 2026Close103.625Mar 2, 2026Close103.438Mar 4, 2026Close103.156Mar 6, 2026Close102.844Mar 10, 2026Close102.844Mar 12, 2026Close102.063Mar 16, 2026Close102.406Mar 18, 2026Close102.125Mar 20, 2026Close101.313Mar 24, 2026Close101.250Mar 26, 2026Close100.969Mar 30, 2026Close101.563Apr 1, 2026Close101.625Apr 3, 2026Close101.500Apr 7, 2026Close101.688Apr 9, 2026Close101.906Apr 13, 2026Close101.875Apr 15, 2026Close102.000Apr 17, 2026Close102.250Apr 21, 2026Close101.969Apr 23, 2026Close101.688Apr 27, 2026Close101.688Apr 29, 2026Close101.188May 1, 2026Close101.375May 5, 2026Close101.125May 7, 2026Close101.281May 11, 2026Close101.188May 13, 2026Close100.938May 15, 2026Close100.219May 19, 2026Close99.875May 21, 2026Close100.313May 26, 2026Close100.625May 28, 2026Close100.813Jun 1, 2026Close100.688Jun 3, 2026Close100.531Jun 5, 2026Close100.188Jun 9, 2026Close100.313Jun 11, 2026Close100.719Jun 15, 2026Close100.688Jun 17, 2026Close100.344Jun 22, 2026Close100.219Jun 24, 2026Close100.750Jun 26, 2026Close101.000Jun 30, 2026Close100.719Jul 2, 2026Close100.500Jul 7, 2026Close100.281Jul 9, 2026Close100.313Jul 13, 2026Close99.844Jul 15, 2026Close100.344Jul 17, 2026Close100.250Jul 21, 2026Close99.813Jul 23, 2026Close99.375Jul 27, 2026Close99.688Jul 29, 2026Close99.781Jul 31, 2026Close99.438Aug 4, 2026Close100.000Aug 6, 2026Close99.688Aug 10, 2026Close99.625Aug 12, 2026Close99.781Aug 14, 2026Close99.844Aug 18, 2026Close99.781Aug 20, 2026Close99.719Aug 24, 2026Close99.625Aug 26, 2026Close99.781Aug 28, 2026Close99.281Sep 1, 2026Close98.969Sep 3, 2026Close99.156Sep 8, 2026Close98.906Sep 10, 2026Close98.094Sep 14, 2026Close97.844Sep 16, 2026Close97.563Sep 18, 2026Close97.563Sep 22, 2026Close97.750Sep 24, 2026Close96.781Sep 28, 2026Close96.656Sep 30, 2026Close96.563Oct 2, 2026Close96.656Oct 6, 2026Close96.813Oct 8, 2026Close96.969Oct 13, 2026Close96.938Oct 15, 2026Close97.375Oct 19, 2026Close97.219Oct 21, 2026Close97.188Oct 23, 2026Close97.813Oct 27, 2026Close97.719Oct 29, 2026Close97.938Nov 2, 2026Close98.344Nov 4, 2026Close98.438Nov 6, 2026Close98.625Nov 9, 2026Close98.500
The most recent 20 trading days of prices for 91282CMK4.
DateBidOfferClose
Nov 9, 202698.50098.51698.500
Nov 6, 202698.59498.60998.625
Nov 5, 202698.68898.70398.813
Nov 4, 202698.31398.34498.438
Nov 3, 202698.21998.23498.188
Nov 2, 202698.40698.42298.344
Oct 30, 202698.12598.14198.250
Oct 29, 202697.93897.96997.938
Oct 28, 202697.56397.57897.594
Oct 27, 202697.75097.76697.719
Oct 26, 202697.78197.79797.750
Oct 23, 202697.78197.81397.813
Oct 22, 202697.71997.73497.969
Oct 21, 202697.28197.31397.188
Oct 20, 202697.34497.35997.250
Oct 19, 202697.28197.29797.219
Oct 16, 202697.46997.48497.469
Oct 15, 202697.34497.35997.375
Oct 14, 202696.68896.70396.969
Oct 13, 202696.90696.92296.938

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 91282CMK4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 28, 2025Jan 31, 2025New issue$44.0bn$46.4bn2.64x4.457%

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.