Treasury note

91282CMN8 · 4.25% due February 15, 2028

Original term
3-Year
Maturity
Feb 15, 2028
Coupon
4.250%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$72.25bn
Held stripped
$2.0m
Share stripped
<0.01%

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
4.477%
Modified duration
1.206 yr
DV01
0.0121
Convexity
0.0207
Dirty price
100.724

Where its rate sensitivity sits

0.01
0.01
0.90
0.32
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 1.234 years against a modified duration of 1.206.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 1.25 cents per 100 of face.

That is -0.67 standard deviations from its own typical residual.

Yield to maturity, 433 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 18, 2025Nov 9, 2026Feb 18, 2025Yield to maturity4.329%Feb 20, 2025Yield to maturity4.272%Feb 24, 2025Yield to maturity4.171%Feb 26, 2025Yield to maturity4.035%Feb 28, 2025Yield to maturity3.989%Mar 4, 2025Yield to maturity3.944%Mar 6, 2025Yield to maturity3.977%Mar 10, 2025Yield to maturity3.908%Mar 12, 2025Yield to maturity3.998%Mar 14, 2025Yield to maturity4.008%Mar 18, 2025Yield to maturity4.019%Mar 20, 2025Yield to maturity3.939%Mar 24, 2025Yield to maturity4.018%Mar 26, 2025Yield to maturity4.006%Mar 28, 2025Yield to maturity3.901%Apr 1, 2025Yield to maturity3.854%Apr 3, 2025Yield to maturity3.692%Apr 7, 2025Yield to maturity3.725%Apr 9, 2025Yield to maturity3.933%Apr 11, 2025Yield to maturity4.002%Apr 15, 2025Yield to maturity3.849%Apr 17, 2025Yield to maturity3.813%Apr 22, 2025Yield to maturity3.811%Apr 24, 2025Yield to maturity3.787%Apr 28, 2025Yield to maturity3.667%Apr 30, 2025Yield to maturity3.584%May 2, 2025Yield to maturity3.818%May 6, 2025Yield to maturity3.770%May 8, 2025Yield to maturity3.888%May 12, 2025Yield to maturity3.994%May 14, 2025Yield to maturity4.054%May 16, 2025Yield to maturity3.969%May 20, 2025Yield to maturity3.956%May 22, 2025Yield to maturity3.992%May 27, 2025Yield to maturity3.930%May 29, 2025Yield to maturity3.917%Jun 2, 2025Yield to maturity3.916%Jun 4, 2025Yield to maturity3.854%Jun 6, 2025Yield to maturity4.025%Jun 10, 2025Yield to maturity3.987%Jun 12, 2025Yield to maturity3.888%Jun 16, 2025Yield to maturity3.949%Jun 18, 2025Yield to maturity3.898%Jun 23, 2025Yield to maturity3.810%Jun 25, 2025Yield to maturity3.759%Jun 27, 2025Yield to maturity3.744%Jul 1, 2025Yield to maturity3.769%Jul 3, 2025Yield to maturity3.867%Jul 8, 2025Yield to maturity3.892%Jul 10, 2025Yield to maturity3.840%Jul 14, 2025Yield to maturity3.877%Jul 16, 2025Yield to maturity3.864%Jul 18, 2025Yield to maturity3.849%Jul 22, 2025Yield to maturity3.784%Jul 24, 2025Yield to maturity3.886%Jul 28, 2025Yield to maturity3.885%Jul 30, 2025Yield to maturity3.910%Aug 1, 2025Yield to maturity3.676%Aug 5, 2025Yield to maturity3.687%Aug 7, 2025Yield to maturity3.712%Aug 11, 2025Yield to maturity3.736%Aug 13, 2025Yield to maturity3.657%Aug 15, 2025Yield to maturity3.733%Aug 19, 2025Yield to maturity3.719%Aug 21, 2025Yield to maturity3.757%Aug 25, 2025Yield to maturity3.689%Aug 27, 2025Yield to maturity3.608%Aug 29, 2025Yield to maturity3.604%Sep 3, 2025Yield to maturity3.603%Sep 5, 2025Yield to maturity3.493%Sep 9, 2025Yield to maturity3.518%Sep 11, 2025Yield to maturity3.517%Sep 15, 2025Yield to maturity3.513%Sep 17, 2025Yield to maturity3.512%Sep 19, 2025Yield to maturity3.563%Sep 23, 2025Yield to maturity3.575%Sep 25, 2025Yield to maturity3.669%Sep 29, 2025Yield to maturity3.639%Oct 1, 2025Yield to maturity3.555%Oct 3, 2025Yield to maturity3.579%Oct 7, 2025Yield to maturity3.578%Oct 9, 2025Yield to maturity3.604%Oct 14, 2025Yield to maturity3.475%Oct 16, 2025Yield to maturity3.418%Oct 20, 2025Yield to maturity3.456%Oct 22, 2025Yield to maturity3.440%Oct 24, 2025Yield to maturity3.479%Oct 28, 2025Yield to maturity3.491%Oct 30, 2025Yield to maturity3.617%Nov 3, 2025Yield to maturity3.600%Nov 5, 2025Yield to maturity3.627%Nov 7, 2025Yield to maturity3.552%Nov 12, 2025Yield to maturity3.564%Nov 14, 2025Yield to maturity3.619%Nov 18, 2025Yield to maturity3.574%Nov 20, 2025Yield to maturity3.543%Nov 24, 2025Yield to maturity3.496%Nov 26, 2025Yield to maturity3.479%Dec 1, 2025Yield to maturity3.549%Dec 3, 2025Yield to maturity3.488%Dec 5, 2025Yield to maturity3.574%Dec 9, 2025Yield to maturity3.617%Dec 11, 2025Yield to maturity3.541%Dec 15, 2025Yield to maturity3.523%Dec 17, 2025Yield to maturity3.506%Dec 19, 2025Yield to maturity3.487%Dec 23, 2025Yield to maturity3.546%Dec 26, 2025Yield to maturity3.496%Dec 30, 2025Yield to maturity3.464%Jan 2, 2026Yield to maturity3.490%Jan 6, 2026Yield to maturity3.488%Jan 8, 2026Yield to maturity3.502%Jan 12, 2026Yield to maturity3.544%Jan 14, 2026Yield to maturity3.527%Jan 16, 2026Yield to maturity3.601%Jan 21, 2026Yield to maturity3.600%Jan 23, 2026Yield to maturity3.612%Jan 27, 2026Yield to maturity3.579%Jan 29, 2026Yield to maturity3.562%Feb 2, 2026Yield to maturity3.574%Feb 4, 2026Yield to maturity3.573%Feb 6, 2026Yield to maturity3.505%Feb 10, 2026Yield to maturity3.455%Feb 12, 2026Yield to maturity3.469%Feb 17, 2026Yield to maturity3.448%Feb 19, 2026Yield to maturity3.478%Feb 23, 2026Yield to maturity3.441%Feb 25, 2026Yield to maturity3.472%Feb 27, 2026Yield to maturity3.385%Mar 3, 2026Yield to maturity3.498%Mar 5, 2026Yield to maturity3.579%Mar 9, 2026Yield to maturity3.575%Mar 11, 2026Yield to maturity3.640%Mar 13, 2026Yield to maturity3.738%Mar 17, 2026Yield to maturity3.686%Mar 19, 2026Yield to maturity3.803%Mar 23, 2026Yield to maturity3.869%Mar 25, 2026Yield to maturity3.902%Mar 27, 2026Yield to maturity3.935%Mar 31, 2026Yield to maturity3.812%Apr 2, 2026Yield to maturity3.811%Apr 6, 2026Yield to maturity3.878%Apr 8, 2026Yield to maturity3.807%Apr 10, 2026Yield to maturity3.822%Apr 14, 2026Yield to maturity3.768%Apr 16, 2026Yield to maturity3.802%Apr 20, 2026Yield to maturity3.746%Apr 22, 2026Yield to maturity3.816%Apr 24, 2026Yield to maturity3.795%Apr 28, 2026Yield to maturity3.848%Apr 30, 2026Yield to maturity3.883%May 4, 2026Yield to maturity3.954%May 6, 2026Yield to maturity3.861%May 8, 2026Yield to maturity3.896%May 12, 2026Yield to maturity3.987%May 14, 2026Yield to maturity4.005%May 18, 2026Yield to maturity4.078%May 20, 2026Yield to maturity4.040%May 22, 2026Yield to maturity4.133%May 27, 2026Yield to maturity4.038%May 29, 2026Yield to maturity3.998%Jun 2, 2026Yield to maturity4.036%Jun 4, 2026Yield to maturity4.035%Jun 8, 2026Yield to maturity4.150%Jun 10, 2026Yield to maturity4.130%Jun 12, 2026Yield to maturity4.090%Jun 16, 2026Yield to maturity4.051%Jun 18, 2026Yield to maturity4.188%Jun 23, 2026Yield to maturity4.207%Jun 25, 2026Yield to maturity4.128%Jun 29, 2026Yield to maturity4.127%Jul 1, 2026Yield to maturity4.187%Jul 6, 2026Yield to maturity4.146%Jul 8, 2026Yield to maturity4.207%Jul 10, 2026Yield to maturity4.207%Jul 14, 2026Yield to maturity4.186%Jul 16, 2026Yield to maturity4.145%Jul 20, 2026Yield to maturity4.207%Jul 22, 2026Yield to maturity4.290%Jul 24, 2026Yield to maturity4.312%Jul 28, 2026Yield to maturity4.270%Jul 30, 2026Yield to maturity4.228%Aug 3, 2026Yield to maturity4.249%Aug 5, 2026Yield to maturity4.164%Aug 7, 2026Yield to maturity4.164%Aug 11, 2026Yield to maturity4.207%Aug 13, 2026Yield to maturity4.120%Aug 17, 2026Yield to maturity4.162%Aug 19, 2026Yield to maturity4.140%Aug 21, 2026Yield to maturity4.183%Aug 25, 2026Yield to maturity4.161%Aug 27, 2026Yield to maturity4.182%Aug 31, 2026Yield to maturity4.316%Sep 2, 2026Yield to maturity4.338%Sep 4, 2026Yield to maturity4.339%Sep 9, 2026Yield to maturity4.362%Sep 11, 2026Yield to maturity4.570%Sep 15, 2026Yield to maturity4.594%Sep 17, 2026Yield to maturity4.618%Sep 21, 2026Yield to maturity4.691%Sep 23, 2026Yield to maturity4.787%Sep 25, 2026Yield to maturity4.743%Sep 29, 2026Yield to maturity4.793%Oct 1, 2026Yield to maturity4.675%Oct 5, 2026Yield to maturity4.726%Oct 7, 2026Yield to maturity4.656%Oct 9, 2026Yield to maturity4.684%Oct 14, 2026Yield to maturity4.710%Oct 16, 2026Yield to maturity4.640%Oct 20, 2026Yield to maturity4.691%Oct 22, 2026Yield to maturity4.568%Oct 26, 2026Yield to maturity4.621%Oct 28, 2026Yield to maturity4.622%Oct 30, 2026Yield to maturity4.498%Nov 3, 2026Yield to maturity4.525%Nov 5, 2026Yield to maturity4.424%Nov 9, 2026Yield to maturity4.477%

Price history

433 trading days to Nov 9, 2026

99.099.5100.0100.5101.0101.5102.0Feb 18, 2025Nov 9, 2026Feb 18, 2025Close99.781Feb 20, 2025Close99.938Feb 24, 2025Close100.219Feb 26, 2025Close100.594Feb 28, 2025Close100.719Mar 4, 2025Close100.844Mar 6, 2025Close100.750Mar 10, 2025Close100.938Mar 12, 2025Close100.688Mar 14, 2025Close100.656Mar 18, 2025Close100.625Mar 20, 2025Close100.844Mar 24, 2025Close100.625Mar 26, 2025Close100.656Mar 28, 2025Close100.938Apr 1, 2025Close101.063Apr 3, 2025Close101.500Apr 7, 2025Close101.406Apr 9, 2025Close100.844Apr 11, 2025Close100.656Apr 15, 2025Close101.063Apr 17, 2025Close101.156Apr 22, 2025Close101.156Apr 24, 2025Close101.219Apr 28, 2025Close101.531Apr 30, 2025Close101.750May 2, 2025Close101.125May 6, 2025Close101.250May 8, 2025Close100.938May 12, 2025Close100.656May 14, 2025Close100.500May 16, 2025Close100.719May 20, 2025Close100.750May 22, 2025Close100.656May 27, 2025Close100.813May 29, 2025Close100.844Jun 2, 2025Close100.844Jun 4, 2025Close101.000Jun 6, 2025Close100.563Jun 10, 2025Close100.656Jun 12, 2025Close100.906Jun 16, 2025Close100.750Jun 18, 2025Close100.875Jun 23, 2025Close101.094Jun 25, 2025Close101.219Jun 27, 2025Close101.250Jul 1, 2025Close101.188Jul 3, 2025Close100.938Jul 8, 2025Close100.875Jul 10, 2025Close101.000Jul 14, 2025Close100.906Jul 16, 2025Close100.938Jul 18, 2025Close100.969Jul 22, 2025Close101.125Jul 24, 2025Close100.875Jul 28, 2025Close100.875Jul 30, 2025Close100.813Aug 1, 2025Close101.375Aug 5, 2025Close101.344Aug 7, 2025Close101.281Aug 11, 2025Close101.219Aug 13, 2025Close101.406Aug 15, 2025Close101.219Aug 19, 2025Close101.250Aug 21, 2025Close101.156Aug 25, 2025Close101.313Aug 27, 2025Close101.500Aug 29, 2025Close101.500Sep 3, 2025Close101.500Sep 5, 2025Close101.750Sep 9, 2025Close101.688Sep 11, 2025Close101.688Sep 15, 2025Close101.688Sep 17, 2025Close101.688Sep 19, 2025Close101.563Sep 23, 2025Close101.531Sep 25, 2025Close101.313Sep 29, 2025Close101.375Oct 1, 2025Close101.563Oct 3, 2025Close101.500Oct 7, 2025Close101.500Oct 9, 2025Close101.438Oct 14, 2025Close101.719Oct 16, 2025Close101.844Oct 20, 2025Close101.750Oct 22, 2025Close101.781Oct 24, 2025Close101.688Oct 28, 2025Close101.656Oct 30, 2025Close101.375Nov 3, 2025Close101.406Nov 5, 2025Close101.344Nov 7, 2025Close101.500Nov 12, 2025Close101.469Nov 14, 2025Close101.344Nov 18, 2025Close101.438Nov 20, 2025Close101.500Nov 24, 2025Close101.594Nov 26, 2025Close101.625Dec 1, 2025Close101.469Dec 3, 2025Close101.594Dec 5, 2025Close101.406Dec 9, 2025Close101.313Dec 11, 2025Close101.469Dec 15, 2025Close101.500Dec 17, 2025Close101.531Dec 19, 2025Close101.563Dec 23, 2025Close101.438Dec 26, 2025Close101.531Dec 30, 2025Close101.594Jan 2, 2026Close101.531Jan 6, 2026Close101.531Jan 8, 2026Close101.500Jan 12, 2026Close101.406Jan 14, 2026Close101.438Jan 16, 2026Close101.281Jan 21, 2026Close101.281Jan 23, 2026Close101.250Jan 27, 2026Close101.313Jan 29, 2026Close101.344Feb 2, 2026Close101.313Feb 4, 2026Close101.313Feb 6, 2026Close101.438Feb 10, 2026Close101.531Feb 12, 2026Close101.500Feb 17, 2026Close101.531Feb 19, 2026Close101.469Feb 23, 2026Close101.531Feb 25, 2026Close101.469Feb 27, 2026Close101.625Mar 3, 2026Close101.406Mar 5, 2026Close101.250Mar 9, 2026Close101.250Mar 11, 2026Close101.125Mar 13, 2026Close100.938Mar 17, 2026Close101.031Mar 19, 2026Close100.813Mar 23, 2026Close100.688Mar 25, 2026Close100.625Mar 27, 2026Close100.563Mar 31, 2026Close100.781Apr 2, 2026Close100.781Apr 6, 2026Close100.656Apr 8, 2026Close100.781Apr 10, 2026Close100.750Apr 14, 2026Close100.844Apr 16, 2026Close100.781Apr 20, 2026Close100.875Apr 22, 2026Close100.750Apr 24, 2026Close100.781Apr 28, 2026Close100.688Apr 30, 2026Close100.625May 4, 2026Close100.500May 6, 2026Close100.656May 8, 2026Close100.594May 12, 2026Close100.438May 14, 2026Close100.406May 18, 2026Close100.281May 20, 2026Close100.344May 22, 2026Close100.188May 27, 2026Close100.344May 29, 2026Close100.406Jun 2, 2026Close100.344Jun 4, 2026Close100.344Jun 8, 2026Close100.156Jun 10, 2026Close100.188Jun 12, 2026Close100.250Jun 16, 2026Close100.313Jun 18, 2026Close100.094Jun 23, 2026Close100.063Jun 25, 2026Close100.188Jun 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, 2026Close99.969Jul 30, 2026Close100.031Aug 3, 2026Close100.000Aug 5, 2026Close100.125Aug 7, 2026Close100.125Aug 11, 2026Close100.063Aug 13, 2026Close100.188Aug 17, 2026Close100.125Aug 19, 2026Close100.156Aug 21, 2026Close100.094Aug 25, 2026Close100.125Aug 27, 2026Close100.094Aug 31, 2026Close99.906Sep 2, 2026Close99.875Sep 4, 2026Close99.875Sep 9, 2026Close99.844Sep 11, 2026Close99.563Sep 15, 2026Close99.531Sep 17, 2026Close99.500Sep 21, 2026Close99.406Sep 23, 2026Close99.281Sep 25, 2026Close99.344Sep 29, 2026Close99.281Oct 1, 2026Close99.438Oct 5, 2026Close99.375Oct 7, 2026Close99.469Oct 9, 2026Close99.438Oct 14, 2026Close99.406Oct 16, 2026Close99.500Oct 20, 2026Close99.438Oct 22, 2026Close99.594Oct 26, 2026Close99.531Oct 28, 2026Close99.531Oct 30, 2026Close99.688Nov 3, 2026Close99.656Nov 5, 2026Close99.781Nov 9, 2026Close99.719
The most recent 20 trading days of prices for 91282CMN8.
DateBidOfferClose
Nov 9, 202699.68899.70399.719
Nov 6, 202699.71999.73499.750
Nov 5, 202699.71999.73499.781
Nov 4, 202699.65699.67299.656
Nov 3, 202699.65699.67299.656
Nov 2, 202699.65699.67299.656
Oct 30, 202699.65699.65699.688
Oct 29, 202699.62599.62599.625
Oct 28, 202699.46999.48499.531
Oct 27, 202699.53199.54799.531
Oct 26, 202699.56399.56399.531
Oct 23, 202699.56399.57899.594
Oct 22, 202699.53199.54799.594
Oct 21, 202699.43899.45399.438
Oct 20, 202699.46999.46999.438
Oct 19, 202699.46999.48499.469
Oct 16, 202699.50099.51699.500
Oct 15, 202699.43899.45399.469
Oct 14, 202699.34499.34499.406
Oct 13, 202699.40699.42299.438

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 91282CMN8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 11, 2025Feb 18, 2025New issue$58.0bn$73.9bn2.79x4.300%

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.