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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$73.13bn
Held stripped
$1.0m
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, September 10, 2026

Yield to maturity
4.499%
Modified duration
1.365 yr
DV01
0.0136
Convexity
2.554
Dirty price
99.968

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 4 of twelve buckets, summing to 1.399 years against a modified duration of 1.365.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 2.74 cents per 100 of face.

That is 1.64 standard deviations from its own typical residual.

Yield to maturity, 393 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Feb 18, 2025Sep 10, 2026Feb 18, 2025Yield to maturity4.329%Mar 3, 2025Yield to maturity3.933%Mar 14, 2025Yield to maturity4.008%Mar 27, 2025Yield to maturity4.006%Apr 9, 2025Yield to maturity3.933%Apr 22, 2025Yield to maturity3.811%May 5, 2025Yield to maturity3.818%May 16, 2025Yield to maturity3.969%May 30, 2025Yield to maturity3.880%Jun 12, 2025Yield to maturity3.888%Jun 26, 2025Yield to maturity3.709%Jul 10, 2025Yield to maturity3.840%Jul 23, 2025Yield to maturity3.848%Aug 5, 2025Yield to maturity3.687%Aug 18, 2025Yield to maturity3.733%Aug 29, 2025Yield to maturity3.604%Sep 12, 2025Yield to maturity3.541%Sep 25, 2025Yield to maturity3.669%Oct 8, 2025Yield to maturity3.591%Oct 22, 2025Yield to maturity3.440%Nov 4, 2025Yield to maturity3.571%Nov 18, 2025Yield to maturity3.574%Dec 2, 2025Yield to maturity3.519%Dec 15, 2025Yield to maturity3.523%Dec 29, 2025Yield to maturity3.480%Jan 12, 2026Yield to maturity3.544%Jan 26, 2026Yield to maturity3.611%Feb 6, 2026Yield to maturity3.505%Feb 20, 2026Yield to maturity3.491%Mar 5, 2026Yield to maturity3.579%Mar 18, 2026Yield to maturity3.770%Mar 31, 2026Yield to maturity3.812%Apr 13, 2026Yield to maturity3.804%Apr 24, 2026Yield to maturity3.795%May 7, 2026Yield to maturity3.916%May 20, 2026Yield to maturity4.040%Jun 3, 2026Yield to maturity4.074%Jun 16, 2026Yield to maturity4.051%Jun 30, 2026Yield to maturity4.167%Jul 14, 2026Yield to maturity4.186%Jul 27, 2026Yield to maturity4.312%Aug 7, 2026Yield to maturity4.164%Aug 20, 2026Yield to maturity4.162%Sep 2, 2026Yield to maturity4.338%Sep 10, 2026Yield to maturity4.499%

Price history

393 trading days to Sep 10, 2026

99.50100.00100.50101.00101.50102.00Feb 18, 2025Sep 10, 2026Feb 18, 2025Close99.781Mar 3, 2025Close100.875Mar 14, 2025Close100.656Mar 27, 2025Close100.656Apr 9, 2025Close100.844Apr 22, 2025Close101.156May 5, 2025Close101.125May 16, 2025Close100.719May 30, 2025Close100.938Jun 12, 2025Close100.906Jun 26, 2025Close101.344Jul 10, 2025Close101.000Jul 23, 2025Close100.969Aug 5, 2025Close101.344Aug 18, 2025Close101.219Aug 29, 2025Close101.500Sep 12, 2025Close101.625Sep 25, 2025Close101.313Oct 8, 2025Close101.469Oct 22, 2025Close101.781Nov 4, 2025Close101.469Nov 18, 2025Close101.438Dec 2, 2025Close101.531Dec 15, 2025Close101.500Dec 29, 2025Close101.563Jan 12, 2026Close101.406Jan 26, 2026Close101.250Feb 6, 2026Close101.438Feb 20, 2026Close101.438Mar 5, 2026Close101.250Mar 18, 2026Close100.875Mar 31, 2026Close100.781Apr 13, 2026Close100.781Apr 24, 2026Close100.781May 7, 2026Close100.563May 20, 2026Close100.344Jun 3, 2026Close100.281Jun 16, 2026Close100.313Jun 30, 2026Close100.125Jul 14, 2026Close100.094Jul 27, 2026Close99.906Aug 7, 2026Close100.125Aug 20, 2026Close100.125Sep 2, 2026Close99.875Sep 10, 2026Close99.656
The most recent 20 trading days of prices for 91282CMN8.
DateBidOfferClose
Sep 10, 202699.70399.68899.656
Sep 9, 202699.84499.84499.844
Sep 8, 202699.89199.87599.875
Sep 4, 202699.90699.90699.875
Sep 3, 202699.95399.93899.938
Sep 2, 202699.87599.87599.875
Sep 1, 202699.89199.87599.844
Aug 31, 202699.92299.90699.906
Aug 28, 202699.95399.93899.906
Aug 27, 2026100.109100.094100.094
Aug 26, 2026100.109100.094100.094
Aug 25, 2026100.125100.125100.125
Aug 24, 2026100.094100.094100.063
Aug 21, 2026100.078100.063100.094
Aug 20, 2026100.141100.125100.125
Aug 19, 2026100.141100.125100.156
Aug 18, 2026100.156100.156100.156
Aug 17, 2026100.172100.156100.125
Aug 14, 2026100.188100.188100.156
Aug 13, 2026100.188100.188100.188

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 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.

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.