Treasury note

91282CMP3 · 4.125% due February 28, 2027

Original term
2-Year
Maturity
Feb 28, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Feb 28, 2025
First coupon
Aug 31, 2025
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$74.94bn
Held stripped
$20.8m
Share stripped
0.03%

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
4.195%
Modified duration
0.300 yr
DV01
0.0030
Convexity
0.0018
Dirty price
100.778

Where its rate sensitivity sits

0.24
0.06
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 2 of twelve buckets, summing to 0.301 years against a modified duration of 0.300.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 0.23 cents per 100 of face.

That is 1.11 standard deviations from its own typical residual.

Yield to maturity, 425 observations

3.4%3.6%3.8%4.0%4.2%4.4%Feb 28, 2025Nov 9, 2026Feb 28, 2025Yield to maturity3.993%Mar 4, 2025Yield to maturity3.960%Mar 6, 2025Yield to maturity3.959%Mar 10, 2025Yield to maturity3.892%Mar 12, 2025Yield to maturity4.007%Mar 14, 2025Yield to maturity4.023%Mar 18, 2025Yield to maturity4.040%Mar 20, 2025Yield to maturity3.955%Mar 24, 2025Yield to maturity4.039%Mar 26, 2025Yield to maturity4.038%Mar 28, 2025Yield to maturity3.935%Apr 1, 2025Yield to maturity3.884%Apr 3, 2025Yield to maturity3.746%Apr 7, 2025Yield to maturity3.744%Apr 9, 2025Yield to maturity3.932%Apr 11, 2025Yield to maturity3.983%Apr 15, 2025Yield to maturity3.861%Apr 17, 2025Yield to maturity3.843%Apr 22, 2025Yield to maturity3.841%Apr 24, 2025Yield to maturity3.822%Apr 28, 2025Yield to maturity3.714%Apr 30, 2025Yield to maturity3.642%May 2, 2025Yield to maturity3.871%May 6, 2025Yield to maturity3.835%May 8, 2025Yield to maturity3.924%May 12, 2025Yield to maturity4.013%May 14, 2025Yield to maturity4.086%May 16, 2025Yield to maturity4.012%May 20, 2025Yield to maturity3.993%May 22, 2025Yield to maturity4.030%May 27, 2025Yield to maturity4.010%May 29, 2025Yield to maturity3.991%Jun 2, 2025Yield to maturity3.991%Jun 4, 2025Yield to maturity3.915%Jun 6, 2025Yield to maturity4.084%Jun 10, 2025Yield to maturity4.046%Jun 12, 2025Yield to maturity3.951%Jun 16, 2025Yield to maturity4.007%Jun 18, 2025Yield to maturity3.968%Jun 23, 2025Yield to maturity3.890%Jun 25, 2025Yield to maturity3.851%Jun 27, 2025Yield to maturity3.830%Jul 1, 2025Yield to maturity3.848%Jul 3, 2025Yield to maturity3.945%Jul 8, 2025Yield to maturity3.984%Jul 10, 2025Yield to maturity3.943%Jul 14, 2025Yield to maturity3.962%Jul 16, 2025Yield to maturity3.942%Jul 18, 2025Yield to maturity3.941%Jul 22, 2025Yield to maturity3.900%Jul 24, 2025Yield to maturity3.980%Jul 28, 2025Yield to maturity3.980%Jul 30, 2025Yield to maturity4.020%Aug 1, 2025Yield to maturity3.772%Aug 5, 2025Yield to maturity3.792%Aug 7, 2025Yield to maturity3.812%Aug 11, 2025Yield to maturity3.831%Aug 13, 2025Yield to maturity3.746%Aug 15, 2025Yield to maturity3.828%Aug 19, 2025Yield to maturity3.827%Aug 21, 2025Yield to maturity3.869%Aug 25, 2025Yield to maturity3.803%Aug 27, 2025Yield to maturity3.738%Aug 29, 2025Yield to maturity3.734%Sep 3, 2025Yield to maturity3.733%Sep 5, 2025Yield to maturity3.621%Sep 9, 2025Yield to maturity3.641%Sep 11, 2025Yield to maturity3.617%Sep 15, 2025Yield to maturity3.635%Sep 17, 2025Yield to maturity3.611%Sep 19, 2025Yield to maturity3.629%Sep 23, 2025Yield to maturity3.649%Sep 25, 2025Yield to maturity3.715%Sep 29, 2025Yield to maturity3.689%Oct 1, 2025Yield to maturity3.619%Oct 3, 2025Yield to maturity3.638%Oct 7, 2025Yield to maturity3.636%Oct 9, 2025Yield to maturity3.657%Oct 14, 2025Yield to maturity3.536%Oct 16, 2025Yield to maturity3.486%Oct 20, 2025Yield to maturity3.528%Oct 22, 2025Yield to maturity3.526%Oct 24, 2025Yield to maturity3.545%Oct 28, 2025Yield to maturity3.567%Oct 30, 2025Yield to maturity3.685%Nov 3, 2025Yield to maturity3.681%Nov 5, 2025Yield to maturity3.704%Nov 7, 2025Yield to maturity3.626%Nov 12, 2025Yield to maturity3.623%Nov 14, 2025Yield to maturity3.694%Nov 18, 2025Yield to maturity3.667%Nov 20, 2025Yield to maturity3.640%Nov 24, 2025Yield to maturity3.585%Nov 26, 2025Yield to maturity3.581%Dec 1, 2025Yield to maturity3.628%Dec 3, 2025Yield to maturity3.574%Dec 5, 2025Yield to maturity3.622%Dec 9, 2025Yield to maturity3.646%Dec 11, 2025Yield to maturity3.565%Dec 15, 2025Yield to maturity3.533%Dec 17, 2025Yield to maturity3.531%Dec 19, 2025Yield to maturity3.525%Dec 23, 2025Yield to maturity3.550%Dec 26, 2025Yield to maturity3.516%Dec 30, 2025Yield to maturity3.486%Jan 2, 2026Yield to maturity3.506%Jan 6, 2026Yield to maturity3.503%Jan 8, 2026Yield to maturity3.528%Jan 12, 2026Yield to maturity3.551%Jan 14, 2026Yield to maturity3.549%Jan 16, 2026Yield to maturity3.600%Jan 21, 2026Yield to maturity3.597%Jan 23, 2026Yield to maturity3.592%Jan 27, 2026Yield to maturity3.590%Jan 29, 2026Yield to maturity3.587%Feb 2, 2026Yield to maturity3.582%Feb 4, 2026Yield to maturity3.579%Feb 6, 2026Yield to maturity3.544%Feb 10, 2026Yield to maturity3.510%Feb 12, 2026Yield to maturity3.538%Feb 17, 2026Yield to maturity3.531%Feb 19, 2026Yield to maturity3.559%Feb 23, 2026Yield to maturity3.553%Feb 25, 2026Yield to maturity3.582%Feb 27, 2026Yield to maturity3.544%Mar 3, 2026Yield to maturity3.605%Mar 5, 2026Yield to maturity3.635%Mar 9, 2026Yield to maturity3.629%Mar 11, 2026Yield to maturity3.659%Mar 13, 2026Yield to maturity3.721%Mar 17, 2026Yield to maturity3.685%Mar 19, 2026Yield to maturity3.817%Mar 23, 2026Yield to maturity3.848%Mar 25, 2026Yield to maturity3.846%Mar 27, 2026Yield to maturity3.842%Mar 31, 2026Yield to maturity3.770%Apr 2, 2026Yield to maturity3.768%Apr 6, 2026Yield to maturity3.799%Apr 8, 2026Yield to maturity3.797%Apr 10, 2026Yield to maturity3.793%Apr 14, 2026Yield to maturity3.754%Apr 16, 2026Yield to maturity3.715%Apr 20, 2026Yield to maturity3.710%Apr 22, 2026Yield to maturity3.745%Apr 24, 2026Yield to maturity3.702%Apr 28, 2026Yield to maturity3.737%Apr 30, 2026Yield to maturity3.773%May 4, 2026Yield to maturity3.807%May 6, 2026Yield to maturity3.766%May 8, 2026Yield to maturity3.761%May 12, 2026Yield to maturity3.798%May 14, 2026Yield to maturity3.796%May 18, 2026Yield to maturity3.832%May 20, 2026Yield to maturity3.789%May 22, 2026Yield to maturity3.867%May 27, 2026Yield to maturity3.865%May 29, 2026Yield to maturity3.861%Jun 2, 2026Yield to maturity3.816%Jun 4, 2026Yield to maturity3.857%Jun 8, 2026Yield to maturity3.898%Jun 10, 2026Yield to maturity3.896%Jun 12, 2026Yield to maturity3.893%Jun 16, 2026Yield to maturity3.891%Jun 18, 2026Yield to maturity4.025%Jun 23, 2026Yield to maturity4.024%Jun 25, 2026Yield to maturity3.977%Jun 29, 2026Yield to maturity4.022%Jul 1, 2026Yield to maturity4.022%Jul 6, 2026Yield to maturity3.971%Jul 8, 2026Yield to maturity4.019%Jul 10, 2026Yield to maturity4.018%Jul 14, 2026Yield to maturity3.966%Jul 16, 2026Yield to maturity3.965%Jul 20, 2026Yield to maturity4.015%Jul 22, 2026Yield to maturity4.066%Jul 24, 2026Yield to maturity4.119%Jul 28, 2026Yield to maturity4.066%Jul 30, 2026Yield to maturity4.011%Aug 3, 2026Yield to maturity4.009%Aug 5, 2026Yield to maturity4.008%Aug 7, 2026Yield to maturity3.949%Aug 11, 2026Yield to maturity3.948%Aug 13, 2026Yield to maturity3.888%Aug 17, 2026Yield to maturity3.884%Aug 19, 2026Yield to maturity3.942%Aug 21, 2026Yield to maturity3.939%Aug 25, 2026Yield to maturity3.938%Aug 27, 2026Yield to maturity3.936%Aug 31, 2026Yield to maturity3.996%Sep 2, 2026Yield to maturity3.994%Sep 4, 2026Yield to maturity3.988%Sep 9, 2026Yield to maturity3.986%Sep 11, 2026Yield to maturity4.118%Sep 15, 2026Yield to maturity4.117%Sep 17, 2026Yield to maturity4.187%Sep 21, 2026Yield to maturity4.187%Sep 23, 2026Yield to maturity4.260%Sep 25, 2026Yield to maturity4.262%Sep 29, 2026Yield to maturity4.263%Oct 1, 2026Yield to maturity4.264%Oct 5, 2026Yield to maturity4.187%Oct 7, 2026Yield to maturity4.187%Oct 9, 2026Yield to maturity4.271%Oct 14, 2026Yield to maturity4.272%Oct 16, 2026Yield to maturity4.275%Oct 20, 2026Yield to maturity4.277%Oct 22, 2026Yield to maturity4.189%Oct 26, 2026Yield to maturity4.190%Oct 28, 2026Yield to maturity4.191%Oct 30, 2026Yield to maturity4.192%Nov 3, 2026Yield to maturity4.193%Nov 5, 2026Yield to maturity4.194%Nov 9, 2026Yield to maturity4.195%

Price history

425 trading days to Nov 9, 2026

99.8100.0100.2100.4100.6100.8101.0Feb 28, 2025Nov 9, 2026Feb 28, 2025Close100.250Mar 4, 2025Close100.313Mar 6, 2025Close100.313Mar 10, 2025Close100.438Mar 12, 2025Close100.219Mar 14, 2025Close100.188Mar 18, 2025Close100.156Mar 20, 2025Close100.313Mar 24, 2025Close100.156Mar 26, 2025Close100.156Mar 28, 2025Close100.344Apr 1, 2025Close100.438Apr 3, 2025Close100.688Apr 7, 2025Close100.688Apr 9, 2025Close100.344Apr 11, 2025Close100.250Apr 15, 2025Close100.469Apr 17, 2025Close100.500Apr 22, 2025Close100.500Apr 24, 2025Close100.531Apr 28, 2025Close100.719Apr 30, 2025Close100.844May 2, 2025Close100.438May 6, 2025Close100.500May 8, 2025Close100.344May 12, 2025Close100.188May 14, 2025Close100.063May 16, 2025Close100.188May 20, 2025Close100.219May 22, 2025Close100.156May 27, 2025Close100.188May 29, 2025Close100.219Jun 2, 2025Close100.219Jun 4, 2025Close100.344Jun 6, 2025Close100.063Jun 10, 2025Close100.125Jun 12, 2025Close100.281Jun 16, 2025Close100.188Jun 18, 2025Close100.250Jun 23, 2025Close100.375Jun 25, 2025Close100.438Jun 27, 2025Close100.469Jul 1, 2025Close100.438Jul 3, 2025Close100.281Jul 8, 2025Close100.219Jul 10, 2025Close100.281Jul 14, 2025Close100.250Jul 16, 2025Close100.281Jul 18, 2025Close100.281Jul 22, 2025Close100.344Jul 24, 2025Close100.219Jul 28, 2025Close100.219Jul 30, 2025Close100.156Aug 1, 2025Close100.531Aug 5, 2025Close100.500Aug 7, 2025Close100.469Aug 11, 2025Close100.438Aug 13, 2025Close100.563Aug 15, 2025Close100.438Aug 19, 2025Close100.438Aug 21, 2025Close100.375Aug 25, 2025Close100.469Aug 27, 2025Close100.563Aug 29, 2025Close100.563Sep 3, 2025Close100.563Sep 5, 2025Close100.719Sep 9, 2025Close100.688Sep 11, 2025Close100.719Sep 15, 2025Close100.688Sep 17, 2025Close100.719Sep 19, 2025Close100.688Sep 23, 2025Close100.656Sep 25, 2025Close100.563Sep 29, 2025Close100.594Oct 1, 2025Close100.688Oct 3, 2025Close100.656Oct 7, 2025Close100.656Oct 9, 2025Close100.625Oct 14, 2025Close100.781Oct 16, 2025Close100.844Oct 20, 2025Close100.781Oct 22, 2025Close100.781Oct 24, 2025Close100.750Oct 28, 2025Close100.719Oct 30, 2025Close100.563Nov 3, 2025Close100.563Nov 5, 2025Close100.531Nov 7, 2025Close100.625Nov 12, 2025Close100.625Nov 14, 2025Close100.531Nov 18, 2025Close100.563Nov 20, 2025Close100.594Nov 24, 2025Close100.656Nov 26, 2025Close100.656Dec 1, 2025Close100.594Dec 3, 2025Close100.656Dec 5, 2025Close100.594Dec 9, 2025Close100.563Dec 11, 2025Close100.656Dec 15, 2025Close100.688Dec 17, 2025Close100.688Dec 19, 2025Close100.688Dec 23, 2025Close100.656Dec 26, 2025Close100.688Dec 30, 2025Close100.719Jan 2, 2026Close100.688Jan 6, 2026Close100.688Jan 8, 2026Close100.656Jan 12, 2026Close100.625Jan 14, 2026Close100.625Jan 16, 2026Close100.563Jan 21, 2026Close100.563Jan 23, 2026Close100.563Jan 27, 2026Close100.563Jan 29, 2026Close100.563Feb 2, 2026Close100.563Feb 4, 2026Close100.563Feb 6, 2026Close100.594Feb 10, 2026Close100.625Feb 12, 2026Close100.594Feb 17, 2026Close100.594Feb 19, 2026Close100.563Feb 23, 2026Close100.563Feb 25, 2026Close100.531Feb 27, 2026Close100.563Mar 3, 2026Close100.500Mar 5, 2026Close100.469Mar 9, 2026Close100.469Mar 11, 2026Close100.438Mar 13, 2026Close100.375Mar 17, 2026Close100.406Mar 19, 2026Close100.281Mar 23, 2026Close100.250Mar 25, 2026Close100.250Mar 27, 2026Close100.250Mar 31, 2026Close100.313Apr 2, 2026Close100.313Apr 6, 2026Close100.281Apr 8, 2026Close100.281Apr 10, 2026Close100.281Apr 14, 2026Close100.313Apr 16, 2026Close100.344Apr 20, 2026Close100.344Apr 22, 2026Close100.313Apr 24, 2026Close100.344Apr 28, 2026Close100.313Apr 30, 2026Close100.281May 4, 2026Close100.250May 6, 2026Close100.281May 8, 2026Close100.281May 12, 2026Close100.250May 14, 2026Close100.250May 18, 2026Close100.219May 20, 2026Close100.250May 22, 2026Close100.188May 27, 2026Close100.188May 29, 2026Close100.188Jun 2, 2026Close100.219Jun 4, 2026Close100.188Jun 8, 2026Close100.156Jun 10, 2026Close100.156Jun 12, 2026Close100.156Jun 16, 2026Close100.156Jun 18, 2026Close100.063Jun 23, 2026Close100.063Jun 25, 2026Close100.094Jun 29, 2026Close100.063Jul 1, 2026Close100.063Jul 6, 2026Close100.094Jul 8, 2026Close100.063Jul 10, 2026Close100.063Jul 14, 2026Close100.094Jul 16, 2026Close100.094Jul 20, 2026Close100.063Jul 22, 2026Close100.031Jul 24, 2026Close100.000Jul 28, 2026Close100.031Jul 30, 2026Close100.063Aug 3, 2026Close100.063Aug 5, 2026Close100.063Aug 7, 2026Close100.094Aug 11, 2026Close100.094Aug 13, 2026Close100.125Aug 17, 2026Close100.125Aug 19, 2026Close100.094Aug 21, 2026Close100.094Aug 25, 2026Close100.094Aug 27, 2026Close100.094Aug 31, 2026Close100.063Sep 2, 2026Close100.063Sep 4, 2026Close100.063Sep 9, 2026Close100.063Sep 11, 2026Close100.000Sep 15, 2026Close100.000Sep 17, 2026Close99.969Sep 21, 2026Close99.969Sep 23, 2026Close99.938Sep 25, 2026Close99.938Sep 29, 2026Close99.938Oct 1, 2026Close99.938Oct 5, 2026Close99.969Oct 7, 2026Close99.969Oct 9, 2026Close99.938Oct 14, 2026Close99.938Oct 16, 2026Close99.938Oct 20, 2026Close99.938Oct 22, 2026Close99.969Oct 26, 2026Close99.969Oct 28, 2026Close99.969Oct 30, 2026Close99.969Nov 3, 2026Close99.969Nov 5, 2026Close99.969Nov 9, 2026Close99.969
The most recent 20 trading days of prices for 91282CMP3.
DateBidOfferClose
Nov 9, 202699.969–99.969
Nov 6, 202699.969–99.969
Nov 5, 202699.969–99.969
Nov 4, 202699.969–99.969
Nov 3, 202699.969–99.969
Nov 2, 202699.969–99.969
Oct 30, 202699.969–99.969
Oct 29, 202699.969–99.969
Oct 28, 202699.969–99.969
Oct 27, 202699.969–99.969
Oct 26, 202699.969–99.969
Oct 23, 202699.969–99.969
Oct 22, 202699.938–99.969
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, 202699.938–99.938
Oct 13, 202699.938–99.938

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 91282CMP3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 24, 2025Feb 28, 2025New issue$69.0bn$76.0bn2.56x4.169%

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.