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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.052%
Modified duration
0.461 yr
DV01
0.0046
Convexity
0.425
Dirty price
100.157

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 2 of twelve buckets, summing to 0.466 years against a modified duration of 0.461.

Against the fitted curve

Priced 3.1 bp rich to the curve on that day, 1.44 cents per 100 of face.

That is -0.90 standard deviations from its own typical residual.

Yield to maturity, 385 observations

3.4%3.6%3.8%4.0%4.2%Feb 28, 2025Sep 10, 2026Feb 28, 2025Yield to maturity3.993%Mar 13, 2025Yield to maturity3.940%Mar 26, 2025Yield to maturity4.038%Apr 8, 2025Yield to maturity3.726%Apr 21, 2025Yield to maturity3.771%May 2, 2025Yield to maturity3.871%May 15, 2025Yield to maturity3.994%May 29, 2025Yield to maturity3.991%Jun 11, 2025Yield to maturity3.989%Jun 25, 2025Yield to maturity3.851%Jul 9, 2025Yield to maturity3.924%Jul 22, 2025Yield to maturity3.900%Aug 4, 2025Yield to maturity3.772%Aug 15, 2025Yield to maturity3.828%Aug 28, 2025Yield to maturity3.759%Sep 11, 2025Yield to maturity3.617%Sep 24, 2025Yield to maturity3.671%Oct 7, 2025Yield to maturity3.636%Oct 21, 2025Yield to maturity3.527%Nov 3, 2025Yield to maturity3.681%Nov 17, 2025Yield to maturity3.668%Dec 1, 2025Yield to maturity3.628%Dec 12, 2025Yield to maturity3.561%Dec 26, 2025Yield to maturity3.516%Jan 9, 2026Yield to maturity3.553%Jan 23, 2026Yield to maturity3.592%Feb 5, 2026Yield to maturity3.518%Feb 19, 2026Yield to maturity3.559%Mar 4, 2026Yield to maturity3.636%Mar 17, 2026Yield to maturity3.685%Mar 30, 2026Yield to maturity3.772%Apr 10, 2026Yield to maturity3.793%Apr 23, 2026Yield to maturity3.743%May 6, 2026Yield to maturity3.766%May 19, 2026Yield to maturity3.831%Jun 2, 2026Yield to maturity3.816%Jun 15, 2026Yield to maturity3.892%Jun 29, 2026Yield to maturity4.022%Jul 13, 2026Yield to maturity4.068%Jul 24, 2026Yield to maturity4.119%Aug 6, 2026Yield to maturity4.008%Aug 19, 2026Yield to maturity3.942%Sep 1, 2026Yield to maturity3.995%Sep 10, 2026Yield to maturity4.052%

Price history

385 trading days to Sep 10, 2026

100.0100.2100.4100.6100.8101.0Feb 28, 2025Sep 10, 2026Feb 28, 2025Close100.250Mar 13, 2025Close100.344Mar 26, 2025Close100.156Apr 8, 2025Close100.719Apr 21, 2025Close100.625May 2, 2025Close100.438May 15, 2025Close100.219May 29, 2025Close100.219Jun 11, 2025Close100.219Jun 25, 2025Close100.438Jul 9, 2025Close100.313Jul 22, 2025Close100.344Aug 4, 2025Close100.531Aug 15, 2025Close100.438Aug 28, 2025Close100.531Sep 11, 2025Close100.719Sep 24, 2025Close100.625Oct 7, 2025Close100.656Oct 21, 2025Close100.781Nov 3, 2025Close100.563Nov 17, 2025Close100.563Dec 1, 2025Close100.594Dec 12, 2025Close100.656Dec 26, 2025Close100.688Jan 9, 2026Close100.625Jan 23, 2026Close100.563Feb 5, 2026Close100.625Feb 19, 2026Close100.563Mar 4, 2026Close100.469Mar 17, 2026Close100.406Mar 30, 2026Close100.313Apr 10, 2026Close100.281Apr 23, 2026Close100.313May 6, 2026Close100.281May 19, 2026Close100.219Jun 2, 2026Close100.219Jun 15, 2026Close100.156Jun 29, 2026Close100.063Jul 13, 2026Close100.031Jul 24, 2026Close100.000Aug 6, 2026Close100.063Aug 19, 2026Close100.094Sep 1, 2026Close100.063Sep 10, 2026Close100.031
The most recent 20 trading days of prices for 91282CMP3.
DateBidOfferClose
Sep 10, 2026–100.031100.031
Sep 9, 2026–100.031100.063
Sep 8, 2026–100.063100.063
Sep 4, 2026–100.063100.063
Sep 3, 2026–100.063100.063
Sep 2, 2026–100.063100.063
Sep 1, 2026–100.063100.063
Aug 31, 2026100.078100.063100.063
Aug 28, 2026100.094100.063100.063
Aug 27, 2026100.109100.094100.094
Aug 26, 2026100.109100.094100.094
Aug 25, 2026100.109100.094100.094
Aug 24, 2026100.109100.094100.094
Aug 21, 2026100.125100.125100.094
Aug 20, 2026100.141100.125100.094
Aug 19, 2026100.141100.125100.094
Aug 18, 2026100.125100.125100.125
Aug 17, 2026100.141100.125100.125
Aug 14, 2026100.141100.125100.094
Aug 13, 2026100.125100.125100.125

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 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.