Treasury note

91282CMR9 · 4.125% due February 29, 2032

Original term
7-Year
Maturity
Feb 29, 2032
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
$48.43bn
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
4.702%
Modified duration
4.662 yr
DV01
0.0457
Convexity
0.256
Dirty price
98.122

Where its rate sensitivity sits

<.01
0.01
0.03
0.08
0.18
3.81
0.65
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 4.771 years against a modified duration of 4.662.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 6.10 cents per 100 of face.

That is 0.36 standard deviations from its own typical residual.

Yield to maturity, 425 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Feb 28, 2025Nov 9, 2026Feb 28, 2025Yield to maturity4.135%Mar 4, 2025Yield to maturity4.109%Mar 6, 2025Yield to maturity4.177%Mar 10, 2025Yield to maturity4.099%Mar 12, 2025Yield to maturity4.203%Mar 14, 2025Yield to maturity4.203%Mar 18, 2025Yield to maturity4.177%Mar 20, 2025Yield to maturity4.114%Mar 24, 2025Yield to maturity4.214%Mar 26, 2025Yield to maturity4.214%Mar 28, 2025Yield to maturity4.119%Apr 1, 2025Yield to maturity4.030%Apr 3, 2025Yield to maturity3.885%Apr 7, 2025Yield to maturity3.968%Apr 9, 2025Yield to maturity4.203%Apr 11, 2025Yield to maturity4.326%Apr 15, 2025Yield to maturity4.151%Apr 17, 2025Yield to maturity4.130%Apr 22, 2025Yield to maturity4.182%Apr 24, 2025Yield to maturity4.114%Apr 28, 2025Yield to maturity4.008%Apr 30, 2025Yield to maturity3.924%May 2, 2025Yield to maturity4.103%May 6, 2025Yield to maturity4.092%May 8, 2025Yield to maturity4.177%May 12, 2025Yield to maturity4.263%May 14, 2025Yield to maturity4.344%May 16, 2025Yield to maturity4.236%May 20, 2025Yield to maturity4.258%May 22, 2025Yield to maturity4.312%May 27, 2025Yield to maturity4.210%May 29, 2025Yield to maturity4.194%Jun 2, 2025Yield to maturity4.210%Jun 4, 2025Yield to maturity4.119%Jun 6, 2025Yield to maturity4.302%Jun 10, 2025Yield to maturity4.254%Jun 12, 2025Yield to maturity4.129%Jun 16, 2025Yield to maturity4.216%Jun 18, 2025Yield to maturity4.151%Jun 23, 2025Yield to maturity4.081%Jun 25, 2025Yield to maturity4.022%Jun 27, 2025Yield to maturity4.016%Jul 1, 2025Yield to maturity4.000%Jul 3, 2025Yield to maturity4.103%Jul 8, 2025Yield to maturity4.162%Jul 10, 2025Yield to maturity4.097%Jul 14, 2025Yield to maturity4.162%Jul 16, 2025Yield to maturity4.179%Jul 18, 2025Yield to maturity4.152%Jul 22, 2025Yield to maturity4.059%Jul 24, 2025Yield to maturity4.152%Jul 28, 2025Yield to maturity4.152%Jul 30, 2025Yield to maturity4.119%Aug 1, 2025Yield to maturity3.934%Aug 5, 2025Yield to maturity3.929%Aug 7, 2025Yield to maturity3.956%Aug 11, 2025Yield to maturity3.988%Aug 13, 2025Yield to maturity3.939%Aug 15, 2025Yield to maturity4.026%Aug 19, 2025Yield to maturity3.999%Aug 21, 2025Yield to maturity4.031%Aug 25, 2025Yield to maturity3.966%Aug 27, 2025Yield to maturity3.900%Aug 29, 2025Yield to maturity3.883%Sep 3, 2025Yield to maturity3.872%Sep 5, 2025Yield to maturity3.758%Sep 9, 2025Yield to maturity3.757%Sep 11, 2025Yield to maturity3.719%Sep 15, 2025Yield to maturity3.746%Sep 17, 2025Yield to maturity3.767%Sep 19, 2025Yield to maturity3.837%Sep 23, 2025Yield to maturity3.826%Sep 25, 2025Yield to maturity3.903%Sep 29, 2025Yield to maturity3.880%Oct 1, 2025Yield to maturity3.831%Oct 3, 2025Yield to maturity3.858%Oct 7, 2025Yield to maturity3.857%Oct 9, 2025Yield to maturity3.874%Oct 14, 2025Yield to maturity3.741%Oct 16, 2025Yield to maturity3.686%Oct 20, 2025Yield to maturity3.718%Oct 22, 2025Yield to maturity3.690%Oct 24, 2025Yield to maturity3.739%Oct 28, 2025Yield to maturity3.733%Oct 30, 2025Yield to maturity3.849%Nov 3, 2025Yield to maturity3.849%Nov 5, 2025Yield to maturity3.893%Nov 7, 2025Yield to maturity3.815%Nov 12, 2025Yield to maturity3.798%Nov 14, 2025Yield to maturity3.870%Nov 18, 2025Yield to maturity3.825%Nov 20, 2025Yield to maturity3.802%Nov 24, 2025Yield to maturity3.735%Nov 26, 2025Yield to maturity3.695%Dec 1, 2025Yield to maturity3.795%Dec 3, 2025Yield to maturity3.756%Dec 5, 2025Yield to maturity3.840%Dec 9, 2025Yield to maturity3.902%Dec 11, 2025Yield to maturity3.850%Dec 15, 2025Yield to maturity3.867%Dec 17, 2025Yield to maturity3.839%Dec 19, 2025Yield to maturity3.832%Dec 23, 2025Yield to maturity3.872%Dec 26, 2025Yield to maturity3.826%Dec 30, 2025Yield to maturity3.814%Jan 2, 2026Yield to maturity3.871%Jan 6, 2026Yield to maturity3.853%Jan 8, 2026Yield to maturity3.870%Jan 12, 2026Yield to maturity3.887%Jan 14, 2026Yield to maturity3.841%Jan 16, 2026Yield to maturity3.944%Jan 21, 2026Yield to maturity3.962%Jan 23, 2026Yield to maturity3.956%Jan 27, 2026Yield to maturity3.944%Jan 29, 2026Yield to maturity3.932%Feb 2, 2026Yield to maturity3.967%Feb 4, 2026Yield to maturity3.967%Feb 6, 2026Yield to maturity3.885%Feb 10, 2026Yield to maturity3.827%Feb 12, 2026Yield to maturity3.792%Feb 17, 2026Yield to maturity3.739%Feb 19, 2026Yield to maturity3.762%Feb 23, 2026Yield to maturity3.698%Feb 25, 2026Yield to maturity3.733%Feb 27, 2026Yield to maturity3.634%Mar 3, 2026Yield to maturity3.743%Mar 5, 2026Yield to maturity3.830%Mar 9, 2026Yield to maturity3.818%Mar 11, 2026Yield to maturity3.900%Mar 13, 2026Yield to maturity3.982%Mar 17, 2026Yield to maturity3.893%Mar 19, 2026Yield to maturity3.988%Mar 23, 2026Yield to maturity4.071%Mar 25, 2026Yield to maturity4.077%Mar 27, 2026Yield to maturity4.173%Mar 31, 2026Yield to maturity4.029%Apr 2, 2026Yield to maturity4.040%Apr 6, 2026Yield to maturity4.082%Apr 8, 2026Yield to maturity4.022%Apr 10, 2026Yield to maturity4.034%Apr 14, 2026Yield to maturity3.962%Apr 16, 2026Yield to maturity4.010%Apr 20, 2026Yield to maturity3.949%Apr 22, 2026Yield to maturity4.009%Apr 24, 2026Yield to maturity4.009%Apr 28, 2026Yield to maturity4.076%Apr 30, 2026Yield to maturity4.112%May 4, 2026Yield to maturity4.173%May 6, 2026Yield to maturity4.081%May 8, 2026Yield to maturity4.094%May 12, 2026Yield to maturity4.204%May 14, 2026Yield to maturity4.204%May 18, 2026Yield to maturity4.340%May 20, 2026Yield to maturity4.297%May 22, 2026Yield to maturity4.328%May 27, 2026Yield to maturity4.241%May 29, 2026Yield to maturity4.204%Jun 2, 2026Yield to maturity4.229%Jun 4, 2026Yield to maturity4.242%Jun 8, 2026Yield to maturity4.335%Jun 10, 2026Yield to maturity4.323%Jun 12, 2026Yield to maturity4.261%Jun 16, 2026Yield to maturity4.199%Jun 18, 2026Yield to maturity4.274%Jun 23, 2026Yield to maturity4.312%Jun 25, 2026Yield to maturity4.199%Jun 29, 2026Yield to maturity4.180%Jul 1, 2026Yield to maturity4.275%Jul 6, 2026Yield to maturity4.250%Jul 8, 2026Yield to maturity4.351%Jul 10, 2026Yield to maturity4.345%Jul 14, 2026Yield to maturity4.352%Jul 16, 2026Yield to maturity4.326%Jul 20, 2026Yield to maturity4.365%Jul 22, 2026Yield to maturity4.455%Jul 24, 2026Yield to maturity4.468%Jul 28, 2026Yield to maturity4.398%Jul 30, 2026Yield to maturity4.431%Aug 3, 2026Yield to maturity4.444%Aug 5, 2026Yield to maturity4.373%Aug 7, 2026Yield to maturity4.387%Aug 11, 2026Yield to maturity4.439%Aug 13, 2026Yield to maturity4.362%Aug 17, 2026Yield to maturity4.427%Aug 19, 2026Yield to maturity4.388%Aug 21, 2026Yield to maturity4.467%Aug 25, 2026Yield to maturity4.389%Aug 27, 2026Yield to maturity4.435%Aug 31, 2026Yield to maturity4.534%Sep 2, 2026Yield to maturity4.587%Sep 4, 2026Yield to maturity4.581%Sep 9, 2026Yield to maturity4.647%Sep 11, 2026Yield to maturity4.815%Sep 15, 2026Yield to maturity4.856%Sep 17, 2026Yield to maturity4.816%Sep 21, 2026Yield to maturity4.858%Sep 23, 2026Yield to maturity5.028%Sep 25, 2026Yield to maturity5.023%Sep 29, 2026Yield to maturity5.099%Oct 1, 2026Yield to maturity5.052%Oct 5, 2026Yield to maturity5.108%Oct 7, 2026Yield to maturity5.068%Oct 9, 2026Yield to maturity5.063%Oct 14, 2026Yield to maturity5.036%Oct 16, 2026Yield to maturity4.928%Oct 20, 2026Yield to maturity4.970%Oct 22, 2026Yield to maturity4.813%Oct 26, 2026Yield to maturity4.862%Oct 28, 2026Yield to maturity4.897%Oct 30, 2026Yield to maturity4.755%Nov 3, 2026Yield to maturity4.776%Nov 5, 2026Yield to maturity4.633%Nov 9, 2026Yield to maturity4.702%

Price history

425 trading days to Nov 9, 2026

949698100102104Feb 28, 2025Nov 9, 2026Feb 28, 2025Close99.938Mar 4, 2025Close100.094Mar 6, 2025Close99.688Mar 10, 2025Close100.156Mar 12, 2025Close99.531Mar 14, 2025Close99.531Mar 18, 2025Close99.688Mar 20, 2025Close100.063Mar 24, 2025Close99.469Mar 26, 2025Close99.469Mar 28, 2025Close100.031Apr 1, 2025Close100.563Apr 3, 2025Close101.438Apr 7, 2025Close100.938Apr 9, 2025Close99.531Apr 11, 2025Close98.813Apr 15, 2025Close99.844Apr 17, 2025Close99.969Apr 22, 2025Close99.656Apr 24, 2025Close100.063Apr 28, 2025Close100.688Apr 30, 2025Close101.188May 2, 2025Close100.125May 6, 2025Close100.188May 8, 2025Close99.688May 12, 2025Close99.188May 14, 2025Close98.719May 16, 2025Close99.344May 20, 2025Close99.219May 22, 2025Close98.906May 27, 2025Close99.500May 29, 2025Close99.594Jun 2, 2025Close99.500Jun 4, 2025Close100.031Jun 6, 2025Close98.969Jun 10, 2025Close99.250Jun 12, 2025Close99.969Jun 16, 2025Close99.469Jun 18, 2025Close99.844Jun 23, 2025Close100.250Jun 25, 2025Close100.594Jun 27, 2025Close100.625Jul 1, 2025Close100.719Jul 3, 2025Close100.125Jul 8, 2025Close99.781Jul 10, 2025Close100.156Jul 14, 2025Close99.781Jul 16, 2025Close99.688Jul 18, 2025Close99.844Jul 22, 2025Close100.375Jul 24, 2025Close99.844Jul 28, 2025Close99.844Jul 30, 2025Close100.031Aug 1, 2025Close101.094Aug 5, 2025Close101.125Aug 7, 2025Close100.969Aug 11, 2025Close100.781Aug 13, 2025Close101.063Aug 15, 2025Close100.563Aug 19, 2025Close100.719Aug 21, 2025Close100.531Aug 25, 2025Close100.906Aug 27, 2025Close101.281Aug 29, 2025Close101.375Sep 3, 2025Close101.438Sep 5, 2025Close102.094Sep 9, 2025Close102.094Sep 11, 2025Close102.313Sep 15, 2025Close102.156Sep 17, 2025Close102.031Sep 19, 2025Close101.625Sep 23, 2025Close101.688Sep 25, 2025Close101.250Sep 29, 2025Close101.375Oct 1, 2025Close101.656Oct 3, 2025Close101.500Oct 7, 2025Close101.500Oct 9, 2025Close101.406Oct 14, 2025Close102.156Oct 16, 2025Close102.469Oct 20, 2025Close102.281Oct 22, 2025Close102.438Oct 24, 2025Close102.156Oct 28, 2025Close102.188Oct 30, 2025Close101.531Nov 3, 2025Close101.531Nov 5, 2025Close101.281Nov 7, 2025Close101.719Nov 12, 2025Close101.813Nov 14, 2025Close101.406Nov 18, 2025Close101.656Nov 20, 2025Close101.781Nov 24, 2025Close102.156Nov 26, 2025Close102.375Dec 1, 2025Close101.813Dec 3, 2025Close102.031Dec 5, 2025Close101.563Dec 9, 2025Close101.219Dec 11, 2025Close101.500Dec 15, 2025Close101.406Dec 17, 2025Close101.563Dec 19, 2025Close101.594Dec 23, 2025Close101.375Dec 26, 2025Close101.625Dec 30, 2025Close101.688Jan 2, 2026Close101.375Jan 6, 2026Close101.469Jan 8, 2026Close101.375Jan 12, 2026Close101.281Jan 14, 2026Close101.531Jan 16, 2026Close100.969Jan 21, 2026Close100.875Jan 23, 2026Close100.906Jan 27, 2026Close100.969Jan 29, 2026Close101.031Feb 2, 2026Close100.844Feb 4, 2026Close100.844Feb 6, 2026Close101.281Feb 10, 2026Close101.594Feb 12, 2026Close101.781Feb 17, 2026Close102.063Feb 19, 2026Close101.938Feb 23, 2026Close102.281Feb 25, 2026Close102.094Feb 27, 2026Close102.625Mar 3, 2026Close102.031Mar 5, 2026Close101.563Mar 9, 2026Close101.625Mar 11, 2026Close101.188Mar 13, 2026Close100.750Mar 17, 2026Close101.219Mar 19, 2026Close100.719Mar 23, 2026Close100.281Mar 25, 2026Close100.250Mar 27, 2026Close99.750Mar 31, 2026Close100.500Apr 2, 2026Close100.438Apr 6, 2026Close100.219Apr 8, 2026Close100.531Apr 10, 2026Close100.469Apr 14, 2026Close100.844Apr 16, 2026Close100.594Apr 20, 2026Close100.906Apr 22, 2026Close100.594Apr 24, 2026Close100.594Apr 28, 2026Close100.250Apr 30, 2026Close100.063May 4, 2026Close99.750May 6, 2026Close100.219May 8, 2026Close100.156May 12, 2026Close99.594May 14, 2026Close99.594May 18, 2026Close98.906May 20, 2026Close99.125May 22, 2026Close98.969May 27, 2026Close99.406May 29, 2026Close99.594Jun 2, 2026Close99.469Jun 4, 2026Close99.406Jun 8, 2026Close98.938Jun 10, 2026Close99.000Jun 12, 2026Close99.313Jun 16, 2026Close99.625Jun 18, 2026Close99.250Jun 23, 2026Close99.063Jun 25, 2026Close99.625Jun 29, 2026Close99.719Jul 1, 2026Close99.250Jul 6, 2026Close99.375Jul 8, 2026Close98.875Jul 10, 2026Close98.906Jul 14, 2026Close98.875Jul 16, 2026Close99.000Jul 20, 2026Close98.813Jul 22, 2026Close98.375Jul 24, 2026Close98.313Jul 28, 2026Close98.656Jul 30, 2026Close98.500Aug 3, 2026Close98.438Aug 5, 2026Close98.781Aug 7, 2026Close98.719Aug 11, 2026Close98.469Aug 13, 2026Close98.844Aug 17, 2026Close98.531Aug 19, 2026Close98.719Aug 21, 2026Close98.344Aug 25, 2026Close98.719Aug 27, 2026Close98.500Aug 31, 2026Close98.031Sep 2, 2026Close97.781Sep 4, 2026Close97.813Sep 9, 2026Close97.500Sep 11, 2026Close96.719Sep 15, 2026Close96.531Sep 17, 2026Close96.719Sep 21, 2026Close96.531Sep 23, 2026Close95.750Sep 25, 2026Close95.781Sep 29, 2026Close95.438Oct 1, 2026Close95.656Oct 5, 2026Close95.406Oct 7, 2026Close95.594Oct 9, 2026Close95.625Oct 14, 2026Close95.750Oct 16, 2026Close96.250Oct 20, 2026Close96.063Oct 22, 2026Close96.781Oct 26, 2026Close96.563Oct 28, 2026Close96.406Oct 30, 2026Close97.063Nov 3, 2026Close96.969Nov 5, 2026Close97.625Nov 9, 2026Close97.313
The most recent 20 trading days of prices for 91282CMR9.
DateBidOfferClose
Nov 9, 202697.31397.32897.313
Nov 6, 202697.40697.42297.438
Nov 5, 202697.50097.51697.625
Nov 4, 202697.12597.14197.250
Nov 3, 202697.03197.04796.969
Nov 2, 202697.21997.23497.156
Oct 30, 202696.93896.95397.063
Oct 29, 202696.75096.76696.750
Oct 28, 202696.37596.39196.406
Oct 27, 202696.56396.57896.531
Oct 26, 202696.59496.60996.563
Oct 23, 202696.62596.64196.656
Oct 22, 202696.53196.54796.781
Oct 21, 202696.09496.12596.000
Oct 20, 202696.15696.17296.063
Oct 19, 202696.06396.09496.000
Oct 16, 202696.28196.29796.250
Oct 15, 202696.15696.17296.188
Oct 14, 202695.46995.48495.750
Oct 13, 202695.68895.70395.719

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 91282CMR9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 26, 2025Feb 28, 2025New issue$44.0bn$48.4bn2.64x4.194%

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.