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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.781%
Modified duration
4.821 yr
DV01
0.0468
Convexity
27.139
Dirty price
97.000

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 7 of twelve buckets, summing to 4.933 years against a modified duration of 4.821.

Against the fitted curve

Priced 1.8 bp cheap to the curve on that day, 8.26 cents per 100 of face.

That is 1.05 standard deviations from its own typical residual.

Yield to maturity, 385 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 28, 2025Sep 10, 2026Feb 28, 2025Yield to maturity4.135%Mar 13, 2025Yield to maturity4.151%Mar 26, 2025Yield to maturity4.214%Apr 8, 2025Yield to maturity4.056%Apr 21, 2025Yield to maturity4.182%May 2, 2025Yield to maturity4.103%May 15, 2025Yield to maturity4.242%May 29, 2025Yield to maturity4.194%Jun 11, 2025Yield to maturity4.189%Jun 25, 2025Yield to maturity4.022%Jul 9, 2025Yield to maturity4.086%Jul 22, 2025Yield to maturity4.059%Aug 4, 2025Yield to maturity3.912%Aug 15, 2025Yield to maturity4.026%Aug 28, 2025Yield to maturity3.878%Sep 11, 2025Yield to maturity3.719%Sep 24, 2025Yield to maturity3.864%Oct 7, 2025Yield to maturity3.857%Oct 21, 2025Yield to maturity3.691%Nov 3, 2025Yield to maturity3.849%Nov 17, 2025Yield to maturity3.847%Dec 1, 2025Yield to maturity3.795%Dec 12, 2025Yield to maturity3.884%Dec 26, 2025Yield to maturity3.826%Jan 9, 2026Yield to maturity3.876%Jan 23, 2026Yield to maturity3.956%Feb 5, 2026Yield to maturity3.874%Feb 19, 2026Yield to maturity3.762%Mar 4, 2026Yield to maturity3.784%Mar 17, 2026Yield to maturity3.893%Mar 30, 2026Yield to maturity4.082%Apr 10, 2026Yield to maturity4.034%Apr 23, 2026Yield to maturity4.052%May 6, 2026Yield to maturity4.081%May 19, 2026Yield to maturity4.402%Jun 2, 2026Yield to maturity4.229%Jun 15, 2026Yield to maturity4.236%Jun 29, 2026Yield to maturity4.180%Jul 13, 2026Yield to maturity4.409%Jul 24, 2026Yield to maturity4.468%Aug 6, 2026Yield to maturity4.438%Aug 19, 2026Yield to maturity4.388%Sep 1, 2026Yield to maturity4.586%Sep 10, 2026Yield to maturity4.781%

Price history

385 trading days to Sep 10, 2026

96979899100101102103Feb 28, 2025Sep 10, 2026Feb 28, 2025Close99.938Mar 13, 2025Close99.844Mar 26, 2025Close99.469Apr 8, 2025Close100.406Apr 21, 2025Close99.656May 2, 2025Close100.125May 15, 2025Close99.313May 29, 2025Close99.594Jun 11, 2025Close99.625Jun 25, 2025Close100.594Jul 9, 2025Close100.219Jul 22, 2025Close100.375Aug 4, 2025Close101.219Aug 15, 2025Close100.563Aug 28, 2025Close101.406Sep 11, 2025Close102.313Sep 24, 2025Close101.469Oct 7, 2025Close101.500Oct 21, 2025Close102.438Nov 3, 2025Close101.531Nov 17, 2025Close101.531Dec 1, 2025Close101.813Dec 12, 2025Close101.313Dec 26, 2025Close101.625Jan 9, 2026Close101.344Jan 23, 2026Close100.906Feb 5, 2026Close101.344Feb 19, 2026Close101.938Mar 4, 2026Close101.813Mar 17, 2026Close101.219Mar 30, 2026Close100.219Apr 10, 2026Close100.469Apr 23, 2026Close100.375May 6, 2026Close100.219May 19, 2026Close98.594Jun 2, 2026Close99.469Jun 15, 2026Close99.438Jun 29, 2026Close99.719Jul 13, 2026Close98.594Jul 24, 2026Close98.313Aug 6, 2026Close98.469Aug 19, 2026Close98.719Sep 1, 2026Close97.781Sep 10, 2026Close96.875
The most recent 20 trading days of prices for 91282CMR9.
DateBidOfferClose
Sep 10, 202697.04797.03196.875
Sep 9, 202697.48497.46997.500
Sep 8, 202697.76697.75097.688
Sep 4, 202697.85997.84497.813
Sep 3, 202698.04798.03197.938
Sep 2, 202697.78197.75097.781
Sep 1, 202697.92297.90697.781
Aug 31, 202698.04798.03198.031
Aug 28, 202698.23498.21998.094
Aug 27, 202698.60998.59498.500
Aug 26, 202698.60998.59498.563
Aug 25, 202698.70398.68898.719
Aug 24, 202698.51698.50098.406
Aug 21, 202698.32898.31398.344
Aug 20, 202698.51698.50098.531
Aug 19, 202698.67298.65698.719
Aug 18, 202698.57898.56398.563
Aug 17, 202698.60998.59498.531
Aug 14, 202698.70398.68898.625
Aug 13, 202698.82898.81398.844

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 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.