Treasury note

91282CMT5 · 4.125% due March 31, 2032

Original term
7-Year
Maturity
Mar 31, 2032
Coupon
4.125%
Pays
Semi-Annual
Dated
Mar 31, 2025
First coupon
Sep 30, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.80bn
Held stripped
$1.6m
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
4.778%
Modified duration
4.800 yr
DV01
0.0474
Convexity
27.378
Dirty price
98.692

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 4.914 years against a modified duration of 4.800.

Against the fitted curve

Priced 1.1 bp cheap to the curve on that day, 5.14 cents per 100 of face.

That is 0.22 standard deviations from its own typical residual.

Yield to maturity, 364 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Mar 31, 2025Sep 10, 2026Mar 31, 2025Yield to maturity4.089%Apr 11, 2025Yield to maturity4.324%Apr 24, 2025Yield to maturity4.114%May 7, 2025Yield to maturity4.051%May 20, 2025Yield to maturity4.262%Jun 3, 2025Yield to maturity4.225%Jun 16, 2025Yield to maturity4.220%Jun 30, 2025Yield to maturity3.970%Jul 14, 2025Yield to maturity4.167%Jul 25, 2025Yield to maturity4.124%Aug 7, 2025Yield to maturity3.962%Aug 20, 2025Yield to maturity3.983%Sep 3, 2025Yield to maturity3.880%Sep 16, 2025Yield to maturity3.744%Sep 29, 2025Yield to maturity3.889%Oct 10, 2025Yield to maturity3.789%Oct 24, 2025Yield to maturity3.744%Nov 6, 2025Yield to maturity3.830%Nov 20, 2025Yield to maturity3.812%Dec 4, 2025Yield to maturity3.821%Dec 17, 2025Yield to maturity3.847%Dec 31, 2025Yield to maturity3.868%Jan 14, 2026Yield to maturity3.844%Jan 28, 2026Yield to maturity3.974%Feb 10, 2026Yield to maturity3.836%Feb 24, 2026Yield to maturity3.726%Mar 9, 2026Yield to maturity3.822%Mar 20, 2026Yield to maturity4.131%Apr 2, 2026Yield to maturity4.048%Apr 15, 2026Yield to maturity4.000%Apr 28, 2026Yield to maturity4.083%May 11, 2026Yield to maturity4.154%May 22, 2026Yield to maturity4.332%Jun 5, 2026Yield to maturity4.339%Jun 18, 2026Yield to maturity4.278%Jul 2, 2026Yield to maturity4.285%Jul 16, 2026Yield to maturity4.330%Jul 29, 2026Yield to maturity4.426%Aug 11, 2026Yield to maturity4.447%Aug 24, 2026Yield to maturity4.462%Sep 4, 2026Yield to maturity4.588%Sep 10, 2026Yield to maturity4.778%

Price history

364 trading days to Sep 10, 2026

96979899100101102103Mar 31, 2025Sep 10, 2026Mar 31, 2025Close100.219Apr 11, 2025Close98.813Apr 24, 2025Close100.063May 7, 2025Close100.438May 20, 2025Close99.188Jun 3, 2025Close99.406Jun 16, 2025Close99.438Jun 30, 2025Close100.906Jul 14, 2025Close99.750Jul 25, 2025Close100.000Aug 7, 2025Close100.938Aug 20, 2025Close100.813Sep 3, 2025Close101.406Sep 16, 2025Close102.188Sep 29, 2025Close101.344Oct 10, 2025Close101.906Oct 24, 2025Close102.156Nov 6, 2025Close101.656Nov 20, 2025Close101.750Dec 4, 2025Close101.688Dec 17, 2025Close101.531Dec 31, 2025Close101.406Jan 14, 2026Close101.531Jan 28, 2026Close100.813Feb 10, 2026Close101.563Feb 24, 2026Close102.156Mar 9, 2026Close101.625Mar 20, 2026Close99.969Apr 2, 2026Close100.406Apr 15, 2026Close100.656Apr 28, 2026Close100.219May 11, 2026Close99.844May 22, 2026Close98.938Jun 5, 2026Close98.906Jun 18, 2026Close99.219Jul 2, 2026Close99.188Jul 16, 2026Close98.969Jul 29, 2026Close98.500Aug 11, 2026Close98.406Aug 24, 2026Close98.344Sep 4, 2026Close97.750Sep 10, 2026Close96.844
The most recent 20 trading days of prices for 91282CMT5.
DateBidOfferClose
Sep 10, 202696.98496.96996.844
Sep 9, 202697.45397.43897.469
Sep 8, 202697.70397.68897.656
Sep 4, 202697.81397.81397.750
Sep 3, 202697.98497.96997.875
Sep 2, 202697.73497.71997.750
Sep 1, 202697.85997.84497.719
Aug 31, 202697.98497.96997.969
Aug 28, 202698.20398.18898.031
Aug 27, 202698.57898.56398.469
Aug 26, 202698.57898.56398.531
Aug 25, 202698.64198.62598.688
Aug 24, 202698.45398.43898.344
Aug 21, 202698.26698.25098.281
Aug 20, 202698.45398.43898.469
Aug 19, 202698.60998.59498.656
Aug 18, 202698.51698.50098.500
Aug 17, 202698.54798.53198.469
Aug 14, 202698.64198.62598.563
Aug 13, 202698.79798.78198.781

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 91282CMT5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 27, 2025Mar 31, 2025New issue$44.0bn$45.3bn2.53x4.233%

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.