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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$44.80bn
Held stripped
$9.6m
Share stripped
0.02%

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
4.701%
Modified duration
4.743 yr
DV01
0.0464
Convexity
0.264
Dirty price
97.746

Where its rate sensitivity sits

<.01
0.01
0.03
0.08
0.18
3.70
0.85
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 4.855 years against a modified duration of 4.743.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 4.40 cents per 100 of face.

That is -0.22 standard deviations from its own typical residual.

Yield to maturity, 404 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Mar 31, 2025Nov 9, 2026Mar 31, 2025Yield to maturity4.089%Apr 2, 2025Yield to maturity4.068%Apr 4, 2025Yield to maturity3.842%Apr 8, 2025Yield to maturity4.052%Apr 10, 2025Yield to maturity4.208%Apr 14, 2025Yield to maturity4.193%Apr 16, 2025Yield to maturity4.073%Apr 21, 2025Yield to maturity4.182%Apr 23, 2025Yield to maturity4.198%Apr 25, 2025Yield to maturity4.067%Apr 29, 2025Yield to maturity3.963%May 1, 2025Yield to maturity4.010%May 5, 2025Yield to maturity4.130%May 7, 2025Yield to maturity4.051%May 9, 2025Yield to maturity4.177%May 13, 2025Yield to maturity4.299%May 15, 2025Yield to maturity4.246%May 19, 2025Yield to maturity4.257%May 21, 2025Yield to maturity4.358%May 23, 2025Yield to maturity4.278%May 28, 2025Yield to maturity4.257%May 30, 2025Yield to maturity4.172%Jun 3, 2025Yield to maturity4.225%Jun 5, 2025Yield to maturity4.172%Jun 9, 2025Yield to maturity4.274%Jun 11, 2025Yield to maturity4.193%Jun 13, 2025Yield to maturity4.188%Jun 17, 2025Yield to maturity4.156%Jun 20, 2025Yield to maturity4.140%Jun 24, 2025Yield to maturity4.039%Jun 26, 2025Yield to maturity3.986%Jun 30, 2025Yield to maturity3.970%Jul 2, 2025Yield to maturity4.044%Jul 7, 2025Yield to maturity4.140%Jul 9, 2025Yield to maturity4.092%Jul 11, 2025Yield to maturity4.173%Jul 15, 2025Yield to maturity4.238%Jul 17, 2025Yield to maturity4.200%Jul 21, 2025Yield to maturity4.103%Jul 23, 2025Yield to maturity4.130%Jul 25, 2025Yield to maturity4.124%Jul 29, 2025Yield to maturity4.076%Jul 31, 2025Yield to maturity4.119%Aug 4, 2025Yield to maturity3.920%Aug 6, 2025Yield to maturity3.941%Aug 8, 2025Yield to maturity4.000%Aug 12, 2025Yield to maturity4.005%Aug 14, 2025Yield to maturity4.000%Aug 18, 2025Yield to maturity4.037%Aug 20, 2025Yield to maturity3.983%Aug 22, 2025Yield to maturity3.945%Aug 26, 2025Yield to maturity3.935%Aug 28, 2025Yield to maturity3.886%Sep 2, 2025Yield to maturity3.940%Sep 4, 2025Yield to maturity3.832%Sep 8, 2025Yield to maturity3.740%Sep 10, 2025Yield to maturity3.745%Sep 12, 2025Yield to maturity3.777%Sep 16, 2025Yield to maturity3.744%Sep 18, 2025Yield to maturity3.819%Sep 22, 2025Yield to maturity3.857%Sep 24, 2025Yield to maturity3.873%Sep 26, 2025Yield to maturity3.927%Sep 30, 2025Yield to maturity3.889%Oct 2, 2025Yield to maturity3.823%Oct 6, 2025Yield to maturity3.905%Oct 8, 2025Yield to maturity3.872%Oct 10, 2025Yield to maturity3.789%Oct 15, 2025Yield to maturity3.773%Oct 17, 2025Yield to maturity3.734%Oct 21, 2025Yield to maturity3.696%Oct 23, 2025Yield to maturity3.744%Oct 27, 2025Yield to maturity3.749%Oct 29, 2025Yield to maturity3.831%Oct 31, 2025Yield to maturity3.847%Nov 4, 2025Yield to maturity3.830%Nov 6, 2025Yield to maturity3.830%Nov 10, 2025Yield to maturity3.851%Nov 13, 2025Yield to maturity3.846%Nov 17, 2025Yield to maturity3.851%Nov 19, 2025Yield to maturity3.845%Nov 21, 2025Yield to maturity3.756%Nov 25, 2025Yield to maturity3.706%Nov 28, 2025Yield to maturity3.733%Dec 2, 2025Yield to maturity3.794%Dec 4, 2025Yield to maturity3.821%Dec 8, 2025Yield to maturity3.888%Dec 10, 2025Yield to maturity3.859%Dec 12, 2025Yield to maturity3.893%Dec 16, 2025Yield to maturity3.836%Dec 18, 2025Yield to maturity3.808%Dec 22, 2025Yield to maturity3.858%Dec 24, 2025Yield to maturity3.863%Dec 29, 2025Yield to maturity3.812%Dec 31, 2025Yield to maturity3.868%Jan 5, 2026Yield to maturity3.851%Jan 7, 2026Yield to maturity3.834%Jan 9, 2026Yield to maturity3.884%Jan 13, 2026Yield to maturity3.879%Jan 15, 2026Yield to maturity3.895%Jan 20, 2026Yield to maturity3.998%Jan 22, 2026Yield to maturity3.980%Jan 26, 2026Yield to maturity3.946%Jan 28, 2026Yield to maturity3.974%Jan 30, 2026Yield to maturity3.940%Feb 3, 2026Yield to maturity3.968%Feb 5, 2026Yield to maturity3.882%Feb 9, 2026Yield to maturity3.888%Feb 11, 2026Yield to maturity3.876%Feb 13, 2026Yield to maturity3.733%Feb 18, 2026Yield to maturity3.778%Feb 20, 2026Yield to maturity3.772%Feb 24, 2026Yield to maturity3.726%Feb 26, 2026Yield to maturity3.703%Mar 2, 2026Yield to maturity3.742%Mar 4, 2026Yield to maturity3.788%Mar 6, 2026Yield to maturity3.845%Mar 10, 2026Yield to maturity3.845%Mar 12, 2026Yield to maturity3.990%Mar 16, 2026Yield to maturity3.925%Mar 18, 2026Yield to maturity3.978%Mar 20, 2026Yield to maturity4.131%Mar 24, 2026Yield to maturity4.143%Mar 26, 2026Yield to maturity4.196%Mar 30, 2026Yield to maturity4.084%Apr 1, 2026Yield to maturity4.078%Apr 3, 2026Yield to maturity4.095%Apr 7, 2026Yield to maturity4.059%Apr 9, 2026Yield to maturity4.024%Apr 13, 2026Yield to maturity4.024%Apr 15, 2026Yield to maturity4.000%Apr 17, 2026Yield to maturity3.952%Apr 21, 2026Yield to maturity4.005%Apr 23, 2026Yield to maturity4.059%Apr 27, 2026Yield to maturity4.053%Apr 29, 2026Yield to maturity4.154%May 1, 2026Yield to maturity4.112%May 5, 2026Yield to maturity4.161%May 7, 2026Yield to maturity4.130%May 11, 2026Yield to maturity4.154%May 13, 2026Yield to maturity4.203%May 15, 2026Yield to maturity4.343%May 19, 2026Yield to maturity4.411%May 21, 2026Yield to maturity4.325%May 26, 2026Yield to maturity4.258%May 28, 2026Yield to maturity4.222%Jun 1, 2026Yield to maturity4.246%Jun 3, 2026Yield to maturity4.271%Jun 5, 2026Yield to maturity4.339%Jun 9, 2026Yield to maturity4.314%Jun 11, 2026Yield to maturity4.234%Jun 15, 2026Yield to maturity4.241%Jun 17, 2026Yield to maturity4.309%Jun 22, 2026Yield to maturity4.334%Jun 24, 2026Yield to maturity4.229%Jun 26, 2026Yield to maturity4.179%Jun 30, 2026Yield to maturity4.241%Jul 2, 2026Yield to maturity4.285%Jul 7, 2026Yield to maturity4.329%Jul 9, 2026Yield to maturity4.323%Jul 13, 2026Yield to maturity4.418%Jul 15, 2026Yield to maturity4.311%Jul 17, 2026Yield to maturity4.330%Jul 21, 2026Yield to maturity4.419%Jul 23, 2026Yield to maturity4.508%Jul 27, 2026Yield to maturity4.451%Jul 29, 2026Yield to maturity4.426%Jul 31, 2026Yield to maturity4.503%Aug 4, 2026Yield to maturity4.382%Aug 6, 2026Yield to maturity4.446%Aug 10, 2026Yield to maturity4.460%Aug 12, 2026Yield to maturity4.428%Aug 14, 2026Yield to maturity4.416%Aug 18, 2026Yield to maturity4.429%Aug 20, 2026Yield to maturity4.436%Aug 24, 2026Yield to maturity4.462%Aug 26, 2026Yield to maturity4.424%Aug 28, 2026Yield to maturity4.527%Sep 1, 2026Yield to maturity4.593%Sep 3, 2026Yield to maturity4.561%Sep 8, 2026Yield to maturity4.607%Sep 10, 2026Yield to maturity4.778%Sep 14, 2026Yield to maturity4.833%Sep 16, 2026Yield to maturity4.893%Sep 18, 2026Yield to maturity4.895%Sep 22, 2026Yield to maturity4.855%Sep 24, 2026Yield to maturity5.071%Sep 28, 2026Yield to maturity5.099%Sep 30, 2026Yield to maturity5.121%Oct 2, 2026Yield to maturity5.102%Oct 6, 2026Yield to maturity5.069%Oct 8, 2026Yield to maturity5.036%Oct 13, 2026Yield to maturity5.044%Oct 15, 2026Yield to maturity4.944%Oct 19, 2026Yield to maturity4.979%Oct 21, 2026Yield to maturity4.986%Oct 23, 2026Yield to maturity4.845%Oct 27, 2026Yield to maturity4.866%Oct 29, 2026Yield to maturity4.826%Nov 2, 2026Yield to maturity4.733%Nov 4, 2026Yield to maturity4.720%Nov 6, 2026Yield to maturity4.681%Nov 9, 2026Yield to maturity4.701%

Price history

404 trading days to Nov 9, 2026

949698100102104Mar 31, 2025Nov 9, 2026Mar 31, 2025Close100.219Apr 2, 2025Close100.344Apr 4, 2025Close101.719Apr 8, 2025Close100.438Apr 10, 2025Close99.500Apr 14, 2025Close99.594Apr 16, 2025Close100.313Apr 21, 2025Close99.656Apr 23, 2025Close99.563Apr 25, 2025Close100.344Apr 29, 2025Close100.969May 1, 2025Close100.688May 5, 2025Close99.969May 7, 2025Close100.438May 9, 2025Close99.688May 13, 2025Close98.969May 15, 2025Close99.281May 19, 2025Close99.219May 21, 2025Close98.625May 23, 2025Close99.094May 28, 2025Close99.219May 30, 2025Close99.719Jun 3, 2025Close99.406Jun 5, 2025Close99.719Jun 9, 2025Close99.125Jun 11, 2025Close99.594Jun 13, 2025Close99.625Jun 17, 2025Close99.813Jun 20, 2025Close99.906Jun 24, 2025Close100.500Jun 26, 2025Close100.813Jun 30, 2025Close100.906Jul 2, 2025Close100.469Jul 7, 2025Close99.906Jul 9, 2025Close100.188Jul 11, 2025Close99.719Jul 15, 2025Close99.344Jul 17, 2025Close99.563Jul 21, 2025Close100.125Jul 23, 2025Close99.969Jul 25, 2025Close100.000Jul 29, 2025Close100.281Jul 31, 2025Close100.031Aug 4, 2025Close101.188Aug 6, 2025Close101.063Aug 8, 2025Close100.719Aug 12, 2025Close100.688Aug 14, 2025Close100.719Aug 18, 2025Close100.500Aug 20, 2025Close100.813Aug 22, 2025Close101.031Aug 26, 2025Close101.094Aug 28, 2025Close101.375Sep 2, 2025Close101.063Sep 4, 2025Close101.688Sep 8, 2025Close102.219Sep 10, 2025Close102.188Sep 12, 2025Close102.000Sep 16, 2025Close102.188Sep 18, 2025Close101.750Sep 22, 2025Close101.531Sep 24, 2025Close101.438Sep 26, 2025Close101.125Sep 30, 2025Close101.344Oct 2, 2025Close101.719Oct 6, 2025Close101.250Oct 8, 2025Close101.438Oct 10, 2025Close101.906Oct 15, 2025Close102.000Oct 17, 2025Close102.219Oct 21, 2025Close102.438Oct 23, 2025Close102.156Oct 27, 2025Close102.125Oct 29, 2025Close101.656Oct 31, 2025Close101.563Nov 4, 2025Close101.656Nov 6, 2025Close101.656Nov 10, 2025Close101.531Nov 13, 2025Close101.563Nov 17, 2025Close101.531Nov 19, 2025Close101.563Nov 21, 2025Close102.063Nov 25, 2025Close102.344Nov 28, 2025Close102.188Dec 2, 2025Close101.844Dec 4, 2025Close101.688Dec 8, 2025Close101.313Dec 10, 2025Close101.469Dec 12, 2025Close101.281Dec 16, 2025Close101.594Dec 18, 2025Close101.750Dec 22, 2025Close101.469Dec 24, 2025Close101.438Dec 29, 2025Close101.719Dec 31, 2025Close101.406Jan 5, 2026Close101.500Jan 7, 2026Close101.594Jan 9, 2026Close101.313Jan 13, 2026Close101.344Jan 15, 2026Close101.250Jan 20, 2026Close100.688Jan 22, 2026Close100.781Jan 26, 2026Close100.969Jan 28, 2026Close100.813Jan 30, 2026Close101.000Feb 3, 2026Close100.844Feb 5, 2026Close101.313Feb 9, 2026Close101.281Feb 11, 2026Close101.344Feb 13, 2026Close102.125Feb 18, 2026Close101.875Feb 20, 2026Close101.906Feb 24, 2026Close102.156Feb 26, 2026Close102.281Mar 2, 2026Close102.063Mar 4, 2026Close101.813Mar 6, 2026Close101.500Mar 10, 2026Close101.500Mar 12, 2026Close100.719Mar 16, 2026Close101.063Mar 18, 2026Close100.781Mar 20, 2026Close99.969Mar 24, 2026Close99.906Mar 26, 2026Close99.625Mar 30, 2026Close100.219Apr 1, 2026Close100.250Apr 3, 2026Close100.156Apr 7, 2026Close100.344Apr 9, 2026Close100.531Apr 13, 2026Close100.531Apr 15, 2026Close100.656Apr 17, 2026Close100.906Apr 21, 2026Close100.625Apr 23, 2026Close100.344Apr 27, 2026Close100.375Apr 29, 2026Close99.844May 1, 2026Close100.063May 5, 2026Close99.813May 7, 2026Close99.969May 11, 2026Close99.844May 13, 2026Close99.594May 15, 2026Close98.875May 19, 2026Close98.531May 21, 2026Close98.969May 26, 2026Close99.313May 28, 2026Close99.500Jun 1, 2026Close99.375Jun 3, 2026Close99.250Jun 5, 2026Close98.906Jun 9, 2026Close99.031Jun 11, 2026Close99.438Jun 15, 2026Close99.406Jun 17, 2026Close99.063Jun 22, 2026Close98.938Jun 24, 2026Close99.469Jun 26, 2026Close99.719Jun 30, 2026Close99.406Jul 2, 2026Close99.188Jul 7, 2026Close98.969Jul 9, 2026Close99.000Jul 13, 2026Close98.531Jul 15, 2026Close99.063Jul 17, 2026Close98.969Jul 21, 2026Close98.531Jul 23, 2026Close98.094Jul 27, 2026Close98.375Jul 29, 2026Close98.500Jul 31, 2026Close98.125Aug 4, 2026Close98.719Aug 6, 2026Close98.406Aug 10, 2026Close98.344Aug 12, 2026Close98.500Aug 14, 2026Close98.563Aug 18, 2026Close98.500Aug 20, 2026Close98.469Aug 24, 2026Close98.344Aug 26, 2026Close98.531Aug 28, 2026Close98.031Sep 1, 2026Close97.719Sep 3, 2026Close97.875Sep 8, 2026Close97.656Sep 10, 2026Close96.844Sep 14, 2026Close96.594Sep 16, 2026Close96.313Sep 18, 2026Close96.313Sep 22, 2026Close96.500Sep 24, 2026Close95.500Sep 28, 2026Close95.375Sep 30, 2026Close95.281Oct 2, 2026Close95.375Oct 6, 2026Close95.531Oct 8, 2026Close95.688Oct 13, 2026Close95.656Oct 15, 2026Close96.125Oct 19, 2026Close95.969Oct 21, 2026Close95.938Oct 23, 2026Close96.594Oct 27, 2026Close96.500Oct 29, 2026Close96.688Nov 2, 2026Close97.125Nov 4, 2026Close97.188Nov 6, 2026Close97.375Nov 9, 2026Close97.281
The most recent 20 trading days of prices for 91282CMT5.
DateBidOfferClose
Nov 9, 202697.25097.28197.281
Nov 6, 202697.37597.39197.375
Nov 5, 202697.43897.46997.594
Nov 4, 202697.09497.10997.188
Nov 3, 202697.00097.01696.938
Nov 2, 202697.18897.20397.125
Oct 30, 202696.90696.92297.031
Oct 29, 202696.71996.73496.688
Oct 28, 202696.31396.32896.375
Oct 27, 202696.53196.54796.500
Oct 26, 202696.53196.56396.500
Oct 23, 202696.56396.57896.594
Oct 22, 202696.50096.51696.750
Oct 21, 202696.06396.07895.938
Oct 20, 202696.09496.10996.000
Oct 19, 202696.03196.04795.969
Oct 16, 202696.21996.23496.219
Oct 15, 202696.09496.10996.125
Oct 14, 202695.40695.42295.688
Oct 13, 202695.62595.64195.656

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 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.