Treasury note

91282CMU2 · 4% due March 31, 2030

Original term
5-Year
Maturity
Mar 31, 2030
Coupon
4.000%
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
$72.02bn
Held stripped
$53.5m
Share stripped
0.07%

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
4.694%
Modified duration
3.208 yr
DV01
0.0319
Convexity
12.442
Dirty price
99.542

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 6 of twelve buckets, summing to 3.282 years against a modified duration of 3.208.

Against the fitted curve

Priced 1.1 bp rich to the curve on that day, 3.63 cents per 100 of face.

That is -1.27 standard deviations from its own typical residual.

Yield to maturity, 364 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Mar 31, 2025Sep 10, 2026Mar 31, 2025Yield to maturity3.958%Apr 11, 2025Yield to maturity4.147%Apr 24, 2025Yield to maturity3.929%May 7, 2025Yield to maturity3.865%May 20, 2025Yield to maturity4.063%Jun 3, 2025Yield to maturity4.035%Jun 16, 2025Yield to maturity4.035%Jun 30, 2025Yield to maturity3.781%Jul 14, 2025Yield to maturity3.970%Jul 25, 2025Yield to maturity3.933%Aug 7, 2025Yield to maturity3.777%Aug 20, 2025Yield to maturity3.791%Sep 3, 2025Yield to maturity3.670%Sep 16, 2025Yield to maturity3.571%Sep 29, 2025Yield to maturity3.726%Oct 10, 2025Yield to maturity3.625%Oct 24, 2025Yield to maturity3.584%Nov 6, 2025Yield to maturity3.665%Nov 20, 2025Yield to maturity3.647%Dec 4, 2025Yield to maturity3.644%Dec 17, 2025Yield to maturity3.649%Dec 31, 2025Yield to maturity3.670%Jan 14, 2026Yield to maturity3.667%Jan 28, 2026Yield to maturity3.778%Feb 10, 2026Yield to maturity3.638%Feb 24, 2026Yield to maturity3.553%Mar 9, 2026Yield to maturity3.657%Mar 20, 2026Yield to maturity3.983%Apr 2, 2026Yield to maturity3.898%Apr 15, 2026Yield to maturity3.845%Apr 28, 2026Yield to maturity3.930%May 11, 2026Yield to maturity4.025%May 22, 2026Yield to maturity4.221%Jun 5, 2026Yield to maturity4.259%Jun 18, 2026Yield to maturity4.216%Jul 2, 2026Yield to maturity4.199%Jul 16, 2026Yield to maturity4.238%Jul 29, 2026Yield to maturity4.333%Aug 11, 2026Yield to maturity4.337%Aug 24, 2026Yield to maturity4.350%Sep 4, 2026Yield to maturity4.489%Sep 10, 2026Yield to maturity4.694%

Price history

364 trading days to Sep 10, 2026

979899100101102Mar 31, 2025Sep 10, 2026Mar 31, 2025Close100.188Apr 11, 2025Close99.344Apr 24, 2025Close100.313May 7, 2025Close100.594May 20, 2025Close99.719Jun 3, 2025Close99.844Jun 16, 2025Close99.844Jun 30, 2025Close100.938Jul 14, 2025Close100.125Jul 25, 2025Close100.281Aug 7, 2025Close100.938Aug 20, 2025Close100.875Sep 3, 2025Close101.375Sep 16, 2025Close101.781Sep 29, 2025Close101.125Oct 10, 2025Close101.531Oct 24, 2025Close101.688Nov 6, 2025Close101.344Nov 20, 2025Close101.406Dec 4, 2025Close101.406Dec 17, 2025Close101.375Dec 31, 2025Close101.281Jan 14, 2026Close101.281Jan 28, 2026Close100.844Feb 10, 2026Close101.375Feb 24, 2026Close101.688Mar 9, 2026Close101.281Mar 20, 2026Close100.063Apr 2, 2026Close100.375Apr 15, 2026Close100.563Apr 28, 2026Close100.250May 11, 2026Close99.906May 22, 2026Close99.219Jun 5, 2026Close99.094Jun 18, 2026Close99.250Jul 2, 2026Close99.313Jul 16, 2026Close99.188Jul 29, 2026Close98.875Aug 11, 2026Close98.875Aug 24, 2026Close98.844Sep 4, 2026Close98.406Sep 10, 2026Close97.750
The most recent 20 trading days of prices for 91282CMU2.
DateBidOfferClose
Sep 10, 202697.87597.87597.750
Sep 9, 202698.21998.18898.219
Sep 8, 202698.37598.37598.344
Sep 4, 202698.45398.43898.406
Sep 3, 202698.57898.56398.500
Sep 2, 202698.39198.37598.375
Sep 1, 202698.45398.43898.344
Aug 31, 202698.54798.53198.531
Aug 28, 202698.64198.62598.531
Aug 27, 202698.95398.93898.875
Aug 26, 202698.95398.93898.938
Aug 25, 202699.01699.00099.031
Aug 24, 202698.89198.87598.844
Aug 21, 202698.79798.78198.813
Aug 20, 202698.95398.93898.938
Aug 19, 202699.00099.00099.031
Aug 18, 202699.00099.00099.000
Aug 17, 202699.03199.03198.969
Aug 14, 202699.07899.06399.000
Aug 13, 202699.14199.12599.125

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 91282CMU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2025Mar 31, 2025New issue$70.0bn$72.1bn2.33x4.100%

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.