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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$72.02bn
Held stripped
$64.8m
Share stripped
0.09%

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
4.633%
Modified duration
3.113 yr
DV01
0.0307
Convexity
0.116
Dirty price
98.482

Where its rate sensitivity sits

<.01
0.01
0.03
0.07
2.49
0.58
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 3.184 years against a modified duration of 3.113.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 4.14 cents per 100 of face.

That is -1.03 standard deviations from its own typical residual.

Yield to maturity, 404 observations

3.0%3.5%4.0%4.5%5.0%5.5%Mar 31, 2025Nov 9, 2026Mar 31, 2025Yield to maturity3.958%Apr 2, 2025Yield to maturity3.951%Apr 4, 2025Yield to maturity3.723%Apr 8, 2025Yield to maturity3.874%Apr 10, 2025Yield to maturity4.035%Apr 14, 2025Yield to maturity4.014%Apr 16, 2025Yield to maturity3.902%Apr 21, 2025Yield to maturity3.964%Apr 23, 2025Yield to maturity4.014%Apr 25, 2025Yield to maturity3.887%Apr 29, 2025Yield to maturity3.768%May 1, 2025Yield to maturity3.809%May 5, 2025Yield to maturity3.943%May 7, 2025Yield to maturity3.865%May 9, 2025Yield to maturity3.992%May 13, 2025Yield to maturity4.128%May 15, 2025Yield to maturity4.063%May 19, 2025Yield to maturity4.063%May 21, 2025Yield to maturity4.142%May 23, 2025Yield to maturity4.078%May 28, 2025Yield to maturity4.056%May 30, 2025Yield to maturity3.970%Jun 3, 2025Yield to maturity4.035%Jun 5, 2025Yield to maturity3.992%Jun 9, 2025Yield to maturity4.093%Jun 11, 2025Yield to maturity4.013%Jun 13, 2025Yield to maturity4.013%Jun 17, 2025Yield to maturity3.984%Jun 20, 2025Yield to maturity3.955%Jun 24, 2025Yield to maturity3.854%Jun 26, 2025Yield to maturity3.789%Jun 30, 2025Yield to maturity3.781%Jul 2, 2025Yield to maturity3.861%Jul 7, 2025Yield to maturity3.955%Jul 9, 2025Yield to maturity3.904%Jul 11, 2025Yield to maturity3.977%Jul 15, 2025Yield to maturity4.036%Jul 17, 2025Yield to maturity3.992%Jul 21, 2025Yield to maturity3.896%Jul 23, 2025Yield to maturity3.925%Jul 25, 2025Yield to maturity3.933%Jul 29, 2025Yield to maturity3.888%Jul 31, 2025Yield to maturity3.947%Aug 4, 2025Yield to maturity3.733%Aug 6, 2025Yield to maturity3.748%Aug 8, 2025Yield to maturity3.821%Aug 12, 2025Yield to maturity3.814%Aug 14, 2025Yield to maturity3.806%Aug 18, 2025Yield to maturity3.835%Aug 20, 2025Yield to maturity3.791%Aug 22, 2025Yield to maturity3.746%Aug 26, 2025Yield to maturity3.723%Aug 28, 2025Yield to maturity3.686%Sep 2, 2025Yield to maturity3.722%Sep 4, 2025Yield to maturity3.625%Sep 8, 2025Yield to maturity3.558%Sep 10, 2025Yield to maturity3.572%Sep 12, 2025Yield to maturity3.616%Sep 16, 2025Yield to maturity3.571%Sep 18, 2025Yield to maturity3.645%Sep 22, 2025Yield to maturity3.682%Sep 24, 2025Yield to maturity3.697%Sep 26, 2025Yield to maturity3.757%Sep 30, 2025Yield to maturity3.718%Oct 2, 2025Yield to maturity3.650%Oct 6, 2025Yield to maturity3.725%Oct 8, 2025Yield to maturity3.702%Oct 10, 2025Yield to maturity3.625%Oct 15, 2025Yield to maturity3.602%Oct 17, 2025Yield to maturity3.563%Oct 21, 2025Yield to maturity3.539%Oct 23, 2025Yield to maturity3.584%Oct 27, 2025Yield to maturity3.591%Oct 29, 2025Yield to maturity3.682%Oct 31, 2025Yield to maturity3.689%Nov 4, 2025Yield to maturity3.674%Nov 6, 2025Yield to maturity3.665%Nov 10, 2025Yield to maturity3.688%Nov 13, 2025Yield to maturity3.680%Nov 17, 2025Yield to maturity3.694%Nov 19, 2025Yield to maturity3.678%Nov 21, 2025Yield to maturity3.592%Nov 25, 2025Yield to maturity3.545%Nov 28, 2025Yield to maturity3.575%Dec 2, 2025Yield to maturity3.621%Dec 4, 2025Yield to maturity3.644%Dec 8, 2025Yield to maturity3.714%Dec 10, 2025Yield to maturity3.682%Dec 12, 2025Yield to maturity3.705%Dec 16, 2025Yield to maturity3.642%Dec 18, 2025Yield to maturity3.617%Dec 22, 2025Yield to maturity3.664%Dec 24, 2025Yield to maturity3.679%Dec 29, 2025Yield to maturity3.615%Dec 31, 2025Yield to maturity3.670%Jan 5, 2026Yield to maturity3.645%Jan 7, 2026Yield to maturity3.637%Jan 9, 2026Yield to maturity3.700%Jan 13, 2026Yield to maturity3.692%Jan 15, 2026Yield to maturity3.723%Jan 20, 2026Yield to maturity3.803%Jan 22, 2026Yield to maturity3.795%Jan 26, 2026Yield to maturity3.762%Jan 28, 2026Yield to maturity3.778%Jan 30, 2026Yield to maturity3.729%Feb 3, 2026Yield to maturity3.769%Feb 5, 2026Yield to maturity3.671%Feb 9, 2026Yield to maturity3.679%Feb 11, 2026Yield to maturity3.686%Feb 13, 2026Yield to maturity3.547%Feb 18, 2026Yield to maturity3.595%Feb 20, 2026Yield to maturity3.594%Feb 24, 2026Yield to maturity3.553%Feb 26, 2026Yield to maturity3.536%Mar 2, 2026Yield to maturity3.568%Mar 4, 2026Yield to maturity3.625%Mar 6, 2026Yield to maturity3.674%Mar 10, 2026Yield to maturity3.682%Mar 12, 2026Yield to maturity3.840%Mar 16, 2026Yield to maturity3.764%Mar 18, 2026Yield to maturity3.831%Mar 20, 2026Yield to maturity3.983%Mar 24, 2026Yield to maturity4.000%Mar 26, 2026Yield to maturity4.068%Mar 30, 2026Yield to maturity3.932%Apr 1, 2026Yield to maturity3.915%Apr 3, 2026Yield to maturity3.949%Apr 7, 2026Yield to maturity3.914%Apr 9, 2026Yield to maturity3.871%Apr 13, 2026Yield to maturity3.871%Apr 15, 2026Yield to maturity3.845%Apr 17, 2026Yield to maturity3.793%Apr 21, 2026Yield to maturity3.853%Apr 23, 2026Yield to maturity3.913%Apr 27, 2026Yield to maturity3.895%Apr 29, 2026Yield to maturity4.008%May 1, 2026Yield to maturity3.973%May 5, 2026Yield to maturity4.025%May 7, 2026Yield to maturity3.999%May 11, 2026Yield to maturity4.025%May 13, 2026Yield to maturity4.069%May 15, 2026Yield to maturity4.211%May 19, 2026Yield to maturity4.273%May 21, 2026Yield to maturity4.194%May 26, 2026Yield to maturity4.150%May 28, 2026Yield to maturity4.123%Jun 1, 2026Yield to maturity4.141%Jun 3, 2026Yield to maturity4.177%Jun 5, 2026Yield to maturity4.259%Jun 9, 2026Yield to maturity4.223%Jun 11, 2026Yield to maturity4.142%Jun 15, 2026Yield to maturity4.152%Jun 17, 2026Yield to maturity4.251%Jun 22, 2026Yield to maturity4.270%Jun 24, 2026Yield to maturity4.171%Jun 26, 2026Yield to maturity4.107%Jun 30, 2026Yield to maturity4.171%Jul 2, 2026Yield to maturity4.199%Jul 7, 2026Yield to maturity4.236%Jul 9, 2026Yield to maturity4.227%Jul 13, 2026Yield to maturity4.330%Jul 15, 2026Yield to maturity4.210%Jul 17, 2026Yield to maturity4.238%Jul 21, 2026Yield to maturity4.332%Jul 23, 2026Yield to maturity4.425%Jul 27, 2026Yield to maturity4.380%Jul 29, 2026Yield to maturity4.333%Jul 31, 2026Yield to maturity4.400%Aug 4, 2026Yield to maturity4.288%Aug 6, 2026Yield to maturity4.354%Aug 10, 2026Yield to maturity4.355%Aug 12, 2026Yield to maturity4.318%Aug 14, 2026Yield to maturity4.300%Aug 18, 2026Yield to maturity4.301%Aug 20, 2026Yield to maturity4.320%Aug 24, 2026Yield to maturity4.350%Aug 26, 2026Yield to maturity4.321%Aug 28, 2026Yield to maturity4.447%Sep 1, 2026Yield to maturity4.506%Sep 3, 2026Yield to maturity4.458%Sep 8, 2026Yield to maturity4.508%Sep 10, 2026Yield to maturity4.694%Sep 14, 2026Yield to maturity4.756%Sep 16, 2026Yield to maturity4.836%Sep 18, 2026Yield to maturity4.848%Sep 22, 2026Yield to maturity4.830%Sep 24, 2026Yield to maturity5.020%Sep 28, 2026Yield to maturity5.043%Sep 30, 2026Yield to maturity5.035%Oct 2, 2026Yield to maturity5.008%Oct 6, 2026Yield to maturity4.959%Oct 8, 2026Yield to maturity4.930%Oct 13, 2026Yield to maturity4.953%Oct 15, 2026Yield to maturity4.874%Oct 19, 2026Yield to maturity4.896%Oct 21, 2026Yield to maturity4.918%Oct 23, 2026Yield to maturity4.778%Oct 27, 2026Yield to maturity4.820%Oct 29, 2026Yield to maturity4.760%Nov 2, 2026Yield to maturity4.681%Nov 4, 2026Yield to maturity4.651%Nov 6, 2026Yield to maturity4.602%Nov 9, 2026Yield to maturity4.633%

Price history

404 trading days to Nov 9, 2026

96979899100101102Mar 31, 2025Nov 9, 2026Mar 31, 2025Close100.188Apr 2, 2025Close100.219Apr 4, 2025Close101.250Apr 8, 2025Close100.563Apr 10, 2025Close99.844Apr 14, 2025Close99.938Apr 16, 2025Close100.438Apr 21, 2025Close100.156Apr 23, 2025Close99.938Apr 25, 2025Close100.500Apr 29, 2025Close101.031May 1, 2025Close100.844May 5, 2025Close100.250May 7, 2025Close100.594May 9, 2025Close100.031May 13, 2025Close99.438May 15, 2025Close99.719May 19, 2025Close99.719May 21, 2025Close99.375May 23, 2025Close99.656May 28, 2025Close99.750May 30, 2025Close100.125Jun 3, 2025Close99.844Jun 5, 2025Close100.031Jun 9, 2025Close99.594Jun 11, 2025Close99.938Jun 13, 2025Close99.938Jun 17, 2025Close100.063Jun 20, 2025Close100.188Jun 24, 2025Close100.625Jun 26, 2025Close100.906Jun 30, 2025Close100.938Jul 2, 2025Close100.594Jul 7, 2025Close100.188Jul 9, 2025Close100.406Jul 11, 2025Close100.094Jul 15, 2025Close99.844Jul 17, 2025Close100.031Jul 21, 2025Close100.438Jul 23, 2025Close100.313Jul 25, 2025Close100.281Jul 29, 2025Close100.469Jul 31, 2025Close100.219Aug 4, 2025Close101.125Aug 6, 2025Close101.063Aug 8, 2025Close100.750Aug 12, 2025Close100.781Aug 14, 2025Close100.813Aug 18, 2025Close100.688Aug 20, 2025Close100.875Aug 22, 2025Close101.063Aug 26, 2025Close101.156Aug 28, 2025Close101.313Sep 2, 2025Close101.156Sep 4, 2025Close101.563Sep 8, 2025Close101.844Sep 10, 2025Close101.781Sep 12, 2025Close101.594Sep 16, 2025Close101.781Sep 18, 2025Close101.469Sep 22, 2025Close101.313Sep 24, 2025Close101.250Sep 26, 2025Close101.000Sep 30, 2025Close101.156Oct 2, 2025Close101.438Oct 6, 2025Close101.125Oct 8, 2025Close101.219Oct 10, 2025Close101.531Oct 15, 2025Close101.625Oct 17, 2025Close101.781Oct 21, 2025Close101.875Oct 23, 2025Close101.688Oct 27, 2025Close101.656Oct 29, 2025Close101.281Oct 31, 2025Close101.250Nov 4, 2025Close101.313Nov 6, 2025Close101.344Nov 10, 2025Close101.250Nov 13, 2025Close101.281Nov 17, 2025Close101.219Nov 19, 2025Close101.281Nov 21, 2025Close101.625Nov 25, 2025Close101.813Nov 28, 2025Close101.688Dec 2, 2025Close101.500Dec 4, 2025Close101.406Dec 8, 2025Close101.125Dec 10, 2025Close101.250Dec 12, 2025Close101.156Dec 16, 2025Close101.406Dec 18, 2025Close101.500Dec 22, 2025Close101.313Dec 24, 2025Close101.250Dec 29, 2025Close101.500Dec 31, 2025Close101.281Jan 5, 2026Close101.375Jan 7, 2026Close101.406Jan 9, 2026Close101.156Jan 13, 2026Close101.188Jan 15, 2026Close101.063Jan 20, 2026Close100.750Jan 22, 2026Close100.781Jan 26, 2026Close100.906Jan 28, 2026Close100.844Jan 30, 2026Close101.031Feb 3, 2026Close100.875Feb 5, 2026Close101.250Feb 9, 2026Close101.219Feb 11, 2026Close101.188Feb 13, 2026Close101.719Feb 18, 2026Close101.531Feb 20, 2026Close101.531Feb 24, 2026Close101.688Feb 26, 2026Close101.750Mar 2, 2026Close101.625Mar 4, 2026Close101.406Mar 6, 2026Close101.219Mar 10, 2026Close101.188Mar 12, 2026Close100.594Mar 16, 2026Close100.875Mar 18, 2026Close100.625Mar 20, 2026Close100.063Mar 24, 2026Close100.000Mar 26, 2026Close99.750Mar 30, 2026Close100.250Apr 1, 2026Close100.313Apr 3, 2026Close100.188Apr 7, 2026Close100.313Apr 9, 2026Close100.469Apr 13, 2026Close100.469Apr 15, 2026Close100.563Apr 17, 2026Close100.750Apr 21, 2026Close100.531Apr 23, 2026Close100.313Apr 27, 2026Close100.375Apr 29, 2026Close99.969May 1, 2026Close100.094May 5, 2026Close99.906May 7, 2026Close100.000May 11, 2026Close99.906May 13, 2026Close99.750May 15, 2026Close99.250May 19, 2026Close99.031May 21, 2026Close99.313May 26, 2026Close99.469May 28, 2026Close99.563Jun 1, 2026Close99.500Jun 3, 2026Close99.375Jun 5, 2026Close99.094Jun 9, 2026Close99.219Jun 11, 2026Close99.500Jun 15, 2026Close99.469Jun 17, 2026Close99.125Jun 22, 2026Close99.063Jun 24, 2026Close99.406Jun 26, 2026Close99.625Jun 30, 2026Close99.406Jul 2, 2026Close99.313Jul 7, 2026Close99.188Jul 9, 2026Close99.219Jul 13, 2026Close98.875Jul 15, 2026Close99.281Jul 17, 2026Close99.188Jul 21, 2026Close98.875Jul 23, 2026Close98.563Jul 27, 2026Close98.719Jul 29, 2026Close98.875Jul 31, 2026Close98.656Aug 4, 2026Close99.031Aug 6, 2026Close98.813Aug 10, 2026Close98.813Aug 12, 2026Close98.938Aug 14, 2026Close99.000Aug 18, 2026Close99.000Aug 20, 2026Close98.938Aug 24, 2026Close98.844Aug 26, 2026Close98.938Aug 28, 2026Close98.531Sep 1, 2026Close98.344Sep 3, 2026Close98.500Sep 8, 2026Close98.344Sep 10, 2026Close97.750Sep 14, 2026Close97.563Sep 16, 2026Close97.313Sep 18, 2026Close97.281Sep 22, 2026Close97.344Sep 24, 2026Close96.750Sep 28, 2026Close96.688Sep 30, 2026Close96.719Oct 2, 2026Close96.813Oct 6, 2026Close96.969Oct 8, 2026Close97.063Oct 13, 2026Close97.000Oct 15, 2026Close97.250Oct 19, 2026Close97.188Oct 21, 2026Close97.125Oct 23, 2026Close97.563Oct 27, 2026Close97.438Oct 29, 2026Close97.625Nov 2, 2026Close97.875Nov 4, 2026Close97.969Nov 6, 2026Close98.125Nov 9, 2026Close98.031
The most recent 20 trading days of prices for 91282CMU2.
DateBidOfferClose
Nov 9, 202698.03198.04798.031
Nov 6, 202698.09498.10998.125
Nov 5, 202698.12598.14198.250
Nov 4, 202697.87597.89197.969
Nov 3, 202697.81397.84497.781
Nov 2, 202697.93897.95397.875
Oct 30, 202697.78197.79797.875
Oct 29, 202697.65697.67297.625
Oct 28, 202697.31397.32897.406
Oct 27, 202697.46997.48497.438
Oct 26, 202697.50097.51697.469
Oct 23, 202697.53197.54797.563
Oct 22, 202697.46997.48497.656
Oct 21, 202697.18897.20397.125
Oct 20, 202697.25097.25097.188
Oct 19, 202697.21997.23497.188
Oct 16, 202697.34497.35997.344
Oct 15, 202697.21997.23497.250
Oct 14, 202696.81396.82897.000
Oct 13, 202696.96996.98497.000

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 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.

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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.