Treasury note

91282CMY4 · 3.75% due April 30, 2027

Original term
2-Year
Maturity
Apr 30, 2027
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 30, 2025
First coupon
Oct 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$73.27bn
Held stripped
$136.6m
Share stripped
0.19%

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
4.146%
Modified duration
0.614 yr
DV01
0.0062
Convexity
0.682
Dirty price
101.115

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 3 of twelve buckets, summing to 0.624 years against a modified duration of 0.614.

Against the fitted curve

Priced 3.4 bp rich to the curve on that day, 2.13 cents per 100 of face.

That is -1.28 standard deviations from its own typical residual.

Yield to maturity, 342 observations

3.4%3.6%3.8%4.0%4.2%Apr 30, 2025Sep 10, 2026Apr 30, 2025Yield to maturity3.603%May 12, 2025Yield to maturity3.983%May 22, 2025Yield to maturity4.003%Jun 4, 2025Yield to maturity3.886%Jun 16, 2025Yield to maturity3.976%Jun 27, 2025Yield to maturity3.783%Jul 10, 2025Yield to maturity3.892%Jul 22, 2025Yield to maturity3.858%Aug 1, 2025Yield to maturity3.747%Aug 13, 2025Yield to maturity3.709%Aug 25, 2025Yield to maturity3.767%Sep 5, 2025Yield to maturity3.570%Sep 17, 2025Yield to maturity3.568%Sep 29, 2025Yield to maturity3.666%Oct 9, 2025Yield to maturity3.624%Oct 22, 2025Yield to maturity3.494%Nov 3, 2025Yield to maturity3.641%Nov 14, 2025Yield to maturity3.660%Nov 26, 2025Yield to maturity3.544%Dec 9, 2025Yield to maturity3.632%Dec 19, 2025Yield to maturity3.486%Jan 2, 2026Yield to maturity3.502%Jan 14, 2026Yield to maturity3.522%Jan 27, 2026Yield to maturity3.567%Feb 6, 2026Yield to maturity3.509%Feb 19, 2026Yield to maturity3.530%Mar 3, 2026Yield to maturity3.580%Mar 13, 2026Yield to maturity3.718%Mar 25, 2026Yield to maturity3.865%Apr 6, 2026Yield to maturity3.809%Apr 16, 2026Yield to maturity3.749%Apr 28, 2026Yield to maturity3.782%May 8, 2026Yield to maturity3.782%May 20, 2026Yield to maturity3.884%Jun 2, 2026Yield to maturity3.888%Jun 12, 2026Yield to maturity3.929%Jun 25, 2026Yield to maturity4.049%Jul 8, 2026Yield to maturity4.101%Jul 20, 2026Yield to maturity4.074%Jul 30, 2026Yield to maturity4.085%Aug 11, 2026Yield to maturity4.056%Aug 21, 2026Yield to maturity4.024%Sep 2, 2026Yield to maturity4.084%Sep 10, 2026Yield to maturity4.146%

Price history

342 trading days to Sep 10, 2026

99.499.699.8100.0100.2100.4100.6Apr 30, 2025Sep 10, 2026Apr 30, 2025Close100.281May 12, 2025Close99.563May 22, 2025Close99.531Jun 4, 2025Close99.750Jun 16, 2025Close99.594Jun 27, 2025Close99.938Jul 10, 2025Close99.750Jul 22, 2025Close99.813Aug 1, 2025Close100.000Aug 13, 2025Close100.063Aug 25, 2025Close99.969Sep 5, 2025Close100.281Sep 17, 2025Close100.281Sep 29, 2025Close100.125Oct 9, 2025Close100.188Oct 22, 2025Close100.375Nov 3, 2025Close100.156Nov 14, 2025Close100.125Nov 26, 2025Close100.281Dec 9, 2025Close100.156Dec 19, 2025Close100.344Jan 2, 2026Close100.313Jan 14, 2026Close100.281Jan 27, 2026Close100.219Feb 6, 2026Close100.281Feb 19, 2026Close100.250Mar 3, 2026Close100.188Mar 13, 2026Close100.031Mar 25, 2026Close99.875Apr 6, 2026Close99.938Apr 16, 2026Close100.000Apr 28, 2026Close99.969May 8, 2026Close99.969May 20, 2026Close99.875Jun 2, 2026Close99.875Jun 12, 2026Close99.844Jun 25, 2026Close99.750Jul 8, 2026Close99.719Jul 20, 2026Close99.750Jul 30, 2026Close99.750Aug 11, 2026Close99.781Aug 21, 2026Close99.813Sep 2, 2026Close99.781Sep 10, 2026Close99.750
The most recent 20 trading days of prices for 91282CMY4.
DateBidOfferClose
Sep 10, 202699.75099.71999.750
Sep 9, 202699.79799.78199.781
Sep 8, 202699.81399.81399.813
Sep 4, 202699.79799.78199.781
Sep 3, 202699.79799.78199.813
Sep 2, 202699.79799.78199.781
Sep 1, 202699.78199.78199.750
Aug 31, 202699.78199.78199.781
Aug 28, 202699.79799.78199.750
Aug 27, 202699.85999.84499.813
Aug 26, 202699.84499.84499.813
Aug 25, 202699.82899.81399.844
Aug 24, 202699.82899.81399.813
Aug 21, 202699.85999.84499.813
Aug 20, 202699.85999.84499.844
Aug 19, 202699.85999.84499.844
Aug 18, 202699.85999.84499.844
Aug 17, 202699.85999.84499.844
Aug 14, 202699.85999.84499.844
Aug 13, 202699.84499.84499.844

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 91282CMY4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 22, 2025Apr 30, 2025New issue$69.0bn$73.7bn2.52x3.795%

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.