Treasury note

91282CNF4 · 4.125% due May 31, 2032

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

Statement of August 31, 2026

Amount outstanding
$50.02bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.793%
Modified duration
4.962 yr
DV01
0.0486
Convexity
29.041
Dirty price
97.848

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 5.080 years against a modified duration of 4.962.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 9.87 cents per 100 of face.

That is 0.85 standard deviations from its own typical residual.

Yield to maturity, 320 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jun 2, 2025Sep 10, 2026Jun 2, 2025Yield to maturity4.224%Jun 12, 2025Yield to maturity4.146%Jun 25, 2025Yield to maturity4.041%Jul 8, 2025Yield to maturity4.177%Jul 18, 2025Yield to maturity4.172%Jul 30, 2025Yield to maturity4.140%Aug 11, 2025Yield to maturity4.013%Aug 21, 2025Yield to maturity4.050%Sep 3, 2025Yield to maturity3.901%Sep 15, 2025Yield to maturity3.768%Sep 25, 2025Yield to maturity3.926%Oct 7, 2025Yield to maturity3.877%Oct 20, 2025Yield to maturity3.737%Oct 30, 2025Yield to maturity3.870%Nov 12, 2025Yield to maturity3.820%Nov 24, 2025Yield to maturity3.754%Dec 5, 2025Yield to maturity3.866%Dec 17, 2025Yield to maturity3.865%Dec 30, 2025Yield to maturity3.836%Jan 12, 2026Yield to maturity3.907%Jan 23, 2026Yield to maturity3.978%Feb 4, 2026Yield to maturity3.994%Feb 17, 2026Yield to maturity3.764%Feb 27, 2026Yield to maturity3.656%Mar 11, 2026Yield to maturity3.924%Mar 23, 2026Yield to maturity4.089%Apr 2, 2026Yield to maturity4.066%Apr 14, 2026Yield to maturity3.991%Apr 24, 2026Yield to maturity4.031%May 6, 2026Yield to maturity4.101%May 18, 2026Yield to maturity4.363%May 29, 2026Yield to maturity4.226%Jun 10, 2026Yield to maturity4.341%Jun 23, 2026Yield to maturity4.329%Jul 6, 2026Yield to maturity4.269%Jul 16, 2026Yield to maturity4.343%Jul 28, 2026Yield to maturity4.412%Aug 7, 2026Yield to maturity4.413%Aug 19, 2026Yield to maturity4.408%Aug 31, 2026Yield to maturity4.548%Sep 10, 2026Yield to maturity4.793%

Price history

320 trading days to Sep 10, 2026

96979899100101102103Jun 2, 2025Sep 10, 2026Jun 2, 2025Close99.406Jun 12, 2025Close99.875Jun 25, 2025Close100.500Jul 8, 2025Close99.688Jul 18, 2025Close99.719Jul 30, 2025Close99.906Aug 11, 2025Close100.656Aug 21, 2025Close100.438Sep 3, 2025Close101.313Sep 15, 2025Close102.094Sep 25, 2025Close101.156Oct 7, 2025Close101.438Oct 20, 2025Close102.250Oct 30, 2025Close101.469Nov 12, 2025Close101.750Nov 24, 2025Close102.125Dec 5, 2025Close101.469Dec 17, 2025Close101.469Dec 30, 2025Close101.625Jan 12, 2026Close101.219Jan 23, 2026Close100.813Feb 4, 2026Close100.719Feb 17, 2026Close102.000Feb 27, 2026Close102.594Mar 11, 2026Close101.094Mar 23, 2026Close100.188Apr 2, 2026Close100.313Apr 14, 2026Close100.719Apr 24, 2026Close100.500May 6, 2026Close100.125May 18, 2026Close98.750May 29, 2026Close99.469Jun 10, 2026Close98.875Jun 23, 2026Close98.938Jul 6, 2026Close99.250Jul 16, 2026Close98.875Jul 28, 2026Close98.531Aug 7, 2026Close98.531Aug 19, 2026Close98.563Aug 31, 2026Close97.875Sep 10, 2026Close96.688
The most recent 20 trading days of prices for 91282CNF4.
DateBidOfferClose
Sep 10, 202696.85996.84496.688
Sep 9, 202697.32897.31397.344
Sep 8, 202697.60997.59497.531
Sep 4, 202697.70397.68897.656
Sep 3, 202697.89197.87597.781
Sep 2, 202697.60997.59497.625
Sep 1, 202697.76697.75097.594
Aug 31, 202697.85997.84497.875
Aug 28, 202698.07898.06397.938
Aug 27, 202698.48498.46998.344
Aug 26, 202698.48498.46998.438
Aug 25, 202698.54798.53198.594
Aug 24, 202698.35998.34498.250
Aug 21, 202698.17298.15698.156
Aug 20, 202698.35998.34498.375
Aug 19, 202698.51698.50098.563
Aug 18, 202698.39198.37598.406
Aug 17, 202698.45398.43898.344
Aug 14, 202698.54798.53198.469
Aug 13, 202698.67298.65698.688

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 91282CNF4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 29, 2025Jun 2, 2025New issue$44.0bn$50.0bn2.69x4.194%

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.