Floating rate note

91282CPG0

Original term
2-Year
Maturity
Oct 31, 2027
Coupon
–
Pays
Quarterly
Dated
Oct 31, 2025
First coupon
Jan 31, 2026
Priced through
Sep 30, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$87.72bn
Held stripped
not strippable
Share stripped
–

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. 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.

Floating rate measures, September 30, 2026

A floating-rate note resets quarterly against the 13-week bill, so it has no yield to maturity: the cashflow schedule a yield would describe does not exist. What it has instead is a spread, the margin a buyer earns over that reference rate, and a sensitivity to that spread rather than to the level of rates.

Discount margin
1.2 bp
Spread at auction
19.0 bp
Index rate
4.153%
Spread duration
1.060 yr
Spread DV01
0.0107
Clean price
100.187
Accrued
0.697
Dirty price
100.884
Rate duration
0.0018 yr

Rate duration is almost zero, and that is the instrument rather than a missing number: because the coupon resets, the price barely moves when the level of rates moves. Spread duration is the one that matters here. It says how much the price moves if the market demands a wider margin.

Its current margin is -1.62 standard deviations from its own typical margin.

Discount margin, 229 observations

0 bp5 bp10 bp15 bp20 bpOct 31, 2025Sep 30, 2026Oct 31, 2025Discount margin18.0 bpNov 3, 2025Discount margin17.7 bpNov 4, 2025Discount margin17.5 bpNov 5, 2025Discount margin17.8 bpNov 6, 2025Discount margin17.5 bpNov 7, 2025Discount margin16.5 bpNov 10, 2025Discount margin17.5 bpNov 12, 2025Discount margin17.5 bpNov 13, 2025Discount margin17.0 bpNov 14, 2025Discount margin17.5 bpNov 17, 2025Discount margin17.2 bpNov 18, 2025Discount margin16.8 bpNov 19, 2025Discount margin17.2 bpNov 20, 2025Discount margin17.5 bpNov 21, 2025Discount margin17.0 bpNov 24, 2025Discount margin17.0 bpNov 25, 2025Discount margin17.3 bpNov 26, 2025Discount margin17.5 bpNov 28, 2025Discount margin17.5 bpDec 1, 2025Discount margin17.5 bpDec 2, 2025Discount margin17.5 bpDec 3, 2025Discount margin17.5 bpDec 4, 2025Discount margin17.8 bpDec 5, 2025Discount margin17.5 bpDec 8, 2025Discount margin17.5 bpDec 9, 2025Discount margin17.3 bpDec 10, 2025Discount margin16.5 bpDec 11, 2025Discount margin15.5 bpDec 12, 2025Discount margin15.3 bpDec 15, 2025Discount margin15.0 bpDec 16, 2025Discount margin14.8 bpDec 17, 2025Discount margin14.5 bpDec 18, 2025Discount margin14.3 bpDec 19, 2025Discount margin14.3 bpDec 22, 2025Discount margin14.5 bpDec 23, 2025Discount margin14.5 bpDec 24, 2025Discount margin14.8 bpDec 26, 2025Discount margin15.3 bpDec 29, 2025Discount margin14.7 bpDec 30, 2025Discount margin14.0 bpDec 31, 2025Discount margin14.5 bpJan 2, 2026Discount margin14.5 bpJan 5, 2026Discount margin14.5 bpJan 6, 2026Discount margin13.8 bpJan 7, 2026Discount margin13.3 bpJan 8, 2026Discount margin13.0 bpJan 9, 2026Discount margin13.0 bpJan 12, 2026Discount margin13.0 bpJan 13, 2026Discount margin12.5 bpJan 14, 2026Discount margin12.3 bpJan 15, 2026Discount margin10.8 bpJan 16, 2026Discount margin10.5 bpJan 20, 2026Discount margin10.0 bpJan 21, 2026Discount margin9.8 bpJan 22, 2026Discount margin9.0 bpJan 23, 2026Discount margin9.2 bpJan 26, 2026Discount margin9.3 bpJan 27, 2026Discount margin9.0 bpJan 28, 2026Discount margin9.0 bpJan 29, 2026Discount margin8.7 bpJan 30, 2026Discount margin8.7 bpFeb 2, 2026Discount margin8.7 bpFeb 3, 2026Discount margin9.0 bpFeb 4, 2026Discount margin8.0 bpFeb 5, 2026Discount margin8.3 bpFeb 6, 2026Discount margin8.5 bpFeb 9, 2026Discount margin8.2 bpFeb 10, 2026Discount margin8.2 bpFeb 11, 2026Discount margin8.2 bpFeb 12, 2026Discount margin8.0 bpFeb 13, 2026Discount margin8.3 bpFeb 17, 2026Discount margin8.0 bpFeb 18, 2026Discount margin8.3 bpFeb 19, 2026Discount margin8.3 bpFeb 20, 2026Discount margin8.3 bpFeb 23, 2026Discount margin9.3 bpFeb 24, 2026Discount margin8.3 bpFeb 25, 2026Discount margin8.0 bpFeb 26, 2026Discount margin9.5 bpFeb 27, 2026Discount margin10.0 bpMar 2, 2026Discount margin9.4 bpMar 3, 2026Discount margin9.5 bpMar 4, 2026Discount margin9.2 bpMar 5, 2026Discount margin9.2 bpMar 6, 2026Discount margin9.2 bpMar 9, 2026Discount margin9.0 bpMar 10, 2026Discount margin9.0 bpMar 11, 2026Discount margin8.8 bpMar 12, 2026Discount margin8.7 bpMar 13, 2026Discount margin8.8 bpMar 16, 2026Discount margin9.5 bpMar 17, 2026Discount margin8.5 bpMar 18, 2026Discount margin8.5 bpMar 19, 2026Discount margin8.5 bpMar 20, 2026Discount margin8.5 bpMar 23, 2026Discount margin8.0 bpMar 24, 2026Discount margin8.5 bpMar 25, 2026Discount margin10.0 bpMar 26, 2026Discount margin10.2 bpMar 27, 2026Discount margin10.3 bpMar 30, 2026Discount margin10.5 bpMar 31, 2026Discount margin10.3 bpApr 1, 2026Discount margin10.5 bpApr 2, 2026Discount margin10.8 bpApr 3, 2026Discount margin10.5 bpApr 6, 2026Discount margin10.5 bpApr 7, 2026Discount margin11.0 bpApr 8, 2026Discount margin10.8 bpApr 9, 2026Discount margin11.0 bpApr 10, 2026Discount margin11.3 bpApr 13, 2026Discount margin10.8 bpApr 14, 2026Discount margin11.0 bpApr 15, 2026Discount margin10.7 bpApr 16, 2026Discount margin10.0 bpApr 17, 2026Discount margin10.0 bpApr 20, 2026Discount margin10.0 bpApr 21, 2026Discount margin10.2 bpApr 22, 2026Discount margin10.2 bpApr 23, 2026Discount margin10.3 bpApr 24, 2026Discount margin10.2 bpApr 27, 2026Discount margin10.3 bpApr 28, 2026Discount margin9.8 bpApr 29, 2026Discount margin9.8 bpApr 30, 2026Discount margin8.0 bpMay 1, 2026Discount margin7.3 bpMay 4, 2026Discount margin7.0 bpMay 5, 2026Discount margin7.3 bpMay 6, 2026Discount margin7.3 bpMay 7, 2026Discount margin7.5 bpMay 8, 2026Discount margin7.5 bpMay 11, 2026Discount margin7.5 bpMay 12, 2026Discount margin7.5 bpMay 13, 2026Discount margin7.2 bpMay 14, 2026Discount margin7.5 bpMay 15, 2026Discount margin7.0 bpMay 18, 2026Discount margin7.5 bpMay 19, 2026Discount margin7.0 bpMay 20, 2026Discount margin7.8 bpMay 21, 2026Discount margin8.5 bpMay 22, 2026Discount margin8.3 bpMay 26, 2026Discount margin8.5 bpMay 27, 2026Discount margin8.5 bpMay 28, 2026Discount margin8.3 bpMay 29, 2026Discount margin8.2 bpJun 1, 2026Discount margin8.5 bpJun 2, 2026Discount margin8.3 bpJun 3, 2026Discount margin8.2 bpJun 4, 2026Discount margin8.5 bpJun 5, 2026Discount margin7.3 bpJun 8, 2026Discount margin7.2 bpJun 9, 2026Discount margin7.5 bpJun 10, 2026Discount margin7.8 bpJun 11, 2026Discount margin7.8 bpJun 12, 2026Discount margin7.8 bpJun 15, 2026Discount margin7.8 bpJun 16, 2026Discount margin7.8 bpJun 17, 2026Discount margin7.5 bpJun 18, 2026Discount margin7.4 bpJun 22, 2026Discount margin6.5 bpJun 23, 2026Discount margin7.0 bpJun 24, 2026Discount margin6.5 bpJun 25, 2026Discount margin6.5 bpJun 26, 2026Discount margin7.0 bpJun 29, 2026Discount margin7.0 bpJun 30, 2026Discount margin6.3 bpJul 1, 2026Discount margin6.3 bpJul 2, 2026Discount margin6.5 bpJul 6, 2026Discount margin6.0 bpJul 7, 2026Discount margin5.8 bpJul 8, 2026Discount margin5.2 bpJul 9, 2026Discount margin5.5 bpJul 10, 2026Discount margin5.8 bpJul 13, 2026Discount margin5.2 bpJul 14, 2026Discount margin5.0 bpJul 15, 2026Discount margin5.3 bpJul 16, 2026Discount margin5.0 bpJul 17, 2026Discount margin5.0 bpJul 20, 2026Discount margin5.3 bpJul 21, 2026Discount margin5.2 bpJul 22, 2026Discount margin5.2 bpJul 23, 2026Discount margin4.7 bpJul 24, 2026Discount margin4.7 bpJul 27, 2026Discount margin4.5 bpJul 28, 2026Discount margin4.8 bpJul 29, 2026Discount margin4.2 bpJul 30, 2026Discount margin4.3 bpJul 31, 2026Discount margin4.0 bpAug 3, 2026Discount margin3.5 bpAug 4, 2026Discount margin3.2 bpAug 5, 2026Discount margin3.3 bpAug 6, 2026Discount margin2.5 bpAug 7, 2026Discount margin2.7 bpAug 10, 2026Discount margin2.8 bpAug 11, 2026Discount margin2.5 bpAug 12, 2026Discount margin2.5 bpAug 13, 2026Discount margin2.5 bpAug 14, 2026Discount margin2.5 bpAug 17, 2026Discount margin2.8 bpAug 18, 2026Discount margin2.5 bpAug 19, 2026Discount margin2.7 bpAug 20, 2026Discount margin3.6 bpAug 21, 2026Discount margin3.5 bpAug 24, 2026Discount margin4.0 bpAug 25, 2026Discount margin3.7 bpAug 26, 2026Discount margin3.0 bpAug 27, 2026Discount margin3.0 bpAug 28, 2026Discount margin2.8 bpAug 31, 2026Discount margin3.0 bpSep 1, 2026Discount margin2.8 bpSep 2, 2026Discount margin2.8 bpSep 3, 2026Discount margin2.7 bpSep 4, 2026Discount margin2.5 bpSep 8, 2026Discount margin2.5 bpSep 9, 2026Discount margin1.7 bpSep 10, 2026Discount margin1.5 bpSep 11, 2026Discount margin1.2 bpSep 14, 2026Discount margin1.5 bpSep 15, 2026Discount margin1.5 bpSep 16, 2026Discount margin0.8 bpSep 17, 2026Discount margin0.8 bpSep 18, 2026Discount margin0.8 bpSep 21, 2026Discount margin1.0 bpSep 22, 2026Discount margin0.7 bpSep 23, 2026Discount margin1.3 bpSep 24, 2026Discount margin1.5 bpSep 25, 2026Discount margin1.8 bpSep 28, 2026Discount margin1.5 bpSep 29, 2026Discount margin1.0 bpSep 30, 2026Discount margin1.2 bp

Price history

229 trading days to Sep 30, 2026

100.00100.05100.10100.15100.20Oct 31, 2025Sep 30, 2026Oct 31, 2025Close100.019Nov 3, 2025Close100.024Nov 4, 2025Close100.028Nov 5, 2025Close100.023Nov 6, 2025Close100.028Nov 7, 2025Close100.047Nov 10, 2025Close100.027Nov 12, 2025Close100.027Nov 13, 2025Close100.037Nov 14, 2025Close100.027Nov 17, 2025Close100.031Nov 18, 2025Close100.041Nov 19, 2025Close100.031Nov 20, 2025Close100.026Nov 21, 2025Close100.036Nov 24, 2025Close100.035Nov 25, 2025Close100.031Nov 26, 2025Close100.026Nov 28, 2025Close100.026Dec 1, 2025Close100.026Dec 2, 2025Close100.025Dec 3, 2025Close100.025Dec 4, 2025Close100.021Dec 5, 2025Close100.025Dec 8, 2025Close100.025Dec 9, 2025Close100.030Dec 10, 2025Close100.043Dec 11, 2025Close100.062Dec 12, 2025Close100.066Dec 15, 2025Close100.070Dec 16, 2025Close100.075Dec 17, 2025Close100.080Dec 18, 2025Close100.084Dec 19, 2025Close100.084Dec 22, 2025Close100.079Dec 23, 2025Close100.079Dec 24, 2025Close100.074Dec 26, 2025Close100.065Dec 29, 2025Close100.074Dec 30, 2025Close100.087Dec 31, 2025Close100.078Jan 2, 2026Close100.078Jan 5, 2026Close100.078Jan 6, 2026Close100.091Jan 7, 2026Close100.100Jan 8, 2026Close100.104Jan 9, 2026Close100.104Jan 12, 2026Close100.104Jan 13, 2026Close100.112Jan 14, 2026Close100.117Jan 15, 2026Close100.143Jan 16, 2026Close100.147Jan 20, 2026Close100.155Jan 21, 2026Close100.159Jan 22, 2026Close100.172Jan 23, 2026Close100.168Jan 26, 2026Close100.167Jan 27, 2026Close100.171Jan 28, 2026Close100.171Jan 29, 2026Close100.175Jan 30, 2026Close100.174Feb 2, 2026Close100.174Feb 3, 2026Close100.169Feb 4, 2026Close100.186Feb 5, 2026Close100.181Feb 6, 2026Close100.176Feb 9, 2026Close100.181Feb 10, 2026Close100.180Feb 11, 2026Close100.179Feb 12, 2026Close100.183Feb 13, 2026Close100.177Feb 17, 2026Close100.181Feb 18, 2026Close100.177Feb 19, 2026Close100.176Feb 20, 2026Close100.176Feb 23, 2026Close100.159Feb 24, 2026Close100.175Feb 25, 2026Close100.179Feb 26, 2026Close100.154Feb 27, 2026Close100.145Mar 2, 2026Close100.154Mar 3, 2026Close100.152Mar 4, 2026Close100.156Mar 5, 2026Close100.156Mar 6, 2026Close100.155Mar 9, 2026Close100.159Mar 10, 2026Close100.158Mar 11, 2026Close100.162Mar 12, 2026Close100.162Mar 13, 2026Close100.161Mar 16, 2026Close100.149Mar 17, 2026Close100.165Mar 18, 2026Close100.164Mar 19, 2026Close100.164Mar 20, 2026Close100.163Mar 23, 2026Close100.171Mar 24, 2026Close100.163Mar 25, 2026Close100.139Mar 26, 2026Close100.135Mar 27, 2026Close100.134Mar 30, 2026Close100.130Mar 31, 2026Close100.133Apr 1, 2026Close100.130Apr 2, 2026Close100.125Apr 3, 2026Close100.129Apr 6, 2026Close100.129Apr 7, 2026Close100.121Apr 8, 2026Close100.125Apr 9, 2026Close100.121Apr 10, 2026Close100.116Apr 13, 2026Close100.124Apr 14, 2026Close100.120Apr 15, 2026Close100.124Apr 16, 2026Close100.135Apr 17, 2026Close100.134Apr 20, 2026Close100.134Apr 21, 2026Close100.130Apr 22, 2026Close100.130Apr 23, 2026Close100.130Apr 24, 2026Close100.130Apr 27, 2026Close100.129Apr 28, 2026Close100.137Apr 29, 2026Close100.136Apr 30, 2026Close100.162May 1, 2026Close100.172May 4, 2026Close100.175May 5, 2026Close100.171May 6, 2026Close100.171May 7, 2026Close100.167May 8, 2026Close100.165May 11, 2026Close100.165May 12, 2026Close100.165May 13, 2026Close100.168May 14, 2026Close100.164May 15, 2026Close100.170May 18, 2026Close100.163May 19, 2026Close100.169May 20, 2026Close100.158May 21, 2026Close100.147May 22, 2026Close100.149May 26, 2026Close100.146May 27, 2026Close100.145May 28, 2026Close100.149May 29, 2026Close100.148Jun 1, 2026Close100.144Jun 2, 2026Close100.147Jun 3, 2026Close100.147Jun 4, 2026Close100.143Jun 5, 2026Close100.159Jun 8, 2026Close100.159Jun 9, 2026Close100.155Jun 10, 2026Close100.151Jun 11, 2026Close100.151Jun 12, 2026Close100.149Jun 15, 2026Close100.150Jun 16, 2026Close100.150Jun 17, 2026Close100.153Jun 18, 2026Close100.153Jun 22, 2026Close100.165Jun 23, 2026Close100.157Jun 24, 2026Close100.164Jun 25, 2026Close100.163Jun 26, 2026Close100.156Jun 29, 2026Close100.156Jun 30, 2026Close100.165Jul 1, 2026Close100.165Jul 2, 2026Close100.160Jul 6, 2026Close100.167Jul 7, 2026Close100.170Jul 8, 2026Close100.176Jul 9, 2026Close100.172Jul 10, 2026Close100.168Jul 13, 2026Close100.174Jul 14, 2026Close100.177Jul 15, 2026Close100.174Jul 16, 2026Close100.177Jul 17, 2026Close100.176Jul 20, 2026Close100.172Jul 21, 2026Close100.172Jul 22, 2026Close100.172Jul 23, 2026Close100.178Jul 24, 2026Close100.177Jul 27, 2026Close100.180Jul 28, 2026Close100.176Jul 29, 2026Close100.182Jul 30, 2026Close100.182Jul 31, 2026Close100.183Aug 3, 2026Close100.189Aug 4, 2026Close100.192Aug 5, 2026Close100.191Aug 6, 2026Close100.200Aug 7, 2026Close100.195Aug 10, 2026Close100.195Aug 11, 2026Close100.197Aug 12, 2026Close100.197Aug 13, 2026Close100.196Aug 14, 2026Close100.195Aug 17, 2026Close100.191Aug 18, 2026Close100.194Aug 19, 2026Close100.190Aug 20, 2026Close100.180Aug 21, 2026Close100.180Aug 24, 2026Close100.173Aug 25, 2026Close100.176Aug 26, 2026Close100.184Aug 27, 2026Close100.184Aug 28, 2026Close100.185Aug 31, 2026Close100.182Sep 1, 2026Close100.184Sep 2, 2026Close100.184Sep 3, 2026Close100.183Sep 4, 2026Close100.184Sep 8, 2026Close100.184Sep 9, 2026Close100.192Sep 10, 2026Close100.194Sep 11, 2026Close100.195Sep 14, 2026Close100.192Sep 15, 2026Close100.191Sep 16, 2026Close100.199Sep 17, 2026Close100.199Sep 18, 2026Close100.197Sep 21, 2026Close100.194Sep 22, 2026Close100.196Sep 23, 2026Close100.190Sep 24, 2026Close100.187Sep 25, 2026Close100.183Sep 28, 2026Close100.185Sep 29, 2026Close100.190Sep 30, 2026Close100.187
The most recent 20 trading days of prices for 91282CPG0.
DateBidOfferClose
Sep 30, 2026100.200100.187100.187
Sep 29, 2026100.204100.190100.190
Sep 28, 2026100.199100.185100.185
Sep 25, 2026100.199100.186100.183
Sep 24, 2026100.201100.187100.187
Sep 23, 2026100.215100.204100.190
Sep 22, 2026100.208100.196100.196
Sep 21, 2026100.208100.194100.194
Sep 18, 2026100.210100.197100.197
Sep 17, 2026100.211100.199100.199
Sep 16, 2026100.207100.202100.199
Sep 15, 2026100.205100.191100.191
Sep 14, 2026100.205100.192100.192
Sep 11, 2026100.201100.195100.195
Sep 10, 2026100.197100.191100.194
Sep 9, 2026100.197100.192100.192
Sep 8, 2026100.194100.184100.184
Sep 4, 2026100.194100.184100.184
Sep 3, 2026100.197100.183100.183
Sep 2, 2026100.196100.184100.184

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.

3 auctions

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 91282CPG0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2025Oct 31, 2025New issue$30.0bn$31.7bn3.63x–
Nov 25, 2025Nov 28, 2025Reopening$28.0bn$28.0bn3.03x–
Dec 23, 2025Dec 26, 2025Reopening$28.0bn$28.0bn3.75x–

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.