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 10, 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 10, 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
1.5 bp
Spread at auction
19.0 bp
Index rate
3.806%
Spread duration
1.117 yr
Spread DV01
0.0112
Clean price
100.194
Accrued
0.463
Dirty price
100.657
Rate duration
0.0020 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 most recent day is not scored yet. The score is written by a pass that runs separately from the measures above, so a new observation can arrive before its score does. An absent score is not evidence that a note is fairly priced.

Discount margin, 215 observations

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

Price history

215 trading days to Sep 10, 2026

100.00100.05100.10100.15100.20Oct 31, 2025Sep 10, 2026Oct 31, 2025Close100.019Nov 7, 2025Close100.047Nov 17, 2025Close100.031Nov 24, 2025Close100.035Dec 2, 2025Close100.025Dec 9, 2025Close100.030Dec 16, 2025Close100.075Dec 23, 2025Close100.079Dec 31, 2025Close100.078Jan 8, 2026Close100.104Jan 15, 2026Close100.143Jan 23, 2026Close100.168Jan 30, 2026Close100.174Feb 6, 2026Close100.176Feb 13, 2026Close100.177Feb 23, 2026Close100.159Mar 2, 2026Close100.154Mar 9, 2026Close100.159Mar 16, 2026Close100.149Mar 23, 2026Close100.171Mar 30, 2026Close100.130Apr 6, 2026Close100.129Apr 13, 2026Close100.124Apr 20, 2026Close100.134Apr 27, 2026Close100.129May 4, 2026Close100.175May 11, 2026Close100.165May 18, 2026Close100.163May 26, 2026Close100.146Jun 2, 2026Close100.147Jun 9, 2026Close100.155Jun 16, 2026Close100.150Jun 24, 2026Close100.164Jul 1, 2026Close100.165Jul 9, 2026Close100.172Jul 16, 2026Close100.177Jul 23, 2026Close100.178Jul 30, 2026Close100.182Aug 6, 2026Close100.200Aug 13, 2026Close100.196Aug 20, 2026Close100.180Aug 27, 2026Close100.184Sep 3, 2026Close100.183Sep 10, 2026Close100.194
The most recent 20 trading days of prices for 91282CPG0.
DateBidOfferClose
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
Sep 1, 2026100.191100.178100.184
Aug 31, 2026100.193100.182100.182
Aug 28, 2026100.191100.185100.185
Aug 27, 2026100.192100.184100.184
Aug 26, 2026100.204100.175100.184
Aug 25, 2026100.202100.173100.176
Aug 24, 2026100.207100.176100.173
Aug 21, 2026100.209100.180100.180
Aug 20, 2026100.208100.178100.180
Aug 19, 2026100.201100.190100.190
Aug 18, 2026100.201100.194100.194
Aug 17, 2026100.200100.191100.191
Aug 14, 2026100.204100.195100.195
Aug 13, 2026100.205100.196100.196

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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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.