Treasury note

91282CPJ4 · 4% due November 15, 2035

Original term
10-Year
Maturity
Nov 15, 2035
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2025
First coupon
May 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$137.84bn
Held stripped
$246.0m
Share stripped
0.18%

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
4.936%
Modified duration
7.422 yr
DV01
0.0701
Convexity
65.913
Dirty price
94.450

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 8 of twelve buckets, summing to 7.596 years against a modified duration of 7.422.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 4.37 cents per 100 of face.

That is 1.32 standard deviations from its own typical residual.

Yield to maturity, 205 observations

3.8%4.0%4.2%4.4%4.6%4.8%5.0%Nov 17, 2025Sep 10, 2026Nov 17, 2025Yield to maturity4.131%Nov 24, 2025Yield to maturity4.038%Dec 2, 2025Yield to maturity4.088%Dec 9, 2025Yield to maturity4.182%Dec 16, 2025Yield to maturity4.147%Dec 23, 2025Yield to maturity4.171%Dec 31, 2025Yield to maturity4.171%Jan 8, 2026Yield to maturity4.183%Jan 15, 2026Yield to maturity4.164%Jan 23, 2026Yield to maturity4.231%Jan 30, 2026Yield to maturity4.243%Feb 6, 2026Yield to maturity4.204%Feb 13, 2026Yield to maturity4.038%Feb 23, 2026Yield to maturity4.023%Mar 2, 2026Yield to maturity4.039%Mar 9, 2026Yield to maturity4.106%Mar 16, 2026Yield to maturity4.210%Mar 23, 2026Yield to maturity4.331%Mar 30, 2026Yield to maturity4.336%Apr 6, 2026Yield to maturity4.328%Apr 13, 2026Yield to maturity4.288%Apr 20, 2026Yield to maturity4.240%Apr 27, 2026Yield to maturity4.326%May 4, 2026Yield to maturity4.434%May 11, 2026Yield to maturity4.402%May 18, 2026Yield to maturity4.594%May 26, 2026Yield to maturity4.486%Jun 2, 2026Yield to maturity4.445%Jun 9, 2026Yield to maturity4.517%Jun 16, 2026Yield to maturity4.409%Jun 24, 2026Yield to maturity4.393%Jul 1, 2026Yield to maturity4.465%Jul 9, 2026Yield to maturity4.525%Jul 16, 2026Yield to maturity4.547%Jul 23, 2026Yield to maturity4.685%Jul 30, 2026Yield to maturity4.656%Aug 6, 2026Yield to maturity4.657%Aug 13, 2026Yield to maturity4.615%Aug 20, 2026Yield to maturity4.663%Aug 27, 2026Yield to maturity4.647%Sep 3, 2026Yield to maturity4.744%Sep 10, 2026Yield to maturity4.936%

Price history

205 trading days to Sep 10, 2026

92949698100102Nov 17, 2025Sep 10, 2026Nov 17, 2025Close98.938Nov 24, 2025Close99.688Dec 2, 2025Close99.281Dec 9, 2025Close98.531Dec 16, 2025Close98.813Dec 23, 2025Close98.625Dec 31, 2025Close98.625Jan 8, 2026Close98.531Jan 15, 2026Close98.688Jan 23, 2026Close98.156Jan 30, 2026Close98.063Feb 6, 2026Close98.375Feb 13, 2026Close99.688Feb 23, 2026Close99.813Mar 2, 2026Close99.688Mar 9, 2026Close99.156Mar 16, 2026Close98.344Mar 23, 2026Close97.406Mar 30, 2026Close97.375Apr 6, 2026Close97.438Apr 13, 2026Close97.750Apr 20, 2026Close98.125Apr 27, 2026Close97.469May 4, 2026Close96.656May 11, 2026Close96.906May 18, 2026Close95.469May 26, 2026Close96.281Jun 2, 2026Close96.594Jun 9, 2026Close96.063Jun 16, 2026Close96.875Jun 24, 2026Close97.000Jul 1, 2026Close96.469Jul 9, 2026Close96.031Jul 16, 2026Close95.875Jul 23, 2026Close94.875Jul 30, 2026Close95.094Aug 6, 2026Close95.094Aug 13, 2026Close95.406Aug 20, 2026Close95.063Aug 27, 2026Close95.188Sep 3, 2026Close94.500Sep 10, 2026Close93.156
The most recent 20 trading days of prices for 91282CPJ4.
DateBidOfferClose
Sep 10, 202693.39193.37593.156
Sep 9, 202693.95393.93894.031
Sep 8, 202694.32894.31394.281
Sep 4, 202694.43894.43894.375
Sep 3, 202694.64194.62594.500
Sep 2, 202694.28194.28194.281
Sep 1, 202694.48494.46994.281
Aug 31, 202694.54794.53194.625
Aug 28, 202694.98494.96994.750
Aug 27, 202695.32895.31395.188
Aug 26, 202695.32895.31395.281
Aug 25, 202695.39195.37595.438
Aug 24, 202695.09495.09494.969
Aug 21, 202694.76694.75094.719
Aug 20, 202695.00095.00095.063
Aug 19, 202695.29795.28195.375
Aug 18, 202694.89194.87594.938
Aug 17, 202694.98494.96994.844
Aug 14, 202695.14195.12595.063
Aug 13, 202695.42295.40695.406

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 91282CPJ4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 12, 2025Nov 17, 2025New issue$42.0bn$48.5bn2.43x4.074%
Dec 9, 2025Dec 15, 2025Reopening$39.0bn$39.0bn2.55x4.175%
Jan 12, 2026Jan 15, 2026Reopening$39.0bn$50.4bn2.55x4.173%

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.