Treasury note

91282CPZ8 · 4.125% due February 15, 2036

Original term
10-Year
Maturity
Feb 15, 2036
Coupon
4.125%
Pays
Semi-Annual
Dated
Feb 15, 2026
First coupon
Aug 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$138.83bn
Held stripped
$1.87bn
Share stripped
1.34%

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
4.941%
Modified duration
7.633 yr
DV01
0.0719
Convexity
69.298
Dirty price
94.209

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 7.813 years against a modified duration of 7.633.

Against the fitted curve

Priced 0.3 bp rich to the curve on that day, 2.32 cents per 100 of face.

That is 1.21 standard deviations from its own typical residual.

Yield to maturity, 144 observations

3.8%4.0%4.2%4.4%4.6%4.8%5.0%Feb 17, 2026Sep 10, 2026Feb 17, 2026Yield to maturity4.052%Feb 23, 2026Yield to maturity4.029%Feb 27, 2026Yield to maturity3.968%Mar 5, 2026Yield to maturity4.129%Mar 11, 2026Yield to maturity4.210%Mar 17, 2026Yield to maturity4.198%Mar 23, 2026Yield to maturity4.340%Mar 27, 2026Yield to maturity4.436%Apr 2, 2026Yield to maturity4.301%Apr 8, 2026Yield to maturity4.289%Apr 14, 2026Yield to maturity4.254%Apr 20, 2026Yield to maturity4.250%Apr 24, 2026Yield to maturity4.302%Apr 30, 2026Yield to maturity4.386%May 6, 2026Yield to maturity4.350%May 12, 2026Yield to maturity4.463%May 18, 2026Yield to maturity4.602%May 22, 2026Yield to maturity4.558%May 29, 2026Yield to maturity4.440%Jun 4, 2026Yield to maturity4.465%Jun 10, 2026Yield to maturity4.539%Jun 16, 2026Yield to maturity4.417%Jun 23, 2026Yield to maturity4.491%Jun 29, 2026Yield to maturity4.365%Jul 6, 2026Yield to maturity4.468%Jul 10, 2026Yield to maturity4.555%Jul 16, 2026Yield to maturity4.555%Jul 22, 2026Yield to maturity4.656%Jul 28, 2026Yield to maturity4.598%Aug 3, 2026Yield to maturity4.679%Aug 7, 2026Yield to maturity4.633%Aug 13, 2026Yield to maturity4.625%Aug 19, 2026Yield to maturity4.630%Aug 25, 2026Yield to maturity4.618%Aug 31, 2026Yield to maturity4.737%Sep 4, 2026Yield to maturity4.768%Sep 10, 2026Yield to maturity4.941%

Price history

144 trading days to Sep 10, 2026

92949698100102Feb 17, 2026Sep 10, 2026Feb 17, 2026Close100.594Feb 23, 2026Close100.781Feb 27, 2026Close101.281Mar 5, 2026Close99.969Mar 11, 2026Close99.313Mar 17, 2026Close99.406Mar 23, 2026Close98.281Mar 27, 2026Close97.531Apr 2, 2026Close98.594Apr 8, 2026Close98.688Apr 14, 2026Close98.969Apr 20, 2026Close99.000Apr 24, 2026Close98.594Apr 30, 2026Close97.938May 6, 2026Close98.219May 12, 2026Close97.344May 18, 2026Close96.281May 22, 2026Close96.625May 29, 2026Close97.531Jun 4, 2026Close97.344Jun 10, 2026Close96.781Jun 16, 2026Close97.719Jun 23, 2026Close97.156Jun 29, 2026Close98.125Jul 6, 2026Close97.344Jul 10, 2026Close96.688Jul 16, 2026Close96.688Jul 22, 2026Close95.938Jul 28, 2026Close96.375Aug 3, 2026Close95.781Aug 7, 2026Close96.125Aug 13, 2026Close96.188Aug 19, 2026Close96.156Aug 25, 2026Close96.250Aug 31, 2026Close95.375Sep 4, 2026Close95.156Sep 10, 2026Close93.906
The most recent 20 trading days of prices for 91282CPZ8.
DateBidOfferClose
Sep 10, 202694.15694.15693.906
Sep 9, 202694.73494.71994.813
Sep 8, 202695.10995.09495.063
Sep 4, 202695.21995.21995.156
Sep 3, 202695.42295.40695.281
Sep 2, 202695.04795.03195.063
Sep 1, 202695.26695.25095.063
Aug 31, 202695.32895.31395.375
Aug 28, 202695.76695.75095.563
Aug 27, 202696.10996.09495.969
Aug 26, 202696.10996.09496.031
Aug 25, 202696.17296.15696.250
Aug 24, 202695.87595.87595.719
Aug 21, 202695.53195.53195.500
Aug 20, 202695.76695.75095.813
Aug 19, 202696.07896.06396.156
Aug 18, 202695.64195.62595.688
Aug 17, 202695.73495.71995.594
Aug 14, 202695.90695.90695.844
Aug 13, 202696.18896.18896.188

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 91282CPZ8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 11, 2026Feb 17, 2026New issue$42.0bn$53.9bn2.39x4.177%
Mar 11, 2026Mar 16, 2026Reopening$39.0bn$39.0bn2.45x4.217%
Apr 8, 2026Apr 15, 2026Reopening$39.0bn$45.9bn2.43x4.282%

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.