Treasury note

91282CQF1 · 4.25% due March 31, 2033

Original term
7-Year
Maturity
Mar 31, 2033
Coupon
4.250%
Pays
Semi-Annual
Dated
Mar 31, 2026
First coupon
Sep 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.55bn
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
4.829%
Modified duration
5.528 yr
DV01
0.0545
Convexity
36.417
Dirty price
98.686

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 5.658 years against a modified duration of 5.528.

Against the fitted curve

Priced 2.9 bp cheap to the curve on that day, 15.91 cents per 100 of face.

That is 0.96 standard deviations from its own typical residual.

Yield to maturity, 114 observations

4.0%4.2%4.4%4.6%4.8%5.0%Mar 31, 2026Sep 10, 2026Mar 31, 2026Yield to maturity4.110%Apr 3, 2026Yield to maturity4.167%Apr 8, 2026Yield to maturity4.099%Apr 13, 2026Yield to maturity4.099%Apr 16, 2026Yield to maturity4.099%Apr 21, 2026Yield to maturity4.083%Apr 24, 2026Yield to maturity4.098%Apr 29, 2026Yield to maturity4.223%May 4, 2026Yield to maturity4.255%May 7, 2026Yield to maturity4.213%May 12, 2026Yield to maturity4.286%May 15, 2026Yield to maturity4.420%May 20, 2026Yield to maturity4.382%May 26, 2026Yield to maturity4.324%May 29, 2026Yield to maturity4.276%Jun 3, 2026Yield to maturity4.340%Jun 8, 2026Yield to maturity4.410%Jun 11, 2026Yield to maturity4.297%Jun 16, 2026Yield to maturity4.270%Jun 22, 2026Yield to maturity4.384%Jun 25, 2026Yield to maturity4.254%Jun 30, 2026Yield to maturity4.287%Jul 6, 2026Yield to maturity4.319%Jul 9, 2026Yield to maturity4.384%Jul 14, 2026Yield to maturity4.423%Jul 17, 2026Yield to maturity4.390%Jul 22, 2026Yield to maturity4.517%Jul 27, 2026Yield to maturity4.501%Jul 30, 2026Yield to maturity4.501%Aug 4, 2026Yield to maturity4.452%Aug 7, 2026Yield to maturity4.463%Aug 12, 2026Yield to maturity4.497%Aug 17, 2026Yield to maturity4.514%Aug 20, 2026Yield to maturity4.503%Aug 25, 2026Yield to maturity4.454%Aug 28, 2026Yield to maturity4.577%Sep 2, 2026Yield to maturity4.639%Sep 8, 2026Yield to maturity4.657%Sep 10, 2026Yield to maturity4.829%

Price history

114 trading days to Sep 10, 2026

96979899100101102Mar 31, 2026Sep 10, 2026Mar 31, 2026Close100.844Apr 3, 2026Close100.500Apr 8, 2026Close100.906Apr 13, 2026Close100.906Apr 16, 2026Close100.906Apr 21, 2026Close101.000Apr 24, 2026Close100.906Apr 29, 2026Close100.156May 4, 2026Close99.969May 7, 2026Close100.219May 12, 2026Close99.781May 15, 2026Close99.000May 20, 2026Close99.219May 26, 2026Close99.563May 29, 2026Close99.844Jun 3, 2026Close99.469Jun 8, 2026Close99.063Jun 11, 2026Close99.719Jun 16, 2026Close99.875Jun 22, 2026Close99.219Jun 25, 2026Close99.969Jun 30, 2026Close99.781Jul 6, 2026Close99.594Jul 9, 2026Close99.219Jul 14, 2026Close99.000Jul 17, 2026Close99.188Jul 22, 2026Close98.469Jul 27, 2026Close98.563Jul 30, 2026Close98.563Aug 4, 2026Close98.844Aug 7, 2026Close98.781Aug 12, 2026Close98.594Aug 17, 2026Close98.500Aug 20, 2026Close98.563Aug 25, 2026Close98.844Aug 28, 2026Close98.156Sep 2, 2026Close97.813Sep 8, 2026Close97.719Sep 10, 2026Close96.781
The most recent 20 trading days of prices for 91282CQF1.
DateBidOfferClose
Sep 10, 202696.96996.96996.781
Sep 9, 202697.48497.46997.500
Sep 8, 202697.78197.78197.719
Sep 4, 202697.89197.87597.844
Sep 3, 202698.07898.06397.969
Sep 2, 202697.76697.75097.813
Sep 1, 202697.95397.93897.781
Aug 31, 202698.04798.03198.063
Aug 28, 202698.32898.31398.156
Aug 27, 202698.71998.71998.594
Aug 26, 202698.73498.71998.688
Aug 25, 202698.79798.78198.844
Aug 24, 202698.56398.56398.469
Aug 21, 202698.32898.31398.344
Aug 20, 202698.54798.53198.563
Aug 19, 202698.75098.75098.813
Aug 18, 202698.56398.56398.563
Aug 17, 202698.60998.59498.500
Aug 14, 202698.71998.71998.656
Aug 13, 202698.89198.87598.906

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 91282CQF1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2026Mar 31, 2026New issue$44.0bn$48.5bn2.43x4.255%

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.