Treasury note

91282CQU8 · 4.125% due May 31, 2031

Original term
5-Year
Maturity
May 31, 2031
Coupon
4.125%
Pays
Semi-Annual
Dated
May 31, 2026
First coupon
Nov 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$80.33bn
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
4.744%
Modified duration
4.181 yr
DV01
0.0412
Convexity
20.688
Dirty price
98.567

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 6 of twelve buckets, summing to 4.278 years against a modified duration of 4.181.

Against the fitted curve

Priced 0.0 bp cheap to the curve on that day, 0.19 cents per 100 of face.

That is 1.42 standard deviations from its own typical residual.

Yield to maturity, 71 observations

4.1%4.2%4.3%4.4%4.5%4.6%4.7%4.8%Jun 1, 2026Sep 10, 2026Jun 1, 2026Yield to maturity4.181%Jun 3, 2026Yield to maturity4.209%Jun 5, 2026Yield to maturity4.287%Jun 9, 2026Yield to maturity4.259%Jun 11, 2026Yield to maturity4.174%Jun 15, 2026Yield to maturity4.181%Jun 17, 2026Yield to maturity4.266%Jun 22, 2026Yield to maturity4.288%Jun 24, 2026Yield to maturity4.181%Jun 26, 2026Yield to maturity4.131%Jun 30, 2026Yield to maturity4.195%Jul 2, 2026Yield to maturity4.231%Jul 7, 2026Yield to maturity4.274%Jul 9, 2026Yield to maturity4.267%Jul 13, 2026Yield to maturity4.368%Jul 15, 2026Yield to maturity4.260%Jul 17, 2026Yield to maturity4.275%Jul 21, 2026Yield to maturity4.369%Jul 23, 2026Yield to maturity4.457%Jul 27, 2026Yield to maturity4.406%Jul 29, 2026Yield to maturity4.370%Jul 31, 2026Yield to maturity4.444%Aug 4, 2026Yield to maturity4.334%Aug 6, 2026Yield to maturity4.393%Aug 10, 2026Yield to maturity4.408%Aug 12, 2026Yield to maturity4.372%Aug 14, 2026Yield to maturity4.357%Aug 18, 2026Yield to maturity4.365%Aug 20, 2026Yield to maturity4.380%Aug 24, 2026Yield to maturity4.403%Aug 26, 2026Yield to maturity4.373%Aug 28, 2026Yield to maturity4.485%Sep 1, 2026Yield to maturity4.545%Sep 3, 2026Yield to maturity4.508%Sep 8, 2026Yield to maturity4.562%Sep 10, 2026Yield to maturity4.744%

Price history

71 trading days to Sep 10, 2026

97.0097.5098.0098.5099.0099.50100.00Jun 1, 2026Sep 10, 2026Jun 1, 2026Close99.750Jun 3, 2026Close99.625Jun 5, 2026Close99.281Jun 9, 2026Close99.406Jun 11, 2026Close99.781Jun 15, 2026Close99.750Jun 17, 2026Close99.375Jun 22, 2026Close99.281Jun 24, 2026Close99.750Jun 26, 2026Close99.969Jun 30, 2026Close99.688Jul 2, 2026Close99.531Jul 7, 2026Close99.344Jul 9, 2026Close99.375Jul 13, 2026Close98.938Jul 15, 2026Close99.406Jul 17, 2026Close99.344Jul 21, 2026Close98.938Jul 23, 2026Close98.563Jul 27, 2026Close98.781Jul 29, 2026Close98.938Jul 31, 2026Close98.625Aug 4, 2026Close99.094Aug 6, 2026Close98.844Aug 10, 2026Close98.781Aug 12, 2026Close98.938Aug 14, 2026Close99.000Aug 18, 2026Close98.969Aug 20, 2026Close98.906Aug 24, 2026Close98.813Aug 26, 2026Close98.938Aug 28, 2026Close98.469Sep 1, 2026Close98.219Sep 3, 2026Close98.375Sep 8, 2026Close98.156Sep 10, 2026Close97.406
The most recent 20 trading days of prices for 91282CQU8.
DateBidOfferClose
Sep 10, 202697.54797.53197.406
Sep 9, 202697.98497.96997.969
Sep 8, 202698.18898.18898.156
Sep 4, 202698.28198.28198.250
Sep 3, 202698.45398.43898.375
Sep 2, 202698.21998.21998.219
Sep 1, 202698.32898.31398.219
Aug 31, 202698.43898.43898.438
Aug 28, 202698.60998.59498.469
Aug 27, 202698.96998.96998.875
Aug 26, 202698.96998.96998.938
Aug 25, 202699.03199.03199.063
Aug 24, 202698.89198.87598.813
Aug 21, 202698.73498.71998.750
Aug 20, 202698.90698.90698.906
Aug 19, 202699.01699.00099.063
Aug 18, 202698.96998.96998.969
Aug 17, 202699.00099.00098.938
Aug 14, 202699.07899.06399.000
Aug 13, 202699.18899.18899.188

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.

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 91282CQU8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 27, 2026Jun 1, 2026New issue$70.0bn$80.3bn2.34x4.182%

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.