Treasury note

91282CQY0 · 4.125% due June 30, 2028

Original term
2-Year
Maturity
Jun 30, 2028
Coupon
4.125%
Pays
Semi-Annual
Dated
Jun 30, 2026
First coupon
Dec 31, 2026
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$79.33bn
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 30, 2026

Yield to maturity
4.857%
Modified duration
1.647 yr
DV01
0.0164
Convexity
0.0358
Dirty price
99.824

Where its rate sensitivity sits

0.01
0.01
0.44
1.23
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 4 of twelve buckets, summing to 1.686 years against a modified duration of 1.647.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 2.66 cents per 100 of face.

That is 1.88 standard deviations from its own typical residual.

Yield to maturity, 65 observations

4.0%4.2%4.4%4.6%4.8%5.0%Jun 30, 2026Sep 30, 2026Jun 30, 2026Yield to maturity4.141%Jul 1, 2026Yield to maturity4.174%Jul 2, 2026Yield to maturity4.141%Jul 6, 2026Yield to maturity4.125%Jul 7, 2026Yield to maturity4.191%Jul 8, 2026Yield to maturity4.208%Jul 9, 2026Yield to maturity4.158%Jul 10, 2026Yield to maturity4.208%Jul 13, 2026Yield to maturity4.258%Jul 14, 2026Yield to maturity4.174%Jul 15, 2026Yield to maturity4.124%Jul 16, 2026Yield to maturity4.158%Jul 17, 2026Yield to maturity4.175%Jul 20, 2026Yield to maturity4.208%Jul 21, 2026Yield to maturity4.259%Jul 22, 2026Yield to maturity4.311%Jul 23, 2026Yield to maturity4.362%Jul 24, 2026Yield to maturity4.328%Jul 27, 2026Yield to maturity4.329%Jul 28, 2026Yield to maturity4.277%Jul 29, 2026Yield to maturity4.226%Jul 30, 2026Yield to maturity4.226%Jul 31, 2026Yield to maturity4.278%Aug 3, 2026Yield to maturity4.261%Aug 4, 2026Yield to maturity4.192%Aug 5, 2026Yield to maturity4.192%Aug 6, 2026Yield to maturity4.244%Aug 7, 2026Yield to maturity4.192%Aug 10, 2026Yield to maturity4.245%Aug 11, 2026Yield to maturity4.227%Aug 12, 2026Yield to maturity4.193%Aug 13, 2026Yield to maturity4.140%Aug 14, 2026Yield to maturity4.175%Aug 17, 2026Yield to maturity4.175%Aug 18, 2026Yield to maturity4.175%Aug 19, 2026Yield to maturity4.175%Aug 20, 2026Yield to maturity4.176%Aug 21, 2026Yield to maturity4.229%Aug 24, 2026Yield to maturity4.229%Aug 25, 2026Yield to maturity4.194%Aug 26, 2026Yield to maturity4.211%Aug 27, 2026Yield to maturity4.229%Aug 28, 2026Yield to maturity4.337%Aug 31, 2026Yield to maturity4.338%Sep 1, 2026Yield to maturity4.392%Sep 2, 2026Yield to maturity4.374%Sep 3, 2026Yield to maturity4.320%Sep 4, 2026Yield to maturity4.376%Sep 8, 2026Yield to maturity4.376%Sep 9, 2026Yield to maturity4.413%Sep 10, 2026Yield to maturity4.542%Sep 11, 2026Yield to maturity4.617%Sep 14, 2026Yield to maturity4.636%Sep 15, 2026Yield to maturity4.656%Sep 16, 2026Yield to maturity4.731%Sep 17, 2026Yield to maturity4.676%Sep 18, 2026Yield to maturity4.753%Sep 21, 2026Yield to maturity4.735%Sep 22, 2026Yield to maturity4.736%Sep 23, 2026Yield to maturity4.868%Sep 24, 2026Yield to maturity4.888%Sep 25, 2026Yield to maturity4.816%Sep 28, 2026Yield to maturity4.893%Sep 29, 2026Yield to maturity4.856%Sep 30, 2026Yield to maturity4.857%

Price history

65 trading days to Sep 30, 2026

98.5098.7599.0099.2599.5099.75100.00Jun 30, 2026Sep 30, 2026Jun 30, 2026Close99.969Jul 1, 2026Close99.906Jul 2, 2026Close99.969Jul 6, 2026Close100.000Jul 7, 2026Close99.875Jul 8, 2026Close99.844Jul 9, 2026Close99.938Jul 10, 2026Close99.844Jul 13, 2026Close99.750Jul 14, 2026Close99.906Jul 15, 2026Close100.000Jul 16, 2026Close99.938Jul 17, 2026Close99.906Jul 20, 2026Close99.844Jul 21, 2026Close99.750Jul 22, 2026Close99.656Jul 23, 2026Close99.563Jul 24, 2026Close99.625Jul 27, 2026Close99.625Jul 28, 2026Close99.719Jul 29, 2026Close99.813Jul 30, 2026Close99.813Jul 31, 2026Close99.719Aug 3, 2026Close99.750Aug 4, 2026Close99.875Aug 5, 2026Close99.875Aug 6, 2026Close99.781Aug 7, 2026Close99.875Aug 10, 2026Close99.781Aug 11, 2026Close99.813Aug 12, 2026Close99.875Aug 13, 2026Close99.969Aug 14, 2026Close99.906Aug 17, 2026Close99.906Aug 18, 2026Close99.906Aug 19, 2026Close99.906Aug 20, 2026Close99.906Aug 21, 2026Close99.813Aug 24, 2026Close99.813Aug 25, 2026Close99.875Aug 26, 2026Close99.844Aug 27, 2026Close99.813Aug 28, 2026Close99.625Aug 31, 2026Close99.625Sep 1, 2026Close99.531Sep 2, 2026Close99.563Sep 3, 2026Close99.656Sep 4, 2026Close99.563Sep 8, 2026Close99.563Sep 9, 2026Close99.500Sep 10, 2026Close99.281Sep 11, 2026Close99.156Sep 14, 2026Close99.125Sep 15, 2026Close99.094Sep 16, 2026Close98.969Sep 17, 2026Close99.063Sep 18, 2026Close98.938Sep 21, 2026Close98.969Sep 22, 2026Close98.969Sep 23, 2026Close98.750Sep 24, 2026Close98.719Sep 25, 2026Close98.844Sep 28, 2026Close98.719Sep 29, 2026Close98.781Sep 30, 2026Close98.781
The most recent 20 trading days of prices for 91282CQY0.
DateBidOfferClose
Sep 30, 202698.81398.81398.781
Sep 29, 202698.70398.68898.781
Sep 28, 202698.70398.68898.719
Sep 25, 202698.78198.78198.844
Sep 24, 202698.75098.75098.719
Sep 23, 202698.79798.78198.750
Sep 22, 202698.96998.96998.969
Sep 21, 202698.98498.96998.969
Sep 18, 202698.96998.96998.938
Sep 17, 202699.06399.06399.063
Sep 16, 202699.18899.18898.969
Sep 15, 202699.12599.12599.094
Sep 14, 202699.15699.15699.125
Sep 11, 202699.18899.18899.156
Sep 10, 202699.32899.31399.281
Sep 9, 202699.51699.50099.500
Sep 8, 202699.56399.56399.563
Sep 4, 202699.59499.59499.563
Sep 3, 202699.65699.65699.656
Sep 2, 202699.56399.56399.563

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 91282CQY0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 23, 2026Jun 30, 2026New issue$69.0bn$79.3bn2.64x4.189%

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.