Treasury note

91282CRB9 · 4.25% due July 31, 2028

Original term
2-Year
Maturity
Jul 31, 2028
Coupon
4.250%
Pays
Semi-Annual
Dated
Jul 31, 2026
First coupon
Jan 31, 2027
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$76.63bn
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
4.562%
Modified duration
1.783 yr
DV01
0.0178
Convexity
4.118
Dirty price
99.923

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 4 of twelve buckets, summing to 1.824 years against a modified duration of 1.783.

Against the fitted curve

Priced 0.1 bp cheap to the curve on that day, 0.17 cents per 100 of face.

That is 2.53 standard deviations from its own typical residual.

Yield to maturity, 29 observations

4.1%4.2%4.3%4.4%4.5%4.6%Jul 31, 2026Sep 10, 2026Jul 31, 2026Yield to maturity4.283%Aug 3, 2026Yield to maturity4.250%Aug 4, 2026Yield to maturity4.200%Aug 5, 2026Yield to maturity4.183%Aug 6, 2026Yield to maturity4.250%Aug 7, 2026Yield to maturity4.183%Aug 10, 2026Yield to maturity4.249%Aug 11, 2026Yield to maturity4.216%Aug 12, 2026Yield to maturity4.199%Aug 13, 2026Yield to maturity4.149%Aug 14, 2026Yield to maturity4.165%Aug 17, 2026Yield to maturity4.182%Aug 18, 2026Yield to maturity4.181%Aug 19, 2026Yield to maturity4.181%Aug 20, 2026Yield to maturity4.181%Aug 21, 2026Yield to maturity4.232%Aug 24, 2026Yield to maturity4.232%Aug 25, 2026Yield to maturity4.197%Aug 26, 2026Yield to maturity4.214%Aug 27, 2026Yield to maturity4.231%Aug 28, 2026Yield to maturity4.351%Aug 31, 2026Yield to maturity4.334%Sep 1, 2026Yield to maturity4.386%Sep 2, 2026Yield to maturity4.386%Sep 3, 2026Yield to maturity4.334%Sep 4, 2026Yield to maturity4.369%Sep 8, 2026Yield to maturity4.387%Sep 9, 2026Yield to maturity4.422%Sep 10, 2026Yield to maturity4.562%

Price history

29 trading days to Sep 10, 2026

99.499.699.8100.0100.2Jul 31, 2026Sep 10, 2026Jul 31, 2026Close99.938Aug 3, 2026Close100.000Aug 4, 2026Close100.094Aug 5, 2026Close100.125Aug 6, 2026Close100.000Aug 7, 2026Close100.125Aug 10, 2026Close100.000Aug 11, 2026Close100.063Aug 12, 2026Close100.094Aug 13, 2026Close100.188Aug 14, 2026Close100.156Aug 17, 2026Close100.125Aug 18, 2026Close100.125Aug 19, 2026Close100.125Aug 20, 2026Close100.125Aug 21, 2026Close100.031Aug 24, 2026Close100.031Aug 25, 2026Close100.094Aug 26, 2026Close100.063Aug 27, 2026Close100.031Aug 28, 2026Close99.813Aug 31, 2026Close99.844Sep 1, 2026Close99.750Sep 2, 2026Close99.750Sep 3, 2026Close99.844Sep 4, 2026Close99.781Sep 8, 2026Close99.750Sep 9, 2026Close99.688Sep 10, 2026Close99.438
The most recent 20 trading days of prices for 91282CRB9.
DateBidOfferClose
Sep 10, 202699.50099.50099.438
Sep 9, 202699.68899.68899.688
Sep 8, 202699.75099.75099.750
Sep 4, 202699.78199.78199.781
Sep 3, 202699.87599.87599.844
Sep 2, 202699.75099.75099.750
Sep 1, 202699.78199.78199.750
Aug 31, 202699.84499.84499.844
Aug 28, 202699.87599.87599.813
Aug 27, 2026100.063100.063100.031
Aug 26, 2026100.063100.063100.063
Aug 25, 2026100.094100.094100.094
Aug 24, 2026100.047100.031100.031
Aug 21, 2026100.016100.000100.031
Aug 20, 2026100.125100.125100.125
Aug 19, 2026100.125100.125100.125
Aug 18, 2026100.125100.125100.125
Aug 17, 2026100.156100.156100.125
Aug 14, 2026100.188100.188100.156
Aug 13, 2026100.188100.188100.188

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 91282CRB9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 27, 2026Jul 31, 2026New issue$69.0bn$76.6bn2.66x4.315%

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.