Treasury note

91282CRK9 · 4.375% due August 31, 2031

Original term
5-Year
Maturity
Aug 31, 2031
Coupon
4.375%
Pays
Semi-Annual
Dated
Aug 31, 2026
First coupon
Feb 28, 2027
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$79.00bn
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
4.746%
Modified duration
4.405 yr
DV01
0.0434
Convexity
22.771
Dirty price
98.508

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 4.508 years against a modified duration of 4.405.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 1.97 cents per 100 of face.

Not scored against its own history. The z-score is written by a separate pass, and a security needs twenty observations before one is meaningful, so a new issue carries none for roughly its first month. An absent score is not evidence that a security is fairly priced.

Yield to maturity, 8 observations

4.45%4.50%4.55%4.60%4.65%4.70%4.75%Aug 31, 2026Sep 10, 2026Aug 31, 2026Yield to maturity4.495%Sep 1, 2026Yield to maturity4.552%Sep 2, 2026Yield to maturity4.545%Sep 3, 2026Yield to maturity4.516%Sep 4, 2026Yield to maturity4.545%Sep 8, 2026Yield to maturity4.566%Sep 9, 2026Yield to maturity4.609%Sep 10, 2026Yield to maturity4.746%

Price history

8 trading days to Sep 10, 2026

98.298.498.698.899.099.299.499.6Aug 31, 2026Sep 10, 2026Aug 31, 2026Close99.469Sep 1, 2026Close99.219Sep 2, 2026Close99.250Sep 3, 2026Close99.375Sep 4, 2026Close99.250Sep 8, 2026Close99.156Sep 9, 2026Close98.969Sep 10, 2026Close98.375
The most recent 8 trading days of prices for 91282CRK9.
DateBidOfferClose
Sep 10, 202698.51698.50098.375
Sep 9, 202698.96998.96998.969
Sep 8, 202699.18899.18899.156
Sep 4, 202699.28199.28199.250
Sep 3, 202699.46999.46999.375
Sep 2, 202699.21999.21999.250
Sep 1, 202699.34499.34499.219
Aug 31, 202699.45399.43899.469

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 91282CRK9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 26, 2026Aug 31, 2026New issue$70.0bn$79.0bn2.37x4.393%

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.