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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
4.937%
Modified duration
4.291 yr
DV01
0.0421
Convexity
0.217
Dirty price
98.210

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
0.46
3.80
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 4.396 years against a modified duration of 4.291.

Against the fitted curve

Priced 1.6 bp rich to the curve on that day, 6.73 cents per 100 of face.

That is -0.27 standard deviations from its own typical residual.

Yield to maturity, 35 observations

4.4%4.5%4.6%4.7%4.8%4.9%5.0%5.1%Aug 31, 2026Oct 20, 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%Sep 11, 2026Yield to maturity4.782%Sep 14, 2026Yield to maturity4.797%Sep 15, 2026Yield to maturity4.826%Sep 16, 2026Yield to maturity4.862%Sep 17, 2026Yield to maturity4.783%Sep 18, 2026Yield to maturity4.863%Sep 21, 2026Yield to maturity4.827%Sep 22, 2026Yield to maturity4.827%Sep 23, 2026Yield to maturity4.996%Sep 24, 2026Yield to maturity5.040%Sep 25, 2026Yield to maturity4.989%Sep 28, 2026Yield to maturity5.063%Sep 29, 2026Yield to maturity5.064%Sep 30, 2026Yield to maturity5.079%Oct 1, 2026Yield to maturity5.005%Oct 2, 2026Yield to maturity5.058%Oct 5, 2026Yield to maturity5.066%Oct 6, 2026Yield to maturity5.029%Oct 7, 2026Yield to maturity5.029%Oct 8, 2026Yield to maturity4.993%Oct 9, 2026Yield to maturity5.023%Oct 13, 2026Yield to maturity5.009%Oct 14, 2026Yield to maturity5.002%Oct 15, 2026Yield to maturity4.913%Oct 16, 2026Yield to maturity4.892%Oct 19, 2026Yield to maturity4.944%Oct 20, 2026Yield to maturity4.937%

Price history

35 trading days to Oct 20, 2026

96.597.097.598.098.599.099.5Aug 31, 2026Oct 20, 2026Aug 31, 2026Close99.469Sep 1, 2026Close99.219Sep 2, 2026Close99.250Sep 3, 2026Close99.375Sep 4, 2026Close99.250Sep 8, 2026Close99.156Sep 9, 2026Close98.969Sep 10, 2026Close98.375Sep 11, 2026Close98.219Sep 14, 2026Close98.156Sep 15, 2026Close98.031Sep 16, 2026Close97.875Sep 17, 2026Close98.219Sep 18, 2026Close97.875Sep 21, 2026Close98.031Sep 22, 2026Close98.031Sep 23, 2026Close97.313Sep 24, 2026Close97.125Sep 25, 2026Close97.344Sep 28, 2026Close97.031Sep 29, 2026Close97.031Sep 30, 2026Close96.969Oct 1, 2026Close97.281Oct 2, 2026Close97.063Oct 5, 2026Close97.031Oct 6, 2026Close97.188Oct 7, 2026Close97.188Oct 8, 2026Close97.344Oct 9, 2026Close97.219Oct 13, 2026Close97.281Oct 14, 2026Close97.313Oct 15, 2026Close97.688Oct 16, 2026Close97.781Oct 19, 2026Close97.563Oct 20, 2026Close97.594
The most recent 20 trading days of prices for 91282CRK9.
DateBidOfferClose
Oct 20, 202697.67297.65697.594
Oct 19, 202697.64197.62597.563
Oct 16, 202697.79797.78197.781
Oct 15, 202697.67297.65697.688
Oct 14, 202697.06397.06397.313
Oct 13, 202697.26697.25097.281
Oct 9, 202697.17297.15697.219
Oct 8, 202697.04797.03197.344
Oct 7, 202697.12597.12597.188
Oct 6, 202697.25097.25097.188
Oct 5, 202696.95396.93897.031
Oct 2, 202697.20397.18897.063
Oct 1, 202697.17297.15697.281
Sep 30, 202697.04797.03196.969
Sep 29, 202696.85996.84497.031
Sep 28, 202696.95396.93897.031
Sep 25, 202697.17297.15697.344
Sep 24, 202697.18897.18897.125
Sep 23, 202697.46997.46997.313
Sep 22, 202698.00098.00098.031

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.

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.