Treasury note

91282CRP8 · 4.75% due September 30, 2028

Original term
2-Year
Maturity
Sep 30, 2028
Coupon
4.750%
Pays
Semi-Annual
Dated
Sep 30, 2026
First coupon
Mar 31, 2027
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$79.39bn
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
4.783%
Modified duration
1.830 yr
DV01
0.0183
Convexity
0.0431
Dirty price
100.212

Where its rate sensitivity sits

<.01
0.01
0.14
1.72
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 1.874 years against a modified duration of 1.830.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 1.81 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, 14 observations

4.725%4.750%4.775%4.800%4.825%4.850%4.875%4.900%Sep 30, 2026Oct 20, 2026Sep 30, 2026Yield to maturity4.883%Oct 1, 2026Yield to maturity4.783%Oct 2, 2026Yield to maturity4.833%Oct 5, 2026Yield to maturity4.833%Oct 6, 2026Yield to maturity4.783%Oct 7, 2026Yield to maturity4.766%Oct 8, 2026Yield to maturity4.749%Oct 9, 2026Yield to maturity4.800%Oct 13, 2026Yield to maturity4.783%Oct 14, 2026Yield to maturity4.816%Oct 15, 2026Yield to maturity4.766%Oct 16, 2026Yield to maturity4.732%Oct 19, 2026Yield to maturity4.766%Oct 20, 2026Yield to maturity4.783%

Price history

14 trading days to Oct 20, 2026

99.7599.8099.8599.9099.95100.00100.05Sep 30, 2026Oct 20, 2026Sep 30, 2026Close99.750Oct 1, 2026Close99.938Oct 2, 2026Close99.844Oct 5, 2026Close99.844Oct 6, 2026Close99.938Oct 7, 2026Close99.969Oct 8, 2026Close100.000Oct 9, 2026Close99.906Oct 13, 2026Close99.938Oct 14, 2026Close99.875Oct 15, 2026Close99.969Oct 16, 2026Close100.031Oct 19, 2026Close99.969Oct 20, 2026Close99.938
The most recent 14 trading days of prices for 91282CRP8.
DateBidOfferClose
Oct 20, 202699.96999.96999.938
Oct 19, 202699.96999.96999.969
Oct 16, 2026100.063100.063100.031
Oct 15, 202699.96999.96999.969
Oct 14, 202699.78199.78199.875
Oct 13, 202699.90699.90699.938
Oct 9, 202699.90699.90699.906
Oct 8, 202699.87599.875100.000
Oct 7, 202699.93899.93899.969
Oct 6, 202699.93899.93899.938
Oct 5, 202699.82899.81399.844
Oct 2, 202699.89199.87599.844
Oct 1, 202699.87599.87599.938
Sep 30, 202699.78199.78199.750

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 91282CRP8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 22, 2026Sep 30, 2026New issue$69.0bn$79.4bn2.63x4.787%

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.