Treasury note

91282CEP2 · 2.875% due May 15, 2032

Original term
10-Year
Maturity
May 15, 2032
Coupon
2.875%
Pays
Semi-Annual
Dated
May 15, 2022
First coupon
Nov 15, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$132.74bn
Held stripped
$229.1m
Share stripped
0.17%

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 9, 2026

Yield to maturity
4.665%
Modified duration
5.087 yr
DV01
0.0468
Convexity
29.917
Dirty price
92.078

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 7 of twelve buckets, summing to 5.203 years against a modified duration of 5.087.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 10.54 cents per 100 of face.

That is 0.47 standard deviations from its own typical residual.

Yield to maturity, 1,081 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 16, 2022Sep 9, 2026May 16, 2022Yield to maturity2.882%May 23, 2022Yield to maturity2.864%May 31, 2022Yield to maturity2.853%Jun 7, 2022Yield to maturity2.981%Jun 14, 2022Yield to maturity3.491%Jun 22, 2022Yield to maturity3.156%Jun 29, 2022Yield to maturity3.097%Jul 7, 2022Yield to maturity3.004%Jul 14, 2022Yield to maturity2.959%Jul 21, 2022Yield to maturity2.904%Jul 28, 2022Yield to maturity2.671%Aug 4, 2022Yield to maturity2.674%Aug 11, 2022Yield to maturity2.882%Aug 18, 2022Yield to maturity2.886%Aug 25, 2022Yield to maturity3.047%Sep 1, 2022Yield to maturity3.268%Sep 9, 2022Yield to maturity3.335%Sep 16, 2022Yield to maturity3.458%Sep 23, 2022Yield to maturity3.698%Sep 30, 2022Yield to maturity3.842%Oct 7, 2022Yield to maturity3.898%Oct 17, 2022Yield to maturity4.029%Oct 24, 2022Yield to maturity4.247%Oct 31, 2022Yield to maturity4.100%Nov 7, 2022Yield to maturity4.222%Nov 15, 2022Yield to maturity3.816%Nov 22, 2022Yield to maturity3.768%Nov 30, 2022Yield to maturity3.696%Dec 7, 2022Yield to maturity3.433%Dec 14, 2022Yield to maturity3.495%Dec 21, 2022Yield to maturity3.692%Dec 29, 2022Yield to maturity3.835%Jan 6, 2023Yield to maturity3.547%Jan 13, 2023Yield to maturity3.488%Jan 23, 2023Yield to maturity3.505%Jan 30, 2023Yield to maturity3.535%Feb 6, 2023Yield to maturity3.627%Feb 13, 2023Yield to maturity3.728%Feb 21, 2023Yield to maturity3.963%Feb 28, 2023Yield to maturity3.931%Mar 7, 2023Yield to maturity3.989%Mar 14, 2023Yield to maturity3.646%Mar 21, 2023Yield to maturity3.623%Mar 28, 2023Yield to maturity3.566%Apr 4, 2023Yield to maturity3.356%Apr 11, 2023Yield to maturity3.439%Apr 18, 2023Yield to maturity3.586%Apr 25, 2023Yield to maturity3.396%May 2, 2023Yield to maturity3.426%May 9, 2023Yield to maturity3.515%May 16, 2023Yield to maturity3.541%May 23, 2023Yield to maturity3.717%May 31, 2023Yield to maturity3.654%Jun 7, 2023Yield to maturity3.819%Jun 14, 2023Yield to maturity3.865%Jun 22, 2023Yield to maturity3.827%Jun 29, 2023Yield to maturity3.891%Jul 7, 2023Yield to maturity4.098%Jul 14, 2023Yield to maturity3.851%Jul 21, 2023Yield to maturity3.875%Jul 28, 2023Yield to maturity3.992%Aug 4, 2023Yield to maturity4.062%Aug 11, 2023Yield to maturity4.200%Aug 18, 2023Yield to maturity4.285%Aug 25, 2023Yield to maturity4.288%Sep 1, 2023Yield to maturity4.213%Sep 11, 2023Yield to maturity4.317%Sep 18, 2023Yield to maturity4.352%Sep 25, 2023Yield to maturity4.572%Oct 2, 2023Yield to maturity4.719%Oct 10, 2023Yield to maturity4.680%Oct 17, 2023Yield to maturity4.864%Oct 24, 2023Yield to maturity4.858%Oct 31, 2023Yield to maturity4.906%Nov 7, 2023Yield to maturity4.593%Nov 14, 2023Yield to maturity4.476%Nov 21, 2023Yield to maturity4.446%Nov 29, 2023Yield to maturity4.297%Dec 6, 2023Yield to maturity4.154%Dec 13, 2023Yield to maturity4.054%Dec 20, 2023Yield to maturity3.890%Dec 28, 2023Yield to maturity3.865%Jan 5, 2024Yield to maturity4.063%Jan 12, 2024Yield to maturity3.953%Jan 22, 2024Yield to maturity4.105%Jan 29, 2024Yield to maturity4.066%Feb 5, 2024Yield to maturity4.177%Feb 12, 2024Yield to maturity4.194%Feb 20, 2024Yield to maturity4.298%Feb 27, 2024Yield to maturity4.345%Mar 5, 2024Yield to maturity4.159%Mar 12, 2024Yield to maturity4.177%Mar 19, 2024Yield to maturity4.320%Mar 26, 2024Yield to maturity4.250%Apr 2, 2024Yield to maturity4.375%Apr 9, 2024Yield to maturity4.383%Apr 16, 2024Yield to maturity4.686%Apr 23, 2024Yield to maturity4.619%Apr 30, 2024Yield to maturity4.714%May 7, 2024Yield to maturity4.476%May 14, 2024Yield to maturity4.459%May 21, 2024Yield to maturity4.423%May 29, 2024Yield to maturity4.633%Jun 5, 2024Yield to maturity4.305%Jun 12, 2024Yield to maturity4.323%Jun 20, 2024Yield to maturity4.256%Jun 27, 2024Yield to maturity4.304%Jul 5, 2024Yield to maturity4.259%Jul 12, 2024Yield to maturity4.157%Jul 19, 2024Yield to maturity4.214%Jul 26, 2024Yield to maturity4.152%Aug 2, 2024Yield to maturity3.724%Aug 9, 2024Yield to maturity3.901%Aug 16, 2024Yield to maturity3.844%Aug 23, 2024Yield to maturity3.749%Aug 30, 2024Yield to maturity3.844%Sep 9, 2024Yield to maturity3.617%Sep 16, 2024Yield to maturity3.546%Sep 23, 2024Yield to maturity3.664%Sep 30, 2024Yield to maturity3.719%Oct 7, 2024Yield to maturity3.964%Oct 15, 2024Yield to maturity3.967%Oct 22, 2024Yield to maturity4.137%Oct 29, 2024Yield to maturity4.222%Nov 5, 2024Yield to maturity4.251%Nov 13, 2024Yield to maturity4.411%Nov 20, 2024Yield to maturity4.372%Nov 27, 2024Yield to maturity4.214%Dec 5, 2024Yield to maturity4.145%Dec 12, 2024Yield to maturity4.273%Dec 19, 2024Yield to maturity4.535%Dec 27, 2024Yield to maturity4.567%Jan 6, 2025Yield to maturity4.550%Jan 13, 2025Yield to maturity4.733%Jan 21, 2025Yield to maturity4.505%Jan 28, 2025Yield to maturity4.460%Feb 4, 2025Yield to maturity4.437%Feb 11, 2025Yield to maturity4.468%Feb 19, 2025Yield to maturity4.472%Feb 26, 2025Yield to maturity4.175%Mar 5, 2025Yield to maturity4.205%Mar 12, 2025Yield to maturity4.219%Mar 19, 2025Yield to maturity4.158%Mar 26, 2025Yield to maturity4.231%Apr 2, 2025Yield to maturity4.084%Apr 9, 2025Yield to maturity4.227%Apr 16, 2025Yield to maturity4.101%Apr 23, 2025Yield to maturity4.223%Apr 30, 2025Yield to maturity3.952%May 7, 2025Yield to maturity4.078%May 14, 2025Yield to maturity4.365%May 21, 2025Yield to maturity4.380%May 29, 2025Yield to maturity4.213%Jun 5, 2025Yield to maturity4.200%Jun 12, 2025Yield to maturity4.159%Jun 20, 2025Yield to maturity4.164%Jun 27, 2025Yield to maturity4.046%Jul 7, 2025Yield to maturity4.165%Jul 14, 2025Yield to maturity4.190%Jul 21, 2025Yield to maturity4.127%Jul 28, 2025Yield to maturity4.180%Aug 4, 2025Yield to maturity3.945%Aug 11, 2025Yield to maturity4.020%Aug 18, 2025Yield to maturity4.067%Aug 25, 2025Yield to maturity3.998%Sep 2, 2025Yield to maturity3.968%Sep 9, 2025Yield to maturity3.787%Sep 16, 2025Yield to maturity3.762%Sep 23, 2025Yield to maturity3.853%Sep 30, 2025Yield to maturity3.906%Oct 7, 2025Yield to maturity3.881%Oct 15, 2025Yield to maturity3.794%Oct 22, 2025Yield to maturity3.713%Oct 29, 2025Yield to maturity3.850%Nov 5, 2025Yield to maturity3.921%Nov 13, 2025Yield to maturity3.861%Nov 20, 2025Yield to maturity3.830%Nov 28, 2025Yield to maturity3.749%Dec 5, 2025Yield to maturity3.870%Dec 12, 2025Yield to maturity3.913%Dec 19, 2025Yield to maturity3.870%Dec 29, 2025Yield to maturity3.833%Jan 6, 2026Yield to maturity3.882%Jan 13, 2026Yield to maturity3.902%Jan 21, 2026Yield to maturity3.987%Jan 28, 2026Yield to maturity3.996%Feb 4, 2026Yield to maturity3.999%Feb 11, 2026Yield to maturity3.902%Feb 19, 2026Yield to maturity3.794%Feb 26, 2026Yield to maturity3.727%Mar 5, 2026Yield to maturity3.858%Mar 12, 2026Yield to maturity4.016%Mar 19, 2026Yield to maturity4.013%Mar 26, 2026Yield to maturity4.222%Apr 2, 2026Yield to maturity4.068%Apr 9, 2026Yield to maturity4.041%Apr 16, 2026Yield to maturity4.045%Apr 23, 2026Yield to maturity4.085%Apr 30, 2026Yield to maturity4.144%May 7, 2026Yield to maturity4.160%May 14, 2026Yield to maturity4.232%May 21, 2026Yield to maturity4.348%May 29, 2026Yield to maturity4.229%Jun 5, 2026Yield to maturity4.359%Jun 12, 2026Yield to maturity4.287%Jun 22, 2026Yield to maturity4.349%Jun 29, 2026Yield to maturity4.201%Jul 7, 2026Yield to maturity4.345%Jul 14, 2026Yield to maturity4.375%Jul 21, 2026Yield to maturity4.438%Jul 28, 2026Yield to maturity4.417%Aug 4, 2026Yield to maturity4.402%Aug 11, 2026Yield to maturity4.465%Aug 18, 2026Yield to maturity4.450%Aug 25, 2026Yield to maturity4.409%Sep 1, 2026Yield to maturity4.612%Sep 9, 2026Yield to maturity4.665%

Price history

1,081 trading days to Sep 9, 2026

85.087.590.092.595.097.5100.0102.5May 16, 2022Sep 9, 2026May 16, 2022Close99.938May 23, 2022Close100.094May 31, 2022Close100.188Jun 7, 2022Close99.094Jun 14, 2022Close94.875Jun 22, 2022Close97.625Jun 29, 2022Close98.125Jul 7, 2022Close98.906Jul 14, 2022Close99.281Jul 21, 2022Close99.750Jul 28, 2022Close101.750Aug 4, 2022Close101.719Aug 11, 2022Close99.938Aug 18, 2022Close99.906Aug 25, 2022Close98.563Sep 1, 2022Close96.750Sep 9, 2022Close96.219Sep 16, 2022Close95.250Sep 23, 2022Close93.375Sep 30, 2022Close92.281Oct 7, 2022Close91.875Oct 17, 2022Close90.906Oct 24, 2022Close89.313Oct 31, 2022Close90.406Nov 7, 2022Close89.531Nov 15, 2022Close92.563Nov 22, 2022Close92.938Nov 30, 2022Close93.500Dec 7, 2022Close95.531Dec 14, 2022Close95.063Dec 21, 2022Close93.563Dec 29, 2022Close92.500Jan 6, 2023Close94.688Jan 13, 2023Close95.156Jan 23, 2023Close95.031Jan 30, 2023Close94.813Feb 6, 2023Close94.125Feb 13, 2023Close93.375Feb 21, 2023Close91.656Feb 28, 2023Close91.906Mar 7, 2023Close91.500Mar 14, 2023Close94.031Mar 21, 2023Close94.219Mar 28, 2023Close94.656Apr 4, 2023Close96.250Apr 11, 2023Close95.625Apr 18, 2023Close94.531Apr 25, 2023Close95.969May 2, 2023Close95.750May 9, 2023Close95.094May 16, 2023Close94.906May 23, 2023Close93.625May 31, 2023Close94.094Jun 7, 2023Close92.906Jun 14, 2023Close92.594Jun 22, 2023Close92.875Jun 29, 2023Close92.438Jul 7, 2023Close91.000Jul 14, 2023Close92.750Jul 21, 2023Close92.594Jul 28, 2023Close91.781Aug 4, 2023Close91.313Aug 11, 2023Close90.375Aug 18, 2023Close89.813Aug 25, 2023Close89.813Sep 1, 2023Close90.344Sep 11, 2023Close89.656Sep 18, 2023Close89.438Sep 25, 2023Close88.000Oct 2, 2023Close87.063Oct 10, 2023Close87.344Oct 17, 2023Close86.188Oct 24, 2023Close86.250Oct 31, 2023Close85.969Nov 7, 2023Close88.000Nov 14, 2023Close88.781Nov 21, 2023Close89.000Nov 29, 2023Close90.000Dec 6, 2023Close90.969Dec 13, 2023Close91.656Dec 20, 2023Close92.781Dec 28, 2023Close92.969Jan 5, 2024Close91.656Jan 12, 2024Close92.406Jan 22, 2024Close91.406Jan 29, 2024Close91.688Feb 5, 2024Close90.969Feb 12, 2024Close90.875Feb 20, 2024Close90.219Feb 27, 2024Close89.938Mar 5, 2024Close91.156Mar 12, 2024Close91.063Mar 19, 2024Close90.156Mar 26, 2024Close90.625Apr 2, 2024Close89.844Apr 9, 2024Close89.813Apr 16, 2024Close87.938Apr 23, 2024Close88.375Apr 30, 2024Close87.813May 7, 2024Close89.313May 14, 2024Close89.438May 21, 2024Close89.688May 29, 2024Close88.406Jun 5, 2024Close90.469Jun 12, 2024Close90.375Jun 20, 2024Close90.813Jun 27, 2024Close90.531Jul 5, 2024Close90.844Jul 12, 2024Close91.500Jul 19, 2024Close91.156Jul 26, 2024Close91.563Aug 2, 2024Close94.313Aug 9, 2024Close93.188Aug 16, 2024Close93.563Aug 23, 2024Close94.188Aug 30, 2024Close93.594Sep 9, 2024Close95.063Sep 16, 2024Close95.531Sep 23, 2024Close94.781Sep 30, 2024Close94.438Oct 7, 2024Close92.906Oct 15, 2024Close92.906Oct 22, 2024Close91.875Oct 29, 2024Close91.375Nov 5, 2024Close91.219Nov 13, 2024Close90.281Nov 20, 2024Close90.531Nov 27, 2024Close91.500Dec 5, 2024Close91.938Dec 12, 2024Close91.188Dec 19, 2024Close89.656Dec 27, 2024Close89.500Jan 6, 2025Close89.625Jan 13, 2025Close88.594Jan 21, 2025Close89.938Jan 28, 2025Close90.219Feb 4, 2025Close90.375Feb 11, 2025Close90.219Feb 19, 2025Close90.219Feb 26, 2025Close91.969Mar 5, 2025Close91.813Mar 12, 2025Close91.750Mar 19, 2025Close92.125Mar 26, 2025Close91.719Apr 2, 2025Close92.594Apr 9, 2025Close91.781Apr 16, 2025Close92.531Apr 23, 2025Close91.844Apr 30, 2025Close93.438May 7, 2025Close92.719May 14, 2025Close91.094May 21, 2025Close91.031May 29, 2025Close92.000Jun 5, 2025Close92.094Jun 12, 2025Close92.344Jun 20, 2025Close92.344Jun 27, 2025Close93.031Jul 7, 2025Close92.375Jul 14, 2025Close92.250Jul 21, 2025Close92.625Jul 28, 2025Close92.344Aug 4, 2025Close93.688Aug 11, 2025Close93.281Aug 18, 2025Close93.031Aug 25, 2025Close93.438Sep 2, 2025Close93.625Sep 9, 2025Close94.656Sep 16, 2025Close94.813Sep 23, 2025Close94.313Sep 30, 2025Close94.031Oct 7, 2025Close94.188Oct 15, 2025Close94.688Oct 22, 2025Close95.156Oct 29, 2025Close94.406Nov 5, 2025Close94.031Nov 13, 2025Close94.375Nov 20, 2025Close94.563Nov 28, 2025Close95.031Dec 5, 2025Close94.375Dec 12, 2025Close94.156Dec 19, 2025Close94.406Dec 29, 2025Close94.625Jan 6, 2026Close94.375Jan 13, 2026Close94.281Jan 21, 2026Close93.844Jan 28, 2026Close93.813Feb 4, 2026Close93.813Feb 11, 2026Close94.344Feb 19, 2026Close94.938Feb 26, 2026Close95.313Mar 5, 2026Close94.625Mar 12, 2026Close93.813Mar 19, 2026Close93.844Mar 26, 2026Close92.781Apr 2, 2026Close93.594Apr 9, 2026Close93.750Apr 16, 2026Close93.750Apr 23, 2026Close93.563Apr 30, 2026Close93.281May 7, 2026Close93.219May 14, 2026Close92.875May 21, 2026Close92.313May 29, 2026Close92.938Jun 5, 2026Close92.313Jun 12, 2026Close92.688Jun 22, 2026Close92.406Jun 29, 2026Close93.156Jul 7, 2026Close92.469Jul 14, 2026Close92.344Jul 21, 2026Close92.063Jul 28, 2026Close92.188Aug 4, 2026Close92.281Aug 11, 2026Close92.000Aug 18, 2026Close92.094Aug 25, 2026Close92.313Sep 1, 2026Close91.375Sep 9, 2026Close91.156
The most recent 20 trading days of prices for 91282CEP2.
DateBidOfferClose
Sep 9, 202691.15691.12591.156
Sep 8, 202691.40691.37591.344
Sep 4, 202691.50091.46991.438
Sep 3, 202691.67291.65691.563
Sep 2, 202691.40691.37591.406
Sep 1, 202691.53191.50091.375
Aug 31, 202691.64191.62591.625
Aug 28, 202691.84491.81391.688
Aug 27, 202692.20392.18892.094
Aug 26, 202692.20392.18892.156
Aug 25, 202692.28192.25092.313
Aug 24, 202692.09492.06392.000
Aug 21, 202691.90691.87591.906
Aug 20, 202692.07892.06392.063
Aug 19, 202692.21992.18892.250
Aug 18, 202692.10992.09492.094
Aug 17, 202692.14192.12592.063
Aug 14, 202692.23492.21992.156
Aug 13, 202692.35992.34492.344
Aug 12, 202692.17292.15692.094

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.

3 auctions

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 91282CEP2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 11, 2022May 16, 2022New issue$36.0bn$61.2bn2.49x2.943%
Jun 8, 2022Jun 15, 2022Reopening$33.0bn$34.9bn2.41x3.030%
Jul 12, 2022Jul 15, 2022Reopening$33.0bn$37.2bn2.34x2.960%

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.