Treasury note

91282CEW7 · 3.25% due June 30, 2027

Original term
5-Year
Maturity
Jun 30, 2027
Coupon
3.250%
Pays
Semi-Annual
Dated
Jun 30, 2022
First coupon
Dec 31, 2022
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$50.15bn
Held stripped
$40.0m
Share stripped
0.08%

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
4.163%
Modified duration
0.780 yr
DV01
0.0078
Convexity
0.994
Dirty price
99.917

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 3 of twelve buckets, summing to 0.795 years against a modified duration of 0.780.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 0.37 cents per 100 of face.

That is -0.01 standard deviations from its own typical residual.

Yield to maturity, 1,050 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%Jun 30, 2022Sep 9, 2026Jun 30, 2022Yield to maturity3.006%Jul 8, 2022Yield to maturity3.127%Jul 15, 2022Yield to maturity3.051%Jul 22, 2022Yield to maturity2.867%Jul 29, 2022Yield to maturity2.716%Aug 5, 2022Yield to maturity2.980%Aug 12, 2022Yield to maturity2.979%Aug 19, 2022Yield to maturity3.117%Aug 26, 2022Yield to maturity3.249%Sep 2, 2022Yield to maturity3.334%Sep 12, 2022Yield to maturity3.499%Sep 19, 2022Yield to maturity3.724%Sep 26, 2022Yield to maturity4.207%Oct 3, 2022Yield to maturity3.942%Oct 11, 2022Yield to maturity4.185%Oct 18, 2022Yield to maturity4.257%Oct 25, 2022Yield to maturity4.283%Nov 1, 2022Yield to maturity4.310%Nov 8, 2022Yield to maturity4.353%Nov 16, 2022Yield to maturity3.875%Nov 23, 2022Yield to maturity3.977%Dec 1, 2022Yield to maturity3.751%Dec 8, 2022Yield to maturity3.792%Dec 15, 2022Yield to maturity3.702%Dec 22, 2022Yield to maturity3.858%Dec 30, 2022Yield to maturity4.064%Jan 9, 2023Yield to maturity3.740%Jan 17, 2023Yield to maturity3.664%Jan 24, 2023Yield to maturity3.642%Jan 31, 2023Yield to maturity3.706%Feb 7, 2023Yield to maturity3.929%Feb 14, 2023Yield to maturity4.108%Feb 22, 2023Yield to maturity4.250%Mar 1, 2023Yield to maturity4.385%Mar 8, 2023Yield to maturity4.481%Mar 15, 2023Yield to maturity3.694%Mar 22, 2023Yield to maturity3.655%Mar 29, 2023Yield to maturity3.778%Apr 5, 2023Yield to maturity3.457%Apr 12, 2023Yield to maturity3.563%Apr 19, 2023Yield to maturity3.835%Apr 26, 2023Yield to maturity3.558%May 3, 2023Yield to maturity3.461%May 10, 2023Yield to maturity3.462%May 17, 2023Yield to maturity3.678%May 24, 2023Yield to maturity3.898%Jun 1, 2023Yield to maturity3.843%Jun 8, 2023Yield to maturity4.016%Jun 15, 2023Yield to maturity4.071%Jun 23, 2023Yield to maturity4.155%Jun 30, 2023Yield to maturity4.308%Jul 10, 2023Yield to maturity4.393%Jul 17, 2023Yield to maturity4.168%Jul 24, 2023Yield to maturity4.296%Jul 31, 2023Yield to maturity4.346%Aug 7, 2023Yield to maturity4.296%Aug 14, 2023Yield to maturity4.492%Aug 21, 2023Yield to maturity4.589%Aug 28, 2023Yield to maturity4.549%Sep 5, 2023Yield to maturity4.519%Sep 12, 2023Yield to maturity4.562%Sep 19, 2023Yield to maturity4.671%Sep 26, 2023Yield to maturity4.744%Oct 3, 2023Yield to maturity4.895%Oct 11, 2023Yield to maturity4.693%Oct 18, 2023Yield to maturity4.999%Oct 25, 2023Yield to maturity4.959%Nov 1, 2023Yield to maturity4.724%Nov 8, 2023Yield to maturity4.605%Nov 15, 2023Yield to maturity4.602%Nov 22, 2023Yield to maturity4.542%Nov 30, 2023Yield to maturity4.421%Dec 7, 2023Yield to maturity4.242%Dec 14, 2023Yield to maturity4.023%Dec 21, 2023Yield to maturity3.998%Dec 29, 2023Yield to maturity3.955%Jan 8, 2024Yield to maturity4.057%Jan 16, 2024Yield to maturity3.983%Jan 23, 2024Yield to maturity4.116%Jan 30, 2024Yield to maturity4.101%Feb 6, 2024Yield to maturity4.135%Feb 13, 2024Yield to maturity4.427%Feb 21, 2024Yield to maturity4.403%Feb 28, 2024Yield to maturity4.399%Mar 6, 2024Yield to maturity4.280%Mar 13, 2024Yield to maturity4.348%Mar 20, 2024Yield to maturity4.386%Mar 27, 2024Yield to maturity4.350%Apr 3, 2024Yield to maturity4.474%Apr 10, 2024Yield to maturity4.773%Apr 17, 2024Yield to maturity4.749%Apr 24, 2024Yield to maturity4.768%May 1, 2024Yield to maturity4.777%May 8, 2024Yield to maturity4.642%May 15, 2024Yield to maturity4.495%May 22, 2024Yield to maturity4.625%May 30, 2024Yield to maturity4.725%Jun 6, 2024Yield to maturity4.485%Jun 13, 2024Yield to maturity4.436%Jun 21, 2024Yield to maturity4.458%Jun 28, 2024Yield to maturity4.523%Jul 8, 2024Yield to maturity4.393%Jul 15, 2024Yield to maturity4.238%Jul 22, 2024Yield to maturity4.290%Jul 29, 2024Yield to maturity4.191%Aug 5, 2024Yield to maturity3.719%Aug 12, 2024Yield to maturity3.850%Aug 19, 2024Yield to maturity3.878%Aug 26, 2024Yield to maturity3.763%Sep 3, 2024Yield to maturity3.743%Sep 10, 2024Yield to maturity3.473%Sep 17, 2024Yield to maturity3.486%Sep 24, 2024Yield to maturity3.452%Oct 1, 2024Yield to maturity3.538%Oct 8, 2024Yield to maturity3.895%Oct 16, 2024Yield to maturity3.863%Oct 23, 2024Yield to maturity4.042%Oct 30, 2024Yield to maturity4.136%Nov 6, 2024Yield to maturity4.245%Nov 14, 2024Yield to maturity4.304%Nov 21, 2024Yield to maturity4.312%Nov 29, 2024Yield to maturity4.113%Dec 6, 2024Yield to maturity4.067%Dec 13, 2024Yield to maturity4.219%Dec 20, 2024Yield to maturity4.307%Dec 30, 2024Yield to maturity4.262%Jan 7, 2025Yield to maturity4.311%Jan 14, 2025Yield to maturity4.401%Jan 22, 2025Yield to maturity4.300%Jan 29, 2025Yield to maturity4.238%Feb 5, 2025Yield to maturity4.176%Feb 12, 2025Yield to maturity4.367%Feb 20, 2025Yield to maturity4.248%Feb 27, 2025Yield to maturity4.041%Mar 6, 2025Yield to maturity3.961%Mar 13, 2025Yield to maturity3.923%Mar 20, 2025Yield to maturity3.928%Mar 27, 2025Yield to maturity3.993%Apr 3, 2025Yield to maturity3.703%Apr 10, 2025Yield to maturity3.841%Apr 17, 2025Yield to maturity3.801%Apr 24, 2025Yield to maturity3.775%May 1, 2025Yield to maturity3.703%May 8, 2025Yield to maturity3.877%May 15, 2025Yield to maturity3.945%May 22, 2025Yield to maturity3.983%May 30, 2025Yield to maturity3.897%Jun 6, 2025Yield to maturity4.032%Jun 13, 2025Yield to maturity3.942%Jun 23, 2025Yield to maturity3.818%Jun 30, 2025Yield to maturity3.725%Jul 8, 2025Yield to maturity3.913%Jul 15, 2025Yield to maturity3.953%Jul 22, 2025Yield to maturity3.823%Jul 29, 2025Yield to maturity3.880%Aug 5, 2025Yield to maturity3.730%Aug 12, 2025Yield to maturity3.735%Aug 19, 2025Yield to maturity3.757%Aug 26, 2025Yield to maturity3.691%Sep 3, 2025Yield to maturity3.642%Sep 10, 2025Yield to maturity3.573%Sep 17, 2025Yield to maturity3.558%Sep 24, 2025Yield to maturity3.635%Oct 1, 2025Yield to maturity3.565%Oct 8, 2025Yield to maturity3.606%Oct 16, 2025Yield to maturity3.438%Oct 23, 2025Yield to maturity3.498%Oct 30, 2025Yield to maturity3.638%Nov 6, 2025Yield to maturity3.583%Nov 14, 2025Yield to maturity3.629%Nov 21, 2025Yield to maturity3.532%Dec 1, 2025Yield to maturity3.577%Dec 8, 2025Yield to maturity3.602%Dec 15, 2025Yield to maturity3.522%Dec 22, 2025Yield to maturity3.505%Dec 30, 2025Yield to maturity3.466%Jan 7, 2026Yield to maturity3.490%Jan 14, 2026Yield to maturity3.515%Jan 22, 2026Yield to maturity3.609%Jan 29, 2026Yield to maturity3.545%Feb 5, 2026Yield to maturity3.479%Feb 12, 2026Yield to maturity3.482%Feb 20, 2026Yield to maturity3.511%Feb 27, 2026Yield to maturity3.466%Mar 6, 2026Yield to maturity3.592%Mar 13, 2026Yield to maturity3.747%Mar 20, 2026Yield to maturity3.933%Mar 27, 2026Yield to maturity3.917%Apr 3, 2026Yield to maturity3.875%Apr 10, 2026Yield to maturity3.804%Apr 17, 2026Yield to maturity3.732%Apr 24, 2026Yield to maturity3.740%May 1, 2026Yield to maturity3.832%May 8, 2026Yield to maturity3.814%May 15, 2026Yield to maturity3.910%May 22, 2026Yield to maturity3.983%Jun 1, 2026Yield to maturity3.936%Jun 8, 2026Yield to maturity4.041%Jun 15, 2026Yield to maturity3.962%Jun 23, 2026Yield to maturity4.105%Jun 30, 2026Yield to maturity4.122%Jul 8, 2026Yield to maturity4.107%Jul 15, 2026Yield to maturity4.022%Jul 22, 2026Yield to maturity4.175%Jul 29, 2026Yield to maturity4.123%Aug 5, 2026Yield to maturity4.105%Aug 12, 2026Yield to maturity4.049%Aug 19, 2026Yield to maturity4.029%Aug 26, 2026Yield to maturity4.046%Sep 2, 2026Yield to maturity4.181%Sep 9, 2026Yield to maturity4.163%

Price history

1,050 trading days to Sep 9, 2026

949698100102104Jun 30, 2022Sep 9, 2026Jun 30, 2022Close101.125Jul 8, 2022Close100.563Jul 15, 2022Close100.906Jul 22, 2022Close101.750Jul 29, 2022Close102.438Aug 5, 2022Close101.219Aug 12, 2022Close101.219Aug 19, 2022Close100.594Aug 26, 2022Close100.000Sep 2, 2022Close99.625Sep 12, 2022Close98.906Sep 19, 2022Close97.938Sep 26, 2022Close95.906Oct 3, 2022Close97.031Oct 11, 2022Close96.031Oct 18, 2022Close95.750Oct 25, 2022Close95.656Nov 1, 2022Close95.563Nov 8, 2022Close95.406Nov 16, 2022Close97.375Nov 23, 2022Close96.969Dec 1, 2022Close97.906Dec 8, 2022Close97.750Dec 15, 2022Close98.125Dec 22, 2022Close97.500Dec 30, 2022Close96.688Jan 9, 2023Close98.000Jan 17, 2023Close98.313Jan 24, 2023Close98.406Jan 31, 2023Close98.156Feb 7, 2023Close97.281Feb 14, 2023Close96.594Feb 22, 2023Close96.063Mar 1, 2023Close95.563Mar 8, 2023Close95.219Mar 15, 2023Close98.250Mar 22, 2023Close98.406Mar 29, 2023Close97.938Apr 5, 2023Close99.188Apr 12, 2023Close98.781Apr 19, 2023Close97.750Apr 26, 2023Close98.813May 3, 2023Close99.188May 10, 2023Close99.188May 17, 2023Close98.375May 24, 2023Close97.563Jun 1, 2023Close97.781Jun 8, 2023Close97.156Jun 15, 2023Close96.969Jun 23, 2023Close96.688Jun 30, 2023Close96.156Jul 10, 2023Close95.875Jul 17, 2023Close96.688Jul 24, 2023Close96.250Jul 31, 2023Close96.094Aug 7, 2023Close96.281Aug 14, 2023Close95.625Aug 21, 2023Close95.313Aug 28, 2023Close95.469Sep 5, 2023Close95.594Sep 12, 2023Close95.469Sep 19, 2023Close95.125Sep 26, 2023Close94.906Oct 3, 2023Close94.438Oct 11, 2023Close95.125Oct 18, 2023Close94.156Oct 25, 2023Close94.313Nov 1, 2023Close95.094Nov 8, 2023Close95.500Nov 15, 2023Close95.531Nov 22, 2023Close95.750Nov 30, 2023Close96.156Dec 7, 2023Close96.750Dec 14, 2023Close97.469Dec 21, 2023Close97.563Dec 29, 2023Close97.719Jan 8, 2024Close97.406Jan 16, 2024Close97.656Jan 23, 2024Close97.250Jan 30, 2024Close97.313Feb 6, 2024Close97.219Feb 13, 2024Close96.344Feb 21, 2024Close96.438Feb 28, 2024Close96.469Mar 6, 2024Close96.844Mar 13, 2024Close96.656Mar 20, 2024Close96.563Mar 27, 2024Close96.688Apr 3, 2024Close96.344Apr 10, 2024Close95.500Apr 17, 2024Close95.594Apr 24, 2024Close95.563May 1, 2024Close95.563May 8, 2024Close95.969May 15, 2024Close96.406May 22, 2024Close96.063May 30, 2024Close95.813Jun 6, 2024Close96.500Jun 13, 2024Close96.656Jun 21, 2024Close96.625Jun 28, 2024Close96.469Jul 8, 2024Close96.844Jul 15, 2024Close97.281Jul 22, 2024Close97.156Jul 29, 2024Close97.438Aug 5, 2024Close98.719Aug 12, 2024Close98.375Aug 19, 2024Close98.313Aug 26, 2024Close98.625Sep 3, 2024Close98.688Sep 10, 2024Close99.406Sep 17, 2024Close99.375Sep 24, 2024Close99.469Oct 1, 2024Close99.250Oct 8, 2024Close98.344Oct 16, 2024Close98.438Oct 23, 2024Close98.000Oct 30, 2024Close97.781Nov 6, 2024Close97.531Nov 14, 2024Close97.406Nov 21, 2024Close97.406Nov 29, 2024Close97.906Dec 6, 2024Close98.031Dec 13, 2024Close97.688Dec 20, 2024Close97.500Dec 30, 2024Close97.625Jan 7, 2025Close97.531Jan 14, 2025Close97.344Jan 22, 2025Close97.594Jan 29, 2025Close97.750Feb 5, 2025Close97.906Feb 12, 2025Close97.500Feb 20, 2025Close97.781Feb 27, 2025Close98.250Mar 6, 2025Close98.438Mar 13, 2025Close98.531Mar 20, 2025Close98.531Mar 27, 2025Close98.406Apr 3, 2025Close99.031Apr 10, 2025Close98.750Apr 17, 2025Close98.844Apr 24, 2025Close98.906May 1, 2025Close99.063May 8, 2025Close98.719May 15, 2025Close98.594May 22, 2025Close98.531May 30, 2025Close98.719Jun 6, 2025Close98.469Jun 13, 2025Close98.656Jun 23, 2025Close98.906Jun 30, 2025Close99.094Jul 8, 2025Close98.750Jul 15, 2025Close98.688Jul 22, 2025Close98.938Jul 29, 2025Close98.844Aug 5, 2025Close99.125Aug 12, 2025Close99.125Aug 19, 2025Close99.094Aug 26, 2025Close99.219Sep 3, 2025Close99.313Sep 10, 2025Close99.438Sep 17, 2025Close99.469Sep 24, 2025Close99.344Oct 1, 2025Close99.469Oct 8, 2025Close99.406Oct 16, 2025Close99.688Oct 23, 2025Close99.594Oct 30, 2025Close99.375Nov 6, 2025Close99.469Nov 14, 2025Close99.406Nov 21, 2025Close99.563Dec 1, 2025Close99.500Dec 8, 2025Close99.469Dec 15, 2025Close99.594Dec 22, 2025Close99.625Dec 30, 2025Close99.688Jan 7, 2026Close99.656Jan 14, 2026Close99.625Jan 22, 2026Close99.500Jan 29, 2026Close99.594Feb 5, 2026Close99.688Feb 12, 2026Close99.688Feb 20, 2026Close99.656Feb 27, 2026Close99.719Mar 6, 2026Close99.563Mar 13, 2026Close99.375Mar 20, 2026Close99.156Mar 27, 2026Close99.188Apr 3, 2026Close99.250Apr 10, 2026Close99.344Apr 17, 2026Close99.438Apr 24, 2026Close99.438May 1, 2026Close99.344May 8, 2026Close99.375May 15, 2026Close99.281May 22, 2026Close99.219Jun 1, 2026Close99.281Jun 8, 2026Close99.188Jun 15, 2026Close99.281Jun 23, 2026Close99.156Jun 30, 2026Close99.156Jul 8, 2026Close99.188Jul 15, 2026Close99.281Jul 22, 2026Close99.156Jul 29, 2026Close99.219Aug 5, 2026Close99.250Aug 12, 2026Close99.313Aug 19, 2026Close99.344Aug 26, 2026Close99.344Sep 2, 2026Close99.250Sep 9, 2026Close99.281
The most recent 20 trading days of prices for 91282CEW7.
DateBidOfferClose
Sep 9, 202699.29799.28199.281
Sep 8, 202699.29799.28199.281
Sep 4, 202699.29799.28199.281
Sep 3, 202699.31399.31399.281
Sep 2, 202699.26699.25099.250
Sep 1, 202699.26699.25099.250
Aug 31, 202699.26699.25099.250
Aug 28, 202699.28199.25099.250
Aug 27, 202699.34499.34499.344
Aug 26, 202699.35999.34499.344
Aug 25, 202699.32899.31399.344
Aug 24, 202699.32899.31399.313
Aug 21, 202699.32899.31399.313
Aug 20, 202699.35999.34499.344
Aug 19, 202699.35999.34499.344
Aug 18, 202699.35999.34499.344
Aug 17, 202699.35999.34499.344
Aug 14, 202699.35999.34499.344
Aug 13, 202699.35999.34499.344
Aug 12, 202699.32899.31399.313

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 91282CEW7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 27, 2022Jun 30, 2022New issue$47.0bn$50.6bn2.28x3.271%

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.