Treasury note

91282CFL0 · 3.875% due September 30, 2029

Original term
7-Year
Maturity
Sep 30, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Sep 30, 2022
First coupon
Mar 31, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$35.79bn
Held stripped
$17.6m
Share stripped
0.05%

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
4.527%
Modified duration
2.796 yr
DV01
0.0279
Convexity
9.555
Dirty price
99.882

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 2.859 years against a modified duration of 2.796.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 3.26 cents per 100 of face.

That is -0.98 standard deviations from its own typical residual.

Yield to maturity, 986 observations

3.00%3.50%4.00%4.50%5.00%5.50%Sep 30, 2022Sep 9, 2026Sep 30, 2022Yield to maturity3.968%Oct 7, 2022Yield to maturity4.030%Oct 17, 2022Yield to maturity4.151%Oct 24, 2022Yield to maturity4.306%Oct 31, 2022Yield to maturity4.195%Nov 7, 2022Yield to maturity4.324%Nov 15, 2022Yield to maturity3.895%Nov 22, 2022Yield to maturity3.890%Nov 30, 2022Yield to maturity3.780%Dec 7, 2022Yield to maturity3.562%Dec 14, 2022Yield to maturity3.602%Dec 21, 2022Yield to maturity3.785%Dec 29, 2022Yield to maturity3.943%Jan 6, 2023Yield to maturity3.658%Jan 13, 2023Yield to maturity3.578%Jan 23, 2023Yield to maturity3.588%Jan 30, 2023Yield to maturity3.651%Feb 6, 2023Yield to maturity3.762%Feb 13, 2023Yield to maturity3.874%Feb 21, 2023Yield to maturity4.125%Feb 28, 2023Yield to maturity4.115%Mar 7, 2023Yield to maturity4.221%Mar 14, 2023Yield to maturity3.777%Mar 21, 2023Yield to maturity3.733%Mar 28, 2023Yield to maturity3.641%Apr 4, 2023Yield to maturity3.420%Apr 11, 2023Yield to maturity3.532%Apr 18, 2023Yield to maturity3.677%Apr 25, 2023Yield to maturity3.459%May 2, 2023Yield to maturity3.485%May 9, 2023Yield to maturity3.544%May 16, 2023Yield to maturity3.565%May 23, 2023Yield to maturity3.768%May 31, 2023Yield to maturity3.751%Jun 7, 2023Yield to maturity3.931%Jun 14, 2023Yield to maturity4.016%Jun 22, 2023Yield to maturity3.988%Jun 29, 2023Yield to maturity4.074%Jul 7, 2023Yield to maturity4.302%Jul 14, 2023Yield to maturity4.000%Jul 21, 2023Yield to maturity4.041%Jul 28, 2023Yield to maturity4.158%Aug 4, 2023Yield to maturity4.159%Aug 11, 2023Yield to maturity4.314%Aug 18, 2023Yield to maturity4.392%Aug 25, 2023Yield to maturity4.430%Sep 1, 2023Yield to maturity4.312%Sep 11, 2023Yield to maturity4.422%Sep 18, 2023Yield to maturity4.478%Sep 25, 2023Yield to maturity4.658%Oct 2, 2023Yield to maturity4.772%Oct 10, 2023Yield to maturity4.699%Oct 17, 2023Yield to maturity4.915%Oct 24, 2023Yield to maturity4.893%Oct 31, 2023Yield to maturity4.914%Nov 7, 2023Yield to maturity4.608%Nov 14, 2023Yield to maturity4.485%Nov 21, 2023Yield to maturity4.474%Nov 29, 2023Yield to maturity4.308%Dec 6, 2023Yield to maturity4.180%Dec 13, 2023Yield to maturity4.063%Dec 20, 2023Yield to maturity3.911%Dec 28, 2023Yield to maturity3.886%Jan 5, 2024Yield to maturity4.059%Jan 12, 2024Yield to maturity3.905%Jan 22, 2024Yield to maturity4.067%Jan 29, 2024Yield to maturity4.023%Feb 5, 2024Yield to maturity4.169%Feb 12, 2024Yield to maturity4.170%Feb 20, 2024Yield to maturity4.286%Feb 27, 2024Yield to maturity4.351%Mar 5, 2024Yield to maturity4.166%Mar 12, 2024Yield to maturity4.187%Mar 19, 2024Yield to maturity4.330%Mar 26, 2024Yield to maturity4.247%Apr 2, 2024Yield to maturity4.373%Apr 9, 2024Yield to maturity4.394%Apr 16, 2024Yield to maturity4.708%Apr 23, 2024Yield to maturity4.643%Apr 30, 2024Yield to maturity4.740%May 7, 2024Yield to maturity4.493%May 14, 2024Yield to maturity4.475%May 21, 2024Yield to maturity4.443%May 29, 2024Yield to maturity4.656%Jun 5, 2024Yield to maturity4.326%Jun 12, 2024Yield to maturity4.341%Jun 20, 2024Yield to maturity4.281%Jun 27, 2024Yield to maturity4.323%Jul 5, 2024Yield to maturity4.244%Jul 12, 2024Yield to maturity4.130%Jul 19, 2024Yield to maturity4.185%Jul 26, 2024Yield to maturity4.104%Aug 2, 2024Yield to maturity3.640%Aug 9, 2024Yield to maturity3.827%Aug 16, 2024Yield to maturity3.793%Aug 23, 2024Yield to maturity3.678%Aug 30, 2024Yield to maturity3.759%Sep 9, 2024Yield to maturity3.534%Sep 16, 2024Yield to maturity3.452%Sep 23, 2024Yield to maturity3.539%Sep 30, 2024Yield to maturity3.613%Oct 7, 2024Yield to maturity3.889%Oct 15, 2024Yield to maturity3.882%Oct 22, 2024Yield to maturity4.029%Oct 29, 2024Yield to maturity4.130%Nov 5, 2024Yield to maturity4.188%Nov 13, 2024Yield to maturity4.319%Nov 20, 2024Yield to maturity4.299%Nov 27, 2024Yield to maturity4.155%Dec 5, 2024Yield to maturity4.098%Dec 12, 2024Yield to maturity4.201%Dec 19, 2024Yield to maturity4.446%Dec 27, 2024Yield to maturity4.464%Jan 6, 2025Yield to maturity4.429%Jan 13, 2025Yield to maturity4.612%Jan 21, 2025Yield to maturity4.410%Jan 28, 2025Yield to maturity4.344%Feb 4, 2025Yield to maturity4.331%Feb 11, 2025Yield to maturity4.386%Feb 19, 2025Yield to maturity4.373%Feb 26, 2025Yield to maturity4.085%Mar 5, 2025Yield to maturity4.086%Mar 12, 2025Yield to maturity4.087%Mar 19, 2025Yield to maturity4.035%Mar 26, 2025Yield to maturity4.089%Apr 2, 2025Yield to maturity3.944%Apr 9, 2025Yield to maturity4.044%Apr 16, 2025Yield to maturity3.882%Apr 23, 2025Yield to maturity3.991%Apr 30, 2025Yield to maturity3.696%May 7, 2025Yield to maturity3.851%May 14, 2025Yield to maturity4.150%May 21, 2025Yield to maturity4.119%May 29, 2025Yield to maturity3.993%Jun 5, 2025Yield to maturity3.977%Jun 12, 2025Yield to maturity3.946%Jun 20, 2025Yield to maturity3.938%Jun 27, 2025Yield to maturity3.794%Jul 7, 2025Yield to maturity3.930%Jul 14, 2025Yield to maturity3.947%Jul 21, 2025Yield to maturity3.874%Jul 28, 2025Yield to maturity3.931%Aug 4, 2025Yield to maturity3.702%Aug 11, 2025Yield to maturity3.792%Aug 18, 2025Yield to maturity3.800%Aug 25, 2025Yield to maturity3.741%Sep 2, 2025Yield to maturity3.691%Sep 9, 2025Yield to maturity3.557%Sep 16, 2025Yield to maturity3.548%Sep 23, 2025Yield to maturity3.630%Sep 30, 2025Yield to maturity3.688%Oct 7, 2025Yield to maturity3.662%Oct 15, 2025Yield to maturity3.576%Oct 22, 2025Yield to maturity3.506%Oct 29, 2025Yield to maturity3.658%Nov 5, 2025Yield to maturity3.709%Nov 13, 2025Yield to maturity3.656%Nov 20, 2025Yield to maturity3.620%Nov 28, 2025Yield to maturity3.548%Dec 5, 2025Yield to maturity3.652%Dec 12, 2025Yield to maturity3.669%Dec 19, 2025Yield to maturity3.606%Dec 29, 2025Yield to maturity3.586%Jan 6, 2026Yield to maturity3.612%Jan 13, 2026Yield to maturity3.647%Jan 21, 2026Yield to maturity3.727%Jan 28, 2026Yield to maturity3.736%Feb 4, 2026Yield to maturity3.726%Feb 11, 2026Yield to maturity3.642%Feb 19, 2026Yield to maturity3.558%Feb 26, 2026Yield to maturity3.501%Mar 5, 2026Yield to maturity3.648%Mar 12, 2026Yield to maturity3.818%Mar 19, 2026Yield to maturity3.836%Mar 26, 2026Yield to maturity4.048%Apr 2, 2026Yield to maturity3.865%Apr 9, 2026Yield to maturity3.846%Apr 16, 2026Yield to maturity3.836%Apr 23, 2026Yield to maturity3.884%Apr 30, 2026Yield to maturity3.943%May 7, 2026Yield to maturity3.983%May 14, 2026Yield to maturity4.074%May 21, 2026Yield to maturity4.176%May 29, 2026Yield to maturity4.086%Jun 5, 2026Yield to maturity4.241%Jun 12, 2026Yield to maturity4.161%Jun 22, 2026Yield to maturity4.266%Jun 29, 2026Yield to maturity4.112%Jul 7, 2026Yield to maturity4.229%Jul 14, 2026Yield to maturity4.252%Jul 21, 2026Yield to maturity4.318%Jul 28, 2026Yield to maturity4.310%Aug 4, 2026Yield to maturity4.259%Aug 11, 2026Yield to maturity4.304%Aug 18, 2026Yield to maturity4.274%Aug 25, 2026Yield to maturity4.266%Sep 1, 2026Yield to maturity4.478%Sep 9, 2026Yield to maturity4.527%

Price history

986 trading days to Sep 9, 2026

949698100102104Sep 30, 2022Sep 9, 2026Sep 30, 2022Close99.438Oct 7, 2022Close99.063Oct 17, 2022Close98.344Oct 24, 2022Close97.438Oct 31, 2022Close98.094Nov 7, 2022Close97.344Nov 15, 2022Close99.875Nov 22, 2022Close99.906Nov 30, 2022Close100.563Dec 7, 2022Close101.875Dec 14, 2022Close101.625Dec 21, 2022Close100.531Dec 29, 2022Close99.594Jan 6, 2023Close101.281Jan 13, 2023Close101.750Jan 23, 2023Close101.688Jan 30, 2023Close101.313Feb 6, 2023Close100.656Feb 13, 2023Close100.000Feb 21, 2023Close98.563Feb 28, 2023Close98.625Mar 7, 2023Close98.031Mar 14, 2023Close100.563Mar 21, 2023Close100.813Mar 28, 2023Close101.344Apr 4, 2023Close102.625Apr 11, 2023Close101.969Apr 18, 2023Close101.125Apr 25, 2023Close102.375May 2, 2023Close102.219May 9, 2023Close101.875May 16, 2023Close101.750May 23, 2023Close100.594May 31, 2023Close100.688Jun 7, 2023Close99.688Jun 14, 2023Close99.219Jun 22, 2023Close99.375Jun 29, 2023Close98.906Jul 7, 2023Close97.688Jul 14, 2023Close99.313Jul 21, 2023Close99.094Jul 28, 2023Close98.469Aug 4, 2023Close98.469Aug 11, 2023Close97.656Aug 18, 2023Close97.250Aug 25, 2023Close97.063Sep 1, 2023Close97.688Sep 11, 2023Close97.125Sep 18, 2023Close96.844Sep 25, 2023Close95.938Oct 2, 2023Close95.375Oct 10, 2023Close95.750Oct 17, 2023Close94.688Oct 24, 2023Close94.813Oct 31, 2023Close94.719Nov 7, 2023Close96.250Nov 14, 2023Close96.875Nov 21, 2023Close96.938Nov 29, 2023Close97.781Dec 6, 2023Close98.438Dec 13, 2023Close99.031Dec 20, 2023Close99.813Dec 28, 2023Close99.938Jan 5, 2024Close99.063Jan 12, 2024Close99.844Jan 22, 2024Close99.031Jan 29, 2024Close99.250Feb 5, 2024Close98.531Feb 12, 2024Close98.531Feb 20, 2024Close97.969Feb 27, 2024Close97.656Mar 5, 2024Close98.563Mar 12, 2024Close98.469Mar 19, 2024Close97.781Mar 26, 2024Close98.188Apr 2, 2024Close97.594Apr 9, 2024Close97.500Apr 16, 2024Close96.031Apr 23, 2024Close96.344Apr 30, 2024Close95.906May 7, 2024Close97.063May 14, 2024Close97.156May 21, 2024Close97.313May 29, 2024Close96.344Jun 5, 2024Close97.875Jun 12, 2024Close97.813Jun 20, 2024Close98.094Jun 27, 2024Close97.906Jul 5, 2024Close98.281Jul 12, 2024Close98.813Jul 19, 2024Close98.563Jul 26, 2024Close98.938Aug 2, 2024Close101.094Aug 9, 2024Close100.219Aug 16, 2024Close100.375Aug 23, 2024Close100.906Aug 30, 2024Close100.531Sep 9, 2024Close101.563Sep 16, 2024Close101.938Sep 23, 2024Close101.531Sep 30, 2024Close101.188Oct 7, 2024Close99.938Oct 15, 2024Close99.969Oct 22, 2024Close99.313Oct 29, 2024Close98.875Nov 5, 2024Close98.625Nov 13, 2024Close98.063Nov 20, 2024Close98.156Nov 27, 2024Close98.781Dec 5, 2024Close99.031Dec 12, 2024Close98.594Dec 19, 2024Close97.563Dec 27, 2024Close97.500Jan 6, 2025Close97.656Jan 13, 2025Close96.906Jan 21, 2025Close97.750Jan 28, 2025Close98.031Feb 4, 2025Close98.094Feb 11, 2025Close97.875Feb 19, 2025Close97.938Feb 26, 2025Close99.125Mar 5, 2025Close99.125Mar 12, 2025Close99.125Mar 19, 2025Close99.344Mar 26, 2025Close99.125Apr 2, 2025Close99.719Apr 9, 2025Close99.313Apr 16, 2025Close99.969Apr 23, 2025Close99.531Apr 30, 2025Close100.719May 7, 2025Close100.094May 14, 2025Close98.906May 21, 2025Close99.031May 29, 2025Close99.531Jun 5, 2025Close99.594Jun 12, 2025Close99.719Jun 20, 2025Close99.750Jun 27, 2025Close100.313Jul 7, 2025Close99.781Jul 14, 2025Close99.719Jul 21, 2025Close100.000Jul 28, 2025Close99.781Aug 4, 2025Close100.656Aug 11, 2025Close100.313Aug 18, 2025Close100.281Aug 25, 2025Close100.500Sep 2, 2025Close100.688Sep 9, 2025Close101.188Sep 16, 2025Close101.219Sep 23, 2025Close100.906Sep 30, 2025Close100.688Oct 7, 2025Close100.781Oct 15, 2025Close101.094Oct 22, 2025Close101.344Oct 29, 2025Close100.781Nov 5, 2025Close100.594Nov 13, 2025Close100.781Nov 20, 2025Close100.906Nov 28, 2025Close101.156Dec 5, 2025Close100.781Dec 12, 2025Close100.719Dec 19, 2025Close100.938Dec 29, 2025Close101.000Jan 6, 2026Close100.906Jan 13, 2026Close100.781Jan 21, 2026Close100.500Jan 28, 2026Close100.469Feb 4, 2026Close100.500Feb 11, 2026Close100.781Feb 19, 2026Close101.063Feb 26, 2026Close101.250Mar 5, 2026Close100.750Mar 12, 2026Close100.188Mar 19, 2026Close100.125Mar 26, 2026Close99.438Apr 2, 2026Close100.031Apr 9, 2026Close100.094Apr 16, 2026Close100.125Apr 23, 2026Close99.969Apr 30, 2026Close99.781May 7, 2026Close99.656May 14, 2026Close99.375May 21, 2026Close99.063May 29, 2026Close99.344Jun 5, 2026Close98.875Jun 12, 2026Close99.125Jun 22, 2026Close98.813Jun 29, 2026Close99.281Jul 7, 2026Close98.938Jul 14, 2026Close98.875Jul 21, 2026Close98.688Jul 28, 2026Close98.719Aug 4, 2026Close98.875Aug 11, 2026Close98.750Aug 18, 2026Close98.844Aug 25, 2026Close98.875Sep 1, 2026Close98.281Sep 9, 2026Close98.156
The most recent 20 trading days of prices for 91282CFL0.
DateBidOfferClose
Sep 9, 202698.18898.15698.156
Sep 8, 202698.32898.31398.281
Sep 4, 202698.37598.34498.344
Sep 3, 202698.48498.46998.438
Sep 2, 202698.32898.31398.313
Sep 1, 202698.39198.37598.281
Aug 31, 202698.46998.43898.438
Aug 28, 202698.53198.50098.438
Aug 27, 202698.82898.81398.750
Aug 26, 202698.82898.81398.781
Aug 25, 202698.85998.84498.875
Aug 24, 202698.76698.75098.719
Aug 21, 202698.70398.68898.688
Aug 20, 202698.82898.81398.813
Aug 19, 202698.85998.84498.875
Aug 18, 202698.85998.84498.844
Aug 17, 202698.89198.87598.844
Aug 14, 202698.95398.93898.875
Aug 13, 202698.98498.96998.969
Aug 12, 202698.85998.84498.813

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 91282CFL0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 28, 2022Sep 30, 2022New issue$36.0bn$36.0bn2.57x3.898%

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.