Treasury note

91282CFY2 · 3.875% due November 30, 2029

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

Statement of August 31, 2026

Amount outstanding
$38.16bn
Held stripped
$104.0m
Share stripped
0.27%

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
4.537%
Modified duration
2.958 yr
DV01
0.0293
Convexity
10.572
Dirty price
99.111

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 3.026 years against a modified duration of 2.958.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 3.66 cents per 100 of face.

That is -1.24 standard deviations from its own typical residual.

Yield to maturity, 946 observations

3.00%3.50%4.00%4.50%5.00%5.50%Nov 30, 2022Sep 9, 2026Nov 30, 2022Yield to maturity3.762%Dec 6, 2022Yield to maturity3.645%Dec 12, 2022Yield to maturity3.731%Dec 16, 2022Yield to maturity3.578%Dec 22, 2022Yield to maturity3.771%Dec 29, 2022Yield to maturity3.932%Jan 5, 2023Yield to maturity3.838%Jan 11, 2023Yield to maturity3.626%Jan 18, 2023Yield to maturity3.416%Jan 24, 2023Yield to maturity3.538%Jan 30, 2023Yield to maturity3.640%Feb 3, 2023Yield to maturity3.624%Feb 9, 2023Yield to maturity3.811%Feb 15, 2023Yield to maturity3.970%Feb 22, 2023Yield to maturity4.098%Feb 28, 2023Yield to maturity4.099%Mar 6, 2023Yield to maturity4.191%Mar 10, 2023Yield to maturity3.890%Mar 16, 2023Yield to maturity3.699%Mar 22, 2023Yield to maturity3.557%Mar 28, 2023Yield to maturity3.625%Apr 3, 2023Yield to maturity3.514%Apr 7, 2023Yield to maturity3.481%Apr 13, 2023Yield to maturity3.507%Apr 19, 2023Yield to maturity3.692%Apr 25, 2023Yield to maturity3.448%May 1, 2023Yield to maturity3.648%May 5, 2023Yield to maturity3.446%May 11, 2023Yield to maturity3.398%May 17, 2023Yield to maturity3.610%May 23, 2023Yield to maturity3.760%May 30, 2023Yield to maturity3.804%Jun 5, 2023Yield to maturity3.809%Jun 9, 2023Yield to maturity3.886%Jun 15, 2023Yield to maturity3.864%Jun 22, 2023Yield to maturity3.975%Jun 28, 2023Yield to maturity3.897%Jul 5, 2023Yield to maturity4.172%Jul 11, 2023Yield to maturity4.178%Jul 17, 2023Yield to maturity3.970%Jul 21, 2023Yield to maturity4.026%Jul 27, 2023Yield to maturity4.197%Aug 2, 2023Yield to maturity4.221%Aug 8, 2023Yield to maturity4.112%Aug 14, 2023Yield to maturity4.344%Aug 18, 2023Yield to maturity4.386%Aug 24, 2023Yield to maturity4.387%Aug 30, 2023Yield to maturity4.277%Sep 6, 2023Yield to maturity4.442%Sep 12, 2023Yield to maturity4.408%Sep 18, 2023Yield to maturity4.463%Sep 22, 2023Yield to maturity4.578%Sep 28, 2023Yield to maturity4.675%Oct 4, 2023Yield to maturity4.786%Oct 11, 2023Yield to maturity4.649%Oct 17, 2023Yield to maturity4.914%Oct 23, 2023Yield to maturity4.886%Oct 27, 2023Yield to maturity4.864%Nov 2, 2023Yield to maturity4.717%Nov 8, 2023Yield to maturity4.572%Nov 14, 2023Yield to maturity4.483%Nov 20, 2023Yield to maturity4.491%Nov 27, 2023Yield to maturity4.462%Dec 1, 2023Yield to maturity4.227%Dec 7, 2023Yield to maturity4.179%Dec 13, 2023Yield to maturity4.059%Dec 19, 2023Yield to maturity3.988%Dec 26, 2023Yield to maturity3.940%Jan 2, 2024Yield to maturity3.976%Jan 8, 2024Yield to maturity4.019%Jan 12, 2024Yield to maturity3.904%Jan 19, 2024Yield to maturity4.123%Jan 25, 2024Yield to maturity4.080%Jan 31, 2024Yield to maturity3.947%Feb 6, 2024Yield to maturity4.075%Feb 12, 2024Yield to maturity4.168%Feb 16, 2024Yield to maturity4.318%Feb 23, 2024Yield to maturity4.301%Feb 29, 2024Yield to maturity4.283%Mar 6, 2024Yield to maturity4.146%Mar 12, 2024Yield to maturity4.184%Mar 18, 2024Yield to maturity4.381%Mar 22, 2024Yield to maturity4.230%Mar 28, 2024Yield to maturity4.231%Apr 3, 2024Yield to maturity4.359%Apr 9, 2024Yield to maturity4.392%Apr 15, 2024Yield to maturity4.659%Apr 19, 2024Yield to maturity4.668%Apr 25, 2024Yield to maturity4.735%May 1, 2024Yield to maturity4.658%May 7, 2024Yield to maturity4.490%May 13, 2024Yield to maturity4.518%May 17, 2024Yield to maturity4.454%May 23, 2024Yield to maturity4.528%May 30, 2024Yield to maturity4.589%Jun 5, 2024Yield to maturity4.321%Jun 11, 2024Yield to maturity4.420%Jun 17, 2024Yield to maturity4.316%Jun 24, 2024Yield to maturity4.285%Jun 28, 2024Yield to maturity4.358%Jul 5, 2024Yield to maturity4.241%Jul 11, 2024Yield to maturity4.149%Jul 17, 2024Yield to maturity4.090%Jul 23, 2024Yield to maturity4.170%Jul 29, 2024Yield to maturity4.078%Aug 2, 2024Yield to maturity3.640%Aug 8, 2024Yield to maturity3.861%Aug 14, 2024Yield to maturity3.697%Aug 20, 2024Yield to maturity3.723%Aug 26, 2024Yield to maturity3.690%Aug 30, 2024Yield to maturity3.761%Sep 6, 2024Yield to maturity3.550%Sep 12, 2024Yield to maturity3.517%Sep 18, 2024Yield to maturity3.523%Sep 24, 2024Yield to maturity3.515%Sep 30, 2024Yield to maturity3.613%Oct 4, 2024Yield to maturity3.840%Oct 10, 2024Yield to maturity3.935%Oct 17, 2024Yield to maturity3.922%Oct 23, 2024Yield to maturity4.073%Oct 29, 2024Yield to maturity4.129%Nov 4, 2024Yield to maturity4.192%Nov 8, 2024Yield to maturity4.221%Nov 15, 2024Yield to maturity4.321%Nov 21, 2024Yield to maturity4.322%Nov 27, 2024Yield to maturity4.154%Dec 4, 2024Yield to maturity4.099%Dec 10, 2024Yield to maturity4.113%Dec 16, 2024Yield to maturity4.270%Dec 20, 2024Yield to maturity4.386%Dec 27, 2024Yield to maturity4.460%Jan 3, 2025Yield to maturity4.419%Jan 9, 2025Yield to maturity4.478%Jan 15, 2025Yield to maturity4.465%Jan 22, 2025Yield to maturity4.438%Jan 28, 2025Yield to maturity4.352%Feb 3, 2025Yield to maturity4.368%Feb 7, 2025Yield to maturity4.362%Feb 13, 2025Yield to maturity4.407%Feb 20, 2025Yield to maturity4.357%Feb 26, 2025Yield to maturity4.093%Mar 4, 2025Yield to maturity4.020%Mar 10, 2025Yield to maturity3.991%Mar 14, 2025Yield to maturity4.095%Mar 20, 2025Yield to maturity4.014%Mar 26, 2025Yield to maturity4.089%Apr 1, 2025Yield to maturity3.911%Apr 7, 2025Yield to maturity3.815%Apr 11, 2025Yield to maturity4.151%Apr 17, 2025Yield to maturity3.941%Apr 23, 2025Yield to maturity4.002%Apr 29, 2025Yield to maturity3.762%May 5, 2025Yield to maturity3.927%May 9, 2025Yield to maturity3.981%May 15, 2025Yield to maturity4.057%May 21, 2025Yield to maturity4.127%May 28, 2025Yield to maturity4.051%Jun 3, 2025Yield to maturity4.021%Jun 9, 2025Yield to maturity4.083%Jun 13, 2025Yield to maturity3.998%Jun 20, 2025Yield to maturity3.944%Jun 26, 2025Yield to maturity3.774%Jul 2, 2025Yield to maturity3.843%Jul 9, 2025Yield to maturity3.898%Jul 15, 2025Yield to maturity4.023%Jul 21, 2025Yield to maturity3.882%Jul 25, 2025Yield to maturity3.921%Jul 31, 2025Yield to maturity3.937%Aug 6, 2025Yield to maturity3.732%Aug 12, 2025Yield to maturity3.794%Aug 18, 2025Yield to maturity3.818%Aug 22, 2025Yield to maturity3.722%Aug 28, 2025Yield to maturity3.666%Sep 4, 2025Yield to maturity3.617%Sep 10, 2025Yield to maturity3.560%Sep 16, 2025Yield to maturity3.567%Sep 22, 2025Yield to maturity3.671%Sep 26, 2025Yield to maturity3.743%Oct 2, 2025Yield to maturity3.637%Oct 8, 2025Yield to maturity3.685%Oct 15, 2025Yield to maturity3.586%Oct 21, 2025Yield to maturity3.520%Oct 27, 2025Yield to maturity3.576%Oct 31, 2025Yield to maturity3.666%Nov 6, 2025Yield to maturity3.641%Nov 13, 2025Yield to maturity3.665%Nov 19, 2025Yield to maturity3.656%Nov 25, 2025Yield to maturity3.521%Dec 2, 2025Yield to maturity3.604%Dec 8, 2025Yield to maturity3.696%Dec 12, 2025Yield to maturity3.686%Dec 18, 2025Yield to maturity3.592%Dec 24, 2025Yield to maturity3.668%Dec 31, 2025Yield to maturity3.641%Jan 7, 2026Yield to maturity3.614%Jan 13, 2026Yield to maturity3.665%Jan 20, 2026Yield to maturity3.769%Jan 26, 2026Yield to maturity3.733%Jan 30, 2026Yield to maturity3.697%Feb 5, 2026Yield to maturity3.644%Feb 11, 2026Yield to maturity3.660%Feb 18, 2026Yield to maturity3.579%Feb 24, 2026Yield to maturity3.525%Mar 2, 2026Yield to maturity3.550%Mar 6, 2026Yield to maturity3.657%Mar 12, 2026Yield to maturity3.828%Mar 18, 2026Yield to maturity3.810%Mar 24, 2026Yield to maturity3.984%Mar 30, 2026Yield to maturity3.911%Apr 3, 2026Yield to maturity3.929%Apr 9, 2026Yield to maturity3.855%Apr 15, 2026Yield to maturity3.827%Apr 21, 2026Yield to maturity3.837%Apr 27, 2026Yield to maturity3.874%May 1, 2026Yield to maturity3.959%May 7, 2026Yield to maturity3.988%May 13, 2026Yield to maturity4.056%May 19, 2026Yield to maturity4.260%May 26, 2026Yield to maturity4.136%Jun 1, 2026Yield to maturity4.137%Jun 5, 2026Yield to maturity4.255%Jun 11, 2026Yield to maturity4.138%Jun 17, 2026Yield to maturity4.258%Jun 24, 2026Yield to maturity4.170%Jun 30, 2026Yield to maturity4.171%Jul 7, 2026Yield to maturity4.233%Jul 13, 2026Yield to maturity4.325%Jul 17, 2026Yield to maturity4.236%Jul 23, 2026Yield to maturity4.421%Jul 29, 2026Yield to maturity4.321%Aug 4, 2026Yield to maturity4.271%Aug 10, 2026Yield to maturity4.345%Aug 14, 2026Yield to maturity4.285%Aug 20, 2026Yield to maturity4.297%Aug 26, 2026Yield to maturity4.309%Sep 1, 2026Yield to maturity4.480%Sep 8, 2026Yield to maturity4.494%Sep 9, 2026Yield to maturity4.537%

Price history

946 trading days to Sep 9, 2026

949698100102104Nov 30, 2022Sep 9, 2026Nov 30, 2022Close100.688Dec 6, 2022Close101.406Dec 12, 2022Close100.875Dec 16, 2022Close101.813Dec 22, 2022Close100.625Dec 29, 2022Close99.656Jan 5, 2023Close100.219Jan 11, 2023Close101.500Jan 18, 2023Close102.781Jan 24, 2023Close102.031Jan 30, 2023Close101.406Feb 3, 2023Close101.500Feb 9, 2023Close100.375Feb 15, 2023Close99.438Feb 22, 2023Close98.688Feb 28, 2023Close98.688Mar 6, 2023Close98.156Mar 10, 2023Close99.906Mar 16, 2023Close101.031Mar 22, 2023Close101.875Mar 28, 2023Close101.469Apr 3, 2023Close102.125Apr 7, 2023Close102.313Apr 13, 2023Close102.156Apr 19, 2023Close101.063Apr 25, 2023Close102.500May 1, 2023Close101.313May 5, 2023Close102.500May 11, 2023Close102.781May 17, 2023Close101.531May 23, 2023Close100.656May 30, 2023Close100.406Jun 5, 2023Close100.375Jun 9, 2023Close99.938Jun 15, 2023Close100.063Jun 22, 2023Close99.438Jun 28, 2023Close99.875Jul 5, 2023Close98.344Jul 11, 2023Close98.313Jul 17, 2023Close99.469Jul 21, 2023Close99.156Jul 27, 2023Close98.219Aug 2, 2023Close98.094Aug 8, 2023Close98.688Aug 14, 2023Close97.438Aug 18, 2023Close97.219Aug 24, 2023Close97.219Aug 30, 2023Close97.813Sep 6, 2023Close96.938Sep 12, 2023Close97.125Sep 18, 2023Close96.844Sep 22, 2023Close96.250Sep 28, 2023Close95.750Oct 4, 2023Close95.188Oct 11, 2023Close95.906Oct 17, 2023Close94.563Oct 23, 2023Close94.719Oct 27, 2023Close94.844Nov 2, 2023Close95.594Nov 8, 2023Close96.344Nov 14, 2023Close96.813Nov 20, 2023Close96.781Nov 27, 2023Close96.938Dec 1, 2023Close98.156Dec 7, 2023Close98.406Dec 13, 2023Close99.031Dec 19, 2023Close99.406Dec 26, 2023Close99.656Jan 2, 2024Close99.469Jan 8, 2024Close99.250Jan 12, 2024Close99.844Jan 19, 2024Close98.719Jan 25, 2024Close98.938Jan 31, 2024Close99.625Feb 6, 2024Close98.969Feb 12, 2024Close98.500Feb 16, 2024Close97.750Feb 23, 2024Close97.844Feb 29, 2024Close97.938Mar 6, 2024Close98.625Mar 12, 2024Close98.438Mar 18, 2024Close97.469Mar 22, 2024Close98.219Mar 28, 2024Close98.219Apr 3, 2024Close97.594Apr 9, 2024Close97.438Apr 15, 2024Close96.156Apr 19, 2024Close96.125Apr 25, 2024Close95.813May 1, 2024Close96.188May 7, 2024Close97.000May 13, 2024Close96.875May 17, 2024Close97.188May 23, 2024Close96.844May 30, 2024Close96.563Jun 5, 2024Close97.844Jun 11, 2024Close97.375Jun 17, 2024Close97.875Jun 24, 2024Close98.031Jun 28, 2024Close97.688Jul 5, 2024Close98.250Jul 11, 2024Close98.688Jul 17, 2024Close98.969Jul 23, 2024Close98.594Jul 29, 2024Close99.031Aug 2, 2024Close101.125Aug 8, 2024Close100.063Aug 14, 2024Close100.844Aug 20, 2024Close100.719Aug 26, 2024Close100.875Aug 30, 2024Close100.531Sep 6, 2024Close101.531Sep 12, 2024Close101.688Sep 18, 2024Close101.656Sep 24, 2024Close101.688Sep 30, 2024Close101.219Oct 4, 2024Close100.156Oct 10, 2024Close99.719Oct 17, 2024Close99.781Oct 23, 2024Close99.094Oct 29, 2024Close98.844Nov 4, 2024Close98.563Nov 8, 2024Close98.438Nov 15, 2024Close98.000Nov 21, 2024Close98.000Nov 27, 2024Close98.750Dec 4, 2024Close99.000Dec 10, 2024Close98.938Dec 16, 2024Close98.250Dec 20, 2024Close97.750Dec 27, 2024Close97.438Jan 3, 2025Close97.625Jan 9, 2025Close97.375Jan 15, 2025Close97.438Jan 22, 2025Close97.563Jan 28, 2025Close97.938Feb 3, 2025Close97.875Feb 7, 2025Close97.906Feb 13, 2025Close97.719Feb 20, 2025Close97.938Feb 26, 2025Close99.063Mar 4, 2025Close99.375Mar 10, 2025Close99.500Mar 14, 2025Close99.063Mar 20, 2025Close99.406Mar 26, 2025Close99.094Apr 1, 2025Close99.844Apr 7, 2025Close100.250Apr 11, 2025Close98.844Apr 17, 2025Close99.719Apr 23, 2025Close99.469Apr 29, 2025Close100.469May 5, 2025Close99.781May 9, 2025Close99.563May 15, 2025Close99.250May 21, 2025Close98.969May 28, 2025Close99.281Jun 3, 2025Close99.406Jun 9, 2025Close99.156Jun 13, 2025Close99.500Jun 20, 2025Close99.719Jun 26, 2025Close100.406Jul 2, 2025Close100.125Jul 9, 2025Close99.906Jul 15, 2025Close99.406Jul 21, 2025Close99.969Jul 25, 2025Close99.813Jul 31, 2025Close99.750Aug 6, 2025Close100.563Aug 12, 2025Close100.313Aug 18, 2025Close100.219Aug 22, 2025Close100.594Aug 28, 2025Close100.813Sep 4, 2025Close101.000Sep 10, 2025Close101.219Sep 16, 2025Close101.188Sep 22, 2025Close100.781Sep 26, 2025Close100.500Oct 2, 2025Close100.906Oct 8, 2025Close100.719Oct 15, 2025Close101.094Oct 21, 2025Close101.344Oct 27, 2025Close101.125Oct 31, 2025Close100.781Nov 6, 2025Close100.875Nov 13, 2025Close100.781Nov 19, 2025Close100.813Nov 25, 2025Close101.313Dec 2, 2025Close101.000Dec 8, 2025Close100.656Dec 12, 2025Close100.688Dec 18, 2025Close101.031Dec 24, 2025Close100.750Dec 31, 2025Close100.844Jan 7, 2026Close100.938Jan 13, 2026Close100.750Jan 20, 2026Close100.375Jan 26, 2026Close100.500Jan 30, 2026Close100.625Feb 5, 2026Close100.813Feb 11, 2026Close100.750Feb 18, 2026Close101.031Feb 24, 2026Close101.219Mar 2, 2026Close101.125Mar 6, 2026Close100.750Mar 12, 2026Close100.156Mar 18, 2026Close100.219Mar 24, 2026Close99.625Mar 30, 2026Close99.875Apr 3, 2026Close99.813Apr 9, 2026Close100.063Apr 15, 2026Close100.156Apr 21, 2026Close100.125Apr 27, 2026Close100.000May 1, 2026Close99.719May 7, 2026Close99.625May 13, 2026Close99.406May 19, 2026Close98.750May 26, 2026Close99.156Jun 1, 2026Close99.156Jun 5, 2026Close98.781Jun 11, 2026Close99.156Jun 17, 2026Close98.781Jun 24, 2026Close99.063Jun 30, 2026Close99.063Jul 7, 2026Close98.875Jul 13, 2026Close98.594Jul 17, 2026Close98.875Jul 23, 2026Close98.313Jul 29, 2026Close98.625Aug 4, 2026Close98.781Aug 10, 2026Close98.563Aug 14, 2026Close98.750Aug 20, 2026Close98.719Aug 26, 2026Close98.688Sep 1, 2026Close98.188Sep 8, 2026Close98.156Sep 9, 2026Close98.031
The most recent 20 trading days of prices for 91282CFY2.
DateBidOfferClose
Sep 9, 202698.04798.03198.031
Sep 8, 202698.17298.15698.156
Sep 4, 202698.23498.21998.188
Sep 3, 202698.35998.34498.313
Sep 2, 202698.18898.15698.188
Sep 1, 202698.26698.25098.188
Aug 31, 202698.35998.34498.313
Aug 28, 202698.42298.40698.313
Aug 27, 202698.70398.68898.656
Aug 26, 202698.70398.68898.688
Aug 25, 202698.76698.75098.750
Aug 24, 202698.67298.65698.594
Aug 21, 202698.57898.56398.594
Aug 20, 202698.71998.68898.719
Aug 19, 202698.75098.71998.781
Aug 18, 202698.76698.75098.750
Aug 17, 202698.79798.78198.719
Aug 14, 202698.82898.81398.750
Aug 13, 202698.89198.87598.875
Aug 12, 202698.76698.75098.688

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 91282CFY2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 22, 2022Nov 30, 2022New issue$35.0bn$38.8bn2.33x3.890%

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.