Treasury note

91282CFZ9 · 3.875% due November 30, 2027

Original term
5-Year
Maturity
Nov 30, 2027
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
$45.24bn
Held stripped
$65.6m
Share stripped
0.14%

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
4.322%
Modified duration
1.168 yr
DV01
0.0117
Convexity
1.957
Dirty price
100.549

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 4 of twelve buckets, summing to 1.193 years against a modified duration of 1.168.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 2.93 cents per 100 of face.

That is 1.24 standard deviations from its own typical residual.

Yield to maturity, 946 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2022Sep 9, 2026Nov 30, 2022Yield to maturity3.820%Dec 6, 2022Yield to maturity3.729%Dec 12, 2022Yield to maturity3.798%Dec 16, 2022Yield to maturity3.617%Dec 22, 2022Yield to maturity3.791%Dec 29, 2022Yield to maturity3.945%Jan 5, 2023Yield to maturity3.903%Jan 11, 2023Yield to maturity3.663%Jan 18, 2023Yield to maturity3.431%Jan 24, 2023Yield to maturity3.577%Jan 30, 2023Yield to maturity3.696%Feb 3, 2023Yield to maturity3.681%Feb 9, 2023Yield to maturity3.881%Feb 15, 2023Yield to maturity4.062%Feb 22, 2023Yield to maturity4.173%Feb 28, 2023Yield to maturity4.218%Mar 6, 2023Yield to maturity4.316%Mar 10, 2023Yield to maturity4.013%Mar 16, 2023Yield to maturity3.757%Mar 22, 2023Yield to maturity3.589%Mar 28, 2023Yield to maturity3.676%Apr 3, 2023Yield to maturity3.558%Apr 7, 2023Yield to maturity3.528%Apr 13, 2023Yield to maturity3.542%Apr 19, 2023Yield to maturity3.763%Apr 25, 2023Yield to maturity3.467%May 1, 2023Yield to maturity3.673%May 5, 2023Yield to maturity3.435%May 11, 2023Yield to maturity3.389%May 17, 2023Yield to maturity3.619%May 23, 2023Yield to maturity3.807%May 30, 2023Yield to maturity3.898%Jun 5, 2023Yield to maturity3.906%Jun 9, 2023Yield to maturity4.006%Jun 15, 2023Yield to maturity4.006%Jun 22, 2023Yield to maturity4.131%Jun 28, 2023Yield to maturity4.069%Jul 5, 2023Yield to maturity4.347%Jul 11, 2023Yield to maturity4.332%Jul 17, 2023Yield to maturity4.103%Jul 21, 2023Yield to maturity4.191%Jul 27, 2023Yield to maturity4.352%Aug 2, 2023Yield to maturity4.330%Aug 8, 2023Yield to maturity4.194%Aug 14, 2023Yield to maturity4.447%Aug 18, 2023Yield to maturity4.466%Aug 24, 2023Yield to maturity4.500%Aug 30, 2023Yield to maturity4.387%Sep 6, 2023Yield to maturity4.555%Sep 12, 2023Yield to maturity4.524%Sep 18, 2023Yield to maturity4.576%Sep 22, 2023Yield to maturity4.672%Sep 28, 2023Yield to maturity4.716%Oct 4, 2023Yield to maturity4.779%Oct 11, 2023Yield to maturity4.663%Oct 17, 2023Yield to maturity4.925%Oct 23, 2023Yield to maturity4.851%Oct 27, 2023Yield to maturity4.811%Nov 2, 2023Yield to maturity4.709%Nov 8, 2023Yield to maturity4.591%Nov 14, 2023Yield to maturity4.481%Nov 20, 2023Yield to maturity4.518%Nov 27, 2023Yield to maturity4.495%Dec 1, 2023Yield to maturity4.227%Dec 7, 2023Yield to maturity4.211%Dec 13, 2023Yield to maturity4.090%Dec 19, 2023Yield to maturity4.047%Dec 26, 2023Yield to maturity3.978%Jan 2, 2024Yield to maturity4.014%Jan 8, 2024Yield to maturity4.041%Jan 12, 2024Yield to maturity3.892%Jan 19, 2024Yield to maturity4.131%Jan 25, 2024Yield to maturity4.078%Jan 31, 2024Yield to maturity3.980%Feb 6, 2024Yield to maturity4.115%Feb 12, 2024Yield to maturity4.206%Feb 16, 2024Yield to maturity4.381%Feb 23, 2024Yield to maturity4.393%Feb 29, 2024Yield to maturity4.366%Mar 6, 2024Yield to maturity4.258%Mar 12, 2024Yield to maturity4.287%Mar 18, 2024Yield to maturity4.475%Mar 22, 2024Yield to maturity4.318%Mar 28, 2024Yield to maturity4.348%Apr 3, 2024Yield to maturity4.444%Apr 9, 2024Yield to maturity4.504%Apr 15, 2024Yield to maturity4.756%Apr 19, 2024Yield to maturity4.770%Apr 25, 2024Yield to maturity4.821%May 1, 2024Yield to maturity4.767%May 7, 2024Yield to maturity4.595%May 13, 2024Yield to maturity4.618%May 17, 2024Yield to maturity4.552%May 23, 2024Yield to maturity4.653%May 30, 2024Yield to maturity4.697%Jun 5, 2024Yield to maturity4.452%Jun 11, 2024Yield to maturity4.544%Jun 17, 2024Yield to maturity4.457%Jun 24, 2024Yield to maturity4.430%Jun 28, 2024Yield to maturity4.482%Jul 5, 2024Yield to maturity4.354%Jul 11, 2024Yield to maturity4.244%Jul 17, 2024Yield to maturity4.175%Jul 23, 2024Yield to maturity4.247%Jul 29, 2024Yield to maturity4.157%Aug 2, 2024Yield to maturity3.682%Aug 8, 2024Yield to maturity3.894%Aug 14, 2024Yield to maturity3.751%Aug 20, 2024Yield to maturity3.792%Aug 26, 2024Yield to maturity3.740%Aug 30, 2024Yield to maturity3.791%Sep 6, 2024Yield to maturity3.543%Sep 12, 2024Yield to maturity3.500%Sep 18, 2024Yield to maturity3.499%Sep 24, 2024Yield to maturity3.466%Sep 30, 2024Yield to maturity3.600%Oct 4, 2024Yield to maturity3.852%Oct 10, 2024Yield to maturity3.906%Oct 17, 2024Yield to maturity3.906%Oct 23, 2024Yield to maturity4.047%Oct 29, 2024Yield to maturity4.092%Nov 4, 2024Yield to maturity4.159%Nov 8, 2024Yield to maturity4.216%Nov 15, 2024Yield to maturity4.285%Nov 21, 2024Yield to maturity4.309%Nov 27, 2024Yield to maturity4.177%Dec 4, 2024Yield to maturity4.088%Dec 10, 2024Yield to maturity4.112%Dec 16, 2024Yield to maturity4.238%Dec 20, 2024Yield to maturity4.321%Dec 27, 2024Yield to maturity4.381%Jan 3, 2025Yield to maturity4.326%Jan 9, 2025Yield to maturity4.339%Jan 15, 2025Yield to maturity4.341%Jan 22, 2025Yield to maturity4.344%Jan 28, 2025Yield to maturity4.251%Feb 3, 2025Yield to maturity4.289%Feb 7, 2025Yield to maturity4.304%Feb 13, 2025Yield to maturity4.341%Feb 20, 2025Yield to maturity4.284%Feb 26, 2025Yield to maturity4.055%Mar 4, 2025Yield to maturity3.958%Mar 10, 2025Yield to maturity3.910%Mar 14, 2025Yield to maturity4.021%Mar 20, 2025Yield to maturity3.947%Mar 26, 2025Yield to maturity4.022%Apr 1, 2025Yield to maturity3.861%Apr 7, 2025Yield to maturity3.736%Apr 11, 2025Yield to maturity4.000%Apr 17, 2025Yield to maturity3.823%Apr 23, 2025Yield to maturity3.874%Apr 29, 2025Yield to maturity3.657%May 5, 2025Yield to maturity3.835%May 9, 2025Yield to maturity3.887%May 15, 2025Yield to maturity3.966%May 21, 2025Yield to maturity4.006%May 28, 2025Yield to maturity3.981%Jun 3, 2025Yield to maturity3.941%Jun 9, 2025Yield to maturity3.995%Jun 13, 2025Yield to maturity3.942%Jun 20, 2025Yield to maturity3.888%Jun 26, 2025Yield to maturity3.711%Jul 2, 2025Yield to maturity3.792%Jul 9, 2025Yield to maturity3.832%Jul 15, 2025Yield to maturity3.943%Jul 21, 2025Yield to maturity3.817%Jul 25, 2025Yield to maturity3.887%Jul 31, 2025Yield to maturity3.916%Aug 6, 2025Yield to maturity3.674%Aug 12, 2025Yield to maturity3.716%Aug 18, 2025Yield to maturity3.743%Aug 22, 2025Yield to maturity3.670%Aug 28, 2025Yield to maturity3.640%Sep 4, 2025Yield to maturity3.580%Sep 10, 2025Yield to maturity3.533%Sep 16, 2025Yield to maturity3.501%Sep 22, 2025Yield to maturity3.588%Sep 26, 2025Yield to maturity3.661%Oct 2, 2025Yield to maturity3.540%Oct 8, 2025Yield to maturity3.583%Oct 15, 2025Yield to maturity3.504%Oct 21, 2025Yield to maturity3.455%Oct 27, 2025Yield to maturity3.499%Oct 31, 2025Yield to maturity3.590%Nov 6, 2025Yield to maturity3.557%Nov 13, 2025Yield to maturity3.586%Nov 19, 2025Yield to maturity3.584%Nov 25, 2025Yield to maturity3.469%Dec 2, 2025Yield to maturity3.531%Dec 8, 2025Yield to maturity3.594%Dec 12, 2025Yield to maturity3.541%Dec 18, 2025Yield to maturity3.473%Dec 24, 2025Yield to maturity3.536%Dec 31, 2025Yield to maturity3.481%Jan 7, 2026Yield to maturity3.478%Jan 13, 2026Yield to maturity3.526%Jan 20, 2026Yield to maturity3.610%Jan 26, 2026Yield to maturity3.590%Jan 30, 2026Yield to maturity3.534%Feb 5, 2026Yield to maturity3.478%Feb 11, 2026Yield to maturity3.511%Feb 18, 2026Yield to maturity3.470%Feb 24, 2026Yield to maturity3.485%Mar 2, 2026Yield to maturity3.500%Mar 6, 2026Yield to maturity3.571%Mar 12, 2026Yield to maturity3.777%Mar 18, 2026Yield to maturity3.777%Mar 24, 2026Yield to maturity3.969%Mar 30, 2026Yield to maturity3.853%Apr 3, 2026Yield to maturity3.873%Apr 9, 2026Yield to maturity3.813%Apr 15, 2026Yield to maturity3.793%Apr 21, 2026Yield to maturity3.792%Apr 27, 2026Yield to maturity3.812%May 1, 2026Yield to maturity3.873%May 7, 2026Yield to maturity3.915%May 13, 2026Yield to maturity3.958%May 19, 2026Yield to maturity4.087%May 26, 2026Yield to maturity4.025%Jun 1, 2026Yield to maturity4.027%Jun 5, 2026Yield to maturity4.139%Jun 11, 2026Yield to maturity4.029%Jun 17, 2026Yield to maturity4.188%Jun 24, 2026Yield to maturity4.146%Jun 30, 2026Yield to maturity4.149%Jul 7, 2026Yield to maturity4.175%Jul 13, 2026Yield to maturity4.249%Jul 17, 2026Yield to maturity4.158%Jul 23, 2026Yield to maturity4.328%Jul 29, 2026Yield to maturity4.212%Aug 4, 2026Yield to maturity4.166%Aug 10, 2026Yield to maturity4.195%Aug 14, 2026Yield to maturity4.123%Aug 20, 2026Yield to maturity4.125%Aug 26, 2026Yield to maturity4.154%Sep 1, 2026Yield to maturity4.314%Sep 8, 2026Yield to maturity4.294%Sep 9, 2026Yield to maturity4.322%

Price history

946 trading days to Sep 9, 2026

949698100102104Nov 30, 2022Sep 9, 2026Nov 30, 2022Close100.250Dec 6, 2022Close100.656Dec 12, 2022Close100.344Dec 16, 2022Close101.156Dec 22, 2022Close100.375Dec 29, 2022Close99.688Jan 5, 2023Close99.875Jan 11, 2023Close100.938Jan 18, 2023Close101.969Jan 24, 2023Close101.313Jan 30, 2023Close100.781Feb 3, 2023Close100.844Feb 9, 2023Close99.969Feb 15, 2023Close99.188Feb 22, 2023Close98.719Feb 28, 2023Close98.531Mar 6, 2023Close98.125Mar 10, 2023Close99.406Mar 16, 2023Close100.500Mar 22, 2023Close101.219Mar 28, 2023Close100.844Apr 3, 2023Close101.344Apr 7, 2023Close101.469Apr 13, 2023Close101.406Apr 19, 2023Close100.469Apr 25, 2023Close101.719May 1, 2023Close100.844May 5, 2023Close101.844May 11, 2023Close102.031May 17, 2023Close101.063May 23, 2023Close100.281May 30, 2023Close99.906Jun 5, 2023Close99.875Jun 9, 2023Close99.469Jun 15, 2023Close99.469Jun 22, 2023Close98.969Jun 28, 2023Close99.219Jul 5, 2023Close98.125Jul 11, 2023Close98.188Jul 17, 2023Close99.094Jul 21, 2023Close98.750Jul 27, 2023Close98.125Aug 2, 2023Close98.219Aug 8, 2023Close98.750Aug 14, 2023Close97.781Aug 18, 2023Close97.719Aug 24, 2023Close97.594Aug 30, 2023Close98.031Sep 6, 2023Close97.406Sep 12, 2023Close97.531Sep 18, 2023Close97.344Sep 22, 2023Close97.000Sep 28, 2023Close96.844Oct 4, 2023Close96.625Oct 11, 2023Close97.063Oct 17, 2023Close96.125Oct 23, 2023Close96.406Oct 27, 2023Close96.563Nov 2, 2023Close96.938Nov 8, 2023Close97.375Nov 14, 2023Close97.781Nov 20, 2023Close97.656Nov 27, 2023Close97.750Dec 1, 2023Close98.719Dec 7, 2023Close98.781Dec 13, 2023Close99.219Dec 19, 2023Close99.375Dec 26, 2023Close99.625Jan 2, 2024Close99.500Jan 8, 2024Close99.406Jan 12, 2024Close99.938Jan 19, 2024Close99.094Jan 25, 2024Close99.281Jan 31, 2024Close99.625Feb 6, 2024Close99.156Feb 12, 2024Close98.844Feb 16, 2024Close98.250Feb 23, 2024Close98.219Feb 29, 2024Close98.313Mar 6, 2024Close98.688Mar 12, 2024Close98.594Mar 18, 2024Close97.969Mar 22, 2024Close98.500Mar 28, 2024Close98.406Apr 3, 2024Close98.094Apr 9, 2024Close97.906Apr 15, 2024Close97.094Apr 19, 2024Close97.063Apr 25, 2024Close96.906May 1, 2024Close97.094May 7, 2024Close97.656May 13, 2024Close97.594May 17, 2024Close97.813May 23, 2024Close97.500May 30, 2024Close97.375Jun 5, 2024Close98.156Jun 11, 2024Close97.875Jun 17, 2024Close98.156Jun 24, 2024Close98.250Jun 28, 2024Close98.094Jul 5, 2024Close98.500Jul 11, 2024Close98.844Jul 17, 2024Close99.063Jul 23, 2024Close98.844Jul 29, 2024Close99.125Aug 2, 2024Close100.594Aug 8, 2024Close99.938Aug 14, 2024Close100.375Aug 20, 2024Close100.250Aug 26, 2024Close100.406Aug 30, 2024Close100.250Sep 6, 2024Close101.000Sep 12, 2024Close101.125Sep 18, 2024Close101.125Sep 24, 2024Close101.219Sep 30, 2024Close100.813Oct 4, 2024Close100.063Oct 10, 2024Close99.906Oct 17, 2024Close99.906Oct 23, 2024Close99.500Oct 29, 2024Close99.375Nov 4, 2024Close99.188Nov 8, 2024Close99.031Nov 15, 2024Close98.844Nov 21, 2024Close98.781Nov 27, 2024Close99.156Dec 4, 2024Close99.406Dec 10, 2024Close99.344Dec 16, 2024Close99.000Dec 20, 2024Close98.781Dec 27, 2024Close98.625Jan 3, 2025Close98.781Jan 9, 2025Close98.750Jan 15, 2025Close98.750Jan 22, 2025Close98.750Jan 28, 2025Close99.000Feb 3, 2025Close98.906Feb 7, 2025Close98.875Feb 13, 2025Close98.781Feb 20, 2025Close98.938Feb 26, 2025Close99.531Mar 4, 2025Close99.781Mar 10, 2025Close99.906Mar 14, 2025Close99.625Mar 20, 2025Close99.813Mar 26, 2025Close99.625Apr 1, 2025Close100.031Apr 7, 2025Close100.344Apr 11, 2025Close99.688Apr 17, 2025Close100.125Apr 23, 2025Close100.000Apr 29, 2025Close100.531May 5, 2025Close100.094May 9, 2025Close99.969May 15, 2025Close99.781May 21, 2025Close99.688May 28, 2025Close99.750Jun 3, 2025Close99.844Jun 9, 2025Close99.719Jun 13, 2025Close99.844Jun 20, 2025Close99.969Jun 26, 2025Close100.375Jul 2, 2025Close100.188Jul 9, 2025Close100.094Jul 15, 2025Close99.844Jul 21, 2025Close100.125Jul 25, 2025Close99.969Jul 31, 2025Close99.906Aug 6, 2025Close100.438Aug 12, 2025Close100.344Aug 18, 2025Close100.281Aug 22, 2025Close100.438Aug 28, 2025Close100.500Sep 4, 2025Close100.625Sep 10, 2025Close100.719Sep 16, 2025Close100.781Sep 22, 2025Close100.594Sep 26, 2025Close100.438Oct 2, 2025Close100.688Oct 8, 2025Close100.594Oct 15, 2025Close100.750Oct 21, 2025Close100.844Oct 27, 2025Close100.750Oct 31, 2025Close100.563Nov 6, 2025Close100.625Nov 13, 2025Close100.563Nov 19, 2025Close100.563Nov 25, 2025Close100.781Dec 2, 2025Close100.656Dec 8, 2025Close100.531Dec 12, 2025Close100.625Dec 18, 2025Close100.750Dec 24, 2025Close100.625Dec 31, 2025Close100.719Jan 7, 2026Close100.719Jan 13, 2026Close100.625Jan 20, 2026Close100.469Jan 26, 2026Close100.500Jan 30, 2026Close100.594Feb 5, 2026Close100.688Feb 11, 2026Close100.625Feb 18, 2026Close100.688Feb 24, 2026Close100.656Mar 2, 2026Close100.625Mar 6, 2026Close100.500Mar 12, 2026Close100.156Mar 18, 2026Close100.156Mar 24, 2026Close99.844Mar 30, 2026Close100.031Apr 3, 2026Close100.000Apr 9, 2026Close100.094Apr 15, 2026Close100.125Apr 21, 2026Close100.125Apr 27, 2026Close100.094May 1, 2026Close100.000May 7, 2026Close99.938May 13, 2026Close99.875May 19, 2026Close99.688May 26, 2026Close99.781Jun 1, 2026Close99.781Jun 5, 2026Close99.625Jun 11, 2026Close99.781Jun 17, 2026Close99.563Jun 24, 2026Close99.625Jun 30, 2026Close99.625Jul 7, 2026Close99.594Jul 13, 2026Close99.500Jul 17, 2026Close99.625Jul 23, 2026Close99.406Jul 29, 2026Close99.563Aug 4, 2026Close99.625Aug 10, 2026Close99.594Aug 14, 2026Close99.688Aug 20, 2026Close99.688Aug 26, 2026Close99.656Sep 1, 2026Close99.469Sep 8, 2026Close99.500Sep 9, 2026Close99.469
The most recent 20 trading days of prices for 91282CFZ9.
DateBidOfferClose
Sep 9, 202699.48499.46999.469
Sep 8, 202699.51699.50099.500
Sep 4, 202699.51699.50099.500
Sep 3, 202699.54799.53199.531
Sep 2, 202699.48499.46999.469
Sep 1, 202699.50099.50099.469
Aug 31, 202699.51699.50099.500
Aug 28, 202699.53199.53199.500
Aug 27, 202699.67299.65699.625
Aug 26, 202699.67299.65699.656
Aug 25, 202699.67299.65699.656
Aug 24, 202699.65699.65699.625
Aug 21, 202699.65699.65699.656
Aug 20, 202699.70399.68899.688
Aug 19, 202699.70399.68899.688
Aug 18, 202699.70399.68899.688
Aug 17, 202699.70399.68899.688
Aug 14, 202699.73499.71999.688
Aug 13, 202699.73499.71999.719
Aug 12, 202699.67299.65699.656

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 91282CFZ9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 21, 2022Nov 30, 2022New issue$43.0bn$47.7bn2.39x3.974%

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.