Treasury note

91282CGC9 · 3.875% due December 31, 2027

Original term
5-Year
Maturity
Dec 31, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
Dec 31, 2022
First coupon
Jun 30, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$43.00bn
Held stripped
$1.6m
Share stripped
<0.01%

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
4.344%
Modified duration
1.249 yr
DV01
0.0125
Convexity
2.193
Dirty price
100.164

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 1.278 years against a modified duration of 1.249.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 2.62 cents per 100 of face.

That is 1.38 standard deviations from its own typical residual.

Yield to maturity, 924 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 3, 2023Sep 9, 2026Jan 3, 2023Yield to maturity3.938%Jan 9, 2023Yield to maturity3.667%Jan 13, 2023Yield to maturity3.604%Jan 20, 2023Yield to maturity3.561%Jan 26, 2023Yield to maturity3.616%Feb 1, 2023Yield to maturity3.497%Feb 7, 2023Yield to maturity3.867%Feb 13, 2023Yield to maturity3.945%Feb 17, 2023Yield to maturity4.053%Feb 24, 2023Yield to maturity4.249%Mar 2, 2023Yield to maturity4.367%Mar 8, 2023Yield to maturity4.390%Mar 14, 2023Yield to maturity3.824%Mar 20, 2023Yield to maturity3.623%Mar 24, 2023Yield to maturity3.451%Mar 30, 2023Yield to maturity3.708%Apr 5, 2023Yield to maturity3.399%Apr 11, 2023Yield to maturity3.576%Apr 17, 2023Yield to maturity3.735%Apr 21, 2023Yield to maturity3.705%Apr 27, 2023Yield to maturity3.647%May 3, 2023Yield to maturity3.406%May 9, 2023Yield to maturity3.536%May 15, 2023Yield to maturity3.498%May 19, 2023Yield to maturity3.800%May 25, 2023Yield to maturity3.994%Jun 1, 2023Yield to maturity3.784%Jun 7, 2023Yield to maturity4.011%Jun 13, 2023Yield to maturity4.095%Jun 20, 2023Yield to maturity4.058%Jun 26, 2023Yield to maturity4.059%Jun 30, 2023Yield to maturity4.222%Jul 7, 2023Yield to maturity4.427%Jul 13, 2023Yield to maturity4.014%Jul 19, 2023Yield to maturity4.068%Jul 25, 2023Yield to maturity4.265%Jul 31, 2023Yield to maturity4.274%Aug 4, 2023Yield to maturity4.228%Aug 10, 2023Yield to maturity4.284%Aug 16, 2023Yield to maturity4.495%Aug 22, 2023Yield to maturity4.570%Aug 28, 2023Yield to maturity4.491%Sep 1, 2023Yield to maturity4.387%Sep 8, 2023Yield to maturity4.495%Sep 14, 2023Yield to maturity4.513%Sep 20, 2023Yield to maturity4.631%Sep 26, 2023Yield to maturity4.708%Oct 2, 2023Yield to maturity4.778%Oct 6, 2023Yield to maturity4.799%Oct 13, 2023Yield to maturity4.709%Oct 19, 2023Yield to maturity4.984%Oct 25, 2023Yield to maturity4.945%Oct 31, 2023Yield to maturity4.854%Nov 6, 2023Yield to maturity4.652%Nov 10, 2023Yield to maturity4.715%Nov 16, 2023Yield to maturity4.487%Nov 22, 2023Yield to maturity4.506%Nov 29, 2023Yield to maturity4.304%Dec 5, 2023Yield to maturity4.229%Dec 11, 2023Yield to maturity4.333%Dec 15, 2023Yield to maturity4.010%Dec 21, 2023Yield to maturity3.960%Dec 28, 2023Yield to maturity3.926%Jan 4, 2024Yield to maturity4.046%Jan 10, 2024Yield to maturity4.047%Jan 17, 2024Yield to maturity4.065%Jan 23, 2024Yield to maturity4.091%Jan 29, 2024Yield to maturity4.031%Feb 2, 2024Yield to maturity4.066%Feb 8, 2024Yield to maturity4.190%Feb 14, 2024Yield to maturity4.325%Feb 21, 2024Yield to maturity4.381%Feb 27, 2024Yield to maturity4.428%Mar 4, 2024Yield to maturity4.322%Mar 8, 2024Yield to maturity4.179%Mar 14, 2024Yield to maturity4.407%Mar 20, 2024Yield to maturity4.354%Mar 26, 2024Yield to maturity4.337%Apr 1, 2024Yield to maturity4.459%Apr 5, 2024Yield to maturity4.490%Apr 11, 2024Yield to maturity4.726%Apr 17, 2024Yield to maturity4.720%Apr 23, 2024Yield to maturity4.723%Apr 29, 2024Yield to maturity4.765%May 3, 2024Yield to maturity4.588%May 9, 2024Yield to maturity4.570%May 15, 2024Yield to maturity4.459%May 21, 2024Yield to maturity4.538%May 28, 2024Yield to maturity4.687%Jun 3, 2024Yield to maturity4.554%Jun 7, 2024Yield to maturity4.587%Jun 13, 2024Yield to maturity4.374%Jun 20, 2024Yield to maturity4.407%Jun 26, 2024Yield to maturity4.478%Jul 2, 2024Yield to maturity4.500%Jul 9, 2024Yield to maturity4.364%Jul 15, 2024Yield to maturity4.208%Jul 19, 2024Yield to maturity4.249%Jul 25, 2024Yield to maturity4.240%Jul 31, 2024Yield to maturity4.062%Aug 6, 2024Yield to maturity3.795%Aug 12, 2024Yield to maturity3.814%Aug 16, 2024Yield to maturity3.844%Aug 22, 2024Yield to maturity3.794%Aug 28, 2024Yield to maturity3.713%Sep 4, 2024Yield to maturity3.612%Sep 10, 2024Yield to maturity3.440%Sep 16, 2024Yield to maturity3.418%Sep 20, 2024Yield to maturity3.466%Sep 26, 2024Yield to maturity3.546%Oct 2, 2024Yield to maturity3.555%Oct 8, 2024Yield to maturity3.884%Oct 15, 2024Yield to maturity3.863%Oct 21, 2024Yield to maturity3.958%Oct 25, 2024Yield to maturity4.064%Oct 31, 2024Yield to maturity4.140%Nov 6, 2024Yield to maturity4.249%Nov 13, 2024Yield to maturity4.273%Nov 19, 2024Yield to maturity4.242%Nov 25, 2024Yield to maturity4.211%Dec 2, 2024Yield to maturity4.125%Dec 6, 2024Yield to maturity4.061%Dec 12, 2024Yield to maturity4.161%Dec 18, 2024Yield to maturity4.364%Dec 24, 2024Yield to maturity4.401%Dec 31, 2024Yield to maturity4.291%Jan 7, 2025Yield to maturity4.349%Jan 13, 2025Yield to maturity4.478%Jan 17, 2025Yield to maturity4.320%Jan 24, 2025Yield to maturity4.322%Jan 30, 2025Yield to maturity4.231%Feb 5, 2025Yield to maturity4.186%Feb 11, 2025Yield to maturity4.305%Feb 18, 2025Yield to maturity4.319%Feb 24, 2025Yield to maturity4.179%Feb 28, 2025Yield to maturity3.991%Mar 6, 2025Yield to maturity3.980%Mar 12, 2025Yield to maturity3.992%Mar 18, 2025Yield to maturity4.017%Mar 24, 2025Yield to maturity4.018%Mar 28, 2025Yield to maturity3.909%Apr 3, 2025Yield to maturity3.692%Apr 9, 2025Yield to maturity3.934%Apr 15, 2025Yield to maturity3.849%Apr 21, 2025Yield to maturity3.762%Apr 25, 2025Yield to maturity3.737%May 1, 2025Yield to maturity3.675%May 7, 2025Yield to maturity3.748%May 13, 2025Yield to maturity4.013%May 19, 2025Yield to maturity3.950%May 23, 2025Yield to maturity3.976%May 30, 2025Yield to maturity3.887%Jun 5, 2025Yield to maturity3.900%Jun 11, 2025Yield to maturity3.913%Jun 17, 2025Yield to maturity3.914%Jun 24, 2025Yield to maturity3.770%Jun 30, 2025Yield to maturity3.703%Jul 7, 2025Yield to maturity3.875%Jul 11, 2025Yield to maturity3.874%Jul 17, 2025Yield to maturity3.888%Jul 23, 2025Yield to maturity3.847%Jul 29, 2025Yield to maturity3.847%Aug 4, 2025Yield to maturity3.668%Aug 8, 2025Yield to maturity3.735%Aug 14, 2025Yield to maturity3.707%Aug 20, 2025Yield to maturity3.706%Aug 26, 2025Yield to maturity3.635%Sep 2, 2025Yield to maturity3.647%Sep 8, 2025Yield to maturity3.489%Sep 12, 2025Yield to maturity3.544%Sep 18, 2025Yield to maturity3.556%Sep 24, 2025Yield to maturity3.612%Sep 30, 2025Yield to maturity3.610%Oct 6, 2025Yield to maturity3.608%Oct 10, 2025Yield to maturity3.518%Oct 17, 2025Yield to maturity3.456%Oct 23, 2025Yield to maturity3.484%Oct 29, 2025Yield to maturity3.601%Nov 4, 2025Yield to maturity3.569%Nov 10, 2025Yield to maturity3.582%Nov 17, 2025Yield to maturity3.595%Nov 21, 2025Yield to maturity3.500%Nov 28, 2025Yield to maturity3.497%Dec 4, 2025Yield to maturity3.542%Dec 10, 2025Yield to maturity3.556%Dec 16, 2025Yield to maturity3.490%Dec 22, 2025Yield to maturity3.503%Dec 29, 2025Yield to maturity3.468%Jan 5, 2026Yield to maturity3.464%Jan 9, 2026Yield to maturity3.543%Jan 15, 2026Yield to maturity3.574%Jan 22, 2026Yield to maturity3.621%Jan 28, 2026Yield to maturity3.585%Feb 3, 2026Yield to maturity3.565%Feb 9, 2026Yield to maturity3.494%Feb 13, 2026Yield to maturity3.420%Feb 20, 2026Yield to maturity3.486%Feb 26, 2026Yield to maturity3.466%Mar 4, 2026Yield to maturity3.551%Mar 10, 2026Yield to maturity3.602%Mar 16, 2026Yield to maturity3.690%Mar 20, 2026Yield to maturity3.927%Mar 26, 2026Yield to maturity4.021%Apr 1, 2026Yield to maturity3.835%Apr 7, 2026Yield to maturity3.853%Apr 13, 2026Yield to maturity3.815%Apr 17, 2026Yield to maturity3.738%Apr 23, 2026Yield to maturity3.853%Apr 29, 2026Yield to maturity3.931%May 5, 2026Yield to maturity3.932%May 11, 2026Yield to maturity3.952%May 15, 2026Yield to maturity4.054%May 21, 2026Yield to maturity4.055%May 28, 2026Yield to maturity3.996%Jun 3, 2026Yield to maturity4.060%Jun 9, 2026Yield to maturity4.104%Jun 15, 2026Yield to maturity4.043%Jun 22, 2026Yield to maturity4.239%Jun 26, 2026Yield to maturity4.113%Jul 2, 2026Yield to maturity4.160%Jul 9, 2026Yield to maturity4.162%Jul 15, 2026Yield to maturity4.119%Jul 21, 2026Yield to maturity4.258%Jul 27, 2026Yield to maturity4.307%Jul 31, 2026Yield to maturity4.266%Aug 6, 2026Yield to maturity4.222%Aug 12, 2026Yield to maturity4.155%Aug 18, 2026Yield to maturity4.134%Aug 24, 2026Yield to maturity4.185%Aug 28, 2026Yield to maturity4.311%Sep 3, 2026Yield to maturity4.265%Sep 9, 2026Yield to maturity4.344%

Price history

924 trading days to Sep 9, 2026

949698100102104Jan 3, 2023Sep 9, 2026Jan 3, 2023Close99.719Jan 9, 2023Close100.938Jan 13, 2023Close101.219Jan 20, 2023Close101.406Jan 26, 2023Close101.156Feb 1, 2023Close101.688Feb 7, 2023Close100.031Feb 13, 2023Close99.688Feb 17, 2023Close99.219Feb 24, 2023Close98.375Mar 2, 2023Close97.875Mar 8, 2023Close97.781Mar 14, 2023Close100.219Mar 20, 2023Close101.094Mar 24, 2023Close101.844Mar 30, 2023Close100.719Apr 5, 2023Close102.063Apr 11, 2023Close101.281Apr 17, 2023Close100.594Apr 21, 2023Close100.719Apr 27, 2023Close100.969May 3, 2023Close102.000May 9, 2023Close101.438May 15, 2023Close101.594May 19, 2023Close100.313May 25, 2023Close99.500Jun 1, 2023Close100.375Jun 7, 2023Close99.438Jun 13, 2023Close99.094Jun 20, 2023Close99.250Jun 26, 2023Close99.250Jun 30, 2023Close98.594Jul 7, 2023Close97.781Jul 13, 2023Close99.438Jul 19, 2023Close99.219Jul 25, 2023Close98.438Jul 31, 2023Close98.406Aug 4, 2023Close98.594Aug 10, 2023Close98.375Aug 16, 2023Close97.563Aug 22, 2023Close97.281Aug 28, 2023Close97.594Sep 1, 2023Close98.000Sep 8, 2023Close97.594Sep 14, 2023Close97.531Sep 20, 2023Close97.094Sep 26, 2023Close96.813Oct 2, 2023Close96.563Oct 6, 2023Close96.500Oct 13, 2023Close96.844Oct 19, 2023Close95.844Oct 25, 2023Close96.000Oct 31, 2023Close96.344Nov 6, 2023Close97.094Nov 10, 2023Close96.875Nov 16, 2023Close97.719Nov 22, 2023Close97.656Nov 29, 2023Close98.406Dec 5, 2023Close98.688Dec 11, 2023Close98.313Dec 15, 2023Close99.500Dec 21, 2023Close99.688Dec 28, 2023Close99.813Jan 4, 2024Close99.375Jan 10, 2024Close99.375Jan 17, 2024Close99.313Jan 23, 2024Close99.219Jan 29, 2024Close99.438Feb 2, 2024Close99.313Feb 8, 2024Close98.875Feb 14, 2024Close98.406Feb 21, 2024Close98.219Feb 27, 2024Close98.063Mar 4, 2024Close98.438Mar 8, 2024Close98.938Mar 14, 2024Close98.156Mar 20, 2024Close98.344Mar 26, 2024Close98.406Apr 1, 2024Close98.000Apr 5, 2024Close97.906Apr 11, 2024Close97.125Apr 17, 2024Close97.156Apr 23, 2024Close97.156Apr 29, 2024Close97.031May 3, 2024Close97.625May 9, 2024Close97.688May 15, 2024Close98.063May 21, 2024Close97.813May 28, 2024Close97.344Jun 3, 2024Close97.781Jun 7, 2024Close97.688Jun 13, 2024Close98.375Jun 20, 2024Close98.281Jun 26, 2024Close98.063Jul 2, 2024Close98.000Jul 9, 2024Close98.438Jul 15, 2024Close98.938Jul 19, 2024Close98.813Jul 25, 2024Close98.844Jul 31, 2024Close99.406Aug 6, 2024Close100.250Aug 12, 2024Close100.188Aug 16, 2024Close100.094Aug 22, 2024Close100.250Aug 28, 2024Close100.500Sep 4, 2024Close100.813Sep 10, 2024Close101.344Sep 16, 2024Close101.406Sep 20, 2024Close101.250Sep 26, 2024Close101.000Oct 2, 2024Close100.969Oct 8, 2024Close99.969Oct 15, 2024Close100.031Oct 21, 2024Close99.750Oct 25, 2024Close99.438Oct 31, 2024Close99.219Nov 6, 2024Close98.906Nov 13, 2024Close98.844Nov 19, 2024Close98.938Nov 25, 2024Close99.031Dec 2, 2024Close99.281Dec 6, 2024Close99.469Dec 12, 2024Close99.188Dec 18, 2024Close98.625Dec 24, 2024Close98.531Dec 31, 2024Close98.844Jan 7, 2025Close98.688Jan 13, 2025Close98.344Jan 17, 2025Close98.781Jan 24, 2025Close98.781Jan 30, 2025Close99.031Feb 5, 2025Close99.156Feb 11, 2025Close98.844Feb 18, 2025Close98.813Feb 24, 2025Close99.188Feb 28, 2025Close99.688Mar 6, 2025Close99.719Mar 12, 2025Close99.688Mar 18, 2025Close99.625Mar 24, 2025Close99.625Mar 28, 2025Close99.906Apr 3, 2025Close100.469Apr 9, 2025Close99.844Apr 15, 2025Close100.063Apr 21, 2025Close100.281Apr 25, 2025Close100.344May 1, 2025Close100.500May 7, 2025Close100.313May 13, 2025Close99.656May 19, 2025Close99.813May 23, 2025Close99.750May 30, 2025Close99.969Jun 5, 2025Close99.938Jun 11, 2025Close99.906Jun 17, 2025Close99.906Jun 24, 2025Close100.250Jun 30, 2025Close100.406Jul 7, 2025Close100.000Jul 11, 2025Close100.000Jul 17, 2025Close99.969Jul 23, 2025Close100.063Jul 29, 2025Close100.063Aug 4, 2025Close100.469Aug 8, 2025Close100.313Aug 14, 2025Close100.375Aug 20, 2025Close100.375Aug 26, 2025Close100.531Sep 2, 2025Close100.500Sep 8, 2025Close100.844Sep 12, 2025Close100.719Sep 18, 2025Close100.688Sep 24, 2025Close100.563Sep 30, 2025Close100.563Oct 6, 2025Close100.563Oct 10, 2025Close100.750Oct 17, 2025Close100.875Oct 23, 2025Close100.813Oct 29, 2025Close100.563Nov 4, 2025Close100.625Nov 10, 2025Close100.594Nov 17, 2025Close100.563Nov 21, 2025Close100.750Nov 28, 2025Close100.750Dec 4, 2025Close100.656Dec 10, 2025Close100.625Dec 16, 2025Close100.750Dec 22, 2025Close100.719Dec 29, 2025Close100.781Jan 5, 2026Close100.781Jan 9, 2026Close100.625Jan 15, 2026Close100.563Jan 22, 2026Close100.469Jan 28, 2026Close100.531Feb 3, 2026Close100.563Feb 9, 2026Close100.688Feb 13, 2026Close100.813Feb 20, 2026Close100.688Feb 26, 2026Close100.719Mar 4, 2026Close100.563Mar 10, 2026Close100.469Mar 16, 2026Close100.313Mar 20, 2026Close99.906Mar 26, 2026Close99.750Apr 1, 2026Close100.063Apr 7, 2026Close100.031Apr 13, 2026Close100.094Apr 17, 2026Close100.219Apr 23, 2026Close100.031Apr 29, 2026Close99.906May 5, 2026Close99.906May 11, 2026Close99.875May 15, 2026Close99.719May 21, 2026Close99.719May 28, 2026Close99.813Jun 3, 2026Close99.719Jun 9, 2026Close99.656Jun 15, 2026Close99.750Jun 22, 2026Close99.469Jun 26, 2026Close99.656Jul 2, 2026Close99.594Jul 9, 2026Close99.594Jul 15, 2026Close99.656Jul 21, 2026Close99.469Jul 27, 2026Close99.406Jul 31, 2026Close99.469Aug 6, 2026Close99.531Aug 12, 2026Close99.625Aug 18, 2026Close99.656Aug 24, 2026Close99.594Aug 28, 2026Close99.438Sep 3, 2026Close99.500Sep 9, 2026Close99.406
The most recent 20 trading days of prices for 91282CGC9.
DateBidOfferClose
Sep 9, 202699.42299.40699.406
Sep 8, 202699.45399.43899.438
Sep 4, 202699.46999.46999.469
Sep 3, 202699.50099.50099.500
Sep 2, 202699.43899.43899.438
Sep 1, 202699.43899.43899.406
Aug 31, 202699.46999.46999.438
Aug 28, 202699.48499.46999.438
Aug 27, 202699.62599.62599.594
Aug 26, 202699.60999.59499.594
Aug 25, 202699.64199.62599.625
Aug 24, 202699.60999.59499.594
Aug 21, 202699.60999.59499.594
Aug 20, 202699.65699.65699.656
Aug 19, 202699.64199.62599.656
Aug 18, 202699.67299.65699.656
Aug 17, 202699.67299.65699.656
Aug 14, 202699.70399.68899.656
Aug 13, 202699.70399.68899.688
Aug 12, 202699.64199.62599.625

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 91282CGC9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 28, 2022Jan 3, 2023New issue$43.0bn$43.0bn2.46x3.973%

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.