Treasury note

91282CGH8 · 3.5% due January 31, 2028

Original term
5-Year
Maturity
Jan 31, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Jan 31, 2023
First coupon
Jul 31, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$116.62bn
Held stripped
$54.8m
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
4.365%
Modified duration
1.334 yr
DV01
0.0132
Convexity
2.451
Dirty price
99.234

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 1.366 years against a modified duration of 1.334.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 2.81 cents per 100 of face.

That is 1.69 standard deviations from its own typical residual.

Yield to maturity, 905 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 31, 2023Sep 9, 2026Jan 31, 2023Yield to maturity3.631%Feb 6, 2023Yield to maturity3.806%Feb 10, 2023Yield to maturity3.926%Feb 16, 2023Yield to maturity4.062%Feb 23, 2023Yield to maturity4.121%Mar 1, 2023Yield to maturity4.289%Mar 7, 2023Yield to maturity4.335%Mar 13, 2023Yield to maturity3.704%Mar 17, 2023Yield to maturity3.485%Mar 23, 2023Yield to maturity3.422%Mar 29, 2023Yield to maturity3.705%Apr 4, 2023Yield to maturity3.421%Apr 10, 2023Yield to maturity3.542%Apr 14, 2023Yield to maturity3.635%Apr 20, 2023Yield to maturity3.657%Apr 26, 2023Yield to maturity3.492%May 2, 2023Yield to maturity3.485%May 8, 2023Yield to maturity3.514%May 12, 2023Yield to maturity3.477%May 18, 2023Yield to maturity3.726%May 24, 2023Yield to maturity3.822%May 31, 2023Yield to maturity3.809%Jun 6, 2023Yield to maturity3.915%Jun 12, 2023Yield to maturity3.954%Jun 16, 2023Yield to maturity4.069%Jun 23, 2023Yield to maturity4.071%Jun 29, 2023Yield to maturity4.210%Jul 6, 2023Yield to maturity4.439%Jul 12, 2023Yield to maturity4.139%Jul 18, 2023Yield to maturity4.071%Jul 24, 2023Yield to maturity4.198%Jul 28, 2023Yield to maturity4.263%Aug 3, 2023Yield to maturity4.367%Aug 9, 2023Yield to maturity4.196%Aug 15, 2023Yield to maturity4.428%Aug 21, 2023Yield to maturity4.528%Aug 25, 2023Yield to maturity4.515%Aug 31, 2023Yield to maturity4.324%Sep 7, 2023Yield to maturity4.464%Sep 13, 2023Yield to maturity4.476%Sep 19, 2023Yield to maturity4.610%Sep 25, 2023Yield to maturity4.688%Sep 29, 2023Yield to maturity4.675%Oct 5, 2023Yield to maturity4.728%Oct 12, 2023Yield to maturity4.741%Oct 18, 2023Yield to maturity4.965%Oct 24, 2023Yield to maturity4.851%Oct 30, 2023Yield to maturity4.831%Nov 3, 2023Yield to maturity4.531%Nov 9, 2023Yield to maturity4.696%Nov 15, 2023Yield to maturity4.571%Nov 21, 2023Yield to maturity4.474%Nov 28, 2023Yield to maturity4.368%Dec 4, 2023Yield to maturity4.303%Dec 8, 2023Yield to maturity4.332%Dec 14, 2023Yield to maturity3.988%Dec 20, 2023Yield to maturity3.956%Dec 27, 2023Yield to maturity3.874%Jan 3, 2024Yield to maturity3.969%Jan 9, 2024Yield to maturity4.030%Jan 16, 2024Yield to maturity3.982%Jan 22, 2024Yield to maturity4.069%Jan 26, 2024Yield to maturity4.098%Feb 1, 2024Yield to maturity3.866%Feb 7, 2024Yield to maturity4.119%Feb 13, 2024Yield to maturity4.385%Feb 20, 2024Yield to maturity4.327%Feb 26, 2024Yield to maturity4.401%Mar 1, 2024Yield to maturity4.253%Mar 7, 2024Yield to maturity4.183%Mar 13, 2024Yield to maturity4.293%Mar 19, 2024Yield to maturity4.405%Mar 25, 2024Yield to maturity4.336%Mar 29, 2024Yield to maturity4.330%Apr 4, 2024Yield to maturity4.396%Apr 10, 2024Yield to maturity4.723%Apr 16, 2024Yield to maturity4.784%Apr 22, 2024Yield to maturity4.752%Apr 26, 2024Yield to maturity4.795%May 2, 2024Yield to maturity4.666%May 8, 2024Yield to maturity4.605%May 14, 2024Yield to maturity4.553%May 20, 2024Yield to maturity4.557%May 24, 2024Yield to maturity4.639%May 31, 2024Yield to maturity4.624%Jun 6, 2024Yield to maturity4.417%Jun 12, 2024Yield to maturity4.440%Jun 18, 2024Yield to maturity4.368%Jun 25, 2024Yield to maturity4.391%Jul 1, 2024Yield to maturity4.551%Jul 8, 2024Yield to maturity4.341%Jul 12, 2024Yield to maturity4.189%Jul 18, 2024Yield to maturity4.201%Jul 24, 2024Yield to maturity4.214%Jul 30, 2024Yield to maturity4.129%Aug 5, 2024Yield to maturity3.693%Aug 9, 2024Yield to maturity3.869%Aug 15, 2024Yield to maturity3.870%Aug 21, 2024Yield to maturity3.724%Aug 27, 2024Yield to maturity3.715%Sep 3, 2024Yield to maturity3.716%Sep 9, 2024Yield to maturity3.519%Sep 13, 2024Yield to maturity3.440%Sep 19, 2024Yield to maturity3.499%Sep 25, 2024Yield to maturity3.509%Oct 1, 2024Yield to maturity3.529%Oct 7, 2024Yield to maturity3.905%Oct 11, 2024Yield to maturity3.876%Oct 18, 2024Yield to maturity3.878%Oct 24, 2024Yield to maturity4.035%Oct 30, 2024Yield to maturity4.152%Nov 5, 2024Yield to maturity4.166%Nov 12, 2024Yield to maturity4.319%Nov 18, 2024Yield to maturity4.269%Nov 22, 2024Yield to maturity4.327%Nov 29, 2024Yield to maturity4.105%Dec 5, 2024Yield to maturity4.107%Dec 11, 2024Yield to maturity4.143%Dec 17, 2024Yield to maturity4.233%Dec 23, 2024Yield to maturity4.380%Dec 30, 2024Yield to maturity4.308%Jan 6, 2025Yield to maturity4.335%Jan 10, 2025Yield to maturity4.486%Jan 16, 2025Yield to maturity4.297%Jan 23, 2025Yield to maturity4.348%Jan 29, 2025Yield to maturity4.273%Feb 4, 2025Yield to maturity4.254%Feb 10, 2025Yield to maturity4.304%Feb 14, 2025Yield to maturity4.285%Feb 21, 2025Yield to maturity4.208%Feb 27, 2025Yield to maturity4.060%Mar 5, 2025Yield to maturity4.028%Mar 11, 2025Yield to maturity3.949%Mar 17, 2025Yield to maturity4.045%Mar 21, 2025Yield to maturity3.931%Mar 27, 2025Yield to maturity4.015%Apr 2, 2025Yield to maturity3.911%Apr 8, 2025Yield to maturity3.747%Apr 14, 2025Yield to maturity3.879%Apr 18, 2025Yield to maturity3.821%Apr 24, 2025Yield to maturity3.798%Apr 30, 2025Yield to maturity3.595%May 6, 2025Yield to maturity3.778%May 12, 2025Yield to maturity4.000%May 16, 2025Yield to maturity3.966%May 22, 2025Yield to maturity3.981%May 29, 2025Yield to maturity3.921%Jun 4, 2025Yield to maturity3.848%Jun 10, 2025Yield to maturity3.990%Jun 16, 2025Yield to maturity3.955%Jun 23, 2025Yield to maturity3.817%Jun 27, 2025Yield to maturity3.742%Jul 3, 2025Yield to maturity3.861%Jul 10, 2025Yield to maturity3.849%Jul 16, 2025Yield to maturity3.865%Jul 22, 2025Yield to maturity3.788%Jul 28, 2025Yield to maturity3.896%Aug 1, 2025Yield to maturity3.685%Aug 7, 2025Yield to maturity3.713%Aug 13, 2025Yield to maturity3.660%Aug 19, 2025Yield to maturity3.715%Aug 25, 2025Yield to maturity3.689%Aug 29, 2025Yield to maturity3.608%Sep 5, 2025Yield to maturity3.499%Sep 11, 2025Yield to maturity3.513%Sep 17, 2025Yield to maturity3.513%Sep 23, 2025Yield to maturity3.568%Sep 29, 2025Yield to maturity3.639%Oct 3, 2025Yield to maturity3.583%Oct 9, 2025Yield to maturity3.598%Oct 16, 2025Yield to maturity3.427%Oct 22, 2025Yield to maturity3.441%Oct 28, 2025Yield to maturity3.498%Nov 3, 2025Yield to maturity3.601%Nov 7, 2025Yield to maturity3.557%Nov 14, 2025Yield to maturity3.602%Nov 20, 2025Yield to maturity3.543%Nov 26, 2025Yield to maturity3.483%Dec 3, 2025Yield to maturity3.483%Dec 9, 2025Yield to maturity3.621%Dec 15, 2025Yield to maturity3.514%Dec 19, 2025Yield to maturity3.499%Dec 26, 2025Yield to maturity3.499%Jan 2, 2026Yield to maturity3.499%Jan 8, 2026Yield to maturity3.499%Jan 14, 2026Yield to maturity3.515%Jan 21, 2026Yield to maturity3.596%Jan 27, 2026Yield to maturity3.565%Feb 2, 2026Yield to maturity3.565%Feb 6, 2026Yield to maturity3.500%Feb 12, 2026Yield to maturity3.466%Feb 19, 2026Yield to maturity3.466%Feb 25, 2026Yield to maturity3.482%Mar 3, 2026Yield to maturity3.499%Mar 9, 2026Yield to maturity3.567%Mar 13, 2026Yield to maturity3.742%Mar 19, 2026Yield to maturity3.813%Mar 25, 2026Yield to maturity3.904%Mar 31, 2026Yield to maturity3.818%Apr 6, 2026Yield to maturity3.875%Apr 10, 2026Yield to maturity3.824%Apr 16, 2026Yield to maturity3.789%Apr 22, 2026Yield to maturity3.810%Apr 28, 2026Yield to maturity3.850%May 4, 2026Yield to maturity3.948%May 8, 2026Yield to maturity3.895%May 14, 2026Yield to maturity3.993%May 20, 2026Yield to maturity4.036%May 27, 2026Yield to maturity4.023%Jun 2, 2026Yield to maturity4.048%Jun 8, 2026Yield to maturity4.153%Jun 12, 2026Yield to maturity4.079%Jun 18, 2026Yield to maturity4.188%Jun 25, 2026Yield to maturity4.131%Jul 1, 2026Yield to maturity4.200%Jul 8, 2026Yield to maturity4.209%Jul 14, 2026Yield to maturity4.174%Jul 20, 2026Yield to maturity4.203%Jul 24, 2026Yield to maturity4.320%Jul 30, 2026Yield to maturity4.217%Aug 5, 2026Yield to maturity4.180%Aug 11, 2026Yield to maturity4.187%Aug 17, 2026Yield to maturity4.149%Aug 21, 2026Yield to maturity4.179%Aug 27, 2026Yield to maturity4.183%Sep 2, 2026Yield to maturity4.330%Sep 9, 2026Yield to maturity4.365%

Price history

905 trading days to Sep 9, 2026

949596979899100101Jan 31, 2023Sep 9, 2026Jan 31, 2023Close99.406Feb 6, 2023Close98.625Feb 10, 2023Close98.094Feb 16, 2023Close97.500Feb 23, 2023Close97.250Mar 1, 2023Close96.531Mar 7, 2023Close96.344Mar 13, 2023Close99.094Mar 17, 2023Close100.063Mar 23, 2023Close100.344Mar 29, 2023Close99.094Apr 4, 2023Close100.344Apr 10, 2023Close99.813Apr 14, 2023Close99.406Apr 20, 2023Close99.313Apr 26, 2023Close100.031May 2, 2023Close100.063May 8, 2023Close99.938May 12, 2023Close100.094May 18, 2023Close99.031May 24, 2023Close98.625May 31, 2023Close98.688Jun 6, 2023Close98.250Jun 12, 2023Close98.094Jun 16, 2023Close97.625Jun 23, 2023Close97.625Jun 29, 2023Close97.063Jul 6, 2023Close96.156Jul 12, 2023Close97.375Jul 18, 2023Close97.656Jul 24, 2023Close97.156Jul 28, 2023Close96.906Aug 3, 2023Close96.500Aug 9, 2023Close97.188Aug 15, 2023Close96.281Aug 21, 2023Close95.906Aug 25, 2023Close95.969Aug 31, 2023Close96.719Sep 7, 2023Close96.188Sep 13, 2023Close96.156Sep 19, 2023Close95.656Sep 25, 2023Close95.375Sep 29, 2023Close95.438Oct 5, 2023Close95.250Oct 12, 2023Close95.219Oct 18, 2023Close94.406Oct 24, 2023Close94.844Oct 30, 2023Close94.938Nov 3, 2023Close96.063Nov 9, 2023Close95.469Nov 15, 2023Close95.938Nov 21, 2023Close96.313Nov 28, 2023Close96.719Dec 4, 2023Close96.969Dec 8, 2023Close96.875Dec 14, 2023Close98.156Dec 20, 2023Close98.281Dec 27, 2023Close98.594Jan 3, 2024Close98.250Jan 9, 2024Close98.031Jan 16, 2024Close98.219Jan 22, 2024Close97.906Jan 26, 2024Close97.813Feb 1, 2024Close98.656Feb 7, 2024Close97.750Feb 13, 2024Close96.813Feb 20, 2024Close97.031Feb 26, 2024Close96.781Mar 1, 2024Close97.313Mar 7, 2024Close97.563Mar 13, 2024Close97.188Mar 19, 2024Close96.813Mar 25, 2024Close97.063Mar 29, 2024Close97.094Apr 4, 2024Close96.875Apr 10, 2024Close95.781Apr 16, 2024Close95.594Apr 22, 2024Close95.719Apr 26, 2024Close95.594May 2, 2024Close96.031May 8, 2024Close96.250May 14, 2024Close96.438May 20, 2024Close96.438May 24, 2024Close96.188May 31, 2024Close96.250Jun 6, 2024Close96.938Jun 12, 2024Close96.875Jun 18, 2024Close97.125Jun 25, 2024Close97.063Jul 1, 2024Close96.563Jul 8, 2024Close97.250Jul 12, 2024Close97.750Jul 18, 2024Close97.719Jul 24, 2024Close97.688Jul 30, 2024Close97.969Aug 5, 2024Close99.375Aug 9, 2024Close98.813Aug 15, 2024Close98.813Aug 21, 2024Close99.281Aug 27, 2024Close99.313Sep 3, 2024Close99.313Sep 9, 2024Close99.938Sep 13, 2024Close100.188Sep 19, 2024Close100.000Sep 25, 2024Close99.969Oct 1, 2024Close99.906Oct 7, 2024Close98.750Oct 11, 2024Close98.844Oct 18, 2024Close98.844Oct 24, 2024Close98.375Oct 30, 2024Close98.031Nov 5, 2024Close98.000Nov 12, 2024Close97.563Nov 18, 2024Close97.719Nov 22, 2024Close97.563Nov 29, 2024Close98.219Dec 5, 2024Close98.219Dec 11, 2024Close98.125Dec 17, 2024Close97.875Dec 23, 2024Close97.469Dec 30, 2024Close97.688Jan 6, 2025Close97.625Jan 10, 2025Close97.219Jan 16, 2025Close97.750Jan 23, 2025Close97.625Jan 29, 2025Close97.844Feb 4, 2025Close97.906Feb 10, 2025Close97.781Feb 14, 2025Close97.844Feb 21, 2025Close98.063Feb 27, 2025Close98.469Mar 5, 2025Close98.563Mar 11, 2025Close98.781Mar 17, 2025Close98.531Mar 21, 2025Close98.844Mar 27, 2025Close98.625Apr 2, 2025Close98.906Apr 8, 2025Close99.344Apr 14, 2025Close99.000Apr 18, 2025Close99.156Apr 24, 2025Close99.219Apr 30, 2025Close99.750May 6, 2025Close99.281May 12, 2025Close98.719May 16, 2025Close98.813May 22, 2025Close98.781May 29, 2025Close98.938Jun 4, 2025Close99.125Jun 10, 2025Close98.781Jun 16, 2025Close98.875Jun 23, 2025Close99.219Jun 27, 2025Close99.406Jul 3, 2025Close99.125Jul 10, 2025Close99.156Jul 16, 2025Close99.125Jul 22, 2025Close99.313Jul 28, 2025Close99.063Aug 1, 2025Close99.563Aug 7, 2025Close99.500Aug 13, 2025Close99.625Aug 19, 2025Close99.500Aug 25, 2025Close99.563Aug 29, 2025Close99.750Sep 5, 2025Close100.000Sep 11, 2025Close99.969Sep 17, 2025Close99.969Sep 23, 2025Close99.844Sep 29, 2025Close99.688Oct 3, 2025Close99.813Oct 9, 2025Close99.781Oct 16, 2025Close100.156Oct 22, 2025Close100.125Oct 28, 2025Close100.000Nov 3, 2025Close99.781Nov 7, 2025Close99.875Nov 14, 2025Close99.781Nov 20, 2025Close99.906Nov 26, 2025Close100.031Dec 3, 2025Close100.031Dec 9, 2025Close99.750Dec 15, 2025Close99.969Dec 19, 2025Close100.000Dec 26, 2025Close100.000Jan 2, 2026Close100.000Jan 8, 2026Close100.000Jan 14, 2026Close99.969Jan 21, 2026Close99.813Jan 27, 2026Close99.875Feb 2, 2026Close99.875Feb 6, 2026Close100.000Feb 12, 2026Close100.063Feb 19, 2026Close100.063Feb 25, 2026Close100.031Mar 3, 2026Close100.000Mar 9, 2026Close99.875Mar 13, 2026Close99.563Mar 19, 2026Close99.438Mar 25, 2026Close99.281Mar 31, 2026Close99.438Apr 6, 2026Close99.344Apr 10, 2026Close99.438Apr 16, 2026Close99.500Apr 22, 2026Close99.469Apr 28, 2026Close99.406May 4, 2026Close99.250May 8, 2026Close99.344May 14, 2026Close99.188May 20, 2026Close99.125May 27, 2026Close99.156Jun 2, 2026Close99.125Jun 8, 2026Close98.969Jun 12, 2026Close99.094Jun 18, 2026Close98.938Jun 25, 2026Close99.031Jul 1, 2026Close98.938Jul 8, 2026Close98.938Jul 14, 2026Close99.000Jul 20, 2026Close98.969Jul 24, 2026Close98.813Jul 30, 2026Close98.969Aug 5, 2026Close99.031Aug 11, 2026Close99.031Aug 17, 2026Close99.094Aug 21, 2026Close99.063Aug 27, 2026Close99.063Sep 2, 2026Close98.875Sep 9, 2026Close98.844
The most recent 20 trading days of prices for 91282CGH8.
DateBidOfferClose
Sep 9, 202698.85998.84498.844
Sep 8, 202698.90698.90698.875
Sep 4, 202698.90698.90698.906
Sep 3, 202698.95398.93898.938
Sep 2, 202698.85998.84498.875
Sep 1, 202698.89198.87598.844
Aug 31, 202698.90698.90698.906
Aug 28, 202698.92298.90698.875
Aug 27, 202699.07899.06399.063
Aug 26, 202699.07899.06399.063
Aug 25, 202699.09499.09499.094
Aug 24, 202699.06399.06399.031
Aug 21, 202699.04799.03199.063
Aug 20, 202699.10999.09499.094
Aug 19, 202699.09499.09499.125
Aug 18, 202699.10999.09499.094
Aug 17, 202699.12599.12599.094
Aug 14, 202699.14199.12599.125
Aug 13, 202699.12599.12599.125
Aug 12, 202699.06399.06399.063

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.

2 auctions

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 91282CGH8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 25, 2023Jan 31, 2023New issue$43.0bn$43.0bn2.64x3.530%
Jan 26, 2026Feb 2, 2026Reopening$69.0bn$73.9bn2.75x3.580%

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.