Treasury note

91282CGM7 · 3.5% due February 15, 2033

Original term
10-Year
Maturity
Feb 15, 2033
Coupon
3.500%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$114.52bn
Held stripped
$1.04bn
Share stripped
0.91%

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
4.700%
Modified duration
5.639 yr
DV01
0.0528
Convexity
36.820
Dirty price
93.654

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 7 of twelve buckets, summing to 5.773 years against a modified duration of 5.639.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 14.72 cents per 100 of face.

That is 0.93 standard deviations from its own typical residual.

Yield to maturity, 894 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 15, 2023Sep 9, 2026Feb 15, 2023Yield to maturity3.807%Feb 22, 2023Yield to maturity3.927%Feb 28, 2023Yield to maturity3.912%Mar 6, 2023Yield to maturity3.979%Mar 10, 2023Yield to maturity3.701%Mar 16, 2023Yield to maturity3.564%Mar 22, 2023Yield to maturity3.481%Mar 28, 2023Yield to maturity3.549%Apr 3, 2023Yield to maturity3.428%Apr 7, 2023Yield to maturity3.394%Apr 13, 2023Yield to maturity3.454%Apr 19, 2023Yield to maturity3.602%Apr 25, 2023Yield to maturity3.394%May 1, 2023Yield to maturity3.587%May 5, 2023Yield to maturity3.439%May 11, 2023Yield to maturity3.397%May 17, 2023Yield to maturity3.580%May 23, 2023Yield to maturity3.715%May 30, 2023Yield to maturity3.708%Jun 5, 2023Yield to maturity3.704%Jun 9, 2023Yield to maturity3.760%Jun 15, 2023Yield to maturity3.728%Jun 22, 2023Yield to maturity3.804%Jun 28, 2023Yield to maturity3.721%Jul 5, 2023Yield to maturity3.953%Jul 11, 2023Yield to maturity3.994%Jul 17, 2023Yield to maturity3.818%Jul 21, 2023Yield to maturity3.850%Jul 27, 2023Yield to maturity4.020%Aug 2, 2023Yield to maturity4.082%Aug 8, 2023Yield to maturity4.018%Aug 14, 2023Yield to maturity4.204%Aug 18, 2023Yield to maturity4.276%Aug 24, 2023Yield to maturity4.252%Aug 30, 2023Yield to maturity4.140%Sep 6, 2023Yield to maturity4.313%Sep 12, 2023Yield to maturity4.280%Sep 18, 2023Yield to maturity4.332%Sep 22, 2023Yield to maturity4.453%Sep 28, 2023Yield to maturity4.601%Oct 4, 2023Yield to maturity4.743%Oct 11, 2023Yield to maturity4.591%Oct 17, 2023Yield to maturity4.840%Oct 23, 2023Yield to maturity4.860%Oct 27, 2023Yield to maturity4.849%Nov 2, 2023Yield to maturity4.681%Nov 8, 2023Yield to maturity4.520%Nov 14, 2023Yield to maturity4.465%Nov 20, 2023Yield to maturity4.449%Nov 27, 2023Yield to maturity4.420%Dec 1, 2023Yield to maturity4.240%Dec 7, 2023Yield to maturity4.156%Dec 13, 2023Yield to maturity4.055%Dec 19, 2023Yield to maturity3.946%Dec 26, 2023Yield to maturity3.910%Jan 2, 2024Yield to maturity3.957%Jan 8, 2024Yield to maturity4.021%Jan 12, 2024Yield to maturity3.958%Jan 19, 2024Yield to maturity4.146%Jan 25, 2024Yield to maturity4.130%Jan 31, 2024Yield to maturity3.986%Feb 6, 2024Yield to maturity4.097%Feb 12, 2024Yield to maturity4.198%Feb 16, 2024Yield to maturity4.321%Feb 23, 2024Yield to maturity4.283%Feb 29, 2024Yield to maturity4.275%Mar 6, 2024Yield to maturity4.128%Mar 12, 2024Yield to maturity4.172%Mar 18, 2024Yield to maturity4.353%Mar 22, 2024Yield to maturity4.231%Mar 28, 2024Yield to maturity4.219%Apr 3, 2024Yield to maturity4.366%Apr 9, 2024Yield to maturity4.376%Apr 15, 2024Yield to maturity4.640%Apr 19, 2024Yield to maturity4.632%Apr 25, 2024Yield to maturity4.716%May 1, 2024Yield to maturity4.635%May 7, 2024Yield to maturity4.473%May 13, 2024Yield to maturity4.502%May 17, 2024Yield to maturity4.435%May 23, 2024Yield to maturity4.491%May 30, 2024Yield to maturity4.570%Jun 5, 2024Yield to maturity4.304%Jun 11, 2024Yield to maturity4.405%Jun 17, 2024Yield to maturity4.288%Jun 24, 2024Yield to maturity4.263%Jun 28, 2024Yield to maturity4.368%Jul 5, 2024Yield to maturity4.270%Jul 11, 2024Yield to maturity4.190%Jul 17, 2024Yield to maturity4.141%Jul 23, 2024Yield to maturity4.233%Jul 29, 2024Yield to maturity4.153%Aug 2, 2024Yield to maturity3.763%Aug 8, 2024Yield to maturity3.984%Aug 14, 2024Yield to maturity3.808%Aug 20, 2024Yield to maturity3.795%Aug 26, 2024Yield to maturity3.787%Aug 30, 2024Yield to maturity3.876%Sep 6, 2024Yield to maturity3.673%Sep 12, 2024Yield to maturity3.634%Sep 18, 2024Yield to maturity3.652%Sep 24, 2024Yield to maturity3.683%Sep 30, 2024Yield to maturity3.758%Oct 4, 2024Yield to maturity3.947%Oct 10, 2024Yield to maturity4.051%Oct 17, 2024Yield to maturity4.048%Oct 23, 2024Yield to maturity4.196%Oct 29, 2024Yield to maturity4.239%Nov 4, 2024Yield to maturity4.287%Nov 8, 2024Yield to maturity4.293%Nov 15, 2024Yield to maturity4.412%Nov 21, 2024Yield to maturity4.404%Nov 27, 2024Yield to maturity4.231%Dec 4, 2024Yield to maturity4.167%Dec 10, 2024Yield to maturity4.191%Dec 16, 2024Yield to maturity4.358%Dec 20, 2024Yield to maturity4.489%Dec 27, 2024Yield to maturity4.583%Jan 3, 2025Yield to maturity4.556%Jan 9, 2025Yield to maturity4.640%Jan 15, 2025Yield to maturity4.608%Jan 22, 2025Yield to maturity4.556%Jan 28, 2025Yield to maturity4.490%Feb 3, 2025Yield to maturity4.497%Feb 7, 2025Yield to maturity4.450%Feb 13, 2025Yield to maturity4.490%Feb 20, 2025Yield to maturity4.463%Feb 26, 2025Yield to maturity4.198%Mar 4, 2025Yield to maturity4.156%Mar 10, 2025Yield to maturity4.153%Mar 14, 2025Yield to maturity4.250%Mar 20, 2025Yield to maturity4.164%Mar 26, 2025Yield to maturity4.267%Apr 1, 2025Yield to maturity4.085%Apr 7, 2025Yield to maturity4.033%Apr 11, 2025Yield to maturity4.393%Apr 17, 2025Yield to maturity4.213%Apr 23, 2025Yield to maturity4.273%Apr 29, 2025Yield to maturity4.037%May 5, 2025Yield to maturity4.207%May 9, 2025Yield to maturity4.248%May 15, 2025Yield to maturity4.313%May 21, 2025Yield to maturity4.434%May 28, 2025Yield to maturity4.326%Jun 3, 2025Yield to maturity4.303%Jun 9, 2025Yield to maturity4.339%Jun 13, 2025Yield to maturity4.261%Jun 20, 2025Yield to maturity4.213%Jun 26, 2025Yield to maturity4.071%Jul 2, 2025Yield to maturity4.121%Jul 9, 2025Yield to maturity4.167%Jul 15, 2025Yield to maturity4.314%Jul 21, 2025Yield to maturity4.185%Jul 25, 2025Yield to maturity4.207%Jul 31, 2025Yield to maturity4.192%Aug 6, 2025Yield to maturity4.019%Aug 12, 2025Yield to maturity4.080%Aug 18, 2025Yield to maturity4.116%Aug 22, 2025Yield to maturity4.032%Aug 28, 2025Yield to maturity3.978%Sep 4, 2025Yield to maturity3.925%Sep 10, 2025Yield to maturity3.821%Sep 16, 2025Yield to maturity3.817%Sep 22, 2025Yield to maturity3.937%Sep 26, 2025Yield to maturity3.993%Oct 2, 2025Yield to maturity3.893%Oct 8, 2025Yield to maturity3.944%Oct 15, 2025Yield to maturity3.845%Oct 21, 2025Yield to maturity3.765%Oct 27, 2025Yield to maturity3.816%Oct 31, 2025Yield to maturity3.912%Nov 6, 2025Yield to maturity3.897%Nov 13, 2025Yield to maturity3.908%Nov 19, 2025Yield to maturity3.914%Nov 25, 2025Yield to maturity3.784%Dec 2, 2025Yield to maturity3.870%Dec 8, 2025Yield to maturity3.958%Dec 12, 2025Yield to maturity3.969%Dec 18, 2025Yield to maturity3.893%Dec 24, 2025Yield to maturity3.950%Dec 31, 2025Yield to maturity3.951%Jan 7, 2026Yield to maturity3.916%Jan 13, 2026Yield to maturity3.959%Jan 20, 2026Yield to maturity4.085%Jan 26, 2026Yield to maturity4.023%Jan 30, 2026Yield to maturity4.025%Feb 5, 2026Yield to maturity3.973%Feb 11, 2026Yield to maturity3.964%Feb 18, 2026Yield to maturity3.860%Feb 24, 2026Yield to maturity3.809%Mar 2, 2026Yield to maturity3.820%Mar 6, 2026Yield to maturity3.930%Mar 12, 2026Yield to maturity4.069%Mar 18, 2026Yield to maturity4.054%Mar 24, 2026Yield to maturity4.216%Mar 30, 2026Yield to maturity4.164%Apr 3, 2026Yield to maturity4.170%Apr 9, 2026Yield to maturity4.096%Apr 15, 2026Yield to maturity4.075%Apr 21, 2026Yield to maturity4.082%Apr 27, 2026Yield to maturity4.132%May 1, 2026Yield to maturity4.193%May 7, 2026Yield to maturity4.205%May 13, 2026Yield to maturity4.273%May 19, 2026Yield to maturity4.486%May 26, 2026Yield to maturity4.321%Jun 1, 2026Yield to maturity4.312%Jun 5, 2026Yield to maturity4.403%Jun 11, 2026Yield to maturity4.298%Jun 17, 2026Yield to maturity4.367%Jun 24, 2026Yield to maturity4.274%Jun 30, 2026Yield to maturity4.293%Jul 7, 2026Yield to maturity4.385%Jul 13, 2026Yield to maturity4.473%Jul 17, 2026Yield to maturity4.389%Jul 23, 2026Yield to maturity4.563%Jul 29, 2026Yield to maturity4.496%Aug 4, 2026Yield to maturity4.446%Aug 10, 2026Yield to maturity4.530%Aug 14, 2026Yield to maturity4.486%Aug 20, 2026Yield to maturity4.504%Aug 26, 2026Yield to maturity4.483%Sep 1, 2026Yield to maturity4.649%Sep 8, 2026Yield to maturity4.658%Sep 9, 2026Yield to maturity4.700%

Price history

894 trading days to Sep 9, 2026

87.590.092.595.097.5100.0102.5Feb 15, 2023Sep 9, 2026Feb 15, 2023Close97.469Feb 22, 2023Close96.500Feb 28, 2023Close96.625Mar 6, 2023Close96.094Mar 10, 2023Close98.344Mar 16, 2023Close99.469Mar 22, 2023Close100.156Mar 28, 2023Close99.594Apr 3, 2023Close100.594Apr 7, 2023Close100.875Apr 13, 2023Close100.375Apr 19, 2023Close99.156Apr 25, 2023Close100.875May 1, 2023Close99.281May 5, 2023Close100.500May 11, 2023Close100.844May 17, 2023Close99.344May 23, 2023Close98.250May 30, 2023Close98.313Jun 5, 2023Close98.344Jun 9, 2023Close97.906Jun 15, 2023Close98.156Jun 22, 2023Close97.563Jun 28, 2023Close98.219Jul 5, 2023Close96.406Jul 11, 2023Close96.094Jul 17, 2023Close97.469Jul 21, 2023Close97.219Jul 27, 2023Close95.906Aug 2, 2023Close95.438Aug 8, 2023Close95.938Aug 14, 2023Close94.531Aug 18, 2023Close94.000Aug 24, 2023Close94.188Aug 30, 2023Close95.031Sep 6, 2023Close93.750Sep 12, 2023Close94.000Sep 18, 2023Close93.625Sep 22, 2023Close92.750Sep 28, 2023Close91.688Oct 4, 2023Close90.688Oct 11, 2023Close91.781Oct 17, 2023Close90.031Oct 23, 2023Close89.906Oct 27, 2023Close90.000Nov 2, 2023Close91.188Nov 8, 2023Close92.344Nov 14, 2023Close92.750Nov 20, 2023Close92.875Nov 27, 2023Close93.094Dec 1, 2023Close94.406Dec 7, 2023Close95.031Dec 13, 2023Close95.781Dec 19, 2023Close96.594Dec 26, 2023Close96.875Jan 2, 2024Close96.531Jan 8, 2024Close96.063Jan 12, 2024Close96.531Jan 19, 2024Close95.156Jan 25, 2024Close95.281Jan 31, 2024Close96.344Feb 6, 2024Close95.531Feb 12, 2024Close94.813Feb 16, 2024Close93.938Feb 23, 2024Close94.219Feb 29, 2024Close94.281Mar 6, 2024Close95.344Mar 12, 2024Close95.031Mar 18, 2024Close93.750Mar 22, 2024Close94.625Mar 28, 2024Close94.719Apr 3, 2024Close93.688Apr 9, 2024Close93.625Apr 15, 2024Close91.813Apr 19, 2024Close91.875Apr 25, 2024Close91.313May 1, 2024Close91.875May 7, 2024Close93.000May 13, 2024Close92.813May 17, 2024Close93.281May 23, 2024Close92.906May 30, 2024Close92.375Jun 5, 2024Close94.219Jun 11, 2024Close93.531Jun 17, 2024Close94.344Jun 24, 2024Close94.531Jun 28, 2024Close93.813Jul 5, 2024Close94.500Jul 11, 2024Close95.063Jul 17, 2024Close95.406Jul 23, 2024Close94.781Jul 29, 2024Close95.344Aug 2, 2024Close98.094Aug 8, 2024Close96.531Aug 14, 2024Close97.781Aug 20, 2024Close97.875Aug 26, 2024Close97.938Aug 30, 2024Close97.313Sep 6, 2024Close98.750Sep 12, 2024Close99.031Sep 18, 2024Close98.906Sep 24, 2024Close98.688Sep 30, 2024Close98.156Oct 4, 2024Close96.844Oct 10, 2024Close96.125Oct 17, 2024Close96.156Oct 23, 2024Close95.156Oct 29, 2024Close94.875Nov 4, 2024Close94.563Nov 8, 2024Close94.531Nov 15, 2024Close93.750Nov 21, 2024Close93.813Nov 27, 2024Close94.969Dec 4, 2024Close95.406Dec 10, 2024Close95.250Dec 16, 2024Close94.156Dec 20, 2024Close93.313Dec 27, 2024Close92.719Jan 3, 2025Close92.906Jan 9, 2025Close92.375Jan 15, 2025Close92.594Jan 22, 2025Close92.938Jan 28, 2025Close93.375Feb 3, 2025Close93.344Feb 7, 2025Close93.656Feb 13, 2025Close93.406Feb 20, 2025Close93.594Feb 26, 2025Close95.313Mar 4, 2025Close95.594Mar 10, 2025Close95.625Mar 14, 2025Close95.000Mar 20, 2025Close95.563Mar 26, 2025Close94.906Apr 1, 2025Close96.094Apr 7, 2025Close96.438Apr 11, 2025Close94.125Apr 17, 2025Close95.281Apr 23, 2025Close94.906Apr 29, 2025Close96.438May 5, 2025Close95.344May 9, 2025Close95.094May 15, 2025Close94.688May 21, 2025Close93.938May 28, 2025Close94.625Jun 3, 2025Close94.781Jun 9, 2025Close94.563Jun 13, 2025Close95.063Jun 20, 2025Close95.375Jun 26, 2025Close96.281Jul 2, 2025Close95.969Jul 9, 2025Close95.688Jul 15, 2025Close94.781Jul 21, 2025Close95.594Jul 25, 2025Close95.469Jul 31, 2025Close95.563Aug 6, 2025Close96.656Aug 12, 2025Close96.281Aug 18, 2025Close96.063Aug 22, 2025Close96.594Aug 28, 2025Close96.938Sep 4, 2025Close97.281Sep 10, 2025Close97.938Sep 16, 2025Close97.969Sep 22, 2025Close97.219Sep 26, 2025Close96.875Oct 2, 2025Close97.500Oct 8, 2025Close97.188Oct 15, 2025Close97.813Oct 21, 2025Close98.313Oct 27, 2025Close98.000Oct 31, 2025Close97.406Nov 6, 2025Close97.500Nov 13, 2025Close97.438Nov 19, 2025Close97.406Nov 25, 2025Close98.219Dec 2, 2025Close97.688Dec 8, 2025Close97.156Dec 12, 2025Close97.094Dec 18, 2025Close97.563Dec 24, 2025Close97.219Dec 31, 2025Close97.219Jan 7, 2026Close97.438Jan 13, 2026Close97.188Jan 20, 2026Close96.438Jan 26, 2026Close96.813Jan 30, 2026Close96.813Feb 5, 2026Close97.125Feb 11, 2026Close97.188Feb 18, 2026Close97.813Feb 24, 2026Close98.125Mar 2, 2026Close98.063Mar 6, 2026Close97.406Mar 12, 2026Close96.594Mar 18, 2026Close96.688Mar 24, 2026Close95.750Mar 30, 2026Close96.063Apr 3, 2026Close96.031Apr 9, 2026Close96.469Apr 15, 2026Close96.594Apr 21, 2026Close96.563Apr 27, 2026Close96.281May 1, 2026Close95.938May 7, 2026Close95.875May 13, 2026Close95.500May 19, 2026Close94.313May 26, 2026Close95.250Jun 1, 2026Close95.313Jun 5, 2026Close94.813Jun 11, 2026Close95.406Jun 17, 2026Close95.031Jun 24, 2026Close95.563Jun 30, 2026Close95.469Jul 7, 2026Close94.969Jul 13, 2026Close94.500Jul 17, 2026Close94.969Jul 23, 2026Close94.031Jul 29, 2026Close94.406Aug 4, 2026Close94.688Aug 10, 2026Close94.250Aug 14, 2026Close94.500Aug 20, 2026Close94.406Aug 26, 2026Close94.531Sep 1, 2026Close93.656Sep 8, 2026Close93.625Sep 9, 2026Close93.406
The most recent 20 trading days of prices for 91282CGM7.
DateBidOfferClose
Sep 9, 202693.39193.37593.406
Sep 8, 202693.67293.65693.625
Sep 4, 202693.79793.78193.719
Sep 3, 202693.96993.93893.844
Sep 2, 202693.67293.65693.688
Sep 1, 202693.82893.81393.656
Aug 31, 202693.92293.90693.938
Aug 28, 202694.18894.15694.000
Aug 27, 202694.57894.56394.438
Aug 26, 202694.57894.56394.531
Aug 25, 202694.64194.62594.688
Aug 24, 202694.42294.40694.313
Aug 21, 202694.20394.18894.188
Aug 20, 202694.39194.37594.406
Aug 19, 202694.59494.56394.656
Aug 18, 202694.42294.40694.406
Aug 17, 202694.46994.43894.375
Aug 14, 202694.57894.56394.500
Aug 13, 202694.73494.71994.719
Aug 12, 202694.53194.50094.438

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.

3 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 91282CGM7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 8, 2023Feb 15, 2023New issue$35.0bn$48.7bn2.66x3.613%
Mar 8, 2023Mar 15, 2023Reopening$32.0bn$32.0bn2.35x3.985%
Apr 12, 2023Apr 17, 2023Reopening$32.0bn$34.0bn2.36x3.455%

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.