Treasury note

91282CGS4 · 3.625% due March 31, 2030

Original term
7-Year
Maturity
Mar 31, 2030
Coupon
3.625%
Pays
Semi-Annual
Dated
Mar 31, 2023
First coupon
Sep 30, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$33.99bn
Held stripped
$11.2m
Share stripped
0.03%

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
4.558%
Modified duration
3.235 yr
DV01
0.0319
Convexity
12.586
Dirty price
98.583

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 3.307 years against a modified duration of 3.235.

Against the fitted curve

Priced 0.7 bp rich to the curve on that day, 2.24 cents per 100 of face.

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

Yield to maturity, 863 observations

3.00%3.50%4.00%4.50%5.00%5.50%Mar 31, 2023Sep 9, 2026Mar 31, 2023Yield to maturity3.554%Apr 6, 2023Yield to maturity3.337%Apr 12, 2023Yield to maturity3.432%Apr 18, 2023Yield to maturity3.630%Apr 24, 2023Yield to maturity3.558%Apr 28, 2023Yield to maturity3.491%May 4, 2023Yield to maturity3.319%May 10, 2023Yield to maturity3.404%May 16, 2023Yield to maturity3.526%May 22, 2023Yield to maturity3.744%May 26, 2023Yield to maturity3.882%Jun 2, 2023Yield to maturity3.787%Jun 8, 2023Yield to maturity3.813%Jun 14, 2023Yield to maturity3.958%Jun 21, 2023Yield to maturity3.852%Jun 27, 2023Yield to maturity3.916%Jul 3, 2023Yield to maturity4.057%Jul 10, 2023Yield to maturity4.162%Jul 14, 2023Yield to maturity3.956%Jul 20, 2023Yield to maturity4.000%Jul 26, 2023Yield to maturity4.023%Aug 1, 2023Yield to maturity4.183%Aug 7, 2023Yield to maturity4.157%Aug 11, 2023Yield to maturity4.286%Aug 17, 2023Yield to maturity4.405%Aug 23, 2023Yield to maturity4.328%Aug 29, 2023Yield to maturity4.245%Sep 5, 2023Yield to maturity4.365%Sep 11, 2023Yield to maturity4.389%Sep 15, 2023Yield to maturity4.437%Sep 21, 2023Yield to maturity4.599%Sep 27, 2023Yield to maturity4.706%Oct 3, 2023Yield to maturity4.862%Oct 10, 2023Yield to maturity4.688%Oct 16, 2023Yield to maturity4.767%Oct 20, 2023Yield to maturity4.954%Oct 26, 2023Yield to maturity4.902%Nov 1, 2023Yield to maturity4.773%Nov 7, 2023Yield to maturity4.604%Nov 13, 2023Yield to maturity4.713%Nov 17, 2023Yield to maturity4.503%Nov 24, 2023Yield to maturity4.535%Nov 30, 2023Yield to maturity4.395%Dec 6, 2023Yield to maturity4.175%Dec 12, 2023Yield to maturity4.264%Dec 18, 2023Yield to maturity3.993%Dec 22, 2023Yield to maturity3.925%Dec 29, 2023Yield to maturity3.897%Jan 5, 2024Yield to maturity4.065%Jan 11, 2024Yield to maturity3.968%Jan 18, 2024Yield to maturity4.108%Jan 24, 2024Yield to maturity4.145%Jan 30, 2024Yield to maturity4.046%Feb 5, 2024Yield to maturity4.171%Feb 9, 2024Yield to maturity4.184%Feb 15, 2024Yield to maturity4.263%Feb 22, 2024Yield to maturity4.367%Feb 28, 2024Yield to maturity4.308%Mar 5, 2024Yield to maturity4.160%Mar 11, 2024Yield to maturity4.113%Mar 15, 2024Yield to maturity4.350%Mar 21, 2024Yield to maturity4.290%Mar 27, 2024Yield to maturity4.213%Apr 2, 2024Yield to maturity4.379%Apr 8, 2024Yield to maturity4.449%Apr 12, 2024Yield to maturity4.550%Apr 18, 2024Yield to maturity4.689%Apr 24, 2024Yield to maturity4.673%Apr 30, 2024Yield to maturity4.732%May 6, 2024Yield to maturity4.495%May 10, 2024Yield to maturity4.522%May 16, 2024Yield to maturity4.405%May 22, 2024Yield to maturity4.469%May 29, 2024Yield to maturity4.649%Jun 4, 2024Yield to maturity4.354%Jun 10, 2024Yield to maturity4.489%Jun 14, 2024Yield to maturity4.239%Jun 21, 2024Yield to maturity4.272%Jun 27, 2024Yield to maturity4.311%Jul 3, 2024Yield to maturity4.338%Jul 10, 2024Yield to maturity4.258%Jul 16, 2024Yield to maturity4.108%Jul 22, 2024Yield to maturity4.198%Jul 26, 2024Yield to maturity4.110%Aug 1, 2024Yield to maturity3.878%Aug 7, 2024Yield to maturity3.835%Aug 13, 2024Yield to maturity3.717%Aug 19, 2024Yield to maturity3.786%Aug 23, 2024Yield to maturity3.693%Aug 29, 2024Yield to maturity3.743%Sep 5, 2024Yield to maturity3.593%Sep 11, 2024Yield to maturity3.494%Sep 17, 2024Yield to maturity3.487%Sep 23, 2024Yield to maturity3.562%Sep 27, 2024Yield to maturity3.556%Oct 3, 2024Yield to maturity3.669%Oct 9, 2024Yield to maturity3.939%Oct 16, 2024Yield to maturity3.881%Oct 22, 2024Yield to maturity4.045%Oct 28, 2024Yield to maturity4.144%Nov 1, 2024Yield to maturity4.252%Nov 7, 2024Yield to maturity4.206%Nov 14, 2024Yield to maturity4.348%Nov 20, 2024Yield to maturity4.310%Nov 26, 2024Yield to maturity4.218%Dec 3, 2024Yield to maturity4.146%Dec 9, 2024Yield to maturity4.100%Dec 13, 2024Yield to maturity4.277%Dec 19, 2024Yield to maturity4.456%Dec 26, 2024Yield to maturity4.452%Jan 2, 2025Yield to maturity4.393%Jan 8, 2025Yield to maturity4.471%Jan 14, 2025Yield to maturity4.620%Jan 21, 2025Yield to maturity4.427%Jan 27, 2025Yield to maturity4.360%Jan 31, 2025Yield to maturity4.390%Feb 6, 2025Yield to maturity4.301%Feb 12, 2025Yield to maturity4.507%Feb 19, 2025Yield to maturity4.397%Feb 25, 2025Yield to maturity4.154%Mar 3, 2025Yield to maturity3.995%Mar 7, 2025Yield to maturity4.115%Mar 13, 2025Yield to maturity4.053%Mar 19, 2025Yield to maturity4.054%Mar 25, 2025Yield to maturity4.084%Mar 31, 2025Yield to maturity3.973%Apr 4, 2025Yield to maturity3.736%Apr 10, 2025Yield to maturity4.052%Apr 16, 2025Yield to maturity3.912%Apr 22, 2025Yield to maturity3.998%Apr 28, 2025Yield to maturity3.828%May 2, 2025Yield to maturity3.935%May 8, 2025Yield to maturity4.008%May 14, 2025Yield to maturity4.175%May 20, 2025Yield to maturity4.082%May 27, 2025Yield to maturity4.040%Jun 2, 2025Yield to maturity4.027%Jun 6, 2025Yield to maturity4.138%Jun 12, 2025Yield to maturity3.978%Jun 18, 2025Yield to maturity3.994%Jun 25, 2025Yield to maturity3.849%Jul 1, 2025Yield to maturity3.842%Jul 8, 2025Yield to maturity3.990%Jul 14, 2025Yield to maturity3.976%Jul 18, 2025Yield to maturity3.955%Jul 24, 2025Yield to maturity3.978%Jul 30, 2025Yield to maturity3.957%Aug 5, 2025Yield to maturity3.757%Aug 11, 2025Yield to maturity3.817%Aug 15, 2025Yield to maturity3.833%Aug 21, 2025Yield to maturity3.848%Aug 27, 2025Yield to maturity3.699%Sep 3, 2025Yield to maturity3.677%Sep 9, 2025Yield to maturity3.587%Sep 15, 2025Yield to maturity3.595%Sep 19, 2025Yield to maturity3.670%Sep 25, 2025Yield to maturity3.754%Oct 1, 2025Yield to maturity3.663%Oct 7, 2025Yield to maturity3.694%Oct 14, 2025Yield to maturity3.579%Oct 20, 2025Yield to maturity3.556%Oct 24, 2025Yield to maturity3.586%Oct 30, 2025Yield to maturity3.702%Nov 5, 2025Yield to maturity3.741%Nov 12, 2025Yield to maturity3.648%Nov 18, 2025Yield to maturity3.663%Nov 24, 2025Yield to maturity3.577%Dec 1, 2025Yield to maturity3.640%Dec 5, 2025Yield to maturity3.679%Dec 11, 2025Yield to maturity3.672%Dec 17, 2025Yield to maturity3.648%Dec 23, 2025Yield to maturity3.696%Dec 30, 2025Yield to maturity3.624%Jan 6, 2026Yield to maturity3.656%Jan 12, 2026Yield to maturity3.713%Jan 16, 2026Yield to maturity3.770%Jan 23, 2026Yield to maturity3.779%Jan 29, 2026Yield to maturity3.738%Feb 4, 2026Yield to maturity3.772%Feb 10, 2026Yield to maturity3.641%Feb 17, 2026Yield to maturity3.575%Feb 23, 2026Yield to maturity3.533%Feb 27, 2026Yield to maturity3.467%Mar 5, 2026Yield to maturity3.675%Mar 11, 2026Yield to maturity3.734%Mar 17, 2026Yield to maturity3.751%Mar 23, 2026Yield to maturity3.930%Mar 27, 2026Yield to maturity4.026%Apr 2, 2026Yield to maturity3.898%Apr 8, 2026Yield to maturity3.882%Apr 14, 2026Yield to maturity3.831%Apr 20, 2026Yield to maturity3.805%Apr 24, 2026Yield to maturity3.867%Apr 30, 2026Yield to maturity3.972%May 6, 2026Yield to maturity3.956%May 12, 2026Yield to maturity4.081%May 18, 2026Yield to maturity4.217%May 22, 2026Yield to maturity4.228%May 29, 2026Yield to maturity4.104%Jun 4, 2026Yield to maturity4.151%Jun 10, 2026Yield to maturity4.235%Jun 16, 2026Yield to maturity4.128%Jun 23, 2026Yield to maturity4.249%Jun 29, 2026Yield to maturity4.132%Jul 6, 2026Yield to maturity4.181%Jul 10, 2026Yield to maturity4.276%Jul 16, 2026Yield to maturity4.240%Jul 22, 2026Yield to maturity4.384%Jul 28, 2026Yield to maturity4.340%Aug 3, 2026Yield to maturity4.362%Aug 7, 2026Yield to maturity4.298%Aug 13, 2026Yield to maturity4.262%Aug 19, 2026Yield to maturity4.294%Aug 25, 2026Yield to maturity4.297%Aug 31, 2026Yield to maturity4.454%Sep 4, 2026Yield to maturity4.498%Sep 9, 2026Yield to maturity4.558%

Price history

863 trading days to Sep 9, 2026

92949698100102Mar 31, 2023Sep 9, 2026Mar 31, 2023Close100.438Apr 6, 2023Close101.781Apr 12, 2023Close101.188Apr 18, 2023Close99.969Apr 24, 2023Close100.406Apr 28, 2023Close100.813May 4, 2023Close101.875May 10, 2023Close101.344May 16, 2023Close100.594May 22, 2023Close99.281May 26, 2023Close98.469Jun 2, 2023Close99.031Jun 8, 2023Close98.875Jun 14, 2023Close98.031Jun 21, 2023Close98.656Jun 27, 2023Close98.281Jul 3, 2023Close97.469Jul 10, 2023Close96.875Jul 14, 2023Close98.063Jul 20, 2023Close97.813Jul 26, 2023Close97.688Aug 1, 2023Close96.781Aug 7, 2023Close96.938Aug 11, 2023Close96.219Aug 17, 2023Close95.563Aug 23, 2023Close96.000Aug 29, 2023Close96.469Sep 5, 2023Close95.813Sep 11, 2023Close95.688Sep 15, 2023Close95.438Sep 21, 2023Close94.563Sep 27, 2023Close94.000Oct 3, 2023Close93.188Oct 10, 2023Close94.125Oct 16, 2023Close93.719Oct 20, 2023Close92.750Oct 26, 2023Close93.031Nov 1, 2023Close93.719Nov 7, 2023Close94.625Nov 13, 2023Close94.063Nov 17, 2023Close95.188Nov 24, 2023Close95.031Nov 30, 2023Close95.781Dec 6, 2023Close96.969Dec 12, 2023Close96.500Dec 18, 2023Close97.969Dec 22, 2023Close98.344Dec 29, 2023Close98.500Jan 5, 2024Close97.594Jan 11, 2024Close98.125Jan 18, 2024Close97.375Jan 24, 2024Close97.188Jan 30, 2024Close97.719Feb 5, 2024Close97.063Feb 9, 2024Close97.000Feb 15, 2024Close96.594Feb 22, 2024Close96.063Feb 28, 2024Close96.375Mar 5, 2024Close97.156Mar 11, 2024Close97.406Mar 15, 2024Close96.188Mar 21, 2024Close96.500Mar 27, 2024Close96.906Apr 2, 2024Close96.063Apr 8, 2024Close95.719Apr 12, 2024Close95.219Apr 18, 2024Close94.531Apr 24, 2024Close94.625Apr 30, 2024Close94.344May 6, 2024Close95.531May 10, 2024Close95.406May 16, 2024Close96.000May 22, 2024Close95.688May 29, 2024Close94.813Jun 4, 2024Close96.281Jun 10, 2024Close95.625Jun 14, 2024Close96.875Jun 21, 2024Close96.719Jun 27, 2024Close96.531Jul 3, 2024Close96.406Jul 10, 2024Close96.813Jul 16, 2024Close97.563Jul 22, 2024Close97.125Jul 26, 2024Close97.563Aug 1, 2024Close98.719Aug 7, 2024Close98.938Aug 13, 2024Close99.531Aug 19, 2024Close99.188Aug 23, 2024Close99.656Aug 29, 2024Close99.406Sep 5, 2024Close100.156Sep 11, 2024Close100.656Sep 17, 2024Close100.688Sep 23, 2024Close100.313Sep 27, 2024Close100.344Oct 3, 2024Close99.781Oct 9, 2024Close98.469Oct 16, 2024Close98.750Oct 22, 2024Close97.969Oct 28, 2024Close97.500Nov 1, 2024Close97.000Nov 7, 2024Close97.219Nov 14, 2024Close96.563Nov 20, 2024Close96.750Nov 26, 2024Close97.188Dec 3, 2024Close97.531Dec 9, 2024Close97.750Dec 13, 2024Close96.938Dec 19, 2024Close96.125Dec 26, 2024Close96.156Jan 2, 2025Close96.438Jan 8, 2025Close96.094Jan 14, 2025Close95.438Jan 21, 2025Close96.313Jan 27, 2025Close96.625Jan 31, 2025Close96.500Feb 6, 2025Close96.906Feb 12, 2025Close96.000Feb 19, 2025Close96.500Feb 25, 2025Close97.594Mar 3, 2025Close98.313Mar 7, 2025Close97.781Mar 13, 2025Close98.063Mar 19, 2025Close98.063Mar 25, 2025Close97.938Mar 31, 2025Close98.438Apr 4, 2025Close99.500Apr 10, 2025Close98.094Apr 16, 2025Close98.719Apr 22, 2025Close98.344Apr 28, 2025Close99.094May 2, 2025Close98.625May 8, 2025Close98.313May 14, 2025Close97.594May 20, 2025Close98.000May 27, 2025Close98.188Jun 2, 2025Close98.250Jun 6, 2025Close97.781Jun 12, 2025Close98.469Jun 18, 2025Close98.406Jun 25, 2025Close99.031Jul 1, 2025Close99.063Jul 8, 2025Close98.438Jul 14, 2025Close98.500Jul 18, 2025Close98.594Jul 24, 2025Close98.500Jul 30, 2025Close98.594Aug 5, 2025Close99.438Aug 11, 2025Close99.188Aug 15, 2025Close99.125Aug 21, 2025Close99.063Aug 27, 2025Close99.688Sep 3, 2025Close99.781Sep 9, 2025Close100.156Sep 15, 2025Close100.125Sep 19, 2025Close99.813Sep 25, 2025Close99.469Oct 1, 2025Close99.844Oct 7, 2025Close99.719Oct 14, 2025Close100.188Oct 20, 2025Close100.281Oct 24, 2025Close100.156Oct 30, 2025Close99.688Nov 5, 2025Close99.531Nov 12, 2025Close99.906Nov 18, 2025Close99.844Nov 24, 2025Close100.188Dec 1, 2025Close99.938Dec 5, 2025Close99.781Dec 11, 2025Close99.813Dec 17, 2025Close99.906Dec 23, 2025Close99.719Dec 30, 2025Close100.000Jan 6, 2026Close99.875Jan 12, 2026Close99.656Jan 16, 2026Close99.438Jan 23, 2026Close99.406Jan 29, 2026Close99.563Feb 4, 2026Close99.438Feb 10, 2026Close99.938Feb 17, 2026Close100.188Feb 23, 2026Close100.344Feb 27, 2026Close100.594Mar 5, 2026Close99.813Mar 11, 2026Close99.594Mar 17, 2026Close99.531Mar 23, 2026Close98.875Mar 27, 2026Close98.531Apr 2, 2026Close99.000Apr 8, 2026Close99.063Apr 14, 2026Close99.250Apr 20, 2026Close99.344Apr 24, 2026Close99.125Apr 30, 2026Close98.750May 6, 2026Close98.813May 12, 2026Close98.375May 18, 2026Close97.906May 22, 2026Close97.875May 29, 2026Close98.313Jun 4, 2026Close98.156Jun 10, 2026Close97.875Jun 16, 2026Close98.250Jun 23, 2026Close97.844Jun 29, 2026Close98.250Jul 6, 2026Close98.094Jul 10, 2026Close97.781Jul 16, 2026Close97.906Jul 22, 2026Close97.438Jul 28, 2026Close97.594Aug 3, 2026Close97.531Aug 7, 2026Close97.750Aug 13, 2026Close97.875Aug 19, 2026Close97.781Aug 25, 2026Close97.781Aug 31, 2026Close97.281Sep 4, 2026Close97.156Sep 9, 2026Close96.969
The most recent 20 trading days of prices for 91282CGS4.
DateBidOfferClose
Sep 9, 202696.98496.96996.969
Sep 8, 202697.14197.12597.094
Sep 4, 202697.20397.18897.156
Sep 3, 202697.32897.31397.281
Sep 2, 202697.14197.12597.156
Sep 1, 202697.23497.21997.125
Aug 31, 202697.31397.28197.281
Aug 28, 202697.40697.37597.281
Aug 27, 202697.70397.68897.625
Aug 26, 202697.70397.68897.688
Aug 25, 202697.76697.75097.781
Aug 24, 202697.67297.65697.594
Aug 21, 202697.54797.53197.563
Aug 20, 202697.70397.68897.688
Aug 19, 202697.75097.71997.781
Aug 18, 202697.75097.71997.719
Aug 17, 202697.76697.75097.719
Aug 14, 202697.82897.81397.750
Aug 13, 202697.89197.87597.875
Aug 12, 202697.73497.71997.688

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 91282CGS4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 29, 2023Mar 31, 2023New issue$35.0bn$35.0bn2.39x3.626%

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.