Treasury note

91282CHA2 · 3.5% due April 30, 2028

Original term
5-Year
Maturity
Apr 30, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Apr 30, 2023
First coupon
Oct 31, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$47.18bn
Held stripped
$91.2m
Share stripped
0.19%

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
4.396%
Modified duration
1.553 yr
DV01
0.0155
Convexity
3.227
Dirty price
99.859

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 1.586 years against a modified duration of 1.553.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 2.63 cents per 100 of face.

That is 1.55 standard deviations from its own typical residual.

Yield to maturity, 842 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 1, 2023Sep 9, 2026May 1, 2023Yield to maturity3.638%May 5, 2023Yield to maturity3.410%May 11, 2023Yield to maturity3.362%May 17, 2023Yield to maturity3.583%May 23, 2023Yield to maturity3.758%May 30, 2023Yield to maturity3.851%Jun 5, 2023Yield to maturity3.860%Jun 9, 2023Yield to maturity3.954%Jun 15, 2023Yield to maturity3.947%Jun 22, 2023Yield to maturity4.072%Jun 28, 2023Yield to maturity4.001%Jul 5, 2023Yield to maturity4.274%Jul 11, 2023Yield to maturity4.269%Jul 17, 2023Yield to maturity4.043%Jul 21, 2023Yield to maturity4.118%Jul 27, 2023Yield to maturity4.291%Aug 2, 2023Yield to maturity4.271%Aug 8, 2023Yield to maturity4.138%Aug 14, 2023Yield to maturity4.389%Aug 18, 2023Yield to maturity4.415%Aug 24, 2023Yield to maturity4.440%Aug 30, 2023Yield to maturity4.336%Sep 6, 2023Yield to maturity4.493%Sep 12, 2023Yield to maturity4.465%Sep 18, 2023Yield to maturity4.515%Sep 22, 2023Yield to maturity4.620%Sep 28, 2023Yield to maturity4.677%Oct 4, 2023Yield to maturity4.744%Oct 11, 2023Yield to maturity4.623%Oct 17, 2023Yield to maturity4.890%Oct 23, 2023Yield to maturity4.822%Oct 27, 2023Yield to maturity4.787%Nov 2, 2023Yield to maturity4.669%Nov 8, 2023Yield to maturity4.544%Nov 14, 2023Yield to maturity4.444%Nov 20, 2023Yield to maturity4.471%Nov 27, 2023Yield to maturity4.451%Dec 1, 2023Yield to maturity4.197%Dec 7, 2023Yield to maturity4.175%Dec 13, 2023Yield to maturity4.057%Dec 19, 2023Yield to maturity4.011%Dec 26, 2023Yield to maturity3.941%Jan 2, 2024Yield to maturity3.983%Jan 8, 2024Yield to maturity4.009%Jan 12, 2024Yield to maturity3.866%Jan 19, 2024Yield to maturity4.103%Jan 25, 2024Yield to maturity4.055%Jan 31, 2024Yield to maturity3.951%Feb 6, 2024Yield to maturity4.084%Feb 12, 2024Yield to maturity4.177%Feb 16, 2024Yield to maturity4.347%Feb 23, 2024Yield to maturity4.359%Feb 29, 2024Yield to maturity4.335%Mar 6, 2024Yield to maturity4.203%Mar 12, 2024Yield to maturity4.240%Mar 18, 2024Yield to maturity4.439%Mar 22, 2024Yield to maturity4.280%Mar 28, 2024Yield to maturity4.308%Apr 3, 2024Yield to maturity4.405%Apr 9, 2024Yield to maturity4.452%Apr 15, 2024Yield to maturity4.719%Apr 19, 2024Yield to maturity4.742%Apr 25, 2024Yield to maturity4.790%May 1, 2024Yield to maturity4.723%May 7, 2024Yield to maturity4.558%May 13, 2024Yield to maturity4.580%May 17, 2024Yield to maturity4.513%May 23, 2024Yield to maturity4.614%May 30, 2024Yield to maturity4.655%Jun 5, 2024Yield to maturity4.407%Jun 11, 2024Yield to maturity4.500%Jun 17, 2024Yield to maturity4.404%Jun 24, 2024Yield to maturity4.372%Jun 28, 2024Yield to maturity4.440%Jul 5, 2024Yield to maturity4.307%Jul 11, 2024Yield to maturity4.208%Jul 17, 2024Yield to maturity4.138%Jul 23, 2024Yield to maturity4.205%Jul 29, 2024Yield to maturity4.125%Aug 2, 2024Yield to maturity3.652%Aug 8, 2024Yield to maturity3.871%Aug 14, 2024Yield to maturity3.726%Aug 20, 2024Yield to maturity3.764%Aug 26, 2024Yield to maturity3.719%Aug 30, 2024Yield to maturity3.767%Sep 6, 2024Yield to maturity3.527%Sep 12, 2024Yield to maturity3.490%Sep 18, 2024Yield to maturity3.490%Sep 24, 2024Yield to maturity3.471%Sep 30, 2024Yield to maturity3.593%Oct 4, 2024Yield to maturity3.840%Oct 10, 2024Yield to maturity3.918%Oct 17, 2024Yield to maturity3.910%Oct 23, 2024Yield to maturity4.058%Oct 29, 2024Yield to maturity4.109%Nov 4, 2024Yield to maturity4.171%Nov 8, 2024Yield to maturity4.214%Nov 15, 2024Yield to maturity4.297%Nov 21, 2024Yield to maturity4.319%Nov 27, 2024Yield to maturity4.172%Dec 4, 2024Yield to maturity4.095%Dec 10, 2024Yield to maturity4.118%Dec 16, 2024Yield to maturity4.242%Dec 20, 2024Yield to maturity4.338%Dec 27, 2024Yield to maturity4.405%Jan 3, 2025Yield to maturity4.358%Jan 9, 2025Yield to maturity4.381%Jan 15, 2025Yield to maturity4.375%Jan 22, 2025Yield to maturity4.369%Jan 28, 2025Yield to maturity4.268%Feb 3, 2025Yield to maturity4.303%Feb 7, 2025Yield to maturity4.318%Feb 13, 2025Yield to maturity4.353%Feb 20, 2025Yield to maturity4.293%Feb 26, 2025Yield to maturity4.061%Mar 4, 2025Yield to maturity3.967%Mar 10, 2025Yield to maturity3.926%Mar 14, 2025Yield to maturity4.037%Mar 20, 2025Yield to maturity3.952%Mar 26, 2025Yield to maturity4.030%Apr 1, 2025Yield to maturity3.869%Apr 7, 2025Yield to maturity3.750%Apr 11, 2025Yield to maturity4.028%Apr 17, 2025Yield to maturity3.830%Apr 23, 2025Yield to maturity3.888%Apr 29, 2025Yield to maturity3.655%May 5, 2025Yield to maturity3.835%May 9, 2025Yield to maturity3.893%May 15, 2025Yield to maturity3.974%May 21, 2025Yield to maturity4.011%May 28, 2025Yield to maturity3.980%Jun 3, 2025Yield to maturity3.936%Jun 9, 2025Yield to maturity3.996%Jun 13, 2025Yield to maturity3.928%Jun 20, 2025Yield to maturity3.884%Jun 26, 2025Yield to maturity3.709%Jul 2, 2025Yield to maturity3.781%Jul 9, 2025Yield to maturity3.830%Jul 15, 2025Yield to maturity3.940%Jul 21, 2025Yield to maturity3.810%Jul 25, 2025Yield to maturity3.872%Jul 31, 2025Yield to maturity3.898%Aug 6, 2025Yield to maturity3.668%Aug 12, 2025Yield to maturity3.718%Aug 18, 2025Yield to maturity3.744%Aug 22, 2025Yield to maturity3.659%Aug 28, 2025Yield to maturity3.610%Sep 4, 2025Yield to maturity3.561%Sep 10, 2025Yield to maturity3.511%Sep 16, 2025Yield to maturity3.486%Sep 22, 2025Yield to maturity3.588%Sep 26, 2025Yield to maturity3.652%Oct 2, 2025Yield to maturity3.550%Oct 8, 2025Yield to maturity3.590%Oct 15, 2025Yield to maturity3.500%Oct 21, 2025Yield to maturity3.448%Oct 27, 2025Yield to maturity3.500%Oct 31, 2025Yield to maturity3.606%Nov 6, 2025Yield to maturity3.566%Nov 13, 2025Yield to maturity3.593%Nov 19, 2025Yield to maturity3.580%Nov 25, 2025Yield to maturity3.459%Dec 2, 2025Yield to maturity3.513%Dec 8, 2025Yield to maturity3.595%Dec 12, 2025Yield to maturity3.554%Dec 18, 2025Yield to maturity3.485%Dec 24, 2025Yield to maturity3.583%Dec 31, 2025Yield to maturity3.498%Jan 7, 2026Yield to maturity3.498%Jan 13, 2026Yield to maturity3.541%Jan 20, 2026Yield to maturity3.628%Jan 26, 2026Yield to maturity3.615%Jan 30, 2026Yield to maturity3.557%Feb 5, 2026Yield to maturity3.498%Feb 11, 2026Yield to maturity3.528%Feb 18, 2026Yield to maturity3.468%Feb 24, 2026Yield to maturity3.453%Mar 2, 2026Yield to maturity3.483%Mar 6, 2026Yield to maturity3.575%Mar 12, 2026Yield to maturity3.760%Mar 18, 2026Yield to maturity3.762%Mar 24, 2026Yield to maturity3.953%Mar 30, 2026Yield to maturity3.845%Apr 3, 2026Yield to maturity3.880%Apr 9, 2026Yield to maturity3.802%Apr 15, 2026Yield to maturity3.789%Apr 21, 2026Yield to maturity3.791%Apr 27, 2026Yield to maturity3.810%May 1, 2026Yield to maturity3.895%May 7, 2026Yield to maturity3.931%May 13, 2026Yield to maturity3.984%May 19, 2026Yield to maturity4.124%May 26, 2026Yield to maturity4.061%Jun 1, 2026Yield to maturity4.048%Jun 5, 2026Yield to maturity4.174%Jun 11, 2026Yield to maturity4.073%Jun 17, 2026Yield to maturity4.219%Jun 24, 2026Yield to maturity4.154%Jun 30, 2026Yield to maturity4.160%Jul 7, 2026Yield to maturity4.203%Jul 13, 2026Yield to maturity4.283%Jul 17, 2026Yield to maturity4.178%Jul 23, 2026Yield to maturity4.369%Jul 29, 2026Yield to maturity4.245%Aug 4, 2026Yield to maturity4.195%Aug 10, 2026Yield to maturity4.239%Aug 14, 2026Yield to maturity4.150%Aug 20, 2026Yield to maturity4.173%Aug 26, 2026Yield to maturity4.199%Sep 1, 2026Yield to maturity4.385%Sep 8, 2026Yield to maturity4.375%Sep 9, 2026Yield to maturity4.396%

Price history

842 trading days to Sep 9, 2026

949596979899100101May 1, 2023Sep 9, 2026May 1, 2023Close99.375May 5, 2023Close100.406May 11, 2023Close100.625May 17, 2023Close99.625May 23, 2023Close98.844May 30, 2023Close98.438Jun 5, 2023Close98.406Jun 9, 2023Close98.000Jun 15, 2023Close98.031Jun 22, 2023Close97.500Jun 28, 2023Close97.813Jul 5, 2023Close96.656Jul 11, 2023Close96.688Jul 17, 2023Close97.656Jul 21, 2023Close97.344Jul 27, 2023Close96.625Aug 2, 2023Close96.719Aug 8, 2023Close97.281Aug 14, 2023Close96.250Aug 18, 2023Close96.156Aug 24, 2023Close96.063Aug 30, 2023Close96.500Sep 6, 2023Close95.875Sep 12, 2023Close96.000Sep 18, 2023Close95.813Sep 22, 2023Close95.406Sep 28, 2023Close95.188Oct 4, 2023Close94.938Oct 11, 2023Close95.438Oct 17, 2023Close94.406Oct 23, 2023Close94.688Oct 27, 2023Close94.844Nov 2, 2023Close95.313Nov 8, 2023Close95.813Nov 14, 2023Close96.219Nov 20, 2023Close96.125Nov 27, 2023Close96.219Dec 1, 2023Close97.219Dec 7, 2023Close97.313Dec 13, 2023Close97.781Dec 19, 2023Close97.969Dec 26, 2023Close98.250Jan 2, 2024Close98.094Jan 8, 2024Close98.000Jan 12, 2024Close98.563Jan 19, 2024Close97.656Jan 25, 2024Close97.844Jan 31, 2024Close98.250Feb 6, 2024Close97.750Feb 12, 2024Close97.406Feb 16, 2024Close96.781Feb 23, 2024Close96.750Feb 29, 2024Close96.844Mar 6, 2024Close97.344Mar 12, 2024Close97.219Mar 18, 2024Close96.500Mar 22, 2024Close97.094Mar 28, 2024Close97.000Apr 3, 2024Close96.656Apr 9, 2024Close96.500Apr 15, 2024Close95.563Apr 19, 2024Close95.500Apr 25, 2024Close95.344May 1, 2024Close95.594May 7, 2024Close96.188May 13, 2024Close96.125May 17, 2024Close96.375May 23, 2024Close96.031May 30, 2024Close95.906Jun 5, 2024Close96.781Jun 11, 2024Close96.469Jun 17, 2024Close96.813Jun 24, 2024Close96.938Jun 28, 2024Close96.719Jul 5, 2024Close97.188Jul 11, 2024Close97.531Jul 17, 2024Close97.781Jul 23, 2024Close97.563Jul 29, 2024Close97.844Aug 2, 2024Close99.469Aug 8, 2024Close98.719Aug 14, 2024Close99.219Aug 20, 2024Close99.094Aug 26, 2024Close99.250Aug 30, 2024Close99.094Sep 6, 2024Close99.906Sep 12, 2024Close100.031Sep 18, 2024Close100.031Sep 24, 2024Close100.094Sep 30, 2024Close99.688Oct 4, 2024Close98.875Oct 10, 2024Close98.625Oct 17, 2024Close98.656Oct 23, 2024Close98.188Oct 29, 2024Close98.031Nov 4, 2024Close97.844Nov 8, 2024Close97.719Nov 15, 2024Close97.469Nov 21, 2024Close97.406Nov 27, 2024Close97.875Dec 4, 2024Close98.125Dec 10, 2024Close98.063Dec 16, 2024Close97.688Dec 20, 2024Close97.406Dec 27, 2024Close97.219Jan 3, 2025Close97.375Jan 9, 2025Close97.313Jan 15, 2025Close97.344Jan 22, 2025Close97.375Jan 28, 2025Close97.688Feb 3, 2025Close97.594Feb 7, 2025Close97.563Feb 13, 2025Close97.469Feb 20, 2025Close97.656Feb 26, 2025Close98.344Mar 4, 2025Close98.625Mar 10, 2025Close98.750Mar 14, 2025Close98.438Mar 20, 2025Close98.688Mar 26, 2025Close98.469Apr 1, 2025Close98.938Apr 7, 2025Close99.281Apr 11, 2025Close98.500Apr 17, 2025Close99.063Apr 23, 2025Close98.906Apr 29, 2025Close99.563May 5, 2025Close99.063May 9, 2025Close98.906May 15, 2025Close98.688May 21, 2025Close98.594May 28, 2025Close98.688Jun 3, 2025Close98.813Jun 9, 2025Close98.656Jun 13, 2025Close98.844Jun 20, 2025Close98.969Jun 26, 2025Close99.438Jul 2, 2025Close99.250Jul 9, 2025Close99.125Jul 15, 2025Close98.844Jul 21, 2025Close99.188Jul 25, 2025Close99.031Jul 31, 2025Close98.969Aug 6, 2025Close99.563Aug 12, 2025Close99.438Aug 18, 2025Close99.375Aug 22, 2025Close99.594Aug 28, 2025Close99.719Sep 4, 2025Close99.844Sep 10, 2025Close99.969Sep 16, 2025Close100.031Sep 22, 2025Close99.781Sep 26, 2025Close99.625Oct 2, 2025Close99.875Oct 8, 2025Close99.781Oct 15, 2025Close100.000Oct 21, 2025Close100.125Oct 27, 2025Close100.000Oct 31, 2025Close99.750Nov 6, 2025Close99.844Nov 13, 2025Close99.781Nov 19, 2025Close99.813Nov 25, 2025Close100.094Dec 2, 2025Close99.969Dec 8, 2025Close99.781Dec 12, 2025Close99.875Dec 18, 2025Close100.031Dec 24, 2025Close99.813Dec 31, 2025Close100.000Jan 7, 2026Close100.000Jan 13, 2026Close99.906Jan 20, 2026Close99.719Jan 26, 2026Close99.750Jan 30, 2026Close99.875Feb 5, 2026Close100.000Feb 11, 2026Close99.938Feb 18, 2026Close100.063Feb 24, 2026Close100.094Mar 2, 2026Close100.031Mar 6, 2026Close99.844Mar 12, 2026Close99.469Mar 18, 2026Close99.469Mar 24, 2026Close99.094Mar 30, 2026Close99.313Apr 3, 2026Close99.250Apr 9, 2026Close99.406Apr 15, 2026Close99.438Apr 21, 2026Close99.438Apr 27, 2026Close99.406May 1, 2026Close99.250May 7, 2026Close99.188May 13, 2026Close99.094May 19, 2026Close98.844May 26, 2026Close98.969Jun 1, 2026Close99.000Jun 5, 2026Close98.781Jun 11, 2026Close98.969Jun 17, 2026Close98.719Jun 24, 2026Close98.844Jun 30, 2026Close98.844Jul 7, 2026Close98.781Jul 13, 2026Close98.656Jul 17, 2026Close98.844Jul 23, 2026Close98.531Jul 29, 2026Close98.750Aug 4, 2026Close98.844Aug 10, 2026Close98.781Aug 14, 2026Close98.938Aug 20, 2026Close98.906Aug 26, 2026Close98.875Sep 1, 2026Close98.594Sep 8, 2026Close98.625Sep 9, 2026Close98.594
The most recent 20 trading days of prices for 91282CHA2.
DateBidOfferClose
Sep 9, 202698.60998.59498.594
Sep 8, 202698.65698.65698.625
Sep 4, 202698.67298.65698.656
Sep 3, 202698.71998.71998.688
Sep 2, 202698.64198.62598.625
Sep 1, 202698.65698.65698.594
Aug 31, 202698.68898.68898.688
Aug 28, 202698.70398.68898.656
Aug 27, 202698.89198.87598.844
Aug 26, 202698.89198.87598.875
Aug 25, 202698.89198.87598.906
Aug 24, 202698.85998.84498.813
Aug 21, 202698.82898.81398.844
Aug 20, 202698.90698.90698.906
Aug 19, 202698.90698.90698.906
Aug 18, 202698.92298.90698.906
Aug 17, 202698.93898.93898.906
Aug 14, 202698.96998.96998.938
Aug 13, 202698.95398.93898.938
Aug 12, 202698.89198.87598.844

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 91282CHA2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 26, 2023May 1, 2023New issue$43.0bn$47.2bn2.54x3.500%

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.