Treasury note

91282CHE4 · 3.625% due May 31, 2028

Original term
5-Year
Maturity
May 31, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
May 31, 2023
First coupon
Nov 30, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$48.38bn
Held stripped
$54.4m
Share stripped
0.11%

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
4.403%
Modified duration
1.632 yr
DV01
0.0163
Convexity
3.519
Dirty price
99.729

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 1.669 years against a modified duration of 1.632.

Against the fitted curve

Priced 0.4 bp cheap to the curve on that day, 0.63 cents per 100 of face.

That is 0.82 standard deviations from its own typical residual.

Yield to maturity, 821 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 31, 2023Sep 9, 2026May 31, 2023Yield to maturity3.743%Jun 6, 2023Yield to maturity3.847%Jun 12, 2023Yield to maturity3.890%Jun 16, 2023Yield to maturity3.990%Jun 23, 2023Yield to maturity3.998%Jun 29, 2023Yield to maturity4.135%Jul 6, 2023Yield to maturity4.361%Jul 12, 2023Yield to maturity4.073%Jul 18, 2023Yield to maturity4.009%Jul 24, 2023Yield to maturity4.126%Jul 28, 2023Yield to maturity4.201%Aug 3, 2023Yield to maturity4.312%Aug 9, 2023Yield to maturity4.138%Aug 15, 2023Yield to maturity4.369%Aug 21, 2023Yield to maturity4.476%Aug 25, 2023Yield to maturity4.456%Aug 31, 2023Yield to maturity4.270%Sep 7, 2023Yield to maturity4.408%Sep 13, 2023Yield to maturity4.418%Sep 19, 2023Yield to maturity4.550%Sep 25, 2023Yield to maturity4.637%Sep 29, 2023Yield to maturity4.625%Oct 5, 2023Yield to maturity4.697%Oct 12, 2023Yield to maturity4.701%Oct 18, 2023Yield to maturity4.933%Oct 24, 2023Yield to maturity4.819%Oct 30, 2023Yield to maturity4.807%Nov 3, 2023Yield to maturity4.496%Nov 9, 2023Yield to maturity4.657%Nov 15, 2023Yield to maturity4.533%Nov 21, 2023Yield to maturity4.434%Nov 28, 2023Yield to maturity4.327%Dec 4, 2023Yield to maturity4.266%Dec 8, 2023Yield to maturity4.292%Dec 14, 2023Yield to maturity3.949%Dec 20, 2023Yield to maturity3.911%Dec 27, 2023Yield to maturity3.834%Jan 3, 2024Yield to maturity3.936%Jan 9, 2024Yield to maturity4.008%Jan 16, 2024Yield to maturity3.954%Jan 22, 2024Yield to maturity4.051%Jan 26, 2024Yield to maturity4.084%Feb 1, 2024Yield to maturity3.846%Feb 7, 2024Yield to maturity4.095%Feb 13, 2024Yield to maturity4.357%Feb 20, 2024Yield to maturity4.295%Feb 26, 2024Yield to maturity4.371%Mar 1, 2024Yield to maturity4.225%Mar 7, 2024Yield to maturity4.152%Mar 13, 2024Yield to maturity4.262%Mar 19, 2024Yield to maturity4.373%Mar 25, 2024Yield to maturity4.300%Mar 29, 2024Yield to maturity4.294%Apr 4, 2024Yield to maturity4.363%Apr 10, 2024Yield to maturity4.691%Apr 16, 2024Yield to maturity4.755%Apr 22, 2024Yield to maturity4.725%Apr 26, 2024Yield to maturity4.764%May 2, 2024Yield to maturity4.636%May 8, 2024Yield to maturity4.570%May 14, 2024Yield to maturity4.530%May 20, 2024Yield to maturity4.525%May 24, 2024Yield to maturity4.600%May 31, 2024Yield to maturity4.595%Jun 6, 2024Yield to maturity4.376%Jun 12, 2024Yield to maturity4.406%Jun 18, 2024Yield to maturity4.329%Jun 25, 2024Yield to maturity4.350%Jul 1, 2024Yield to maturity4.513%Jul 8, 2024Yield to maturity4.311%Jul 12, 2024Yield to maturity4.162%Jul 18, 2024Yield to maturity4.172%Jul 24, 2024Yield to maturity4.192%Jul 30, 2024Yield to maturity4.095%Aug 5, 2024Yield to maturity3.668%Aug 9, 2024Yield to maturity3.847%Aug 15, 2024Yield to maturity3.847%Aug 21, 2024Yield to maturity3.704%Aug 27, 2024Yield to maturity3.705%Sep 3, 2024Yield to maturity3.705%Sep 9, 2024Yield to maturity3.515%Sep 13, 2024Yield to maturity3.443%Sep 19, 2024Yield to maturity3.506%Sep 25, 2024Yield to maturity3.523%Oct 1, 2024Yield to maturity3.532%Oct 7, 2024Yield to maturity3.902%Oct 11, 2024Yield to maturity3.885%Oct 18, 2024Yield to maturity3.886%Oct 24, 2024Yield to maturity4.039%Oct 30, 2024Yield to maturity4.155%Nov 5, 2024Yield to maturity4.177%Nov 12, 2024Yield to maturity4.335%Nov 18, 2024Yield to maturity4.280%Nov 22, 2024Yield to maturity4.322%Nov 29, 2024Yield to maturity4.100%Dec 5, 2024Yield to maturity4.111%Dec 11, 2024Yield to maturity4.152%Dec 17, 2024Yield to maturity4.254%Dec 23, 2024Yield to maturity4.407%Dec 30, 2024Yield to maturity4.330%Jan 6, 2025Yield to maturity4.364%Jan 10, 2025Yield to maturity4.521%Jan 16, 2025Yield to maturity4.329%Jan 23, 2025Yield to maturity4.384%Jan 29, 2025Yield to maturity4.294%Feb 4, 2025Yield to maturity4.267%Feb 10, 2025Yield to maturity4.311%Feb 14, 2025Yield to maturity4.294%Feb 21, 2025Yield to maturity4.213%Feb 27, 2025Yield to maturity4.069%Mar 5, 2025Yield to maturity4.029%Mar 11, 2025Yield to maturity3.968%Mar 17, 2025Yield to maturity4.065%Mar 21, 2025Yield to maturity3.950%Mar 27, 2025Yield to maturity4.026%Apr 2, 2025Yield to maturity3.910%Apr 8, 2025Yield to maturity3.762%Apr 14, 2025Yield to maturity3.892%Apr 18, 2025Yield to maturity3.828%Apr 24, 2025Yield to maturity3.818%Apr 30, 2025Yield to maturity3.603%May 6, 2025Yield to maturity3.788%May 12, 2025Yield to maturity4.009%May 16, 2025Yield to maturity3.978%May 22, 2025Yield to maturity4.002%May 29, 2025Yield to maturity3.926%Jun 4, 2025Yield to maturity3.848%Jun 10, 2025Yield to maturity3.996%Jun 16, 2025Yield to maturity3.953%Jun 23, 2025Yield to maturity3.817%Jun 27, 2025Yield to maturity3.738%Jul 3, 2025Yield to maturity3.865%Jul 10, 2025Yield to maturity3.843%Jul 16, 2025Yield to maturity3.867%Jul 22, 2025Yield to maturity3.787%Jul 28, 2025Yield to maturity3.882%Aug 1, 2025Yield to maturity3.682%Aug 7, 2025Yield to maturity3.706%Aug 13, 2025Yield to maturity3.659%Aug 19, 2025Yield to maturity3.719%Aug 25, 2025Yield to maturity3.683%Aug 29, 2025Yield to maturity3.599%Sep 5, 2025Yield to maturity3.490%Sep 11, 2025Yield to maturity3.502%Sep 17, 2025Yield to maturity3.513%Sep 23, 2025Yield to maturity3.574%Sep 29, 2025Yield to maturity3.636%Oct 3, 2025Yield to maturity3.586%Oct 9, 2025Yield to maturity3.599%Oct 16, 2025Yield to maturity3.423%Oct 22, 2025Yield to maturity3.447%Oct 28, 2025Yield to maturity3.497%Nov 3, 2025Yield to maturity3.599%Nov 7, 2025Yield to maturity3.560%Nov 14, 2025Yield to maturity3.612%Nov 20, 2025Yield to maturity3.546%Nov 26, 2025Yield to maturity3.467%Dec 3, 2025Yield to maturity3.493%Dec 9, 2025Yield to maturity3.625%Dec 15, 2025Yield to maturity3.531%Dec 19, 2025Yield to maturity3.503%Dec 26, 2025Yield to maturity3.502%Jan 2, 2026Yield to maturity3.514%Jan 8, 2026Yield to maturity3.528%Jan 14, 2026Yield to maturity3.541%Jan 21, 2026Yield to maturity3.624%Jan 27, 2026Yield to maturity3.609%Feb 2, 2026Yield to maturity3.595%Feb 6, 2026Yield to maturity3.524%Feb 12, 2026Yield to maturity3.480%Feb 19, 2026Yield to maturity3.479%Feb 25, 2026Yield to maturity3.478%Mar 3, 2026Yield to maturity3.506%Mar 9, 2026Yield to maturity3.564%Mar 13, 2026Yield to maturity3.742%Mar 19, 2026Yield to maturity3.803%Mar 25, 2026Yield to maturity3.895%Mar 31, 2026Yield to maturity3.805%Apr 6, 2026Yield to maturity3.868%Apr 10, 2026Yield to maturity3.824%Apr 16, 2026Yield to maturity3.794%Apr 22, 2026Yield to maturity3.811%Apr 28, 2026Yield to maturity3.860%May 4, 2026Yield to maturity3.957%May 8, 2026Yield to maturity3.912%May 14, 2026Yield to maturity4.010%May 20, 2026Yield to maturity4.062%May 27, 2026Yield to maturity4.050%Jun 2, 2026Yield to maturity4.054%Jun 8, 2026Yield to maturity4.174%Jun 12, 2026Yield to maturity4.094%Jun 18, 2026Yield to maturity4.200%Jun 25, 2026Yield to maturity4.134%Jul 1, 2026Yield to maturity4.190%Jul 8, 2026Yield to maturity4.213%Jul 14, 2026Yield to maturity4.200%Jul 20, 2026Yield to maturity4.223%Jul 24, 2026Yield to maturity4.335%Jul 30, 2026Yield to maturity4.249%Aug 5, 2026Yield to maturity4.182%Aug 11, 2026Yield to maturity4.223%Aug 17, 2026Yield to maturity4.173%Aug 21, 2026Yield to maturity4.234%Aug 27, 2026Yield to maturity4.219%Sep 2, 2026Yield to maturity4.376%Sep 9, 2026Yield to maturity4.403%

Price history

821 trading days to Sep 9, 2026

949596979899100101May 31, 2023Sep 9, 2026May 31, 2023Close99.469Jun 6, 2023Close99.000Jun 12, 2023Close98.813Jun 16, 2023Close98.375Jun 23, 2023Close98.344Jun 29, 2023Close97.750Jul 6, 2023Close96.781Jul 12, 2023Close98.031Jul 18, 2023Close98.313Jul 24, 2023Close97.813Jul 28, 2023Close97.500Aug 3, 2023Close97.031Aug 9, 2023Close97.781Aug 15, 2023Close96.813Aug 21, 2023Close96.375Aug 25, 2023Close96.469Aug 31, 2023Close97.250Sep 7, 2023Close96.688Sep 13, 2023Close96.656Sep 19, 2023Close96.125Sep 25, 2023Close95.781Sep 29, 2023Close95.844Oct 5, 2023Close95.563Oct 12, 2023Close95.563Oct 18, 2023Close94.656Oct 24, 2023Close95.125Oct 30, 2023Close95.188Nov 3, 2023Close96.438Nov 9, 2023Close95.813Nov 15, 2023Close96.313Nov 21, 2023Close96.719Nov 28, 2023Close97.156Dec 4, 2023Close97.406Dec 8, 2023Close97.313Dec 14, 2023Close98.688Dec 20, 2023Close98.844Dec 27, 2023Close99.156Jan 3, 2024Close98.750Jan 9, 2024Close98.469Jan 16, 2024Close98.688Jan 22, 2024Close98.313Jan 26, 2024Close98.188Feb 1, 2024Close99.125Feb 7, 2024Close98.156Feb 13, 2024Close97.156Feb 20, 2024Close97.406Feb 26, 2024Close97.125Mar 1, 2024Close97.688Mar 7, 2024Close97.969Mar 13, 2024Close97.563Mar 19, 2024Close97.156Mar 25, 2024Close97.438Mar 29, 2024Close97.469Apr 4, 2024Close97.219Apr 10, 2024Close96.031Apr 16, 2024Close95.813Apr 22, 2024Close95.938Apr 26, 2024Close95.813May 2, 2024Close96.281May 8, 2024Close96.531May 14, 2024Close96.688May 20, 2024Close96.719May 24, 2024Close96.469May 31, 2024Close96.500Jun 6, 2024Close97.281Jun 12, 2024Close97.188Jun 18, 2024Close97.469Jun 25, 2024Close97.406Jul 1, 2024Close96.844Jul 8, 2024Close97.563Jul 12, 2024Close98.094Jul 18, 2024Close98.063Jul 24, 2024Close98.000Jul 30, 2024Close98.344Aug 5, 2024Close99.844Aug 9, 2024Close99.219Aug 15, 2024Close99.219Aug 21, 2024Close99.719Aug 27, 2024Close99.719Sep 3, 2024Close99.719Sep 9, 2024Close100.375Sep 13, 2024Close100.625Sep 19, 2024Close100.406Sep 25, 2024Close100.344Oct 1, 2024Close100.313Oct 7, 2024Close99.063Oct 11, 2024Close99.125Oct 18, 2024Close99.125Oct 24, 2024Close98.625Oct 30, 2024Close98.250Nov 5, 2024Close98.188Nov 12, 2024Close97.688Nov 18, 2024Close97.875Nov 22, 2024Close97.750Nov 29, 2024Close98.469Dec 5, 2024Close98.438Dec 11, 2024Close98.313Dec 17, 2024Close98.000Dec 23, 2024Close97.531Dec 30, 2024Close97.781Jan 6, 2025Close97.688Jan 10, 2025Close97.219Jan 16, 2025Close97.813Jan 23, 2025Close97.656Jan 29, 2025Close97.938Feb 4, 2025Close98.031Feb 10, 2025Close97.906Feb 14, 2025Close97.969Feb 21, 2025Close98.219Feb 27, 2025Close98.656Mar 5, 2025Close98.781Mar 11, 2025Close98.969Mar 17, 2025Close98.688Mar 21, 2025Close99.031Mar 27, 2025Close98.813Apr 2, 2025Close99.156Apr 8, 2025Close99.594Apr 14, 2025Close99.219Apr 18, 2025Close99.406Apr 24, 2025Close99.438Apr 30, 2025Close100.063May 6, 2025Close99.531May 12, 2025Close98.906May 16, 2025Close99.000May 22, 2025Close98.938May 29, 2025Close99.156Jun 4, 2025Close99.375Jun 10, 2025Close98.969Jun 16, 2025Close99.094Jun 23, 2025Close99.469Jun 27, 2025Close99.688Jul 3, 2025Close99.344Jul 10, 2025Close99.406Jul 16, 2025Close99.344Jul 22, 2025Close99.563Jul 28, 2025Close99.313Aug 1, 2025Close99.844Aug 7, 2025Close99.781Aug 13, 2025Close99.906Aug 19, 2025Close99.750Aug 25, 2025Close99.844Aug 29, 2025Close100.063Sep 5, 2025Close100.344Sep 11, 2025Close100.313Sep 17, 2025Close100.281Sep 23, 2025Close100.125Sep 29, 2025Close99.969Oct 3, 2025Close100.094Oct 9, 2025Close100.063Oct 16, 2025Close100.500Oct 22, 2025Close100.438Oct 28, 2025Close100.313Nov 3, 2025Close100.063Nov 7, 2025Close100.156Nov 14, 2025Close100.031Nov 20, 2025Close100.188Nov 26, 2025Close100.375Dec 3, 2025Close100.313Dec 9, 2025Close100.000Dec 15, 2025Close100.219Dec 19, 2025Close100.281Dec 26, 2025Close100.281Jan 2, 2026Close100.250Jan 8, 2026Close100.219Jan 14, 2026Close100.188Jan 21, 2026Close100.000Jan 27, 2026Close100.031Feb 2, 2026Close100.063Feb 6, 2026Close100.219Feb 12, 2026Close100.313Feb 19, 2026Close100.313Feb 25, 2026Close100.313Mar 3, 2026Close100.250Mar 9, 2026Close100.125Mar 13, 2026Close99.750Mar 19, 2026Close99.625Mar 25, 2026Close99.438Mar 31, 2026Close99.625Apr 6, 2026Close99.500Apr 10, 2026Close99.594Apr 16, 2026Close99.656Apr 22, 2026Close99.625Apr 28, 2026Close99.531May 4, 2026Close99.344May 8, 2026Close99.438May 14, 2026Close99.250May 20, 2026Close99.156May 27, 2026Close99.188Jun 2, 2026Close99.188Jun 8, 2026Close98.969Jun 12, 2026Close99.125Jun 18, 2026Close98.938Jun 25, 2026Close99.063Jul 1, 2026Close98.969Jul 8, 2026Close98.938Jul 14, 2026Close98.969Jul 20, 2026Close98.938Jul 24, 2026Close98.750Jul 30, 2026Close98.906Aug 5, 2026Close99.031Aug 11, 2026Close98.969Aug 17, 2026Close99.063Aug 21, 2026Close98.969Aug 27, 2026Close99.000Sep 2, 2026Close98.750Sep 9, 2026Close98.719
The most recent 20 trading days of prices for 91282CHE4.
DateBidOfferClose
Sep 9, 202698.73498.71998.719
Sep 8, 202698.78198.78198.750
Sep 4, 202698.79798.78198.781
Sep 3, 202698.85998.84498.844
Sep 2, 202698.76698.75098.750
Sep 1, 202698.79798.78198.750
Aug 31, 202698.82898.81398.813
Aug 28, 202698.85998.84498.813
Aug 27, 202699.03199.03199.000
Aug 26, 202699.03199.03199.000
Aug 25, 202699.04799.03199.031
Aug 24, 202699.00099.00098.969
Aug 21, 202698.96998.96998.969
Aug 20, 202699.06399.06399.063
Aug 19, 202699.04799.03199.063
Aug 18, 202699.07899.06399.063
Aug 17, 202699.07899.06399.063
Aug 14, 202699.10999.09499.063
Aug 13, 202699.10999.09499.094
Aug 12, 202699.03199.03199.000

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 91282CHE4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 24, 2023May 31, 2023New issue$43.0bn$51.1bn2.58x3.749%

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.