Treasury note

91282CJR3 · 3.75% due December 31, 2028

Original term
5-Year
Maturity
Dec 31, 2028
Coupon
3.750%
Pays
Semi-Annual
Dated
Dec 31, 2023
First coupon
Jun 30, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$58.00bn
Held stripped
$199.5m
Share stripped
0.34%

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
4.469%
Modified duration
2.165 yr
DV01
0.0215
Convexity
5.869
Dirty price
99.171

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 5 of twelve buckets, summing to 2.215 years against a modified duration of 2.165.

Against the fitted curve

Priced 1.3 bp rich to the curve on that day, 2.70 cents per 100 of face.

That is -0.55 standard deviations from its own typical residual.

Yield to maturity, 674 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 2, 2024Sep 9, 2026Jan 2, 2024Yield to maturity3.931%Jan 5, 2024Yield to maturity4.015%Jan 10, 2024Yield to maturity3.988%Jan 16, 2024Yield to maturity3.946%Jan 19, 2024Yield to maturity4.074%Jan 24, 2024Yield to maturity4.088%Jan 29, 2024Yield to maturity3.982%Feb 1, 2024Yield to maturity3.806%Feb 6, 2024Yield to maturity4.048%Feb 9, 2024Yield to maturity4.149%Feb 14, 2024Yield to maturity4.258%Feb 20, 2024Yield to maturity4.267%Feb 23, 2024Yield to maturity4.297%Feb 28, 2024Yield to maturity4.291%Mar 4, 2024Yield to maturity4.234%Mar 7, 2024Yield to maturity4.103%Mar 12, 2024Yield to maturity4.184%Mar 15, 2024Yield to maturity4.355%Mar 20, 2024Yield to maturity4.282%Mar 25, 2024Yield to maturity4.261%Mar 28, 2024Yield to maturity4.247%Apr 2, 2024Yield to maturity4.375%Apr 5, 2024Yield to maturity4.407%Apr 10, 2024Yield to maturity4.643%Apr 15, 2024Yield to maturity4.668%Apr 18, 2024Yield to maturity4.708%Apr 23, 2024Yield to maturity4.649%Apr 26, 2024Yield to maturity4.721%May 1, 2024Yield to maturity4.676%May 6, 2024Yield to maturity4.517%May 9, 2024Yield to maturity4.495%May 14, 2024Yield to maturity4.490%May 17, 2024Yield to maturity4.468%May 22, 2024Yield to maturity4.501%May 28, 2024Yield to maturity4.612%May 31, 2024Yield to maturity4.560%Jun 5, 2024Yield to maturity4.351%Jun 10, 2024Yield to maturity4.517%Jun 13, 2024Yield to maturity4.277%Jun 18, 2024Yield to maturity4.279%Jun 24, 2024Yield to maturity4.311%Jun 27, 2024Yield to maturity4.344%Jul 2, 2024Yield to maturity4.424%Jul 8, 2024Yield to maturity4.269%Jul 11, 2024Yield to maturity4.160%Jul 16, 2024Yield to maturity4.114%Jul 19, 2024Yield to maturity4.185%Jul 24, 2024Yield to maturity4.170%Jul 29, 2024Yield to maturity4.085%Aug 1, 2024Yield to maturity3.874%Aug 6, 2024Yield to maturity3.757%Aug 9, 2024Yield to maturity3.820%Aug 14, 2024Yield to maturity3.695%Aug 19, 2024Yield to maturity3.788%Aug 22, 2024Yield to maturity3.757%Aug 27, 2024Yield to maturity3.686%Aug 30, 2024Yield to maturity3.749%Sep 5, 2024Yield to maturity3.568%Sep 10, 2024Yield to maturity3.450%Sep 13, 2024Yield to maturity3.441%Sep 18, 2024Yield to maturity3.495%Sep 23, 2024Yield to maturity3.510%Sep 26, 2024Yield to maturity3.573%Oct 1, 2024Yield to maturity3.533%Oct 4, 2024Yield to maturity3.838%Oct 9, 2024Yield to maturity3.927%Oct 15, 2024Yield to maturity3.879%Oct 18, 2024Yield to maturity3.896%Oct 23, 2024Yield to maturity4.069%Oct 28, 2024Yield to maturity4.128%Oct 31, 2024Yield to maturity4.170%Nov 5, 2024Yield to maturity4.188%Nov 8, 2024Yield to maturity4.223%Nov 14, 2024Yield to maturity4.342%Nov 19, 2024Yield to maturity4.268%Nov 22, 2024Yield to maturity4.329%Nov 27, 2024Yield to maturity4.169%Dec 3, 2024Yield to maturity4.145%Dec 6, 2024Yield to maturity4.070%Dec 11, 2024Yield to maturity4.156%Dec 16, 2024Yield to maturity4.269%Dec 19, 2024Yield to maturity4.425%Dec 24, 2024Yield to maturity4.454%Dec 30, 2024Yield to maturity4.360%Jan 3, 2025Yield to maturity4.398%Jan 8, 2025Yield to maturity4.425%Jan 13, 2025Yield to maturity4.586%Jan 16, 2025Yield to maturity4.376%Jan 22, 2025Yield to maturity4.413%Jan 27, 2025Yield to maturity4.309%Jan 30, 2025Yield to maturity4.292%Feb 4, 2025Yield to maturity4.303%Feb 7, 2025Yield to maturity4.340%Feb 12, 2025Yield to maturity4.458%Feb 18, 2025Yield to maturity4.380%Feb 21, 2025Yield to maturity4.238%Feb 26, 2025Yield to maturity4.077%Mar 3, 2025Yield to maturity3.971%Mar 6, 2025Yield to maturity4.043%Mar 11, 2025Yield to maturity4.008%Mar 14, 2025Yield to maturity4.063%Mar 19, 2025Yield to maturity4.009%Mar 24, 2025Yield to maturity4.065%Mar 27, 2025Yield to maturity4.056%Apr 1, 2025Yield to maturity3.884%Apr 4, 2025Yield to maturity3.695%Apr 9, 2025Yield to maturity4.004%Apr 14, 2025Yield to maturity3.950%Apr 17, 2025Yield to maturity3.877%Apr 22, 2025Yield to maturity3.896%Apr 25, 2025Yield to maturity3.813%Apr 30, 2025Yield to maturity3.648%May 5, 2025Yield to maturity3.869%May 8, 2025Yield to maturity3.935%May 13, 2025Yield to maturity4.067%May 16, 2025Yield to maturity4.002%May 21, 2025Yield to maturity4.059%May 27, 2025Yield to maturity3.966%May 30, 2025Yield to maturity3.910%Jun 4, 2025Yield to maturity3.872%Jun 9, 2025Yield to maturity4.026%Jun 12, 2025Yield to maturity3.902%Jun 17, 2025Yield to maturity3.931%Jun 23, 2025Yield to maturity3.836%Jun 26, 2025Yield to maturity3.721%Jul 1, 2025Yield to maturity3.779%Jul 7, 2025Yield to maturity3.895%Jul 10, 2025Yield to maturity3.866%Jul 15, 2025Yield to maturity3.964%Jul 18, 2025Yield to maturity3.877%Jul 23, 2025Yield to maturity3.867%Jul 28, 2025Yield to maturity3.897%Jul 31, 2025Yield to maturity3.907%Aug 5, 2025Yield to maturity3.700%Aug 8, 2025Yield to maturity3.759%Aug 13, 2025Yield to maturity3.689%Aug 18, 2025Yield to maturity3.759%Aug 21, 2025Yield to maturity3.769%Aug 26, 2025Yield to maturity3.649%Aug 29, 2025Yield to maturity3.608%Sep 4, 2025Yield to maturity3.567%Sep 9, 2025Yield to maturity3.526%Sep 12, 2025Yield to maturity3.546%Sep 17, 2025Yield to maturity3.535%Sep 22, 2025Yield to maturity3.606%Sep 25, 2025Yield to maturity3.677%Sep 30, 2025Yield to maturity3.635%Oct 3, 2025Yield to maturity3.614%Oct 8, 2025Yield to maturity3.624%Oct 14, 2025Yield to maturity3.500%Oct 17, 2025Yield to maturity3.488%Oct 22, 2025Yield to maturity3.456%Oct 27, 2025Yield to maturity3.518%Oct 30, 2025Yield to maturity3.633%Nov 4, 2025Yield to maturity3.601%Nov 7, 2025Yield to maturity3.579%Nov 13, 2025Yield to maturity3.610%Nov 18, 2025Yield to maturity3.589%Nov 21, 2025Yield to maturity3.513%Nov 26, 2025Yield to maturity3.480%Dec 2, 2025Yield to maturity3.533%Dec 5, 2025Yield to maturity3.597%Dec 10, 2025Yield to maturity3.597%Dec 15, 2025Yield to maturity3.564%Dec 18, 2025Yield to maturity3.509%Dec 23, 2025Yield to maturity3.585%Dec 29, 2025Yield to maturity3.518%Jan 2, 2026Yield to maturity3.550%Jan 7, 2026Yield to maturity3.527%Jan 12, 2026Yield to maturity3.604%Jan 15, 2026Yield to maturity3.615%Jan 21, 2026Yield to maturity3.659%Jan 26, 2026Yield to maturity3.647%Jan 29, 2026Yield to maturity3.624%Feb 3, 2026Yield to maturity3.635%Feb 6, 2026Yield to maturity3.565%Feb 11, 2026Yield to maturity3.565%Feb 17, 2026Yield to maturity3.472%Feb 20, 2026Yield to maturity3.505%Feb 25, 2026Yield to maturity3.481%Mar 2, 2026Yield to maturity3.491%Mar 5, 2026Yield to maturity3.596%Mar 10, 2026Yield to maturity3.595%Mar 13, 2026Yield to maturity3.748%Mar 18, 2026Yield to maturity3.760%Mar 23, 2026Yield to maturity3.856%Mar 26, 2026Yield to maturity4.014%Mar 31, 2026Yield to maturity3.809%Apr 3, 2026Yield to maturity3.882%Apr 8, 2026Yield to maturity3.809%Apr 13, 2026Yield to maturity3.797%Apr 16, 2026Yield to maturity3.797%Apr 21, 2026Yield to maturity3.798%Apr 24, 2026Yield to maturity3.798%Apr 29, 2026Yield to maturity3.948%May 4, 2026Yield to maturity3.974%May 7, 2026Yield to maturity3.937%May 12, 2026Yield to maturity4.026%May 15, 2026Yield to maturity4.143%May 20, 2026Yield to maturity4.106%May 26, 2026Yield to maturity4.095%May 29, 2026Yield to maturity4.058%Jun 3, 2026Yield to maturity4.124%Jun 8, 2026Yield to maturity4.205%Jun 11, 2026Yield to maturity4.101%Jun 16, 2026Yield to maturity4.090%Jun 22, 2026Yield to maturity4.265%Jun 25, 2026Yield to maturity4.133%Jun 30, 2026Yield to maturity4.162%Jul 6, 2026Yield to maturity4.151%Jul 9, 2026Yield to maturity4.193%Jul 14, 2026Yield to maturity4.222%Jul 17, 2026Yield to maturity4.211%Jul 22, 2026Yield to maturity4.350%Jul 27, 2026Yield to maturity4.353%Jul 30, 2026Yield to maturity4.285%Aug 4, 2026Yield to maturity4.246%Aug 7, 2026Yield to maturity4.235%Aug 12, 2026Yield to maturity4.250%Aug 17, 2026Yield to maturity4.225%Aug 20, 2026Yield to maturity4.226%Aug 25, 2026Yield to maturity4.229%Aug 28, 2026Yield to maturity4.389%Sep 2, 2026Yield to maturity4.420%Sep 8, 2026Yield to maturity4.439%Sep 9, 2026Yield to maturity4.469%

Price history

674 trading days to Sep 9, 2026

9596979899100101102Jan 2, 2024Sep 9, 2026Jan 2, 2024Close99.188Jan 5, 2024Close98.813Jan 10, 2024Close98.938Jan 16, 2024Close99.125Jan 19, 2024Close98.563Jan 24, 2024Close98.500Jan 29, 2024Close98.969Feb 1, 2024Close99.750Feb 6, 2024Close98.688Feb 9, 2024Close98.250Feb 14, 2024Close97.781Feb 20, 2024Close97.750Feb 23, 2024Close97.625Feb 28, 2024Close97.656Mar 4, 2024Close97.906Mar 7, 2024Close98.469Mar 12, 2024Close98.125Mar 15, 2024Close97.406Mar 20, 2024Close97.719Mar 25, 2024Close97.813Mar 28, 2024Close97.875Apr 2, 2024Close97.344Apr 5, 2024Close97.219Apr 10, 2024Close96.250Apr 15, 2024Close96.156Apr 18, 2024Close96.000Apr 23, 2024Close96.250Apr 26, 2024Close95.969May 1, 2024Close96.156May 6, 2024Close96.813May 9, 2024Close96.906May 14, 2024Close96.938May 17, 2024Close97.031May 22, 2024Close96.906May 28, 2024Close96.469May 31, 2024Close96.688Jun 5, 2024Close97.531Jun 10, 2024Close96.875Jun 13, 2024Close97.844Jun 18, 2024Close97.844Jun 24, 2024Close97.719Jun 27, 2024Close97.594Jul 2, 2024Close97.281Jul 8, 2024Close97.906Jul 11, 2024Close98.344Jul 16, 2024Close98.531Jul 19, 2024Close98.250Jul 24, 2024Close98.313Jul 29, 2024Close98.656Aug 1, 2024Close99.500Aug 6, 2024Close99.969Aug 9, 2024Close99.719Aug 14, 2024Close100.219Aug 19, 2024Close99.844Aug 22, 2024Close99.969Aug 27, 2024Close100.250Aug 30, 2024Close100.000Sep 5, 2024Close100.719Sep 10, 2024Close101.188Sep 13, 2024Close101.219Sep 18, 2024Close101.000Sep 23, 2024Close100.938Sep 26, 2024Close100.688Oct 1, 2024Close100.844Oct 4, 2024Close99.656Oct 9, 2024Close99.313Oct 15, 2024Close99.500Oct 18, 2024Close99.438Oct 23, 2024Close98.781Oct 28, 2024Close98.563Oct 31, 2024Close98.406Nov 5, 2024Close98.344Nov 8, 2024Close98.219Nov 14, 2024Close97.781Nov 19, 2024Close98.063Nov 22, 2024Close97.844Nov 27, 2024Close98.438Dec 3, 2024Close98.531Dec 6, 2024Close98.813Dec 11, 2024Close98.500Dec 16, 2024Close98.094Dec 19, 2024Close97.531Dec 24, 2024Close97.438Dec 30, 2024Close97.781Jan 3, 2025Close97.656Jan 8, 2025Close97.563Jan 13, 2025Close97.000Jan 16, 2025Close97.750Jan 22, 2025Close97.625Jan 27, 2025Close98.000Jan 30, 2025Close98.063Feb 4, 2025Close98.031Feb 7, 2025Close97.906Feb 12, 2025Close97.500Feb 18, 2025Close97.781Feb 21, 2025Close98.281Feb 26, 2025Close98.844Mar 3, 2025Close99.219Mar 6, 2025Close98.969Mar 11, 2025Close99.094Mar 14, 2025Close98.906Mar 19, 2025Close99.094Mar 24, 2025Close98.906Mar 27, 2025Close98.938Apr 1, 2025Close99.531Apr 4, 2025Close100.188Apr 9, 2025Close99.125Apr 14, 2025Close99.313Apr 17, 2025Close99.563Apr 22, 2025Close99.500Apr 25, 2025Close99.781Apr 30, 2025Close100.344May 5, 2025Close99.594May 8, 2025Close99.375May 13, 2025Close98.938May 16, 2025Close99.156May 21, 2025Close98.969May 27, 2025Close99.281May 30, 2025Close99.469Jun 4, 2025Close99.594Jun 9, 2025Close99.094Jun 12, 2025Close99.500Jun 17, 2025Close99.406Jun 23, 2025Close99.719Jun 26, 2025Close100.094Jul 1, 2025Close99.906Jul 7, 2025Close99.531Jul 10, 2025Close99.625Jul 15, 2025Close99.313Jul 18, 2025Close99.594Jul 23, 2025Close99.625Jul 28, 2025Close99.531Jul 31, 2025Close99.500Aug 5, 2025Close100.156Aug 8, 2025Close99.969Aug 13, 2025Close100.188Aug 18, 2025Close99.969Aug 21, 2025Close99.938Aug 26, 2025Close100.313Aug 29, 2025Close100.438Sep 4, 2025Close100.563Sep 9, 2025Close100.688Sep 12, 2025Close100.625Sep 17, 2025Close100.656Sep 22, 2025Close100.438Sep 25, 2025Close100.219Sep 30, 2025Close100.344Oct 3, 2025Close100.406Oct 8, 2025Close100.375Oct 14, 2025Close100.750Oct 17, 2025Close100.781Oct 22, 2025Close100.875Oct 27, 2025Close100.688Oct 30, 2025Close100.344Nov 4, 2025Close100.438Nov 7, 2025Close100.500Nov 13, 2025Close100.406Nov 18, 2025Close100.469Nov 21, 2025Close100.688Nov 26, 2025Close100.781Dec 2, 2025Close100.625Dec 5, 2025Close100.438Dec 10, 2025Close100.438Dec 15, 2025Close100.531Dec 18, 2025Close100.688Dec 23, 2025Close100.469Dec 29, 2025Close100.656Jan 2, 2026Close100.563Jan 7, 2026Close100.625Jan 12, 2026Close100.406Jan 15, 2026Close100.375Jan 21, 2026Close100.250Jan 26, 2026Close100.281Jan 29, 2026Close100.344Feb 3, 2026Close100.313Feb 6, 2026Close100.500Feb 11, 2026Close100.500Feb 17, 2026Close100.750Feb 20, 2026Close100.656Feb 25, 2026Close100.719Mar 2, 2026Close100.688Mar 5, 2026Close100.406Mar 10, 2026Close100.406Mar 13, 2026Close100.000Mar 18, 2026Close99.969Mar 23, 2026Close99.719Mar 26, 2026Close99.313Mar 31, 2026Close99.844Apr 3, 2026Close99.656Apr 8, 2026Close99.844Apr 13, 2026Close99.875Apr 16, 2026Close99.875Apr 21, 2026Close99.875Apr 24, 2026Close99.875Apr 29, 2026Close99.500May 4, 2026Close99.438May 7, 2026Close99.531May 12, 2026Close99.313May 15, 2026Close99.031May 20, 2026Close99.125May 26, 2026Close99.156May 29, 2026Close99.250Jun 3, 2026Close99.094Jun 8, 2026Close98.906Jun 11, 2026Close99.156Jun 16, 2026Close99.188Jun 22, 2026Close98.781Jun 25, 2026Close99.094Jun 30, 2026Close99.031Jul 6, 2026Close99.063Jul 9, 2026Close98.969Jul 14, 2026Close98.906Jul 17, 2026Close98.938Jul 22, 2026Close98.625Jul 27, 2026Close98.625Jul 30, 2026Close98.781Aug 4, 2026Close98.875Aug 7, 2026Close98.906Aug 12, 2026Close98.875Aug 17, 2026Close98.938Aug 20, 2026Close98.938Aug 25, 2026Close98.938Aug 28, 2026Close98.594Sep 2, 2026Close98.531Sep 8, 2026Close98.500Sep 9, 2026Close98.438
The most recent 20 trading days of prices for 91282CJR3.
DateBidOfferClose
Sep 9, 202698.45398.43898.438
Sep 8, 202698.54798.53198.500
Sep 4, 202698.57898.56398.531
Sep 3, 202698.67298.65698.625
Sep 2, 202698.53198.53198.531
Sep 1, 202698.57898.56398.500
Aug 31, 202698.64198.62598.625
Aug 28, 202698.67298.65698.594
Aug 27, 202698.90698.90698.844
Aug 26, 202698.92298.90698.875
Aug 25, 202698.95398.93898.938
Aug 24, 202698.89198.87598.813
Aug 21, 202698.82898.81398.844
Aug 20, 202698.93898.93898.938
Aug 19, 202698.95398.93898.969
Aug 18, 202698.95398.93898.938
Aug 17, 202698.98498.96998.938
Aug 14, 202699.01699.00098.969
Aug 13, 202699.01699.00099.031
Aug 12, 202698.92298.90698.875

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 91282CJR3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 27, 2023Jan 2, 2024New issue$58.0bn$58.0bn2.50x3.801%

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.