Treasury note

91282CMS7 · 3.875% due March 15, 2028

Original term
3-Year
Maturity
Mar 15, 2028
Coupon
3.875%
Pays
Semi-Annual
Dated
Mar 15, 2025
First coupon
Sep 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$58.73bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.371%
Modified duration
1.426 yr
DV01
0.0144
Convexity
2.791
Dirty price
101.166

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 3 of twelve buckets, summing to 1.455 years against a modified duration of 1.426.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 2.46 cents per 100 of face.

That is 1.64 standard deviations from its own typical residual.

Yield to maturity, 373 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%Mar 17, 2025Sep 9, 2026Mar 17, 2025Yield to maturity4.032%Mar 19, 2025Yield to maturity3.953%Mar 21, 2025Yield to maturity3.920%Mar 25, 2025Yield to maturity3.976%Mar 27, 2025Yield to maturity3.999%Mar 31, 2025Yield to maturity3.886%Apr 2, 2025Yield to maturity3.886%Apr 4, 2025Yield to maturity3.659%Apr 8, 2025Yield to maturity3.727%Apr 10, 2025Yield to maturity3.863%Apr 14, 2025Yield to maturity3.851%Apr 16, 2025Yield to maturity3.760%Apr 18, 2025Yield to maturity3.794%Apr 22, 2025Yield to maturity3.805%Apr 24, 2025Yield to maturity3.782%Apr 28, 2025Yield to maturity3.666%Apr 30, 2025Yield to maturity3.574%May 2, 2025Yield to maturity3.804%May 6, 2025Yield to maturity3.757%May 8, 2025Yield to maturity3.874%May 12, 2025Yield to maturity3.967%May 14, 2025Yield to maturity4.038%May 16, 2025Yield to maturity3.944%May 20, 2025Yield to maturity3.932%May 22, 2025Yield to maturity3.968%May 27, 2025Yield to maturity3.921%May 29, 2025Yield to maturity3.909%Jun 2, 2025Yield to maturity3.897%Jun 4, 2025Yield to maturity3.837%Jun 6, 2025Yield to maturity4.018%Jun 10, 2025Yield to maturity3.970%Jun 12, 2025Yield to maturity3.873%Jun 16, 2025Yield to maturity3.934%Jun 18, 2025Yield to maturity3.885%Jun 23, 2025Yield to maturity3.800%Jun 25, 2025Yield to maturity3.739%Jun 27, 2025Yield to maturity3.714%Jul 1, 2025Yield to maturity3.751%Jul 3, 2025Yield to maturity3.849%Jul 8, 2025Yield to maturity3.873%Jul 10, 2025Yield to maturity3.824%Jul 14, 2025Yield to maturity3.861%Jul 16, 2025Yield to maturity3.848%Jul 18, 2025Yield to maturity3.823%Jul 22, 2025Yield to maturity3.773%Jul 24, 2025Yield to maturity3.861%Jul 28, 2025Yield to maturity3.874%Jul 30, 2025Yield to maturity3.886%Aug 1, 2025Yield to maturity3.671%Aug 5, 2025Yield to maturity3.671%Aug 7, 2025Yield to maturity3.683%Aug 11, 2025Yield to maturity3.721%Aug 13, 2025Yield to maturity3.644%Aug 15, 2025Yield to maturity3.720%Aug 19, 2025Yield to maturity3.694%Aug 21, 2025Yield to maturity3.732%Aug 25, 2025Yield to maturity3.667%Aug 27, 2025Yield to maturity3.590%Aug 29, 2025Yield to maturity3.575%Sep 3, 2025Yield to maturity3.575%Sep 5, 2025Yield to maturity3.483%Sep 9, 2025Yield to maturity3.495%Sep 11, 2025Yield to maturity3.494%Sep 15, 2025Yield to maturity3.506%Sep 17, 2025Yield to maturity3.505%Sep 19, 2025Yield to maturity3.556%Sep 23, 2025Yield to maturity3.555%Sep 25, 2025Yield to maturity3.648%Sep 29, 2025Yield to maturity3.620%Oct 1, 2025Yield to maturity3.539%Oct 3, 2025Yield to maturity3.564%Oct 7, 2025Yield to maturity3.564%Oct 9, 2025Yield to maturity3.590%Oct 14, 2025Yield to maturity3.466%Oct 16, 2025Yield to maturity3.411%Oct 20, 2025Yield to maturity3.450%Oct 22, 2025Yield to maturity3.422%Oct 24, 2025Yield to maturity3.461%Oct 28, 2025Yield to maturity3.473%Oct 30, 2025Yield to maturity3.596%Nov 3, 2025Yield to maturity3.595%Nov 5, 2025Yield to maturity3.622%Nov 7, 2025Yield to maturity3.537%Nov 12, 2025Yield to maturity3.550%Nov 14, 2025Yield to maturity3.605%Nov 18, 2025Yield to maturity3.562%Nov 20, 2025Yield to maturity3.533%Nov 24, 2025Yield to maturity3.475%Nov 26, 2025Yield to maturity3.459%Dec 1, 2025Yield to maturity3.529%Dec 3, 2025Yield to maturity3.485%Dec 5, 2025Yield to maturity3.555%Dec 9, 2025Yield to maturity3.612%Dec 11, 2025Yield to maturity3.524%Dec 15, 2025Yield to maturity3.508%Dec 17, 2025Yield to maturity3.493%Dec 19, 2025Yield to maturity3.491%Dec 23, 2025Yield to maturity3.549%Dec 26, 2025Yield to maturity3.488%Dec 30, 2025Yield to maturity3.457%Jan 2, 2026Yield to maturity3.485%Jan 6, 2026Yield to maturity3.484%Jan 8, 2026Yield to maturity3.498%Jan 12, 2026Yield to maturity3.541%Jan 14, 2026Yield to maturity3.525%Jan 16, 2026Yield to maturity3.599%Jan 21, 2026Yield to maturity3.598%Jan 23, 2026Yield to maturity3.612%Jan 27, 2026Yield to maturity3.581%Jan 29, 2026Yield to maturity3.565%Feb 2, 2026Yield to maturity3.579%Feb 4, 2026Yield to maturity3.578%Feb 6, 2026Yield to maturity3.499%Feb 10, 2026Yield to maturity3.452%Feb 12, 2026Yield to maturity3.466%Feb 17, 2026Yield to maturity3.432%Feb 19, 2026Yield to maturity3.463%Feb 23, 2026Yield to maturity3.429%Feb 25, 2026Yield to maturity3.476%Feb 27, 2026Yield to maturity3.378%Mar 3, 2026Yield to maturity3.505%Mar 5, 2026Yield to maturity3.584%Mar 9, 2026Yield to maturity3.567%Mar 11, 2026Yield to maturity3.647%Mar 13, 2026Yield to maturity3.744%Mar 17, 2026Yield to maturity3.678%Mar 19, 2026Yield to maturity3.809%Mar 23, 2026Yield to maturity3.858%Mar 25, 2026Yield to maturity3.891%Mar 27, 2026Yield to maturity3.924%Mar 31, 2026Yield to maturity3.807%Apr 2, 2026Yield to maturity3.807%Apr 6, 2026Yield to maturity3.857%Apr 8, 2026Yield to maturity3.806%Apr 10, 2026Yield to maturity3.823%Apr 14, 2026Yield to maturity3.771%Apr 16, 2026Yield to maturity3.788%Apr 20, 2026Yield to maturity3.736%Apr 22, 2026Yield to maturity3.804%Apr 24, 2026Yield to maturity3.786%Apr 28, 2026Yield to maturity3.838%Apr 30, 2026Yield to maturity3.890%May 4, 2026Yield to maturity3.961%May 6, 2026Yield to maturity3.873%May 8, 2026Yield to maturity3.890%May 12, 2026Yield to maturity3.997%May 14, 2026Yield to maturity3.997%May 18, 2026Yield to maturity4.070%May 20, 2026Yield to maturity4.034%May 22, 2026Yield to maturity4.126%May 27, 2026Yield to maturity4.036%May 29, 2026Yield to maturity4.000%Jun 2, 2026Yield to maturity4.037%Jun 4, 2026Yield to maturity4.038%Jun 8, 2026Yield to maturity4.150%Jun 10, 2026Yield to maturity4.132%Jun 12, 2026Yield to maturity4.078%Jun 16, 2026Yield to maturity4.041%Jun 18, 2026Yield to maturity4.193%Jun 23, 2026Yield to maturity4.194%Jun 25, 2026Yield to maturity4.119%Jun 29, 2026Yield to maturity4.121%Jul 1, 2026Yield to maturity4.179%Jul 6, 2026Yield to maturity4.123%Jul 8, 2026Yield to maturity4.202%Jul 10, 2026Yield to maturity4.204%Jul 14, 2026Yield to maturity4.186%Jul 16, 2026Yield to maturity4.147%Jul 20, 2026Yield to maturity4.209%Jul 22, 2026Yield to maturity4.289%Jul 24, 2026Yield to maturity4.312%Jul 28, 2026Yield to maturity4.253%Jul 30, 2026Yield to maturity4.214%Aug 3, 2026Yield to maturity4.237%Aug 5, 2026Yield to maturity4.177%Aug 7, 2026Yield to maturity4.179%Aug 11, 2026Yield to maturity4.201%Aug 13, 2026Yield to maturity4.120%Aug 17, 2026Yield to maturity4.163%Aug 19, 2026Yield to maturity4.143%Aug 21, 2026Yield to maturity4.208%Aug 25, 2026Yield to maturity4.167%Aug 27, 2026Yield to maturity4.190%Aug 31, 2026Yield to maturity4.320%Sep 2, 2026Yield to maturity4.343%Sep 4, 2026Yield to maturity4.326%Sep 9, 2026Yield to maturity4.371%

Price history

373 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00101.50Mar 17, 2025Sep 9, 2026Mar 17, 2025Close99.563Mar 19, 2025Close99.781Mar 21, 2025Close99.875Mar 25, 2025Close99.719Mar 27, 2025Close99.656Mar 31, 2025Close99.969Apr 2, 2025Close99.969Apr 4, 2025Close100.594Apr 8, 2025Close100.406Apr 10, 2025Close100.031Apr 14, 2025Close100.063Apr 16, 2025Close100.313Apr 18, 2025Close100.219Apr 22, 2025Close100.188Apr 24, 2025Close100.250Apr 28, 2025Close100.563Apr 30, 2025Close100.813May 2, 2025Close100.188May 6, 2025Close100.313May 8, 2025Close100.000May 12, 2025Close99.750May 14, 2025Close99.563May 16, 2025Close99.813May 20, 2025Close99.844May 22, 2025Close99.750May 27, 2025Close99.875May 29, 2025Close99.906Jun 2, 2025Close99.938Jun 4, 2025Close100.094Jun 6, 2025Close99.625Jun 10, 2025Close99.750Jun 12, 2025Close100.000Jun 16, 2025Close99.844Jun 18, 2025Close99.969Jun 23, 2025Close100.188Jun 25, 2025Close100.344Jun 27, 2025Close100.406Jul 1, 2025Close100.313Jul 3, 2025Close100.063Jul 8, 2025Close100.000Jul 10, 2025Close100.125Jul 14, 2025Close100.031Jul 16, 2025Close100.063Jul 18, 2025Close100.125Jul 22, 2025Close100.250Jul 24, 2025Close100.031Jul 28, 2025Close100.000Jul 30, 2025Close99.969Aug 1, 2025Close100.500Aug 5, 2025Close100.500Aug 7, 2025Close100.469Aug 11, 2025Close100.375Aug 13, 2025Close100.563Aug 15, 2025Close100.375Aug 19, 2025Close100.438Aug 21, 2025Close100.344Aug 25, 2025Close100.500Aug 27, 2025Close100.688Aug 29, 2025Close100.719Sep 3, 2025Close100.719Sep 5, 2025Close100.938Sep 9, 2025Close100.906Sep 11, 2025Close100.906Sep 15, 2025Close100.875Sep 17, 2025Close100.875Sep 19, 2025Close100.750Sep 23, 2025Close100.750Sep 25, 2025Close100.531Sep 29, 2025Close100.594Oct 1, 2025Close100.781Oct 3, 2025Close100.719Oct 7, 2025Close100.719Oct 9, 2025Close100.656Oct 14, 2025Close100.938Oct 16, 2025Close101.063Oct 20, 2025Close100.969Oct 22, 2025Close101.031Oct 24, 2025Close100.938Oct 28, 2025Close100.906Oct 30, 2025Close100.625Nov 3, 2025Close100.625Nov 5, 2025Close100.563Nov 7, 2025Close100.750Nov 12, 2025Close100.719Nov 14, 2025Close100.594Nov 18, 2025Close100.688Nov 20, 2025Close100.750Nov 24, 2025Close100.875Nov 26, 2025Close100.906Dec 1, 2025Close100.750Dec 3, 2025Close100.844Dec 5, 2025Close100.688Dec 9, 2025Close100.563Dec 11, 2025Close100.750Dec 15, 2025Close100.781Dec 17, 2025Close100.813Dec 19, 2025Close100.813Dec 23, 2025Close100.688Dec 26, 2025Close100.813Dec 30, 2025Close100.875Jan 2, 2026Close100.813Jan 6, 2026Close100.813Jan 8, 2026Close100.781Jan 12, 2026Close100.688Jan 14, 2026Close100.719Jan 16, 2026Close100.563Jan 21, 2026Close100.563Jan 23, 2026Close100.531Jan 27, 2026Close100.594Jan 29, 2026Close100.625Feb 2, 2026Close100.594Feb 4, 2026Close100.594Feb 6, 2026Close100.750Feb 10, 2026Close100.844Feb 12, 2026Close100.813Feb 17, 2026Close100.875Feb 19, 2026Close100.813Feb 23, 2026Close100.875Feb 25, 2026Close100.781Feb 27, 2026Close100.969Mar 3, 2026Close100.719Mar 5, 2026Close100.563Mar 9, 2026Close100.594Mar 11, 2026Close100.438Mar 13, 2026Close100.250Mar 17, 2026Close100.375Mar 19, 2026Close100.125Mar 23, 2026Close100.031Mar 25, 2026Close99.969Mar 27, 2026Close99.906Mar 31, 2026Close100.125Apr 2, 2026Close100.125Apr 6, 2026Close100.031Apr 8, 2026Close100.125Apr 10, 2026Close100.094Apr 14, 2026Close100.188Apr 16, 2026Close100.156Apr 20, 2026Close100.250Apr 22, 2026Close100.125Apr 24, 2026Close100.156Apr 28, 2026Close100.063Apr 30, 2026Close99.969May 4, 2026Close99.844May 6, 2026Close100.000May 8, 2026Close99.969May 12, 2026Close99.781May 14, 2026Close99.781May 18, 2026Close99.656May 20, 2026Close99.719May 22, 2026Close99.563May 27, 2026Close99.719May 29, 2026Close99.781Jun 2, 2026Close99.719Jun 4, 2026Close99.719Jun 8, 2026Close99.531Jun 10, 2026Close99.563Jun 12, 2026Close99.656Jun 16, 2026Close99.719Jun 18, 2026Close99.469Jun 23, 2026Close99.469Jun 25, 2026Close99.594Jun 29, 2026Close99.594Jul 1, 2026Close99.500Jul 6, 2026Close99.594Jul 8, 2026Close99.469Jul 10, 2026Close99.469Jul 14, 2026Close99.500Jul 16, 2026Close99.563Jul 20, 2026Close99.469Jul 22, 2026Close99.344Jul 24, 2026Close99.313Jul 28, 2026Close99.406Jul 30, 2026Close99.469Aug 3, 2026Close99.438Aug 5, 2026Close99.531Aug 7, 2026Close99.531Aug 11, 2026Close99.500Aug 13, 2026Close99.625Aug 17, 2026Close99.563Aug 19, 2026Close99.594Aug 21, 2026Close99.500Aug 25, 2026Close99.563Aug 27, 2026Close99.531Aug 31, 2026Close99.344Sep 2, 2026Close99.313Sep 4, 2026Close99.344Sep 9, 2026Close99.281
The most recent 20 trading days of prices for 91282CMS7.
DateBidOfferClose
Sep 9, 202699.29799.28199.281
Sep 8, 202699.32899.31399.313
Sep 4, 202699.34499.34499.344
Sep 3, 202699.40699.40699.375
Sep 2, 202699.31399.31399.313
Sep 1, 202699.32899.31399.281
Aug 31, 202699.37599.37599.344
Aug 28, 202699.39199.37599.344
Aug 27, 202699.54799.53199.531
Aug 26, 202699.54799.53199.531
Aug 25, 202699.56399.56399.563
Aug 24, 202699.53199.53199.500
Aug 21, 202699.51699.50099.500
Aug 20, 202699.57899.56399.594
Aug 19, 202699.57899.56399.594
Aug 18, 202699.59499.59499.594
Aug 17, 202699.60999.59499.563
Aug 14, 202699.62599.62599.594
Aug 13, 202699.62599.62599.625
Aug 12, 202699.56399.56399.531

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 91282CMS7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 11, 2025Mar 17, 2025New issue$58.0bn$59.0bn2.70x3.908%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.