Treasury note

91282CMV0 · 3.875% due March 31, 2027

Original term
2-Year
Maturity
Mar 31, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
Mar 31, 2025
First coupon
Sep 30, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$70.78bn
Held stripped
$38.4m
Share stripped
0.05%

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
3.987%
Modified duration
0.534 yr
DV01
0.0054
Convexity
0.552
Dirty price
101.663

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 0.544 years against a modified duration of 0.534.

Against the fitted curve

Priced 9.0 bp rich to the curve on that day, 4.90 cents per 100 of face.

That is -2.91 standard deviations from its own typical residual.

Yield to maturity, 363 observations

3.4%3.6%3.8%4.0%4.2%Mar 31, 2025Sep 9, 2026Mar 31, 2025Yield to maturity3.891%Apr 2, 2025Yield to maturity3.908%Apr 4, 2025Yield to maturity3.677%Apr 8, 2025Yield to maturity3.709%Apr 10, 2025Yield to maturity3.841%Apr 14, 2025Yield to maturity3.841%Apr 16, 2025Yield to maturity3.774%Apr 18, 2025Yield to maturity3.807%Apr 22, 2025Yield to maturity3.806%Apr 24, 2025Yield to maturity3.823%Apr 28, 2025Yield to maturity3.704%Apr 30, 2025Yield to maturity3.618%May 2, 2025Yield to maturity3.856%May 6, 2025Yield to maturity3.805%May 8, 2025Yield to maturity3.925%May 12, 2025Yield to maturity4.012%May 14, 2025Yield to maturity4.065%May 16, 2025Yield to maturity3.996%May 20, 2025Yield to maturity3.978%May 22, 2025Yield to maturity4.014%May 27, 2025Yield to maturity3.997%May 29, 2025Yield to maturity3.980%Jun 2, 2025Yield to maturity3.980%Jun 4, 2025Yield to maturity3.908%Jun 6, 2025Yield to maturity4.071%Jun 10, 2025Yield to maturity4.036%Jun 12, 2025Yield to maturity3.927%Jun 16, 2025Yield to maturity4.000%Jun 18, 2025Yield to maturity3.964%Jun 23, 2025Yield to maturity3.872%Jun 25, 2025Yield to maturity3.817%Jun 27, 2025Yield to maturity3.798%Jul 1, 2025Yield to maturity3.835%Jul 3, 2025Yield to maturity3.929%Jul 8, 2025Yield to maturity3.948%Jul 10, 2025Yield to maturity3.910%Jul 14, 2025Yield to maturity3.929%Jul 16, 2025Yield to maturity3.930%Jul 18, 2025Yield to maturity3.930%Jul 22, 2025Yield to maturity3.872%Jul 24, 2025Yield to maturity3.969%Jul 28, 2025Yield to maturity3.970%Jul 30, 2025Yield to maturity3.990%Aug 1, 2025Yield to maturity3.755%Aug 5, 2025Yield to maturity3.774%Aug 7, 2025Yield to maturity3.774%Aug 11, 2025Yield to maturity3.813%Aug 13, 2025Yield to maturity3.733%Aug 15, 2025Yield to maturity3.813%Aug 19, 2025Yield to maturity3.792%Aug 21, 2025Yield to maturity3.833%Aug 25, 2025Yield to maturity3.792%Aug 27, 2025Yield to maturity3.710%Aug 29, 2025Yield to maturity3.709%Sep 3, 2025Yield to maturity3.688%Sep 5, 2025Yield to maturity3.604%Sep 9, 2025Yield to maturity3.624%Sep 11, 2025Yield to maturity3.602%Sep 15, 2025Yield to maturity3.600%Sep 17, 2025Yield to maturity3.578%Sep 19, 2025Yield to maturity3.619%Sep 23, 2025Yield to maturity3.640%Sep 25, 2025Yield to maturity3.725%Sep 29, 2025Yield to maturity3.681%Oct 1, 2025Yield to maturity3.615%Oct 3, 2025Yield to maturity3.634%Oct 7, 2025Yield to maturity3.634%Oct 9, 2025Yield to maturity3.633%Oct 14, 2025Yield to maturity3.519%Oct 16, 2025Yield to maturity3.474%Oct 20, 2025Yield to maturity3.515%Oct 22, 2025Yield to maturity3.491%Oct 24, 2025Yield to maturity3.533%Oct 28, 2025Yield to maturity3.555%Oct 30, 2025Yield to maturity3.667%Nov 3, 2025Yield to maturity3.666%Nov 5, 2025Yield to maturity3.688%Nov 7, 2025Yield to maturity3.616%Nov 12, 2025Yield to maturity3.615%Nov 14, 2025Yield to maturity3.683%Nov 18, 2025Yield to maturity3.635%Nov 20, 2025Yield to maturity3.610%Nov 24, 2025Yield to maturity3.560%Nov 26, 2025Yield to maturity3.583%Dec 1, 2025Yield to maturity3.604%Dec 3, 2025Yield to maturity3.555%Dec 5, 2025Yield to maturity3.601%Dec 9, 2025Yield to maturity3.624%Dec 11, 2025Yield to maturity3.549%Dec 15, 2025Yield to maturity3.546%Dec 17, 2025Yield to maturity3.520%Dec 19, 2025Yield to maturity3.517%Dec 23, 2025Yield to maturity3.541%Dec 26, 2025Yield to maturity3.512%Dec 30, 2025Yield to maturity3.484%Jan 2, 2026Yield to maturity3.506%Jan 6, 2026Yield to maturity3.504%Jan 8, 2026Yield to maturity3.503%Jan 12, 2026Yield to maturity3.552%Jan 14, 2026Yield to maturity3.524%Jan 16, 2026Yield to maturity3.601%Jan 21, 2026Yield to maturity3.600%Jan 23, 2026Yield to maturity3.598%Jan 27, 2026Yield to maturity3.569%Jan 29, 2026Yield to maturity3.568%Feb 2, 2026Yield to maturity3.565%Feb 4, 2026Yield to maturity3.564%Feb 6, 2026Yield to maturity3.504%Feb 10, 2026Yield to maturity3.475%Feb 12, 2026Yield to maturity3.501%Feb 17, 2026Yield to maturity3.497%Feb 19, 2026Yield to maturity3.524%Feb 23, 2026Yield to maturity3.550%Feb 25, 2026Yield to maturity3.549%Feb 27, 2026Yield to maturity3.516%Mar 3, 2026Yield to maturity3.574%Mar 5, 2026Yield to maturity3.632%Mar 9, 2026Yield to maturity3.600%Mar 11, 2026Yield to maturity3.629%Mar 13, 2026Yield to maturity3.688%Mar 17, 2026Yield to maturity3.657%Mar 19, 2026Yield to maturity3.812%Mar 23, 2026Yield to maturity3.811%Mar 25, 2026Yield to maturity3.811%Mar 27, 2026Yield to maturity3.811%Mar 31, 2026Yield to maturity3.746%Apr 2, 2026Yield to maturity3.745%Apr 6, 2026Yield to maturity3.776%Apr 8, 2026Yield to maturity3.775%Apr 10, 2026Yield to maturity3.774%Apr 14, 2026Yield to maturity3.740%Apr 16, 2026Yield to maturity3.705%Apr 20, 2026Yield to maturity3.703%Apr 22, 2026Yield to maturity3.702%Apr 24, 2026Yield to maturity3.699%Apr 28, 2026Yield to maturity3.733%Apr 30, 2026Yield to maturity3.767%May 4, 2026Yield to maturity3.801%May 6, 2026Yield to maturity3.765%May 8, 2026Yield to maturity3.763%May 12, 2026Yield to maturity3.799%May 14, 2026Yield to maturity3.798%May 18, 2026Yield to maturity3.834%May 20, 2026Yield to maturity3.833%May 22, 2026Yield to maturity3.870%May 27, 2026Yield to maturity3.832%May 29, 2026Yield to maturity3.831%Jun 2, 2026Yield to maturity3.870%Jun 4, 2026Yield to maturity3.870%Jun 8, 2026Yield to maturity3.909%Jun 10, 2026Yield to maturity3.909%Jun 12, 2026Yield to maturity3.910%Jun 16, 2026Yield to maturity3.910%Jun 18, 2026Yield to maturity4.034%Jun 23, 2026Yield to maturity4.036%Jun 25, 2026Yield to maturity3.995%Jun 29, 2026Yield to maturity3.996%Jul 1, 2026Yield to maturity3.997%Jul 6, 2026Yield to maturity3.956%Jul 8, 2026Yield to maturity4.044%Jul 10, 2026Yield to maturity4.002%Jul 14, 2026Yield to maturity4.003%Jul 16, 2026Yield to maturity4.004%Jul 20, 2026Yield to maturity4.007%Jul 22, 2026Yield to maturity4.101%Jul 24, 2026Yield to maturity4.104%Jul 28, 2026Yield to maturity4.059%Jul 30, 2026Yield to maturity4.012%Aug 3, 2026Yield to maturity4.015%Aug 5, 2026Yield to maturity3.967%Aug 7, 2026Yield to maturity3.969%Aug 11, 2026Yield to maturity3.970%Aug 13, 2026Yield to maturity3.920%Aug 17, 2026Yield to maturity3.921%Aug 19, 2026Yield to maturity3.922%Aug 21, 2026Yield to maturity3.923%Aug 25, 2026Yield to maturity3.924%Aug 27, 2026Yield to maturity3.924%Aug 31, 2026Yield to maturity4.036%Sep 2, 2026Yield to maturity4.038%Sep 4, 2026Yield to maturity4.042%Sep 9, 2026Yield to maturity3.987%

Price history

363 trading days to Sep 9, 2026

99.699.8100.0100.2100.4100.6Mar 31, 2025Sep 9, 2026Mar 31, 2025Close99.969Apr 2, 2025Close99.938Apr 4, 2025Close100.375Apr 8, 2025Close100.313Apr 10, 2025Close100.063Apr 14, 2025Close100.063Apr 16, 2025Close100.188Apr 18, 2025Close100.125Apr 22, 2025Close100.125Apr 24, 2025Close100.094Apr 28, 2025Close100.313Apr 30, 2025Close100.469May 2, 2025Close100.031May 6, 2025Close100.125May 8, 2025Close99.906May 12, 2025Close99.750May 14, 2025Close99.656May 16, 2025Close99.781May 20, 2025Close99.813May 22, 2025Close99.750May 27, 2025Close99.781May 29, 2025Close99.813Jun 2, 2025Close99.813Jun 4, 2025Close99.938Jun 6, 2025Close99.656Jun 10, 2025Close99.719Jun 12, 2025Close99.906Jun 16, 2025Close99.781Jun 18, 2025Close99.844Jun 23, 2025Close100.000Jun 25, 2025Close100.094Jun 27, 2025Close100.125Jul 1, 2025Close100.063Jul 3, 2025Close99.906Jul 8, 2025Close99.875Jul 10, 2025Close99.938Jul 14, 2025Close99.906Jul 16, 2025Close99.906Jul 18, 2025Close99.906Jul 22, 2025Close100.000Jul 24, 2025Close99.844Jul 28, 2025Close99.844Jul 30, 2025Close99.813Aug 1, 2025Close100.188Aug 5, 2025Close100.156Aug 7, 2025Close100.156Aug 11, 2025Close100.094Aug 13, 2025Close100.219Aug 15, 2025Close100.094Aug 19, 2025Close100.125Aug 21, 2025Close100.063Aug 25, 2025Close100.125Aug 27, 2025Close100.250Aug 29, 2025Close100.250Sep 3, 2025Close100.281Sep 5, 2025Close100.406Sep 9, 2025Close100.375Sep 11, 2025Close100.406Sep 15, 2025Close100.406Sep 17, 2025Close100.438Sep 19, 2025Close100.375Sep 23, 2025Close100.344Sep 25, 2025Close100.219Sep 29, 2025Close100.281Oct 1, 2025Close100.375Oct 3, 2025Close100.344Oct 7, 2025Close100.344Oct 9, 2025Close100.344Oct 14, 2025Close100.500Oct 16, 2025Close100.563Oct 20, 2025Close100.500Oct 22, 2025Close100.531Oct 24, 2025Close100.469Oct 28, 2025Close100.438Oct 30, 2025Close100.281Nov 3, 2025Close100.281Nov 5, 2025Close100.250Nov 7, 2025Close100.344Nov 12, 2025Close100.344Nov 14, 2025Close100.250Nov 18, 2025Close100.313Nov 20, 2025Close100.344Nov 24, 2025Close100.406Nov 26, 2025Close100.375Dec 1, 2025Close100.344Dec 3, 2025Close100.406Dec 5, 2025Close100.344Dec 9, 2025Close100.313Dec 11, 2025Close100.406Dec 15, 2025Close100.406Dec 17, 2025Close100.438Dec 19, 2025Close100.438Dec 23, 2025Close100.406Dec 26, 2025Close100.438Dec 30, 2025Close100.469Jan 2, 2026Close100.438Jan 6, 2026Close100.438Jan 8, 2026Close100.438Jan 12, 2026Close100.375Jan 14, 2026Close100.406Jan 16, 2026Close100.313Jan 21, 2026Close100.313Jan 23, 2026Close100.313Jan 27, 2026Close100.344Jan 29, 2026Close100.344Feb 2, 2026Close100.344Feb 4, 2026Close100.344Feb 6, 2026Close100.406Feb 10, 2026Close100.438Feb 12, 2026Close100.406Feb 17, 2026Close100.406Feb 19, 2026Close100.375Feb 23, 2026Close100.344Feb 25, 2026Close100.344Feb 27, 2026Close100.375Mar 3, 2026Close100.313Mar 5, 2026Close100.250Mar 9, 2026Close100.281Mar 11, 2026Close100.250Mar 13, 2026Close100.188Mar 17, 2026Close100.219Mar 19, 2026Close100.063Mar 23, 2026Close100.063Mar 25, 2026Close100.063Mar 27, 2026Close100.063Mar 31, 2026Close100.125Apr 2, 2026Close100.125Apr 6, 2026Close100.094Apr 8, 2026Close100.094Apr 10, 2026Close100.094Apr 14, 2026Close100.125Apr 16, 2026Close100.156Apr 20, 2026Close100.156Apr 22, 2026Close100.156Apr 24, 2026Close100.156Apr 28, 2026Close100.125Apr 30, 2026Close100.094May 4, 2026Close100.063May 6, 2026Close100.094May 8, 2026Close100.094May 12, 2026Close100.063May 14, 2026Close100.063May 18, 2026Close100.031May 20, 2026Close100.031May 22, 2026Close100.000May 27, 2026Close100.031May 29, 2026Close100.031Jun 2, 2026Close100.000Jun 4, 2026Close100.000Jun 8, 2026Close99.969Jun 10, 2026Close99.969Jun 12, 2026Close99.969Jun 16, 2026Close99.969Jun 18, 2026Close99.875Jun 23, 2026Close99.875Jun 25, 2026Close99.906Jun 29, 2026Close99.906Jul 1, 2026Close99.906Jul 6, 2026Close99.938Jul 8, 2026Close99.875Jul 10, 2026Close99.906Jul 14, 2026Close99.906Jul 16, 2026Close99.906Jul 20, 2026Close99.906Jul 22, 2026Close99.844Jul 24, 2026Close99.844Jul 28, 2026Close99.875Jul 30, 2026Close99.906Aug 3, 2026Close99.906Aug 5, 2026Close99.938Aug 7, 2026Close99.938Aug 11, 2026Close99.938Aug 13, 2026Close99.969Aug 17, 2026Close99.969Aug 19, 2026Close99.969Aug 21, 2026Close99.969Aug 25, 2026Close99.969Aug 27, 2026Close99.969Aug 31, 2026Close99.906Sep 2, 2026Close99.906Sep 4, 2026Close99.906Sep 9, 2026Close99.938
The most recent 20 trading days of prices for 91282CMV0.
DateBidOfferClose
Sep 9, 202699.92299.90699.938
Sep 8, 202699.93899.93899.938
Sep 4, 202699.92299.90699.906
Sep 3, 202699.95399.93899.938
Sep 2, 202699.92299.90699.906
Sep 1, 202699.92299.90699.906
Aug 31, 202699.92299.90699.906
Aug 28, 202699.93899.90699.906
Aug 27, 202699.98499.96999.969
Aug 26, 202699.95399.93899.969
Aug 25, 202699.96999.96999.969
Aug 24, 202699.96999.96999.938
Aug 21, 202699.96999.96999.969
Aug 20, 202699.98499.96999.969
Aug 19, 202699.98499.96999.969
Aug 18, 202699.98499.96999.969
Aug 17, 202699.98499.96999.969
Aug 14, 202699.98499.96999.969
Aug 13, 202699.98499.96999.969
Aug 12, 202699.95399.93899.938

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 91282CMV0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 25, 2025Mar 31, 2025New issue$69.0bn$71.0bn2.66x3.984%

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.