Treasury note

91282CMW8 · 3.75% due April 15, 2028

Original term
3-Year
Maturity
Apr 15, 2028
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 15, 2025
First coupon
Oct 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$67.68bn
Held stripped
$33.9m
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
4.383%
Modified duration
1.508 yr
DV01
0.0152
Convexity
3.070
Dirty price
100.548

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 1.541 years against a modified duration of 1.508.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 0.91 cents per 100 of face.

That is 0.74 standard deviations from its own typical residual.

Yield to maturity, 352 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%Apr 15, 2025Sep 9, 2026Apr 15, 2025Yield to maturity3.850%Apr 17, 2025Yield to maturity3.817%Apr 21, 2025Yield to maturity3.772%Apr 23, 2025Yield to maturity3.873%Apr 25, 2025Yield to maturity3.761%Apr 29, 2025Yield to maturity3.648%May 1, 2025Yield to maturity3.693%May 5, 2025Yield to maturity3.817%May 7, 2025Yield to maturity3.761%May 9, 2025Yield to maturity3.886%May 13, 2025Yield to maturity4.024%May 15, 2025Yield to maturity3.967%May 19, 2025Yield to maturity3.956%May 21, 2025Yield to maturity4.002%May 23, 2025Yield to maturity3.969%May 28, 2025Yield to maturity3.969%May 30, 2025Yield to maturity3.876%Jun 3, 2025Yield to maturity3.935%Jun 5, 2025Yield to maturity3.912%Jun 9, 2025Yield to maturity3.995%Jun 11, 2025Yield to maturity3.924%Jun 13, 2025Yield to maturity3.925%Jun 17, 2025Yield to maturity3.914%Jun 20, 2025Yield to maturity3.879%Jun 24, 2025Yield to maturity3.760%Jun 26, 2025Yield to maturity3.701%Jun 30, 2025Yield to maturity3.701%Jul 2, 2025Yield to maturity3.784%Jul 7, 2025Yield to maturity3.868%Jul 9, 2025Yield to maturity3.820%Jul 11, 2025Yield to maturity3.881%Jul 15, 2025Yield to maturity3.930%Jul 17, 2025Yield to maturity3.894%Jul 21, 2025Yield to maturity3.809%Jul 23, 2025Yield to maturity3.846%Jul 25, 2025Yield to maturity3.871%Jul 29, 2025Yield to maturity3.834%Jul 31, 2025Yield to maturity3.896%Aug 4, 2025Yield to maturity3.662%Aug 6, 2025Yield to maturity3.675%Aug 8, 2025Yield to maturity3.736%Aug 12, 2025Yield to maturity3.711%Aug 14, 2025Yield to maturity3.711%Aug 18, 2025Yield to maturity3.736%Aug 20, 2025Yield to maturity3.699%Aug 22, 2025Yield to maturity3.648%Aug 26, 2025Yield to maturity3.636%Aug 28, 2025Yield to maturity3.610%Sep 2, 2025Yield to maturity3.635%Sep 4, 2025Yield to maturity3.559%Sep 8, 2025Yield to maturity3.483%Sep 10, 2025Yield to maturity3.507%Sep 12, 2025Yield to maturity3.545%Sep 16, 2025Yield to maturity3.493%Sep 18, 2025Yield to maturity3.557%Sep 22, 2025Yield to maturity3.582%Sep 24, 2025Yield to maturity3.607%Sep 26, 2025Yield to maturity3.659%Sep 30, 2025Yield to maturity3.620%Oct 2, 2025Yield to maturity3.554%Oct 6, 2025Yield to maturity3.619%Oct 8, 2025Yield to maturity3.593%Oct 10, 2025Yield to maturity3.526%Oct 15, 2025Yield to maturity3.513%Oct 17, 2025Yield to maturity3.459%Oct 21, 2025Yield to maturity3.458%Oct 23, 2025Yield to maturity3.484%Oct 27, 2025Yield to maturity3.509%Oct 29, 2025Yield to maturity3.602%Oct 31, 2025Yield to maturity3.601%Nov 4, 2025Yield to maturity3.588%Nov 6, 2025Yield to maturity3.574%Nov 10, 2025Yield to maturity3.586%Nov 13, 2025Yield to maturity3.586%Nov 17, 2025Yield to maturity3.612%Nov 19, 2025Yield to maturity3.584%Nov 21, 2025Yield to maturity3.501%Nov 25, 2025Yield to maturity3.460%Nov 28, 2025Yield to maturity3.486%Dec 2, 2025Yield to maturity3.526%Dec 4, 2025Yield to maturity3.540%Dec 8, 2025Yield to maturity3.595%Dec 10, 2025Yield to maturity3.552%Dec 12, 2025Yield to maturity3.551%Dec 16, 2025Yield to maturity3.495%Dec 18, 2025Yield to maturity3.480%Dec 22, 2025Yield to maturity3.521%Dec 24, 2025Yield to maturity3.577%Dec 29, 2025Yield to maturity3.491%Dec 31, 2025Yield to maturity3.504%Jan 5, 2026Yield to maturity3.488%Jan 7, 2026Yield to maturity3.488%Jan 9, 2026Yield to maturity3.559%Jan 13, 2026Yield to maturity3.544%Jan 15, 2026Yield to maturity3.587%Jan 20, 2026Yield to maturity3.630%Jan 22, 2026Yield to maturity3.630%Jan 26, 2026Yield to maturity3.615%Jan 28, 2026Yield to maturity3.614%Jan 30, 2026Yield to maturity3.554%Feb 3, 2026Yield to maturity3.599%Feb 5, 2026Yield to maturity3.494%Feb 9, 2026Yield to maturity3.508%Feb 11, 2026Yield to maturity3.537%Feb 13, 2026Yield to maturity3.415%Feb 18, 2026Yield to maturity3.475%Feb 20, 2026Yield to maturity3.489%Feb 24, 2026Yield to maturity3.458%Feb 26, 2026Yield to maturity3.457%Mar 2, 2026Yield to maturity3.486%Mar 4, 2026Yield to maturity3.547%Mar 6, 2026Yield to maturity3.577%Mar 10, 2026Yield to maturity3.593%Mar 12, 2026Yield to maturity3.764%Mar 16, 2026Yield to maturity3.686%Mar 18, 2026Yield to maturity3.765%Mar 20, 2026Yield to maturity3.924%Mar 24, 2026Yield to maturity3.957%Mar 26, 2026Yield to maturity4.021%Mar 30, 2026Yield to maturity3.846%Apr 1, 2026Yield to maturity3.830%Apr 3, 2026Yield to maturity3.879%Apr 7, 2026Yield to maturity3.847%Apr 9, 2026Yield to maturity3.799%Apr 13, 2026Yield to maturity3.799%Apr 15, 2026Yield to maturity3.783%Apr 17, 2026Yield to maturity3.717%Apr 21, 2026Yield to maturity3.783%Apr 23, 2026Yield to maturity3.832%Apr 27, 2026Yield to maturity3.816%Apr 29, 2026Yield to maturity3.933%May 1, 2026Yield to maturity3.884%May 5, 2026Yield to maturity3.951%May 7, 2026Yield to maturity3.918%May 11, 2026Yield to maturity3.953%May 13, 2026Yield to maturity3.988%May 15, 2026Yield to maturity4.092%May 19, 2026Yield to maturity4.127%May 21, 2026Yield to maturity4.076%May 26, 2026Yield to maturity4.044%May 28, 2026Yield to maturity4.027%Jun 1, 2026Yield to maturity4.046%Jun 3, 2026Yield to maturity4.082%Jun 5, 2026Yield to maturity4.173%Jun 9, 2026Yield to maturity4.138%Jun 11, 2026Yield to maturity4.068%Jun 15, 2026Yield to maturity4.070%Jun 17, 2026Yield to maturity4.215%Jun 22, 2026Yield to maturity4.236%Jun 24, 2026Yield to maturity4.146%Jun 26, 2026Yield to maturity4.094%Jun 30, 2026Yield to maturity4.150%Jul 2, 2026Yield to maturity4.153%Jul 7, 2026Yield to maturity4.191%Jul 9, 2026Yield to maturity4.174%Jul 13, 2026Yield to maturity4.270%Jul 15, 2026Yield to maturity4.140%Jul 17, 2026Yield to maturity4.180%Jul 21, 2026Yield to maturity4.257%Jul 23, 2026Yield to maturity4.354%Jul 27, 2026Yield to maturity4.320%Jul 29, 2026Yield to maturity4.225%Jul 31, 2026Yield to maturity4.286%Aug 4, 2026Yield to maturity4.191%Aug 6, 2026Yield to maturity4.251%Aug 10, 2026Yield to maturity4.235%Aug 12, 2026Yield to maturity4.197%Aug 14, 2026Yield to maturity4.160%Aug 18, 2026Yield to maturity4.162%Aug 20, 2026Yield to maturity4.163%Aug 24, 2026Yield to maturity4.226%Aug 26, 2026Yield to maturity4.207%Aug 28, 2026Yield to maturity4.332%Sep 1, 2026Yield to maturity4.375%Sep 3, 2026Yield to maturity4.315%Sep 8, 2026Yield to maturity4.361%Sep 9, 2026Yield to maturity4.383%

Price history

352 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00Apr 15, 2025Sep 9, 2026Apr 15, 2025Close99.719Apr 17, 2025Close99.813Apr 21, 2025Close99.938Apr 23, 2025Close99.656Apr 25, 2025Close99.969Apr 29, 2025Close100.281May 1, 2025Close100.156May 5, 2025Close99.813May 7, 2025Close99.969May 9, 2025Close99.625May 13, 2025Close99.250May 15, 2025Close99.406May 19, 2025Close99.438May 21, 2025Close99.313May 23, 2025Close99.406May 28, 2025Close99.406May 30, 2025Close99.656Jun 3, 2025Close99.500Jun 5, 2025Close99.563Jun 9, 2025Close99.344Jun 11, 2025Close99.531Jun 13, 2025Close99.531Jun 17, 2025Close99.563Jun 20, 2025Close99.656Jun 24, 2025Close99.969Jun 26, 2025Close100.125Jun 30, 2025Close100.125Jul 2, 2025Close99.906Jul 7, 2025Close99.688Jul 9, 2025Close99.813Jul 11, 2025Close99.656Jul 15, 2025Close99.531Jul 17, 2025Close99.625Jul 21, 2025Close99.844Jul 23, 2025Close99.750Jul 25, 2025Close99.688Jul 29, 2025Close99.781Jul 31, 2025Close99.625Aug 4, 2025Close100.219Aug 6, 2025Close100.188Aug 8, 2025Close100.031Aug 12, 2025Close100.094Aug 14, 2025Close100.094Aug 18, 2025Close100.031Aug 20, 2025Close100.125Aug 22, 2025Close100.250Aug 26, 2025Close100.281Aug 28, 2025Close100.344Sep 2, 2025Close100.281Sep 4, 2025Close100.469Sep 8, 2025Close100.656Sep 10, 2025Close100.594Sep 12, 2025Close100.500Sep 16, 2025Close100.625Sep 18, 2025Close100.469Sep 22, 2025Close100.406Sep 24, 2025Close100.344Sep 26, 2025Close100.219Sep 30, 2025Close100.313Oct 2, 2025Close100.469Oct 6, 2025Close100.313Oct 8, 2025Close100.375Oct 10, 2025Close100.531Oct 15, 2025Close100.563Oct 17, 2025Close100.688Oct 21, 2025Close100.688Oct 23, 2025Close100.625Oct 27, 2025Close100.563Oct 29, 2025Close100.344Oct 31, 2025Close100.344Nov 4, 2025Close100.375Nov 6, 2025Close100.406Nov 10, 2025Close100.375Nov 13, 2025Close100.375Nov 17, 2025Close100.313Nov 19, 2025Close100.375Nov 21, 2025Close100.563Nov 25, 2025Close100.656Nov 28, 2025Close100.594Dec 2, 2025Close100.500Dec 4, 2025Close100.469Dec 8, 2025Close100.344Dec 10, 2025Close100.438Dec 12, 2025Close100.438Dec 16, 2025Close100.563Dec 18, 2025Close100.594Dec 22, 2025Close100.500Dec 24, 2025Close100.375Dec 29, 2025Close100.563Dec 31, 2025Close100.531Jan 5, 2026Close100.563Jan 7, 2026Close100.563Jan 9, 2026Close100.406Jan 13, 2026Close100.438Jan 15, 2026Close100.344Jan 20, 2026Close100.250Jan 22, 2026Close100.250Jan 26, 2026Close100.281Jan 28, 2026Close100.281Jan 30, 2026Close100.406Feb 3, 2026Close100.313Feb 5, 2026Close100.531Feb 9, 2026Close100.500Feb 11, 2026Close100.438Feb 13, 2026Close100.688Feb 18, 2026Close100.563Feb 20, 2026Close100.531Feb 24, 2026Close100.594Feb 26, 2026Close100.594Mar 2, 2026Close100.531Mar 4, 2026Close100.406Mar 6, 2026Close100.344Mar 10, 2026Close100.313Mar 12, 2026Close99.969Mar 16, 2026Close100.125Mar 18, 2026Close99.969Mar 20, 2026Close99.656Mar 24, 2026Close99.594Mar 26, 2026Close99.469Mar 30, 2026Close99.813Apr 1, 2026Close99.844Apr 3, 2026Close99.750Apr 7, 2026Close99.813Apr 9, 2026Close99.906Apr 13, 2026Close99.906Apr 15, 2026Close99.938Apr 17, 2026Close100.063Apr 21, 2026Close99.938Apr 23, 2026Close99.844Apr 27, 2026Close99.875Apr 29, 2026Close99.656May 1, 2026Close99.750May 5, 2026Close99.625May 7, 2026Close99.688May 11, 2026Close99.625May 13, 2026Close99.563May 15, 2026Close99.375May 19, 2026Close99.313May 21, 2026Close99.406May 26, 2026Close99.469May 28, 2026Close99.500Jun 1, 2026Close99.469Jun 3, 2026Close99.406Jun 5, 2026Close99.250Jun 9, 2026Close99.313Jun 11, 2026Close99.438Jun 15, 2026Close99.438Jun 17, 2026Close99.188Jun 22, 2026Close99.156Jun 24, 2026Close99.313Jun 26, 2026Close99.406Jun 30, 2026Close99.313Jul 2, 2026Close99.313Jul 7, 2026Close99.250Jul 9, 2026Close99.281Jul 13, 2026Close99.125Jul 15, 2026Close99.344Jul 17, 2026Close99.281Jul 21, 2026Close99.156Jul 23, 2026Close99.000Jul 27, 2026Close99.063Jul 29, 2026Close99.219Jul 31, 2026Close99.125Aug 4, 2026Close99.281Aug 6, 2026Close99.188Aug 10, 2026Close99.219Aug 12, 2026Close99.281Aug 14, 2026Close99.344Aug 18, 2026Close99.344Aug 20, 2026Close99.344Aug 24, 2026Close99.250Aug 26, 2026Close99.281Aug 28, 2026Close99.094Sep 1, 2026Close99.031Sep 3, 2026Close99.125Sep 8, 2026Close99.063Sep 9, 2026Close99.031
The most recent 20 trading days of prices for 91282CMW8.
DateBidOfferClose
Sep 9, 202699.04799.03199.031
Sep 8, 202699.07899.06399.063
Sep 4, 202699.09499.09499.063
Sep 3, 202699.14199.12599.125
Sep 2, 202699.04799.03199.031
Sep 1, 202699.06399.06399.031
Aug 31, 202699.10999.09499.094
Aug 28, 202699.14199.12599.094
Aug 27, 202699.29799.28199.281
Aug 26, 202699.29799.28199.281
Aug 25, 202699.31399.31399.313
Aug 24, 202699.28199.28199.250
Aug 21, 202699.25099.25099.250
Aug 20, 202699.32899.31399.344
Aug 19, 202699.32899.31399.344
Aug 18, 202699.34499.34499.344
Aug 17, 202699.35999.34499.344
Aug 14, 202699.39199.37599.344
Aug 13, 202699.37599.37599.375
Aug 12, 202699.31399.31399.281

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 91282CMW8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 8, 2025Apr 15, 2025New issue$58.0bn$67.7bn2.47x3.784%

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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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.