Treasury note

91282CMY4 · 3.75% due April 30, 2027

Original term
2-Year
Maturity
Apr 30, 2027
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 30, 2025
First coupon
Oct 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$73.27bn
Held stripped
$136.6m
Share stripped
0.19%

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
4.094%
Modified duration
0.617 yr
DV01
0.0062
Convexity
0.687
Dirty price
101.137

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 0.626 years against a modified duration of 0.617.

Against the fitted curve

Priced 0.3 bp rich to the curve on that day, 0.21 cents per 100 of face.

That is 0.64 standard deviations from its own typical residual.

Yield to maturity, 341 observations

3.4%3.6%3.8%4.0%4.2%Apr 30, 2025Sep 9, 2026Apr 30, 2025Yield to maturity3.603%May 2, 2025Yield to maturity3.832%May 6, 2025Yield to maturity3.783%May 8, 2025Yield to maturity3.899%May 12, 2025Yield to maturity3.983%May 14, 2025Yield to maturity4.051%May 16, 2025Yield to maturity3.985%May 20, 2025Yield to maturity3.968%May 22, 2025Yield to maturity4.003%May 27, 2025Yield to maturity3.970%May 29, 2025Yield to maturity3.971%Jun 2, 2025Yield to maturity3.955%Jun 4, 2025Yield to maturity3.886%Jun 6, 2025Yield to maturity4.043%Jun 10, 2025Yield to maturity4.026%Jun 12, 2025Yield to maturity3.922%Jun 16, 2025Yield to maturity3.976%Jun 18, 2025Yield to maturity3.941%Jun 23, 2025Yield to maturity3.854%Jun 25, 2025Yield to maturity3.801%Jun 27, 2025Yield to maturity3.783%Jul 1, 2025Yield to maturity3.819%Jul 3, 2025Yield to maturity3.910%Jul 8, 2025Yield to maturity3.928%Jul 10, 2025Yield to maturity3.892%Jul 14, 2025Yield to maturity3.930%Jul 16, 2025Yield to maturity3.912%Jul 18, 2025Yield to maturity3.913%Jul 22, 2025Yield to maturity3.858%Jul 24, 2025Yield to maturity3.951%Jul 28, 2025Yield to maturity3.952%Jul 30, 2025Yield to maturity3.971%Aug 1, 2025Yield to maturity3.747%Aug 5, 2025Yield to maturity3.766%Aug 7, 2025Yield to maturity3.766%Aug 11, 2025Yield to maturity3.785%Aug 13, 2025Yield to maturity3.709%Aug 15, 2025Yield to maturity3.786%Aug 19, 2025Yield to maturity3.786%Aug 21, 2025Yield to maturity3.824%Aug 25, 2025Yield to maturity3.767%Aug 27, 2025Yield to maturity3.689%Aug 29, 2025Yield to maturity3.669%Sep 3, 2025Yield to maturity3.669%Sep 5, 2025Yield to maturity3.570%Sep 9, 2025Yield to maturity3.589%Sep 11, 2025Yield to maturity3.589%Sep 15, 2025Yield to maturity3.588%Sep 17, 2025Yield to maturity3.568%Sep 19, 2025Yield to maturity3.607%Sep 23, 2025Yield to maturity3.627%Sep 25, 2025Yield to maturity3.708%Sep 29, 2025Yield to maturity3.666%Oct 1, 2025Yield to maturity3.584%Oct 3, 2025Yield to maturity3.604%Oct 7, 2025Yield to maturity3.604%Oct 9, 2025Yield to maturity3.624%Oct 14, 2025Yield to maturity3.518%Oct 16, 2025Yield to maturity3.455%Oct 20, 2025Yield to maturity3.495%Oct 22, 2025Yield to maturity3.494%Oct 24, 2025Yield to maturity3.514%Oct 28, 2025Yield to maturity3.535%Oct 30, 2025Yield to maturity3.642%Nov 3, 2025Yield to maturity3.641%Nov 5, 2025Yield to maturity3.662%Nov 7, 2025Yield to maturity3.596%Nov 12, 2025Yield to maturity3.594%Nov 14, 2025Yield to maturity3.660%Nov 18, 2025Yield to maturity3.615%Nov 20, 2025Yield to maturity3.592%Nov 24, 2025Yield to maturity3.545%Nov 26, 2025Yield to maturity3.544%Dec 1, 2025Yield to maturity3.588%Dec 3, 2025Yield to maturity3.541%Dec 5, 2025Yield to maturity3.586%Dec 9, 2025Yield to maturity3.632%Dec 11, 2025Yield to maturity3.561%Dec 15, 2025Yield to maturity3.536%Dec 17, 2025Yield to maturity3.512%Dec 19, 2025Yield to maturity3.486%Dec 23, 2025Yield to maturity3.532%Dec 26, 2025Yield to maturity3.506%Dec 30, 2025Yield to maturity3.481%Jan 2, 2026Yield to maturity3.502%Jan 6, 2026Yield to maturity3.501%Jan 8, 2026Yield to maturity3.500%Jan 12, 2026Yield to maturity3.548%Jan 14, 2026Yield to maturity3.522%Jan 16, 2026Yield to maturity3.595%Jan 21, 2026Yield to maturity3.594%Jan 23, 2026Yield to maturity3.593%Jan 27, 2026Yield to maturity3.567%Jan 29, 2026Yield to maturity3.540%Feb 2, 2026Yield to maturity3.564%Feb 4, 2026Yield to maturity3.564%Feb 6, 2026Yield to maturity3.509%Feb 10, 2026Yield to maturity3.482%Feb 12, 2026Yield to maturity3.507%Feb 17, 2026Yield to maturity3.505%Feb 19, 2026Yield to maturity3.530%Feb 23, 2026Yield to maturity3.528%Feb 25, 2026Yield to maturity3.555%Feb 27, 2026Yield to maturity3.498%Mar 3, 2026Yield to maturity3.580%Mar 5, 2026Yield to maturity3.635%Mar 9, 2026Yield to maturity3.606%Mar 11, 2026Yield to maturity3.662%Mar 13, 2026Yield to maturity3.718%Mar 17, 2026Yield to maturity3.690%Mar 19, 2026Yield to maturity3.805%Mar 23, 2026Yield to maturity3.864%Mar 25, 2026Yield to maturity3.865%Mar 27, 2026Yield to maturity3.866%Mar 31, 2026Yield to maturity3.778%Apr 2, 2026Yield to maturity3.778%Apr 6, 2026Yield to maturity3.809%Apr 8, 2026Yield to maturity3.779%Apr 10, 2026Yield to maturity3.779%Apr 14, 2026Yield to maturity3.749%Apr 16, 2026Yield to maturity3.749%Apr 20, 2026Yield to maturity3.718%Apr 22, 2026Yield to maturity3.749%Apr 24, 2026Yield to maturity3.718%Apr 28, 2026Yield to maturity3.782%Apr 30, 2026Yield to maturity3.782%May 4, 2026Yield to maturity3.847%May 6, 2026Yield to maturity3.782%May 8, 2026Yield to maturity3.782%May 12, 2026Yield to maturity3.849%May 14, 2026Yield to maturity3.849%May 18, 2026Yield to maturity3.884%May 20, 2026Yield to maturity3.884%May 22, 2026Yield to maturity3.920%May 27, 2026Yield to maturity3.886%May 29, 2026Yield to maturity3.853%Jun 2, 2026Yield to maturity3.888%Jun 4, 2026Yield to maturity3.889%Jun 8, 2026Yield to maturity3.963%Jun 10, 2026Yield to maturity3.927%Jun 12, 2026Yield to maturity3.929%Jun 16, 2026Yield to maturity3.930%Jun 18, 2026Yield to maturity4.045%Jun 23, 2026Yield to maturity4.085%Jun 25, 2026Yield to maturity4.049%Jun 29, 2026Yield to maturity4.053%Jul 1, 2026Yield to maturity4.055%Jul 6, 2026Yield to maturity4.020%Jul 8, 2026Yield to maturity4.101%Jul 10, 2026Yield to maturity4.065%Jul 14, 2026Yield to maturity4.027%Jul 16, 2026Yield to maturity4.029%Jul 20, 2026Yield to maturity4.074%Jul 22, 2026Yield to maturity4.118%Jul 24, 2026Yield to maturity4.165%Jul 28, 2026Yield to maturity4.125%Jul 30, 2026Yield to maturity4.085%Aug 3, 2026Yield to maturity4.090%Aug 5, 2026Yield to maturity4.049%Aug 7, 2026Yield to maturity4.009%Aug 11, 2026Yield to maturity4.056%Aug 13, 2026Yield to maturity3.968%Aug 17, 2026Yield to maturity3.972%Aug 19, 2026Yield to maturity3.973%Aug 21, 2026Yield to maturity4.024%Aug 25, 2026Yield to maturity3.979%Aug 27, 2026Yield to maturity4.028%Aug 31, 2026Yield to maturity4.081%Sep 2, 2026Yield to maturity4.084%Sep 4, 2026Yield to maturity4.091%Sep 9, 2026Yield to maturity4.094%

Price history

341 trading days to Sep 9, 2026

99.499.699.8100.0100.2100.4100.6Apr 30, 2025Sep 9, 2026Apr 30, 2025Close100.281May 2, 2025Close99.844May 6, 2025Close99.938May 8, 2025Close99.719May 12, 2025Close99.563May 14, 2025Close99.438May 16, 2025Close99.563May 20, 2025Close99.594May 22, 2025Close99.531May 27, 2025Close99.594May 29, 2025Close99.594Jun 2, 2025Close99.625Jun 4, 2025Close99.750Jun 6, 2025Close99.469Jun 10, 2025Close99.500Jun 12, 2025Close99.688Jun 16, 2025Close99.594Jun 18, 2025Close99.656Jun 23, 2025Close99.813Jun 25, 2025Close99.906Jun 27, 2025Close99.938Jul 1, 2025Close99.875Jul 3, 2025Close99.719Jul 8, 2025Close99.688Jul 10, 2025Close99.750Jul 14, 2025Close99.688Jul 16, 2025Close99.719Jul 18, 2025Close99.719Jul 22, 2025Close99.813Jul 24, 2025Close99.656Jul 28, 2025Close99.656Jul 30, 2025Close99.625Aug 1, 2025Close100.000Aug 5, 2025Close99.969Aug 7, 2025Close99.969Aug 11, 2025Close99.938Aug 13, 2025Close100.063Aug 15, 2025Close99.938Aug 19, 2025Close99.938Aug 21, 2025Close99.875Aug 25, 2025Close99.969Aug 27, 2025Close100.094Aug 29, 2025Close100.125Sep 3, 2025Close100.125Sep 5, 2025Close100.281Sep 9, 2025Close100.250Sep 11, 2025Close100.250Sep 15, 2025Close100.250Sep 17, 2025Close100.281Sep 19, 2025Close100.219Sep 23, 2025Close100.188Sep 25, 2025Close100.063Sep 29, 2025Close100.125Oct 1, 2025Close100.250Oct 3, 2025Close100.219Oct 7, 2025Close100.219Oct 9, 2025Close100.188Oct 14, 2025Close100.344Oct 16, 2025Close100.438Oct 20, 2025Close100.375Oct 22, 2025Close100.375Oct 24, 2025Close100.344Oct 28, 2025Close100.313Oct 30, 2025Close100.156Nov 3, 2025Close100.156Nov 5, 2025Close100.125Nov 7, 2025Close100.219Nov 12, 2025Close100.219Nov 14, 2025Close100.125Nov 18, 2025Close100.188Nov 20, 2025Close100.219Nov 24, 2025Close100.281Nov 26, 2025Close100.281Dec 1, 2025Close100.219Dec 3, 2025Close100.281Dec 5, 2025Close100.219Dec 9, 2025Close100.156Dec 11, 2025Close100.250Dec 15, 2025Close100.281Dec 17, 2025Close100.313Dec 19, 2025Close100.344Dec 23, 2025Close100.281Dec 26, 2025Close100.313Dec 30, 2025Close100.344Jan 2, 2026Close100.313Jan 6, 2026Close100.313Jan 8, 2026Close100.313Jan 12, 2026Close100.250Jan 14, 2026Close100.281Jan 16, 2026Close100.188Jan 21, 2026Close100.188Jan 23, 2026Close100.188Jan 27, 2026Close100.219Jan 29, 2026Close100.250Feb 2, 2026Close100.219Feb 4, 2026Close100.219Feb 6, 2026Close100.281Feb 10, 2026Close100.313Feb 12, 2026Close100.281Feb 17, 2026Close100.281Feb 19, 2026Close100.250Feb 23, 2026Close100.250Feb 25, 2026Close100.219Feb 27, 2026Close100.281Mar 3, 2026Close100.188Mar 5, 2026Close100.125Mar 9, 2026Close100.156Mar 11, 2026Close100.094Mar 13, 2026Close100.031Mar 17, 2026Close100.063Mar 19, 2026Close99.938Mar 23, 2026Close99.875Mar 25, 2026Close99.875Mar 27, 2026Close99.875Mar 31, 2026Close99.969Apr 2, 2026Close99.969Apr 6, 2026Close99.938Apr 8, 2026Close99.969Apr 10, 2026Close99.969Apr 14, 2026Close100.000Apr 16, 2026Close100.000Apr 20, 2026Close100.031Apr 22, 2026Close100.000Apr 24, 2026Close100.031Apr 28, 2026Close99.969Apr 30, 2026Close99.969May 4, 2026Close99.906May 6, 2026Close99.969May 8, 2026Close99.969May 12, 2026Close99.906May 14, 2026Close99.906May 18, 2026Close99.875May 20, 2026Close99.875May 22, 2026Close99.844May 27, 2026Close99.875May 29, 2026Close99.906Jun 2, 2026Close99.875Jun 4, 2026Close99.875Jun 8, 2026Close99.813Jun 10, 2026Close99.844Jun 12, 2026Close99.844Jun 16, 2026Close99.844Jun 18, 2026Close99.750Jun 23, 2026Close99.719Jun 25, 2026Close99.750Jun 29, 2026Close99.750Jul 1, 2026Close99.750Jul 6, 2026Close99.781Jul 8, 2026Close99.719Jul 10, 2026Close99.750Jul 14, 2026Close99.781Jul 16, 2026Close99.781Jul 20, 2026Close99.750Jul 22, 2026Close99.719Jul 24, 2026Close99.688Jul 28, 2026Close99.719Jul 30, 2026Close99.750Aug 3, 2026Close99.750Aug 5, 2026Close99.781Aug 7, 2026Close99.813Aug 11, 2026Close99.781Aug 13, 2026Close99.844Aug 17, 2026Close99.844Aug 19, 2026Close99.844Aug 21, 2026Close99.813Aug 25, 2026Close99.844Aug 27, 2026Close99.813Aug 31, 2026Close99.781Sep 2, 2026Close99.781Sep 4, 2026Close99.781Sep 9, 2026Close99.781
The most recent 20 trading days of prices for 91282CMY4.
DateBidOfferClose
Sep 9, 202699.79799.78199.781
Sep 8, 202699.81399.81399.813
Sep 4, 202699.79799.78199.781
Sep 3, 202699.79799.78199.813
Sep 2, 202699.79799.78199.781
Sep 1, 202699.78199.78199.750
Aug 31, 202699.78199.78199.781
Aug 28, 202699.79799.78199.750
Aug 27, 202699.85999.84499.813
Aug 26, 202699.84499.84499.813
Aug 25, 202699.82899.81399.844
Aug 24, 202699.82899.81399.813
Aug 21, 202699.85999.84499.813
Aug 20, 202699.85999.84499.844
Aug 19, 202699.85999.84499.844
Aug 18, 202699.85999.84499.844
Aug 17, 202699.85999.84499.844
Aug 14, 202699.85999.84499.844
Aug 13, 202699.84499.84499.844
Aug 12, 202699.82899.81399.813

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 91282CMY4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 22, 2025Apr 30, 2025New issue$69.0bn$73.7bn2.52x3.795%

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.