Treasury note

91282CMZ1 · 3.875% due April 30, 2030

Original term
5-Year
Maturity
Apr 30, 2030
Coupon
3.875%
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
$74.79bn
Held stripped
$49.6m
Share stripped
0.07%

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
4.552%
Modified duration
3.303 yr
DV01
0.0328
Convexity
13.092
Dirty price
99.150

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 6 of twelve buckets, summing to 3.375 years against a modified duration of 3.303.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 4.63 cents per 100 of face.

That is -1.61 standard deviations from its own typical residual.

Yield to maturity, 341 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Apr 30, 2025Sep 9, 2026Apr 30, 2025Yield to maturity3.723%May 2, 2025Yield to maturity3.924%May 6, 2025Yield to maturity3.903%May 8, 2025Yield to maturity4.001%May 12, 2025Yield to maturity4.092%May 14, 2025Yield to maturity4.163%May 16, 2025Yield to maturity4.057%May 20, 2025Yield to maturity4.065%May 22, 2025Yield to maturity4.107%May 27, 2025Yield to maturity4.030%May 29, 2025Yield to maturity4.009%Jun 2, 2025Yield to maturity4.016%Jun 4, 2025Yield to maturity3.938%Jun 6, 2025Yield to maturity4.131%Jun 10, 2025Yield to maturity4.088%Jun 12, 2025Yield to maturity3.967%Jun 16, 2025Yield to maturity4.038%Jun 18, 2025Yield to maturity3.981%Jun 23, 2025Yield to maturity3.903%Jun 25, 2025Yield to maturity3.838%Jun 27, 2025Yield to maturity3.824%Jul 1, 2025Yield to maturity3.831%Jul 3, 2025Yield to maturity3.931%Jul 8, 2025Yield to maturity3.982%Jul 10, 2025Yield to maturity3.924%Jul 14, 2025Yield to maturity3.975%Jul 16, 2025Yield to maturity3.975%Jul 18, 2025Yield to maturity3.954%Jul 22, 2025Yield to maturity3.874%Jul 24, 2025Yield to maturity3.968%Jul 28, 2025Yield to maturity3.961%Jul 30, 2025Yield to maturity3.954%Aug 1, 2025Yield to maturity3.758%Aug 5, 2025Yield to maturity3.750%Aug 7, 2025Yield to maturity3.779%Aug 11, 2025Yield to maturity3.816%Aug 13, 2025Yield to maturity3.750%Aug 15, 2025Yield to maturity3.830%Aug 19, 2025Yield to maturity3.808%Aug 21, 2025Yield to maturity3.845%Aug 25, 2025Yield to maturity3.771%Aug 27, 2025Yield to maturity3.691%Aug 29, 2025Yield to maturity3.675%Sep 3, 2025Yield to maturity3.675%Sep 5, 2025Yield to maturity3.572%Sep 9, 2025Yield to maturity3.587%Sep 11, 2025Yield to maturity3.564%Sep 15, 2025Yield to maturity3.593%Sep 17, 2025Yield to maturity3.608%Sep 19, 2025Yield to maturity3.666%Sep 23, 2025Yield to maturity3.659%Sep 25, 2025Yield to maturity3.747%Sep 29, 2025Yield to maturity3.725%Oct 1, 2025Yield to maturity3.665%Oct 3, 2025Yield to maturity3.695%Oct 7, 2025Yield to maturity3.687%Oct 9, 2025Yield to maturity3.717%Oct 14, 2025Yield to maturity3.574%Oct 16, 2025Yield to maturity3.522%Oct 20, 2025Yield to maturity3.558%Oct 22, 2025Yield to maturity3.536%Oct 24, 2025Yield to maturity3.587%Oct 28, 2025Yield to maturity3.587%Oct 30, 2025Yield to maturity3.700%Nov 3, 2025Yield to maturity3.700%Nov 5, 2025Yield to maturity3.737%Nov 7, 2025Yield to maturity3.653%Nov 12, 2025Yield to maturity3.645%Nov 14, 2025Yield to maturity3.713%Nov 18, 2025Yield to maturity3.667%Nov 20, 2025Yield to maturity3.644%Nov 24, 2025Yield to maturity3.582%Nov 26, 2025Yield to maturity3.551%Dec 1, 2025Yield to maturity3.642%Dec 3, 2025Yield to maturity3.588%Dec 5, 2025Yield to maturity3.680%Dec 9, 2025Yield to maturity3.742%Dec 11, 2025Yield to maturity3.680%Dec 15, 2025Yield to maturity3.687%Dec 17, 2025Yield to maturity3.656%Dec 19, 2025Yield to maturity3.647%Dec 23, 2025Yield to maturity3.694%Dec 26, 2025Yield to maturity3.646%Dec 30, 2025Yield to maturity3.630%Jan 2, 2026Yield to maturity3.684%Jan 6, 2026Yield to maturity3.661%Jan 8, 2026Yield to maturity3.684%Jan 12, 2026Yield to maturity3.715%Jan 14, 2026Yield to maturity3.675%Jan 16, 2026Yield to maturity3.778%Jan 21, 2026Yield to maturity3.778%Jan 23, 2026Yield to maturity3.786%Jan 27, 2026Yield to maturity3.770%Jan 29, 2026Yield to maturity3.745%Feb 2, 2026Yield to maturity3.777%Feb 4, 2026Yield to maturity3.777%Feb 6, 2026Yield to maturity3.696%Feb 10, 2026Yield to maturity3.640%Feb 12, 2026Yield to maturity3.616%Feb 17, 2026Yield to maturity3.575%Feb 19, 2026Yield to maturity3.599%Feb 23, 2026Yield to maturity3.533%Feb 25, 2026Yield to maturity3.573%Feb 27, 2026Yield to maturity3.476%Mar 3, 2026Yield to maturity3.588%Mar 5, 2026Yield to maturity3.678%Mar 9, 2026Yield to maturity3.661%Mar 11, 2026Yield to maturity3.734%Mar 13, 2026Yield to maturity3.833%Mar 17, 2026Yield to maturity3.750%Mar 19, 2026Yield to maturity3.858%Mar 23, 2026Yield to maturity3.932%Mar 25, 2026Yield to maturity3.949%Mar 27, 2026Yield to maturity4.025%Mar 31, 2026Yield to maturity3.883%Apr 2, 2026Yield to maturity3.899%Apr 6, 2026Yield to maturity3.942%Apr 8, 2026Yield to maturity3.883%Apr 10, 2026Yield to maturity3.900%Apr 14, 2026Yield to maturity3.833%Apr 16, 2026Yield to maturity3.866%Apr 20, 2026Yield to maturity3.807%Apr 22, 2026Yield to maturity3.875%Apr 24, 2026Yield to maturity3.866%Apr 28, 2026Yield to maturity3.935%Apr 30, 2026Yield to maturity3.977%May 4, 2026Yield to maturity4.046%May 6, 2026Yield to maturity3.952%May 8, 2026Yield to maturity3.978%May 12, 2026Yield to maturity4.090%May 14, 2026Yield to maturity4.099%May 18, 2026Yield to maturity4.222%May 20, 2026Yield to maturity4.178%May 22, 2026Yield to maturity4.232%May 27, 2026Yield to maturity4.144%May 29, 2026Yield to maturity4.110%Jun 2, 2026Yield to maturity4.145%Jun 4, 2026Yield to maturity4.154%Jun 8, 2026Yield to maturity4.261%Jun 10, 2026Yield to maturity4.235%Jun 12, 2026Yield to maturity4.183%Jun 16, 2026Yield to maturity4.121%Jun 18, 2026Yield to maturity4.220%Jun 23, 2026Yield to maturity4.247%Jun 25, 2026Yield to maturity4.149%Jun 29, 2026Yield to maturity4.123%Jul 1, 2026Yield to maturity4.213%Jul 6, 2026Yield to maturity4.178%Jul 8, 2026Yield to maturity4.268%Jul 10, 2026Yield to maturity4.270%Jul 14, 2026Yield to maturity4.270%Jul 16, 2026Yield to maturity4.243%Jul 20, 2026Yield to maturity4.290%Jul 22, 2026Yield to maturity4.382%Jul 24, 2026Yield to maturity4.402%Jul 28, 2026Yield to maturity4.329%Jul 30, 2026Yield to maturity4.339%Aug 3, 2026Yield to maturity4.358%Aug 5, 2026Yield to maturity4.285%Aug 7, 2026Yield to maturity4.295%Aug 11, 2026Yield to maturity4.342%Aug 13, 2026Yield to maturity4.260%Aug 17, 2026Yield to maturity4.307%Aug 19, 2026Yield to maturity4.298%Aug 21, 2026Yield to maturity4.365%Aug 25, 2026Yield to maturity4.300%Aug 27, 2026Yield to maturity4.338%Aug 31, 2026Yield to maturity4.443%Sep 2, 2026Yield to maturity4.491%Sep 4, 2026Yield to maturity4.494%Sep 9, 2026Yield to maturity4.552%

Price history

341 trading days to Sep 9, 2026

979899100101102Apr 30, 2025Sep 9, 2026Apr 30, 2025Close100.688May 2, 2025Close99.781May 6, 2025Close99.875May 8, 2025Close99.438May 12, 2025Close99.031May 14, 2025Close98.719May 16, 2025Close99.188May 20, 2025Close99.156May 22, 2025Close98.969May 27, 2025Close99.313May 29, 2025Close99.406Jun 2, 2025Close99.375Jun 4, 2025Close99.719Jun 6, 2025Close98.875Jun 10, 2025Close99.063Jun 12, 2025Close99.594Jun 16, 2025Close99.281Jun 18, 2025Close99.531Jun 23, 2025Close99.875Jun 25, 2025Close100.156Jun 27, 2025Close100.219Jul 1, 2025Close100.188Jul 3, 2025Close99.750Jul 8, 2025Close99.531Jul 10, 2025Close99.781Jul 14, 2025Close99.563Jul 16, 2025Close99.563Jul 18, 2025Close99.656Jul 22, 2025Close100.000Jul 24, 2025Close99.594Jul 28, 2025Close99.625Jul 30, 2025Close99.656Aug 1, 2025Close100.500Aug 5, 2025Close100.531Aug 7, 2025Close100.406Aug 11, 2025Close100.250Aug 13, 2025Close100.531Aug 15, 2025Close100.188Aug 19, 2025Close100.281Aug 21, 2025Close100.125Aug 25, 2025Close100.438Aug 27, 2025Close100.781Aug 29, 2025Close100.844Sep 3, 2025Close100.844Sep 5, 2025Close101.281Sep 9, 2025Close101.219Sep 11, 2025Close101.313Sep 15, 2025Close101.188Sep 17, 2025Close101.125Sep 19, 2025Close100.875Sep 23, 2025Close100.906Sep 25, 2025Close100.531Sep 29, 2025Close100.625Oct 1, 2025Close100.875Oct 3, 2025Close100.750Oct 7, 2025Close100.781Oct 9, 2025Close100.656Oct 14, 2025Close101.250Oct 16, 2025Close101.469Oct 20, 2025Close101.313Oct 22, 2025Close101.406Oct 24, 2025Close101.188Oct 28, 2025Close101.188Oct 30, 2025Close100.719Nov 3, 2025Close100.719Nov 5, 2025Close100.563Nov 7, 2025Close100.906Nov 12, 2025Close100.938Nov 14, 2025Close100.656Nov 18, 2025Close100.844Nov 20, 2025Close100.938Nov 24, 2025Close101.188Nov 26, 2025Close101.313Dec 1, 2025Close100.938Dec 3, 2025Close101.156Dec 5, 2025Close100.781Dec 9, 2025Close100.531Dec 11, 2025Close100.781Dec 15, 2025Close100.750Dec 17, 2025Close100.875Dec 19, 2025Close100.906Dec 23, 2025Close100.719Dec 26, 2025Close100.906Dec 30, 2025Close100.969Jan 2, 2026Close100.750Jan 6, 2026Close100.844Jan 8, 2026Close100.750Jan 12, 2026Close100.625Jan 14, 2026Close100.781Jan 16, 2026Close100.375Jan 21, 2026Close100.375Jan 23, 2026Close100.344Jan 27, 2026Close100.406Jan 29, 2026Close100.500Feb 2, 2026Close100.375Feb 4, 2026Close100.375Feb 6, 2026Close100.688Feb 10, 2026Close100.906Feb 12, 2026Close101.000Feb 17, 2026Close101.156Feb 19, 2026Close101.063Feb 23, 2026Close101.313Feb 25, 2026Close101.156Feb 27, 2026Close101.531Mar 3, 2026Close101.094Mar 5, 2026Close100.750Mar 9, 2026Close100.813Mar 11, 2026Close100.531Mar 13, 2026Close100.156Mar 17, 2026Close100.469Mar 19, 2026Close100.063Mar 23, 2026Close99.781Mar 25, 2026Close99.719Mar 27, 2026Close99.438Mar 31, 2026Close99.969Apr 2, 2026Close99.906Apr 6, 2026Close99.750Apr 8, 2026Close99.969Apr 10, 2026Close99.906Apr 14, 2026Close100.156Apr 16, 2026Close100.031Apr 20, 2026Close100.250Apr 22, 2026Close100.000Apr 24, 2026Close100.031Apr 28, 2026Close99.781Apr 30, 2026Close99.625May 4, 2026Close99.375May 6, 2026Close99.719May 8, 2026Close99.625May 12, 2026Close99.219May 14, 2026Close99.188May 18, 2026Close98.750May 20, 2026Close98.906May 22, 2026Close98.719May 27, 2026Close99.031May 29, 2026Close99.156Jun 2, 2026Close99.031Jun 4, 2026Close99.000Jun 8, 2026Close98.625Jun 10, 2026Close98.719Jun 12, 2026Close98.906Jun 16, 2026Close99.125Jun 18, 2026Close98.781Jun 23, 2026Close98.688Jun 25, 2026Close99.031Jun 29, 2026Close99.125Jul 1, 2026Close98.813Jul 6, 2026Close98.938Jul 8, 2026Close98.625Jul 10, 2026Close98.625Jul 14, 2026Close98.625Jul 16, 2026Close98.719Jul 20, 2026Close98.563Jul 22, 2026Close98.250Jul 24, 2026Close98.188Jul 28, 2026Close98.438Jul 30, 2026Close98.406Aug 3, 2026Close98.344Aug 5, 2026Close98.594Aug 7, 2026Close98.563Aug 11, 2026Close98.406Aug 13, 2026Close98.688Aug 17, 2026Close98.531Aug 19, 2026Close98.563Aug 21, 2026Close98.344Aug 25, 2026Close98.563Aug 27, 2026Close98.438Aug 31, 2026Close98.094Sep 2, 2026Close97.938Sep 4, 2026Close97.938Sep 9, 2026Close97.750
The most recent 20 trading days of prices for 91282CMZ1.
DateBidOfferClose
Sep 9, 202697.76697.75097.750
Sep 8, 202697.92297.90697.875
Sep 4, 202697.98497.96997.938
Sep 3, 202698.10998.09498.063
Sep 2, 202697.92297.90697.938
Sep 1, 202698.00098.00097.906
Aug 31, 202698.09498.09498.094
Aug 28, 202698.20398.18898.094
Aug 27, 202698.50098.50098.438
Aug 26, 202698.50098.50098.469
Aug 25, 202698.56398.56398.563
Aug 24, 202698.45398.43898.375
Aug 21, 202698.34498.34498.344
Aug 20, 202698.48498.46998.500
Aug 19, 202698.54798.53198.563
Aug 18, 202698.54798.53198.531
Aug 17, 202698.56398.56398.531
Aug 14, 202698.62598.62598.563
Aug 13, 202698.67298.65698.688
Aug 12, 202698.54798.53198.500

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 91282CMZ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 23, 2025Apr 30, 2025New issue$70.0bn$74.8bn2.41x3.995%

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.