Treasury note

91282CND9 · 3.75% due May 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$78.27bn
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
4.391%
Modified duration
1.590 yr
DV01
0.0159
Convexity
3.363
Dirty price
100.171

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 1.624 years against a modified duration of 1.590.

Against the fitted curve

Priced 0.4 bp cheap to the curve on that day, 0.58 cents per 100 of face.

That is 0.72 standard deviations from its own typical residual.

Yield to maturity, 330 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%May 15, 2025Sep 9, 2026May 15, 2025Yield to maturity3.951%May 19, 2025Yield to maturity3.951%May 21, 2025Yield to maturity3.997%May 23, 2025Yield to maturity3.964%May 28, 2025Yield to maturity3.953%May 30, 2025Yield to maturity3.874%Jun 3, 2025Yield to maturity3.931%Jun 5, 2025Yield to maturity3.897%Jun 9, 2025Yield to maturity3.989%Jun 11, 2025Yield to maturity3.920%Jun 13, 2025Yield to maturity3.921%Jun 17, 2025Yield to maturity3.898%Jun 20, 2025Yield to maturity3.864%Jun 24, 2025Yield to maturity3.760%Jun 26, 2025Yield to maturity3.691%Jun 30, 2025Yield to maturity3.691%Jul 2, 2025Yield to maturity3.772%Jul 7, 2025Yield to maturity3.865%Jul 9, 2025Yield to maturity3.819%Jul 11, 2025Yield to maturity3.866%Jul 15, 2025Yield to maturity3.925%Jul 17, 2025Yield to maturity3.878%Jul 21, 2025Yield to maturity3.796%Jul 23, 2025Yield to maturity3.831%Jul 25, 2025Yield to maturity3.855%Jul 29, 2025Yield to maturity3.820%Jul 31, 2025Yield to maturity3.892%Aug 4, 2025Yield to maturity3.653%Aug 6, 2025Yield to maturity3.665%Aug 8, 2025Yield to maturity3.736%Aug 12, 2025Yield to maturity3.712%Aug 14, 2025Yield to maturity3.700%Aug 18, 2025Yield to maturity3.724%Aug 20, 2025Yield to maturity3.700%Aug 22, 2025Yield to maturity3.639%Aug 26, 2025Yield to maturity3.627%Aug 28, 2025Yield to maturity3.602%Sep 2, 2025Yield to maturity3.638%Sep 4, 2025Yield to maturity3.552%Sep 8, 2025Yield to maturity3.466%Sep 10, 2025Yield to maturity3.502%Sep 12, 2025Yield to maturity3.526%Sep 16, 2025Yield to maturity3.488%Sep 18, 2025Yield to maturity3.550%Sep 22, 2025Yield to maturity3.586%Sep 24, 2025Yield to maturity3.598%Sep 26, 2025Yield to maturity3.661%Sep 30, 2025Yield to maturity3.610%Oct 2, 2025Yield to maturity3.547%Oct 6, 2025Yield to maturity3.609%Oct 8, 2025Yield to maturity3.597%Oct 10, 2025Yield to maturity3.520%Oct 15, 2025Yield to maturity3.494%Oct 17, 2025Yield to maturity3.455%Oct 21, 2025Yield to maturity3.441%Oct 23, 2025Yield to maturity3.479%Oct 27, 2025Yield to maturity3.491%Oct 29, 2025Yield to maturity3.594%Oct 31, 2025Yield to maturity3.593%Nov 4, 2025Yield to maturity3.580%Nov 6, 2025Yield to maturity3.567%Nov 10, 2025Yield to maturity3.592%Nov 13, 2025Yield to maturity3.579%Nov 17, 2025Yield to maturity3.604%Nov 19, 2025Yield to maturity3.578%Nov 21, 2025Yield to maturity3.497%Nov 25, 2025Yield to maturity3.457%Nov 28, 2025Yield to maturity3.482%Dec 2, 2025Yield to maturity3.508%Dec 4, 2025Yield to maturity3.534%Dec 8, 2025Yield to maturity3.587%Dec 10, 2025Yield to maturity3.559%Dec 12, 2025Yield to maturity3.559%Dec 16, 2025Yield to maturity3.490%Dec 18, 2025Yield to maturity3.476%Dec 22, 2025Yield to maturity3.529%Dec 24, 2025Yield to maturity3.570%Dec 29, 2025Yield to maturity3.486%Dec 31, 2025Yield to maturity3.499%Jan 5, 2026Yield to maturity3.484%Jan 7, 2026Yield to maturity3.483%Jan 9, 2026Yield to maturity3.552%Jan 13, 2026Yield to maturity3.551%Jan 15, 2026Yield to maturity3.579%Jan 20, 2026Yield to maturity3.635%Jan 22, 2026Yield to maturity3.634%Jan 26, 2026Yield to maturity3.620%Jan 28, 2026Yield to maturity3.619%Jan 30, 2026Yield to maturity3.547%Feb 3, 2026Yield to maturity3.589%Feb 5, 2026Yield to maturity3.488%Feb 9, 2026Yield to maturity3.502%Feb 11, 2026Yield to maturity3.530%Feb 13, 2026Yield to maturity3.412%Feb 18, 2026Yield to maturity3.470%Feb 20, 2026Yield to maturity3.483%Feb 24, 2026Yield to maturity3.453%Feb 26, 2026Yield to maturity3.438%Mar 2, 2026Yield to maturity3.481%Mar 4, 2026Yield to maturity3.539%Mar 6, 2026Yield to maturity3.568%Mar 10, 2026Yield to maturity3.583%Mar 12, 2026Yield to maturity3.763%Mar 16, 2026Yield to maturity3.688%Mar 18, 2026Yield to maturity3.763%Mar 20, 2026Yield to maturity3.917%Mar 24, 2026Yield to maturity3.948%Mar 26, 2026Yield to maturity4.010%Mar 30, 2026Yield to maturity3.841%Apr 1, 2026Yield to maturity3.826%Apr 3, 2026Yield to maturity3.858%Apr 7, 2026Yield to maturity3.842%Apr 9, 2026Yield to maturity3.796%Apr 13, 2026Yield to maturity3.796%Apr 15, 2026Yield to maturity3.780%Apr 17, 2026Yield to maturity3.717%Apr 21, 2026Yield to maturity3.797%Apr 23, 2026Yield to maturity3.845%Apr 27, 2026Yield to maturity3.813%Apr 29, 2026Yield to maturity3.942%May 1, 2026Yield to maturity3.895%May 5, 2026Yield to maturity3.944%May 7, 2026Yield to maturity3.928%May 11, 2026Yield to maturity3.962%May 13, 2026Yield to maturity3.979%May 15, 2026Yield to maturity4.096%May 19, 2026Yield to maturity4.130%May 21, 2026Yield to maturity4.098%May 26, 2026Yield to maturity4.066%May 28, 2026Yield to maturity4.034%Jun 1, 2026Yield to maturity4.052%Jun 3, 2026Yield to maturity4.086%Jun 5, 2026Yield to maturity4.173%Jun 9, 2026Yield to maturity4.140%Jun 11, 2026Yield to maturity4.073%Jun 15, 2026Yield to maturity4.074%Jun 17, 2026Yield to maturity4.213%Jun 22, 2026Yield to maturity4.251%Jun 24, 2026Yield to maturity4.148%Jun 26, 2026Yield to maturity4.097%Jun 30, 2026Yield to maturity4.151%Jul 2, 2026Yield to maturity4.154%Jul 7, 2026Yield to maturity4.190%Jul 9, 2026Yield to maturity4.174%Jul 13, 2026Yield to maturity4.284%Jul 15, 2026Yield to maturity4.141%Jul 17, 2026Yield to maturity4.180%Jul 21, 2026Yield to maturity4.271%Jul 23, 2026Yield to maturity4.364%Jul 27, 2026Yield to maturity4.331%Jul 29, 2026Yield to maturity4.241%Jul 31, 2026Yield to maturity4.281%Aug 4, 2026Yield to maturity4.189%Aug 6, 2026Yield to maturity4.247%Aug 10, 2026Yield to maturity4.231%Aug 12, 2026Yield to maturity4.195%Aug 14, 2026Yield to maturity4.160%Aug 18, 2026Yield to maturity4.161%Aug 20, 2026Yield to maturity4.162%Aug 24, 2026Yield to maturity4.222%Aug 26, 2026Yield to maturity4.204%Aug 28, 2026Yield to maturity4.342%Sep 1, 2026Yield to maturity4.383%Sep 3, 2026Yield to maturity4.326%Sep 8, 2026Yield to maturity4.370%Sep 9, 2026Yield to maturity4.391%

Price history

330 trading days to Sep 9, 2026

98.5099.0099.50100.00100.50101.00May 15, 2025Sep 9, 2026May 15, 2025Close99.438May 19, 2025Close99.438May 21, 2025Close99.313May 23, 2025Close99.406May 28, 2025Close99.438May 30, 2025Close99.656Jun 3, 2025Close99.500Jun 5, 2025Close99.594Jun 9, 2025Close99.344Jun 11, 2025Close99.531Jun 13, 2025Close99.531Jun 17, 2025Close99.594Jun 20, 2025Close99.688Jun 24, 2025Close99.969Jun 26, 2025Close100.156Jun 30, 2025Close100.156Jul 2, 2025Close99.938Jul 7, 2025Close99.688Jul 9, 2025Close99.813Jul 11, 2025Close99.688Jul 15, 2025Close99.531Jul 17, 2025Close99.656Jul 21, 2025Close99.875Jul 23, 2025Close99.781Jul 25, 2025Close99.719Jul 29, 2025Close99.813Jul 31, 2025Close99.625Aug 4, 2025Close100.250Aug 6, 2025Close100.219Aug 8, 2025Close100.031Aug 12, 2025Close100.094Aug 14, 2025Close100.125Aug 18, 2025Close100.063Aug 20, 2025Close100.125Aug 22, 2025Close100.281Aug 26, 2025Close100.313Aug 28, 2025Close100.375Sep 2, 2025Close100.281Sep 4, 2025Close100.500Sep 8, 2025Close100.719Sep 10, 2025Close100.625Sep 12, 2025Close100.563Sep 16, 2025Close100.656Sep 18, 2025Close100.500Sep 22, 2025Close100.406Sep 24, 2025Close100.375Sep 26, 2025Close100.219Sep 30, 2025Close100.344Oct 2, 2025Close100.500Oct 6, 2025Close100.344Oct 8, 2025Close100.375Oct 10, 2025Close100.563Oct 15, 2025Close100.625Oct 17, 2025Close100.719Oct 21, 2025Close100.750Oct 23, 2025Close100.656Oct 27, 2025Close100.625Oct 29, 2025Close100.375Oct 31, 2025Close100.375Nov 4, 2025Close100.406Nov 6, 2025Close100.438Nov 10, 2025Close100.375Nov 13, 2025Close100.406Nov 17, 2025Close100.344Nov 19, 2025Close100.406Nov 21, 2025Close100.594Nov 25, 2025Close100.688Nov 28, 2025Close100.625Dec 2, 2025Close100.563Dec 4, 2025Close100.500Dec 8, 2025Close100.375Dec 10, 2025Close100.438Dec 12, 2025Close100.438Dec 16, 2025Close100.594Dec 18, 2025Close100.625Dec 22, 2025Close100.500Dec 24, 2025Close100.406Dec 29, 2025Close100.594Dec 31, 2025Close100.563Jan 5, 2026Close100.594Jan 7, 2026Close100.594Jan 9, 2026Close100.438Jan 13, 2026Close100.438Jan 15, 2026Close100.375Jan 20, 2026Close100.250Jan 22, 2026Close100.250Jan 26, 2026Close100.281Jan 28, 2026Close100.281Jan 30, 2026Close100.438Feb 3, 2026Close100.344Feb 5, 2026Close100.563Feb 9, 2026Close100.531Feb 11, 2026Close100.469Feb 13, 2026Close100.719Feb 18, 2026Close100.594Feb 20, 2026Close100.563Feb 24, 2026Close100.625Feb 26, 2026Close100.656Mar 2, 2026Close100.563Mar 4, 2026Close100.438Mar 6, 2026Close100.375Mar 10, 2026Close100.344Mar 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, 2026Close99.781Apr 7, 2026Close99.813Apr 9, 2026Close99.906Apr 13, 2026Close99.906Apr 15, 2026Close99.938Apr 17, 2026Close100.063Apr 21, 2026Close99.906Apr 23, 2026Close99.813Apr 27, 2026Close99.875Apr 29, 2026Close99.625May 1, 2026Close99.719May 5, 2026Close99.625May 7, 2026Close99.656May 11, 2026Close99.594May 13, 2026Close99.563May 15, 2026Close99.344May 19, 2026Close99.281May 21, 2026Close99.344May 26, 2026Close99.406May 28, 2026Close99.469Jun 1, 2026Close99.438Jun 3, 2026Close99.375Jun 5, 2026Close99.219Jun 9, 2026Close99.281Jun 11, 2026Close99.406Jun 15, 2026Close99.406Jun 17, 2026Close99.156Jun 22, 2026Close99.094Jun 24, 2026Close99.281Jun 26, 2026Close99.375Jun 30, 2026Close99.281Jul 2, 2026Close99.281Jul 7, 2026Close99.219Jul 9, 2026Close99.250Jul 13, 2026Close99.063Jul 15, 2026Close99.313Jul 17, 2026Close99.250Jul 21, 2026Close99.094Jul 23, 2026Close98.938Jul 27, 2026Close99.000Jul 29, 2026Close99.156Jul 31, 2026Close99.094Aug 4, 2026Close99.250Aug 6, 2026Close99.156Aug 10, 2026Close99.188Aug 12, 2026Close99.250Aug 14, 2026Close99.313Aug 18, 2026Close99.313Aug 20, 2026Close99.313Aug 24, 2026Close99.219Aug 26, 2026Close99.250Aug 28, 2026Close99.031Sep 1, 2026Close98.969Sep 3, 2026Close99.063Sep 8, 2026Close99.000Sep 9, 2026Close98.969
The most recent 20 trading days of prices for 91282CND9.
DateBidOfferClose
Sep 9, 202698.98498.96998.969
Sep 8, 202699.03199.03199.000
Sep 4, 202699.04799.03199.031
Sep 3, 202699.09499.09499.063
Sep 2, 202699.00099.00099.000
Sep 1, 202699.03199.03198.969
Aug 31, 202699.07899.06399.063
Aug 28, 202699.09499.09499.031
Aug 27, 202699.26699.25099.250
Aug 26, 202699.26699.25099.250
Aug 25, 202699.28199.28199.281
Aug 24, 202699.23499.21999.219
Aug 21, 202699.21999.21999.219
Aug 20, 202699.29799.28199.313
Aug 19, 202699.29799.28199.313
Aug 18, 202699.31399.31399.313
Aug 17, 202699.31399.31399.281
Aug 14, 202699.34499.34499.313
Aug 13, 202699.34499.34499.344
Aug 12, 202699.26699.25099.250

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 91282CND9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 5, 2025May 15, 2025New issue$58.0bn$78.5bn2.56x3.824%

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.