Treasury note

91282CNE7 · 3.875% due May 31, 2027

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

Statement of August 31, 2026

Amount outstanding
$72.47bn
Held stripped
$17.6m
Share stripped
0.02%

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
4.135%
Modified duration
0.697 yr
DV01
0.0070
Convexity
0.832
Dirty price
100.892

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 0.711 years against a modified duration of 0.697.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 0.61 cents per 100 of face.

That is -0.13 standard deviations from its own typical residual.

Yield to maturity, 319 observations

3.4%3.6%3.8%4.0%4.2%Jun 2, 2025Sep 9, 2026Jun 2, 2025Yield to maturity3.941%Jun 4, 2025Yield to maturity3.875%Jun 6, 2025Yield to maturity4.041%Jun 10, 2025Yield to maturity4.008%Jun 12, 2025Yield to maturity3.908%Jun 16, 2025Yield to maturity3.975%Jun 18, 2025Yield to maturity3.941%Jun 23, 2025Yield to maturity3.840%Jun 25, 2025Yield to maturity3.806%Jun 27, 2025Yield to maturity3.771%Jul 1, 2025Yield to maturity3.805%Jul 3, 2025Yield to maturity3.908%Jul 8, 2025Yield to maturity3.925%Jul 10, 2025Yield to maturity3.891%Jul 14, 2025Yield to maturity3.908%Jul 16, 2025Yield to maturity3.908%Jul 18, 2025Yield to maturity3.890%Jul 22, 2025Yield to maturity3.855%Jul 24, 2025Yield to maturity3.943%Jul 28, 2025Yield to maturity3.944%Jul 30, 2025Yield to maturity3.962%Aug 1, 2025Yield to maturity3.729%Aug 5, 2025Yield to maturity3.747%Aug 7, 2025Yield to maturity3.765%Aug 11, 2025Yield to maturity3.782%Aug 13, 2025Yield to maturity3.709%Aug 15, 2025Yield to maturity3.781%Aug 19, 2025Yield to maturity3.781%Aug 21, 2025Yield to maturity3.817%Aug 25, 2025Yield to maturity3.761%Aug 27, 2025Yield to maturity3.687%Aug 29, 2025Yield to maturity3.667%Sep 3, 2025Yield to maturity3.666%Sep 5, 2025Yield to maturity3.571%Sep 9, 2025Yield to maturity3.589%Sep 11, 2025Yield to maturity3.569%Sep 15, 2025Yield to maturity3.587%Sep 17, 2025Yield to maturity3.567%Sep 19, 2025Yield to maturity3.603%Sep 23, 2025Yield to maturity3.622%Sep 25, 2025Yield to maturity3.698%Sep 29, 2025Yield to maturity3.678%Oct 1, 2025Yield to maturity3.579%Oct 3, 2025Yield to maturity3.617%Oct 7, 2025Yield to maturity3.616%Oct 9, 2025Yield to maturity3.615%Oct 14, 2025Yield to maturity3.514%Oct 16, 2025Yield to maturity3.453%Oct 20, 2025Yield to maturity3.511%Oct 22, 2025Yield to maturity3.489%Oct 24, 2025Yield to maturity3.507%Oct 28, 2025Yield to maturity3.526%Oct 30, 2025Yield to maturity3.648%Nov 3, 2025Yield to maturity3.646%Nov 5, 2025Yield to maturity3.666%Nov 7, 2025Yield to maturity3.603%Nov 12, 2025Yield to maturity3.602%Nov 14, 2025Yield to maturity3.642%Nov 18, 2025Yield to maturity3.620%Nov 20, 2025Yield to maturity3.598%Nov 24, 2025Yield to maturity3.554%Nov 26, 2025Yield to maturity3.552%Dec 1, 2025Yield to maturity3.593%Dec 3, 2025Yield to maturity3.527%Dec 5, 2025Yield to maturity3.590%Dec 9, 2025Yield to maturity3.633%Dec 11, 2025Yield to maturity3.544%Dec 15, 2025Yield to maturity3.519%Dec 17, 2025Yield to maturity3.495%Dec 19, 2025Yield to maturity3.492%Dec 23, 2025Yield to maturity3.535%Dec 26, 2025Yield to maturity3.509%Dec 30, 2025Yield to maturity3.462%Jan 2, 2026Yield to maturity3.481%Jan 6, 2026Yield to maturity3.480%Jan 8, 2026Yield to maturity3.501%Jan 12, 2026Yield to maturity3.545%Jan 14, 2026Yield to maturity3.520%Jan 16, 2026Yield to maturity3.587%Jan 21, 2026Yield to maturity3.586%Jan 23, 2026Yield to maturity3.584%Jan 27, 2026Yield to maturity3.558%Jan 29, 2026Yield to maturity3.557%Feb 2, 2026Yield to maturity3.555%Feb 4, 2026Yield to maturity3.578%Feb 6, 2026Yield to maturity3.501%Feb 10, 2026Yield to maturity3.475%Feb 12, 2026Yield to maturity3.498%Feb 17, 2026Yield to maturity3.494%Feb 19, 2026Yield to maturity3.518%Feb 23, 2026Yield to maturity3.489%Feb 25, 2026Yield to maturity3.539%Feb 27, 2026Yield to maturity3.484%Mar 3, 2026Yield to maturity3.586%Mar 5, 2026Yield to maturity3.637%Mar 9, 2026Yield to maturity3.608%Mar 11, 2026Yield to maturity3.660%Mar 13, 2026Yield to maturity3.738%Mar 17, 2026Yield to maturity3.711%Mar 19, 2026Yield to maturity3.817%Mar 23, 2026Yield to maturity3.871%Mar 25, 2026Yield to maturity3.899%Mar 27, 2026Yield to maturity3.899%Mar 31, 2026Yield to maturity3.816%Apr 2, 2026Yield to maturity3.816%Apr 6, 2026Yield to maturity3.843%Apr 8, 2026Yield to maturity3.787%Apr 10, 2026Yield to maturity3.815%Apr 14, 2026Yield to maturity3.757%Apr 16, 2026Yield to maturity3.786%Apr 20, 2026Yield to maturity3.727%Apr 22, 2026Yield to maturity3.785%Apr 24, 2026Yield to maturity3.755%Apr 28, 2026Yield to maturity3.784%Apr 30, 2026Yield to maturity3.813%May 4, 2026Yield to maturity3.843%May 6, 2026Yield to maturity3.813%May 8, 2026Yield to maturity3.812%May 12, 2026Yield to maturity3.873%May 14, 2026Yield to maturity3.874%May 18, 2026Yield to maturity3.905%May 20, 2026Yield to maturity3.905%May 22, 2026Yield to maturity3.970%May 27, 2026Yield to maturity3.907%May 29, 2026Yield to maturity3.907%Jun 2, 2026Yield to maturity3.907%Jun 4, 2026Yield to maturity3.907%Jun 8, 2026Yield to maturity4.006%Jun 10, 2026Yield to maturity3.973%Jun 12, 2026Yield to maturity3.974%Jun 16, 2026Yield to maturity3.941%Jun 18, 2026Yield to maturity4.078%Jun 23, 2026Yield to maturity4.114%Jun 25, 2026Yield to maturity4.080%Jun 29, 2026Yield to maturity4.082%Jul 1, 2026Yield to maturity4.083%Jul 6, 2026Yield to maturity4.050%Jul 8, 2026Yield to maturity4.123%Jul 10, 2026Yield to maturity4.126%Jul 14, 2026Yield to maturity4.054%Jul 16, 2026Yield to maturity4.055%Jul 20, 2026Yield to maturity4.094%Jul 22, 2026Yield to maturity4.171%Jul 24, 2026Yield to maturity4.174%Jul 28, 2026Yield to maturity4.138%Jul 30, 2026Yield to maturity4.101%Aug 3, 2026Yield to maturity4.104%Aug 5, 2026Yield to maturity4.066%Aug 7, 2026Yield to maturity4.068%Aug 11, 2026Yield to maturity4.069%Aug 13, 2026Yield to maturity4.030%Aug 17, 2026Yield to maturity4.032%Aug 19, 2026Yield to maturity4.033%Aug 21, 2026Yield to maturity4.036%Aug 25, 2026Yield to maturity4.037%Aug 27, 2026Yield to maturity4.038%Aug 31, 2026Yield to maturity4.169%Sep 2, 2026Yield to maturity4.128%Sep 4, 2026Yield to maturity4.133%Sep 9, 2026Yield to maturity4.135%

Price history

319 trading days to Sep 9, 2026

99.699.8100.0100.2100.4100.6100.8Jun 2, 2025Sep 9, 2026Jun 2, 2025Close99.875Jun 4, 2025Close100.000Jun 6, 2025Close99.688Jun 10, 2025Close99.750Jun 12, 2025Close99.938Jun 16, 2025Close99.813Jun 18, 2025Close99.875Jun 23, 2025Close100.063Jun 25, 2025Close100.125Jun 27, 2025Close100.188Jul 1, 2025Close100.125Jul 3, 2025Close99.938Jul 8, 2025Close99.906Jul 10, 2025Close99.969Jul 14, 2025Close99.938Jul 16, 2025Close99.938Jul 18, 2025Close99.969Jul 22, 2025Close100.031Jul 24, 2025Close99.875Jul 28, 2025Close99.875Jul 30, 2025Close99.844Aug 1, 2025Close100.250Aug 5, 2025Close100.219Aug 7, 2025Close100.188Aug 11, 2025Close100.156Aug 13, 2025Close100.281Aug 15, 2025Close100.156Aug 19, 2025Close100.156Aug 21, 2025Close100.094Aug 25, 2025Close100.188Aug 27, 2025Close100.313Aug 29, 2025Close100.344Sep 3, 2025Close100.344Sep 5, 2025Close100.500Sep 9, 2025Close100.469Sep 11, 2025Close100.500Sep 15, 2025Close100.469Sep 17, 2025Close100.500Sep 19, 2025Close100.438Sep 23, 2025Close100.406Sep 25, 2025Close100.281Sep 29, 2025Close100.313Oct 1, 2025Close100.469Oct 3, 2025Close100.406Oct 7, 2025Close100.406Oct 9, 2025Close100.406Oct 14, 2025Close100.563Oct 16, 2025Close100.656Oct 20, 2025Close100.563Oct 22, 2025Close100.594Oct 24, 2025Close100.563Oct 28, 2025Close100.531Oct 30, 2025Close100.344Nov 3, 2025Close100.344Nov 5, 2025Close100.313Nov 7, 2025Close100.406Nov 12, 2025Close100.406Nov 14, 2025Close100.344Nov 18, 2025Close100.375Nov 20, 2025Close100.406Nov 24, 2025Close100.469Nov 26, 2025Close100.469Dec 1, 2025Close100.406Dec 3, 2025Close100.500Dec 5, 2025Close100.406Dec 9, 2025Close100.344Dec 11, 2025Close100.469Dec 15, 2025Close100.500Dec 17, 2025Close100.531Dec 19, 2025Close100.531Dec 23, 2025Close100.469Dec 26, 2025Close100.500Dec 30, 2025Close100.563Jan 2, 2026Close100.531Jan 6, 2026Close100.531Jan 8, 2026Close100.500Jan 12, 2026Close100.438Jan 14, 2026Close100.469Jan 16, 2026Close100.375Jan 21, 2026Close100.375Jan 23, 2026Close100.375Jan 27, 2026Close100.406Jan 29, 2026Close100.406Feb 2, 2026Close100.406Feb 4, 2026Close100.375Feb 6, 2026Close100.469Feb 10, 2026Close100.500Feb 12, 2026Close100.469Feb 17, 2026Close100.469Feb 19, 2026Close100.438Feb 23, 2026Close100.469Feb 25, 2026Close100.406Feb 27, 2026Close100.469Mar 3, 2026Close100.344Mar 5, 2026Close100.281Mar 9, 2026Close100.313Mar 11, 2026Close100.250Mar 13, 2026Close100.156Mar 17, 2026Close100.188Mar 19, 2026Close100.063Mar 23, 2026Close100.000Mar 25, 2026Close99.969Mar 27, 2026Close99.969Mar 31, 2026Close100.063Apr 2, 2026Close100.063Apr 6, 2026Close100.031Apr 8, 2026Close100.094Apr 10, 2026Close100.063Apr 14, 2026Close100.125Apr 16, 2026Close100.094Apr 20, 2026Close100.156Apr 22, 2026Close100.094Apr 24, 2026Close100.125Apr 28, 2026Close100.094Apr 30, 2026Close100.063May 4, 2026Close100.031May 6, 2026Close100.063May 8, 2026Close100.063May 12, 2026Close100.000May 14, 2026Close100.000May 18, 2026Close99.969May 20, 2026Close99.969May 22, 2026Close99.906May 27, 2026Close99.969May 29, 2026Close99.969Jun 2, 2026Close99.969Jun 4, 2026Close99.969Jun 8, 2026Close99.875Jun 10, 2026Close99.906Jun 12, 2026Close99.906Jun 16, 2026Close99.938Jun 18, 2026Close99.813Jun 23, 2026Close99.781Jun 25, 2026Close99.813Jun 29, 2026Close99.813Jul 1, 2026Close99.813Jul 6, 2026Close99.844Jul 8, 2026Close99.781Jul 10, 2026Close99.781Jul 14, 2026Close99.844Jul 16, 2026Close99.844Jul 20, 2026Close99.813Jul 22, 2026Close99.750Jul 24, 2026Close99.750Jul 28, 2026Close99.781Jul 30, 2026Close99.813Aug 3, 2026Close99.813Aug 5, 2026Close99.844Aug 7, 2026Close99.844Aug 11, 2026Close99.844Aug 13, 2026Close99.875Aug 17, 2026Close99.875Aug 19, 2026Close99.875Aug 21, 2026Close99.875Aug 25, 2026Close99.875Aug 27, 2026Close99.875Aug 31, 2026Close99.781Sep 2, 2026Close99.813Sep 4, 2026Close99.813Sep 9, 2026Close99.813
The most recent 20 trading days of prices for 91282CNE7.
DateBidOfferClose
Sep 9, 202699.82899.81399.813
Sep 8, 202699.84499.84499.813
Sep 4, 202699.84499.84499.813
Sep 3, 202699.85999.84499.844
Sep 2, 202699.81399.81399.813
Sep 1, 202699.79799.78199.781
Aug 31, 202699.81399.81399.781
Aug 28, 202699.82899.81399.813
Aug 27, 202699.89199.87599.875
Aug 26, 202699.89199.87599.875
Aug 25, 202699.89199.87599.875
Aug 24, 202699.89199.87599.875
Aug 21, 202699.89199.87599.875
Aug 20, 202699.90699.90699.875
Aug 19, 202699.89199.87599.875
Aug 18, 202699.89199.87599.875
Aug 17, 202699.90699.90699.875
Aug 14, 202699.92299.90699.875
Aug 13, 202699.90699.90699.875
Aug 12, 202699.89199.87599.875

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 91282CNE7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 27, 2025Jun 2, 2025New issue$69.0bn$78.4bn2.57x3.955%

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.