Treasury note

91282CNH0 · 3.875% due June 15, 2028

Original term
3-Year
Maturity
Jun 15, 2028
Coupon
3.875%
Pays
Semi-Annual
Dated
Jun 15, 2025
First coupon
Dec 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$59.04bn
Held stripped
$14.4m
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
4.412%
Modified duration
1.669 yr
DV01
0.0167
Convexity
3.662
Dirty price
100.015

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 1.706 years against a modified duration of 1.669.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 1.05 cents per 100 of face.

That is 1.61 standard deviations from its own typical residual.

Yield to maturity, 309 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jun 16, 2025Sep 9, 2026Jun 16, 2025Yield to maturity3.931%Jun 18, 2025Yield to maturity3.886%Jun 23, 2025Yield to maturity3.796%Jun 25, 2025Yield to maturity3.740%Jun 27, 2025Yield to maturity3.717%Jul 1, 2025Yield to maturity3.750%Jul 3, 2025Yield to maturity3.840%Jul 8, 2025Yield to maturity3.874%Jul 10, 2025Yield to maturity3.829%Jul 14, 2025Yield to maturity3.851%Jul 16, 2025Yield to maturity3.851%Jul 18, 2025Yield to maturity3.828%Jul 22, 2025Yield to maturity3.759%Jul 24, 2025Yield to maturity3.862%Jul 28, 2025Yield to maturity3.862%Jul 30, 2025Yield to maturity3.885%Aug 1, 2025Yield to maturity3.665%Aug 5, 2025Yield to maturity3.665%Aug 7, 2025Yield to maturity3.687%Aug 11, 2025Yield to maturity3.722%Aug 13, 2025Yield to maturity3.651%Aug 15, 2025Yield to maturity3.721%Aug 19, 2025Yield to maturity3.709%Aug 21, 2025Yield to maturity3.744%Aug 25, 2025Yield to maturity3.672%Aug 27, 2025Yield to maturity3.589%Aug 29, 2025Yield to maturity3.576%Sep 3, 2025Yield to maturity3.587%Sep 5, 2025Yield to maturity3.479%Sep 9, 2025Yield to maturity3.502%Sep 11, 2025Yield to maturity3.502%Sep 15, 2025Yield to maturity3.500%Sep 17, 2025Yield to maturity3.512%Sep 19, 2025Yield to maturity3.558%Sep 23, 2025Yield to maturity3.558%Sep 25, 2025Yield to maturity3.654%Sep 29, 2025Yield to maturity3.629%Oct 1, 2025Yield to maturity3.555%Oct 3, 2025Yield to maturity3.579%Oct 7, 2025Yield to maturity3.578%Oct 9, 2025Yield to maturity3.602%Oct 14, 2025Yield to maturity3.465%Oct 16, 2025Yield to maturity3.415%Oct 20, 2025Yield to maturity3.451%Oct 22, 2025Yield to maturity3.437%Oct 24, 2025Yield to maturity3.473%Oct 28, 2025Yield to maturity3.485%Oct 30, 2025Yield to maturity3.597%Nov 3, 2025Yield to maturity3.596%Nov 5, 2025Yield to maturity3.633%Nov 7, 2025Yield to maturity3.556%Nov 12, 2025Yield to maturity3.555%Nov 14, 2025Yield to maturity3.605%Nov 18, 2025Yield to maturity3.566%Nov 20, 2025Yield to maturity3.540%Nov 24, 2025Yield to maturity3.475%Nov 26, 2025Yield to maturity3.461%Dec 1, 2025Yield to maturity3.537%Dec 3, 2025Yield to maturity3.484%Dec 5, 2025Yield to maturity3.561%Dec 9, 2025Yield to maturity3.626%Dec 11, 2025Yield to maturity3.547%Dec 15, 2025Yield to maturity3.532%Dec 17, 2025Yield to maturity3.505%Dec 19, 2025Yield to maturity3.503%Dec 23, 2025Yield to maturity3.555%Dec 26, 2025Yield to maturity3.514%Dec 30, 2025Yield to maturity3.473%Jan 2, 2026Yield to maturity3.511%Jan 6, 2026Yield to maturity3.496%Jan 8, 2026Yield to maturity3.509%Jan 12, 2026Yield to maturity3.561%Jan 14, 2026Yield to maturity3.534%Jan 16, 2026Yield to maturity3.613%Jan 21, 2026Yield to maturity3.613%Jan 23, 2026Yield to maturity3.625%Jan 27, 2026Yield to maturity3.597%Jan 29, 2026Yield to maturity3.569%Feb 2, 2026Yield to maturity3.595%Feb 4, 2026Yield to maturity3.595%Feb 6, 2026Yield to maturity3.510%Feb 10, 2026Yield to maturity3.467%Feb 12, 2026Yield to maturity3.466%Feb 17, 2026Yield to maturity3.436%Feb 19, 2026Yield to maturity3.463%Feb 23, 2026Yield to maturity3.418%Feb 25, 2026Yield to maturity3.460%Feb 27, 2026Yield to maturity3.373%Mar 3, 2026Yield to maturity3.485%Mar 5, 2026Yield to maturity3.570%Mar 9, 2026Yield to maturity3.555%Mar 11, 2026Yield to maturity3.641%Mar 13, 2026Yield to maturity3.727%Mar 17, 2026Yield to maturity3.668%Mar 19, 2026Yield to maturity3.785%Mar 23, 2026Yield to maturity3.843%Mar 25, 2026Yield to maturity3.888%Mar 27, 2026Yield to maturity3.917%Mar 31, 2026Yield to maturity3.798%Apr 2, 2026Yield to maturity3.798%Apr 6, 2026Yield to maturity3.858%Apr 8, 2026Yield to maturity3.798%Apr 10, 2026Yield to maturity3.813%Apr 14, 2026Yield to maturity3.752%Apr 16, 2026Yield to maturity3.782%Apr 20, 2026Yield to maturity3.721%Apr 22, 2026Yield to maturity3.797%Apr 24, 2026Yield to maturity3.781%Apr 28, 2026Yield to maturity3.842%Apr 30, 2026Yield to maturity3.889%May 4, 2026Yield to maturity3.967%May 6, 2026Yield to maturity3.873%May 8, 2026Yield to maturity3.905%May 12, 2026Yield to maturity3.999%May 14, 2026Yield to maturity4.000%May 18, 2026Yield to maturity4.096%May 20, 2026Yield to maturity4.065%May 22, 2026Yield to maturity4.146%May 27, 2026Yield to maturity4.051%May 29, 2026Yield to maturity4.019%Jun 2, 2026Yield to maturity4.052%Jun 4, 2026Yield to maturity4.053%Jun 8, 2026Yield to maturity4.168%Jun 10, 2026Yield to maturity4.153%Jun 12, 2026Yield to maturity4.105%Jun 16, 2026Yield to maturity4.056%Jun 18, 2026Yield to maturity4.190%Jun 23, 2026Yield to maturity4.208%Jun 25, 2026Yield to maturity4.125%Jun 29, 2026Yield to maturity4.109%Jul 1, 2026Yield to maturity4.194%Jul 6, 2026Yield to maturity4.128%Jul 8, 2026Yield to maturity4.214%Jul 10, 2026Yield to maturity4.215%Jul 14, 2026Yield to maturity4.199%Jul 16, 2026Yield to maturity4.165%Jul 20, 2026Yield to maturity4.219%Jul 22, 2026Yield to maturity4.307%Jul 24, 2026Yield to maturity4.344%Jul 28, 2026Yield to maturity4.275%Jul 30, 2026Yield to maturity4.241%Aug 3, 2026Yield to maturity4.260%Aug 5, 2026Yield to maturity4.191%Aug 7, 2026Yield to maturity4.192%Aug 11, 2026Yield to maturity4.229%Aug 13, 2026Yield to maturity4.140%Aug 17, 2026Yield to maturity4.178%Aug 19, 2026Yield to maturity4.179%Aug 21, 2026Yield to maturity4.235%Aug 25, 2026Yield to maturity4.199%Aug 27, 2026Yield to maturity4.219%Aug 31, 2026Yield to maturity4.331%Sep 2, 2026Yield to maturity4.369%Sep 4, 2026Yield to maturity4.373%Sep 9, 2026Yield to maturity4.412%

Price history

309 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00101.50Jun 16, 2025Sep 9, 2026Jun 16, 2025Close99.844Jun 18, 2025Close99.969Jun 23, 2025Close100.219Jun 25, 2025Close100.375Jun 27, 2025Close100.438Jul 1, 2025Close100.344Jul 3, 2025Close100.094Jul 8, 2025Close100.000Jul 10, 2025Close100.125Jul 14, 2025Close100.063Jul 16, 2025Close100.063Jul 18, 2025Close100.125Jul 22, 2025Close100.313Jul 24, 2025Close100.031Jul 28, 2025Close100.031Jul 30, 2025Close99.969Aug 1, 2025Close100.563Aug 5, 2025Close100.563Aug 7, 2025Close100.500Aug 11, 2025Close100.406Aug 13, 2025Close100.594Aug 15, 2025Close100.406Aug 19, 2025Close100.438Aug 21, 2025Close100.344Aug 25, 2025Close100.531Aug 27, 2025Close100.750Aug 29, 2025Close100.781Sep 3, 2025Close100.750Sep 5, 2025Close101.031Sep 9, 2025Close100.969Sep 11, 2025Close100.969Sep 15, 2025Close100.969Sep 17, 2025Close100.938Sep 19, 2025Close100.813Sep 23, 2025Close100.813Sep 25, 2025Close100.563Sep 29, 2025Close100.625Oct 1, 2025Close100.813Oct 3, 2025Close100.750Oct 7, 2025Close100.750Oct 9, 2025Close100.688Oct 14, 2025Close101.031Oct 16, 2025Close101.156Oct 20, 2025Close101.063Oct 22, 2025Close101.094Oct 24, 2025Close101.000Oct 28, 2025Close100.969Oct 30, 2025Close100.688Nov 3, 2025Close100.688Nov 5, 2025Close100.594Nov 7, 2025Close100.781Nov 12, 2025Close100.781Nov 14, 2025Close100.656Nov 18, 2025Close100.750Nov 20, 2025Close100.813Nov 24, 2025Close100.969Nov 26, 2025Close101.000Dec 1, 2025Close100.813Dec 3, 2025Close100.938Dec 5, 2025Close100.750Dec 9, 2025Close100.594Dec 11, 2025Close100.781Dec 15, 2025Close100.813Dec 17, 2025Close100.875Dec 19, 2025Close100.875Dec 23, 2025Close100.750Dec 26, 2025Close100.844Dec 30, 2025Close100.938Jan 2, 2026Close100.844Jan 6, 2026Close100.875Jan 8, 2026Close100.844Jan 12, 2026Close100.719Jan 14, 2026Close100.781Jan 16, 2026Close100.594Jan 21, 2026Close100.594Jan 23, 2026Close100.563Jan 27, 2026Close100.625Jan 29, 2026Close100.688Feb 2, 2026Close100.625Feb 4, 2026Close100.625Feb 6, 2026Close100.813Feb 10, 2026Close100.906Feb 12, 2026Close100.906Feb 17, 2026Close100.969Feb 19, 2026Close100.906Feb 23, 2026Close101.000Feb 25, 2026Close100.906Feb 27, 2026Close101.094Mar 3, 2026Close100.844Mar 5, 2026Close100.656Mar 9, 2026Close100.688Mar 11, 2026Close100.500Mar 13, 2026Close100.313Mar 17, 2026Close100.438Mar 19, 2026Close100.188Mar 23, 2026Close100.063Mar 25, 2026Close99.969Mar 27, 2026Close99.906Mar 31, 2026Close100.156Apr 2, 2026Close100.156Apr 6, 2026Close100.031Apr 8, 2026Close100.156Apr 10, 2026Close100.125Apr 14, 2026Close100.250Apr 16, 2026Close100.188Apr 20, 2026Close100.313Apr 22, 2026Close100.156Apr 24, 2026Close100.188Apr 28, 2026Close100.063Apr 30, 2026Close99.969May 4, 2026Close99.813May 6, 2026Close100.000May 8, 2026Close99.938May 12, 2026Close99.750May 14, 2026Close99.750May 18, 2026Close99.563May 20, 2026Close99.625May 22, 2026Close99.469May 27, 2026Close99.656May 29, 2026Close99.719Jun 2, 2026Close99.656Jun 4, 2026Close99.656Jun 8, 2026Close99.438Jun 10, 2026Close99.469Jun 12, 2026Close99.563Jun 16, 2026Close99.656Jun 18, 2026Close99.406Jun 23, 2026Close99.375Jun 25, 2026Close99.531Jun 29, 2026Close99.563Jul 1, 2026Close99.406Jul 6, 2026Close99.531Jul 8, 2026Close99.375Jul 10, 2026Close99.375Jul 14, 2026Close99.406Jul 16, 2026Close99.469Jul 20, 2026Close99.375Jul 22, 2026Close99.219Jul 24, 2026Close99.156Jul 28, 2026Close99.281Jul 30, 2026Close99.344Aug 3, 2026Close99.313Aug 5, 2026Close99.438Aug 7, 2026Close99.438Aug 11, 2026Close99.375Aug 13, 2026Close99.531Aug 17, 2026Close99.469Aug 19, 2026Close99.469Aug 21, 2026Close99.375Aug 25, 2026Close99.438Aug 27, 2026Close99.406Aug 31, 2026Close99.219Sep 2, 2026Close99.156Sep 4, 2026Close99.156Sep 9, 2026Close99.094
The most recent 20 trading days of prices for 91282CNH0.
DateBidOfferClose
Sep 9, 202699.10999.09499.094
Sep 8, 202699.15699.15699.125
Sep 4, 202699.18899.18899.156
Sep 3, 202699.25099.25099.219
Sep 2, 202699.14199.12599.156
Sep 1, 202699.17299.15699.125
Aug 31, 202699.21999.21999.219
Aug 28, 202699.23499.21999.188
Aug 27, 202699.42299.40699.406
Aug 26, 202699.42299.40699.406
Aug 25, 202699.45399.43899.438
Aug 24, 202699.40699.40699.375
Aug 21, 202699.37599.37599.375
Aug 20, 202699.46999.46999.469
Aug 19, 202699.46999.46999.469
Aug 18, 202699.48499.46999.469
Aug 17, 202699.50099.50099.469
Aug 14, 202699.53199.53199.500
Aug 13, 202699.53199.53199.531
Aug 12, 202699.43899.43899.438

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 91282CNH0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 10, 2025Jun 16, 2025New issue$58.0bn$59.0bn2.52x3.972%

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.