Treasury note

91282CNK3 · 3.875% due June 30, 2030

Original term
5-Year
Maturity
Jun 30, 2030
Coupon
3.875%
Pays
Semi-Annual
Dated
Jun 30, 2025
First coupon
Dec 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$76.97bn
Held stripped
$84.8m
Share stripped
0.11%

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
4.561%
Modified duration
3.465 yr
DV01
0.0341
Convexity
14.267
Dirty price
98.383

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 3.542 years against a modified duration of 3.465.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 4.86 cents per 100 of face.

That is -1.94 standard deviations from its own typical residual.

Yield to maturity, 300 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jun 30, 2025Sep 9, 2026Jun 30, 2025Yield to maturity3.792%Jul 2, 2025Yield to maturity3.868%Jul 7, 2025Yield to maturity3.959%Jul 9, 2025Yield to maturity3.917%Jul 11, 2025Yield to maturity3.987%Jul 15, 2025Yield to maturity4.050%Jul 17, 2025Yield to maturity4.001%Jul 21, 2025Yield to maturity3.910%Jul 23, 2025Yield to maturity3.938%Jul 25, 2025Yield to maturity3.945%Jul 29, 2025Yield to maturity3.903%Jul 31, 2025Yield to maturity3.959%Aug 4, 2025Yield to maturity3.748%Aug 6, 2025Yield to maturity3.762%Aug 8, 2025Yield to maturity3.832%Aug 12, 2025Yield to maturity3.825%Aug 14, 2025Yield to maturity3.818%Aug 18, 2025Yield to maturity3.853%Aug 20, 2025Yield to maturity3.803%Aug 22, 2025Yield to maturity3.753%Aug 26, 2025Yield to maturity3.739%Aug 28, 2025Yield to maturity3.696%Sep 2, 2025Yield to maturity3.738%Sep 4, 2025Yield to maturity3.639%Sep 8, 2025Yield to maturity3.567%Sep 10, 2025Yield to maturity3.581%Sep 12, 2025Yield to maturity3.623%Sep 16, 2025Yield to maturity3.587%Sep 18, 2025Yield to maturity3.658%Sep 22, 2025Yield to maturity3.694%Sep 24, 2025Yield to maturity3.708%Sep 26, 2025Yield to maturity3.765%Sep 30, 2025Yield to maturity3.729%Oct 2, 2025Yield to maturity3.664%Oct 6, 2025Yield to maturity3.743%Oct 8, 2025Yield to maturity3.714%Oct 10, 2025Yield to maturity3.634%Oct 15, 2025Yield to maturity3.619%Oct 17, 2025Yield to maturity3.582%Oct 21, 2025Yield to maturity3.546%Oct 23, 2025Yield to maturity3.596%Oct 27, 2025Yield to maturity3.610%Oct 29, 2025Yield to maturity3.698%Oct 31, 2025Yield to maturity3.697%Nov 4, 2025Yield to maturity3.682%Nov 6, 2025Yield to maturity3.675%Nov 10, 2025Yield to maturity3.697%Nov 13, 2025Yield to maturity3.696%Nov 17, 2025Yield to maturity3.703%Nov 19, 2025Yield to maturity3.688%Nov 21, 2025Yield to maturity3.599%Nov 25, 2025Yield to maturity3.555%Nov 28, 2025Yield to maturity3.584%Dec 2, 2025Yield to maturity3.635%Dec 4, 2025Yield to maturity3.665%Dec 8, 2025Yield to maturity3.732%Dec 10, 2025Yield to maturity3.702%Dec 12, 2025Yield to maturity3.716%Dec 16, 2025Yield to maturity3.664%Dec 18, 2025Yield to maturity3.633%Dec 22, 2025Yield to maturity3.686%Dec 24, 2025Yield to maturity3.685%Dec 29, 2025Yield to maturity3.632%Dec 31, 2025Yield to maturity3.692%Jan 5, 2026Yield to maturity3.669%Jan 7, 2026Yield to maturity3.654%Jan 9, 2026Yield to maturity3.722%Jan 13, 2026Yield to maturity3.706%Jan 15, 2026Yield to maturity3.736%Jan 20, 2026Yield to maturity3.821%Jan 22, 2026Yield to maturity3.813%Jan 26, 2026Yield to maturity3.782%Jan 28, 2026Yield to maturity3.797%Jan 30, 2026Yield to maturity3.750%Feb 3, 2026Yield to maturity3.789%Feb 5, 2026Yield to maturity3.696%Feb 9, 2026Yield to maturity3.695%Feb 11, 2026Yield to maturity3.703%Feb 13, 2026Yield to maturity3.563%Feb 18, 2026Yield to maturity3.616%Feb 20, 2026Yield to maturity3.616%Feb 24, 2026Yield to maturity3.569%Feb 26, 2026Yield to maturity3.545%Mar 2, 2026Yield to maturity3.583%Mar 4, 2026Yield to maturity3.638%Mar 6, 2026Yield to maturity3.692%Mar 10, 2026Yield to maturity3.692%Mar 12, 2026Yield to maturity3.850%Mar 16, 2026Yield to maturity3.778%Mar 18, 2026Yield to maturity3.842%Mar 20, 2026Yield to maturity3.994%Mar 24, 2026Yield to maturity4.010%Mar 26, 2026Yield to maturity4.083%Mar 30, 2026Yield to maturity3.938%Apr 1, 2026Yield to maturity3.930%Apr 3, 2026Yield to maturity3.963%Apr 7, 2026Yield to maturity3.922%Apr 9, 2026Yield to maturity3.882%Apr 13, 2026Yield to maturity3.882%Apr 15, 2026Yield to maturity3.866%Apr 17, 2026Yield to maturity3.809%Apr 21, 2026Yield to maturity3.874%Apr 23, 2026Yield to maturity3.923%Apr 27, 2026Yield to maturity3.907%Apr 29, 2026Yield to maturity4.022%May 1, 2026Yield to maturity3.989%May 5, 2026Yield to maturity4.039%May 7, 2026Yield to maturity4.014%May 11, 2026Yield to maturity4.040%May 13, 2026Yield to maturity4.090%May 15, 2026Yield to maturity4.233%May 19, 2026Yield to maturity4.292%May 21, 2026Yield to maturity4.217%May 26, 2026Yield to maturity4.159%May 28, 2026Yield to maturity4.134%Jun 1, 2026Yield to maturity4.160%Jun 3, 2026Yield to maturity4.186%Jun 5, 2026Yield to maturity4.272%Jun 9, 2026Yield to maturity4.239%Jun 11, 2026Yield to maturity4.154%Jun 15, 2026Yield to maturity4.163%Jun 17, 2026Yield to maturity4.258%Jun 22, 2026Yield to maturity4.285%Jun 24, 2026Yield to maturity4.174%Jun 26, 2026Yield to maturity4.123%Jun 30, 2026Yield to maturity4.184%Jul 2, 2026Yield to maturity4.210%Jul 7, 2026Yield to maturity4.254%Jul 9, 2026Yield to maturity4.246%Jul 13, 2026Yield to maturity4.343%Jul 15, 2026Yield to maturity4.221%Jul 17, 2026Yield to maturity4.248%Jul 21, 2026Yield to maturity4.345%Jul 23, 2026Yield to maturity4.434%Jul 27, 2026Yield to maturity4.382%Jul 29, 2026Yield to maturity4.347%Jul 31, 2026Yield to maturity4.411%Aug 4, 2026Yield to maturity4.305%Aug 6, 2026Yield to maturity4.367%Aug 10, 2026Yield to maturity4.369%Aug 12, 2026Yield to maturity4.333%Aug 14, 2026Yield to maturity4.317%Aug 18, 2026Yield to maturity4.317%Aug 20, 2026Yield to maturity4.336%Aug 24, 2026Yield to maturity4.364%Aug 26, 2026Yield to maturity4.337%Aug 28, 2026Yield to maturity4.456%Sep 1, 2026Yield to maturity4.511%Sep 3, 2026Yield to maturity4.467%Sep 8, 2026Yield to maturity4.524%Sep 9, 2026Yield to maturity4.561%

Price history

300 trading days to Sep 9, 2026

979899100101102Jun 30, 2025Sep 9, 2026Jun 30, 2025Close100.375Jul 2, 2025Close100.031Jul 7, 2025Close99.625Jul 9, 2025Close99.813Jul 11, 2025Close99.500Jul 15, 2025Close99.219Jul 17, 2025Close99.438Jul 21, 2025Close99.844Jul 23, 2025Close99.719Jul 25, 2025Close99.688Jul 29, 2025Close99.875Jul 31, 2025Close99.625Aug 4, 2025Close100.563Aug 6, 2025Close100.500Aug 8, 2025Close100.188Aug 12, 2025Close100.219Aug 14, 2025Close100.250Aug 18, 2025Close100.094Aug 20, 2025Close100.313Aug 22, 2025Close100.531Aug 26, 2025Close100.594Aug 28, 2025Close100.781Sep 2, 2025Close100.594Sep 4, 2025Close101.031Sep 8, 2025Close101.344Sep 10, 2025Close101.281Sep 12, 2025Close101.094Sep 16, 2025Close101.250Sep 18, 2025Close100.938Sep 22, 2025Close100.781Sep 24, 2025Close100.719Sep 26, 2025Close100.469Sep 30, 2025Close100.625Oct 2, 2025Close100.906Oct 6, 2025Close100.563Oct 8, 2025Close100.688Oct 10, 2025Close101.031Oct 15, 2025Close101.094Oct 17, 2025Close101.250Oct 21, 2025Close101.406Oct 23, 2025Close101.188Oct 27, 2025Close101.125Oct 29, 2025Close100.750Oct 31, 2025Close100.750Nov 4, 2025Close100.813Nov 6, 2025Close100.844Nov 10, 2025Close100.750Nov 13, 2025Close100.750Nov 17, 2025Close100.719Nov 19, 2025Close100.781Nov 21, 2025Close101.156Nov 25, 2025Close101.344Nov 28, 2025Close101.219Dec 2, 2025Close101.000Dec 4, 2025Close100.875Dec 8, 2025Close100.594Dec 10, 2025Close100.719Dec 12, 2025Close100.656Dec 16, 2025Close100.875Dec 18, 2025Close101.000Dec 22, 2025Close100.781Dec 24, 2025Close100.781Dec 29, 2025Close101.000Dec 31, 2025Close100.750Jan 5, 2026Close100.844Jan 7, 2026Close100.906Jan 9, 2026Close100.625Jan 13, 2026Close100.688Jan 15, 2026Close100.563Jan 20, 2026Close100.219Jan 22, 2026Close100.250Jan 26, 2026Close100.375Jan 28, 2026Close100.313Jan 30, 2026Close100.500Feb 3, 2026Close100.344Feb 5, 2026Close100.719Feb 9, 2026Close100.719Feb 11, 2026Close100.688Feb 13, 2026Close101.250Feb 18, 2026Close101.031Feb 20, 2026Close101.031Feb 24, 2026Close101.219Feb 26, 2026Close101.313Mar 2, 2026Close101.156Mar 4, 2026Close100.938Mar 6, 2026Close100.719Mar 10, 2026Close100.719Mar 12, 2026Close100.094Mar 16, 2026Close100.375Mar 18, 2026Close100.125Mar 20, 2026Close99.531Mar 24, 2026Close99.469Mar 26, 2026Close99.188Mar 30, 2026Close99.750Apr 1, 2026Close99.781Apr 3, 2026Close99.656Apr 7, 2026Close99.813Apr 9, 2026Close99.969Apr 13, 2026Close99.969Apr 15, 2026Close100.031Apr 17, 2026Close100.250Apr 21, 2026Close100.000Apr 23, 2026Close99.813Apr 27, 2026Close99.875Apr 29, 2026Close99.438May 1, 2026Close99.563May 5, 2026Close99.375May 7, 2026Close99.469May 11, 2026Close99.375May 13, 2026Close99.188May 15, 2026Close98.656May 19, 2026Close98.438May 21, 2026Close98.719May 26, 2026Close98.938May 28, 2026Close99.031Jun 1, 2026Close98.938Jun 3, 2026Close98.844Jun 5, 2026Close98.531Jun 9, 2026Close98.656Jun 11, 2026Close98.969Jun 15, 2026Close98.938Jun 17, 2026Close98.594Jun 22, 2026Close98.500Jun 24, 2026Close98.906Jun 26, 2026Close99.094Jun 30, 2026Close98.875Jul 2, 2026Close98.781Jul 7, 2026Close98.625Jul 9, 2026Close98.656Jul 13, 2026Close98.313Jul 15, 2026Close98.750Jul 17, 2026Close98.656Jul 21, 2026Close98.313Jul 23, 2026Close98.000Jul 27, 2026Close98.188Jul 29, 2026Close98.313Jul 31, 2026Close98.094Aug 4, 2026Close98.469Aug 6, 2026Close98.250Aug 10, 2026Close98.250Aug 12, 2026Close98.375Aug 14, 2026Close98.438Aug 18, 2026Close98.438Aug 20, 2026Close98.375Aug 24, 2026Close98.281Aug 26, 2026Close98.375Aug 28, 2026Close97.969Sep 1, 2026Close97.781Sep 3, 2026Close97.938Sep 8, 2026Close97.750Sep 9, 2026Close97.625
The most recent 20 trading days of prices for 91282CNK3.
DateBidOfferClose
Sep 9, 202697.60997.59497.625
Sep 8, 202697.78197.78197.750
Sep 4, 202697.85997.84497.813
Sep 3, 202698.00098.00097.938
Sep 2, 202697.79797.78197.813
Sep 1, 202697.89197.87597.781
Aug 31, 202697.98497.96997.969
Aug 28, 202698.07898.06397.969
Aug 27, 202698.42298.40698.344
Aug 26, 202698.39198.37598.375
Aug 25, 202698.45398.43898.469
Aug 24, 202698.34498.34498.281
Aug 21, 202698.23498.21998.250
Aug 20, 202698.39198.37598.375
Aug 19, 202698.43898.43898.469
Aug 18, 202698.43898.43898.438
Aug 17, 202698.45398.43898.406
Aug 14, 202698.51698.50098.438
Aug 13, 202698.57898.56398.594
Aug 12, 202698.45398.43898.375

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 91282CNK3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 25, 2025Jun 30, 2025New issue$70.0bn$77.0bn2.36x3.879%

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.