Treasury note

91282CNL1 · 3.75% due June 30, 2027

Original term
2-Year
Maturity
Jun 30, 2027
Coupon
3.750%
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
$75.63bn
Held stripped
$105.0m
Share stripped
0.14%

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
4.183%
Modified duration
0.779 yr
DV01
0.0078
Convexity
0.992
Dirty price
100.390

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 0.794 years against a modified duration of 0.779.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 1.23 cents per 100 of face.

That is 1.41 standard deviations from its own typical residual.

Yield to maturity, 300 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jun 30, 2025Sep 9, 2026Jun 30, 2025Yield to maturity3.717%Jul 2, 2025Yield to maturity3.783%Jul 7, 2025Yield to maturity3.899%Jul 9, 2025Yield to maturity3.866%Jul 11, 2025Yield to maturity3.900%Jul 15, 2025Yield to maturity3.950%Jul 17, 2025Yield to maturity3.917%Jul 21, 2025Yield to maturity3.850%Jul 23, 2025Yield to maturity3.884%Jul 25, 2025Yield to maturity3.919%Jul 29, 2025Yield to maturity3.885%Jul 31, 2025Yield to maturity3.954%Aug 4, 2025Yield to maturity3.697%Aug 6, 2025Yield to maturity3.714%Aug 8, 2025Yield to maturity3.766%Aug 12, 2025Yield to maturity3.748%Aug 14, 2025Yield to maturity3.748%Aug 18, 2025Yield to maturity3.783%Aug 20, 2025Yield to maturity3.748%Aug 22, 2025Yield to maturity3.695%Aug 26, 2025Yield to maturity3.695%Aug 28, 2025Yield to maturity3.677%Sep 2, 2025Yield to maturity3.694%Sep 4, 2025Yield to maturity3.622%Sep 8, 2025Yield to maturity3.532%Sep 10, 2025Yield to maturity3.567%Sep 12, 2025Yield to maturity3.584%Sep 16, 2025Yield to maturity3.529%Sep 18, 2025Yield to maturity3.583%Sep 22, 2025Yield to maturity3.619%Sep 24, 2025Yield to maturity3.637%Sep 26, 2025Yield to maturity3.673%Sep 30, 2025Yield to maturity3.636%Oct 2, 2025Yield to maturity3.561%Oct 6, 2025Yield to maturity3.616%Oct 8, 2025Yield to maturity3.597%Oct 10, 2025Yield to maturity3.539%Oct 15, 2025Yield to maturity3.519%Oct 17, 2025Yield to maturity3.480%Oct 21, 2025Yield to maturity3.479%Oct 23, 2025Yield to maturity3.497%Oct 27, 2025Yield to maturity3.515%Oct 29, 2025Yield to maturity3.611%Oct 31, 2025Yield to maturity3.630%Nov 4, 2025Yield to maturity3.610%Nov 6, 2025Yield to maturity3.590%Nov 10, 2025Yield to maturity3.609%Nov 13, 2025Yield to maturity3.608%Nov 17, 2025Yield to maturity3.628%Nov 19, 2025Yield to maturity3.607%Nov 21, 2025Yield to maturity3.546%Nov 25, 2025Yield to maturity3.525%Nov 28, 2025Yield to maturity3.544%Dec 2, 2025Yield to maturity3.543%Dec 4, 2025Yield to maturity3.563%Dec 8, 2025Yield to maturity3.603%Dec 10, 2025Yield to maturity3.541%Dec 12, 2025Yield to maturity3.539%Dec 16, 2025Yield to maturity3.497%Dec 18, 2025Yield to maturity3.475%Dec 22, 2025Yield to maturity3.516%Dec 24, 2025Yield to maturity3.515%Dec 29, 2025Yield to maturity3.470%Dec 31, 2025Yield to maturity3.490%Jan 5, 2026Yield to maturity3.466%Jan 7, 2026Yield to maturity3.487%Jan 9, 2026Yield to maturity3.529%Jan 13, 2026Yield to maturity3.528%Jan 15, 2026Yield to maturity3.571%Jan 20, 2026Yield to maturity3.592%Jan 22, 2026Yield to maturity3.591%Jan 26, 2026Yield to maturity3.567%Jan 28, 2026Yield to maturity3.566%Jan 30, 2026Yield to maturity3.519%Feb 3, 2026Yield to maturity3.564%Feb 5, 2026Yield to maturity3.471%Feb 9, 2026Yield to maturity3.492%Feb 11, 2026Yield to maturity3.514%Feb 13, 2026Yield to maturity3.441%Feb 18, 2026Yield to maturity3.487%Feb 20, 2026Yield to maturity3.509%Feb 24, 2026Yield to maturity3.507%Feb 26, 2026Yield to maturity3.506%Mar 2, 2026Yield to maturity3.529%Mar 4, 2026Yield to maturity3.601%Mar 6, 2026Yield to maturity3.599%Mar 10, 2026Yield to maturity3.623%Mar 12, 2026Yield to maturity3.747%Mar 16, 2026Yield to maturity3.697%Mar 18, 2026Yield to maturity3.747%Mar 20, 2026Yield to maturity3.924%Mar 24, 2026Yield to maturity3.950%Mar 26, 2026Yield to maturity3.977%Mar 30, 2026Yield to maturity3.824%Apr 1, 2026Yield to maturity3.824%Apr 3, 2026Yield to maturity3.851%Apr 7, 2026Yield to maturity3.825%Apr 9, 2026Yield to maturity3.799%Apr 13, 2026Yield to maturity3.800%Apr 15, 2026Yield to maturity3.773%Apr 17, 2026Yield to maturity3.719%Apr 21, 2026Yield to maturity3.774%Apr 23, 2026Yield to maturity3.801%Apr 27, 2026Yield to maturity3.774%Apr 29, 2026Yield to maturity3.857%May 1, 2026Yield to maturity3.802%May 5, 2026Yield to maturity3.859%May 7, 2026Yield to maturity3.831%May 11, 2026Yield to maturity3.860%May 13, 2026Yield to maturity3.890%May 15, 2026Yield to maturity3.920%May 19, 2026Yield to maturity3.950%May 21, 2026Yield to maturity3.951%May 26, 2026Yield to maturity3.924%May 28, 2026Yield to maturity3.925%Jun 1, 2026Yield to maturity3.957%Jun 3, 2026Yield to maturity3.958%Jun 5, 2026Yield to maturity4.022%Jun 9, 2026Yield to maturity3.993%Jun 11, 2026Yield to maturity3.963%Jun 15, 2026Yield to maturity3.966%Jun 17, 2026Yield to maturity4.123%Jun 22, 2026Yield to maturity4.160%Jun 24, 2026Yield to maturity4.099%Jun 26, 2026Yield to maturity4.071%Jun 30, 2026Yield to maturity4.105%Jul 2, 2026Yield to maturity4.077%Jul 7, 2026Yield to maturity4.111%Jul 9, 2026Yield to maturity4.080%Jul 13, 2026Yield to maturity4.184%Jul 15, 2026Yield to maturity4.051%Jul 17, 2026Yield to maturity4.088%Jul 21, 2026Yield to maturity4.159%Jul 23, 2026Yield to maturity4.230%Jul 27, 2026Yield to maturity4.200%Jul 29, 2026Yield to maturity4.132%Jul 31, 2026Yield to maturity4.137%Aug 4, 2026Yield to maturity4.103%Aug 6, 2026Yield to maturity4.105%Aug 10, 2026Yield to maturity4.109%Aug 12, 2026Yield to maturity4.038%Aug 14, 2026Yield to maturity4.004%Aug 18, 2026Yield to maturity4.006%Aug 20, 2026Yield to maturity4.007%Aug 24, 2026Yield to maturity4.048%Aug 26, 2026Yield to maturity4.050%Aug 28, 2026Yield to maturity4.170%Sep 1, 2026Yield to maturity4.172%Sep 3, 2026Yield to maturity4.136%Sep 8, 2026Yield to maturity4.142%Sep 9, 2026Yield to maturity4.183%

Price history

300 trading days to Sep 9, 2026

99.499.699.8100.0100.2100.4100.6Jun 30, 2025Sep 9, 2026Jun 30, 2025Close100.063Jul 2, 2025Close99.938Jul 7, 2025Close99.719Jul 9, 2025Close99.781Jul 11, 2025Close99.719Jul 15, 2025Close99.625Jul 17, 2025Close99.688Jul 21, 2025Close99.813Jul 23, 2025Close99.750Jul 25, 2025Close99.688Jul 29, 2025Close99.750Jul 31, 2025Close99.625Aug 4, 2025Close100.094Aug 6, 2025Close100.063Aug 8, 2025Close99.969Aug 12, 2025Close100.000Aug 14, 2025Close100.000Aug 18, 2025Close99.938Aug 20, 2025Close100.000Aug 22, 2025Close100.094Aug 26, 2025Close100.094Aug 28, 2025Close100.125Sep 2, 2025Close100.094Sep 4, 2025Close100.219Sep 8, 2025Close100.375Sep 10, 2025Close100.313Sep 12, 2025Close100.281Sep 16, 2025Close100.375Sep 18, 2025Close100.281Sep 22, 2025Close100.219Sep 24, 2025Close100.188Sep 26, 2025Close100.125Sep 30, 2025Close100.188Oct 2, 2025Close100.313Oct 6, 2025Close100.219Oct 8, 2025Close100.250Oct 10, 2025Close100.344Oct 15, 2025Close100.375Oct 17, 2025Close100.438Oct 21, 2025Close100.438Oct 23, 2025Close100.406Oct 27, 2025Close100.375Oct 29, 2025Close100.219Oct 31, 2025Close100.188Nov 4, 2025Close100.219Nov 6, 2025Close100.250Nov 10, 2025Close100.219Nov 13, 2025Close100.219Nov 17, 2025Close100.188Nov 19, 2025Close100.219Nov 21, 2025Close100.313Nov 25, 2025Close100.344Nov 28, 2025Close100.313Dec 2, 2025Close100.313Dec 4, 2025Close100.281Dec 8, 2025Close100.219Dec 10, 2025Close100.313Dec 12, 2025Close100.313Dec 16, 2025Close100.375Dec 18, 2025Close100.406Dec 22, 2025Close100.344Dec 24, 2025Close100.344Dec 29, 2025Close100.406Dec 31, 2025Close100.375Jan 5, 2026Close100.406Jan 7, 2026Close100.375Jan 9, 2026Close100.313Jan 13, 2026Close100.313Jan 15, 2026Close100.250Jan 20, 2026Close100.219Jan 22, 2026Close100.219Jan 26, 2026Close100.250Jan 28, 2026Close100.250Jan 30, 2026Close100.313Feb 3, 2026Close100.250Feb 5, 2026Close100.375Feb 9, 2026Close100.344Feb 11, 2026Close100.313Feb 13, 2026Close100.406Feb 18, 2026Close100.344Feb 20, 2026Close100.313Feb 24, 2026Close100.313Feb 26, 2026Close100.313Mar 2, 2026Close100.281Mar 4, 2026Close100.188Mar 6, 2026Close100.188Mar 10, 2026Close100.156Mar 12, 2026Close100.000Mar 16, 2026Close100.063Mar 18, 2026Close100.000Mar 20, 2026Close99.781Mar 24, 2026Close99.750Mar 26, 2026Close99.719Mar 30, 2026Close99.906Apr 1, 2026Close99.906Apr 3, 2026Close99.875Apr 7, 2026Close99.906Apr 9, 2026Close99.938Apr 13, 2026Close99.938Apr 15, 2026Close99.969Apr 17, 2026Close100.031Apr 21, 2026Close99.969Apr 23, 2026Close99.938Apr 27, 2026Close99.969Apr 29, 2026Close99.875May 1, 2026Close99.938May 5, 2026Close99.875May 7, 2026Close99.906May 11, 2026Close99.875May 13, 2026Close99.844May 15, 2026Close99.813May 19, 2026Close99.781May 21, 2026Close99.781May 26, 2026Close99.813May 28, 2026Close99.813Jun 1, 2026Close99.781Jun 3, 2026Close99.781Jun 5, 2026Close99.719Jun 9, 2026Close99.750Jun 11, 2026Close99.781Jun 15, 2026Close99.781Jun 17, 2026Close99.625Jun 22, 2026Close99.594Jun 24, 2026Close99.656Jun 26, 2026Close99.688Jun 30, 2026Close99.656Jul 2, 2026Close99.688Jul 7, 2026Close99.656Jul 9, 2026Close99.688Jul 13, 2026Close99.594Jul 15, 2026Close99.719Jul 17, 2026Close99.688Jul 21, 2026Close99.625Jul 23, 2026Close99.563Jul 27, 2026Close99.594Jul 29, 2026Close99.656Jul 31, 2026Close99.656Aug 4, 2026Close99.688Aug 6, 2026Close99.688Aug 10, 2026Close99.688Aug 12, 2026Close99.750Aug 14, 2026Close99.781Aug 18, 2026Close99.781Aug 20, 2026Close99.781Aug 24, 2026Close99.750Aug 26, 2026Close99.750Aug 28, 2026Close99.656Sep 1, 2026Close99.656Sep 3, 2026Close99.688Sep 8, 2026Close99.688Sep 9, 2026Close99.656
The most recent 20 trading days of prices for 91282CNL1.
DateBidOfferClose
Sep 9, 202699.68899.68899.656
Sep 8, 202699.70399.68899.688
Sep 4, 202699.68899.68899.688
Sep 3, 202699.70399.68899.688
Sep 2, 202699.67299.65699.656
Sep 1, 202699.67299.65699.656
Aug 31, 202699.67299.65699.656
Aug 28, 202699.70399.68899.656
Aug 27, 202699.76699.75099.750
Aug 26, 202699.76699.75099.750
Aug 25, 202699.76699.75099.750
Aug 24, 202699.76699.75099.750
Aug 21, 202699.76699.75099.750
Aug 20, 202699.79799.78199.781
Aug 19, 202699.76699.75099.781
Aug 18, 202699.79799.78199.781
Aug 17, 202699.79799.78199.750
Aug 14, 202699.79799.78199.781
Aug 13, 202699.79799.78199.750
Aug 12, 202699.73499.71999.750

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 91282CNL1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 24, 2025Jun 30, 2025New issue$69.0bn$75.9bn2.58x3.786%

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.