Treasury note

91282CNM9 · 3.875% due July 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$64.86bn
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
4.425%
Modified duration
1.750 yr
DV01
0.0174
Convexity
3.978
Dirty price
99.631

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 1.788 years against a modified duration of 1.750.

Against the fitted curve

Priced 0.8 bp cheap to the curve on that day, 1.42 cents per 100 of face.

That is 1.09 standard deviations from its own typical residual.

Yield to maturity, 290 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jul 15, 2025Sep 9, 2026Jul 15, 2025Yield to maturity3.931%Jul 17, 2025Yield to maturity3.886%Jul 21, 2025Yield to maturity3.808%Jul 23, 2025Yield to maturity3.841%Jul 25, 2025Yield to maturity3.863%Jul 29, 2025Yield to maturity3.818%Jul 31, 2025Yield to maturity3.886%Aug 4, 2025Yield to maturity3.660%Aug 6, 2025Yield to maturity3.671%Aug 8, 2025Yield to maturity3.738%Aug 12, 2025Yield to maturity3.715%Aug 14, 2025Yield to maturity3.703%Aug 18, 2025Yield to maturity3.737%Aug 20, 2025Yield to maturity3.702%Aug 22, 2025Yield to maturity3.644%Aug 26, 2025Yield to maturity3.632%Aug 28, 2025Yield to maturity3.609%Sep 2, 2025Yield to maturity3.630%Sep 4, 2025Yield to maturity3.561%Sep 8, 2025Yield to maturity3.467%Sep 10, 2025Yield to maturity3.513%Sep 12, 2025Yield to maturity3.534%Sep 16, 2025Yield to maturity3.487%Sep 18, 2025Yield to maturity3.556%Sep 22, 2025Yield to maturity3.590%Sep 24, 2025Yield to maturity3.613%Sep 26, 2025Yield to maturity3.660%Sep 30, 2025Yield to maturity3.624%Oct 2, 2025Yield to maturity3.564%Oct 6, 2025Yield to maturity3.622%Oct 8, 2025Yield to maturity3.610%Oct 10, 2025Yield to maturity3.525%Oct 15, 2025Yield to maturity3.512%Oct 17, 2025Yield to maturity3.475%Oct 21, 2025Yield to maturity3.450%Oct 23, 2025Yield to maturity3.486%Oct 27, 2025Yield to maturity3.508%Oct 29, 2025Yield to maturity3.593%Oct 31, 2025Yield to maturity3.604%Nov 4, 2025Yield to maturity3.579%Nov 6, 2025Yield to maturity3.578%Nov 10, 2025Yield to maturity3.601%Nov 13, 2025Yield to maturity3.589%Nov 17, 2025Yield to maturity3.612%Nov 19, 2025Yield to maturity3.587%Nov 21, 2025Yield to maturity3.499%Nov 25, 2025Yield to maturity3.449%Nov 28, 2025Yield to maturity3.484%Dec 2, 2025Yield to maturity3.521%Dec 4, 2025Yield to maturity3.545%Dec 8, 2025Yield to maturity3.607%Dec 10, 2025Yield to maturity3.569%Dec 12, 2025Yield to maturity3.568%Dec 16, 2025Yield to maturity3.503%Dec 18, 2025Yield to maturity3.490%Dec 22, 2025Yield to maturity3.540%Dec 24, 2025Yield to maturity3.552%Dec 29, 2025Yield to maturity3.499%Dec 31, 2025Yield to maturity3.524%Jan 5, 2026Yield to maturity3.496%Jan 7, 2026Yield to maturity3.496%Jan 9, 2026Yield to maturity3.573%Jan 13, 2026Yield to maturity3.559%Jan 15, 2026Yield to maturity3.598%Jan 20, 2026Yield to maturity3.636%Jan 22, 2026Yield to maturity3.649%Jan 26, 2026Yield to maturity3.621%Jan 28, 2026Yield to maturity3.620%Jan 30, 2026Yield to maturity3.565%Feb 3, 2026Yield to maturity3.605%Feb 5, 2026Yield to maturity3.510%Feb 9, 2026Yield to maturity3.522%Feb 11, 2026Yield to maturity3.548%Feb 13, 2026Yield to maturity3.411%Feb 18, 2026Yield to maturity3.478%Feb 20, 2026Yield to maturity3.489%Feb 24, 2026Yield to maturity3.461%Feb 26, 2026Yield to maturity3.446%Mar 2, 2026Yield to maturity3.486%Mar 4, 2026Yield to maturity3.540%Mar 6, 2026Yield to maturity3.580%Mar 10, 2026Yield to maturity3.593%Mar 12, 2026Yield to maturity3.761%Mar 16, 2026Yield to maturity3.690%Mar 18, 2026Yield to maturity3.760%Mar 20, 2026Yield to maturity3.916%Mar 24, 2026Yield to maturity3.944%Mar 26, 2026Yield to maturity4.016%Mar 30, 2026Yield to maturity3.844%Apr 1, 2026Yield to maturity3.830%Apr 3, 2026Yield to maturity3.873%Apr 7, 2026Yield to maturity3.829%Apr 9, 2026Yield to maturity3.800%Apr 13, 2026Yield to maturity3.785%Apr 15, 2026Yield to maturity3.771%Apr 17, 2026Yield to maturity3.711%Apr 21, 2026Yield to maturity3.799%Apr 23, 2026Yield to maturity3.843%Apr 27, 2026Yield to maturity3.813%Apr 29, 2026Yield to maturity3.932%May 1, 2026Yield to maturity3.888%May 5, 2026Yield to maturity3.948%May 7, 2026Yield to maturity3.933%May 11, 2026Yield to maturity3.964%May 13, 2026Yield to maturity3.994%May 15, 2026Yield to maturity4.102%May 19, 2026Yield to maturity4.149%May 21, 2026Yield to maturity4.103%May 26, 2026Yield to maturity4.074%May 28, 2026Yield to maturity4.043%Jun 1, 2026Yield to maturity4.075%Jun 3, 2026Yield to maturity4.107%Jun 5, 2026Yield to maturity4.187%Jun 9, 2026Yield to maturity4.156%Jun 11, 2026Yield to maturity4.078%Jun 15, 2026Yield to maturity4.079%Jun 17, 2026Yield to maturity4.223%Jun 22, 2026Yield to maturity4.258%Jun 24, 2026Yield to maturity4.162%Jun 26, 2026Yield to maturity4.099%Jun 30, 2026Yield to maturity4.165%Jul 2, 2026Yield to maturity4.151%Jul 7, 2026Yield to maturity4.201%Jul 9, 2026Yield to maturity4.185%Jul 13, 2026Yield to maturity4.286%Jul 15, 2026Yield to maturity4.138%Jul 17, 2026Yield to maturity4.189%Jul 21, 2026Yield to maturity4.273%Jul 23, 2026Yield to maturity4.375%Jul 27, 2026Yield to maturity4.327%Jul 29, 2026Yield to maturity4.244%Jul 31, 2026Yield to maturity4.296%Aug 4, 2026Yield to maturity4.212%Aug 6, 2026Yield to maturity4.264%Aug 10, 2026Yield to maturity4.249%Aug 12, 2026Yield to maturity4.216%Aug 14, 2026Yield to maturity4.183%Aug 18, 2026Yield to maturity4.184%Aug 20, 2026Yield to maturity4.184%Aug 24, 2026Yield to maturity4.238%Aug 26, 2026Yield to maturity4.222%Aug 28, 2026Yield to maturity4.347%Sep 1, 2026Yield to maturity4.401%Sep 3, 2026Yield to maturity4.332%Sep 8, 2026Yield to maturity4.388%Sep 9, 2026Yield to maturity4.425%

Price history

290 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00101.50Jul 15, 2025Sep 9, 2026Jul 15, 2025Close99.844Jul 17, 2025Close99.969Jul 21, 2025Close100.188Jul 23, 2025Close100.094Jul 25, 2025Close100.031Jul 29, 2025Close100.156Jul 31, 2025Close99.969Aug 4, 2025Close100.594Aug 6, 2025Close100.563Aug 8, 2025Close100.375Aug 12, 2025Close100.438Aug 14, 2025Close100.469Aug 18, 2025Close100.375Aug 20, 2025Close100.469Aug 22, 2025Close100.625Aug 26, 2025Close100.656Aug 28, 2025Close100.719Sep 2, 2025Close100.656Sep 4, 2025Close100.844Sep 8, 2025Close101.094Sep 10, 2025Close100.969Sep 12, 2025Close100.906Sep 16, 2025Close101.031Sep 18, 2025Close100.844Sep 22, 2025Close100.750Sep 24, 2025Close100.688Sep 26, 2025Close100.563Sep 30, 2025Close100.656Oct 2, 2025Close100.813Oct 6, 2025Close100.656Oct 8, 2025Close100.688Oct 10, 2025Close100.906Oct 15, 2025Close100.938Oct 17, 2025Close101.031Oct 21, 2025Close101.094Oct 23, 2025Close101.000Oct 27, 2025Close100.938Oct 29, 2025Close100.719Oct 31, 2025Close100.688Nov 4, 2025Close100.750Nov 6, 2025Close100.750Nov 10, 2025Close100.688Nov 13, 2025Close100.719Nov 17, 2025Close100.656Nov 19, 2025Close100.719Nov 21, 2025Close100.938Nov 25, 2025Close101.063Nov 28, 2025Close100.969Dec 2, 2025Close100.875Dec 4, 2025Close100.813Dec 8, 2025Close100.656Dec 10, 2025Close100.750Dec 12, 2025Close100.750Dec 16, 2025Close100.906Dec 18, 2025Close100.938Dec 22, 2025Close100.813Dec 24, 2025Close100.781Dec 29, 2025Close100.906Dec 31, 2025Close100.844Jan 5, 2026Close100.906Jan 7, 2026Close100.906Jan 9, 2026Close100.719Jan 13, 2026Close100.750Jan 15, 2026Close100.656Jan 20, 2026Close100.563Jan 22, 2026Close100.531Jan 26, 2026Close100.594Jan 28, 2026Close100.594Jan 30, 2026Close100.719Feb 3, 2026Close100.625Feb 5, 2026Close100.844Feb 9, 2026Close100.813Feb 11, 2026Close100.750Feb 13, 2026Close101.063Feb 18, 2026Close100.906Feb 20, 2026Close100.875Feb 24, 2026Close100.938Feb 26, 2026Close100.969Mar 2, 2026Close100.875Mar 4, 2026Close100.750Mar 6, 2026Close100.656Mar 10, 2026Close100.625Mar 12, 2026Close100.250Mar 16, 2026Close100.406Mar 18, 2026Close100.250Mar 20, 2026Close99.906Mar 24, 2026Close99.844Mar 26, 2026Close99.688Mar 30, 2026Close100.063Apr 1, 2026Close100.094Apr 3, 2026Close100.000Apr 7, 2026Close100.094Apr 9, 2026Close100.156Apr 13, 2026Close100.188Apr 15, 2026Close100.219Apr 17, 2026Close100.344Apr 21, 2026Close100.156Apr 23, 2026Close100.063Apr 27, 2026Close100.125Apr 29, 2026Close99.875May 1, 2026Close99.969May 5, 2026Close99.844May 7, 2026Close99.875May 11, 2026Close99.813May 13, 2026Close99.750May 15, 2026Close99.531May 19, 2026Close99.438May 21, 2026Close99.531May 26, 2026Close99.594May 28, 2026Close99.656Jun 1, 2026Close99.594Jun 3, 2026Close99.531Jun 5, 2026Close99.375Jun 9, 2026Close99.438Jun 11, 2026Close99.594Jun 15, 2026Close99.594Jun 17, 2026Close99.313Jun 22, 2026Close99.250Jun 24, 2026Close99.438Jun 26, 2026Close99.563Jun 30, 2026Close99.438Jul 2, 2026Close99.469Jul 7, 2026Close99.375Jul 9, 2026Close99.406Jul 13, 2026Close99.219Jul 15, 2026Close99.500Jul 17, 2026Close99.406Jul 21, 2026Close99.250Jul 23, 2026Close99.063Jul 27, 2026Close99.156Jul 29, 2026Close99.313Jul 31, 2026Close99.219Aug 4, 2026Close99.375Aug 6, 2026Close99.281Aug 10, 2026Close99.313Aug 12, 2026Close99.375Aug 14, 2026Close99.438Aug 18, 2026Close99.438Aug 20, 2026Close99.438Aug 24, 2026Close99.344Aug 26, 2026Close99.375Aug 28, 2026Close99.156Sep 1, 2026Close99.063Sep 3, 2026Close99.188Sep 8, 2026Close99.094Sep 9, 2026Close99.031
The most recent 20 trading days of prices for 91282CNM9.
DateBidOfferClose
Sep 9, 202699.04799.03199.031
Sep 8, 202699.10999.09499.094
Sep 4, 202699.12599.12599.094
Sep 3, 202699.20399.18899.188
Sep 2, 202699.09499.09499.094
Sep 1, 202699.12599.12599.063
Aug 31, 202699.18899.18899.156
Aug 28, 202699.20399.18899.156
Aug 27, 202699.39199.37599.344
Aug 26, 202699.39199.37599.375
Aug 25, 202699.40699.40699.406
Aug 24, 202699.35999.34499.344
Aug 21, 202699.32899.31399.344
Aug 20, 202699.42299.40699.438
Aug 19, 202699.42299.40699.438
Aug 18, 202699.43899.43899.438
Aug 17, 202699.45399.43899.438
Aug 14, 202699.48499.46999.438
Aug 13, 202699.50099.50099.500
Aug 12, 202699.40699.40699.375

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 91282CNM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 8, 2025Jul 15, 2025New issue$58.0bn$64.9bn2.51x3.891%

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.