Treasury note

91282CNN7 · 3.875% due July 31, 2030

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

Statement of August 31, 2026

Amount outstanding
$74.77bn
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
4.565%
Modified duration
3.547 yr
DV01
0.0348
Convexity
14.884
Dirty price
97.994

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 3.627 years against a modified duration of 3.547.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 4.90 cents per 100 of face.

That is -1.93 standard deviations from its own typical residual.

Yield to maturity, 278 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jul 31, 2025Sep 9, 2026Jul 31, 2025Yield to maturity3.958%Aug 4, 2025Yield to maturity3.750%Aug 6, 2025Yield to maturity3.764%Aug 8, 2025Yield to maturity3.833%Aug 12, 2025Yield to maturity3.826%Aug 14, 2025Yield to maturity3.819%Aug 18, 2025Yield to maturity3.854%Aug 20, 2025Yield to maturity3.805%Aug 22, 2025Yield to maturity3.756%Aug 26, 2025Yield to maturity3.741%Aug 28, 2025Yield to maturity3.699%Sep 2, 2025Yield to maturity3.741%Sep 4, 2025Yield to maturity3.650%Sep 8, 2025Yield to maturity3.572%Sep 10, 2025Yield to maturity3.586%Sep 12, 2025Yield to maturity3.627%Sep 16, 2025Yield to maturity3.592%Sep 18, 2025Yield to maturity3.669%Sep 22, 2025Yield to maturity3.697%Sep 24, 2025Yield to maturity3.711%Sep 26, 2025Yield to maturity3.774%Sep 30, 2025Yield to maturity3.732%Oct 2, 2025Yield to maturity3.667%Oct 6, 2025Yield to maturity3.745%Oct 8, 2025Yield to maturity3.717%Oct 10, 2025Yield to maturity3.638%Oct 15, 2025Yield to maturity3.623%Oct 17, 2025Yield to maturity3.580%Oct 21, 2025Yield to maturity3.551%Oct 23, 2025Yield to maturity3.601%Oct 27, 2025Yield to maturity3.607%Oct 29, 2025Yield to maturity3.700%Oct 31, 2025Yield to maturity3.700%Nov 4, 2025Yield to maturity3.685%Nov 6, 2025Yield to maturity3.678%Nov 10, 2025Yield to maturity3.707%Nov 13, 2025Yield to maturity3.699%Nov 17, 2025Yield to maturity3.713%Nov 19, 2025Yield to maturity3.699%Nov 21, 2025Yield to maturity3.611%Nov 25, 2025Yield to maturity3.560%Nov 28, 2025Yield to maturity3.588%Dec 2, 2025Yield to maturity3.646%Dec 4, 2025Yield to maturity3.668%Dec 8, 2025Yield to maturity3.734%Dec 10, 2025Yield to maturity3.704%Dec 12, 2025Yield to maturity3.726%Dec 16, 2025Yield to maturity3.667%Dec 18, 2025Yield to maturity3.637%Dec 22, 2025Yield to maturity3.688%Dec 24, 2025Yield to maturity3.688%Dec 29, 2025Yield to maturity3.636%Dec 31, 2025Yield to maturity3.695%Jan 5, 2026Yield to maturity3.672%Jan 7, 2026Yield to maturity3.665%Jan 9, 2026Yield to maturity3.724%Jan 13, 2026Yield to maturity3.709%Jan 15, 2026Yield to maturity3.739%Jan 20, 2026Yield to maturity3.822%Jan 22, 2026Yield to maturity3.814%Jan 26, 2026Yield to maturity3.784%Jan 28, 2026Yield to maturity3.806%Jan 30, 2026Yield to maturity3.753%Feb 3, 2026Yield to maturity3.791%Feb 5, 2026Yield to maturity3.699%Feb 9, 2026Yield to maturity3.707%Feb 11, 2026Yield to maturity3.706%Feb 13, 2026Yield to maturity3.569%Feb 18, 2026Yield to maturity3.621%Feb 20, 2026Yield to maturity3.613%Feb 24, 2026Yield to maturity3.567%Feb 26, 2026Yield to maturity3.551%Mar 2, 2026Yield to maturity3.589%Mar 4, 2026Yield to maturity3.642%Mar 6, 2026Yield to maturity3.696%Mar 10, 2026Yield to maturity3.703%Mar 12, 2026Yield to maturity3.859%Mar 16, 2026Yield to maturity3.780%Mar 18, 2026Yield to maturity3.843%Mar 20, 2026Yield to maturity3.992%Mar 24, 2026Yield to maturity4.016%Mar 26, 2026Yield to maturity4.080%Mar 30, 2026Yield to maturity3.945%Apr 1, 2026Yield to maturity3.937%Apr 3, 2026Yield to maturity3.961%Apr 7, 2026Yield to maturity3.929%Apr 9, 2026Yield to maturity3.882%Apr 13, 2026Yield to maturity3.882%Apr 15, 2026Yield to maturity3.866%Apr 17, 2026Yield to maturity3.810%Apr 21, 2026Yield to maturity3.874%Apr 23, 2026Yield to maturity3.930%Apr 27, 2026Yield to maturity3.914%Apr 29, 2026Yield to maturity4.027%May 1, 2026Yield to maturity3.987%May 5, 2026Yield to maturity4.044%May 7, 2026Yield to maturity4.011%May 11, 2026Yield to maturity4.044%May 13, 2026Yield to maturity4.094%May 15, 2026Yield to maturity4.234%May 19, 2026Yield to maturity4.293%May 21, 2026Yield to maturity4.219%May 26, 2026Yield to maturity4.162%May 28, 2026Yield to maturity4.137%Jun 1, 2026Yield to maturity4.163%Jun 3, 2026Yield to maturity4.188%Jun 5, 2026Yield to maturity4.272%Jun 9, 2026Yield to maturity4.239%Jun 11, 2026Yield to maturity4.156%Jun 15, 2026Yield to maturity4.165%Jun 17, 2026Yield to maturity4.258%Jun 22, 2026Yield to maturity4.276%Jun 24, 2026Yield to maturity4.176%Jun 26, 2026Yield to maturity4.117%Jun 30, 2026Yield to maturity4.185%Jul 2, 2026Yield to maturity4.212%Jul 7, 2026Yield to maturity4.255%Jul 9, 2026Yield to maturity4.247%Jul 13, 2026Yield to maturity4.342%Jul 15, 2026Yield to maturity4.231%Jul 17, 2026Yield to maturity4.258%Jul 21, 2026Yield to maturity4.345%Jul 23, 2026Yield to maturity4.441%Jul 27, 2026Yield to maturity4.390%Jul 29, 2026Yield to maturity4.347%Jul 31, 2026Yield to maturity4.418%Aug 4, 2026Yield to maturity4.306%Aug 6, 2026Yield to maturity4.367%Aug 10, 2026Yield to maturity4.377%Aug 12, 2026Yield to maturity4.334%Aug 14, 2026Yield to maturity4.317%Aug 18, 2026Yield to maturity4.327%Aug 20, 2026Yield to maturity4.336%Aug 24, 2026Yield to maturity4.372%Aug 26, 2026Yield to maturity4.346%Aug 28, 2026Yield to maturity4.454%Sep 1, 2026Yield to maturity4.517%Sep 3, 2026Yield to maturity4.473%Sep 8, 2026Yield to maturity4.529%Sep 9, 2026Yield to maturity4.565%

Price history

278 trading days to Sep 9, 2026

979899100101102Jul 31, 2025Sep 9, 2026Jul 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, 2025Close101.000Sep 8, 2025Close101.344Sep 10, 2025Close101.281Sep 12, 2025Close101.094Sep 16, 2025Close101.250Sep 18, 2025Close100.906Sep 22, 2025Close100.781Sep 24, 2025Close100.719Sep 26, 2025Close100.438Sep 30, 2025Close100.625Oct 2, 2025Close100.906Oct 6, 2025Close100.563Oct 8, 2025Close100.688Oct 10, 2025Close101.031Oct 15, 2025Close101.094Oct 17, 2025Close101.281Oct 21, 2025Close101.406Oct 23, 2025Close101.188Oct 27, 2025Close101.156Oct 29, 2025Close100.750Oct 31, 2025Close100.750Nov 4, 2025Close100.813Nov 6, 2025Close100.844Nov 10, 2025Close100.719Nov 13, 2025Close100.750Nov 17, 2025Close100.688Nov 19, 2025Close100.750Nov 21, 2025Close101.125Nov 25, 2025Close101.344Nov 28, 2025Close101.219Dec 2, 2025Close100.969Dec 4, 2025Close100.875Dec 8, 2025Close100.594Dec 10, 2025Close100.719Dec 12, 2025Close100.625Dec 16, 2025Close100.875Dec 18, 2025Close101.000Dec 22, 2025Close100.781Dec 24, 2025Close100.781Dec 29, 2025Close101.000Dec 31, 2025Close100.750Jan 5, 2026Close100.844Jan 7, 2026Close100.875Jan 9, 2026Close100.625Jan 13, 2026Close100.688Jan 15, 2026Close100.563Jan 20, 2026Close100.219Jan 22, 2026Close100.250Jan 26, 2026Close100.375Jan 28, 2026Close100.281Jan 30, 2026Close100.500Feb 3, 2026Close100.344Feb 5, 2026Close100.719Feb 9, 2026Close100.688Feb 11, 2026Close100.688Feb 13, 2026Close101.250Feb 18, 2026Close101.031Feb 20, 2026Close101.063Feb 24, 2026Close101.250Feb 26, 2026Close101.313Mar 2, 2026Close101.156Mar 4, 2026Close100.938Mar 6, 2026Close100.719Mar 10, 2026Close100.688Mar 12, 2026Close100.063Mar 16, 2026Close100.375Mar 18, 2026Close100.125Mar 20, 2026Close99.531Mar 24, 2026Close99.438Mar 26, 2026Close99.188Mar 30, 2026Close99.719Apr 1, 2026Close99.750Apr 3, 2026Close99.656Apr 7, 2026Close99.781Apr 9, 2026Close99.969Apr 13, 2026Close99.969Apr 15, 2026Close100.031Apr 17, 2026Close100.250Apr 21, 2026Close100.000Apr 23, 2026Close99.781Apr 27, 2026Close99.844Apr 29, 2026Close99.406May 1, 2026Close99.563May 5, 2026Close99.344May 7, 2026Close99.469May 11, 2026Close99.344May 13, 2026Close99.156May 15, 2026Close98.625May 19, 2026Close98.406May 21, 2026Close98.688May 26, 2026Close98.906May 28, 2026Close99.000Jun 1, 2026Close98.906Jun 3, 2026Close98.813Jun 5, 2026Close98.500Jun 9, 2026Close98.625Jun 11, 2026Close98.938Jun 15, 2026Close98.906Jun 17, 2026Close98.563Jun 22, 2026Close98.500Jun 24, 2026Close98.875Jun 26, 2026Close99.094Jun 30, 2026Close98.844Jul 2, 2026Close98.750Jul 7, 2026Close98.594Jul 9, 2026Close98.625Jul 13, 2026Close98.281Jul 15, 2026Close98.688Jul 17, 2026Close98.594Jul 21, 2026Close98.281Jul 23, 2026Close97.938Jul 27, 2026Close98.125Jul 29, 2026Close98.281Jul 31, 2026Close98.031Aug 4, 2026Close98.438Aug 6, 2026Close98.219Aug 10, 2026Close98.188Aug 12, 2026Close98.344Aug 14, 2026Close98.406Aug 18, 2026Close98.375Aug 20, 2026Close98.344Aug 24, 2026Close98.219Aug 26, 2026Close98.313Aug 28, 2026Close97.938Sep 1, 2026Close97.719Sep 3, 2026Close97.875Sep 8, 2026Close97.688Sep 9, 2026Close97.563
The most recent 20 trading days of prices for 91282CNN7.
DateBidOfferClose
Sep 9, 202697.54797.53197.563
Sep 8, 202697.73497.71997.688
Sep 4, 202697.79797.78197.750
Sep 3, 202697.95397.93897.875
Sep 2, 202697.73497.71997.750
Sep 1, 202697.82897.81397.719
Aug 31, 202697.92297.90697.906
Aug 28, 202698.03198.03197.938
Aug 27, 202698.35998.34498.281
Aug 26, 202698.35998.34498.313
Aug 25, 202698.42298.40698.438
Aug 24, 202698.29798.28198.219
Aug 21, 202698.17298.15698.188
Aug 20, 202698.32898.31398.344
Aug 19, 202698.39198.37598.438
Aug 18, 202698.39198.37598.375
Aug 17, 202698.42298.40698.375
Aug 14, 202698.48498.46998.406
Aug 13, 202698.54798.53198.531
Aug 12, 202698.40698.40698.344

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 91282CNN7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 28, 2025Jul 31, 2025New issue$70.0bn$74.8bn2.31x3.983%

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.