Treasury note

91282CNU1 · 3.625% due August 15, 2028

Original term
3-Year
Maturity
Aug 15, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
Aug 15, 2025
First coupon
Feb 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$77.42bn
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
4.426%
Modified duration
1.835 yr
DV01
0.0181
Convexity
4.324
Dirty price
98.787

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 1.877 years against a modified duration of 1.835.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 0.84 cents per 100 of face.

That is 0.26 standard deviations from its own typical residual.

Yield to maturity, 267 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Aug 15, 2025Sep 9, 2026Aug 15, 2025Yield to maturity3.725%Aug 19, 2025Yield to maturity3.703%Aug 21, 2025Yield to maturity3.748%Aug 25, 2025Yield to maturity3.681%Aug 27, 2025Yield to maturity3.591%Aug 29, 2025Yield to maturity3.579%Sep 3, 2025Yield to maturity3.579%Sep 5, 2025Yield to maturity3.478%Sep 9, 2025Yield to maturity3.500%Sep 11, 2025Yield to maturity3.500%Sep 15, 2025Yield to maturity3.510%Sep 17, 2025Yield to maturity3.522%Sep 19, 2025Yield to maturity3.567%Sep 23, 2025Yield to maturity3.567%Sep 25, 2025Yield to maturity3.658%Sep 29, 2025Yield to maturity3.635%Oct 1, 2025Yield to maturity3.555%Oct 3, 2025Yield to maturity3.589%Oct 7, 2025Yield to maturity3.577%Oct 9, 2025Yield to maturity3.612%Oct 14, 2025Yield to maturity3.472%Oct 16, 2025Yield to maturity3.413%Oct 20, 2025Yield to maturity3.459%Oct 22, 2025Yield to maturity3.436%Oct 24, 2025Yield to maturity3.482%Oct 28, 2025Yield to maturity3.493%Oct 30, 2025Yield to maturity3.612%Nov 3, 2025Yield to maturity3.600%Nov 5, 2025Yield to maturity3.635%Nov 7, 2025Yield to maturity3.552%Nov 12, 2025Yield to maturity3.563%Nov 14, 2025Yield to maturity3.611%Nov 18, 2025Yield to maturity3.575%Nov 20, 2025Yield to maturity3.551%Nov 24, 2025Yield to maturity3.490%Nov 26, 2025Yield to maturity3.465%Dec 1, 2025Yield to maturity3.538%Dec 3, 2025Yield to maturity3.489%Dec 5, 2025Yield to maturity3.574%Dec 9, 2025Yield to maturity3.636%Dec 11, 2025Yield to maturity3.550%Dec 15, 2025Yield to maturity3.537%Dec 17, 2025Yield to maturity3.512%Dec 19, 2025Yield to maturity3.512%Dec 23, 2025Yield to maturity3.561%Dec 26, 2025Yield to maturity3.511%Dec 30, 2025Yield to maturity3.486%Jan 2, 2026Yield to maturity3.523%Jan 6, 2026Yield to maturity3.510%Jan 8, 2026Yield to maturity3.523%Jan 12, 2026Yield to maturity3.573%Jan 14, 2026Yield to maturity3.535%Jan 16, 2026Yield to maturity3.637%Jan 21, 2026Yield to maturity3.624%Jan 23, 2026Yield to maturity3.637%Jan 27, 2026Yield to maturity3.611%Jan 29, 2026Yield to maturity3.586%Feb 2, 2026Yield to maturity3.612%Feb 4, 2026Yield to maturity3.612%Feb 6, 2026Yield to maturity3.533%Feb 10, 2026Yield to maturity3.481%Feb 12, 2026Yield to maturity3.480%Feb 17, 2026Yield to maturity3.453%Feb 19, 2026Yield to maturity3.466%Feb 23, 2026Yield to maturity3.426%Feb 25, 2026Yield to maturity3.465%Feb 27, 2026Yield to maturity3.384%Mar 3, 2026Yield to maturity3.490%Mar 5, 2026Yield to maturity3.571%Mar 9, 2026Yield to maturity3.570%Mar 11, 2026Yield to maturity3.638%Mar 13, 2026Yield to maturity3.733%Mar 17, 2026Yield to maturity3.665%Mar 19, 2026Yield to maturity3.788%Mar 23, 2026Yield to maturity3.844%Mar 25, 2026Yield to maturity3.886%Mar 27, 2026Yield to maturity3.929%Mar 31, 2026Yield to maturity3.804%Apr 2, 2026Yield to maturity3.804%Apr 6, 2026Yield to maturity3.861%Apr 8, 2026Yield to maturity3.806%Apr 10, 2026Yield to maturity3.806%Apr 14, 2026Yield to maturity3.750%Apr 16, 2026Yield to maturity3.779%Apr 20, 2026Yield to maturity3.723%Apr 22, 2026Yield to maturity3.794%Apr 24, 2026Yield to maturity3.780%Apr 28, 2026Yield to maturity3.853%Apr 30, 2026Yield to maturity3.882%May 4, 2026Yield to maturity3.956%May 6, 2026Yield to maturity3.869%May 8, 2026Yield to maturity3.899%May 12, 2026Yield to maturity4.003%May 14, 2026Yield to maturity4.018%May 18, 2026Yield to maturity4.109%May 20, 2026Yield to maturity4.065%May 22, 2026Yield to maturity4.158%May 27, 2026Yield to maturity4.054%May 29, 2026Yield to maturity4.026%Jun 2, 2026Yield to maturity4.072%Jun 4, 2026Yield to maturity4.074%Jun 8, 2026Yield to maturity4.182%Jun 10, 2026Yield to maturity4.153%Jun 12, 2026Yield to maturity4.110%Jun 16, 2026Yield to maturity4.080%Jun 18, 2026Yield to maturity4.191%Jun 23, 2026Yield to maturity4.208%Jun 25, 2026Yield to maturity4.132%Jun 29, 2026Yield to maturity4.119%Jul 1, 2026Yield to maturity4.199%Jul 6, 2026Yield to maturity4.139%Jul 8, 2026Yield to maturity4.220%Jul 10, 2026Yield to maturity4.223%Jul 14, 2026Yield to maturity4.209%Jul 16, 2026Yield to maturity4.178%Jul 20, 2026Yield to maturity4.229%Jul 22, 2026Yield to maturity4.328%Jul 24, 2026Yield to maturity4.348%Jul 28, 2026Yield to maturity4.285%Jul 30, 2026Yield to maturity4.254%Aug 3, 2026Yield to maturity4.274%Aug 5, 2026Yield to maturity4.194%Aug 7, 2026Yield to maturity4.213%Aug 11, 2026Yield to maturity4.231%Aug 13, 2026Yield to maturity4.150%Aug 17, 2026Yield to maturity4.186%Aug 19, 2026Yield to maturity4.188%Aug 21, 2026Yield to maturity4.241%Aug 25, 2026Yield to maturity4.209%Aug 27, 2026Yield to maturity4.227%Aug 31, 2026Yield to maturity4.349%Sep 2, 2026Yield to maturity4.385%Sep 4, 2026Yield to maturity4.390%Sep 9, 2026Yield to maturity4.426%

Price history

267 trading days to Sep 9, 2026

98.5099.0099.50100.00100.50101.00Aug 15, 2025Sep 9, 2026Aug 15, 2025Close99.719Aug 19, 2025Close99.781Aug 21, 2025Close99.656Aug 25, 2025Close99.844Aug 27, 2025Close100.094Aug 29, 2025Close100.125Sep 3, 2025Close100.125Sep 5, 2025Close100.406Sep 9, 2025Close100.344Sep 11, 2025Close100.344Sep 15, 2025Close100.313Sep 17, 2025Close100.281Sep 19, 2025Close100.156Sep 23, 2025Close100.156Sep 25, 2025Close99.906Sep 29, 2025Close99.969Oct 1, 2025Close100.188Oct 3, 2025Close100.094Oct 7, 2025Close100.125Oct 9, 2025Close100.031Oct 14, 2025Close100.406Oct 16, 2025Close100.563Oct 20, 2025Close100.438Oct 22, 2025Close100.500Oct 24, 2025Close100.375Oct 28, 2025Close100.344Oct 30, 2025Close100.031Nov 3, 2025Close100.063Nov 5, 2025Close99.969Nov 7, 2025Close100.188Nov 12, 2025Close100.156Nov 14, 2025Close100.031Nov 18, 2025Close100.125Nov 20, 2025Close100.188Nov 24, 2025Close100.344Nov 26, 2025Close100.406Dec 1, 2025Close100.219Dec 3, 2025Close100.344Dec 5, 2025Close100.125Dec 9, 2025Close99.969Dec 11, 2025Close100.188Dec 15, 2025Close100.219Dec 17, 2025Close100.281Dec 19, 2025Close100.281Dec 23, 2025Close100.156Dec 26, 2025Close100.281Dec 30, 2025Close100.344Jan 2, 2026Close100.250Jan 6, 2026Close100.281Jan 8, 2026Close100.250Jan 12, 2026Close100.125Jan 14, 2026Close100.219Jan 16, 2026Close99.969Jan 21, 2026Close100.000Jan 23, 2026Close99.969Jan 27, 2026Close100.031Jan 29, 2026Close100.094Feb 2, 2026Close100.031Feb 4, 2026Close100.031Feb 6, 2026Close100.219Feb 10, 2026Close100.344Feb 12, 2026Close100.344Feb 17, 2026Close100.406Feb 19, 2026Close100.375Feb 23, 2026Close100.469Feb 25, 2026Close100.375Feb 27, 2026Close100.563Mar 3, 2026Close100.313Mar 5, 2026Close100.125Mar 9, 2026Close100.125Mar 11, 2026Close99.969Mar 13, 2026Close99.750Mar 17, 2026Close99.906Mar 19, 2026Close99.625Mar 23, 2026Close99.500Mar 25, 2026Close99.406Mar 27, 2026Close99.313Mar 31, 2026Close99.594Apr 2, 2026Close99.594Apr 6, 2026Close99.469Apr 8, 2026Close99.594Apr 10, 2026Close99.594Apr 14, 2026Close99.719Apr 16, 2026Close99.656Apr 20, 2026Close99.781Apr 22, 2026Close99.625Apr 24, 2026Close99.656Apr 28, 2026Close99.500Apr 30, 2026Close99.438May 4, 2026Close99.281May 6, 2026Close99.469May 8, 2026Close99.406May 12, 2026Close99.188May 14, 2026Close99.156May 18, 2026Close98.969May 20, 2026Close99.063May 22, 2026Close98.875May 27, 2026Close99.094May 29, 2026Close99.156Jun 2, 2026Close99.063Jun 4, 2026Close99.063Jun 8, 2026Close98.844Jun 10, 2026Close98.906Jun 12, 2026Close99.000Jun 16, 2026Close99.063Jun 18, 2026Close98.844Jun 23, 2026Close98.813Jun 25, 2026Close98.969Jun 29, 2026Close99.000Jul 1, 2026Close98.844Jul 6, 2026Close98.969Jul 8, 2026Close98.813Jul 10, 2026Close98.813Jul 14, 2026Close98.844Jul 16, 2026Close98.906Jul 20, 2026Close98.813Jul 22, 2026Close98.625Jul 24, 2026Close98.594Jul 28, 2026Close98.719Jul 30, 2026Close98.781Aug 3, 2026Close98.750Aug 5, 2026Close98.906Aug 7, 2026Close98.875Aug 11, 2026Close98.844Aug 13, 2026Close99.000Aug 17, 2026Close98.938Aug 19, 2026Close98.938Aug 21, 2026Close98.844Aug 25, 2026Close98.906Aug 27, 2026Close98.875Aug 31, 2026Close98.656Sep 2, 2026Close98.594Sep 4, 2026Close98.594Sep 9, 2026Close98.531
The most recent 20 trading days of prices for 91282CNU1.
DateBidOfferClose
Sep 9, 202698.54798.53198.531
Sep 8, 202698.60998.59498.594
Sep 4, 202698.62598.62598.594
Sep 3, 202698.70398.68898.688
Sep 2, 202698.59498.59498.594
Sep 1, 202698.62598.62598.563
Aug 31, 202698.67298.65698.656
Aug 28, 202698.70398.68898.656
Aug 27, 202698.89198.87598.875
Aug 26, 202698.89198.87598.875
Aug 25, 202698.92298.90698.906
Aug 24, 202698.87598.87598.844
Aug 21, 202698.82898.81398.844
Aug 20, 202698.92298.90698.938
Aug 19, 202698.92298.90698.938
Aug 18, 202698.95398.93898.938
Aug 17, 202698.95398.93898.938
Aug 14, 202698.98498.96998.938
Aug 13, 202699.00099.00099.000
Aug 12, 202698.90698.90698.875

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 91282CNU1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 5, 2025Aug 15, 2025New issue$58.0bn$77.7bn2.53x3.669%

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.