Treasury note

91282CNY3 · 3.375% due September 15, 2028

Original term
3-Year
Maturity
Sep 15, 2028
Coupon
3.375%
Pays
Semi-Annual
Dated
Sep 15, 2025
First coupon
Mar 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$58.00bn
Held stripped
$52.8m
Share stripped
0.09%

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
4.440%
Modified duration
1.889 yr
DV01
0.0188
Convexity
4.605
Dirty price
99.610

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 1.931 years against a modified duration of 1.889.

Against the fitted curve

Priced 0.3 bp rich to the curve on that day, 0.61 cents per 100 of face.

That is 0.69 standard deviations from its own typical residual.

Yield to maturity, 247 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Sep 15, 2025Sep 9, 2026Sep 15, 2025Yield to maturity3.497%Sep 17, 2025Yield to maturity3.508%Sep 19, 2025Yield to maturity3.564%Sep 23, 2025Yield to maturity3.565%Sep 25, 2025Yield to maturity3.655%Sep 29, 2025Yield to maturity3.633%Oct 1, 2025Yield to maturity3.554%Oct 3, 2025Yield to maturity3.589%Oct 7, 2025Yield to maturity3.589%Oct 9, 2025Yield to maturity3.612%Oct 14, 2025Yield to maturity3.476%Oct 16, 2025Yield to maturity3.420%Oct 20, 2025Yield to maturity3.465%Oct 22, 2025Yield to maturity3.443%Oct 24, 2025Yield to maturity3.489%Oct 28, 2025Yield to maturity3.501%Oct 30, 2025Yield to maturity3.616%Nov 3, 2025Yield to maturity3.606%Nov 5, 2025Yield to maturity3.641%Nov 7, 2025Yield to maturity3.560%Nov 12, 2025Yield to maturity3.561%Nov 14, 2025Yield to maturity3.620%Nov 18, 2025Yield to maturity3.573%Nov 20, 2025Yield to maturity3.550%Nov 24, 2025Yield to maturity3.492%Nov 26, 2025Yield to maturity3.468%Dec 1, 2025Yield to maturity3.540%Dec 3, 2025Yield to maturity3.493%Dec 5, 2025Yield to maturity3.577%Dec 9, 2025Yield to maturity3.637%Dec 11, 2025Yield to maturity3.566%Dec 15, 2025Yield to maturity3.554%Dec 17, 2025Yield to maturity3.530%Dec 19, 2025Yield to maturity3.519%Dec 23, 2025Yield to maturity3.580%Dec 26, 2025Yield to maturity3.520%Dec 30, 2025Yield to maturity3.496%Jan 2, 2026Yield to maturity3.533%Jan 6, 2026Yield to maturity3.521%Jan 8, 2026Yield to maturity3.546%Jan 12, 2026Yield to maturity3.584%Jan 14, 2026Yield to maturity3.547%Jan 16, 2026Yield to maturity3.648%Jan 21, 2026Yield to maturity3.636%Jan 23, 2026Yield to maturity3.650%Jan 27, 2026Yield to maturity3.625%Jan 29, 2026Yield to maturity3.601%Feb 2, 2026Yield to maturity3.614%Feb 4, 2026Yield to maturity3.615%Feb 6, 2026Yield to maturity3.552%Feb 10, 2026Yield to maturity3.501%Feb 12, 2026Yield to maturity3.502%Feb 17, 2026Yield to maturity3.464%Feb 19, 2026Yield to maturity3.490%Feb 23, 2026Yield to maturity3.439%Feb 25, 2026Yield to maturity3.478%Feb 27, 2026Yield to maturity3.388%Mar 3, 2026Yield to maturity3.505%Mar 5, 2026Yield to maturity3.584%Mar 9, 2026Yield to maturity3.571%Mar 11, 2026Yield to maturity3.651%Mar 13, 2026Yield to maturity3.745%Mar 17, 2026Yield to maturity3.679%Mar 19, 2026Yield to maturity3.800%Mar 23, 2026Yield to maturity3.856%Mar 25, 2026Yield to maturity3.883%Mar 27, 2026Yield to maturity3.940%Mar 31, 2026Yield to maturity3.805%Apr 2, 2026Yield to maturity3.820%Apr 6, 2026Yield to maturity3.876%Apr 8, 2026Yield to maturity3.809%Apr 10, 2026Yield to maturity3.810%Apr 14, 2026Yield to maturity3.756%Apr 16, 2026Yield to maturity3.785%Apr 20, 2026Yield to maturity3.731%Apr 22, 2026Yield to maturity3.801%Apr 24, 2026Yield to maturity3.789%Apr 28, 2026Yield to maturity3.860%Apr 30, 2026Yield to maturity3.903%May 4, 2026Yield to maturity3.975%May 6, 2026Yield to maturity3.892%May 8, 2026Yield to maturity3.908%May 12, 2026Yield to maturity4.009%May 14, 2026Yield to maturity4.025%May 18, 2026Yield to maturity4.114%May 20, 2026Yield to maturity4.072%May 22, 2026Yield to maturity4.149%May 27, 2026Yield to maturity4.063%May 29, 2026Yield to maturity4.037%Jun 2, 2026Yield to maturity4.068%Jun 4, 2026Yield to maturity4.084%Jun 8, 2026Yield to maturity4.190%Jun 10, 2026Yield to maturity4.163%Jun 12, 2026Yield to maturity4.107%Jun 16, 2026Yield to maturity4.079%Jun 18, 2026Yield to maturity4.203%Jun 23, 2026Yield to maturity4.220%Jun 25, 2026Yield to maturity4.132%Jun 29, 2026Yield to maturity4.120%Jul 1, 2026Yield to maturity4.198%Jul 6, 2026Yield to maturity4.142%Jul 8, 2026Yield to maturity4.220%Jul 10, 2026Yield to maturity4.224%Jul 14, 2026Yield to maturity4.211%Jul 16, 2026Yield to maturity4.182%Jul 20, 2026Yield to maturity4.232%Jul 22, 2026Yield to maturity4.328%Jul 24, 2026Yield to maturity4.348%Jul 28, 2026Yield to maturity4.288%Jul 30, 2026Yield to maturity4.259%Aug 3, 2026Yield to maturity4.279%Aug 5, 2026Yield to maturity4.202%Aug 7, 2026Yield to maturity4.207%Aug 11, 2026Yield to maturity4.241%Aug 13, 2026Yield to maturity4.163%Aug 17, 2026Yield to maturity4.199%Aug 19, 2026Yield to maturity4.185%Aug 21, 2026Yield to maturity4.254%Aug 25, 2026Yield to maturity4.208%Aug 27, 2026Yield to maturity4.243%Aug 31, 2026Yield to maturity4.346%Sep 2, 2026Yield to maturity4.398%Sep 4, 2026Yield to maturity4.388%Sep 9, 2026Yield to maturity4.440%

Price history

247 trading days to Sep 9, 2026

97.5098.0098.5099.0099.50100.00Sep 15, 2025Sep 9, 2026Sep 15, 2025Close99.656Sep 17, 2025Close99.625Sep 19, 2025Close99.469Sep 23, 2025Close99.469Sep 25, 2025Close99.219Sep 29, 2025Close99.281Oct 1, 2025Close99.500Oct 3, 2025Close99.406Oct 7, 2025Close99.406Oct 9, 2025Close99.344Oct 14, 2025Close99.719Oct 16, 2025Close99.875Oct 20, 2025Close99.750Oct 22, 2025Close99.813Oct 24, 2025Close99.688Oct 28, 2025Close99.656Oct 30, 2025Close99.344Nov 3, 2025Close99.375Nov 5, 2025Close99.281Nov 7, 2025Close99.500Nov 12, 2025Close99.500Nov 14, 2025Close99.344Nov 18, 2025Close99.469Nov 20, 2025Close99.531Nov 24, 2025Close99.688Nov 26, 2025Close99.750Dec 1, 2025Close99.563Dec 3, 2025Close99.688Dec 5, 2025Close99.469Dec 9, 2025Close99.313Dec 11, 2025Close99.500Dec 15, 2025Close99.531Dec 17, 2025Close99.594Dec 19, 2025Close99.625Dec 23, 2025Close99.469Dec 26, 2025Close99.625Dec 30, 2025Close99.688Jan 2, 2026Close99.594Jan 6, 2026Close99.625Jan 8, 2026Close99.563Jan 12, 2026Close99.469Jan 14, 2026Close99.563Jan 16, 2026Close99.313Jan 21, 2026Close99.344Jan 23, 2026Close99.313Jan 27, 2026Close99.375Jan 29, 2026Close99.438Feb 2, 2026Close99.406Feb 4, 2026Close99.406Feb 6, 2026Close99.563Feb 10, 2026Close99.688Feb 12, 2026Close99.688Feb 17, 2026Close99.781Feb 19, 2026Close99.719Feb 23, 2026Close99.844Feb 25, 2026Close99.750Feb 27, 2026Close99.969Mar 3, 2026Close99.688Mar 5, 2026Close99.500Mar 9, 2026Close99.531Mar 11, 2026Close99.344Mar 13, 2026Close99.125Mar 17, 2026Close99.281Mar 19, 2026Close99.000Mar 23, 2026Close98.875Mar 25, 2026Close98.813Mar 27, 2026Close98.688Mar 31, 2026Close99.000Apr 2, 2026Close98.969Apr 6, 2026Close98.844Apr 8, 2026Close99.000Apr 10, 2026Close99.000Apr 14, 2026Close99.125Apr 16, 2026Close99.063Apr 20, 2026Close99.188Apr 22, 2026Close99.031Apr 24, 2026Close99.063Apr 28, 2026Close98.906Apr 30, 2026Close98.813May 4, 2026Close98.656May 6, 2026Close98.844May 8, 2026Close98.813May 12, 2026Close98.594May 14, 2026Close98.563May 18, 2026Close98.375May 20, 2026Close98.469May 22, 2026Close98.313May 27, 2026Close98.500May 29, 2026Close98.563Jun 2, 2026Close98.500Jun 4, 2026Close98.469Jun 8, 2026Close98.250Jun 10, 2026Close98.313Jun 12, 2026Close98.438Jun 16, 2026Close98.500Jun 18, 2026Close98.250Jun 23, 2026Close98.219Jun 25, 2026Close98.406Jun 29, 2026Close98.438Jul 1, 2026Close98.281Jul 6, 2026Close98.406Jul 8, 2026Close98.250Jul 10, 2026Close98.250Jul 14, 2026Close98.281Jul 16, 2026Close98.344Jul 20, 2026Close98.250Jul 22, 2026Close98.063Jul 24, 2026Close98.031Jul 28, 2026Close98.156Jul 30, 2026Close98.219Aug 3, 2026Close98.188Aug 5, 2026Close98.344Aug 7, 2026Close98.344Aug 11, 2026Close98.281Aug 13, 2026Close98.438Aug 17, 2026Close98.375Aug 19, 2026Close98.406Aug 21, 2026Close98.281Aug 25, 2026Close98.375Aug 27, 2026Close98.313Aug 31, 2026Close98.125Sep 2, 2026Close98.031Sep 4, 2026Close98.063Sep 9, 2026Close97.969
The most recent 20 trading days of prices for 91282CNY3.
DateBidOfferClose
Sep 9, 202697.98497.96997.969
Sep 8, 202698.04798.03198.031
Sep 4, 202698.07898.06398.063
Sep 3, 202698.15698.15698.125
Sep 2, 202698.03198.03198.031
Sep 1, 202698.06398.06398.000
Aug 31, 202698.12598.12598.125
Aug 28, 202698.14198.12598.094
Aug 27, 202698.35998.34498.313
Aug 26, 202698.35998.34498.344
Aug 25, 202698.37598.37598.375
Aug 24, 202698.32898.31398.281
Aug 21, 202698.29798.28198.281
Aug 20, 202698.39198.37598.375
Aug 19, 202698.37598.37598.406
Aug 18, 202698.40698.40698.375
Aug 17, 202698.42298.40698.375
Aug 14, 202698.45398.43898.406
Aug 13, 202698.45398.43898.438
Aug 12, 202698.35998.34498.313

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 91282CNY3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 9, 2025Sep 15, 2025New issue$58.0bn$58.0bn2.73x3.485%

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.