Treasury note

91282CNZ0 · 3.875% due September 30, 2032

Original term
7-Year
Maturity
Sep 30, 2032
Coupon
3.875%
Pays
Semi-Annual
Dated
Sep 30, 2025
First coupon
Mar 31, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$46.43bn
Held stripped
$20.8m
Share stripped
0.04%

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
4.677%
Modified duration
5.221 yr
DV01
0.0509
Convexity
32.223
Dirty price
97.538

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 7 of twelve buckets, summing to 5.342 years against a modified duration of 5.221.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 11.36 cents per 100 of face.

That is 0.68 standard deviations from its own typical residual.

Yield to maturity, 236 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Sep 30, 2025Sep 9, 2026Sep 30, 2025Yield to maturity3.926%Oct 1, 2025Yield to maturity3.880%Oct 2, 2025Yield to maturity3.860%Oct 3, 2025Yield to maturity3.901%Oct 6, 2025Yield to maturity3.947%Oct 7, 2025Yield to maturity3.901%Oct 8, 2025Yield to maturity3.911%Oct 9, 2025Yield to maturity3.921%Oct 10, 2025Yield to maturity3.828%Oct 14, 2025Yield to maturity3.787%Oct 15, 2025Yield to maturity3.813%Oct 16, 2025Yield to maturity3.736%Oct 17, 2025Yield to maturity3.777%Oct 20, 2025Yield to maturity3.761%Oct 21, 2025Yield to maturity3.736%Oct 22, 2025Yield to maturity3.735%Oct 23, 2025Yield to maturity3.782%Oct 24, 2025Yield to maturity3.787%Oct 27, 2025Yield to maturity3.787%Oct 28, 2025Yield to maturity3.776%Oct 29, 2025Yield to maturity3.869%Oct 30, 2025Yield to maturity3.895%Oct 31, 2025Yield to maturity3.885%Nov 3, 2025Yield to maturity3.895%Nov 4, 2025Yield to maturity3.869%Nov 5, 2025Yield to maturity3.942%Nov 6, 2025Yield to maturity3.869%Nov 7, 2025Yield to maturity3.859%Nov 10, 2025Yield to maturity3.895%Nov 12, 2025Yield to maturity3.848%Nov 13, 2025Yield to maturity3.885%Nov 14, 2025Yield to maturity3.916%Nov 17, 2025Yield to maturity3.895%Nov 18, 2025Yield to maturity3.874%Nov 19, 2025Yield to maturity3.885%Nov 20, 2025Yield to maturity3.859%Nov 21, 2025Yield to maturity3.806%Nov 24, 2025Yield to maturity3.786%Nov 25, 2025Yield to maturity3.749%Nov 26, 2025Yield to maturity3.749%Nov 28, 2025Yield to maturity3.775%Dec 1, 2025Yield to maturity3.853%Dec 2, 2025Yield to maturity3.843%Dec 3, 2025Yield to maturity3.806%Dec 4, 2025Yield to maturity3.864%Dec 5, 2025Yield to maturity3.890%Dec 8, 2025Yield to maturity3.927%Dec 9, 2025Yield to maturity3.948%Dec 10, 2025Yield to maturity3.901%Dec 11, 2025Yield to maturity3.901%Dec 12, 2025Yield to maturity3.938%Dec 15, 2025Yield to maturity3.922%Dec 16, 2025Yield to maturity3.885%Dec 17, 2025Yield to maturity3.895%Dec 18, 2025Yield to maturity3.858%Dec 19, 2025Yield to maturity3.890%Dec 22, 2025Yield to maturity3.911%Dec 23, 2025Yield to maturity3.927%Dec 24, 2025Yield to maturity3.901%Dec 26, 2025Yield to maturity3.885%Dec 29, 2025Yield to maturity3.858%Dec 30, 2025Yield to maturity3.869%Dec 31, 2025Yield to maturity3.922%Jan 2, 2026Yield to maturity3.933%Jan 5, 2026Yield to maturity3.901%Jan 6, 2026Yield to maturity3.912%Jan 7, 2026Yield to maturity3.885%Jan 8, 2026Yield to maturity3.928%Jan 9, 2026Yield to maturity3.933%Jan 12, 2026Yield to maturity3.944%Jan 13, 2026Yield to maturity3.928%Jan 14, 2026Yield to maturity3.896%Jan 15, 2026Yield to maturity3.938%Jan 16, 2026Yield to maturity3.998%Jan 20, 2026Yield to maturity4.052%Jan 21, 2026Yield to maturity4.019%Jan 22, 2026Yield to maturity4.025%Jan 23, 2026Yield to maturity4.009%Jan 26, 2026Yield to maturity3.993%Jan 27, 2026Yield to maturity4.003%Jan 28, 2026Yield to maturity4.025%Jan 29, 2026Yield to maturity3.993%Jan 30, 2026Yield to maturity3.993%Feb 2, 2026Yield to maturity4.025%Feb 3, 2026Yield to maturity4.020%Feb 4, 2026Yield to maturity4.026%Feb 5, 2026Yield to maturity3.939%Feb 6, 2026Yield to maturity3.945%Feb 9, 2026Yield to maturity3.939%Feb 10, 2026Yield to maturity3.885%Feb 11, 2026Yield to maturity3.928%Feb 12, 2026Yield to maturity3.847%Feb 13, 2026Yield to maturity3.783%Feb 17, 2026Yield to maturity3.794%Feb 18, 2026Yield to maturity3.826%Feb 19, 2026Yield to maturity3.815%Feb 20, 2026Yield to maturity3.820%Feb 23, 2026Yield to maturity3.756%Feb 24, 2026Yield to maturity3.772%Feb 25, 2026Yield to maturity3.788%Feb 26, 2026Yield to maturity3.750%Feb 27, 2026Yield to maturity3.691%Mar 2, 2026Yield to maturity3.788%Mar 3, 2026Yield to maturity3.799%Mar 4, 2026Yield to maturity3.837%Mar 5, 2026Yield to maturity3.885%Mar 6, 2026Yield to maturity3.896%Mar 9, 2026Yield to maturity3.875%Mar 10, 2026Yield to maturity3.896%Mar 11, 2026Yield to maturity3.957%Mar 12, 2026Yield to maturity4.034%Mar 13, 2026Yield to maturity4.039%Mar 16, 2026Yield to maturity3.973%Mar 17, 2026Yield to maturity3.951%Mar 18, 2026Yield to maturity4.023%Mar 19, 2026Yield to maturity4.034%Mar 20, 2026Yield to maturity4.173%Mar 23, 2026Yield to maturity4.123%Mar 24, 2026Yield to maturity4.184%Mar 25, 2026Yield to maturity4.123%Mar 26, 2026Yield to maturity4.241%Mar 27, 2026Yield to maturity4.224%Mar 30, 2026Yield to maturity4.129%Mar 31, 2026Yield to maturity4.079%Apr 1, 2026Yield to maturity4.118%Apr 2, 2026Yield to maturity4.091%Apr 3, 2026Yield to maturity4.141%Apr 6, 2026Yield to maturity4.130%Apr 7, 2026Yield to maturity4.102%Apr 8, 2026Yield to maturity4.074%Apr 9, 2026Yield to maturity4.069%Apr 10, 2026Yield to maturity4.091%Apr 13, 2026Yield to maturity4.063%Apr 14, 2026Yield to maturity4.019%Apr 15, 2026Yield to maturity4.047%Apr 16, 2026Yield to maturity4.064%Apr 17, 2026Yield to maturity3.997%Apr 20, 2026Yield to maturity4.002%Apr 21, 2026Yield to maturity4.053%Apr 22, 2026Yield to maturity4.064%Apr 23, 2026Yield to maturity4.103%Apr 24, 2026Yield to maturity4.064%Apr 27, 2026Yield to maturity4.098%Apr 28, 2026Yield to maturity4.126%Apr 29, 2026Yield to maturity4.194%Apr 30, 2026Yield to maturity4.160%May 1, 2026Yield to maturity4.160%May 4, 2026Yield to maturity4.223%May 5, 2026Yield to maturity4.212%May 6, 2026Yield to maturity4.132%May 7, 2026Yield to maturity4.178%May 8, 2026Yield to maturity4.150%May 11, 2026Yield to maturity4.195%May 12, 2026Yield to maturity4.252%May 13, 2026Yield to maturity4.241%May 14, 2026Yield to maturity4.253%May 15, 2026Yield to maturity4.385%May 18, 2026Yield to maturity4.391%May 19, 2026Yield to maturity4.455%May 20, 2026Yield to maturity4.351%May 21, 2026Yield to maturity4.363%May 22, 2026Yield to maturity4.375%May 26, 2026Yield to maturity4.300%May 27, 2026Yield to maturity4.283%May 28, 2026Yield to maturity4.260%May 29, 2026Yield to maturity4.249%Jun 1, 2026Yield to maturity4.284%Jun 2, 2026Yield to maturity4.272%Jun 3, 2026Yield to maturity4.313%Jun 4, 2026Yield to maturity4.284%Jun 5, 2026Yield to maturity4.377%Jun 8, 2026Yield to maturity4.378%Jun 9, 2026Yield to maturity4.349%Jun 10, 2026Yield to maturity4.366%Jun 11, 2026Yield to maturity4.268%Jun 12, 2026Yield to maturity4.303%Jun 15, 2026Yield to maturity4.280%Jun 16, 2026Yield to maturity4.240%Jun 17, 2026Yield to maturity4.339%Jun 18, 2026Yield to maturity4.304%Jun 22, 2026Yield to maturity4.363%Jun 23, 2026Yield to maturity4.345%Jun 24, 2026Yield to maturity4.253%Jun 25, 2026Yield to maturity4.229%Jun 26, 2026Yield to maturity4.207%Jun 29, 2026Yield to maturity4.213%Jun 30, 2026Yield to maturity4.271%Jul 1, 2026Yield to maturity4.312%Jul 2, 2026Yield to maturity4.318%Jul 6, 2026Yield to maturity4.295%Jul 7, 2026Yield to maturity4.360%Jul 8, 2026Yield to maturity4.389%Jul 9, 2026Yield to maturity4.360%Jul 10, 2026Yield to maturity4.384%Jul 13, 2026Yield to maturity4.449%Jul 14, 2026Yield to maturity4.396%Jul 15, 2026Yield to maturity4.350%Jul 16, 2026Yield to maturity4.367%Jul 17, 2026Yield to maturity4.362%Jul 20, 2026Yield to maturity4.410%Jul 21, 2026Yield to maturity4.451%Jul 22, 2026Yield to maturity4.493%Jul 23, 2026Yield to maturity4.541%Jul 24, 2026Yield to maturity4.506%Jul 27, 2026Yield to maturity4.476%Jul 28, 2026Yield to maturity4.435%Jul 29, 2026Yield to maturity4.465%Jul 30, 2026Yield to maturity4.471%Jul 31, 2026Yield to maturity4.544%Aug 3, 2026Yield to maturity4.490%Aug 4, 2026Yield to maturity4.419%Aug 5, 2026Yield to maturity4.419%Aug 6, 2026Yield to maturity4.479%Aug 7, 2026Yield to maturity4.438%Aug 10, 2026Yield to maturity4.504%Aug 11, 2026Yield to maturity4.486%Aug 12, 2026Yield to maturity4.468%Aug 13, 2026Yield to maturity4.409%Aug 14, 2026Yield to maturity4.457%Aug 17, 2026Yield to maturity4.476%Aug 18, 2026Yield to maturity4.470%Aug 19, 2026Yield to maturity4.428%Aug 20, 2026Yield to maturity4.470%Aug 21, 2026Yield to maturity4.513%Aug 24, 2026Yield to maturity4.496%Aug 25, 2026Yield to maturity4.424%Aug 26, 2026Yield to maturity4.454%Aug 27, 2026Yield to maturity4.472%Aug 28, 2026Yield to maturity4.558%Aug 31, 2026Yield to maturity4.570%Sep 1, 2026Yield to maturity4.625%Sep 2, 2026Yield to maturity4.619%Sep 3, 2026Yield to maturity4.589%Sep 4, 2026Yield to maturity4.615%Sep 8, 2026Yield to maturity4.634%Sep 9, 2026Yield to maturity4.677%

Price history

236 trading days to Sep 9, 2026

9596979899100101102Sep 30, 2025Sep 9, 2026Sep 30, 2025Close99.688Oct 1, 2025Close99.969Oct 2, 2025Close100.094Oct 3, 2025Close99.844Oct 6, 2025Close99.563Oct 7, 2025Close99.844Oct 8, 2025Close99.781Oct 9, 2025Close99.719Oct 10, 2025Close100.281Oct 14, 2025Close100.531Oct 15, 2025Close100.375Oct 16, 2025Close100.844Oct 17, 2025Close100.594Oct 20, 2025Close100.688Oct 21, 2025Close100.844Oct 22, 2025Close100.844Oct 23, 2025Close100.563Oct 24, 2025Close100.531Oct 27, 2025Close100.531Oct 28, 2025Close100.594Oct 29, 2025Close100.031Oct 30, 2025Close99.875Oct 31, 2025Close99.938Nov 3, 2025Close99.875Nov 4, 2025Close100.031Nov 5, 2025Close99.594Nov 6, 2025Close100.031Nov 7, 2025Close100.094Nov 10, 2025Close99.875Nov 12, 2025Close100.156Nov 13, 2025Close99.938Nov 14, 2025Close99.750Nov 17, 2025Close99.875Nov 18, 2025Close100.000Nov 19, 2025Close99.938Nov 20, 2025Close100.094Nov 21, 2025Close100.406Nov 24, 2025Close100.531Nov 25, 2025Close100.750Nov 26, 2025Close100.750Nov 28, 2025Close100.594Dec 1, 2025Close100.125Dec 2, 2025Close100.188Dec 3, 2025Close100.406Dec 4, 2025Close100.063Dec 5, 2025Close99.906Dec 8, 2025Close99.688Dec 9, 2025Close99.563Dec 10, 2025Close99.844Dec 11, 2025Close99.844Dec 12, 2025Close99.625Dec 15, 2025Close99.719Dec 16, 2025Close99.938Dec 17, 2025Close99.875Dec 18, 2025Close100.094Dec 19, 2025Close99.906Dec 22, 2025Close99.781Dec 23, 2025Close99.688Dec 24, 2025Close99.844Dec 26, 2025Close99.938Dec 29, 2025Close100.094Dec 30, 2025Close100.031Dec 31, 2025Close99.719Jan 2, 2026Close99.656Jan 5, 2026Close99.844Jan 6, 2026Close99.781Jan 7, 2026Close99.938Jan 8, 2026Close99.688Jan 9, 2026Close99.656Jan 12, 2026Close99.594Jan 13, 2026Close99.688Jan 14, 2026Close99.875Jan 15, 2026Close99.625Jan 16, 2026Close99.281Jan 20, 2026Close98.969Jan 21, 2026Close99.156Jan 22, 2026Close99.125Jan 23, 2026Close99.219Jan 26, 2026Close99.313Jan 27, 2026Close99.250Jan 28, 2026Close99.125Jan 29, 2026Close99.313Jan 30, 2026Close99.313Feb 2, 2026Close99.125Feb 3, 2026Close99.156Feb 4, 2026Close99.125Feb 5, 2026Close99.625Feb 6, 2026Close99.594Feb 9, 2026Close99.625Feb 10, 2026Close99.938Feb 11, 2026Close99.688Feb 12, 2026Close100.156Feb 13, 2026Close100.531Feb 17, 2026Close100.469Feb 18, 2026Close100.281Feb 19, 2026Close100.344Feb 20, 2026Close100.313Feb 23, 2026Close100.688Feb 24, 2026Close100.594Feb 25, 2026Close100.500Feb 26, 2026Close100.719Feb 27, 2026Close101.063Mar 2, 2026Close100.500Mar 3, 2026Close100.438Mar 4, 2026Close100.219Mar 5, 2026Close99.938Mar 6, 2026Close99.875Mar 9, 2026Close100.000Mar 10, 2026Close99.875Mar 11, 2026Close99.531Mar 12, 2026Close99.094Mar 13, 2026Close99.063Mar 16, 2026Close99.438Mar 17, 2026Close99.563Mar 18, 2026Close99.156Mar 19, 2026Close99.094Mar 20, 2026Close98.313Mar 23, 2026Close98.594Mar 24, 2026Close98.250Mar 25, 2026Close98.594Mar 26, 2026Close97.938Mar 27, 2026Close98.031Mar 30, 2026Close98.563Mar 31, 2026Close98.844Apr 1, 2026Close98.625Apr 2, 2026Close98.781Apr 3, 2026Close98.500Apr 6, 2026Close98.563Apr 7, 2026Close98.719Apr 8, 2026Close98.875Apr 9, 2026Close98.906Apr 10, 2026Close98.781Apr 13, 2026Close98.938Apr 14, 2026Close99.188Apr 15, 2026Close99.031Apr 16, 2026Close98.938Apr 17, 2026Close99.313Apr 20, 2026Close99.281Apr 21, 2026Close99.000Apr 22, 2026Close98.938Apr 23, 2026Close98.719Apr 24, 2026Close98.938Apr 27, 2026Close98.750Apr 28, 2026Close98.594Apr 29, 2026Close98.219Apr 30, 2026Close98.406May 1, 2026Close98.406May 4, 2026Close98.063May 5, 2026Close98.125May 6, 2026Close98.563May 7, 2026Close98.313May 8, 2026Close98.469May 11, 2026Close98.219May 12, 2026Close97.906May 13, 2026Close97.969May 14, 2026Close97.906May 15, 2026Close97.188May 18, 2026Close97.156May 19, 2026Close96.813May 20, 2026Close97.375May 21, 2026Close97.313May 22, 2026Close97.250May 26, 2026Close97.656May 27, 2026Close97.750May 28, 2026Close97.875May 29, 2026Close97.938Jun 1, 2026Close97.750Jun 2, 2026Close97.813Jun 3, 2026Close97.594Jun 4, 2026Close97.750Jun 5, 2026Close97.250Jun 8, 2026Close97.250Jun 9, 2026Close97.406Jun 10, 2026Close97.313Jun 11, 2026Close97.844Jun 12, 2026Close97.656Jun 15, 2026Close97.781Jun 16, 2026Close98.000Jun 17, 2026Close97.469Jun 18, 2026Close97.656Jun 22, 2026Close97.344Jun 23, 2026Close97.438Jun 24, 2026Close97.938Jun 25, 2026Close98.063Jun 26, 2026Close98.188Jun 29, 2026Close98.156Jun 30, 2026Close97.844Jul 1, 2026Close97.625Jul 2, 2026Close97.594Jul 6, 2026Close97.719Jul 7, 2026Close97.375Jul 8, 2026Close97.219Jul 9, 2026Close97.375Jul 10, 2026Close97.250Jul 13, 2026Close96.906Jul 14, 2026Close97.188Jul 15, 2026Close97.438Jul 16, 2026Close97.344Jul 17, 2026Close97.375Jul 20, 2026Close97.125Jul 21, 2026Close96.906Jul 22, 2026Close96.688Jul 23, 2026Close96.438Jul 24, 2026Close96.625Jul 27, 2026Close96.781Jul 28, 2026Close97.000Jul 29, 2026Close96.844Jul 30, 2026Close96.813Jul 31, 2026Close96.438Aug 3, 2026Close96.719Aug 4, 2026Close97.094Aug 5, 2026Close97.094Aug 6, 2026Close96.781Aug 7, 2026Close97.000Aug 10, 2026Close96.656Aug 11, 2026Close96.750Aug 12, 2026Close96.844Aug 13, 2026Close97.156Aug 14, 2026Close96.906Aug 17, 2026Close96.813Aug 18, 2026Close96.844Aug 19, 2026Close97.063Aug 20, 2026Close96.844Aug 21, 2026Close96.625Aug 24, 2026Close96.719Aug 25, 2026Close97.094Aug 26, 2026Close96.938Aug 27, 2026Close96.844Aug 28, 2026Close96.406Aug 31, 2026Close96.344Sep 1, 2026Close96.063Sep 2, 2026Close96.094Sep 3, 2026Close96.250Sep 4, 2026Close96.125Sep 8, 2026Close96.031Sep 9, 2026Close95.813
The most recent 20 trading days of prices for 91282CNZ0.
DateBidOfferClose
Sep 9, 202695.79795.78195.813
Sep 8, 202696.07896.06396.031
Sep 4, 202696.17296.15696.125
Sep 3, 202696.35996.34496.250
Sep 2, 202696.07896.06396.094
Sep 1, 202696.23496.21996.063
Aug 31, 202696.32896.31396.344
Aug 28, 202696.57896.56396.406
Aug 27, 202696.95396.93896.844
Aug 26, 202696.96996.96996.938
Aug 25, 202697.04797.03197.094
Aug 24, 202696.82896.81396.719
Aug 21, 202696.64196.62596.625
Aug 20, 202696.82896.81396.844
Aug 19, 202697.01697.00097.063
Aug 18, 202696.85996.84496.844
Aug 17, 202696.89196.87596.813
Aug 14, 202696.98496.96996.906
Aug 13, 202697.14197.12597.156
Aug 12, 202696.93896.93896.844

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 91282CNZ0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 25, 2025Sep 30, 2025New issue$44.0bn$46.4bn2.40x3.953%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.