Treasury note

91282CPA3 · 3.625% due September 30, 2030

Original term
5-Year
Maturity
Sep 30, 2030
Coupon
3.625%
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
$73.43bn
Held stripped
$6.4m
Share stripped
<0.01%

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
4.571%
Modified duration
3.656 yr
DV01
0.0359
Convexity
15.926
Dirty price
98.146

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 3.739 years against a modified duration of 3.656.

Against the fitted curve

Priced 1.6 bp rich to the curve on that day, 5.63 cents per 100 of face.

That is -1.79 standard deviations from its own typical residual.

Yield to maturity, 236 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Sep 30, 2025Sep 9, 2026Sep 30, 2025Yield to maturity3.736%Oct 1, 2025Yield to maturity3.680%Oct 2, 2025Yield to maturity3.673%Oct 3, 2025Yield to maturity3.715%Oct 6, 2025Yield to maturity3.750%Oct 7, 2025Yield to maturity3.708%Oct 8, 2025Yield to maturity3.722%Oct 9, 2025Yield to maturity3.736%Oct 10, 2025Yield to maturity3.646%Oct 14, 2025Yield to maturity3.597%Oct 15, 2025Yield to maturity3.625%Oct 16, 2025Yield to maturity3.548%Oct 17, 2025Yield to maturity3.590%Oct 20, 2025Yield to maturity3.576%Oct 21, 2025Yield to maturity3.555%Oct 22, 2025Yield to maturity3.555%Oct 23, 2025Yield to maturity3.604%Oct 24, 2025Yield to maturity3.604%Oct 27, 2025Yield to maturity3.611%Oct 28, 2025Yield to maturity3.604%Oct 29, 2025Yield to maturity3.702%Oct 30, 2025Yield to maturity3.723%Oct 31, 2025Yield to maturity3.709%Nov 3, 2025Yield to maturity3.716%Nov 4, 2025Yield to maturity3.695%Nov 5, 2025Yield to maturity3.765%Nov 6, 2025Yield to maturity3.688%Nov 7, 2025Yield to maturity3.681%Nov 10, 2025Yield to maturity3.716%Nov 12, 2025Yield to maturity3.674%Nov 13, 2025Yield to maturity3.709%Nov 14, 2025Yield to maturity3.738%Nov 17, 2025Yield to maturity3.723%Nov 18, 2025Yield to maturity3.695%Nov 19, 2025Yield to maturity3.702%Nov 20, 2025Yield to maturity3.674%Nov 21, 2025Yield to maturity3.617%Nov 24, 2025Yield to maturity3.610%Nov 25, 2025Yield to maturity3.568%Nov 26, 2025Yield to maturity3.575%Nov 28, 2025Yield to maturity3.596%Dec 1, 2025Yield to maturity3.667%Dec 2, 2025Yield to maturity3.653%Dec 3, 2025Yield to maturity3.617%Dec 4, 2025Yield to maturity3.681%Dec 5, 2025Yield to maturity3.710%Dec 8, 2025Yield to maturity3.746%Dec 9, 2025Yield to maturity3.775%Dec 10, 2025Yield to maturity3.717%Dec 11, 2025Yield to maturity3.710%Dec 12, 2025Yield to maturity3.739%Dec 15, 2025Yield to maturity3.717%Dec 16, 2025Yield to maturity3.682%Dec 17, 2025Yield to maturity3.689%Dec 18, 2025Yield to maturity3.653%Dec 19, 2025Yield to maturity3.682%Dec 22, 2025Yield to maturity3.703%Dec 23, 2025Yield to maturity3.732%Dec 24, 2025Yield to maturity3.703%Dec 26, 2025Yield to maturity3.682%Dec 29, 2025Yield to maturity3.653%Dec 30, 2025Yield to maturity3.660%Dec 31, 2025Yield to maturity3.711%Jan 2, 2026Yield to maturity3.718%Jan 5, 2026Yield to maturity3.689%Jan 6, 2026Yield to maturity3.697%Jan 7, 2026Yield to maturity3.675%Jan 8, 2026Yield to maturity3.719%Jan 9, 2026Yield to maturity3.741%Jan 12, 2026Yield to maturity3.748%Jan 13, 2026Yield to maturity3.726%Jan 14, 2026Yield to maturity3.704%Jan 15, 2026Yield to maturity3.756%Jan 16, 2026Yield to maturity3.807%Jan 20, 2026Yield to maturity3.844%Jan 21, 2026Yield to maturity3.815%Jan 22, 2026Yield to maturity3.830%Jan 23, 2026Yield to maturity3.815%Jan 26, 2026Yield to maturity3.801%Jan 27, 2026Yield to maturity3.801%Jan 28, 2026Yield to maturity3.823%Jan 29, 2026Yield to maturity3.786%Jan 30, 2026Yield to maturity3.772%Feb 2, 2026Yield to maturity3.809%Feb 3, 2026Yield to maturity3.809%Feb 4, 2026Yield to maturity3.817%Feb 5, 2026Yield to maturity3.720%Feb 6, 2026Yield to maturity3.735%Feb 9, 2026Yield to maturity3.720%Feb 10, 2026Yield to maturity3.676%Feb 11, 2026Yield to maturity3.721%Feb 12, 2026Yield to maturity3.646%Feb 13, 2026Yield to maturity3.580%Feb 17, 2026Yield to maturity3.602%Feb 18, 2026Yield to maturity3.632%Feb 19, 2026Yield to maturity3.624%Feb 20, 2026Yield to maturity3.632%Feb 23, 2026Yield to maturity3.565%Feb 24, 2026Yield to maturity3.580%Feb 25, 2026Yield to maturity3.602%Feb 26, 2026Yield to maturity3.565%Feb 27, 2026Yield to maturity3.505%Mar 2, 2026Yield to maturity3.602%Mar 3, 2026Yield to maturity3.617%Mar 4, 2026Yield to maturity3.654%Mar 5, 2026Yield to maturity3.707%Mar 6, 2026Yield to maturity3.707%Mar 9, 2026Yield to maturity3.692%Mar 10, 2026Yield to maturity3.715%Mar 11, 2026Yield to maturity3.768%Mar 12, 2026Yield to maturity3.866%Mar 13, 2026Yield to maturity3.859%Mar 16, 2026Yield to maturity3.791%Mar 17, 2026Yield to maturity3.768%Mar 18, 2026Yield to maturity3.860%Mar 19, 2026Yield to maturity3.883%Mar 20, 2026Yield to maturity4.006%Mar 23, 2026Yield to maturity3.952%Mar 24, 2026Yield to maturity4.030%Mar 25, 2026Yield to maturity3.968%Mar 26, 2026Yield to maturity4.092%Mar 27, 2026Yield to maturity4.054%Mar 30, 2026Yield to maturity3.954%Mar 31, 2026Yield to maturity3.908%Apr 1, 2026Yield to maturity3.947%Apr 2, 2026Yield to maturity3.924%Apr 3, 2026Yield to maturity3.970%Apr 6, 2026Yield to maturity3.971%Apr 7, 2026Yield to maturity3.940%Apr 8, 2026Yield to maturity3.901%Apr 9, 2026Yield to maturity3.894%Apr 10, 2026Yield to maturity3.925%Apr 13, 2026Yield to maturity3.902%Apr 14, 2026Yield to maturity3.856%Apr 15, 2026Yield to maturity3.879%Apr 16, 2026Yield to maturity3.895%Apr 17, 2026Yield to maturity3.825%Apr 20, 2026Yield to maturity3.833%Apr 21, 2026Yield to maturity3.887%Apr 22, 2026Yield to maturity3.895%Apr 23, 2026Yield to maturity3.942%Apr 24, 2026Yield to maturity3.896%Apr 27, 2026Yield to maturity3.927%Apr 28, 2026Yield to maturity3.959%Apr 29, 2026Yield to maturity4.037%Apr 30, 2026Yield to maturity3.998%May 1, 2026Yield to maturity3.999%May 4, 2026Yield to maturity4.070%May 5, 2026Yield to maturity4.055%May 6, 2026Yield to maturity3.976%May 7, 2026Yield to maturity4.023%May 8, 2026Yield to maturity4.000%May 11, 2026Yield to maturity4.056%May 12, 2026Yield to maturity4.104%May 13, 2026Yield to maturity4.104%May 14, 2026Yield to maturity4.112%May 15, 2026Yield to maturity4.241%May 18, 2026Yield to maturity4.250%May 19, 2026Yield to maturity4.306%May 20, 2026Yield to maturity4.202%May 21, 2026Yield to maturity4.226%May 22, 2026Yield to maturity4.252%May 26, 2026Yield to maturity4.172%May 27, 2026Yield to maturity4.164%May 28, 2026Yield to maturity4.140%May 29, 2026Yield to maturity4.125%Jun 1, 2026Yield to maturity4.166%Jun 2, 2026Yield to maturity4.158%Jun 3, 2026Yield to maturity4.199%Jun 4, 2026Yield to maturity4.167%Jun 5, 2026Yield to maturity4.273%Jun 8, 2026Yield to maturity4.273%Jun 9, 2026Yield to maturity4.241%Jun 10, 2026Yield to maturity4.250%Jun 11, 2026Yield to maturity4.161%Jun 12, 2026Yield to maturity4.194%Jun 15, 2026Yield to maturity4.170%Jun 16, 2026Yield to maturity4.138%Jun 17, 2026Yield to maturity4.260%Jun 18, 2026Yield to maturity4.229%Jun 22, 2026Yield to maturity4.287%Jun 23, 2026Yield to maturity4.263%Jun 24, 2026Yield to maturity4.181%Jun 25, 2026Yield to maturity4.157%Jun 26, 2026Yield to maturity4.125%Jun 29, 2026Yield to maturity4.134%Jun 30, 2026Yield to maturity4.183%Jul 1, 2026Yield to maturity4.233%Jul 2, 2026Yield to maturity4.218%Jul 6, 2026Yield to maturity4.193%Jul 7, 2026Yield to maturity4.260%Jul 8, 2026Yield to maturity4.285%Jul 9, 2026Yield to maturity4.252%Jul 10, 2026Yield to maturity4.286%Jul 13, 2026Yield to maturity4.353%Jul 14, 2026Yield to maturity4.287%Jul 15, 2026Yield to maturity4.238%Jul 16, 2026Yield to maturity4.255%Jul 17, 2026Yield to maturity4.256%Jul 20, 2026Yield to maturity4.298%Jul 21, 2026Yield to maturity4.349%Jul 22, 2026Yield to maturity4.399%Jul 23, 2026Yield to maturity4.442%Jul 24, 2026Yield to maturity4.410%Jul 27, 2026Yield to maturity4.393%Jul 28, 2026Yield to maturity4.343%Jul 29, 2026Yield to maturity4.352%Jul 30, 2026Yield to maturity4.361%Jul 31, 2026Yield to maturity4.422%Aug 3, 2026Yield to maturity4.380%Aug 4, 2026Yield to maturity4.313%Aug 5, 2026Yield to maturity4.305%Aug 6, 2026Yield to maturity4.373%Aug 7, 2026Yield to maturity4.323%Aug 10, 2026Yield to maturity4.383%Aug 11, 2026Yield to maturity4.367%Aug 12, 2026Yield to maturity4.342%Aug 13, 2026Yield to maturity4.283%Aug 14, 2026Yield to maturity4.326%Aug 17, 2026Yield to maturity4.335%Aug 18, 2026Yield to maturity4.336%Aug 19, 2026Yield to maturity4.319%Aug 20, 2026Yield to maturity4.345%Aug 21, 2026Yield to maturity4.389%Aug 24, 2026Yield to maturity4.381%Aug 25, 2026Yield to maturity4.322%Aug 26, 2026Yield to maturity4.348%Aug 27, 2026Yield to maturity4.366%Aug 28, 2026Yield to maturity4.462%Aug 31, 2026Yield to maturity4.471%Sep 1, 2026Yield to maturity4.523%Sep 2, 2026Yield to maturity4.515%Sep 3, 2026Yield to maturity4.481%Sep 4, 2026Yield to maturity4.518%Sep 8, 2026Yield to maturity4.536%Sep 9, 2026Yield to maturity4.571%

Price history

236 trading days to Sep 9, 2026

96979899100101Sep 30, 2025Sep 9, 2026Sep 30, 2025Close99.500Oct 1, 2025Close99.750Oct 2, 2025Close99.781Oct 3, 2025Close99.594Oct 6, 2025Close99.438Oct 7, 2025Close99.625Oct 8, 2025Close99.563Oct 9, 2025Close99.500Oct 10, 2025Close99.906Oct 14, 2025Close100.125Oct 15, 2025Close100.000Oct 16, 2025Close100.344Oct 17, 2025Close100.156Oct 20, 2025Close100.219Oct 21, 2025Close100.313Oct 22, 2025Close100.313Oct 23, 2025Close100.094Oct 24, 2025Close100.094Oct 27, 2025Close100.063Oct 28, 2025Close100.094Oct 29, 2025Close99.656Oct 30, 2025Close99.563Oct 31, 2025Close99.625Nov 3, 2025Close99.594Nov 4, 2025Close99.688Nov 5, 2025Close99.375Nov 6, 2025Close99.719Nov 7, 2025Close99.750Nov 10, 2025Close99.594Nov 12, 2025Close99.781Nov 13, 2025Close99.625Nov 14, 2025Close99.500Nov 17, 2025Close99.563Nov 18, 2025Close99.688Nov 19, 2025Close99.656Nov 20, 2025Close99.781Nov 21, 2025Close100.031Nov 24, 2025Close100.063Nov 25, 2025Close100.250Nov 26, 2025Close100.219Nov 28, 2025Close100.125Dec 1, 2025Close99.813Dec 2, 2025Close99.875Dec 3, 2025Close100.031Dec 4, 2025Close99.750Dec 5, 2025Close99.625Dec 8, 2025Close99.469Dec 9, 2025Close99.344Dec 10, 2025Close99.594Dec 11, 2025Close99.625Dec 12, 2025Close99.500Dec 15, 2025Close99.594Dec 16, 2025Close99.750Dec 17, 2025Close99.719Dec 18, 2025Close99.875Dec 19, 2025Close99.750Dec 22, 2025Close99.656Dec 23, 2025Close99.531Dec 24, 2025Close99.656Dec 26, 2025Close99.750Dec 29, 2025Close99.875Dec 30, 2025Close99.844Dec 31, 2025Close99.625Jan 2, 2026Close99.594Jan 5, 2026Close99.719Jan 6, 2026Close99.688Jan 7, 2026Close99.781Jan 8, 2026Close99.594Jan 9, 2026Close99.500Jan 12, 2026Close99.469Jan 13, 2026Close99.563Jan 14, 2026Close99.656Jan 15, 2026Close99.438Jan 16, 2026Close99.219Jan 20, 2026Close99.063Jan 21, 2026Close99.188Jan 22, 2026Close99.125Jan 23, 2026Close99.188Jan 26, 2026Close99.250Jan 27, 2026Close99.250Jan 28, 2026Close99.156Jan 29, 2026Close99.313Jan 30, 2026Close99.375Feb 2, 2026Close99.219Feb 3, 2026Close99.219Feb 4, 2026Close99.188Feb 5, 2026Close99.594Feb 6, 2026Close99.531Feb 9, 2026Close99.594Feb 10, 2026Close99.781Feb 11, 2026Close99.594Feb 12, 2026Close99.906Feb 13, 2026Close100.188Feb 17, 2026Close100.094Feb 18, 2026Close99.969Feb 19, 2026Close100.000Feb 20, 2026Close99.969Feb 23, 2026Close100.250Feb 24, 2026Close100.188Feb 25, 2026Close100.094Feb 26, 2026Close100.250Feb 27, 2026Close100.500Mar 2, 2026Close100.094Mar 3, 2026Close100.031Mar 4, 2026Close99.875Mar 5, 2026Close99.656Mar 6, 2026Close99.656Mar 9, 2026Close99.719Mar 10, 2026Close99.625Mar 11, 2026Close99.406Mar 12, 2026Close99.000Mar 13, 2026Close99.031Mar 16, 2026Close99.313Mar 17, 2026Close99.406Mar 18, 2026Close99.031Mar 19, 2026Close98.938Mar 20, 2026Close98.438Mar 23, 2026Close98.656Mar 24, 2026Close98.344Mar 25, 2026Close98.594Mar 26, 2026Close98.094Mar 27, 2026Close98.250Mar 30, 2026Close98.656Mar 31, 2026Close98.844Apr 1, 2026Close98.688Apr 2, 2026Close98.781Apr 3, 2026Close98.594Apr 6, 2026Close98.594Apr 7, 2026Close98.719Apr 8, 2026Close98.875Apr 9, 2026Close98.906Apr 10, 2026Close98.781Apr 13, 2026Close98.875Apr 14, 2026Close99.063Apr 15, 2026Close98.969Apr 16, 2026Close98.906Apr 17, 2026Close99.188Apr 20, 2026Close99.156Apr 21, 2026Close98.938Apr 22, 2026Close98.906Apr 23, 2026Close98.719Apr 24, 2026Close98.906Apr 27, 2026Close98.781Apr 28, 2026Close98.656Apr 29, 2026Close98.344Apr 30, 2026Close98.500May 1, 2026Close98.500May 4, 2026Close98.219May 5, 2026Close98.281May 6, 2026Close98.594May 7, 2026Close98.406May 8, 2026Close98.500May 11, 2026Close98.281May 12, 2026Close98.094May 13, 2026Close98.094May 14, 2026Close98.063May 15, 2026Close97.563May 18, 2026Close97.531May 19, 2026Close97.313May 20, 2026Close97.719May 21, 2026Close97.625May 22, 2026Close97.531May 26, 2026Close97.844May 27, 2026Close97.875May 28, 2026Close97.969May 29, 2026Close98.031Jun 1, 2026Close97.875Jun 2, 2026Close97.906Jun 3, 2026Close97.750Jun 4, 2026Close97.875Jun 5, 2026Close97.469Jun 8, 2026Close97.469Jun 9, 2026Close97.594Jun 10, 2026Close97.563Jun 11, 2026Close97.906Jun 12, 2026Close97.781Jun 15, 2026Close97.875Jun 16, 2026Close98.000Jun 17, 2026Close97.531Jun 18, 2026Close97.656Jun 22, 2026Close97.438Jun 23, 2026Close97.531Jun 24, 2026Close97.844Jun 25, 2026Close97.938Jun 26, 2026Close98.063Jun 29, 2026Close98.031Jun 30, 2026Close97.844Jul 1, 2026Close97.656Jul 2, 2026Close97.719Jul 6, 2026Close97.813Jul 7, 2026Close97.563Jul 8, 2026Close97.469Jul 9, 2026Close97.594Jul 10, 2026Close97.469Jul 13, 2026Close97.219Jul 14, 2026Close97.469Jul 15, 2026Close97.656Jul 16, 2026Close97.594Jul 17, 2026Close97.594Jul 20, 2026Close97.438Jul 21, 2026Close97.250Jul 22, 2026Close97.063Jul 23, 2026Close96.906Jul 24, 2026Close97.031Jul 27, 2026Close97.094Jul 28, 2026Close97.281Jul 29, 2026Close97.250Jul 30, 2026Close97.219Jul 31, 2026Close97.000Aug 3, 2026Close97.156Aug 4, 2026Close97.406Aug 5, 2026Close97.438Aug 6, 2026Close97.188Aug 7, 2026Close97.375Aug 10, 2026Close97.156Aug 11, 2026Close97.219Aug 12, 2026Close97.313Aug 13, 2026Close97.531Aug 14, 2026Close97.375Aug 17, 2026Close97.344Aug 18, 2026Close97.344Aug 19, 2026Close97.406Aug 20, 2026Close97.313Aug 21, 2026Close97.156Aug 24, 2026Close97.188Aug 25, 2026Close97.406Aug 26, 2026Close97.313Aug 27, 2026Close97.250Aug 28, 2026Close96.906Aug 31, 2026Close96.875Sep 1, 2026Close96.688Sep 2, 2026Close96.719Sep 3, 2026Close96.844Sep 4, 2026Close96.719Sep 8, 2026Close96.656Sep 9, 2026Close96.531
The most recent 20 trading days of prices for 91282CPA3.
DateBidOfferClose
Sep 9, 202696.51696.50096.531
Sep 8, 202696.68896.68896.656
Sep 4, 202696.76696.75096.719
Sep 3, 202696.92296.90696.844
Sep 2, 202696.70396.68896.719
Sep 1, 202696.79796.78196.688
Aug 31, 202696.89196.87596.875
Aug 28, 202697.01697.00096.906
Aug 27, 202697.34497.34497.250
Aug 26, 202697.34497.34497.313
Aug 25, 202697.40697.40697.406
Aug 24, 202697.28197.28197.188
Aug 21, 202697.14197.12597.156
Aug 20, 202697.29797.28197.313
Aug 19, 202697.37597.37597.406
Aug 18, 202697.35997.34497.344
Aug 17, 202697.39197.37597.344
Aug 14, 202697.45397.43897.375
Aug 13, 202697.51697.50097.531
Aug 12, 202697.37597.37597.313

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 91282CPA3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 24, 2025Sep 30, 2025New issue$70.0bn$73.9bn2.34x3.710%

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.