Treasury note

91282CPB1 · 3.5% due September 30, 2027

Original term
2-Year
Maturity
Sep 30, 2027
Coupon
3.500%
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
$72.71bn
Held stripped
$42.4m
Share stripped
0.06%

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
4.264%
Modified duration
1.007 yr
DV01
0.0102
Convexity
1.528
Dirty price
100.777

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 1.029 years against a modified duration of 1.007.

Against the fitted curve

Priced 1.1 bp cheap to the curve on that day, 1.13 cents per 100 of face.

That is 0.77 standard deviations from its own typical residual.

Yield to maturity, 236 observations

3.4%3.6%3.8%4.0%4.2%4.4%Sep 30, 2025Sep 9, 2026Sep 30, 2025Yield to maturity3.598%Oct 1, 2025Yield to maturity3.549%Oct 2, 2025Yield to maturity3.549%Oct 3, 2025Yield to maturity3.582%Oct 6, 2025Yield to maturity3.599%Oct 7, 2025Yield to maturity3.566%Oct 8, 2025Yield to maturity3.582%Oct 9, 2025Yield to maturity3.599%Oct 10, 2025Yield to maturity3.516%Oct 14, 2025Yield to maturity3.483%Oct 15, 2025Yield to maturity3.499%Oct 16, 2025Yield to maturity3.416%Oct 17, 2025Yield to maturity3.466%Oct 20, 2025Yield to maturity3.466%Oct 21, 2025Yield to maturity3.449%Oct 22, 2025Yield to maturity3.449%Oct 23, 2025Yield to maturity3.482%Oct 24, 2025Yield to maturity3.482%Oct 27, 2025Yield to maturity3.499%Oct 28, 2025Yield to maturity3.499%Oct 29, 2025Yield to maturity3.601%Oct 30, 2025Yield to maturity3.618%Oct 31, 2025Yield to maturity3.601%Nov 3, 2025Yield to maturity3.601%Nov 4, 2025Yield to maturity3.584%Nov 5, 2025Yield to maturity3.636%Nov 6, 2025Yield to maturity3.567%Nov 7, 2025Yield to maturity3.550%Nov 10, 2025Yield to maturity3.585%Nov 12, 2025Yield to maturity3.568%Nov 13, 2025Yield to maturity3.585%Nov 14, 2025Yield to maturity3.620%Nov 17, 2025Yield to maturity3.603%Nov 18, 2025Yield to maturity3.586%Nov 19, 2025Yield to maturity3.586%Nov 20, 2025Yield to maturity3.568%Nov 21, 2025Yield to maturity3.516%Nov 24, 2025Yield to maturity3.516%Nov 25, 2025Yield to maturity3.498%Nov 26, 2025Yield to maturity3.498%Nov 28, 2025Yield to maturity3.516%Dec 1, 2025Yield to maturity3.551%Dec 2, 2025Yield to maturity3.534%Dec 3, 2025Yield to maturity3.498%Dec 4, 2025Yield to maturity3.552%Dec 5, 2025Yield to maturity3.570%Dec 8, 2025Yield to maturity3.588%Dec 9, 2025Yield to maturity3.624%Dec 10, 2025Yield to maturity3.534%Dec 11, 2025Yield to maturity3.534%Dec 12, 2025Yield to maturity3.534%Dec 15, 2025Yield to maturity3.516%Dec 16, 2025Yield to maturity3.480%Dec 17, 2025Yield to maturity3.498%Dec 18, 2025Yield to maturity3.461%Dec 19, 2025Yield to maturity3.498%Dec 22, 2025Yield to maturity3.498%Dec 23, 2025Yield to maturity3.535%Dec 24, 2025Yield to maturity3.516%Dec 26, 2025Yield to maturity3.498%Dec 29, 2025Yield to maturity3.479%Dec 30, 2025Yield to maturity3.461%Dec 31, 2025Yield to maturity3.479%Jan 2, 2026Yield to maturity3.479%Jan 5, 2026Yield to maturity3.460%Jan 6, 2026Yield to maturity3.479%Jan 7, 2026Yield to maturity3.479%Jan 8, 2026Yield to maturity3.498%Jan 9, 2026Yield to maturity3.536%Jan 12, 2026Yield to maturity3.536%Jan 13, 2026Yield to maturity3.536%Jan 14, 2026Yield to maturity3.517%Jan 15, 2026Yield to maturity3.574%Jan 16, 2026Yield to maturity3.594%Jan 20, 2026Yield to maturity3.594%Jan 21, 2026Yield to maturity3.594%Jan 22, 2026Yield to maturity3.614%Jan 23, 2026Yield to maturity3.595%Jan 26, 2026Yield to maturity3.595%Jan 27, 2026Yield to maturity3.576%Jan 28, 2026Yield to maturity3.576%Jan 29, 2026Yield to maturity3.556%Jan 30, 2026Yield to maturity3.518%Feb 2, 2026Yield to maturity3.557%Feb 3, 2026Yield to maturity3.557%Feb 4, 2026Yield to maturity3.557%Feb 5, 2026Yield to maturity3.478%Feb 6, 2026Yield to maturity3.498%Feb 9, 2026Yield to maturity3.498%Feb 10, 2026Yield to maturity3.458%Feb 11, 2026Yield to maturity3.518%Feb 12, 2026Yield to maturity3.478%Feb 13, 2026Yield to maturity3.418%Feb 17, 2026Yield to maturity3.458%Feb 18, 2026Yield to maturity3.478%Feb 19, 2026Yield to maturity3.478%Feb 20, 2026Yield to maturity3.498%Feb 23, 2026Yield to maturity3.458%Feb 24, 2026Yield to maturity3.498%Feb 25, 2026Yield to maturity3.499%Feb 26, 2026Yield to maturity3.478%Feb 27, 2026Yield to maturity3.417%Mar 2, 2026Yield to maturity3.519%Mar 3, 2026Yield to maturity3.540%Mar 4, 2026Yield to maturity3.581%Mar 5, 2026Yield to maturity3.602%Mar 6, 2026Yield to maturity3.582%Mar 9, 2026Yield to maturity3.603%Mar 10, 2026Yield to maturity3.603%Mar 11, 2026Yield to maturity3.666%Mar 12, 2026Yield to maturity3.771%Mar 13, 2026Yield to maturity3.752%Mar 16, 2026Yield to maturity3.710%Mar 17, 2026Yield to maturity3.689%Mar 18, 2026Yield to maturity3.775%Mar 19, 2026Yield to maturity3.839%Mar 20, 2026Yield to maturity3.927%Mar 23, 2026Yield to maturity3.884%Mar 24, 2026Yield to maturity3.971%Mar 25, 2026Yield to maturity3.907%Mar 26, 2026Yield to maturity4.016%Mar 27, 2026Yield to maturity3.932%Mar 30, 2026Yield to maturity3.868%Mar 31, 2026Yield to maturity3.825%Apr 1, 2026Yield to maturity3.847%Apr 2, 2026Yield to maturity3.826%Apr 3, 2026Yield to maturity3.872%Apr 6, 2026Yield to maturity3.872%Apr 7, 2026Yield to maturity3.829%Apr 8, 2026Yield to maturity3.807%Apr 9, 2026Yield to maturity3.808%Apr 10, 2026Yield to maturity3.831%Apr 13, 2026Yield to maturity3.810%Apr 14, 2026Yield to maturity3.788%Apr 15, 2026Yield to maturity3.788%Apr 16, 2026Yield to maturity3.789%Apr 17, 2026Yield to maturity3.723%Apr 20, 2026Yield to maturity3.746%Apr 21, 2026Yield to maturity3.791%Apr 22, 2026Yield to maturity3.792%Apr 23, 2026Yield to maturity3.838%Apr 24, 2026Yield to maturity3.771%Apr 27, 2026Yield to maturity3.794%Apr 28, 2026Yield to maturity3.818%Apr 29, 2026Yield to maturity3.910%Apr 30, 2026Yield to maturity3.865%May 1, 2026Yield to maturity3.867%May 4, 2026Yield to maturity3.937%May 5, 2026Yield to maturity3.914%May 6, 2026Yield to maturity3.845%May 7, 2026Yield to maturity3.893%May 8, 2026Yield to maturity3.871%May 11, 2026Yield to maturity3.919%May 12, 2026Yield to maturity3.943%May 13, 2026Yield to maturity3.920%May 14, 2026Yield to maturity3.945%May 15, 2026Yield to maturity4.019%May 18, 2026Yield to maturity3.996%May 19, 2026Yield to maturity4.021%May 20, 2026Yield to maturity3.974%May 21, 2026Yield to maturity3.999%May 22, 2026Yield to maturity4.051%May 26, 2026Yield to maturity3.979%May 27, 2026Yield to maturity3.956%May 28, 2026Yield to maturity3.957%May 29, 2026Yield to maturity3.959%Jun 1, 2026Yield to maturity3.985%Jun 2, 2026Yield to maturity3.986%Jun 3, 2026Yield to maturity4.011%Jun 4, 2026Yield to maturity3.988%Jun 5, 2026Yield to maturity4.090%Jun 8, 2026Yield to maturity4.091%Jun 9, 2026Yield to maturity4.067%Jun 10, 2026Yield to maturity4.068%Jun 11, 2026Yield to maturity3.995%Jun 12, 2026Yield to maturity4.023%Jun 15, 2026Yield to maturity3.999%Jun 16, 2026Yield to maturity4.000%Jun 17, 2026Yield to maturity4.153%Jun 18, 2026Yield to maturity4.158%Jun 22, 2026Yield to maturity4.211%Jun 23, 2026Yield to maturity4.187%Jun 24, 2026Yield to maturity4.137%Jun 25, 2026Yield to maturity4.112%Jun 26, 2026Yield to maturity4.090%Jun 29, 2026Yield to maturity4.091%Jun 30, 2026Yield to maturity4.145%Jul 1, 2026Yield to maturity4.146%Jul 2, 2026Yield to maturity4.125%Jul 6, 2026Yield to maturity4.100%Jul 7, 2026Yield to maturity4.155%Jul 8, 2026Yield to maturity4.156%Jul 9, 2026Yield to maturity4.131%Jul 10, 2026Yield to maturity4.162%Jul 13, 2026Yield to maturity4.217%Jul 14, 2026Yield to maturity4.138%Jul 15, 2026Yield to maturity4.086%Jul 16, 2026Yield to maturity4.114%Jul 17, 2026Yield to maturity4.118%Jul 20, 2026Yield to maturity4.147%Jul 21, 2026Yield to maturity4.203%Jul 22, 2026Yield to maturity4.259%Jul 23, 2026Yield to maturity4.288%Jul 24, 2026Yield to maturity4.266%Jul 27, 2026Yield to maturity4.268%Jul 28, 2026Yield to maturity4.242%Jul 29, 2026Yield to maturity4.188%Jul 30, 2026Yield to maturity4.162%Jul 31, 2026Yield to maturity4.194%Aug 3, 2026Yield to maturity4.196%Aug 4, 2026Yield to maturity4.141%Aug 5, 2026Yield to maturity4.143%Aug 6, 2026Yield to maturity4.173%Aug 7, 2026Yield to maturity4.121%Aug 10, 2026Yield to maturity4.151%Aug 11, 2026Yield to maturity4.152%Aug 12, 2026Yield to maturity4.125%Aug 13, 2026Yield to maturity4.069%Aug 14, 2026Yield to maturity4.102%Aug 17, 2026Yield to maturity4.104%Aug 18, 2026Yield to maturity4.076%Aug 19, 2026Yield to maturity4.078%Aug 20, 2026Yield to maturity4.079%Aug 21, 2026Yield to maturity4.142%Aug 24, 2026Yield to maturity4.144%Aug 25, 2026Yield to maturity4.116%Aug 26, 2026Yield to maturity4.118%Aug 27, 2026Yield to maturity4.119%Aug 28, 2026Yield to maturity4.244%Aug 31, 2026Yield to maturity4.246%Sep 1, 2026Yield to maturity4.278%Sep 2, 2026Yield to maturity4.250%Sep 3, 2026Yield to maturity4.191%Sep 4, 2026Yield to maturity4.229%Sep 8, 2026Yield to maturity4.231%Sep 9, 2026Yield to maturity4.264%

Price history

236 trading days to Sep 9, 2026

99.099.299.499.699.8100.0100.2Sep 30, 2025Sep 9, 2026Sep 30, 2025Close99.813Oct 1, 2025Close99.906Oct 2, 2025Close99.906Oct 3, 2025Close99.844Oct 6, 2025Close99.813Oct 7, 2025Close99.875Oct 8, 2025Close99.844Oct 9, 2025Close99.813Oct 10, 2025Close99.969Oct 14, 2025Close100.031Oct 15, 2025Close100.000Oct 16, 2025Close100.156Oct 17, 2025Close100.063Oct 20, 2025Close100.063Oct 21, 2025Close100.094Oct 22, 2025Close100.094Oct 23, 2025Close100.031Oct 24, 2025Close100.031Oct 27, 2025Close100.000Oct 28, 2025Close100.000Oct 29, 2025Close99.813Oct 30, 2025Close99.781Oct 31, 2025Close99.813Nov 3, 2025Close99.813Nov 4, 2025Close99.844Nov 5, 2025Close99.750Nov 6, 2025Close99.875Nov 7, 2025Close99.906Nov 10, 2025Close99.844Nov 12, 2025Close99.875Nov 13, 2025Close99.844Nov 14, 2025Close99.781Nov 17, 2025Close99.813Nov 18, 2025Close99.844Nov 19, 2025Close99.844Nov 20, 2025Close99.875Nov 21, 2025Close99.969Nov 24, 2025Close99.969Nov 25, 2025Close100.000Nov 26, 2025Close100.000Nov 28, 2025Close99.969Dec 1, 2025Close99.906Dec 2, 2025Close99.938Dec 3, 2025Close100.000Dec 4, 2025Close99.906Dec 5, 2025Close99.875Dec 8, 2025Close99.844Dec 9, 2025Close99.781Dec 10, 2025Close99.938Dec 11, 2025Close99.938Dec 12, 2025Close99.938Dec 15, 2025Close99.969Dec 16, 2025Close100.031Dec 17, 2025Close100.000Dec 18, 2025Close100.063Dec 19, 2025Close100.000Dec 22, 2025Close100.000Dec 23, 2025Close99.938Dec 24, 2025Close99.969Dec 26, 2025Close100.000Dec 29, 2025Close100.031Dec 30, 2025Close100.063Dec 31, 2025Close100.031Jan 2, 2026Close100.031Jan 5, 2026Close100.063Jan 6, 2026Close100.031Jan 7, 2026Close100.031Jan 8, 2026Close100.000Jan 9, 2026Close99.938Jan 12, 2026Close99.938Jan 13, 2026Close99.938Jan 14, 2026Close99.969Jan 15, 2026Close99.875Jan 16, 2026Close99.844Jan 20, 2026Close99.844Jan 21, 2026Close99.844Jan 22, 2026Close99.813Jan 23, 2026Close99.844Jan 26, 2026Close99.844Jan 27, 2026Close99.875Jan 28, 2026Close99.875Jan 29, 2026Close99.906Jan 30, 2026Close99.969Feb 2, 2026Close99.906Feb 3, 2026Close99.906Feb 4, 2026Close99.906Feb 5, 2026Close100.031Feb 6, 2026Close100.000Feb 9, 2026Close100.000Feb 10, 2026Close100.063Feb 11, 2026Close99.969Feb 12, 2026Close100.031Feb 13, 2026Close100.125Feb 17, 2026Close100.063Feb 18, 2026Close100.031Feb 19, 2026Close100.031Feb 20, 2026Close100.000Feb 23, 2026Close100.063Feb 24, 2026Close100.000Feb 25, 2026Close100.000Feb 26, 2026Close100.031Feb 27, 2026Close100.125Mar 2, 2026Close99.969Mar 3, 2026Close99.938Mar 4, 2026Close99.875Mar 5, 2026Close99.844Mar 6, 2026Close99.875Mar 9, 2026Close99.844Mar 10, 2026Close99.844Mar 11, 2026Close99.750Mar 12, 2026Close99.594Mar 13, 2026Close99.625Mar 16, 2026Close99.688Mar 17, 2026Close99.719Mar 18, 2026Close99.594Mar 19, 2026Close99.500Mar 20, 2026Close99.375Mar 23, 2026Close99.438Mar 24, 2026Close99.313Mar 25, 2026Close99.406Mar 26, 2026Close99.250Mar 27, 2026Close99.375Mar 30, 2026Close99.469Mar 31, 2026Close99.531Apr 1, 2026Close99.500Apr 2, 2026Close99.531Apr 3, 2026Close99.469Apr 6, 2026Close99.469Apr 7, 2026Close99.531Apr 8, 2026Close99.563Apr 9, 2026Close99.563Apr 10, 2026Close99.531Apr 13, 2026Close99.563Apr 14, 2026Close99.594Apr 15, 2026Close99.594Apr 16, 2026Close99.594Apr 17, 2026Close99.688Apr 20, 2026Close99.656Apr 21, 2026Close99.594Apr 22, 2026Close99.594Apr 23, 2026Close99.531Apr 24, 2026Close99.625Apr 27, 2026Close99.594Apr 28, 2026Close99.563Apr 29, 2026Close99.438Apr 30, 2026Close99.500May 1, 2026Close99.500May 4, 2026Close99.406May 5, 2026Close99.438May 6, 2026Close99.531May 7, 2026Close99.469May 8, 2026Close99.500May 11, 2026Close99.438May 12, 2026Close99.406May 13, 2026Close99.438May 14, 2026Close99.406May 15, 2026Close99.313May 18, 2026Close99.344May 19, 2026Close99.313May 20, 2026Close99.375May 21, 2026Close99.344May 22, 2026Close99.281May 26, 2026Close99.375May 27, 2026Close99.406May 28, 2026Close99.406May 29, 2026Close99.406Jun 1, 2026Close99.375Jun 2, 2026Close99.375Jun 3, 2026Close99.344Jun 4, 2026Close99.375Jun 5, 2026Close99.250Jun 8, 2026Close99.250Jun 9, 2026Close99.281Jun 10, 2026Close99.281Jun 11, 2026Close99.375Jun 12, 2026Close99.344Jun 15, 2026Close99.375Jun 16, 2026Close99.375Jun 17, 2026Close99.188Jun 18, 2026Close99.188Jun 22, 2026Close99.125Jun 23, 2026Close99.156Jun 24, 2026Close99.219Jun 25, 2026Close99.250Jun 26, 2026Close99.281Jun 29, 2026Close99.281Jun 30, 2026Close99.219Jul 1, 2026Close99.219Jul 2, 2026Close99.250Jul 6, 2026Close99.281Jul 7, 2026Close99.219Jul 8, 2026Close99.219Jul 9, 2026Close99.250Jul 10, 2026Close99.219Jul 13, 2026Close99.156Jul 14, 2026Close99.250Jul 15, 2026Close99.313Jul 16, 2026Close99.281Jul 17, 2026Close99.281Jul 20, 2026Close99.250Jul 21, 2026Close99.188Jul 22, 2026Close99.125Jul 23, 2026Close99.094Jul 24, 2026Close99.125Jul 27, 2026Close99.125Jul 28, 2026Close99.156Jul 29, 2026Close99.219Jul 30, 2026Close99.250Jul 31, 2026Close99.219Aug 3, 2026Close99.219Aug 4, 2026Close99.281Aug 5, 2026Close99.281Aug 6, 2026Close99.250Aug 7, 2026Close99.313Aug 10, 2026Close99.281Aug 11, 2026Close99.281Aug 12, 2026Close99.313Aug 13, 2026Close99.375Aug 14, 2026Close99.344Aug 17, 2026Close99.344Aug 18, 2026Close99.375Aug 19, 2026Close99.375Aug 20, 2026Close99.375Aug 21, 2026Close99.313Aug 24, 2026Close99.313Aug 25, 2026Close99.344Aug 26, 2026Close99.344Aug 27, 2026Close99.344Aug 28, 2026Close99.219Aug 31, 2026Close99.219Sep 1, 2026Close99.188Sep 2, 2026Close99.219Sep 3, 2026Close99.281Sep 4, 2026Close99.250Sep 8, 2026Close99.250Sep 9, 2026Close99.219
The most recent 20 trading days of prices for 91282CPB1.
DateBidOfferClose
Sep 9, 202699.23499.21999.219
Sep 8, 202699.26699.25099.250
Sep 4, 202699.25099.25099.250
Sep 3, 202699.28199.28199.281
Sep 2, 202699.23499.21999.219
Sep 1, 202699.21999.21999.188
Aug 31, 202699.23499.21999.219
Aug 28, 202699.23499.21999.219
Aug 27, 202699.35999.34499.344
Aug 26, 202699.35999.34499.344
Aug 25, 202699.35999.34499.344
Aug 24, 202699.32899.31399.313
Aug 21, 202699.32899.31399.313
Aug 20, 202699.37599.37599.375
Aug 19, 202699.35999.34499.375
Aug 18, 202699.37599.37599.375
Aug 17, 202699.39199.37599.344
Aug 14, 202699.39199.37599.344
Aug 13, 202699.37599.37599.375
Aug 12, 202699.32899.31399.313

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 91282CPB1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 23, 2025Sep 30, 2025New issue$69.0bn$72.8bn2.51x3.571%

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.