Treasury note

91282CPC9 · 3.5% due October 15, 2028

Original term
3-Year
Maturity
Oct 15, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Oct 15, 2025
First coupon
Apr 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$59.08bn
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
4.445%
Modified duration
1.966 yr
DV01
0.0196
Convexity
4.945
Dirty price
99.540

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 5 of twelve buckets, summing to 2.011 years against a modified duration of 1.966.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 1.69 cents per 100 of face.

That is -0.44 standard deviations from its own typical residual.

Yield to maturity, 226 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Oct 15, 2025Sep 9, 2026Oct 15, 2025Yield to maturity3.511%Oct 16, 2025Yield to maturity3.422%Oct 17, 2025Yield to maturity3.467%Oct 20, 2025Yield to maturity3.466%Oct 21, 2025Yield to maturity3.455%Oct 22, 2025Yield to maturity3.444%Oct 23, 2025Yield to maturity3.489%Oct 24, 2025Yield to maturity3.488%Oct 27, 2025Yield to maturity3.500%Oct 28, 2025Yield to maturity3.500%Oct 29, 2025Yield to maturity3.601%Oct 30, 2025Yield to maturity3.612%Oct 31, 2025Yield to maturity3.601%Nov 3, 2025Yield to maturity3.612%Nov 4, 2025Yield to maturity3.590%Nov 5, 2025Yield to maturity3.646%Nov 6, 2025Yield to maturity3.579%Nov 7, 2025Yield to maturity3.567%Nov 10, 2025Yield to maturity3.601%Nov 12, 2025Yield to maturity3.567%Nov 13, 2025Yield to maturity3.602%Nov 14, 2025Yield to maturity3.625%Nov 17, 2025Yield to maturity3.613%Nov 18, 2025Yield to maturity3.579%Nov 19, 2025Yield to maturity3.591%Nov 20, 2025Yield to maturity3.556%Nov 21, 2025Yield to maturity3.499%Nov 24, 2025Yield to maturity3.488%Nov 25, 2025Yield to maturity3.465%Nov 26, 2025Yield to maturity3.476%Nov 28, 2025Yield to maturity3.487%Dec 1, 2025Yield to maturity3.557%Dec 2, 2025Yield to maturity3.534%Dec 3, 2025Yield to maturity3.499%Dec 4, 2025Yield to maturity3.545%Dec 5, 2025Yield to maturity3.580%Dec 8, 2025Yield to maturity3.615%Dec 9, 2025Yield to maturity3.639%Dec 10, 2025Yield to maturity3.580%Dec 11, 2025Yield to maturity3.569%Dec 12, 2025Yield to maturity3.581%Dec 15, 2025Yield to maturity3.557%Dec 16, 2025Yield to maturity3.522%Dec 17, 2025Yield to maturity3.534%Dec 18, 2025Yield to maturity3.499%Dec 19, 2025Yield to maturity3.534%Dec 22, 2025Yield to maturity3.558%Dec 23, 2025Yield to maturity3.581%Dec 24, 2025Yield to maturity3.570%Dec 26, 2025Yield to maturity3.534%Dec 29, 2025Yield to maturity3.510%Dec 30, 2025Yield to maturity3.499%Dec 31, 2025Yield to maturity3.534%Jan 2, 2026Yield to maturity3.534%Jan 5, 2026Yield to maturity3.522%Jan 6, 2026Yield to maturity3.522%Jan 7, 2026Yield to maturity3.522%Jan 8, 2026Yield to maturity3.546%Jan 9, 2026Yield to maturity3.583%Jan 12, 2026Yield to maturity3.595%Jan 13, 2026Yield to maturity3.571%Jan 14, 2026Yield to maturity3.559%Jan 15, 2026Yield to maturity3.607%Jan 16, 2026Yield to maturity3.656%Jan 20, 2026Yield to maturity3.668%Jan 21, 2026Yield to maturity3.644%Jan 22, 2026Yield to maturity3.669%Jan 23, 2026Yield to maturity3.657%Jan 26, 2026Yield to maturity3.645%Jan 27, 2026Yield to maturity3.633%Jan 28, 2026Yield to maturity3.645%Jan 29, 2026Yield to maturity3.609%Jan 30, 2026Yield to maturity3.584%Feb 2, 2026Yield to maturity3.634%Feb 3, 2026Yield to maturity3.634%Feb 4, 2026Yield to maturity3.634%Feb 5, 2026Yield to maturity3.535%Feb 6, 2026Yield to maturity3.560%Feb 9, 2026Yield to maturity3.548%Feb 10, 2026Yield to maturity3.511%Feb 11, 2026Yield to maturity3.560%Feb 12, 2026Yield to maturity3.499%Feb 13, 2026Yield to maturity3.437%Feb 17, 2026Yield to maturity3.461%Feb 18, 2026Yield to maturity3.486%Feb 19, 2026Yield to maturity3.499%Feb 20, 2026Yield to maturity3.499%Feb 23, 2026Yield to maturity3.449%Feb 24, 2026Yield to maturity3.461%Feb 25, 2026Yield to maturity3.486%Feb 26, 2026Yield to maturity3.449%Feb 27, 2026Yield to maturity3.386%Mar 2, 2026Yield to maturity3.486%Mar 3, 2026Yield to maturity3.512%Mar 4, 2026Yield to maturity3.549%Mar 5, 2026Yield to maturity3.587%Mar 6, 2026Yield to maturity3.588%Mar 9, 2026Yield to maturity3.575%Mar 10, 2026Yield to maturity3.601%Mar 11, 2026Yield to maturity3.652%Mar 12, 2026Yield to maturity3.780%Mar 13, 2026Yield to maturity3.755%Mar 16, 2026Yield to maturity3.691%Mar 17, 2026Yield to maturity3.679%Mar 18, 2026Yield to maturity3.769%Mar 19, 2026Yield to maturity3.795%Mar 20, 2026Yield to maturity3.913%Mar 23, 2026Yield to maturity3.861%Mar 24, 2026Yield to maturity3.940%Mar 25, 2026Yield to maturity3.888%Mar 26, 2026Yield to maturity4.006%Mar 27, 2026Yield to maturity3.942%Mar 30, 2026Yield to maturity3.851%Mar 31, 2026Yield to maturity3.812%Apr 1, 2026Yield to maturity3.839%Apr 2, 2026Yield to maturity3.826%Apr 3, 2026Yield to maturity3.880%Apr 6, 2026Yield to maturity3.880%Apr 7, 2026Yield to maturity3.841%Apr 8, 2026Yield to maturity3.802%Apr 9, 2026Yield to maturity3.802%Apr 10, 2026Yield to maturity3.817%Apr 13, 2026Yield to maturity3.790%Apr 14, 2026Yield to maturity3.764%Apr 15, 2026Yield to maturity3.778%Apr 16, 2026Yield to maturity3.791%Apr 17, 2026Yield to maturity3.726%Apr 20, 2026Yield to maturity3.739%Apr 21, 2026Yield to maturity3.793%Apr 22, 2026Yield to maturity3.806%Apr 23, 2026Yield to maturity3.847%Apr 24, 2026Yield to maturity3.794%Apr 27, 2026Yield to maturity3.821%Apr 28, 2026Yield to maturity3.862%Apr 29, 2026Yield to maturity3.944%Apr 30, 2026Yield to maturity3.903%May 1, 2026Yield to maturity3.905%May 4, 2026Yield to maturity3.973%May 5, 2026Yield to maturity3.960%May 6, 2026Yield to maturity3.892%May 7, 2026Yield to maturity3.934%May 8, 2026Yield to maturity3.921%May 11, 2026Yield to maturity3.963%May 12, 2026Yield to maturity4.018%May 13, 2026Yield to maturity4.005%May 14, 2026Yield to maturity4.033%May 15, 2026Yield to maturity4.132%May 18, 2026Yield to maturity4.118%May 19, 2026Yield to maturity4.175%May 20, 2026Yield to maturity4.092%May 21, 2026Yield to maturity4.120%May 22, 2026Yield to maturity4.165%May 26, 2026Yield to maturity4.082%May 27, 2026Yield to maturity4.068%May 28, 2026Yield to maturity4.055%May 29, 2026Yield to maturity4.043%Jun 1, 2026Yield to maturity4.085%Jun 2, 2026Yield to maturity4.086%Jun 3, 2026Yield to maturity4.115%Jun 4, 2026Yield to maturity4.087%Jun 5, 2026Yield to maturity4.203%Jun 8, 2026Yield to maturity4.189%Jun 9, 2026Yield to maturity4.162%Jun 10, 2026Yield to maturity4.177%Jun 11, 2026Yield to maturity4.092%Jun 12, 2026Yield to maturity4.122%Jun 15, 2026Yield to maturity4.094%Jun 16, 2026Yield to maturity4.081%Jun 17, 2026Yield to maturity4.225%Jun 18, 2026Yield to maturity4.199%Jun 22, 2026Yield to maturity4.258%Jun 23, 2026Yield to maturity4.230%Jun 24, 2026Yield to maturity4.173%Jun 25, 2026Yield to maturity4.144%Jun 26, 2026Yield to maturity4.103%Jun 29, 2026Yield to maturity4.118%Jun 30, 2026Yield to maturity4.163%Jul 1, 2026Yield to maturity4.193%Jul 2, 2026Yield to maturity4.166%Jul 6, 2026Yield to maturity4.153%Jul 7, 2026Yield to maturity4.212%Jul 8, 2026Yield to maturity4.228%Jul 9, 2026Yield to maturity4.184%Jul 10, 2026Yield to maturity4.231%Jul 13, 2026Yield to maturity4.291%Jul 14, 2026Yield to maturity4.218%Jul 15, 2026Yield to maturity4.159%Jul 16, 2026Yield to maturity4.190%Jul 17, 2026Yield to maturity4.207%Jul 20, 2026Yield to maturity4.238%Jul 21, 2026Yield to maturity4.284%Jul 22, 2026Yield to maturity4.330%Jul 23, 2026Yield to maturity4.391%Jul 24, 2026Yield to maturity4.364%Jul 27, 2026Yield to maturity4.350%Jul 28, 2026Yield to maturity4.305%Jul 29, 2026Yield to maturity4.261%Jul 30, 2026Yield to maturity4.277%Jul 31, 2026Yield to maturity4.310%Aug 3, 2026Yield to maturity4.296%Aug 4, 2026Yield to maturity4.236%Aug 5, 2026Yield to maturity4.222%Aug 6, 2026Yield to maturity4.284%Aug 7, 2026Yield to maturity4.225%Aug 10, 2026Yield to maturity4.272%Aug 11, 2026Yield to maturity4.258%Aug 12, 2026Yield to maturity4.228%Aug 13, 2026Yield to maturity4.168%Aug 14, 2026Yield to maturity4.201%Aug 17, 2026Yield to maturity4.202%Aug 18, 2026Yield to maturity4.203%Aug 19, 2026Yield to maturity4.203%Aug 20, 2026Yield to maturity4.204%Aug 21, 2026Yield to maturity4.254%Aug 24, 2026Yield to maturity4.270%Aug 25, 2026Yield to maturity4.224%Aug 26, 2026Yield to maturity4.241%Aug 27, 2026Yield to maturity4.257%Aug 28, 2026Yield to maturity4.370%Aug 31, 2026Yield to maturity4.356%Sep 1, 2026Yield to maturity4.420%Sep 2, 2026Yield to maturity4.405%Sep 3, 2026Yield to maturity4.359%Sep 4, 2026Yield to maturity4.395%Sep 8, 2026Yield to maturity4.412%Sep 9, 2026Yield to maturity4.445%

Price history

226 trading days to Sep 9, 2026

98.0098.5099.0099.50100.00100.50Oct 15, 2025Sep 9, 2026Oct 15, 2025Close99.969Oct 16, 2025Close100.219Oct 17, 2025Close100.094Oct 20, 2025Close100.094Oct 21, 2025Close100.125Oct 22, 2025Close100.156Oct 23, 2025Close100.031Oct 24, 2025Close100.031Oct 27, 2025Close100.000Oct 28, 2025Close100.000Oct 29, 2025Close99.719Oct 30, 2025Close99.688Oct 31, 2025Close99.719Nov 3, 2025Close99.688Nov 4, 2025Close99.750Nov 5, 2025Close99.594Nov 6, 2025Close99.781Nov 7, 2025Close99.813Nov 10, 2025Close99.719Nov 12, 2025Close99.813Nov 13, 2025Close99.719Nov 14, 2025Close99.656Nov 17, 2025Close99.688Nov 18, 2025Close99.781Nov 19, 2025Close99.750Nov 20, 2025Close99.844Nov 21, 2025Close100.000Nov 24, 2025Close100.031Nov 25, 2025Close100.094Nov 26, 2025Close100.063Nov 28, 2025Close100.031Dec 1, 2025Close99.844Dec 2, 2025Close99.906Dec 3, 2025Close100.000Dec 4, 2025Close99.875Dec 5, 2025Close99.781Dec 8, 2025Close99.688Dec 9, 2025Close99.625Dec 10, 2025Close99.781Dec 11, 2025Close99.813Dec 12, 2025Close99.781Dec 15, 2025Close99.844Dec 16, 2025Close99.938Dec 17, 2025Close99.906Dec 18, 2025Close100.000Dec 19, 2025Close99.906Dec 22, 2025Close99.844Dec 23, 2025Close99.781Dec 24, 2025Close99.813Dec 26, 2025Close99.906Dec 29, 2025Close99.969Dec 30, 2025Close100.000Dec 31, 2025Close99.906Jan 2, 2026Close99.906Jan 5, 2026Close99.938Jan 6, 2026Close99.938Jan 7, 2026Close99.938Jan 8, 2026Close99.875Jan 9, 2026Close99.781Jan 12, 2026Close99.750Jan 13, 2026Close99.813Jan 14, 2026Close99.844Jan 15, 2026Close99.719Jan 16, 2026Close99.594Jan 20, 2026Close99.563Jan 21, 2026Close99.625Jan 22, 2026Close99.563Jan 23, 2026Close99.594Jan 26, 2026Close99.625Jan 27, 2026Close99.656Jan 28, 2026Close99.625Jan 29, 2026Close99.719Jan 30, 2026Close99.781Feb 2, 2026Close99.656Feb 3, 2026Close99.656Feb 4, 2026Close99.656Feb 5, 2026Close99.906Feb 6, 2026Close99.844Feb 9, 2026Close99.875Feb 10, 2026Close99.969Feb 11, 2026Close99.844Feb 12, 2026Close100.000Feb 13, 2026Close100.156Feb 17, 2026Close100.094Feb 18, 2026Close100.031Feb 19, 2026Close100.000Feb 20, 2026Close100.000Feb 23, 2026Close100.125Feb 24, 2026Close100.094Feb 25, 2026Close100.031Feb 26, 2026Close100.125Feb 27, 2026Close100.281Mar 2, 2026Close100.031Mar 3, 2026Close99.969Mar 4, 2026Close99.875Mar 5, 2026Close99.781Mar 6, 2026Close99.781Mar 9, 2026Close99.813Mar 10, 2026Close99.750Mar 11, 2026Close99.625Mar 12, 2026Close99.313Mar 13, 2026Close99.375Mar 16, 2026Close99.531Mar 17, 2026Close99.563Mar 18, 2026Close99.344Mar 19, 2026Close99.281Mar 20, 2026Close99.000Mar 23, 2026Close99.125Mar 24, 2026Close98.938Mar 25, 2026Close99.063Mar 26, 2026Close98.781Mar 27, 2026Close98.938Mar 30, 2026Close99.156Mar 31, 2026Close99.250Apr 1, 2026Close99.188Apr 2, 2026Close99.219Apr 3, 2026Close99.094Apr 6, 2026Close99.094Apr 7, 2026Close99.188Apr 8, 2026Close99.281Apr 9, 2026Close99.281Apr 10, 2026Close99.250Apr 13, 2026Close99.313Apr 14, 2026Close99.375Apr 15, 2026Close99.344Apr 16, 2026Close99.313Apr 17, 2026Close99.469Apr 20, 2026Close99.438Apr 21, 2026Close99.313Apr 22, 2026Close99.281Apr 23, 2026Close99.188Apr 24, 2026Close99.313Apr 27, 2026Close99.250Apr 28, 2026Close99.156Apr 29, 2026Close98.969Apr 30, 2026Close99.063May 1, 2026Close99.063May 4, 2026Close98.906May 5, 2026Close98.938May 6, 2026Close99.094May 7, 2026Close99.000May 8, 2026Close99.031May 11, 2026Close98.938May 12, 2026Close98.813May 13, 2026Close98.844May 14, 2026Close98.781May 15, 2026Close98.563May 18, 2026Close98.594May 19, 2026Close98.469May 20, 2026Close98.656May 21, 2026Close98.594May 22, 2026Close98.500May 26, 2026Close98.688May 27, 2026Close98.719May 28, 2026Close98.750May 29, 2026Close98.781Jun 1, 2026Close98.688Jun 2, 2026Close98.688Jun 3, 2026Close98.625Jun 4, 2026Close98.688Jun 5, 2026Close98.438Jun 8, 2026Close98.469Jun 9, 2026Close98.531Jun 10, 2026Close98.500Jun 11, 2026Close98.688Jun 12, 2026Close98.625Jun 15, 2026Close98.688Jun 16, 2026Close98.719Jun 17, 2026Close98.406Jun 18, 2026Close98.469Jun 22, 2026Close98.344Jun 23, 2026Close98.406Jun 24, 2026Close98.531Jun 25, 2026Close98.594Jun 26, 2026Close98.688Jun 29, 2026Close98.656Jun 30, 2026Close98.563Jul 1, 2026Close98.500Jul 2, 2026Close98.563Jul 6, 2026Close98.594Jul 7, 2026Close98.469Jul 8, 2026Close98.438Jul 9, 2026Close98.531Jul 10, 2026Close98.438Jul 13, 2026Close98.313Jul 14, 2026Close98.469Jul 15, 2026Close98.594Jul 16, 2026Close98.531Jul 17, 2026Close98.500Jul 20, 2026Close98.438Jul 21, 2026Close98.344Jul 22, 2026Close98.250Jul 23, 2026Close98.125Jul 24, 2026Close98.188Jul 27, 2026Close98.219Jul 28, 2026Close98.313Jul 29, 2026Close98.406Jul 30, 2026Close98.375Jul 31, 2026Close98.313Aug 3, 2026Close98.344Aug 4, 2026Close98.469Aug 5, 2026Close98.500Aug 6, 2026Close98.375Aug 7, 2026Close98.500Aug 10, 2026Close98.406Aug 11, 2026Close98.438Aug 12, 2026Close98.500Aug 13, 2026Close98.625Aug 14, 2026Close98.563Aug 17, 2026Close98.563Aug 18, 2026Close98.563Aug 19, 2026Close98.563Aug 20, 2026Close98.563Aug 21, 2026Close98.469Aug 24, 2026Close98.438Aug 25, 2026Close98.531Aug 26, 2026Close98.500Aug 27, 2026Close98.469Aug 28, 2026Close98.250Aug 31, 2026Close98.281Sep 1, 2026Close98.156Sep 2, 2026Close98.188Sep 3, 2026Close98.281Sep 4, 2026Close98.219Sep 8, 2026Close98.188Sep 9, 2026Close98.125
The most recent 20 trading days of prices for 91282CPC9.
DateBidOfferClose
Sep 9, 202698.14198.12598.125
Sep 8, 202698.20398.18898.188
Sep 4, 202698.23498.21998.219
Sep 3, 202698.31398.31398.281
Sep 2, 202698.20398.18898.188
Sep 1, 202698.23498.21998.156
Aug 31, 202698.29798.28198.281
Aug 28, 202698.31398.28198.250
Aug 27, 202698.51698.50098.469
Aug 26, 202698.51698.50098.500
Aug 25, 202698.54798.53198.531
Aug 24, 202698.48498.46998.438
Aug 21, 202698.45398.43898.469
Aug 20, 202698.54798.53198.563
Aug 19, 202698.54798.53198.563
Aug 18, 202698.57898.56398.563
Aug 17, 202698.57898.56398.563
Aug 14, 202698.62598.62598.563
Aug 13, 202698.62598.62598.625
Aug 12, 202698.53198.53198.500

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 91282CPC9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 7, 2025Oct 15, 2025New issue$58.0bn$59.1bn2.66x3.576%

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.