Treasury note

91282CPD7 · 3.625% due October 31, 2030

Original term
5-Year
Maturity
Oct 31, 2030
Coupon
3.625%
Pays
Semi-Annual
Dated
Oct 31, 2025
First coupon
Apr 30, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$73.30bn
Held stripped
$153.6m
Share stripped
0.21%

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
4.579%
Modified duration
3.738 yr
DV01
0.0365
Convexity
16.572
Dirty price
97.748

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 3.824 years against a modified duration of 3.738.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 4.55 cents per 100 of face.

That is -1.63 standard deviations from its own typical residual.

Yield to maturity, 214 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Oct 31, 2025Sep 9, 2026Oct 31, 2025Yield to maturity3.708%Nov 3, 2025Yield to maturity3.715%Nov 4, 2025Yield to maturity3.694%Nov 5, 2025Yield to maturity3.764%Nov 6, 2025Yield to maturity3.687%Nov 7, 2025Yield to maturity3.673%Nov 10, 2025Yield to maturity3.715%Nov 12, 2025Yield to maturity3.673%Nov 13, 2025Yield to maturity3.708%Nov 14, 2025Yield to maturity3.736%Nov 17, 2025Yield to maturity3.715%Nov 18, 2025Yield to maturity3.694%Nov 19, 2025Yield to maturity3.701%Nov 20, 2025Yield to maturity3.673%Nov 21, 2025Yield to maturity3.618%Nov 24, 2025Yield to maturity3.604%Nov 25, 2025Yield to maturity3.569%Nov 26, 2025Yield to maturity3.576%Nov 28, 2025Yield to maturity3.604%Dec 1, 2025Yield to maturity3.674%Dec 2, 2025Yield to maturity3.660%Dec 3, 2025Yield to maturity3.624%Dec 4, 2025Yield to maturity3.681%Dec 5, 2025Yield to maturity3.716%Dec 8, 2025Yield to maturity3.751%Dec 9, 2025Yield to maturity3.780%Dec 10, 2025Yield to maturity3.723%Dec 11, 2025Yield to maturity3.716%Dec 12, 2025Yield to maturity3.752%Dec 15, 2025Yield to maturity3.730%Dec 16, 2025Yield to maturity3.688%Dec 17, 2025Yield to maturity3.695%Dec 18, 2025Yield to maturity3.660%Dec 19, 2025Yield to maturity3.688%Dec 22, 2025Yield to maturity3.709%Dec 23, 2025Yield to maturity3.738%Dec 24, 2025Yield to maturity3.717%Dec 26, 2025Yield to maturity3.688%Dec 29, 2025Yield to maturity3.660%Dec 30, 2025Yield to maturity3.667%Dec 31, 2025Yield to maturity3.717%Jan 2, 2026Yield to maturity3.724%Jan 5, 2026Yield to maturity3.696%Jan 6, 2026Yield to maturity3.703%Jan 7, 2026Yield to maturity3.681%Jan 8, 2026Yield to maturity3.724%Jan 9, 2026Yield to maturity3.746%Jan 12, 2026Yield to maturity3.753%Jan 13, 2026Yield to maturity3.732%Jan 14, 2026Yield to maturity3.710%Jan 15, 2026Yield to maturity3.761%Jan 16, 2026Yield to maturity3.812%Jan 20, 2026Yield to maturity3.848%Jan 21, 2026Yield to maturity3.819%Jan 22, 2026Yield to maturity3.834%Jan 23, 2026Yield to maturity3.827%Jan 26, 2026Yield to maturity3.805%Jan 27, 2026Yield to maturity3.812%Jan 28, 2026Yield to maturity3.827%Jan 29, 2026Yield to maturity3.791%Jan 30, 2026Yield to maturity3.777%Feb 2, 2026Yield to maturity3.813%Feb 3, 2026Yield to maturity3.813%Feb 4, 2026Yield to maturity3.821%Feb 5, 2026Yield to maturity3.726%Feb 6, 2026Yield to maturity3.741%Feb 9, 2026Yield to maturity3.726%Feb 10, 2026Yield to maturity3.682%Feb 11, 2026Yield to maturity3.726%Feb 12, 2026Yield to maturity3.653%Feb 13, 2026Yield to maturity3.588%Feb 17, 2026Yield to maturity3.610%Feb 18, 2026Yield to maturity3.639%Feb 19, 2026Yield to maturity3.631%Feb 20, 2026Yield to maturity3.639%Feb 23, 2026Yield to maturity3.573%Feb 24, 2026Yield to maturity3.588%Feb 25, 2026Yield to maturity3.609%Feb 26, 2026Yield to maturity3.566%Feb 27, 2026Yield to maturity3.507%Mar 2, 2026Yield to maturity3.609%Mar 3, 2026Yield to maturity3.624%Mar 4, 2026Yield to maturity3.661%Mar 5, 2026Yield to maturity3.705%Mar 6, 2026Yield to maturity3.713%Mar 9, 2026Yield to maturity3.698%Mar 10, 2026Yield to maturity3.720%Mar 11, 2026Yield to maturity3.772%Mar 12, 2026Yield to maturity3.869%Mar 13, 2026Yield to maturity3.862%Mar 16, 2026Yield to maturity3.795%Mar 17, 2026Yield to maturity3.773%Mar 18, 2026Yield to maturity3.863%Mar 19, 2026Yield to maturity3.886%Mar 20, 2026Yield to maturity4.014%Mar 23, 2026Yield to maturity3.962%Mar 24, 2026Yield to maturity4.030%Mar 25, 2026Yield to maturity3.970%Mar 26, 2026Yield to maturity4.099%Mar 27, 2026Yield to maturity4.062%Mar 30, 2026Yield to maturity3.963%Mar 31, 2026Yield to maturity3.918%Apr 1, 2026Yield to maturity3.956%Apr 2, 2026Yield to maturity3.926%Apr 3, 2026Yield to maturity3.979%Apr 6, 2026Yield to maturity3.972%Apr 7, 2026Yield to maturity3.949%Apr 8, 2026Yield to maturity3.912%Apr 9, 2026Yield to maturity3.904%Apr 10, 2026Yield to maturity3.928%Apr 13, 2026Yield to maturity3.905%Apr 14, 2026Yield to maturity3.859%Apr 15, 2026Yield to maturity3.882%Apr 16, 2026Yield to maturity3.898%Apr 17, 2026Yield to maturity3.830%Apr 20, 2026Yield to maturity3.837%Apr 21, 2026Yield to maturity3.891%Apr 22, 2026Yield to maturity3.906%Apr 23, 2026Yield to maturity3.945%Apr 24, 2026Yield to maturity3.899%Apr 27, 2026Yield to maturity3.930%Apr 28, 2026Yield to maturity3.961%Apr 29, 2026Yield to maturity4.039%Apr 30, 2026Yield to maturity4.000%May 1, 2026Yield to maturity4.001%May 4, 2026Yield to maturity4.071%May 5, 2026Yield to maturity4.063%May 6, 2026Yield to maturity3.986%May 7, 2026Yield to maturity4.033%May 8, 2026Yield to maturity4.002%May 11, 2026Yield to maturity4.057%May 12, 2026Yield to maturity4.112%May 13, 2026Yield to maturity4.104%May 14, 2026Yield to maturity4.120%May 15, 2026Yield to maturity4.247%May 18, 2026Yield to maturity4.255%May 19, 2026Yield to maturity4.319%May 20, 2026Yield to maturity4.208%May 21, 2026Yield to maturity4.232%May 22, 2026Yield to maturity4.258%May 26, 2026Yield to maturity4.179%May 27, 2026Yield to maturity4.171%May 28, 2026Yield to maturity4.148%May 29, 2026Yield to maturity4.133%Jun 1, 2026Yield to maturity4.172%Jun 2, 2026Yield to maturity4.165%Jun 3, 2026Yield to maturity4.205%Jun 4, 2026Yield to maturity4.173%Jun 5, 2026Yield to maturity4.278%Jun 8, 2026Yield to maturity4.278%Jun 9, 2026Yield to maturity4.247%Jun 10, 2026Yield to maturity4.255%Jun 11, 2026Yield to maturity4.167%Jun 12, 2026Yield to maturity4.200%Jun 15, 2026Yield to maturity4.177%Jun 16, 2026Yield to maturity4.145%Jun 17, 2026Yield to maturity4.266%Jun 18, 2026Yield to maturity4.227%Jun 22, 2026Yield to maturity4.291%Jun 23, 2026Yield to maturity4.268%Jun 24, 2026Yield to maturity4.179%Jun 25, 2026Yield to maturity4.156%Jun 26, 2026Yield to maturity4.124%Jun 29, 2026Yield to maturity4.141%Jun 30, 2026Yield to maturity4.189%Jul 1, 2026Yield to maturity4.230%Jul 2, 2026Yield to maturity4.223%Jul 6, 2026Yield to maturity4.191%Jul 7, 2026Yield to maturity4.265%Jul 8, 2026Yield to maturity4.298%Jul 9, 2026Yield to maturity4.257%Jul 10, 2026Yield to maturity4.291%Jul 13, 2026Yield to maturity4.357%Jul 14, 2026Yield to maturity4.300%Jul 15, 2026Yield to maturity4.243%Jul 16, 2026Yield to maturity4.268%Jul 17, 2026Yield to maturity4.269%Jul 20, 2026Yield to maturity4.310%Jul 21, 2026Yield to maturity4.360%Jul 22, 2026Yield to maturity4.402%Jul 23, 2026Yield to maturity4.452%Jul 24, 2026Yield to maturity4.420%Jul 27, 2026Yield to maturity4.396%Jul 28, 2026Yield to maturity4.347%Jul 29, 2026Yield to maturity4.355%Jul 30, 2026Yield to maturity4.364%Jul 31, 2026Yield to maturity4.432%Aug 3, 2026Yield to maturity4.382%Aug 4, 2026Yield to maturity4.317%Aug 5, 2026Yield to maturity4.317%Aug 6, 2026Yield to maturity4.375%Aug 7, 2026Yield to maturity4.327%Aug 10, 2026Yield to maturity4.386%Aug 11, 2026Yield to maturity4.369%Aug 12, 2026Yield to maturity4.345%Aug 13, 2026Yield to maturity4.287%Aug 14, 2026Yield to maturity4.330%Aug 17, 2026Yield to maturity4.347%Aug 18, 2026Yield to maturity4.339%Aug 19, 2026Yield to maturity4.323%Aug 20, 2026Yield to maturity4.348%Aug 21, 2026Yield to maturity4.400%Aug 24, 2026Yield to maturity4.384%Aug 25, 2026Yield to maturity4.325%Aug 26, 2026Yield to maturity4.351%Aug 27, 2026Yield to maturity4.368%Aug 28, 2026Yield to maturity4.471%Aug 31, 2026Yield to maturity4.471%Sep 1, 2026Yield to maturity4.531%Sep 2, 2026Yield to maturity4.523%Sep 3, 2026Yield to maturity4.490%Sep 4, 2026Yield to maturity4.518%Sep 8, 2026Yield to maturity4.544%Sep 9, 2026Yield to maturity4.579%

Price history

214 trading days to Sep 9, 2026

96979899100101Oct 31, 2025Sep 9, 2026Oct 31, 2025Close99.625Nov 3, 2025Close99.594Nov 4, 2025Close99.688Nov 5, 2025Close99.375Nov 6, 2025Close99.719Nov 7, 2025Close99.781Nov 10, 2025Close99.594Nov 12, 2025Close99.781Nov 13, 2025Close99.625Nov 14, 2025Close99.500Nov 17, 2025Close99.594Nov 18, 2025Close99.688Nov 19, 2025Close99.656Nov 20, 2025Close99.781Nov 21, 2025Close100.031Nov 24, 2025Close100.094Nov 25, 2025Close100.250Nov 26, 2025Close100.219Nov 28, 2025Close100.094Dec 1, 2025Close99.781Dec 2, 2025Close99.844Dec 3, 2025Close100.000Dec 4, 2025Close99.750Dec 5, 2025Close99.594Dec 8, 2025Close99.438Dec 9, 2025Close99.313Dec 10, 2025Close99.563Dec 11, 2025Close99.594Dec 12, 2025Close99.438Dec 15, 2025Close99.531Dec 16, 2025Close99.719Dec 17, 2025Close99.688Dec 18, 2025Close99.844Dec 19, 2025Close99.719Dec 22, 2025Close99.625Dec 23, 2025Close99.500Dec 24, 2025Close99.594Dec 26, 2025Close99.719Dec 29, 2025Close99.844Dec 30, 2025Close99.813Dec 31, 2025Close99.594Jan 2, 2026Close99.563Jan 5, 2026Close99.688Jan 6, 2026Close99.656Jan 7, 2026Close99.750Jan 8, 2026Close99.563Jan 9, 2026Close99.469Jan 12, 2026Close99.438Jan 13, 2026Close99.531Jan 14, 2026Close99.625Jan 15, 2026Close99.406Jan 16, 2026Close99.188Jan 20, 2026Close99.031Jan 21, 2026Close99.156Jan 22, 2026Close99.094Jan 23, 2026Close99.125Jan 26, 2026Close99.219Jan 27, 2026Close99.188Jan 28, 2026Close99.125Jan 29, 2026Close99.281Jan 30, 2026Close99.344Feb 2, 2026Close99.188Feb 3, 2026Close99.188Feb 4, 2026Close99.156Feb 5, 2026Close99.563Feb 6, 2026Close99.500Feb 9, 2026Close99.563Feb 10, 2026Close99.750Feb 11, 2026Close99.563Feb 12, 2026Close99.875Feb 13, 2026Close100.156Feb 17, 2026Close100.063Feb 18, 2026Close99.938Feb 19, 2026Close99.969Feb 20, 2026Close99.938Feb 23, 2026Close100.219Feb 24, 2026Close100.156Feb 25, 2026Close100.063Feb 26, 2026Close100.250Feb 27, 2026Close100.500Mar 2, 2026Close100.063Mar 3, 2026Close100.000Mar 4, 2026Close99.844Mar 5, 2026Close99.656Mar 6, 2026Close99.625Mar 9, 2026Close99.688Mar 10, 2026Close99.594Mar 11, 2026Close99.375Mar 12, 2026Close98.969Mar 13, 2026Close99.000Mar 16, 2026Close99.281Mar 17, 2026Close99.375Mar 18, 2026Close99.000Mar 19, 2026Close98.906Mar 20, 2026Close98.375Mar 23, 2026Close98.594Mar 24, 2026Close98.313Mar 25, 2026Close98.563Mar 26, 2026Close98.031Mar 27, 2026Close98.188Mar 30, 2026Close98.594Mar 31, 2026Close98.781Apr 1, 2026Close98.625Apr 2, 2026Close98.750Apr 3, 2026Close98.531Apr 6, 2026Close98.563Apr 7, 2026Close98.656Apr 8, 2026Close98.813Apr 9, 2026Close98.844Apr 10, 2026Close98.750Apr 13, 2026Close98.844Apr 14, 2026Close99.031Apr 15, 2026Close98.938Apr 16, 2026Close98.875Apr 17, 2026Close99.156Apr 20, 2026Close99.125Apr 21, 2026Close98.906Apr 22, 2026Close98.844Apr 23, 2026Close98.688Apr 24, 2026Close98.875Apr 27, 2026Close98.750Apr 28, 2026Close98.625Apr 29, 2026Close98.313Apr 30, 2026Close98.469May 1, 2026Close98.469May 4, 2026Close98.188May 5, 2026Close98.219May 6, 2026Close98.531May 7, 2026Close98.344May 8, 2026Close98.469May 11, 2026Close98.250May 12, 2026Close98.031May 13, 2026Close98.063May 14, 2026Close98.000May 15, 2026Close97.500May 18, 2026Close97.469May 19, 2026Close97.219May 20, 2026Close97.656May 21, 2026Close97.563May 22, 2026Close97.469May 26, 2026Close97.781May 27, 2026Close97.813May 28, 2026Close97.906May 29, 2026Close97.969Jun 1, 2026Close97.813Jun 2, 2026Close97.844Jun 3, 2026Close97.688Jun 4, 2026Close97.813Jun 5, 2026Close97.406Jun 8, 2026Close97.406Jun 9, 2026Close97.531Jun 10, 2026Close97.500Jun 11, 2026Close97.844Jun 12, 2026Close97.719Jun 15, 2026Close97.813Jun 16, 2026Close97.938Jun 17, 2026Close97.469Jun 18, 2026Close97.625Jun 22, 2026Close97.375Jun 23, 2026Close97.469Jun 24, 2026Close97.813Jun 25, 2026Close97.906Jun 26, 2026Close98.031Jun 29, 2026Close97.969Jun 30, 2026Close97.781Jul 1, 2026Close97.625Jul 2, 2026Close97.656Jul 6, 2026Close97.781Jul 7, 2026Close97.500Jul 8, 2026Close97.375Jul 9, 2026Close97.531Jul 10, 2026Close97.406Jul 13, 2026Close97.156Jul 14, 2026Close97.375Jul 15, 2026Close97.594Jul 16, 2026Close97.500Jul 17, 2026Close97.500Jul 20, 2026Close97.344Jul 21, 2026Close97.156Jul 22, 2026Close97.000Jul 23, 2026Close96.813Jul 24, 2026Close96.938Jul 27, 2026Close97.031Jul 28, 2026Close97.219Jul 29, 2026Close97.188Jul 30, 2026Close97.156Jul 31, 2026Close96.906Aug 3, 2026Close97.094Aug 4, 2026Close97.344Aug 5, 2026Close97.344Aug 6, 2026Close97.125Aug 7, 2026Close97.313Aug 10, 2026Close97.094Aug 11, 2026Close97.156Aug 12, 2026Close97.250Aug 13, 2026Close97.469Aug 14, 2026Close97.313Aug 17, 2026Close97.250Aug 18, 2026Close97.281Aug 19, 2026Close97.344Aug 20, 2026Close97.250Aug 21, 2026Close97.063Aug 24, 2026Close97.125Aug 25, 2026Close97.344Aug 26, 2026Close97.250Aug 27, 2026Close97.188Aug 28, 2026Close96.813Aug 31, 2026Close96.813Sep 1, 2026Close96.594Sep 2, 2026Close96.625Sep 3, 2026Close96.750Sep 4, 2026Close96.656Sep 8, 2026Close96.563Sep 9, 2026Close96.438
The most recent 20 trading days of prices for 91282CPD7.
DateBidOfferClose
Sep 9, 202696.42296.40696.438
Sep 8, 202696.60996.59496.563
Sep 4, 202696.67296.65696.656
Sep 3, 202696.82896.81396.750
Sep 2, 202696.60996.59496.625
Sep 1, 202696.70396.68896.594
Aug 31, 202696.81396.81396.813
Aug 28, 202696.92296.90696.813
Aug 27, 202697.26697.25097.188
Aug 26, 202697.26697.25097.250
Aug 25, 202697.32897.31397.344
Aug 24, 202697.20397.18897.125
Aug 21, 202697.07897.06397.063
Aug 20, 202697.23497.21997.250
Aug 19, 202697.29797.28197.344
Aug 18, 202697.28197.28197.281
Aug 17, 202697.31397.31397.250
Aug 14, 202697.39197.37597.313
Aug 13, 202697.45397.43897.469
Aug 12, 202697.29797.28197.250

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 91282CPD7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2025Oct 31, 2025New issue$70.0bn$74.0bn2.38x3.625%

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.