Treasury note

91282CPE5 · 3.5% due October 31, 2027

Original term
2-Year
Maturity
Oct 31, 2027
Coupon
3.500%
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
$71.44bn
Held stripped
$9.6m
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
4.292%
Modified duration
1.089 yr
DV01
0.0109
Convexity
1.740
Dirty price
100.390

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 1.114 years against a modified duration of 1.089.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 1.49 cents per 100 of face.

That is 0.65 standard deviations from its own typical residual.

Yield to maturity, 214 observations

3.4%3.6%3.8%4.0%4.2%4.4%Oct 31, 2025Sep 9, 2026Oct 31, 2025Yield to maturity3.598%Nov 3, 2025Yield to maturity3.598%Nov 4, 2025Yield to maturity3.582%Nov 5, 2025Yield to maturity3.632%Nov 6, 2025Yield to maturity3.566%Nov 7, 2025Yield to maturity3.549%Nov 10, 2025Yield to maturity3.582%Nov 12, 2025Yield to maturity3.566%Nov 13, 2025Yield to maturity3.583%Nov 14, 2025Yield to maturity3.616%Nov 17, 2025Yield to maturity3.600%Nov 18, 2025Yield to maturity3.583%Nov 19, 2025Yield to maturity3.583%Nov 20, 2025Yield to maturity3.550%Nov 21, 2025Yield to maturity3.516%Nov 24, 2025Yield to maturity3.499%Nov 25, 2025Yield to maturity3.482%Nov 26, 2025Yield to maturity3.499%Nov 28, 2025Yield to maturity3.516%Dec 1, 2025Yield to maturity3.550%Dec 2, 2025Yield to maturity3.533%Dec 3, 2025Yield to maturity3.499%Dec 4, 2025Yield to maturity3.550%Dec 5, 2025Yield to maturity3.585%Dec 8, 2025Yield to maturity3.602%Dec 9, 2025Yield to maturity3.619%Dec 10, 2025Yield to maturity3.550%Dec 11, 2025Yield to maturity3.533%Dec 12, 2025Yield to maturity3.533%Dec 15, 2025Yield to maturity3.516%Dec 16, 2025Yield to maturity3.481%Dec 17, 2025Yield to maturity3.498%Dec 18, 2025Yield to maturity3.463%Dec 19, 2025Yield to maturity3.481%Dec 22, 2025Yield to maturity3.516%Dec 23, 2025Yield to maturity3.533%Dec 24, 2025Yield to maturity3.533%Dec 26, 2025Yield to maturity3.498%Dec 29, 2025Yield to maturity3.463%Dec 30, 2025Yield to maturity3.463%Dec 31, 2025Yield to maturity3.480%Jan 2, 2026Yield to maturity3.480%Jan 5, 2026Yield to maturity3.462%Jan 6, 2026Yield to maturity3.480%Jan 7, 2026Yield to maturity3.480%Jan 8, 2026Yield to maturity3.498%Jan 9, 2026Yield to maturity3.534%Jan 12, 2026Yield to maturity3.552%Jan 13, 2026Yield to maturity3.534%Jan 14, 2026Yield to maturity3.516%Jan 15, 2026Yield to maturity3.571%Jan 16, 2026Yield to maturity3.608%Jan 20, 2026Yield to maturity3.608%Jan 21, 2026Yield to maturity3.590%Jan 22, 2026Yield to maturity3.608%Jan 23, 2026Yield to maturity3.609%Jan 26, 2026Yield to maturity3.590%Jan 27, 2026Yield to maturity3.572%Jan 28, 2026Yield to maturity3.591%Jan 29, 2026Yield to maturity3.553%Jan 30, 2026Yield to maturity3.535%Feb 2, 2026Yield to maturity3.573%Feb 3, 2026Yield to maturity3.573%Feb 4, 2026Yield to maturity3.573%Feb 5, 2026Yield to maturity3.479%Feb 6, 2026Yield to maturity3.498%Feb 9, 2026Yield to maturity3.498%Feb 10, 2026Yield to maturity3.460%Feb 11, 2026Yield to maturity3.517%Feb 12, 2026Yield to maturity3.479%Feb 13, 2026Yield to maturity3.421%Feb 17, 2026Yield to maturity3.460%Feb 18, 2026Yield to maturity3.479%Feb 19, 2026Yield to maturity3.479%Feb 20, 2026Yield to maturity3.498%Feb 23, 2026Yield to maturity3.459%Feb 24, 2026Yield to maturity3.479%Feb 25, 2026Yield to maturity3.498%Feb 26, 2026Yield to maturity3.478%Feb 27, 2026Yield to maturity3.420%Mar 2, 2026Yield to maturity3.517%Mar 3, 2026Yield to maturity3.537%Mar 4, 2026Yield to maturity3.576%Mar 5, 2026Yield to maturity3.596%Mar 6, 2026Yield to maturity3.597%Mar 9, 2026Yield to maturity3.597%Mar 10, 2026Yield to maturity3.617%Mar 11, 2026Yield to maturity3.657%Mar 12, 2026Yield to maturity3.777%Mar 13, 2026Yield to maturity3.758%Mar 16, 2026Yield to maturity3.719%Mar 17, 2026Yield to maturity3.699%Mar 18, 2026Yield to maturity3.780%Mar 19, 2026Yield to maturity3.841%Mar 20, 2026Yield to maturity3.944%Mar 23, 2026Yield to maturity3.884%Mar 24, 2026Yield to maturity3.966%Mar 25, 2026Yield to maturity3.926%Mar 26, 2026Yield to maturity4.030%Mar 27, 2026Yield to maturity3.950%Mar 30, 2026Yield to maturity3.868%Mar 31, 2026Yield to maturity3.828%Apr 1, 2026Yield to maturity3.849%Apr 2, 2026Yield to maturity3.829%Apr 3, 2026Yield to maturity3.872%Apr 6, 2026Yield to maturity3.873%Apr 7, 2026Yield to maturity3.853%Apr 8, 2026Yield to maturity3.833%Apr 9, 2026Yield to maturity3.812%Apr 10, 2026Yield to maturity3.835%Apr 13, 2026Yield to maturity3.815%Apr 14, 2026Yield to maturity3.773%Apr 15, 2026Yield to maturity3.795%Apr 16, 2026Yield to maturity3.795%Apr 17, 2026Yield to maturity3.733%Apr 20, 2026Yield to maturity3.755%Apr 21, 2026Yield to maturity3.798%Apr 22, 2026Yield to maturity3.799%Apr 23, 2026Yield to maturity3.842%Apr 24, 2026Yield to maturity3.779%Apr 27, 2026Yield to maturity3.802%Apr 28, 2026Yield to maturity3.846%Apr 29, 2026Yield to maturity3.911%Apr 30, 2026Yield to maturity3.869%May 1, 2026Yield to maturity3.870%May 4, 2026Yield to maturity3.937%May 5, 2026Yield to maturity3.937%May 6, 2026Yield to maturity3.872%May 7, 2026Yield to maturity3.917%May 8, 2026Yield to maturity3.875%May 11, 2026Yield to maturity3.920%May 12, 2026Yield to maturity3.965%May 13, 2026Yield to maturity3.943%May 14, 2026Yield to maturity3.966%May 15, 2026Yield to maturity4.036%May 18, 2026Yield to maturity4.037%May 19, 2026Yield to maturity4.061%May 20, 2026Yield to maturity3.994%May 21, 2026Yield to maturity4.040%May 22, 2026Yield to maturity4.089%May 26, 2026Yield to maturity3.999%May 27, 2026Yield to maturity4.000%May 28, 2026Yield to maturity3.978%May 29, 2026Yield to maturity3.980%Jun 1, 2026Yield to maturity4.004%Jun 2, 2026Yield to maturity4.028%Jun 3, 2026Yield to maturity4.053%Jun 4, 2026Yield to maturity4.007%Jun 5, 2026Yield to maturity4.127%Jun 8, 2026Yield to maturity4.128%Jun 9, 2026Yield to maturity4.082%Jun 10, 2026Yield to maturity4.083%Jun 11, 2026Yield to maturity4.037%Jun 12, 2026Yield to maturity4.040%Jun 15, 2026Yield to maturity4.041%Jun 16, 2026Yield to maturity4.018%Jun 17, 2026Yield to maturity4.186%Jun 18, 2026Yield to maturity4.168%Jun 22, 2026Yield to maturity4.217%Jun 23, 2026Yield to maturity4.194%Jun 24, 2026Yield to maturity4.147%Jun 25, 2026Yield to maturity4.124%Jun 26, 2026Yield to maturity4.103%Jun 29, 2026Yield to maturity4.129%Jun 30, 2026Yield to maturity4.155%Jul 1, 2026Yield to maturity4.181%Jul 2, 2026Yield to maturity4.137%Jul 6, 2026Yield to maturity4.113%Jul 7, 2026Yield to maturity4.189%Jul 8, 2026Yield to maturity4.190%Jul 9, 2026Yield to maturity4.142%Jul 10, 2026Yield to maturity4.196%Jul 13, 2026Yield to maturity4.247%Jul 14, 2026Yield to maturity4.148%Jul 15, 2026Yield to maturity4.099%Jul 16, 2026Yield to maturity4.126%Jul 17, 2026Yield to maturity4.155%Jul 20, 2026Yield to maturity4.182%Jul 21, 2026Yield to maturity4.234%Jul 22, 2026Yield to maturity4.261%Jul 23, 2026Yield to maturity4.314%Jul 24, 2026Yield to maturity4.294%Jul 27, 2026Yield to maturity4.295%Jul 28, 2026Yield to maturity4.245%Jul 29, 2026Yield to maturity4.195%Jul 30, 2026Yield to maturity4.196%Jul 31, 2026Yield to maturity4.227%Aug 3, 2026Yield to maturity4.202%Aug 4, 2026Yield to maturity4.151%Aug 5, 2026Yield to maturity4.152%Aug 6, 2026Yield to maturity4.207%Aug 7, 2026Yield to maturity4.132%Aug 10, 2026Yield to maturity4.186%Aug 11, 2026Yield to maturity4.161%Aug 12, 2026Yield to maturity4.136%Aug 13, 2026Yield to maturity4.083%Aug 14, 2026Yield to maturity4.114%Aug 17, 2026Yield to maturity4.116%Aug 18, 2026Yield to maturity4.117%Aug 19, 2026Yield to maturity4.119%Aug 20, 2026Yield to maturity4.120%Aug 21, 2026Yield to maturity4.152%Aug 24, 2026Yield to maturity4.181%Aug 25, 2026Yield to maturity4.127%Aug 26, 2026Yield to maturity4.156%Aug 27, 2026Yield to maturity4.158%Aug 28, 2026Yield to maturity4.274%Aug 31, 2026Yield to maturity4.276%Sep 1, 2026Yield to maturity4.305%Sep 2, 2026Yield to maturity4.307%Sep 3, 2026Yield to maturity4.225%Sep 4, 2026Yield to maturity4.260%Sep 8, 2026Yield to maturity4.290%Sep 9, 2026Yield to maturity4.292%

Price history

214 trading days to Sep 9, 2026

99.099.299.499.699.8100.0100.2Oct 31, 2025Sep 9, 2026Oct 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, 2025Close99.906Nov 21, 2025Close99.969Nov 24, 2025Close100.000Nov 25, 2025Close100.031Nov 26, 2025Close100.000Nov 28, 2025Close99.969Dec 1, 2025Close99.906Dec 2, 2025Close99.938Dec 3, 2025Close100.000Dec 4, 2025Close99.906Dec 5, 2025Close99.844Dec 8, 2025Close99.813Dec 9, 2025Close99.781Dec 10, 2025Close99.906Dec 11, 2025Close99.938Dec 12, 2025Close99.938Dec 15, 2025Close99.969Dec 16, 2025Close100.031Dec 17, 2025Close100.000Dec 18, 2025Close100.063Dec 19, 2025Close100.031Dec 22, 2025Close99.969Dec 23, 2025Close99.938Dec 24, 2025Close99.938Dec 26, 2025Close100.000Dec 29, 2025Close100.063Dec 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, 2026Close99.906Jan 13, 2026Close99.938Jan 14, 2026Close99.969Jan 15, 2026Close99.875Jan 16, 2026Close99.813Jan 20, 2026Close99.813Jan 21, 2026Close99.844Jan 22, 2026Close99.813Jan 23, 2026Close99.813Jan 26, 2026Close99.844Jan 27, 2026Close99.875Jan 28, 2026Close99.844Jan 29, 2026Close99.906Jan 30, 2026Close99.938Feb 2, 2026Close99.875Feb 3, 2026Close99.875Feb 4, 2026Close99.875Feb 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, 2026Close100.031Feb 25, 2026Close100.000Feb 26, 2026Close100.031Feb 27, 2026Close100.125Mar 2, 2026Close99.969Mar 3, 2026Close99.938Mar 4, 2026Close99.875Mar 5, 2026Close99.844Mar 6, 2026Close99.844Mar 9, 2026Close99.844Mar 10, 2026Close99.813Mar 11, 2026Close99.750Mar 12, 2026Close99.563Mar 13, 2026Close99.594Mar 16, 2026Close99.656Mar 17, 2026Close99.688Mar 18, 2026Close99.563Mar 19, 2026Close99.469Mar 20, 2026Close99.313Mar 23, 2026Close99.406Mar 24, 2026Close99.281Mar 25, 2026Close99.344Mar 26, 2026Close99.188Mar 27, 2026Close99.313Mar 30, 2026Close99.438Mar 31, 2026Close99.500Apr 1, 2026Close99.469Apr 2, 2026Close99.500Apr 3, 2026Close99.438Apr 6, 2026Close99.438Apr 7, 2026Close99.469Apr 8, 2026Close99.500Apr 9, 2026Close99.531Apr 10, 2026Close99.500Apr 13, 2026Close99.531Apr 14, 2026Close99.594Apr 15, 2026Close99.563Apr 16, 2026Close99.563Apr 17, 2026Close99.656Apr 20, 2026Close99.625Apr 21, 2026Close99.563Apr 22, 2026Close99.563Apr 23, 2026Close99.500Apr 24, 2026Close99.594Apr 27, 2026Close99.563Apr 28, 2026Close99.500Apr 29, 2026Close99.406Apr 30, 2026Close99.469May 1, 2026Close99.469May 4, 2026Close99.375May 5, 2026Close99.375May 6, 2026Close99.469May 7, 2026Close99.406May 8, 2026Close99.469May 11, 2026Close99.406May 12, 2026Close99.344May 13, 2026Close99.375May 14, 2026Close99.344May 15, 2026Close99.250May 18, 2026Close99.250May 19, 2026Close99.219May 20, 2026Close99.313May 21, 2026Close99.250May 22, 2026Close99.188May 26, 2026Close99.313May 27, 2026Close99.313May 28, 2026Close99.344May 29, 2026Close99.344Jun 1, 2026Close99.313Jun 2, 2026Close99.281Jun 3, 2026Close99.250Jun 4, 2026Close99.313Jun 5, 2026Close99.156Jun 8, 2026Close99.156Jun 9, 2026Close99.219Jun 10, 2026Close99.219Jun 11, 2026Close99.281Jun 12, 2026Close99.281Jun 15, 2026Close99.281Jun 16, 2026Close99.313Jun 17, 2026Close99.094Jun 18, 2026Close99.125Jun 22, 2026Close99.063Jun 23, 2026Close99.094Jun 24, 2026Close99.156Jun 25, 2026Close99.188Jun 26, 2026Close99.219Jun 29, 2026Close99.188Jun 30, 2026Close99.156Jul 1, 2026Close99.125Jul 2, 2026Close99.188Jul 6, 2026Close99.219Jul 7, 2026Close99.125Jul 8, 2026Close99.125Jul 9, 2026Close99.188Jul 10, 2026Close99.125Jul 13, 2026Close99.063Jul 14, 2026Close99.188Jul 15, 2026Close99.250Jul 16, 2026Close99.219Jul 17, 2026Close99.188Jul 20, 2026Close99.156Jul 21, 2026Close99.094Jul 22, 2026Close99.063Jul 23, 2026Close99.000Jul 24, 2026Close99.031Jul 27, 2026Close99.031Jul 28, 2026Close99.094Jul 29, 2026Close99.156Jul 30, 2026Close99.156Jul 31, 2026Close99.125Aug 3, 2026Close99.156Aug 4, 2026Close99.219Aug 5, 2026Close99.219Aug 6, 2026Close99.156Aug 7, 2026Close99.250Aug 10, 2026Close99.188Aug 11, 2026Close99.219Aug 12, 2026Close99.250Aug 13, 2026Close99.313Aug 14, 2026Close99.281Aug 17, 2026Close99.281Aug 18, 2026Close99.281Aug 19, 2026Close99.281Aug 20, 2026Close99.281Aug 21, 2026Close99.250Aug 24, 2026Close99.219Aug 25, 2026Close99.281Aug 26, 2026Close99.250Aug 27, 2026Close99.250Aug 28, 2026Close99.125Aug 31, 2026Close99.125Sep 1, 2026Close99.094Sep 2, 2026Close99.094Sep 3, 2026Close99.188Sep 4, 2026Close99.156Sep 8, 2026Close99.125Sep 9, 2026Close99.125
The most recent 20 trading days of prices for 91282CPE5.
DateBidOfferClose
Sep 9, 202699.12599.12599.125
Sep 8, 202699.14199.12599.125
Sep 4, 202699.17299.15699.156
Sep 3, 202699.18899.18899.188
Sep 2, 202699.10999.09499.094
Sep 1, 202699.10999.09499.094
Aug 31, 202699.14199.12599.125
Aug 28, 202699.15699.15699.125
Aug 27, 202699.26699.25099.250
Aug 26, 202699.26699.25099.250
Aug 25, 202699.28199.28199.281
Aug 24, 202699.26699.25099.219
Aug 21, 202699.23499.21999.250
Aug 20, 202699.29799.28199.281
Aug 19, 202699.28199.28199.281
Aug 18, 202699.29799.28199.281
Aug 17, 202699.29799.28199.281
Aug 14, 202699.31399.31399.281
Aug 13, 202699.31399.31399.313
Aug 12, 202699.25099.25099.250

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 91282CPE5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2025Oct 31, 2025New issue$69.0bn$73.0bn2.59x3.504%

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.