Treasury note

91282CPK1 · 3.5% due November 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$66.83bn
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
4.456%
Modified duration
2.048 yr
DV01
0.0203
Convexity
5.313
Dirty price
99.154

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 2.095 years against a modified duration of 2.048.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 2.12 cents per 100 of face.

That is 0.01 standard deviations from its own typical residual.

Yield to maturity, 204 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Nov 17, 2025Sep 9, 2026Nov 17, 2025Yield to maturity3.600%Nov 18, 2025Yield to maturity3.578%Nov 19, 2025Yield to maturity3.589%Nov 20, 2025Yield to maturity3.555%Nov 21, 2025Yield to maturity3.500%Nov 24, 2025Yield to maturity3.489%Nov 25, 2025Yield to maturity3.455%Nov 26, 2025Yield to maturity3.466%Nov 28, 2025Yield to maturity3.488%Dec 1, 2025Yield to maturity3.544%Dec 2, 2025Yield to maturity3.533%Dec 3, 2025Yield to maturity3.499%Dec 4, 2025Yield to maturity3.545%Dec 5, 2025Yield to maturity3.590%Dec 8, 2025Yield to maturity3.613%Dec 9, 2025Yield to maturity3.647%Dec 10, 2025Yield to maturity3.579%Dec 11, 2025Yield to maturity3.567%Dec 12, 2025Yield to maturity3.590%Dec 15, 2025Yield to maturity3.556%Dec 16, 2025Yield to maturity3.522%Dec 17, 2025Yield to maturity3.533%Dec 18, 2025Yield to maturity3.499%Dec 19, 2025Yield to maturity3.533%Dec 22, 2025Yield to maturity3.556%Dec 23, 2025Yield to maturity3.579%Dec 24, 2025Yield to maturity3.568%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 maturity3.545%Jan 5, 2026Yield to maturity3.522%Jan 6, 2026Yield to maturity3.534%Jan 7, 2026Yield to maturity3.522%Jan 8, 2026Yield to maturity3.557%Jan 9, 2026Yield to maturity3.592%Jan 12, 2026Yield to maturity3.592%Jan 13, 2026Yield to maturity3.569%Jan 14, 2026Yield to maturity3.557%Jan 15, 2026Yield to maturity3.616%Jan 16, 2026Yield to maturity3.652%Jan 20, 2026Yield to maturity3.664%Jan 21, 2026Yield to maturity3.652%Jan 22, 2026Yield to maturity3.664%Jan 23, 2026Yield to maturity3.664%Jan 26, 2026Yield to maturity3.653%Jan 27, 2026Yield to maturity3.629%Jan 28, 2026Yield to maturity3.653%Jan 29, 2026Yield to maturity3.605%Jan 30, 2026Yield to maturity3.594%Feb 2, 2026Yield to maturity3.630%Feb 3, 2026Yield to maturity3.630%Feb 4, 2026Yield to maturity3.630%Feb 5, 2026Yield to maturity3.534%Feb 6, 2026Yield to maturity3.558%Feb 9, 2026Yield to maturity3.546%Feb 10, 2026Yield to maturity3.511%Feb 11, 2026Yield to maturity3.559%Feb 12, 2026Yield to maturity3.499%Feb 13, 2026Yield to maturity3.438%Feb 17, 2026Yield to maturity3.462%Feb 18, 2026Yield to maturity3.499%Feb 19, 2026Yield to maturity3.499%Feb 20, 2026Yield to maturity3.499%Feb 23, 2026Yield to maturity3.438%Feb 24, 2026Yield to maturity3.462%Feb 25, 2026Yield to maturity3.486%Feb 26, 2026Yield to maturity3.450%Feb 27, 2026Yield to maturity3.389%Mar 2, 2026Yield to maturity3.486%Mar 3, 2026Yield to maturity3.511%Mar 4, 2026Yield to maturity3.548%Mar 5, 2026Yield to maturity3.584%Mar 6, 2026Yield to maturity3.585%Mar 9, 2026Yield to maturity3.573%Mar 10, 2026Yield to maturity3.597%Mar 11, 2026Yield to maturity3.659%Mar 12, 2026Yield to maturity3.771%Mar 13, 2026Yield to maturity3.760%Mar 16, 2026Yield to maturity3.697%Mar 17, 2026Yield to maturity3.673%Mar 18, 2026Yield to maturity3.760%Mar 19, 2026Yield to maturity3.798%Mar 20, 2026Yield to maturity3.913%Mar 23, 2026Yield to maturity3.863%Mar 24, 2026Yield to maturity3.939%Mar 25, 2026Yield to maturity3.889%Mar 26, 2026Yield to maturity4.016%Mar 27, 2026Yield to maturity3.941%Mar 30, 2026Yield to maturity3.852%Mar 31, 2026Yield to maturity3.815%Apr 1, 2026Yield to maturity3.841%Apr 2, 2026Yield to maturity3.828%Apr 3, 2026Yield to maturity3.880%Apr 6, 2026Yield to maturity3.881%Apr 7, 2026Yield to maturity3.843%Apr 8, 2026Yield to maturity3.805%Apr 9, 2026Yield to maturity3.805%Apr 10, 2026Yield to maturity3.819%Apr 13, 2026Yield to maturity3.794%Apr 14, 2026Yield to maturity3.768%Apr 15, 2026Yield to maturity3.781%Apr 16, 2026Yield to maturity3.794%Apr 17, 2026Yield to maturity3.718%Apr 20, 2026Yield to maturity3.731%Apr 21, 2026Yield to maturity3.796%Apr 22, 2026Yield to maturity3.809%Apr 23, 2026Yield to maturity3.849%Apr 24, 2026Yield to maturity3.798%Apr 27, 2026Yield to maturity3.824%Apr 28, 2026Yield to maturity3.864%Apr 29, 2026Yield to maturity3.943%Apr 30, 2026Yield to maturity3.904%May 1, 2026Yield to maturity3.905%May 4, 2026Yield to maturity3.985%May 5, 2026Yield to maturity3.959%May 6, 2026Yield to maturity3.894%May 7, 2026Yield to maturity3.947%May 8, 2026Yield to maturity3.922%May 11, 2026Yield to maturity3.976%May 12, 2026Yield to maturity4.016%May 13, 2026Yield to maturity4.017%May 14, 2026Yield to maturity4.031%May 15, 2026Yield to maturity4.140%May 18, 2026Yield to maturity4.127%May 19, 2026Yield to maturity4.181%May 20, 2026Yield to maturity4.088%May 21, 2026Yield to maturity4.129%May 22, 2026Yield to maturity4.172%May 26, 2026Yield to maturity4.091%May 27, 2026Yield to maturity4.078%May 28, 2026Yield to maturity4.065%May 29, 2026Yield to maturity4.053%Jun 1, 2026Yield to maturity4.081%Jun 2, 2026Yield to maturity4.082%Jun 3, 2026Yield to maturity4.123%Jun 4, 2026Yield to maturity4.083%Jun 5, 2026Yield to maturity4.208%Jun 8, 2026Yield to maturity4.195%Jun 9, 2026Yield to maturity4.168%Jun 10, 2026Yield to maturity4.169%Jun 11, 2026Yield to maturity4.087%Jun 12, 2026Yield to maturity4.116%Jun 15, 2026Yield to maturity4.103%Jun 16, 2026Yield to maturity4.076%Jun 17, 2026Yield to maturity4.230%Jun 18, 2026Yield to maturity4.205%Jun 22, 2026Yield to maturity4.261%Jun 23, 2026Yield to maturity4.220%Jun 24, 2026Yield to maturity4.165%Jun 25, 2026Yield to maturity4.138%Jun 26, 2026Yield to maturity4.097%Jun 29, 2026Yield to maturity4.112%Jun 30, 2026Yield to maturity4.155%Jul 1, 2026Yield to maturity4.198%Jul 2, 2026Yield to maturity4.173%Jul 6, 2026Yield to maturity4.145%Jul 7, 2026Yield to maturity4.203%Jul 8, 2026Yield to maturity4.232%Jul 9, 2026Yield to maturity4.190%Jul 10, 2026Yield to maturity4.235%Jul 13, 2026Yield to maturity4.293%Jul 14, 2026Yield to maturity4.222%Jul 15, 2026Yield to maturity4.166%Jul 16, 2026Yield to maturity4.181%Jul 17, 2026Yield to maturity4.197%Jul 20, 2026Yield to maturity4.242%Jul 21, 2026Yield to maturity4.286%Jul 22, 2026Yield to maturity4.330%Jul 23, 2026Yield to maturity4.389%Jul 24, 2026Yield to maturity4.363%Jul 27, 2026Yield to maturity4.349%Jul 28, 2026Yield to maturity4.307%Jul 29, 2026Yield to maturity4.264%Jul 30, 2026Yield to maturity4.279%Jul 31, 2026Yield to maturity4.326%Aug 3, 2026Yield to maturity4.297%Aug 4, 2026Yield to maturity4.239%Aug 5, 2026Yield to maturity4.226%Aug 6, 2026Yield to maturity4.285%Aug 7, 2026Yield to maturity4.229%Aug 10, 2026Yield to maturity4.289%Aug 11, 2026Yield to maturity4.260%Aug 12, 2026Yield to maturity4.232%Aug 13, 2026Yield to maturity4.188%Aug 14, 2026Yield to maturity4.205%Aug 17, 2026Yield to maturity4.206%Aug 18, 2026Yield to maturity4.207%Aug 19, 2026Yield to maturity4.208%Aug 20, 2026Yield to maturity4.223%Aug 21, 2026Yield to maturity4.271%Aug 24, 2026Yield to maturity4.272%Aug 25, 2026Yield to maturity4.228%Aug 26, 2026Yield to maturity4.244%Aug 27, 2026Yield to maturity4.260%Aug 28, 2026Yield to maturity4.368%Aug 31, 2026Yield to maturity4.369%Sep 1, 2026Yield to maturity4.416%Sep 2, 2026Yield to maturity4.402%Sep 3, 2026Yield to maturity4.357%Sep 4, 2026Yield to maturity4.407%Sep 8, 2026Yield to maturity4.424%Sep 9, 2026Yield to maturity4.456%

Price history

204 trading days to Sep 9, 2026

98.0098.5099.0099.50100.00100.50Nov 17, 2025Sep 9, 2026Nov 17, 2025Close99.719Nov 18, 2025Close99.781Nov 19, 2025Close99.750Nov 20, 2025Close99.844Nov 21, 2025Close100.000Nov 24, 2025Close100.031Nov 25, 2025Close100.125Nov 26, 2025Close100.094Nov 28, 2025Close100.031Dec 1, 2025Close99.875Dec 2, 2025Close99.906Dec 3, 2025Close100.000Dec 4, 2025Close99.875Dec 5, 2025Close99.750Dec 8, 2025Close99.688Dec 9, 2025Close99.594Dec 10, 2025Close99.781Dec 11, 2025Close99.813Dec 12, 2025Close99.750Dec 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, 2026Close99.875Jan 5, 2026Close99.938Jan 6, 2026Close99.906Jan 7, 2026Close99.938Jan 8, 2026Close99.844Jan 9, 2026Close99.750Jan 12, 2026Close99.750Jan 13, 2026Close99.813Jan 14, 2026Close99.844Jan 15, 2026Close99.688Jan 16, 2026Close99.594Jan 20, 2026Close99.563Jan 21, 2026Close99.594Jan 22, 2026Close99.563Jan 23, 2026Close99.563Jan 26, 2026Close99.594Jan 27, 2026Close99.656Jan 28, 2026Close99.594Jan 29, 2026Close99.719Jan 30, 2026Close99.750Feb 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, 2026Close100.000Feb 19, 2026Close100.000Feb 20, 2026Close100.000Feb 23, 2026Close100.156Feb 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, 2026Close99.594Mar 12, 2026Close99.313Mar 13, 2026Close99.344Mar 16, 2026Close99.500Mar 17, 2026Close99.563Mar 18, 2026Close99.344Mar 19, 2026Close99.250Mar 20, 2026Close98.969Mar 23, 2026Close99.094Mar 24, 2026Close98.906Mar 25, 2026Close99.031Mar 26, 2026Close98.719Mar 27, 2026Close98.906Mar 30, 2026Close99.125Mar 31, 2026Close99.219Apr 1, 2026Close99.156Apr 2, 2026Close99.188Apr 3, 2026Close99.063Apr 6, 2026Close99.063Apr 7, 2026Close99.156Apr 8, 2026Close99.250Apr 9, 2026Close99.250Apr 10, 2026Close99.219Apr 13, 2026Close99.281Apr 14, 2026Close99.344Apr 15, 2026Close99.313Apr 16, 2026Close99.281Apr 17, 2026Close99.469Apr 20, 2026Close99.438Apr 21, 2026Close99.281Apr 22, 2026Close99.250Apr 23, 2026Close99.156Apr 24, 2026Close99.281Apr 27, 2026Close99.219Apr 28, 2026Close99.125Apr 29, 2026Close98.938Apr 30, 2026Close99.031May 1, 2026Close99.031May 4, 2026Close98.844May 5, 2026Close98.906May 6, 2026Close99.063May 7, 2026Close98.938May 8, 2026Close99.000May 11, 2026Close98.875May 12, 2026Close98.781May 13, 2026Close98.781May 14, 2026Close98.750May 15, 2026Close98.500May 18, 2026Close98.531May 19, 2026Close98.406May 20, 2026Close98.625May 21, 2026Close98.531May 22, 2026Close98.438May 26, 2026Close98.625May 27, 2026Close98.656May 28, 2026Close98.688May 29, 2026Close98.719Jun 1, 2026Close98.656Jun 2, 2026Close98.656Jun 3, 2026Close98.563Jun 4, 2026Close98.656Jun 5, 2026Close98.375Jun 8, 2026Close98.406Jun 9, 2026Close98.469Jun 10, 2026Close98.469Jun 11, 2026Close98.656Jun 12, 2026Close98.594Jun 15, 2026Close98.625Jun 16, 2026Close98.688Jun 17, 2026Close98.344Jun 18, 2026Close98.406Jun 22, 2026Close98.281Jun 23, 2026Close98.375Jun 24, 2026Close98.500Jun 25, 2026Close98.563Jun 26, 2026Close98.656Jun 29, 2026Close98.625Jun 30, 2026Close98.531Jul 1, 2026Close98.438Jul 2, 2026Close98.500Jul 6, 2026Close98.563Jul 7, 2026Close98.438Jul 8, 2026Close98.375Jul 9, 2026Close98.469Jul 10, 2026Close98.375Jul 13, 2026Close98.250Jul 14, 2026Close98.406Jul 15, 2026Close98.531Jul 16, 2026Close98.500Jul 17, 2026Close98.469Jul 20, 2026Close98.375Jul 21, 2026Close98.281Jul 22, 2026Close98.188Jul 23, 2026Close98.063Jul 24, 2026Close98.125Jul 27, 2026Close98.156Jul 28, 2026Close98.250Jul 29, 2026Close98.344Jul 30, 2026Close98.313Jul 31, 2026Close98.219Aug 3, 2026Close98.281Aug 4, 2026Close98.406Aug 5, 2026Close98.438Aug 6, 2026Close98.313Aug 7, 2026Close98.438Aug 10, 2026Close98.313Aug 11, 2026Close98.375Aug 12, 2026Close98.438Aug 13, 2026Close98.531Aug 14, 2026Close98.500Aug 17, 2026Close98.500Aug 18, 2026Close98.500Aug 19, 2026Close98.500Aug 20, 2026Close98.469Aug 21, 2026Close98.375Aug 24, 2026Close98.375Aug 25, 2026Close98.469Aug 26, 2026Close98.438Aug 27, 2026Close98.406Aug 28, 2026Close98.188Aug 31, 2026Close98.188Sep 1, 2026Close98.094Sep 2, 2026Close98.125Sep 3, 2026Close98.219Sep 4, 2026Close98.125Sep 8, 2026Close98.094Sep 9, 2026Close98.031
The most recent 20 trading days of prices for 91282CPK1.
DateBidOfferClose
Sep 9, 202698.04798.03198.031
Sep 8, 202698.12598.12598.094
Sep 4, 202698.15698.15698.125
Sep 3, 202698.23498.21998.219
Sep 2, 202698.10998.09498.125
Sep 1, 202698.15698.15698.094
Aug 31, 202698.20398.18898.188
Aug 28, 202698.23498.21998.188
Aug 27, 202698.45398.43898.406
Aug 26, 202698.45398.43898.438
Aug 25, 202698.48498.46998.469
Aug 24, 202698.42298.40698.375
Aug 21, 202698.39198.37598.375
Aug 20, 202698.48498.46998.469
Aug 19, 202698.48498.46998.500
Aug 18, 202698.50098.50098.500
Aug 17, 202698.51698.50098.500
Aug 14, 202698.54798.53198.500
Aug 13, 202698.54798.53198.531
Aug 12, 202698.45398.43898.438

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 91282CPK1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 10, 2025Nov 17, 2025New issue$58.0bn$67.0bn2.85x3.579%

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.