Treasury note

91282CPL9 · 3.375% due November 30, 2027

Original term
2-Year
Maturity
Nov 30, 2027
Coupon
3.375%
Pays
Semi-Annual
Dated
Nov 30, 2025
First coupon
May 31, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$76.37bn
Held stripped
$4.8m
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
4.327%
Modified duration
1.171 yr
DV01
0.0117
Convexity
1.964
Dirty price
99.816

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 1.197 years against a modified duration of 1.171.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 3.45 cents per 100 of face.

That is 1.37 standard deviations from its own typical residual.

Yield to maturity, 195 observations

3.4%3.6%3.8%4.0%4.2%4.4%Dec 1, 2025Sep 9, 2026Dec 1, 2025Yield to maturity3.539%Dec 2, 2025Yield to maturity3.506%Dec 3, 2025Yield to maturity3.490%Dec 4, 2025Yield to maturity3.523%Dec 5, 2025Yield to maturity3.556%Dec 8, 2025Yield to maturity3.573%Dec 9, 2025Yield to maturity3.606%Dec 10, 2025Yield to maturity3.540%Dec 11, 2025Yield to maturity3.524%Dec 12, 2025Yield to maturity3.524%Dec 15, 2025Yield to maturity3.508%Dec 16, 2025Yield to maturity3.474%Dec 17, 2025Yield to maturity3.491%Dec 18, 2025Yield to maturity3.458%Dec 19, 2025Yield to maturity3.475%Dec 22, 2025Yield to maturity3.509%Dec 23, 2025Yield to maturity3.543%Dec 24, 2025Yield to maturity3.526%Dec 26, 2025Yield to maturity3.493%Dec 29, 2025Yield to maturity3.476%Dec 30, 2025Yield to maturity3.459%Dec 31, 2025Yield to maturity3.476%Jan 2, 2026Yield to maturity3.477%Jan 5, 2026Yield to maturity3.459%Jan 6, 2026Yield to maturity3.477%Jan 7, 2026Yield to maturity3.477%Jan 8, 2026Yield to maturity3.494%Jan 9, 2026Yield to maturity3.547%Jan 12, 2026Yield to maturity3.547%Jan 13, 2026Yield to maturity3.530%Jan 14, 2026Yield to maturity3.512%Jan 15, 2026Yield to maturity3.565%Jan 16, 2026Yield to maturity3.601%Jan 20, 2026Yield to maturity3.601%Jan 21, 2026Yield to maturity3.602%Jan 22, 2026Yield to maturity3.602%Jan 23, 2026Yield to maturity3.603%Jan 26, 2026Yield to maturity3.586%Jan 27, 2026Yield to maturity3.568%Jan 28, 2026Yield to maturity3.586%Jan 29, 2026Yield to maturity3.551%Jan 30, 2026Yield to maturity3.516%Feb 2, 2026Yield to maturity3.570%Feb 3, 2026Yield to maturity3.570%Feb 4, 2026Yield to maturity3.570%Feb 5, 2026Yield to maturity3.481%Feb 6, 2026Yield to maturity3.499%Feb 9, 2026Yield to maturity3.481%Feb 10, 2026Yield to maturity3.463%Feb 11, 2026Yield to maturity3.518%Feb 12, 2026Yield to maturity3.464%Feb 13, 2026Yield to maturity3.409%Feb 17, 2026Yield to maturity3.446%Feb 18, 2026Yield to maturity3.464%Feb 19, 2026Yield to maturity3.483%Feb 20, 2026Yield to maturity3.483%Feb 23, 2026Yield to maturity3.447%Feb 24, 2026Yield to maturity3.484%Feb 25, 2026Yield to maturity3.484%Feb 26, 2026Yield to maturity3.465%Feb 27, 2026Yield to maturity3.410%Mar 2, 2026Yield to maturity3.503%Mar 3, 2026Yield to maturity3.522%Mar 4, 2026Yield to maturity3.560%Mar 5, 2026Yield to maturity3.579%Mar 6, 2026Yield to maturity3.580%Mar 9, 2026Yield to maturity3.580%Mar 10, 2026Yield to maturity3.599%Mar 11, 2026Yield to maturity3.656%Mar 12, 2026Yield to maturity3.771%Mar 13, 2026Yield to maturity3.754%Mar 16, 2026Yield to maturity3.697%Mar 17, 2026Yield to maturity3.697%Mar 18, 2026Yield to maturity3.775%Mar 19, 2026Yield to maturity3.814%Mar 20, 2026Yield to maturity3.932%Mar 23, 2026Yield to maturity3.875%Mar 24, 2026Yield to maturity3.954%Mar 25, 2026Yield to maturity3.915%Mar 26, 2026Yield to maturity4.014%Mar 27, 2026Yield to maturity3.939%Mar 30, 2026Yield to maturity3.861%Mar 31, 2026Yield to maturity3.823%Apr 1, 2026Yield to maturity3.843%Apr 2, 2026Yield to maturity3.824%Apr 3, 2026Yield to maturity3.866%Apr 6, 2026Yield to maturity3.887%Apr 7, 2026Yield to maturity3.848%Apr 8, 2026Yield to maturity3.829%Apr 9, 2026Yield to maturity3.809%Apr 10, 2026Yield to maturity3.832%Apr 13, 2026Yield to maturity3.812%Apr 14, 2026Yield to maturity3.773%Apr 15, 2026Yield to maturity3.794%Apr 16, 2026Yield to maturity3.794%Apr 17, 2026Yield to maturity3.736%Apr 20, 2026Yield to maturity3.737%Apr 21, 2026Yield to maturity3.798%Apr 22, 2026Yield to maturity3.799%Apr 23, 2026Yield to maturity3.840%Apr 24, 2026Yield to maturity3.781%Apr 27, 2026Yield to maturity3.803%Apr 28, 2026Yield to maturity3.844%Apr 29, 2026Yield to maturity3.928%Apr 30, 2026Yield to maturity3.867%May 1, 2026Yield to maturity3.890%May 4, 2026Yield to maturity3.953%May 5, 2026Yield to maturity3.934%May 6, 2026Yield to maturity3.872%May 7, 2026Yield to maturity3.915%May 8, 2026Yield to maturity3.897%May 11, 2026Yield to maturity3.940%May 12, 2026Yield to maturity3.962%May 13, 2026Yield to maturity3.963%May 14, 2026Yield to maturity3.985%May 15, 2026Yield to maturity4.031%May 18, 2026Yield to maturity4.032%May 19, 2026Yield to maturity4.076%May 20, 2026Yield to maturity4.013%May 21, 2026Yield to maturity4.036%May 22, 2026Yield to maturity4.106%May 26, 2026Yield to maturity4.020%May 27, 2026Yield to maturity4.000%May 28, 2026Yield to maturity4.001%May 29, 2026Yield to maturity3.983%Jun 1, 2026Yield to maturity4.006%Jun 2, 2026Yield to maturity4.029%Jun 3, 2026Yield to maturity4.052%Jun 4, 2026Yield to maturity4.009%Jun 5, 2026Yield to maturity4.123%Jun 8, 2026Yield to maturity4.124%Jun 9, 2026Yield to maturity4.103%Jun 10, 2026Yield to maturity4.104%Jun 11, 2026Yield to maturity4.016%Jun 12, 2026Yield to maturity4.065%Jun 15, 2026Yield to maturity4.043%Jun 16, 2026Yield to maturity4.022%Jun 17, 2026Yield to maturity4.181%Jun 18, 2026Yield to maturity4.187%Jun 22, 2026Yield to maturity4.234%Jun 23, 2026Yield to maturity4.190%Jun 24, 2026Yield to maturity4.146%Jun 25, 2026Yield to maturity4.124%Jun 26, 2026Yield to maturity4.105%Jun 29, 2026Yield to maturity4.106%Jun 30, 2026Yield to maturity4.154%Jul 1, 2026Yield to maturity4.179%Jul 2, 2026Yield to maturity4.138%Jul 6, 2026Yield to maturity4.116%Jul 7, 2026Yield to maturity4.188%Jul 8, 2026Yield to maturity4.189%Jul 9, 2026Yield to maturity4.144%Jul 10, 2026Yield to maturity4.195%Jul 13, 2026Yield to maturity4.244%Jul 14, 2026Yield to maturity4.151%Jul 15, 2026Yield to maturity4.105%Jul 16, 2026Yield to maturity4.130%Jul 17, 2026Yield to maturity4.158%Jul 20, 2026Yield to maturity4.184%Jul 21, 2026Yield to maturity4.233%Jul 22, 2026Yield to maturity4.283%Jul 23, 2026Yield to maturity4.309%Jul 24, 2026Yield to maturity4.291%Jul 27, 2026Yield to maturity4.292%Jul 28, 2026Yield to maturity4.245%Jul 29, 2026Yield to maturity4.198%Jul 30, 2026Yield to maturity4.200%Jul 31, 2026Yield to maturity4.229%Aug 3, 2026Yield to maturity4.206%Aug 4, 2026Yield to maturity4.158%Aug 5, 2026Yield to maturity4.160%Aug 6, 2026Yield to maturity4.211%Aug 7, 2026Yield to maturity4.141%Aug 10, 2026Yield to maturity4.193%Aug 11, 2026Yield to maturity4.170%Aug 12, 2026Yield to maturity4.146%Aug 13, 2026Yield to maturity4.097%Aug 14, 2026Yield to maturity4.127%Aug 17, 2026Yield to maturity4.129%Aug 18, 2026Yield to maturity4.130%Aug 19, 2026Yield to maturity4.106%Aug 20, 2026Yield to maturity4.108%Aug 21, 2026Yield to maturity4.164%Aug 24, 2026Yield to maturity4.166%Aug 25, 2026Yield to maturity4.141%Aug 26, 2026Yield to maturity4.169%Aug 27, 2026Yield to maturity4.171%Aug 28, 2026Yield to maturity4.280%Aug 31, 2026Yield to maturity4.282%Sep 1, 2026Yield to maturity4.310%Sep 2, 2026Yield to maturity4.312%Sep 3, 2026Yield to maturity4.262%Sep 4, 2026Yield to maturity4.296%Sep 8, 2026Yield to maturity4.298%Sep 9, 2026Yield to maturity4.327%

Price history

195 trading days to Sep 9, 2026

98.7599.0099.2599.5099.75100.00Dec 1, 2025Sep 9, 2026Dec 1, 2025Close99.688Dec 2, 2025Close99.750Dec 3, 2025Close99.781Dec 4, 2025Close99.719Dec 5, 2025Close99.656Dec 8, 2025Close99.625Dec 9, 2025Close99.563Dec 10, 2025Close99.688Dec 11, 2025Close99.719Dec 12, 2025Close99.719Dec 15, 2025Close99.750Dec 16, 2025Close99.813Dec 17, 2025Close99.781Dec 18, 2025Close99.844Dec 19, 2025Close99.813Dec 22, 2025Close99.750Dec 23, 2025Close99.688Dec 24, 2025Close99.719Dec 26, 2025Close99.781Dec 29, 2025Close99.813Dec 30, 2025Close99.844Dec 31, 2025Close99.813Jan 2, 2026Close99.813Jan 5, 2026Close99.844Jan 6, 2026Close99.813Jan 7, 2026Close99.813Jan 8, 2026Close99.781Jan 9, 2026Close99.688Jan 12, 2026Close99.688Jan 13, 2026Close99.719Jan 14, 2026Close99.750Jan 15, 2026Close99.656Jan 16, 2026Close99.594Jan 20, 2026Close99.594Jan 21, 2026Close99.594Jan 22, 2026Close99.594Jan 23, 2026Close99.594Jan 26, 2026Close99.625Jan 27, 2026Close99.656Jan 28, 2026Close99.625Jan 29, 2026Close99.688Jan 30, 2026Close99.750Feb 2, 2026Close99.656Feb 3, 2026Close99.656Feb 4, 2026Close99.656Feb 5, 2026Close99.813Feb 6, 2026Close99.781Feb 9, 2026Close99.813Feb 10, 2026Close99.844Feb 11, 2026Close99.750Feb 12, 2026Close99.844Feb 13, 2026Close99.938Feb 17, 2026Close99.875Feb 18, 2026Close99.844Feb 19, 2026Close99.813Feb 20, 2026Close99.813Feb 23, 2026Close99.875Feb 24, 2026Close99.813Feb 25, 2026Close99.813Feb 26, 2026Close99.844Feb 27, 2026Close99.938Mar 2, 2026Close99.781Mar 3, 2026Close99.750Mar 4, 2026Close99.688Mar 5, 2026Close99.656Mar 6, 2026Close99.656Mar 9, 2026Close99.656Mar 10, 2026Close99.625Mar 11, 2026Close99.531Mar 12, 2026Close99.344Mar 13, 2026Close99.375Mar 16, 2026Close99.469Mar 17, 2026Close99.469Mar 18, 2026Close99.344Mar 19, 2026Close99.281Mar 20, 2026Close99.094Mar 23, 2026Close99.188Mar 24, 2026Close99.063Mar 25, 2026Close99.125Mar 26, 2026Close98.969Mar 27, 2026Close99.094Mar 30, 2026Close99.219Mar 31, 2026Close99.281Apr 1, 2026Close99.250Apr 2, 2026Close99.281Apr 3, 2026Close99.219Apr 6, 2026Close99.188Apr 7, 2026Close99.250Apr 8, 2026Close99.281Apr 9, 2026Close99.313Apr 10, 2026Close99.281Apr 13, 2026Close99.313Apr 14, 2026Close99.375Apr 15, 2026Close99.344Apr 16, 2026Close99.344Apr 17, 2026Close99.438Apr 20, 2026Close99.438Apr 21, 2026Close99.344Apr 22, 2026Close99.344Apr 23, 2026Close99.281Apr 24, 2026Close99.375Apr 27, 2026Close99.344Apr 28, 2026Close99.281Apr 29, 2026Close99.156Apr 30, 2026Close99.250May 1, 2026Close99.219May 4, 2026Close99.125May 5, 2026Close99.156May 6, 2026Close99.250May 7, 2026Close99.188May 8, 2026Close99.219May 11, 2026Close99.156May 12, 2026Close99.125May 13, 2026Close99.125May 14, 2026Close99.094May 15, 2026Close99.031May 18, 2026Close99.031May 19, 2026Close98.969May 20, 2026Close99.063May 21, 2026Close99.031May 22, 2026Close98.938May 26, 2026Close99.063May 27, 2026Close99.094May 28, 2026Close99.094May 29, 2026Close99.125Jun 1, 2026Close99.094Jun 2, 2026Close99.063Jun 3, 2026Close99.031Jun 4, 2026Close99.094Jun 5, 2026Close98.938Jun 8, 2026Close98.938Jun 9, 2026Close98.969Jun 10, 2026Close98.969Jun 11, 2026Close99.094Jun 12, 2026Close99.031Jun 15, 2026Close99.063Jun 16, 2026Close99.094Jun 17, 2026Close98.875Jun 18, 2026Close98.875Jun 22, 2026Close98.813Jun 23, 2026Close98.875Jun 24, 2026Close98.938Jun 25, 2026Close98.969Jun 26, 2026Close99.000Jun 29, 2026Close99.000Jun 30, 2026Close98.938Jul 1, 2026Close98.906Jul 2, 2026Close98.969Jul 6, 2026Close99.000Jul 7, 2026Close98.906Jul 8, 2026Close98.906Jul 9, 2026Close98.969Jul 10, 2026Close98.906Jul 13, 2026Close98.844Jul 14, 2026Close98.969Jul 15, 2026Close99.031Jul 16, 2026Close99.000Jul 17, 2026Close98.969Jul 20, 2026Close98.938Jul 21, 2026Close98.875Jul 22, 2026Close98.813Jul 23, 2026Close98.781Jul 24, 2026Close98.813Jul 27, 2026Close98.813Jul 28, 2026Close98.875Jul 29, 2026Close98.938Jul 30, 2026Close98.938Jul 31, 2026Close98.906Aug 3, 2026Close98.938Aug 4, 2026Close99.000Aug 5, 2026Close99.000Aug 6, 2026Close98.938Aug 7, 2026Close99.031Aug 10, 2026Close98.969Aug 11, 2026Close99.000Aug 12, 2026Close99.031Aug 13, 2026Close99.094Aug 14, 2026Close99.063Aug 17, 2026Close99.063Aug 18, 2026Close99.063Aug 19, 2026Close99.094Aug 20, 2026Close99.094Aug 21, 2026Close99.031Aug 24, 2026Close99.031Aug 25, 2026Close99.063Aug 26, 2026Close99.031Aug 27, 2026Close99.031Aug 28, 2026Close98.906Aug 31, 2026Close98.906Sep 1, 2026Close98.875Sep 2, 2026Close98.875Sep 3, 2026Close98.938Sep 4, 2026Close98.906Sep 8, 2026Close98.906Sep 9, 2026Close98.875
The most recent 20 trading days of prices for 91282CPL9.
DateBidOfferClose
Sep 9, 202698.89198.87598.875
Sep 8, 202698.92298.90698.906
Sep 4, 202698.93898.93898.906
Sep 3, 202698.95398.93898.938
Sep 2, 202698.89198.87598.875
Sep 1, 202698.89198.87598.875
Aug 31, 202698.92298.90698.906
Aug 28, 202698.92298.90698.906
Aug 27, 202699.06399.06399.031
Aug 26, 202699.06399.06399.031
Aug 25, 202699.07899.06399.063
Aug 24, 202699.04799.03199.031
Aug 21, 202699.03199.03199.031
Aug 20, 202699.09499.09499.094
Aug 19, 202699.07899.06399.094
Aug 18, 202699.07899.06399.063
Aug 17, 202699.09499.09499.063
Aug 14, 202699.10999.09499.063
Aug 13, 202699.09499.09499.094
Aug 12, 202699.04799.03199.031

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 91282CPL9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 24, 2025Dec 1, 2025New issue$69.0bn$76.9bn2.68x3.489%

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.