Treasury note

91282CPN5 · 3.5% due November 30, 2030

Original term
5-Year
Maturity
Nov 30, 2030
Coupon
3.500%
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
$78.00bn
Held stripped
$12.4m
Share stripped
0.02%

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
4.593%
Modified duration
3.828 yr
DV01
0.0371
Convexity
17.273
Dirty price
96.819

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 3.915 years against a modified duration of 3.828.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.27 cents per 100 of face.

That is 0.42 standard deviations from its own typical residual.

Yield to maturity, 195 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 1, 2025Sep 9, 2026Dec 1, 2025Yield to maturity3.673%Dec 2, 2025Yield to maturity3.659%Dec 3, 2025Yield to maturity3.624%Dec 4, 2025Yield to maturity3.680%Dec 5, 2025Yield to maturity3.715%Dec 8, 2025Yield to maturity3.750%Dec 9, 2025Yield to maturity3.778%Dec 10, 2025Yield to maturity3.715%Dec 11, 2025Yield to maturity3.715%Dec 12, 2025Yield to maturity3.750%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 maturity3.695%Dec 22, 2025Yield to maturity3.709%Dec 23, 2025Yield to maturity3.737%Dec 24, 2025Yield to maturity3.716%Dec 26, 2025Yield to maturity3.689%Dec 29, 2025Yield to maturity3.668%Dec 30, 2025Yield to maturity3.675%Dec 31, 2025Yield to maturity3.724%Jan 2, 2026Yield to maturity3.732%Jan 5, 2026Yield to maturity3.703%Jan 6, 2026Yield to maturity3.711%Jan 7, 2026Yield to maturity3.689%Jan 8, 2026Yield to maturity3.732%Jan 9, 2026Yield to maturity3.747%Jan 12, 2026Yield to maturity3.754%Jan 13, 2026Yield to maturity3.740%Jan 14, 2026Yield to maturity3.711%Jan 15, 2026Yield to maturity3.761%Jan 16, 2026Yield to maturity3.819%Jan 20, 2026Yield to maturity3.855%Jan 21, 2026Yield to maturity3.827%Jan 22, 2026Yield to maturity3.841%Jan 23, 2026Yield to maturity3.827%Jan 26, 2026Yield to maturity3.813%Jan 27, 2026Yield to maturity3.813%Jan 28, 2026Yield to maturity3.835%Jan 29, 2026Yield to maturity3.792%Jan 30, 2026Yield to maturity3.785%Feb 2, 2026Yield to maturity3.821%Feb 3, 2026Yield to maturity3.821%Feb 4, 2026Yield to maturity3.829%Feb 5, 2026Yield to maturity3.728%Feb 6, 2026Yield to maturity3.743%Feb 9, 2026Yield to maturity3.736%Feb 10, 2026Yield to maturity3.685%Feb 11, 2026Yield to maturity3.736%Feb 12, 2026Yield to maturity3.657%Feb 13, 2026Yield to maturity3.592%Feb 17, 2026Yield to maturity3.614%Feb 18, 2026Yield to maturity3.643%Feb 19, 2026Yield to maturity3.636%Feb 20, 2026Yield to maturity3.636%Feb 23, 2026Yield to maturity3.571%Feb 24, 2026Yield to maturity3.593%Feb 25, 2026Yield to maturity3.607%Feb 26, 2026Yield to maturity3.571%Feb 27, 2026Yield to maturity3.514%Mar 2, 2026Yield to maturity3.607%Mar 3, 2026Yield to maturity3.629%Mar 4, 2026Yield to maturity3.666%Mar 5, 2026Yield to maturity3.709%Mar 6, 2026Yield to maturity3.717%Mar 9, 2026Yield to maturity3.695%Mar 10, 2026Yield to maturity3.717%Mar 11, 2026Yield to maturity3.776%Mar 12, 2026Yield to maturity3.872%Mar 13, 2026Yield to maturity3.865%Mar 16, 2026Yield to maturity3.799%Mar 17, 2026Yield to maturity3.777%Mar 18, 2026Yield to maturity3.866%Mar 19, 2026Yield to maturity3.881%Mar 20, 2026Yield to maturity4.015%Mar 23, 2026Yield to maturity3.956%Mar 24, 2026Yield to maturity4.031%Mar 25, 2026Yield to maturity3.971%Mar 26, 2026Yield to maturity4.092%Mar 27, 2026Yield to maturity4.055%Mar 30, 2026Yield to maturity3.965%Mar 31, 2026Yield to maturity3.913%Apr 1, 2026Yield to maturity3.951%Apr 2, 2026Yield to maturity3.929%Apr 3, 2026Yield to maturity3.974%Apr 6, 2026Yield to maturity3.975%Apr 7, 2026Yield to maturity3.945%Apr 8, 2026Yield to maturity3.908%Apr 9, 2026Yield to maturity3.900%Apr 10, 2026Yield to maturity3.931%Apr 13, 2026Yield to maturity3.909%Apr 14, 2026Yield to maturity3.856%Apr 15, 2026Yield to maturity3.887%Apr 16, 2026Yield to maturity3.902%Apr 17, 2026Yield to maturity3.835%Apr 20, 2026Yield to maturity3.843%Apr 21, 2026Yield to maturity3.896%Apr 22, 2026Yield to maturity3.903%Apr 23, 2026Yield to maturity3.949%Apr 24, 2026Yield to maturity3.904%Apr 27, 2026Yield to maturity3.935%Apr 28, 2026Yield to maturity3.965%Apr 29, 2026Yield to maturity4.042%Apr 30, 2026Yield to maturity4.004%May 1, 2026Yield to maturity4.005%May 4, 2026Yield to maturity4.074%May 5, 2026Yield to maturity4.059%May 6, 2026Yield to maturity3.983%May 7, 2026Yield to maturity4.029%May 8, 2026Yield to maturity4.007%May 11, 2026Yield to maturity4.061%May 12, 2026Yield to maturity4.115%May 13, 2026Yield to maturity4.108%May 14, 2026Yield to maturity4.124%May 15, 2026Yield to maturity4.249%May 18, 2026Yield to maturity4.257%May 19, 2026Yield to maturity4.320%May 20, 2026Yield to maturity4.212%May 21, 2026Yield to maturity4.235%May 22, 2026Yield to maturity4.261%May 26, 2026Yield to maturity4.183%May 27, 2026Yield to maturity4.168%May 28, 2026Yield to maturity4.152%May 29, 2026Yield to maturity4.130%Jun 1, 2026Yield to maturity4.177%Jun 2, 2026Yield to maturity4.170%Jun 3, 2026Yield to maturity4.202%Jun 4, 2026Yield to maturity4.178%Jun 5, 2026Yield to maturity4.282%Jun 8, 2026Yield to maturity4.282%Jun 9, 2026Yield to maturity4.251%Jun 10, 2026Yield to maturity4.259%Jun 11, 2026Yield to maturity4.173%Jun 12, 2026Yield to maturity4.206%Jun 15, 2026Yield to maturity4.175%Jun 16, 2026Yield to maturity4.143%Jun 17, 2026Yield to maturity4.270%Jun 18, 2026Yield to maturity4.232%Jun 22, 2026Yield to maturity4.288%Jun 23, 2026Yield to maturity4.265%Jun 24, 2026Yield to maturity4.178%Jun 25, 2026Yield to maturity4.154%Jun 26, 2026Yield to maturity4.124%Jun 29, 2026Yield to maturity4.140%Jun 30, 2026Yield to maturity4.196%Jul 1, 2026Yield to maturity4.236%Jul 2, 2026Yield to maturity4.222%Jul 6, 2026Yield to maturity4.198%Jul 7, 2026Yield to maturity4.271%Jul 8, 2026Yield to maturity4.295%Jul 9, 2026Yield to maturity4.256%Jul 10, 2026Yield to maturity4.297%Jul 13, 2026Yield to maturity4.362%Jul 14, 2026Yield to maturity4.298%Jul 15, 2026Yield to maturity4.242%Jul 16, 2026Yield to maturity4.267%Jul 17, 2026Yield to maturity4.268%Jul 20, 2026Yield to maturity4.317%Jul 21, 2026Yield to maturity4.366%Jul 22, 2026Yield to maturity4.407%Jul 23, 2026Yield to maturity4.456%Jul 24, 2026Yield to maturity4.417%Jul 27, 2026Yield to maturity4.401%Jul 28, 2026Yield to maturity4.353%Jul 29, 2026Yield to maturity4.362%Jul 30, 2026Yield to maturity4.370%Jul 31, 2026Yield to maturity4.437%Aug 3, 2026Yield to maturity4.389%Aug 4, 2026Yield to maturity4.324%Aug 5, 2026Yield to maturity4.316%Aug 6, 2026Yield to maturity4.382%Aug 7, 2026Yield to maturity4.334%Aug 10, 2026Yield to maturity4.392%Aug 11, 2026Yield to maturity4.376%Aug 12, 2026Yield to maturity4.352%Aug 13, 2026Yield to maturity4.295%Aug 14, 2026Yield to maturity4.338%Aug 17, 2026Yield to maturity4.347%Aug 18, 2026Yield to maturity4.347%Aug 19, 2026Yield to maturity4.331%Aug 20, 2026Yield to maturity4.356%Aug 21, 2026Yield to maturity4.407%Aug 24, 2026Yield to maturity4.391%Aug 25, 2026Yield to maturity4.334%Aug 26, 2026Yield to maturity4.359%Aug 27, 2026Yield to maturity4.376%Aug 28, 2026Yield to maturity4.478%Aug 31, 2026Yield to maturity4.478%Sep 1, 2026Yield to maturity4.538%Sep 2, 2026Yield to maturity4.530%Sep 3, 2026Yield to maturity4.497%Sep 4, 2026Yield to maturity4.524%Sep 8, 2026Yield to maturity4.550%Sep 9, 2026Yield to maturity4.593%

Price history

195 trading days to Sep 9, 2026

9596979899100Dec 1, 2025Sep 9, 2026Dec 1, 2025Close99.219Dec 2, 2025Close99.281Dec 3, 2025Close99.438Dec 4, 2025Close99.188Dec 5, 2025Close99.031Dec 8, 2025Close98.875Dec 9, 2025Close98.750Dec 10, 2025Close99.031Dec 11, 2025Close99.031Dec 12, 2025Close98.875Dec 15, 2025Close98.969Dec 16, 2025Close99.156Dec 17, 2025Close99.125Dec 18, 2025Close99.281Dec 19, 2025Close99.125Dec 22, 2025Close99.063Dec 23, 2025Close98.938Dec 24, 2025Close99.031Dec 26, 2025Close99.156Dec 29, 2025Close99.250Dec 30, 2025Close99.219Dec 31, 2025Close99.000Jan 2, 2026Close98.969Jan 5, 2026Close99.094Jan 6, 2026Close99.063Jan 7, 2026Close99.156Jan 8, 2026Close98.969Jan 9, 2026Close98.906Jan 12, 2026Close98.875Jan 13, 2026Close98.938Jan 14, 2026Close99.063Jan 15, 2026Close98.844Jan 16, 2026Close98.594Jan 20, 2026Close98.438Jan 21, 2026Close98.563Jan 22, 2026Close98.500Jan 23, 2026Close98.563Jan 26, 2026Close98.625Jan 27, 2026Close98.625Jan 28, 2026Close98.531Jan 29, 2026Close98.719Jan 30, 2026Close98.750Feb 2, 2026Close98.594Feb 3, 2026Close98.594Feb 4, 2026Close98.563Feb 5, 2026Close99.000Feb 6, 2026Close98.938Feb 9, 2026Close98.969Feb 10, 2026Close99.188Feb 11, 2026Close98.969Feb 12, 2026Close99.313Feb 13, 2026Close99.594Feb 17, 2026Close99.500Feb 18, 2026Close99.375Feb 19, 2026Close99.406Feb 20, 2026Close99.406Feb 23, 2026Close99.688Feb 24, 2026Close99.594Feb 25, 2026Close99.531Feb 26, 2026Close99.688Feb 27, 2026Close99.938Mar 2, 2026Close99.531Mar 3, 2026Close99.438Mar 4, 2026Close99.281Mar 5, 2026Close99.094Mar 6, 2026Close99.063Mar 9, 2026Close99.156Mar 10, 2026Close99.063Mar 11, 2026Close98.813Mar 12, 2026Close98.406Mar 13, 2026Close98.438Mar 16, 2026Close98.719Mar 17, 2026Close98.813Mar 18, 2026Close98.438Mar 19, 2026Close98.375Mar 20, 2026Close97.813Mar 23, 2026Close98.063Mar 24, 2026Close97.750Mar 25, 2026Close98.000Mar 26, 2026Close97.500Mar 27, 2026Close97.656Mar 30, 2026Close98.031Mar 31, 2026Close98.250Apr 1, 2026Close98.094Apr 2, 2026Close98.188Apr 3, 2026Close98.000Apr 6, 2026Close98.000Apr 7, 2026Close98.125Apr 8, 2026Close98.281Apr 9, 2026Close98.313Apr 10, 2026Close98.188Apr 13, 2026Close98.281Apr 14, 2026Close98.500Apr 15, 2026Close98.375Apr 16, 2026Close98.313Apr 17, 2026Close98.594Apr 20, 2026Close98.563Apr 21, 2026Close98.344Apr 22, 2026Close98.313Apr 23, 2026Close98.125Apr 24, 2026Close98.313Apr 27, 2026Close98.188Apr 28, 2026Close98.063Apr 29, 2026Close97.750Apr 30, 2026Close97.906May 1, 2026Close97.906May 4, 2026Close97.625May 5, 2026Close97.688May 6, 2026Close98.000May 7, 2026Close97.813May 8, 2026Close97.906May 11, 2026Close97.688May 12, 2026Close97.469May 13, 2026Close97.500May 14, 2026Close97.438May 15, 2026Close96.938May 18, 2026Close96.906May 19, 2026Close96.656May 20, 2026Close97.094May 21, 2026Close97.000May 22, 2026Close96.906May 26, 2026Close97.219May 27, 2026Close97.281May 28, 2026Close97.344May 29, 2026Close97.438Jun 1, 2026Close97.250Jun 2, 2026Close97.281Jun 3, 2026Close97.156Jun 4, 2026Close97.250Jun 5, 2026Close96.844Jun 8, 2026Close96.844Jun 9, 2026Close96.969Jun 10, 2026Close96.938Jun 11, 2026Close97.281Jun 12, 2026Close97.156Jun 15, 2026Close97.281Jun 16, 2026Close97.406Jun 17, 2026Close96.906Jun 18, 2026Close97.063Jun 22, 2026Close96.844Jun 23, 2026Close96.938Jun 24, 2026Close97.281Jun 25, 2026Close97.375Jun 26, 2026Close97.500Jun 29, 2026Close97.438Jun 30, 2026Close97.219Jul 1, 2026Close97.063Jul 2, 2026Close97.125Jul 6, 2026Close97.219Jul 7, 2026Close96.938Jul 8, 2026Close96.844Jul 9, 2026Close97.000Jul 10, 2026Close96.844Jul 13, 2026Close96.594Jul 14, 2026Close96.844Jul 15, 2026Close97.063Jul 16, 2026Close96.969Jul 17, 2026Close96.969Jul 20, 2026Close96.781Jul 21, 2026Close96.594Jul 22, 2026Close96.438Jul 23, 2026Close96.250Jul 24, 2026Close96.406Jul 27, 2026Close96.469Jul 28, 2026Close96.656Jul 29, 2026Close96.625Jul 30, 2026Close96.594Jul 31, 2026Close96.344Aug 3, 2026Close96.531Aug 4, 2026Close96.781Aug 5, 2026Close96.813Aug 6, 2026Close96.563Aug 7, 2026Close96.750Aug 10, 2026Close96.531Aug 11, 2026Close96.594Aug 12, 2026Close96.688Aug 13, 2026Close96.906Aug 14, 2026Close96.750Aug 17, 2026Close96.719Aug 18, 2026Close96.719Aug 19, 2026Close96.781Aug 20, 2026Close96.688Aug 21, 2026Close96.500Aug 24, 2026Close96.563Aug 25, 2026Close96.781Aug 26, 2026Close96.688Aug 27, 2026Close96.625Aug 28, 2026Close96.250Aug 31, 2026Close96.250Sep 1, 2026Close96.031Sep 2, 2026Close96.063Sep 3, 2026Close96.188Sep 4, 2026Close96.094Sep 8, 2026Close96.000Sep 9, 2026Close95.844
The most recent 20 trading days of prices for 91282CPN5.
DateBidOfferClose
Sep 9, 202695.85995.84495.844
Sep 8, 202696.04796.03196.000
Sep 4, 202696.12596.12596.094
Sep 3, 202696.28196.28196.188
Sep 2, 202696.04796.03196.063
Sep 1, 202696.15696.15696.031
Aug 31, 202696.23496.21996.250
Aug 28, 202696.37596.37596.250
Aug 27, 202696.71996.71996.625
Aug 26, 202696.71996.71996.688
Aug 25, 202696.78196.78196.781
Aug 24, 202696.64196.62596.563
Aug 21, 202696.51696.50096.500
Aug 20, 202696.67296.65696.688
Aug 19, 202696.75096.75096.781
Aug 18, 202696.73496.71996.719
Aug 17, 202696.75096.75096.719
Aug 14, 202696.82896.81396.750
Aug 13, 202696.89196.87596.906
Aug 12, 202696.73496.71996.688

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 91282CPN5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 25, 2025Dec 1, 2025New issue$70.0bn$78.0bn2.41x3.562%

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.