Treasury note

91282CPP0 · 3.5% due December 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$57.97bn
Held stripped
$56.0m
Share stripped
0.10%

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
4.466%
Modified duration
2.129 yr
DV01
0.0210
Convexity
5.691
Dirty price
98.769

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 2.177 years against a modified duration of 2.129.

Against the fitted curve

Priced 0.7 bp rich to the curve on that day, 1.55 cents per 100 of face.

That is 0.73 standard deviations from its own typical residual.

Yield to maturity, 185 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 15, 2025Sep 9, 2026Dec 15, 2025Yield to maturity3.555%Dec 16, 2025Yield to maturity3.522%Dec 17, 2025Yield to maturity3.533%Dec 18, 2025Yield to maturity3.500%Dec 19, 2025Yield to maturity3.533%Dec 22, 2025Yield to maturity3.556%Dec 23, 2025Yield to maturity3.578%Dec 24, 2025Yield to maturity3.556%Dec 26, 2025Yield to maturity3.533%Dec 29, 2025Yield to maturity3.511%Dec 30, 2025Yield to maturity3.500%Dec 31, 2025Yield to maturity3.545%Jan 2, 2026Yield to maturity3.545%Jan 5, 2026Yield to maturity3.522%Jan 6, 2026Yield to maturity3.533%Jan 7, 2026Yield to maturity3.522%Jan 8, 2026Yield to maturity3.556%Jan 9, 2026Yield to maturity3.590%Jan 12, 2026Yield to maturity3.590%Jan 13, 2026Yield to maturity3.579%Jan 14, 2026Yield to maturity3.556%Jan 15, 2026Yield to maturity3.613%Jan 16, 2026Yield to maturity3.659%Jan 20, 2026Yield to maturity3.671%Jan 21, 2026Yield to maturity3.648%Jan 22, 2026Yield to maturity3.671%Jan 23, 2026Yield to maturity3.660%Jan 26, 2026Yield to maturity3.649%Jan 27, 2026Yield to maturity3.637%Jan 28, 2026Yield to maturity3.649%Jan 29, 2026Yield to maturity3.614%Jan 30, 2026Yield to maturity3.591%Feb 2, 2026Yield to maturity3.626%Feb 3, 2026Yield to maturity3.638%Feb 4, 2026Yield to maturity3.638%Feb 5, 2026Yield to maturity3.534%Feb 6, 2026Yield to maturity3.557%Feb 9, 2026Yield to maturity3.545%Feb 10, 2026Yield to maturity3.510%Feb 11, 2026Yield to maturity3.557%Feb 12, 2026Yield to maturity3.499%Feb 13, 2026Yield to maturity3.429%Feb 17, 2026Yield to maturity3.464%Feb 18, 2026Yield to maturity3.487%Feb 19, 2026Yield to maturity3.487%Feb 20, 2026Yield to maturity3.499%Feb 23, 2026Yield to maturity3.440%Feb 24, 2026Yield to maturity3.463%Feb 25, 2026Yield to maturity3.475%Feb 26, 2026Yield to maturity3.451%Feb 27, 2026Yield to maturity3.380%Mar 2, 2026Yield to maturity3.487%Mar 3, 2026Yield to maturity3.499%Mar 4, 2026Yield to maturity3.546%Mar 5, 2026Yield to maturity3.594%Mar 6, 2026Yield to maturity3.582%Mar 9, 2026Yield to maturity3.570%Mar 10, 2026Yield to maturity3.594%Mar 11, 2026Yield to maturity3.655%Mar 12, 2026Yield to maturity3.763%Mar 13, 2026Yield to maturity3.752%Mar 16, 2026Yield to maturity3.692%Mar 17, 2026Yield to maturity3.667%Mar 18, 2026Yield to maturity3.765%Mar 19, 2026Yield to maturity3.801%Mar 20, 2026Yield to maturity3.912%Mar 23, 2026Yield to maturity3.852%Mar 24, 2026Yield to maturity3.938%Mar 25, 2026Yield to maturity3.889%Mar 26, 2026Yield to maturity4.013%Mar 27, 2026Yield to maturity3.940%Mar 30, 2026Yield to maturity3.854%Mar 31, 2026Yield to maturity3.805%Apr 1, 2026Yield to maturity3.842%Apr 2, 2026Yield to maturity3.818%Apr 3, 2026Yield to maturity3.868%Apr 6, 2026Yield to maturity3.869%Apr 7, 2026Yield to maturity3.844%Apr 8, 2026Yield to maturity3.807%Apr 9, 2026Yield to maturity3.795%Apr 10, 2026Yield to maturity3.821%Apr 13, 2026Yield to maturity3.797%Apr 14, 2026Yield to maturity3.759%Apr 15, 2026Yield to maturity3.772%Apr 16, 2026Yield to maturity3.785%Apr 17, 2026Yield to maturity3.723%Apr 20, 2026Yield to maturity3.723%Apr 21, 2026Yield to maturity3.786%Apr 22, 2026Yield to maturity3.799%Apr 23, 2026Yield to maturity3.837%Apr 24, 2026Yield to maturity3.801%Apr 27, 2026Yield to maturity3.826%Apr 28, 2026Yield to maturity3.865%Apr 29, 2026Yield to maturity3.941%Apr 30, 2026Yield to maturity3.903%May 1, 2026Yield to maturity3.905%May 4, 2026Yield to maturity3.969%May 5, 2026Yield to maturity3.957%May 6, 2026Yield to maturity3.880%May 7, 2026Yield to maturity3.932%May 8, 2026Yield to maturity3.908%May 11, 2026Yield to maturity3.960%May 12, 2026Yield to maturity4.012%May 13, 2026Yield to maturity4.012%May 14, 2026Yield to maturity4.026%May 15, 2026Yield to maturity4.132%May 18, 2026Yield to maturity4.132%May 19, 2026Yield to maturity4.185%May 20, 2026Yield to maturity4.094%May 21, 2026Yield to maturity4.121%May 22, 2026Yield to maturity4.163%May 26, 2026Yield to maturity4.085%May 27, 2026Yield to maturity4.073%May 28, 2026Yield to maturity4.060%May 29, 2026Yield to maturity4.049%Jun 1, 2026Yield to maturity4.089%Jun 2, 2026Yield to maturity4.090%Jun 3, 2026Yield to maturity4.117%Jun 4, 2026Yield to maturity4.091%Jun 5, 2026Yield to maturity4.199%Jun 8, 2026Yield to maturity4.200%Jun 9, 2026Yield to maturity4.161%Jun 10, 2026Yield to maturity4.175%Jun 11, 2026Yield to maturity4.096%Jun 12, 2026Yield to maturity4.124%Jun 15, 2026Yield to maturity4.098%Jun 16, 2026Yield to maturity4.085%Jun 17, 2026Yield to maturity4.234%Jun 18, 2026Yield to maturity4.196%Jun 22, 2026Yield to maturity4.251%Jun 23, 2026Yield to maturity4.225%Jun 24, 2026Yield to maturity4.158%Jun 25, 2026Yield to maturity4.131%Jun 26, 2026Yield to maturity4.106%Jun 29, 2026Yield to maturity4.120%Jun 30, 2026Yield to maturity4.162%Jul 1, 2026Yield to maturity4.190%Jul 2, 2026Yield to maturity4.165%Jul 6, 2026Yield to maturity4.138%Jul 7, 2026Yield to maturity4.208%Jul 8, 2026Yield to maturity4.222%Jul 9, 2026Yield to maturity4.195%Jul 10, 2026Yield to maturity4.239%Jul 13, 2026Yield to maturity4.295%Jul 14, 2026Yield to maturity4.213%Jul 15, 2026Yield to maturity4.158%Jul 16, 2026Yield to maturity4.187%Jul 17, 2026Yield to maturity4.203%Jul 20, 2026Yield to maturity4.245%Jul 21, 2026Yield to maturity4.288%Jul 22, 2026Yield to maturity4.331%Jul 23, 2026Yield to maturity4.388%Jul 24, 2026Yield to maturity4.363%Jul 27, 2026Yield to maturity4.349%Jul 28, 2026Yield to maturity4.294%Jul 29, 2026Yield to maturity4.266%Jul 30, 2026Yield to maturity4.281%Jul 31, 2026Yield to maturity4.327%Aug 3, 2026Yield to maturity4.299%Aug 4, 2026Yield to maturity4.229%Aug 5, 2026Yield to maturity4.230%Aug 6, 2026Yield to maturity4.287%Aug 7, 2026Yield to maturity4.233%Aug 10, 2026Yield to maturity4.291%Aug 11, 2026Yield to maturity4.263%Aug 12, 2026Yield to maturity4.235%Aug 13, 2026Yield to maturity4.179%Aug 14, 2026Yield to maturity4.210%Aug 17, 2026Yield to maturity4.211%Aug 18, 2026Yield to maturity4.211%Aug 19, 2026Yield to maturity4.212%Aug 20, 2026Yield to maturity4.227%Aug 21, 2026Yield to maturity4.273%Aug 24, 2026Yield to maturity4.274%Aug 25, 2026Yield to maturity4.231%Aug 26, 2026Yield to maturity4.247%Aug 27, 2026Yield to maturity4.262%Aug 28, 2026Yield to maturity4.382%Aug 31, 2026Yield to maturity4.368%Sep 1, 2026Yield to maturity4.428%Sep 2, 2026Yield to maturity4.414%Sep 3, 2026Yield to maturity4.371%Sep 4, 2026Yield to maturity4.405%Sep 8, 2026Yield to maturity4.421%Sep 9, 2026Yield to maturity4.466%

Price history

185 trading days to Sep 9, 2026

97.5098.0098.5099.0099.50100.00100.50Dec 15, 2025Sep 9, 2026Dec 15, 2025Close99.844Dec 16, 2025Close99.938Dec 17, 2025Close99.906Dec 18, 2025Close100.000Dec 19, 2025Close99.906Dec 22, 2025Close99.844Dec 23, 2025Close99.781Dec 24, 2025Close99.844Dec 26, 2025Close99.906Dec 29, 2025Close99.969Dec 30, 2025Close100.000Dec 31, 2025Close99.875Jan 2, 2026Close99.875Jan 5, 2026Close99.938Jan 6, 2026Close99.906Jan 7, 2026Close99.938Jan 8, 2026Close99.844Jan 9, 2026Close99.750Jan 12, 2026Close99.750Jan 13, 2026Close99.781Jan 14, 2026Close99.844Jan 15, 2026Close99.688Jan 16, 2026Close99.563Jan 20, 2026Close99.531Jan 21, 2026Close99.594Jan 22, 2026Close99.531Jan 23, 2026Close99.563Jan 26, 2026Close99.594Jan 27, 2026Close99.625Jan 28, 2026Close99.594Jan 29, 2026Close99.688Jan 30, 2026Close99.750Feb 2, 2026Close99.656Feb 3, 2026Close99.625Feb 4, 2026Close99.625Feb 5, 2026Close99.906Feb 6, 2026Close99.844Feb 9, 2026Close99.875Feb 10, 2026Close99.969Feb 11, 2026Close99.844Feb 12, 2026Close100.000Feb 13, 2026Close100.188Feb 17, 2026Close100.094Feb 18, 2026Close100.031Feb 19, 2026Close100.031Feb 20, 2026Close100.000Feb 23, 2026Close100.156Feb 24, 2026Close100.094Feb 25, 2026Close100.063Feb 26, 2026Close100.125Feb 27, 2026Close100.313Mar 2, 2026Close100.031Mar 3, 2026Close100.000Mar 4, 2026Close99.875Mar 5, 2026Close99.750Mar 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, 2026Close99.313Mar 19, 2026Close99.219Mar 20, 2026Close98.938Mar 23, 2026Close99.094Mar 24, 2026Close98.875Mar 25, 2026Close99.000Mar 26, 2026Close98.688Mar 27, 2026Close98.875Mar 30, 2026Close99.094Mar 31, 2026Close99.219Apr 1, 2026Close99.125Apr 2, 2026Close99.188Apr 3, 2026Close99.063Apr 6, 2026Close99.063Apr 7, 2026Close99.125Apr 8, 2026Close99.219Apr 9, 2026Close99.250Apr 10, 2026Close99.188Apr 13, 2026Close99.250Apr 14, 2026Close99.344Apr 15, 2026Close99.313Apr 16, 2026Close99.281Apr 17, 2026Close99.438Apr 20, 2026Close99.438Apr 21, 2026Close99.281Apr 22, 2026Close99.250Apr 23, 2026Close99.156Apr 24, 2026Close99.250Apr 27, 2026Close99.188Apr 28, 2026Close99.094Apr 29, 2026Close98.906Apr 30, 2026Close99.000May 1, 2026Close99.000May 4, 2026Close98.844May 5, 2026Close98.875May 6, 2026Close99.063May 7, 2026Close98.938May 8, 2026Close99.000May 11, 2026Close98.875May 12, 2026Close98.750May 13, 2026Close98.750May 14, 2026Close98.719May 15, 2026Close98.469May 18, 2026Close98.469May 19, 2026Close98.344May 20, 2026Close98.563May 21, 2026Close98.500May 22, 2026Close98.406May 26, 2026Close98.594May 27, 2026Close98.625May 28, 2026Close98.656May 29, 2026Close98.688Jun 1, 2026Close98.594Jun 2, 2026Close98.594Jun 3, 2026Close98.531Jun 4, 2026Close98.594Jun 5, 2026Close98.344Jun 8, 2026Close98.344Jun 9, 2026Close98.438Jun 10, 2026Close98.406Jun 11, 2026Close98.594Jun 12, 2026Close98.531Jun 15, 2026Close98.594Jun 16, 2026Close98.625Jun 17, 2026Close98.281Jun 18, 2026Close98.375Jun 22, 2026Close98.250Jun 23, 2026Close98.313Jun 24, 2026Close98.469Jun 25, 2026Close98.531Jun 26, 2026Close98.594Jun 29, 2026Close98.563Jun 30, 2026Close98.469Jul 1, 2026Close98.406Jul 2, 2026Close98.469Jul 6, 2026Close98.531Jul 7, 2026Close98.375Jul 8, 2026Close98.344Jul 9, 2026Close98.406Jul 10, 2026Close98.313Jul 13, 2026Close98.188Jul 14, 2026Close98.375Jul 15, 2026Close98.500Jul 16, 2026Close98.438Jul 17, 2026Close98.406Jul 20, 2026Close98.313Jul 21, 2026Close98.219Jul 22, 2026Close98.125Jul 23, 2026Close98.000Jul 24, 2026Close98.063Jul 27, 2026Close98.094Jul 28, 2026Close98.219Jul 29, 2026Close98.281Jul 30, 2026Close98.250Jul 31, 2026Close98.156Aug 3, 2026Close98.219Aug 4, 2026Close98.375Aug 5, 2026Close98.375Aug 6, 2026Close98.250Aug 7, 2026Close98.375Aug 10, 2026Close98.250Aug 11, 2026Close98.313Aug 12, 2026Close98.375Aug 13, 2026Close98.500Aug 14, 2026Close98.438Aug 17, 2026Close98.438Aug 18, 2026Close98.438Aug 19, 2026Close98.438Aug 20, 2026Close98.406Aug 21, 2026Close98.313Aug 24, 2026Close98.313Aug 25, 2026Close98.406Aug 26, 2026Close98.375Aug 27, 2026Close98.344Aug 28, 2026Close98.094Aug 31, 2026Close98.125Sep 1, 2026Close98.000Sep 2, 2026Close98.031Sep 3, 2026Close98.125Sep 4, 2026Close98.063Sep 8, 2026Close98.031Sep 9, 2026Close97.938
The most recent 20 trading days of prices for 91282CPP0.
DateBidOfferClose
Sep 9, 202697.95397.93897.938
Sep 8, 202698.04798.03198.031
Sep 4, 202698.07898.06398.063
Sep 3, 202698.17298.15698.125
Sep 2, 202698.03198.03198.031
Sep 1, 202698.07898.06398.000
Aug 31, 202698.14198.12598.125
Aug 28, 202698.17298.15698.094
Aug 27, 202698.39198.37598.344
Aug 26, 202698.39198.37598.375
Aug 25, 202698.42298.40698.406
Aug 24, 202698.35998.34498.313
Aug 21, 202698.31398.31398.313
Aug 20, 202698.42298.40698.406
Aug 19, 202698.42298.40698.438
Aug 18, 202698.43898.43898.438
Aug 17, 202698.45398.43898.438
Aug 14, 202698.48498.46998.438
Aug 13, 202698.50098.50098.500
Aug 12, 202698.39198.37598.375

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 91282CPP0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 8, 2025Dec 15, 2025New issue$58.0bn$58.0bn2.64x3.614%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.