Treasury note

91282CPQ8 · 3.875% due December 31, 2032

Original term
7-Year
Maturity
Dec 31, 2032
Coupon
3.875%
Pays
Semi-Annual
Dated
Dec 31, 2025
First coupon
Jun 30, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$48.69bn
Held stripped
$1.6m
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
4.684%
Modified duration
5.465 yr
DV01
0.0527
Convexity
34.946
Dirty price
96.383

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 7 of twelve buckets, summing to 5.593 years against a modified duration of 5.465.

Against the fitted curve

Priced 1.8 bp cheap to the curve on that day, 9.74 cents per 100 of face.

That is 0.10 standard deviations from its own typical residual.

Yield to maturity, 174 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Dec 31, 2025Sep 9, 2026Dec 31, 2025Yield to maturity3.942%Jan 2, 2026Yield to maturity3.952%Jan 5, 2026Yield to maturity3.921%Jan 6, 2026Yield to maturity3.932%Jan 7, 2026Yield to maturity3.906%Jan 8, 2026Yield to maturity3.947%Jan 9, 2026Yield to maturity3.952%Jan 12, 2026Yield to maturity3.963%Jan 13, 2026Yield to maturity3.947%Jan 14, 2026Yield to maturity3.916%Jan 15, 2026Yield to maturity3.958%Jan 16, 2026Yield to maturity4.015%Jan 20, 2026Yield to maturity4.073%Jan 21, 2026Yield to maturity4.036%Jan 22, 2026Yield to maturity4.041%Jan 23, 2026Yield to maturity4.026%Jan 26, 2026Yield to maturity4.010%Jan 27, 2026Yield to maturity4.021%Jan 28, 2026Yield to maturity4.042%Jan 29, 2026Yield to maturity4.010%Jan 30, 2026Yield to maturity4.010%Feb 2, 2026Yield to maturity4.042%Feb 3, 2026Yield to maturity4.037%Feb 4, 2026Yield to maturity4.047%Feb 5, 2026Yield to maturity3.958%Feb 6, 2026Yield to maturity3.969%Feb 9, 2026Yield to maturity3.958%Feb 10, 2026Yield to maturity3.911%Feb 11, 2026Yield to maturity3.948%Feb 12, 2026Yield to maturity3.869%Feb 13, 2026Yield to maturity3.801%Feb 17, 2026Yield to maturity3.817%Feb 18, 2026Yield to maturity3.848%Feb 19, 2026Yield to maturity3.838%Feb 20, 2026Yield to maturity3.843%Feb 23, 2026Yield to maturity3.780%Feb 24, 2026Yield to maturity3.796%Feb 25, 2026Yield to maturity3.806%Feb 26, 2026Yield to maturity3.770%Feb 27, 2026Yield to maturity3.712%Mar 2, 2026Yield to maturity3.806%Mar 3, 2026Yield to maturity3.822%Mar 4, 2026Yield to maturity3.859%Mar 5, 2026Yield to maturity3.901%Mar 6, 2026Yield to maturity3.916%Mar 9, 2026Yield to maturity3.890%Mar 10, 2026Yield to maturity3.916%Mar 11, 2026Yield to maturity3.975%Mar 12, 2026Yield to maturity4.055%Mar 13, 2026Yield to maturity4.055%Mar 16, 2026Yield to maturity3.991%Mar 17, 2026Yield to maturity3.970%Mar 18, 2026Yield to maturity4.039%Mar 19, 2026Yield to maturity4.050%Mar 20, 2026Yield to maturity4.195%Mar 23, 2026Yield to maturity4.141%Mar 24, 2026Yield to maturity4.201%Mar 25, 2026Yield to maturity4.141%Mar 26, 2026Yield to maturity4.255%Mar 27, 2026Yield to maturity4.250%Mar 30, 2026Yield to maturity4.147%Mar 31, 2026Yield to maturity4.099%Apr 1, 2026Yield to maturity4.137%Apr 2, 2026Yield to maturity4.110%Apr 3, 2026Yield to maturity4.159%Apr 6, 2026Yield to maturity4.148%Apr 7, 2026Yield to maturity4.121%Apr 8, 2026Yield to maturity4.089%Apr 9, 2026Yield to maturity4.083%Apr 10, 2026Yield to maturity4.111%Apr 13, 2026Yield to maturity4.084%Apr 14, 2026Yield to maturity4.040%Apr 15, 2026Yield to maturity4.062%Apr 16, 2026Yield to maturity4.084%Apr 17, 2026Yield to maturity4.019%Apr 20, 2026Yield to maturity4.025%Apr 21, 2026Yield to maturity4.068%Apr 22, 2026Yield to maturity4.079%Apr 23, 2026Yield to maturity4.117%Apr 24, 2026Yield to maturity4.085%Apr 27, 2026Yield to maturity4.123%Apr 28, 2026Yield to maturity4.145%Apr 29, 2026Yield to maturity4.216%Apr 30, 2026Yield to maturity4.183%May 1, 2026Yield to maturity4.184%May 4, 2026Yield to maturity4.244%May 5, 2026Yield to maturity4.228%May 6, 2026Yield to maturity4.151%May 7, 2026Yield to maturity4.195%May 8, 2026Yield to maturity4.168%May 11, 2026Yield to maturity4.218%May 12, 2026Yield to maturity4.273%May 13, 2026Yield to maturity4.262%May 14, 2026Yield to maturity4.273%May 15, 2026Yield to maturity4.407%May 18, 2026Yield to maturity4.413%May 19, 2026Yield to maturity4.475%May 20, 2026Yield to maturity4.369%May 21, 2026Yield to maturity4.386%May 22, 2026Yield to maturity4.387%May 26, 2026Yield to maturity4.314%May 27, 2026Yield to maturity4.303%May 28, 2026Yield to maturity4.275%May 29, 2026Yield to maturity4.265%Jun 1, 2026Yield to maturity4.298%Jun 2, 2026Yield to maturity4.287%Jun 3, 2026Yield to maturity4.327%Jun 4, 2026Yield to maturity4.305%Jun 5, 2026Yield to maturity4.395%Jun 8, 2026Yield to maturity4.395%Jun 9, 2026Yield to maturity4.367%Jun 10, 2026Yield to maturity4.379%Jun 11, 2026Yield to maturity4.283%Jun 12, 2026Yield to maturity4.317%Jun 15, 2026Yield to maturity4.295%Jun 16, 2026Yield to maturity4.256%Jun 17, 2026Yield to maturity4.352%Jun 18, 2026Yield to maturity4.319%Jun 22, 2026Yield to maturity4.375%Jun 23, 2026Yield to maturity4.359%Jun 24, 2026Yield to maturity4.269%Jun 25, 2026Yield to maturity4.246%Jun 26, 2026Yield to maturity4.219%Jun 29, 2026Yield to maturity4.225%Jun 30, 2026Yield to maturity4.281%Jul 1, 2026Yield to maturity4.326%Jul 2, 2026Yield to maturity4.327%Jul 6, 2026Yield to maturity4.310%Jul 7, 2026Yield to maturity4.378%Jul 8, 2026Yield to maturity4.401%Jul 9, 2026Yield to maturity4.373%Jul 10, 2026Yield to maturity4.396%Jul 13, 2026Yield to maturity4.459%Jul 14, 2026Yield to maturity4.408%Jul 15, 2026Yield to maturity4.362%Jul 16, 2026Yield to maturity4.385%Jul 17, 2026Yield to maturity4.374%Jul 20, 2026Yield to maturity4.420%Jul 21, 2026Yield to maturity4.467%Jul 22, 2026Yield to maturity4.507%Jul 23, 2026Yield to maturity4.548%Jul 24, 2026Yield to maturity4.519%Jul 27, 2026Yield to maturity4.491%Jul 28, 2026Yield to maturity4.445%Jul 29, 2026Yield to maturity4.480%Jul 30, 2026Yield to maturity4.491%Jul 31, 2026Yield to maturity4.556%Aug 3, 2026Yield to maturity4.504%Aug 4, 2026Yield to maturity4.435%Aug 5, 2026Yield to maturity4.435%Aug 6, 2026Yield to maturity4.493%Aug 7, 2026Yield to maturity4.447%Aug 10, 2026Yield to maturity4.517%Aug 11, 2026Yield to maturity4.500%Aug 12, 2026Yield to maturity4.483%Aug 13, 2026Yield to maturity4.425%Aug 14, 2026Yield to maturity4.472%Aug 17, 2026Yield to maturity4.495%Aug 18, 2026Yield to maturity4.484%Aug 19, 2026Yield to maturity4.444%Aug 20, 2026Yield to maturity4.490%Aug 21, 2026Yield to maturity4.532%Aug 24, 2026Yield to maturity4.509%Aug 25, 2026Yield to maturity4.439%Aug 26, 2026Yield to maturity4.474%Aug 27, 2026Yield to maturity4.486%Aug 28, 2026Yield to maturity4.569%Aug 31, 2026Yield to maturity4.586%Sep 1, 2026Yield to maturity4.634%Sep 2, 2026Yield to maturity4.634%Sep 3, 2026Yield to maturity4.605%Sep 4, 2026Yield to maturity4.624%Sep 8, 2026Yield to maturity4.648%Sep 9, 2026Yield to maturity4.684%

Price history

174 trading days to Sep 9, 2026

9596979899100101Dec 31, 2025Sep 9, 2026Dec 31, 2025Close99.594Jan 2, 2026Close99.531Jan 5, 2026Close99.719Jan 6, 2026Close99.656Jan 7, 2026Close99.813Jan 8, 2026Close99.563Jan 9, 2026Close99.531Jan 12, 2026Close99.469Jan 13, 2026Close99.563Jan 14, 2026Close99.750Jan 15, 2026Close99.500Jan 16, 2026Close99.156Jan 20, 2026Close98.813Jan 21, 2026Close99.031Jan 22, 2026Close99.000Jan 23, 2026Close99.094Jan 26, 2026Close99.188Jan 27, 2026Close99.125Jan 28, 2026Close99.000Jan 29, 2026Close99.188Jan 30, 2026Close99.188Feb 2, 2026Close99.000Feb 3, 2026Close99.031Feb 4, 2026Close98.969Feb 5, 2026Close99.500Feb 6, 2026Close99.438Feb 9, 2026Close99.500Feb 10, 2026Close99.781Feb 11, 2026Close99.563Feb 12, 2026Close100.031Feb 13, 2026Close100.438Feb 17, 2026Close100.344Feb 18, 2026Close100.156Feb 19, 2026Close100.219Feb 20, 2026Close100.188Feb 23, 2026Close100.563Feb 24, 2026Close100.469Feb 25, 2026Close100.406Feb 26, 2026Close100.625Feb 27, 2026Close100.969Mar 2, 2026Close100.406Mar 3, 2026Close100.313Mar 4, 2026Close100.094Mar 5, 2026Close99.844Mar 6, 2026Close99.750Mar 9, 2026Close99.906Mar 10, 2026Close99.750Mar 11, 2026Close99.406Mar 12, 2026Close98.938Mar 13, 2026Close98.938Mar 16, 2026Close99.313Mar 17, 2026Close99.438Mar 18, 2026Close99.031Mar 19, 2026Close98.969Mar 20, 2026Close98.125Mar 23, 2026Close98.438Mar 24, 2026Close98.094Mar 25, 2026Close98.438Mar 26, 2026Close97.781Mar 27, 2026Close97.813Mar 30, 2026Close98.406Mar 31, 2026Close98.688Apr 1, 2026Close98.469Apr 2, 2026Close98.625Apr 3, 2026Close98.344Apr 6, 2026Close98.406Apr 7, 2026Close98.563Apr 8, 2026Close98.750Apr 9, 2026Close98.781Apr 10, 2026Close98.625Apr 13, 2026Close98.781Apr 14, 2026Close99.031Apr 15, 2026Close98.906Apr 16, 2026Close98.781Apr 17, 2026Close99.156Apr 20, 2026Close99.125Apr 21, 2026Close98.875Apr 22, 2026Close98.813Apr 23, 2026Close98.594Apr 24, 2026Close98.781Apr 27, 2026Close98.563Apr 28, 2026Close98.438Apr 29, 2026Close98.031Apr 30, 2026Close98.219May 1, 2026Close98.219May 4, 2026Close97.875May 5, 2026Close97.969May 6, 2026Close98.406May 7, 2026Close98.156May 8, 2026Close98.313May 11, 2026Close98.031May 12, 2026Close97.719May 13, 2026Close97.781May 14, 2026Close97.719May 15, 2026Close96.969May 18, 2026Close96.938May 19, 2026Close96.594May 20, 2026Close97.188May 21, 2026Close97.094May 22, 2026Close97.094May 26, 2026Close97.500May 27, 2026Close97.563May 28, 2026Close97.719May 29, 2026Close97.781Jun 1, 2026Close97.594Jun 2, 2026Close97.656Jun 3, 2026Close97.438Jun 4, 2026Close97.563Jun 5, 2026Close97.063Jun 8, 2026Close97.063Jun 9, 2026Close97.219Jun 10, 2026Close97.156Jun 11, 2026Close97.688Jun 12, 2026Close97.500Jun 15, 2026Close97.625Jun 16, 2026Close97.844Jun 17, 2026Close97.313Jun 18, 2026Close97.500Jun 22, 2026Close97.188Jun 23, 2026Close97.281Jun 24, 2026Close97.781Jun 25, 2026Close97.906Jun 26, 2026Close98.063Jun 29, 2026Close98.031Jun 30, 2026Close97.719Jul 1, 2026Close97.469Jul 2, 2026Close97.469Jul 6, 2026Close97.563Jul 7, 2026Close97.188Jul 8, 2026Close97.063Jul 9, 2026Close97.219Jul 10, 2026Close97.094Jul 13, 2026Close96.750Jul 14, 2026Close97.031Jul 15, 2026Close97.281Jul 16, 2026Close97.156Jul 17, 2026Close97.219Jul 20, 2026Close96.969Jul 21, 2026Close96.719Jul 22, 2026Close96.500Jul 23, 2026Close96.281Jul 24, 2026Close96.438Jul 27, 2026Close96.594Jul 28, 2026Close96.844Jul 29, 2026Close96.656Jul 30, 2026Close96.594Jul 31, 2026Close96.250Aug 3, 2026Close96.531Aug 4, 2026Close96.906Aug 5, 2026Close96.906Aug 6, 2026Close96.594Aug 7, 2026Close96.844Aug 10, 2026Close96.469Aug 11, 2026Close96.563Aug 12, 2026Close96.656Aug 13, 2026Close96.969Aug 14, 2026Close96.719Aug 17, 2026Close96.594Aug 18, 2026Close96.656Aug 19, 2026Close96.875Aug 20, 2026Close96.625Aug 21, 2026Close96.406Aug 24, 2026Close96.531Aug 25, 2026Close96.906Aug 26, 2026Close96.719Aug 27, 2026Close96.656Aug 28, 2026Close96.219Aug 31, 2026Close96.125Sep 1, 2026Close95.875Sep 2, 2026Close95.875Sep 3, 2026Close96.031Sep 4, 2026Close95.938Sep 8, 2026Close95.813Sep 9, 2026Close95.625
The most recent 20 trading days of prices for 91282CPQ8.
DateBidOfferClose
Sep 9, 202695.57895.56395.625
Sep 8, 202695.85995.84495.813
Sep 4, 202695.98495.96995.938
Sep 3, 202696.17296.15696.031
Sep 2, 202695.85995.84495.875
Sep 1, 202696.04796.03195.875
Aug 31, 202696.14196.12596.125
Aug 28, 202696.39196.37596.219
Aug 27, 202696.76696.75096.656
Aug 26, 202696.78196.78196.719
Aug 25, 202696.85996.84496.906
Aug 24, 202696.64196.62596.531
Aug 21, 202696.42296.40696.406
Aug 20, 202696.60996.59496.625
Aug 19, 202696.79796.78196.875
Aug 18, 202696.64196.62596.656
Aug 17, 202696.68896.68896.594
Aug 14, 202696.79796.78196.719
Aug 13, 202696.95396.93896.969
Aug 12, 202696.75096.75096.656

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 91282CPQ8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 24, 2025Dec 31, 2025New issue$44.0bn$48.7bn2.51x3.930%

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.