Treasury note

91282CQG9 · 3.875% due March 31, 2031

Original term
5-Year
Maturity
Mar 31, 2031
Coupon
3.875%
Pays
Semi-Annual
Dated
Mar 31, 2026
First coupon
Sep 30, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$77.23bn
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
4.597%
Modified duration
4.047 yr
DV01
0.0400
Convexity
19.467
Dirty price
98.788

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 4.138 years against a modified duration of 4.047.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 2.35 cents per 100 of face.

That is 0.44 standard deviations from its own typical residual.

Yield to maturity, 113 observations

3.8%4.0%4.2%4.4%4.6%Mar 31, 2026Sep 9, 2026Mar 31, 2026Yield to maturity3.924%Apr 1, 2026Yield to maturity3.965%Apr 2, 2026Yield to maturity3.938%Apr 3, 2026Yield to maturity3.986%Apr 6, 2026Yield to maturity3.980%Apr 7, 2026Yield to maturity3.952%Apr 8, 2026Yield to maturity3.917%Apr 9, 2026Yield to maturity3.910%Apr 10, 2026Yield to maturity3.938%Apr 13, 2026Yield to maturity3.917%Apr 14, 2026Yield to maturity3.868%Apr 15, 2026Yield to maturity3.896%Apr 16, 2026Yield to maturity3.910%Apr 17, 2026Yield to maturity3.840%Apr 20, 2026Yield to maturity3.854%Apr 21, 2026Yield to maturity3.903%Apr 22, 2026Yield to maturity3.910%Apr 23, 2026Yield to maturity3.959%Apr 24, 2026Yield to maturity3.910%Apr 27, 2026Yield to maturity3.945%Apr 28, 2026Yield to maturity3.980%Apr 29, 2026Yield to maturity4.058%Apr 30, 2026Yield to maturity4.016%May 1, 2026Yield to maturity4.023%May 4, 2026Yield to maturity4.087%May 5, 2026Yield to maturity4.073%May 6, 2026Yield to maturity3.995%May 7, 2026Yield to maturity4.045%May 8, 2026Yield to maturity4.016%May 11, 2026Yield to maturity4.066%May 12, 2026Yield to maturity4.124%May 13, 2026Yield to maturity4.117%May 14, 2026Yield to maturity4.131%May 15, 2026Yield to maturity4.262%May 18, 2026Yield to maturity4.262%May 19, 2026Yield to maturity4.327%May 20, 2026Yield to maturity4.226%May 21, 2026Yield to maturity4.248%May 22, 2026Yield to maturity4.263%May 26, 2026Yield to maturity4.191%May 27, 2026Yield to maturity4.176%May 28, 2026Yield to maturity4.155%May 29, 2026Yield to maturity4.141%Jun 1, 2026Yield to maturity4.177%Jun 2, 2026Yield to maturity4.170%Jun 3, 2026Yield to maturity4.214%Jun 4, 2026Yield to maturity4.185%Jun 5, 2026Yield to maturity4.288%Jun 8, 2026Yield to maturity4.288%Jun 9, 2026Yield to maturity4.259%Jun 10, 2026Yield to maturity4.266%Jun 11, 2026Yield to maturity4.178%Jun 12, 2026Yield to maturity4.208%Jun 15, 2026Yield to maturity4.179%Jun 16, 2026Yield to maturity4.150%Jun 17, 2026Yield to maturity4.268%Jun 18, 2026Yield to maturity4.231%Jun 22, 2026Yield to maturity4.291%Jun 23, 2026Yield to maturity4.269%Jun 24, 2026Yield to maturity4.188%Jun 25, 2026Yield to maturity4.159%Jun 26, 2026Yield to maturity4.130%Jun 29, 2026Yield to maturity4.144%Jun 30, 2026Yield to maturity4.196%Jul 1, 2026Yield to maturity4.241%Jul 2, 2026Yield to maturity4.227%Jul 6, 2026Yield to maturity4.205%Jul 7, 2026Yield to maturity4.279%Jul 8, 2026Yield to maturity4.302%Jul 9, 2026Yield to maturity4.265%Jul 10, 2026Yield to maturity4.303%Jul 13, 2026Yield to maturity4.363%Jul 14, 2026Yield to maturity4.303%Jul 15, 2026Yield to maturity4.251%Jul 16, 2026Yield to maturity4.274%Jul 17, 2026Yield to maturity4.274%Jul 20, 2026Yield to maturity4.319%Jul 21, 2026Yield to maturity4.365%Jul 22, 2026Yield to maturity4.410%Jul 23, 2026Yield to maturity4.456%Jul 24, 2026Yield to maturity4.427%Jul 27, 2026Yield to maturity4.404%Jul 28, 2026Yield to maturity4.352%Jul 29, 2026Yield to maturity4.367%Jul 30, 2026Yield to maturity4.375%Jul 31, 2026Yield to maturity4.444%Aug 3, 2026Yield to maturity4.391%Aug 4, 2026Yield to maturity4.323%Aug 5, 2026Yield to maturity4.323%Aug 6, 2026Yield to maturity4.384%Aug 7, 2026Yield to maturity4.340%Aug 10, 2026Yield to maturity4.401%Aug 11, 2026Yield to maturity4.386%Aug 12, 2026Yield to maturity4.363%Aug 13, 2026Yield to maturity4.310%Aug 14, 2026Yield to maturity4.349%Aug 17, 2026Yield to maturity4.365%Aug 18, 2026Yield to maturity4.357%Aug 19, 2026Yield to maturity4.335%Aug 20, 2026Yield to maturity4.373%Aug 21, 2026Yield to maturity4.412%Aug 24, 2026Yield to maturity4.397%Aug 25, 2026Yield to maturity4.336%Aug 26, 2026Yield to maturity4.367%Aug 27, 2026Yield to maturity4.383%Aug 28, 2026Yield to maturity4.476%Aug 31, 2026Yield to maturity4.484%Sep 1, 2026Yield to maturity4.539%Sep 2, 2026Yield to maturity4.539%Sep 3, 2026Yield to maturity4.501%Sep 4, 2026Yield to maturity4.533%Sep 8, 2026Yield to maturity4.557%Sep 9, 2026Yield to maturity4.597%

Price history

113 trading days to Sep 9, 2026

97.0097.5098.0098.5099.0099.50100.00100.50Mar 31, 2026Sep 9, 2026Mar 31, 2026Close99.781Apr 1, 2026Close99.594Apr 2, 2026Close99.719Apr 3, 2026Close99.500Apr 6, 2026Close99.531Apr 7, 2026Close99.656Apr 8, 2026Close99.813Apr 9, 2026Close99.844Apr 10, 2026Close99.719Apr 13, 2026Close99.813Apr 14, 2026Close100.031Apr 15, 2026Close99.906Apr 16, 2026Close99.844Apr 17, 2026Close100.156Apr 20, 2026Close100.094Apr 21, 2026Close99.875Apr 22, 2026Close99.844Apr 23, 2026Close99.625Apr 24, 2026Close99.844Apr 27, 2026Close99.688Apr 28, 2026Close99.531Apr 29, 2026Close99.188Apr 30, 2026Close99.375May 1, 2026Close99.344May 4, 2026Close99.063May 5, 2026Close99.125May 6, 2026Close99.469May 7, 2026Close99.250May 8, 2026Close99.375May 11, 2026Close99.156May 12, 2026Close98.906May 13, 2026Close98.938May 14, 2026Close98.875May 15, 2026Close98.313May 18, 2026Close98.313May 19, 2026Close98.031May 20, 2026Close98.469May 21, 2026Close98.375May 22, 2026Close98.313May 26, 2026Close98.625May 27, 2026Close98.688May 28, 2026Close98.781May 29, 2026Close98.844Jun 1, 2026Close98.688Jun 2, 2026Close98.719Jun 3, 2026Close98.531Jun 4, 2026Close98.656Jun 5, 2026Close98.219Jun 8, 2026Close98.219Jun 9, 2026Close98.344Jun 10, 2026Close98.313Jun 11, 2026Close98.688Jun 12, 2026Close98.563Jun 15, 2026Close98.688Jun 16, 2026Close98.813Jun 17, 2026Close98.313Jun 18, 2026Close98.469Jun 22, 2026Close98.219Jun 23, 2026Close98.313Jun 24, 2026Close98.656Jun 25, 2026Close98.781Jun 26, 2026Close98.906Jun 29, 2026Close98.844Jun 30, 2026Close98.625Jul 1, 2026Close98.438Jul 2, 2026Close98.500Jul 6, 2026Close98.594Jul 7, 2026Close98.281Jul 8, 2026Close98.188Jul 9, 2026Close98.344Jul 10, 2026Close98.188Jul 13, 2026Close97.938Jul 14, 2026Close98.188Jul 15, 2026Close98.406Jul 16, 2026Close98.313Jul 17, 2026Close98.313Jul 20, 2026Close98.125Jul 21, 2026Close97.938Jul 22, 2026Close97.750Jul 23, 2026Close97.563Jul 24, 2026Close97.688Jul 27, 2026Close97.781Jul 28, 2026Close98.000Jul 29, 2026Close97.938Jul 30, 2026Close97.906Jul 31, 2026Close97.625Aug 3, 2026Close97.844Aug 4, 2026Close98.125Aug 5, 2026Close98.125Aug 6, 2026Close97.875Aug 7, 2026Close98.063Aug 10, 2026Close97.813Aug 11, 2026Close97.875Aug 12, 2026Close97.969Aug 13, 2026Close98.188Aug 14, 2026Close98.031Aug 17, 2026Close97.969Aug 18, 2026Close98.000Aug 19, 2026Close98.094Aug 20, 2026Close97.938Aug 21, 2026Close97.781Aug 24, 2026Close97.844Aug 25, 2026Close98.094Aug 26, 2026Close97.969Aug 27, 2026Close97.906Aug 28, 2026Close97.531Aug 31, 2026Close97.500Sep 1, 2026Close97.281Sep 2, 2026Close97.281Sep 3, 2026Close97.438Sep 4, 2026Close97.313Sep 8, 2026Close97.219Sep 9, 2026Close97.063
The most recent 20 trading days of prices for 91282CQG9.
DateBidOfferClose
Sep 9, 202697.06397.06397.063
Sep 8, 202697.26697.25097.219
Sep 4, 202697.35997.34497.313
Sep 3, 202697.51697.50097.438
Sep 2, 202697.28197.28197.281
Sep 1, 202697.39197.37597.281
Aug 31, 202697.50097.50097.500
Aug 28, 202697.65697.65697.531
Aug 27, 202698.00098.00097.906
Aug 26, 202698.00098.00097.969
Aug 25, 202698.06398.06398.094
Aug 24, 202697.92297.90697.844
Aug 21, 202697.76697.75097.781
Aug 20, 202697.93897.93897.938
Aug 19, 202698.04798.03198.094
Aug 18, 202698.00098.00098.000
Aug 17, 202698.03198.03197.969
Aug 14, 202698.10998.09498.031
Aug 13, 202698.20398.18898.188
Aug 12, 202698.03198.03197.969

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 91282CQG9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 25, 2026Mar 31, 2026New issue$70.0bn$77.2bn2.29x3.980%

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.