Treasury note

91282CQJ3 · 3.875% due April 15, 2029

Original term
3-Year
Maturity
Apr 15, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Apr 15, 2026
First coupon
Oct 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$68.28bn
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
4.492%
Modified duration
2.401 yr
DV01
0.0240
Convexity
7.170
Dirty price
100.067

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 2.454 years against a modified duration of 2.401.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 2.48 cents per 100 of face.

That is 1.36 standard deviations from its own typical residual.

Yield to maturity, 102 observations

3.6%3.8%4.0%4.2%4.4%4.6%Apr 15, 2026Sep 9, 2026Apr 15, 2026Yield to maturity3.786%Apr 16, 2026Yield to maturity3.797%Apr 17, 2026Yield to maturity3.719%Apr 20, 2026Yield to maturity3.730%Apr 21, 2026Yield to maturity3.796%Apr 22, 2026Yield to maturity3.808%Apr 23, 2026Yield to maturity3.841%Apr 24, 2026Yield to maturity3.796%Apr 27, 2026Yield to maturity3.830%Apr 28, 2026Yield to maturity3.863%Apr 29, 2026Yield to maturity3.942%Apr 30, 2026Yield to maturity3.908%May 1, 2026Yield to maturity3.908%May 4, 2026Yield to maturity3.976%May 5, 2026Yield to maturity3.965%May 6, 2026Yield to maturity3.886%May 7, 2026Yield to maturity3.942%May 8, 2026Yield to maturity3.920%May 11, 2026Yield to maturity3.977%May 12, 2026Yield to maturity4.023%May 13, 2026Yield to maturity4.011%May 14, 2026Yield to maturity4.034%May 15, 2026Yield to maturity4.150%May 18, 2026Yield to maturity4.150%May 19, 2026Yield to maturity4.197%May 20, 2026Yield to maturity4.105%May 21, 2026Yield to maturity4.139%May 22, 2026Yield to maturity4.175%May 26, 2026Yield to maturity4.106%May 27, 2026Yield to maturity4.083%May 28, 2026Yield to maturity4.071%May 29, 2026Yield to maturity4.060%Jun 1, 2026Yield to maturity4.095%Jun 2, 2026Yield to maturity4.095%Jun 3, 2026Yield to maturity4.131%Jun 4, 2026Yield to maturity4.096%Jun 5, 2026Yield to maturity4.214%Jun 8, 2026Yield to maturity4.202%Jun 9, 2026Yield to maturity4.179%Jun 10, 2026Yield to maturity4.179%Jun 11, 2026Yield to maturity4.097%Jun 12, 2026Yield to maturity4.121%Jun 15, 2026Yield to maturity4.098%Jun 16, 2026Yield to maturity4.086%Jun 17, 2026Yield to maturity4.217%Jun 18, 2026Yield to maturity4.194%Jun 22, 2026Yield to maturity4.254%Jun 23, 2026Yield to maturity4.219%Jun 24, 2026Yield to maturity4.147%Jun 25, 2026Yield to maturity4.123%Jun 26, 2026Yield to maturity4.100%Jun 29, 2026Yield to maturity4.112%Jun 30, 2026Yield to maturity4.149%Jul 1, 2026Yield to maturity4.185%Jul 2, 2026Yield to maturity4.162%Jul 6, 2026Yield to maturity4.138%Jul 7, 2026Yield to maturity4.211%Jul 8, 2026Yield to maturity4.236%Jul 9, 2026Yield to maturity4.199%Jul 10, 2026Yield to maturity4.237%Jul 13, 2026Yield to maturity4.298%Jul 14, 2026Yield to maturity4.225%Jul 15, 2026Yield to maturity4.165%Jul 16, 2026Yield to maturity4.189%Jul 17, 2026Yield to maturity4.203%Jul 20, 2026Yield to maturity4.240%Jul 21, 2026Yield to maturity4.289%Jul 22, 2026Yield to maturity4.339%Jul 23, 2026Yield to maturity4.389%Jul 24, 2026Yield to maturity4.366%Jul 27, 2026Yield to maturity4.354%Jul 28, 2026Yield to maturity4.304%Jul 29, 2026Yield to maturity4.280%Jul 30, 2026Yield to maturity4.293%Jul 31, 2026Yield to maturity4.344%Aug 3, 2026Yield to maturity4.307%Aug 4, 2026Yield to maturity4.245%Aug 5, 2026Yield to maturity4.233%Aug 6, 2026Yield to maturity4.308%Aug 7, 2026Yield to maturity4.247%Aug 10, 2026Yield to maturity4.297%Aug 11, 2026Yield to maturity4.285%Aug 12, 2026Yield to maturity4.261%Aug 13, 2026Yield to maturity4.198%Aug 14, 2026Yield to maturity4.237%Aug 17, 2026Yield to maturity4.237%Aug 18, 2026Yield to maturity4.238%Aug 19, 2026Yield to maturity4.238%Aug 20, 2026Yield to maturity4.251%Aug 21, 2026Yield to maturity4.290%Aug 24, 2026Yield to maturity4.291%Aug 25, 2026Yield to maturity4.240%Aug 26, 2026Yield to maturity4.266%Aug 27, 2026Yield to maturity4.279%Aug 28, 2026Yield to maturity4.396%Aug 31, 2026Yield to maturity4.396%Sep 1, 2026Yield to maturity4.449%Sep 2, 2026Yield to maturity4.436%Sep 3, 2026Yield to maturity4.398%Sep 4, 2026Yield to maturity4.439%Sep 8, 2026Yield to maturity4.453%Sep 9, 2026Yield to maturity4.492%

Price history

102 trading days to Sep 9, 2026

98.5099.0099.50100.00100.50Apr 15, 2026Sep 9, 2026Apr 15, 2026Close100.250Apr 16, 2026Close100.219Apr 17, 2026Close100.438Apr 20, 2026Close100.406Apr 21, 2026Close100.219Apr 22, 2026Close100.188Apr 23, 2026Close100.094Apr 24, 2026Close100.219Apr 27, 2026Close100.125Apr 28, 2026Close100.031Apr 29, 2026Close99.813Apr 30, 2026Close99.906May 1, 2026Close99.906May 4, 2026Close99.719May 5, 2026Close99.750May 6, 2026Close99.969May 7, 2026Close99.813May 8, 2026Close99.875May 11, 2026Close99.719May 12, 2026Close99.594May 13, 2026Close99.625May 14, 2026Close99.563May 15, 2026Close99.250May 18, 2026Close99.250May 19, 2026Close99.125May 20, 2026Close99.375May 21, 2026Close99.281May 22, 2026Close99.188May 26, 2026Close99.375May 27, 2026Close99.438May 28, 2026Close99.469May 29, 2026Close99.500Jun 1, 2026Close99.406Jun 2, 2026Close99.406Jun 3, 2026Close99.313Jun 4, 2026Close99.406Jun 5, 2026Close99.094Jun 8, 2026Close99.125Jun 9, 2026Close99.188Jun 10, 2026Close99.188Jun 11, 2026Close99.406Jun 12, 2026Close99.344Jun 15, 2026Close99.406Jun 16, 2026Close99.438Jun 17, 2026Close99.094Jun 18, 2026Close99.156Jun 22, 2026Close99.000Jun 23, 2026Close99.094Jun 24, 2026Close99.281Jun 25, 2026Close99.344Jun 26, 2026Close99.406Jun 29, 2026Close99.375Jun 30, 2026Close99.281Jul 1, 2026Close99.188Jul 2, 2026Close99.250Jul 6, 2026Close99.313Jul 7, 2026Close99.125Jul 8, 2026Close99.063Jul 9, 2026Close99.156Jul 10, 2026Close99.063Jul 13, 2026Close98.906Jul 14, 2026Close99.094Jul 15, 2026Close99.250Jul 16, 2026Close99.188Jul 17, 2026Close99.156Jul 20, 2026Close99.063Jul 21, 2026Close98.938Jul 22, 2026Close98.813Jul 23, 2026Close98.688Jul 24, 2026Close98.750Jul 27, 2026Close98.781Jul 28, 2026Close98.906Jul 29, 2026Close98.969Jul 30, 2026Close98.938Jul 31, 2026Close98.813Aug 3, 2026Close98.906Aug 4, 2026Close99.063Aug 5, 2026Close99.094Aug 6, 2026Close98.906Aug 7, 2026Close99.063Aug 10, 2026Close98.938Aug 11, 2026Close98.969Aug 12, 2026Close99.031Aug 13, 2026Close99.188Aug 14, 2026Close99.094Aug 17, 2026Close99.094Aug 18, 2026Close99.094Aug 19, 2026Close99.094Aug 20, 2026Close99.063Aug 21, 2026Close98.969Aug 24, 2026Close98.969Aug 25, 2026Close99.094Aug 26, 2026Close99.031Aug 27, 2026Close99.000Aug 28, 2026Close98.719Aug 31, 2026Close98.719Sep 1, 2026Close98.594Sep 2, 2026Close98.625Sep 3, 2026Close98.719Sep 4, 2026Close98.625Sep 8, 2026Close98.594Sep 9, 2026Close98.500
The most recent 20 trading days of prices for 91282CQJ3.
DateBidOfferClose
Sep 9, 202698.51698.50098.500
Sep 8, 202698.62598.62598.594
Sep 4, 202698.67298.65698.625
Sep 3, 202698.76698.75098.719
Sep 2, 202698.62598.62598.625
Sep 1, 202698.67298.65698.594
Aug 31, 202698.75098.75098.719
Aug 28, 202698.79798.78198.719
Aug 27, 202699.04799.03199.000
Aug 26, 202699.04799.03199.031
Aug 25, 202699.07899.06399.094
Aug 24, 202699.01699.00098.969
Aug 21, 202698.95398.93898.969
Aug 20, 202699.06399.06399.063
Aug 19, 202699.07899.06399.094
Aug 18, 202699.09499.09499.094
Aug 17, 202699.10999.09499.094
Aug 14, 202699.15699.15699.094
Aug 13, 202699.18899.18899.188
Aug 12, 202699.07899.06399.031

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 91282CQJ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 7, 2026Apr 15, 2026New issue$58.0bn$68.3bn2.68x3.897%

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.