Treasury note

9128285M8 · 3.125% due November 15, 2028

Original term
10-Year
Maturity
Nov 15, 2028
Coupon
3.125%
Pays
Semi-Annual
Dated
Nov 15, 2018
First coupon
May 15, 2019
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$80.49bn
Held stripped
$21.3m
Share stripped
0.03%

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 10, 2026

Yield to maturity
4.603%
Modified duration
2.052 yr
DV01
0.0201
Convexity
5.320
Dirty price
97.979

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 2.101 years against a modified duration of 2.052.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 1.22 cents per 100 of face.

That is -0.21 standard deviations from its own typical residual.

Yield to maturity, 1,956 observations

0%1%2%3%4%5%6%Nov 15, 2018Sep 10, 2026Nov 15, 2018Yield to maturity3.107%Jan 24, 2019Yield to maturity2.716%Mar 29, 2019Yield to maturity2.404%Jun 4, 2019Yield to maturity2.123%Aug 7, 2019Yield to maturity1.688%Oct 10, 2019Yield to maturity1.647%Dec 17, 2019Yield to maturity1.871%Feb 24, 2020Yield to maturity1.356%Apr 28, 2020Yield to maturity0.576%Jul 1, 2020Yield to maturity0.595%Sep 3, 2020Yield to maturity0.506%Nov 9, 2020Yield to maturity0.783%Jan 15, 2021Yield to maturity0.871%Mar 23, 2021Yield to maturity1.367%May 25, 2021Yield to maturity1.285%Jul 29, 2021Yield to maturity1.050%Oct 1, 2021Yield to maturity1.246%Dec 8, 2021Yield to maturity1.416%Feb 11, 2022Yield to maturity1.920%Apr 19, 2022Yield to maturity2.967%Jun 23, 2022Yield to maturity3.185%Aug 26, 2022Yield to maturity3.225%Nov 1, 2022Yield to maturity4.294%Jan 9, 2023Yield to maturity3.663%Mar 15, 2023Yield to maturity3.616%May 17, 2023Yield to maturity3.631%Jul 24, 2023Yield to maturity4.123%Sep 26, 2023Yield to maturity4.667%Nov 30, 2023Yield to maturity4.371%Feb 6, 2024Yield to maturity4.070%Apr 10, 2024Yield to maturity4.667%Jun 13, 2024Yield to maturity4.301%Aug 19, 2024Yield to maturity3.809%Oct 23, 2024Yield to maturity4.077%Dec 30, 2024Yield to maturity4.346%Mar 6, 2025Yield to maturity4.044%May 8, 2025Yield to maturity3.931%Jul 15, 2025Yield to maturity3.963%Sep 17, 2025Yield to maturity3.546%Nov 21, 2025Yield to maturity3.515%Jan 29, 2026Yield to maturity3.611%Apr 3, 2026Yield to maturity3.887%Jun 8, 2026Yield to maturity4.203%Aug 12, 2026Yield to maturity4.238%Sep 10, 2026Yield to maturity4.603%

Price history

1,956 trading days to Sep 10, 2026

9095100105110115120125Nov 15, 2018Sep 10, 2026Nov 15, 2018Close100.156Jan 24, 2019Close103.500Mar 29, 2019Close106.156Jun 4, 2019Close108.531Aug 7, 2019Close112.281Oct 10, 2019Close112.438Dec 17, 2019Close110.250Feb 24, 2020Close114.500Apr 28, 2020Close121.219Jul 1, 2020Close120.625Sep 3, 2020Close121.000Nov 9, 2020Close118.156Jan 15, 2021Close117.000Mar 23, 2021Close112.719May 25, 2021Close113.063Jul 29, 2021Close114.531Oct 1, 2021Close112.750Dec 8, 2021Close111.250Feb 11, 2022Close107.594Apr 19, 2022Close100.938Jun 23, 2022Close99.656Aug 26, 2022Close99.438Nov 1, 2022Close93.844Jan 9, 2023Close97.188Mar 15, 2023Close97.500May 17, 2023Close97.500Jul 24, 2023Close95.281Sep 26, 2023Close93.031Nov 30, 2023Close94.500Feb 6, 2024Close95.938Apr 10, 2024Close93.688Jun 13, 2024Close95.313Aug 19, 2024Close97.344Oct 23, 2024Close96.469Dec 30, 2024Close95.688Mar 6, 2025Close96.875May 8, 2025Close97.375Jul 15, 2025Close97.406Sep 17, 2025Close98.750Nov 21, 2025Close98.906Jan 29, 2026Close98.719Apr 3, 2026Close98.125Jun 8, 2026Close97.531Aug 12, 2026Close97.625Sep 10, 2026Close96.969
The most recent 20 trading days of prices for 9128285M8.
DateBidOfferClose
Sep 10, 202697.06397.03196.969
Sep 9, 202697.28197.25097.250
Sep 8, 202697.35997.34497.313
Sep 4, 202697.39197.37597.344
Sep 3, 202697.45397.43897.438
Sep 2, 202697.34497.31397.313
Sep 1, 202697.37597.34497.313
Aug 31, 202697.43897.40697.406
Aug 28, 202697.46997.43897.375
Aug 27, 202697.67297.65697.625
Aug 26, 202697.67297.65697.656
Aug 25, 202697.70397.68897.688
Aug 24, 202697.64197.62597.594
Aug 21, 202697.60997.59497.594
Aug 20, 202697.68897.65697.688
Aug 19, 202697.68897.65697.688
Aug 18, 202697.70397.68897.688
Aug 17, 202697.73497.71997.688
Aug 14, 202697.76697.75097.688
Aug 13, 202697.76697.75097.750

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.

3 auctions

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 9128285M8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 6, 2018Nov 15, 2018New issue$27.0bn$32.5bn2.54x3.209%
Dec 12, 2018Dec 17, 2018Reopening$24.0bn$24.0bn2.35x2.915%
Jan 9, 2019Jan 15, 2019Reopening$24.0bn$24.0bn2.51x2.728%

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.