Treasury note

91282CAD3 · 0.375% due July 31, 2027

Original term
7-Year
Maturity
Jul 31, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Jul 31, 2020
First coupon
Jan 31, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.74bn
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 10, 2026

Yield to maturity
4.336%
Modified duration
0.866 yr
DV01
0.0084
Convexity
1.175
Dirty price
96.637

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 2 of twelve buckets, summing to 0.884 years against a modified duration of 0.866.

Against the fitted curve

Priced 3.4 bp cheap to the curve on that day, 2.84 cents per 100 of face.

That is 0.94 standard deviations from its own typical residual.

Yield to maturity, 1,530 observations

0%1%2%3%4%5%6%Jul 31, 2020Sep 10, 2026Jul 31, 2020Yield to maturity0.389%Sep 21, 2020Yield to maturity0.449%Nov 10, 2020Yield to maturity0.690%Jan 4, 2021Yield to maturity0.574%Feb 24, 2021Yield to maturity0.922%Apr 14, 2021Yield to maturity1.191%Jun 3, 2021Yield to maturity1.128%Jul 23, 2021Yield to maturity0.888%Sep 13, 2021Yield to maturity0.939%Nov 2, 2021Yield to maturity1.258%Dec 23, 2021Yield to maturity1.305%Feb 14, 2022Yield to maturity1.932%Apr 5, 2022Yield to maturity2.697%May 25, 2022Yield to maturity2.738%Jul 18, 2022Yield to maturity3.082%Sep 6, 2022Yield to maturity3.436%Oct 26, 2022Yield to maturity4.222%Dec 16, 2022Yield to maturity3.669%Feb 8, 2023Yield to maturity3.874%Mar 30, 2023Yield to maturity3.762%May 18, 2023Yield to maturity3.792%Jul 11, 2023Yield to maturity4.378%Aug 29, 2023Yield to maturity4.419%Oct 19, 2023Yield to maturity5.010%Dec 8, 2023Yield to maturity4.372%Jan 31, 2024Yield to maturity3.999%Mar 21, 2024Yield to maturity4.386%May 9, 2024Yield to maturity4.611%Jul 1, 2024Yield to maturity4.598%Aug 20, 2024Yield to maturity3.818%Oct 9, 2024Yield to maturity3.935%Dec 2, 2024Yield to maturity4.159%Jan 23, 2025Yield to maturity4.330%Mar 14, 2025Yield to maturity4.023%May 2, 2025Yield to maturity3.827%Jun 24, 2025Yield to maturity3.813%Aug 13, 2025Yield to maturity3.673%Oct 2, 2025Yield to maturity3.566%Nov 24, 2025Yield to maturity3.540%Jan 15, 2026Yield to maturity3.571%Mar 9, 2026Yield to maturity3.619%Apr 27, 2026Yield to maturity3.811%Jun 16, 2026Yield to maturity4.000%Aug 6, 2026Yield to maturity4.151%Sep 10, 2026Yield to maturity4.336%

Price history

1,530 trading days to Sep 10, 2026

80859095100105Jul 31, 2020Sep 10, 2026Jul 31, 2020Close99.906Sep 21, 2020Close99.500Nov 10, 2020Close97.938Jan 4, 2021Close98.719Feb 24, 2021Close96.594Apr 14, 2021Close95.063Jun 3, 2021Close95.531Jul 23, 2021Close97.000Sep 13, 2021Close96.781Nov 2, 2021Close95.125Dec 23, 2021Close95.000Feb 14, 2022Close91.969Apr 5, 2022Close88.563May 25, 2022Close88.656Jul 18, 2022Close87.469Sep 6, 2022Close86.313Oct 26, 2022Close83.563Dec 16, 2022Close86.125Feb 8, 2023Close85.750Mar 30, 2023Close86.563May 18, 2023Close86.844Jul 11, 2023Close85.281Aug 29, 2023Close85.594Oct 19, 2023Close84.219Dec 8, 2023Close86.688Jan 31, 2024Close88.281Mar 21, 2024Close87.594May 9, 2024Close87.438Jul 1, 2024Close88.000Aug 20, 2024Close90.500Oct 9, 2024Close90.625Dec 2, 2024Close90.563Jan 23, 2025Close90.656Mar 14, 2025Close91.813May 2, 2025Close92.656Jun 24, 2025Close93.125Aug 13, 2025Close93.813Oct 2, 2025Close94.406Nov 24, 2025Close94.875Jan 15, 2026Close95.250Mar 9, 2026Close95.625Apr 27, 2026Close95.813Jun 16, 2026Close96.063Aug 6, 2026Close96.406Sep 10, 2026Close96.594
The most recent 20 trading days of prices for 91282CAD3.
DateBidOfferClose
Sep 10, 202696.64196.62596.594
Sep 9, 202696.70396.68896.656
Sep 8, 202696.70396.68896.688
Sep 4, 202696.67296.65696.656
Sep 3, 202696.67296.65696.656
Sep 2, 202696.60996.59496.594
Sep 1, 202696.59496.59496.563
Aug 31, 202696.59496.59496.563
Aug 28, 202696.60996.59496.563
Aug 27, 202696.67296.65696.625
Aug 26, 202696.64196.62596.625
Aug 25, 202696.64196.62596.625
Aug 24, 202696.62596.62596.594
Aug 21, 202696.62596.62596.594
Aug 20, 202696.62596.62596.625
Aug 19, 202696.60996.59496.594
Aug 18, 202696.60996.59496.594
Aug 17, 202696.60996.59496.594
Aug 14, 202696.60996.59496.594
Aug 13, 202696.57896.56396.563

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 91282CAD3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 28, 2020Jul 31, 2020New issue$44.0bn$49.0bn2.45x0.446%

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.