Treasury note

91282CDP3 · 1.375% due December 31, 2028

Original term
7-Year
Maturity
Dec 31, 2028
Coupon
1.375%
Pays
Semi-Annual
Dated
Dec 31, 2021
First coupon
Jun 30, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$63.61bn
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 10, 2026

Yield to maturity
4.615%
Modified duration
2.215 yr
DV01
0.0207
Convexity
6.039
Dirty price
93.273

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 2.268 years against a modified duration of 2.215.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 2.83 cents per 100 of face.

That is -0.42 standard deviations from its own typical residual.

Yield to maturity, 1,175 observations

1%2%3%4%5%6%Dec 31, 2021Sep 10, 2026Dec 31, 2021Yield to maturity1.436%Feb 9, 2022Yield to maturity1.925%Mar 21, 2022Yield to maturity2.369%Apr 28, 2022Yield to maturity2.894%Jun 7, 2022Yield to maturity3.019%Jul 18, 2022Yield to maturity3.052%Aug 24, 2022Yield to maturity3.228%Oct 3, 2022Yield to maturity3.858%Nov 10, 2022Yield to maturity3.933%Dec 21, 2022Yield to maturity3.779%Feb 1, 2023Yield to maturity3.461%Mar 13, 2023Yield to maturity3.667%Apr 19, 2023Yield to maturity3.713%May 26, 2023Yield to maturity3.974%Jul 7, 2023Yield to maturity4.327%Aug 15, 2023Yield to maturity4.366%Sep 22, 2023Yield to maturity4.588%Nov 1, 2023Yield to maturity4.733%Dec 11, 2023Yield to maturity4.300%Jan 22, 2024Yield to maturity4.046%Feb 29, 2024Yield to maturity4.288%Apr 8, 2024Yield to maturity4.464%May 15, 2024Yield to maturity4.391%Jun 25, 2024Yield to maturity4.307%Aug 2, 2024Yield to maturity3.645%Sep 11, 2024Yield to maturity3.465%Oct 21, 2024Yield to maturity3.990%Nov 29, 2024Yield to maturity4.095%Jan 9, 2025Yield to maturity4.434%Feb 19, 2025Yield to maturity4.341%Mar 28, 2025Yield to maturity3.943%May 6, 2025Yield to maturity3.818%Jun 13, 2025Yield to maturity3.953%Jul 24, 2025Yield to maturity3.898%Sep 2, 2025Yield to maturity3.650%Oct 9, 2025Yield to maturity3.623%Nov 19, 2025Yield to maturity3.602%Dec 30, 2025Yield to maturity3.511%Feb 9, 2026Yield to maturity3.557%Mar 19, 2026Yield to maturity3.799%Apr 27, 2026Yield to maturity3.818%Jun 4, 2026Yield to maturity4.092%Jul 15, 2026Yield to maturity4.173%Aug 21, 2026Yield to maturity4.282%Sep 10, 2026Yield to maturity4.615%

Price history

1,175 trading days to Sep 10, 2026

82.585.087.590.092.595.097.5100.0Dec 31, 2021Sep 10, 2026Dec 31, 2021Close99.594Feb 9, 2022Close96.469Mar 21, 2022Close93.813Apr 28, 2022Close90.844Jun 7, 2022Close90.281Jul 18, 2022Close90.250Aug 24, 2022Close89.438Oct 3, 2022Close86.344Nov 10, 2022Close86.188Dec 21, 2022Close87.156Feb 1, 2023Close88.938Mar 13, 2023Close88.125Apr 19, 2023Close88.094May 26, 2023Close87.094Jul 7, 2023Close85.750Aug 15, 2023Close85.813Sep 22, 2023Close85.125Nov 1, 2023Close84.781Dec 11, 2023Close86.844Jan 22, 2024Close88.156Feb 29, 2024Close87.406Apr 8, 2024Close86.969May 15, 2024Close87.500Jun 25, 2024Close88.094Aug 2, 2024Close90.844Sep 11, 2024Close91.719Oct 21, 2024Close90.000Nov 29, 2024Close89.875Jan 9, 2025Close88.969Feb 19, 2025Close89.563Mar 28, 2025Close91.125May 6, 2025Close91.750Jun 13, 2025Close91.563Jul 24, 2025Close91.969Sep 2, 2025Close92.938Oct 9, 2025Close93.219Nov 19, 2025Close93.500Dec 30, 2025Close93.969Feb 9, 2026Close94.063Mar 19, 2026Close93.656Apr 27, 2026Close93.844Jun 4, 2026Close93.438Jul 15, 2026Close93.531Aug 21, 2026Close93.563Sep 10, 2026Close93.000
The most recent 20 trading days of prices for 91282CDP3.
DateBidOfferClose
Sep 10, 202693.09493.06393.000
Sep 9, 202693.31393.28193.281
Sep 8, 202693.39193.37593.344
Sep 4, 202693.42293.40693.375
Sep 3, 202693.48493.46993.438
Sep 2, 202693.35993.34493.344
Sep 1, 202693.39193.37593.313
Aug 31, 202693.43893.40693.406
Aug 28, 202693.46993.43893.406
Aug 27, 202693.67293.65693.625
Aug 26, 202693.67293.65693.625
Aug 25, 202693.70393.68893.688
Aug 24, 202693.60993.59493.563
Aug 21, 202693.57893.56393.563
Aug 20, 202693.64193.62593.656
Aug 19, 202693.64193.62593.656
Aug 18, 202693.67293.65693.625
Aug 17, 202693.67293.65693.625
Aug 14, 202693.70393.68893.656
Aug 13, 202693.70393.68893.688

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 91282CDP3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 29, 2021Dec 31, 2021New issue$56.0bn$63.6bn2.21x1.480%

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.