Treasury note

91282CEP2 · 2.875% due May 15, 2032

Original term
10-Year
Maturity
May 15, 2032
Coupon
2.875%
Pays
Semi-Annual
Dated
May 15, 2022
First coupon
Nov 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$132.74bn
Held stripped
$229.1m
Share stripped
0.17%

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
4.800%
Modified duration
5.079 yr
DV01
0.0464
Convexity
29.834
Dirty price
91.461

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 7 of twelve buckets, summing to 5.199 years against a modified duration of 5.079.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 12.39 cents per 100 of face.

That is 0.82 standard deviations from its own typical residual.

Yield to maturity, 1,082 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 16, 2022Sep 10, 2026May 16, 2022Yield to maturity2.882%Jun 22, 2022Yield to maturity3.156%Jul 28, 2022Yield to maturity2.671%Sep 1, 2022Yield to maturity3.268%Oct 7, 2022Yield to maturity3.898%Nov 15, 2022Yield to maturity3.816%Dec 21, 2022Yield to maturity3.692%Jan 30, 2023Yield to maturity3.535%Mar 7, 2023Yield to maturity3.989%Apr 11, 2023Yield to maturity3.439%May 16, 2023Yield to maturity3.541%Jun 22, 2023Yield to maturity3.827%Jul 28, 2023Yield to maturity3.992%Sep 1, 2023Yield to maturity4.213%Oct 10, 2023Yield to maturity4.680%Nov 14, 2023Yield to maturity4.476%Dec 20, 2023Yield to maturity3.890%Jan 29, 2024Yield to maturity4.066%Mar 5, 2024Yield to maturity4.159%Apr 9, 2024Yield to maturity4.383%May 14, 2024Yield to maturity4.459%Jun 20, 2024Yield to maturity4.256%Jul 26, 2024Yield to maturity4.152%Aug 30, 2024Yield to maturity3.844%Oct 7, 2024Yield to maturity3.964%Nov 13, 2024Yield to maturity4.411%Dec 19, 2024Yield to maturity4.535%Jan 28, 2025Yield to maturity4.460%Mar 5, 2025Yield to maturity4.205%Apr 9, 2025Yield to maturity4.227%May 14, 2025Yield to maturity4.365%Jun 20, 2025Yield to maturity4.164%Jul 28, 2025Yield to maturity4.180%Sep 2, 2025Yield to maturity3.968%Oct 7, 2025Yield to maturity3.881%Nov 13, 2025Yield to maturity3.861%Dec 19, 2025Yield to maturity3.870%Jan 28, 2026Yield to maturity3.996%Mar 5, 2026Yield to maturity3.858%Apr 9, 2026Yield to maturity4.041%May 14, 2026Yield to maturity4.232%Jun 22, 2026Yield to maturity4.349%Jul 28, 2026Yield to maturity4.417%Sep 1, 2026Yield to maturity4.612%Sep 10, 2026Yield to maturity4.800%

Price history

1,082 trading days to Sep 10, 2026

85.087.590.092.595.097.5100.0102.5May 16, 2022Sep 10, 2026May 16, 2022Close99.938Jun 22, 2022Close97.625Jul 28, 2022Close101.750Sep 1, 2022Close96.750Oct 7, 2022Close91.875Nov 15, 2022Close92.563Dec 21, 2022Close93.563Jan 30, 2023Close94.813Mar 7, 2023Close91.500Apr 11, 2023Close95.625May 16, 2023Close94.906Jun 22, 2023Close92.875Jul 28, 2023Close91.781Sep 1, 2023Close90.344Oct 10, 2023Close87.344Nov 14, 2023Close88.781Dec 20, 2023Close92.781Jan 29, 2024Close91.688Mar 5, 2024Close91.156Apr 9, 2024Close89.813May 14, 2024Close89.438Jun 20, 2024Close90.813Jul 26, 2024Close91.563Aug 30, 2024Close93.594Oct 7, 2024Close92.906Nov 13, 2024Close90.281Dec 19, 2024Close89.656Jan 28, 2025Close90.219Mar 5, 2025Close91.813Apr 9, 2025Close91.781May 14, 2025Close91.094Jun 20, 2025Close92.344Jul 28, 2025Close92.344Sep 2, 2025Close93.625Oct 7, 2025Close94.188Nov 13, 2025Close94.375Dec 19, 2025Close94.406Jan 28, 2026Close93.813Mar 5, 2026Close94.625Apr 9, 2026Close93.750May 14, 2026Close92.875Jun 22, 2026Close92.406Jul 28, 2026Close92.188Sep 1, 2026Close91.375Sep 10, 2026Close90.531
The most recent 20 trading days of prices for 91282CEP2.
DateBidOfferClose
Sep 10, 202690.70390.68890.531
Sep 9, 202691.15691.12591.156
Sep 8, 202691.40691.37591.344
Sep 4, 202691.50091.46991.438
Sep 3, 202691.67291.65691.563
Sep 2, 202691.40691.37591.406
Sep 1, 202691.53191.50091.375
Aug 31, 202691.64191.62591.625
Aug 28, 202691.84491.81391.688
Aug 27, 202692.20392.18892.094
Aug 26, 202692.20392.18892.156
Aug 25, 202692.28192.25092.313
Aug 24, 202692.09492.06392.000
Aug 21, 202691.90691.87591.906
Aug 20, 202692.07892.06392.063
Aug 19, 202692.21992.18892.250
Aug 18, 202692.10992.09492.094
Aug 17, 202692.14192.12592.063
Aug 14, 202692.23492.21992.156
Aug 13, 202692.35992.34492.344

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 91282CEP2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 11, 2022May 16, 2022New issue$36.0bn$61.2bn2.49x2.943%
Jun 8, 2022Jun 15, 2022Reopening$33.0bn$34.9bn2.41x3.030%
Jul 12, 2022Jul 15, 2022Reopening$33.0bn$37.2bn2.34x2.960%

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.