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: Nov 9, 2026
Analyzed through: Nov 9, 2026

Statement of October 31, 2026

Amount outstanding: $132.74bn
Held stripped: $196.1m
Share stripped: 0.15%

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, November 9, 2026

Yield to maturity: 4.715%
Modified duration: 4.923 yr
DV01: 0.0456
Convexity: 0.282
Dirty price: 92.555

Where its rate sensitivity sits

0.01

0.03

0.06

0.13

3.62

1.19

10Y

15Y

20Y

25Y

30Y

Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 6 of twelve buckets, summing to 5.036 years against a modified duration of 4.923.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 9.73 cents per 100 of face.

That is 0.06 standard deviations from its own typical residual.

Yield to maturity, 1,121 observations

Price history

1,121 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 91282CEP2.
Date	Bid	Offer	Close
Nov 9, 2026	91.125	91.156	91.156
Nov 6, 2026	91.219	91.250	91.250
Nov 5, 2026	91.313	91.344	91.438
Nov 4, 2026	90.938	90.969	91.063
Nov 3, 2026	90.844	90.875	90.781
Nov 2, 2026	91.031	91.047	90.969
Oct 30, 2026	90.750	90.781	90.875
Oct 29, 2026	90.563	90.594	90.531
Oct 28, 2026	90.188	90.203	90.219
Oct 27, 2026	90.375	90.406	90.344
Oct 26, 2026	90.375	90.406	90.344
Oct 23, 2026	90.406	90.422	90.406
Oct 22, 2026	90.313	90.344	90.563
Oct 21, 2026	89.875	89.906	89.781
Oct 20, 2026	89.906	89.938	89.844
Oct 19, 2026	89.844	89.859	89.781
Oct 16, 2026	90.031	90.063	90.031
Oct 15, 2026	89.875	89.906	89.906
Oct 14, 2026	89.219	89.250	89.500
Oct 13, 2026	89.406	89.438	89.438

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 date	Issued	Type	Offered	Accepted	Bid to cover	High yield
May 11, 2022	May 16, 2022	New issue	$36.0bn	$61.2bn	2.49x	2.943%
Jun 8, 2022	Jun 15, 2022	Reopening	$33.0bn	$34.9bn	2.41x	3.030%
Jul 12, 2022	Jul 15, 2022	Reopening	$33.0bn	$37.2bn	2.34x	2.960%

The curve this was priced against →