Treasury note

91282CES6 · 2.75% due May 31, 2029

Original term
7-Year
Maturity
May 31, 2029
Coupon
2.750%
Pays
Semi-Annual
Dated
May 31, 2022
First coupon
Nov 30, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.20bn
Held stripped
$32.8m
Share stripped
0.07%

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
4.641%
Modified duration
2.556 yr
DV01
0.0245
Convexity
7.955
Dirty price
95.993

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 2.614 years against a modified duration of 2.556.

Against the fitted curve

Priced 1.9 bp rich to the curve on that day, 4.69 cents per 100 of face.

That is -1.06 standard deviations from its own typical residual.

Yield to maturity, 1,072 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%May 31, 2022Sep 10, 2026May 31, 2022Yield to maturity2.874%Jul 7, 2022Yield to maturity3.074%Aug 11, 2022Yield to maturity2.969%Sep 16, 2022Yield to maturity3.607%Oct 24, 2022Yield to maturity4.373%Nov 30, 2022Yield to maturity3.818%Jan 6, 2023Yield to maturity3.679%Feb 13, 2023Yield to maturity3.890%Mar 21, 2023Yield to maturity3.753%Apr 25, 2023Yield to maturity3.460%May 31, 2023Yield to maturity3.759%Jul 7, 2023Yield to maturity4.314%Aug 11, 2023Yield to maturity4.318%Sep 18, 2023Yield to maturity4.482%Oct 24, 2023Yield to maturity4.883%Nov 29, 2023Yield to maturity4.296%Jan 5, 2024Yield to maturity4.058%Feb 12, 2024Yield to maturity4.156%Mar 19, 2024Yield to maturity4.329%Apr 23, 2024Yield to maturity4.647%May 29, 2024Yield to maturity4.660%Jul 5, 2024Yield to maturity4.248%Aug 9, 2024Yield to maturity3.827%Sep 16, 2024Yield to maturity3.439%Oct 22, 2024Yield to maturity4.025%Nov 27, 2024Yield to maturity4.164%Jan 6, 2025Yield to maturity4.416%Feb 11, 2025Yield to maturity4.377%Mar 19, 2025Yield to maturity4.023%Apr 23, 2025Yield to maturity3.966%May 29, 2025Yield to maturity3.968%Jul 7, 2025Yield to maturity3.910%Aug 11, 2025Yield to maturity3.773%Sep 16, 2025Yield to maturity3.539%Oct 22, 2025Yield to maturity3.494%Nov 28, 2025Yield to maturity3.526%Jan 6, 2026Yield to maturity3.577%Feb 11, 2026Yield to maturity3.611%Mar 19, 2026Yield to maturity3.817%Apr 23, 2026Yield to maturity3.860%May 29, 2026Yield to maturity4.069%Jul 7, 2026Yield to maturity4.219%Aug 11, 2026Yield to maturity4.292%Sep 10, 2026Yield to maturity4.641%

Price history

1,072 trading days to Sep 10, 2026

87.590.092.595.097.5100.0102.5May 31, 2022Sep 10, 2026May 31, 2022Close99.219Jul 7, 2022Close98.000Aug 11, 2022Close98.656Sep 16, 2022Close94.938Oct 24, 2022Close90.781Nov 30, 2022Close93.906Jan 6, 2023Close94.750Feb 13, 2023Close93.688Mar 21, 2023Close94.500Apr 25, 2023Close96.125May 31, 2023Close94.625Jul 7, 2023Close91.938Aug 11, 2023Close92.031Sep 18, 2023Close91.375Oct 24, 2023Close89.656Nov 29, 2023Close92.500Jan 5, 2024Close93.719Feb 12, 2024Close93.375Mar 19, 2024Close92.719Apr 23, 2024Close91.469May 29, 2024Close91.563Jul 5, 2024Close93.438Aug 9, 2024Close95.313Sep 16, 2024Close97.031Oct 22, 2024Close94.688Nov 27, 2024Close94.250Jan 6, 2025Close93.406Feb 11, 2025Close93.688Mar 19, 2025Close95.125Apr 23, 2025Close95.438May 29, 2025Close95.531Jul 7, 2025Close95.844Aug 11, 2025Close96.406Sep 16, 2025Close97.281Oct 22, 2025Close97.500Nov 28, 2025Close97.469Jan 6, 2026Close97.375Feb 11, 2026Close97.344Mar 19, 2026Close96.813Apr 23, 2026Close96.781May 29, 2026Close96.313Jul 7, 2026Close96.031Aug 11, 2026Close95.969Sep 10, 2026Close95.219
The most recent 20 trading days of prices for 91282CES6.
DateBidOfferClose
Sep 10, 202695.32895.31395.219
Sep 9, 202695.57895.56395.563
Sep 8, 202695.67295.65695.656
Sep 4, 202695.73495.71995.688
Sep 3, 202695.82895.81395.781
Sep 2, 202695.67295.65695.656
Sep 1, 202695.73495.71995.656
Aug 31, 202695.79795.78195.781
Aug 28, 202695.84495.81395.750
Aug 27, 202696.07896.06396.031
Aug 26, 202696.07896.06396.063
Aug 25, 202696.12596.09496.125
Aug 24, 202696.04796.03195.969
Aug 21, 202695.98495.96995.969
Aug 20, 202696.07896.06396.094
Aug 19, 202696.10996.09496.125
Aug 18, 202696.10996.09496.094
Aug 17, 202696.14196.12596.094
Aug 14, 202696.17296.15696.125
Aug 13, 202696.20396.18896.188

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 91282CES6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 26, 2022May 31, 2022New issue$42.0bn$48.3bn2.69x2.777%

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.