Treasury note

91282CEW7 · 3.25% due June 30, 2027

Original term
5-Year
Maturity
Jun 30, 2027
Coupon
3.250%
Pays
Semi-Annual
Dated
Jun 30, 2022
First coupon
Dec 31, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$50.15bn
Held stripped
$40.0m
Share stripped
0.08%

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
4.287%
Modified duration
0.777 yr
DV01
0.0078
Convexity
0.988
Dirty price
99.832

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 3 of twelve buckets, summing to 0.792 years against a modified duration of 0.777.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 1.82 cents per 100 of face.

That is 1.60 standard deviations from its own typical residual.

Yield to maturity, 1,051 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%Jun 30, 2022Sep 10, 2026Jun 30, 2022Yield to maturity3.006%Aug 4, 2022Yield to maturity2.776%Sep 8, 2022Yield to maturity3.420%Oct 13, 2022Yield to maturity4.269%Nov 17, 2022Yield to maturity3.974%Dec 22, 2022Yield to maturity3.858%Jan 30, 2023Yield to maturity3.761%Mar 6, 2023Yield to maturity4.397%Apr 7, 2023Yield to maturity3.587%May 11, 2023Yield to maturity3.454%Jun 15, 2023Yield to maturity4.071%Jul 21, 2023Yield to maturity4.251%Aug 24, 2023Yield to maturity4.546%Sep 28, 2023Yield to maturity4.746%Nov 2, 2023Yield to maturity4.725%Dec 7, 2023Yield to maturity4.242%Jan 12, 2024Yield to maturity3.883%Feb 16, 2024Yield to maturity4.401%Mar 22, 2024Yield to maturity4.347%Apr 25, 2024Yield to maturity4.836%May 30, 2024Yield to maturity4.725%Jul 5, 2024Yield to maturity4.392%Aug 8, 2024Yield to maturity3.907%Sep 12, 2024Yield to maturity3.509%Oct 17, 2024Yield to maturity3.901%Nov 21, 2024Yield to maturity4.312%Dec 27, 2024Yield to maturity4.342%Feb 3, 2025Yield to maturity4.257%Mar 10, 2025Yield to maturity3.892%Apr 11, 2025Yield to maturity3.963%May 15, 2025Yield to maturity3.945%Jun 20, 2025Yield to maturity3.883%Jul 25, 2025Yield to maturity3.913%Aug 28, 2025Yield to maturity3.674%Oct 2, 2025Yield to maturity3.565%Nov 6, 2025Yield to maturity3.583%Dec 12, 2025Yield to maturity3.543%Jan 20, 2026Yield to maturity3.585%Feb 24, 2026Yield to maturity3.512%Mar 30, 2026Yield to maturity3.841%May 1, 2026Yield to maturity3.832%Jun 5, 2026Yield to maturity4.008%Jul 13, 2026Yield to maturity4.153%Aug 14, 2026Yield to maturity4.022%Sep 10, 2026Yield to maturity4.287%

Price history

1,051 trading days to Sep 10, 2026

949698100102104Jun 30, 2022Sep 10, 2026Jun 30, 2022Close101.125Aug 4, 2022Close102.156Sep 8, 2022Close99.250Oct 13, 2022Close95.688Nov 17, 2022Close96.969Dec 22, 2022Close97.500Jan 30, 2023Close97.938Mar 6, 2023Close95.531Apr 7, 2023Close98.688May 11, 2023Close99.219Jun 15, 2023Close96.969Jul 21, 2023Close96.406Aug 24, 2023Close95.469Sep 28, 2023Close94.906Nov 2, 2023Close95.094Dec 7, 2023Close96.750Jan 12, 2024Close97.969Feb 16, 2024Close96.438Mar 22, 2024Close96.688Apr 25, 2024Close95.375May 30, 2024Close95.813Jul 5, 2024Close96.844Aug 8, 2024Close98.219Sep 12, 2024Close99.313Oct 17, 2024Close98.344Nov 21, 2024Close97.406Dec 27, 2024Close97.438Feb 3, 2025Close97.719Mar 10, 2025Close98.594Apr 11, 2025Close98.500May 15, 2025Close98.594Jun 20, 2025Close98.781Jul 25, 2025Close98.781Aug 28, 2025Close99.250Oct 2, 2025Close99.469Nov 6, 2025Close99.469Dec 12, 2025Close99.563Jan 20, 2026Close99.531Feb 24, 2026Close99.656Mar 30, 2026Close99.281May 1, 2026Close99.344Jun 5, 2026Close99.219Jul 13, 2026Close99.156Aug 14, 2026Close99.344Sep 10, 2026Close99.188
The most recent 20 trading days of prices for 91282CEW7.
DateBidOfferClose
Sep 10, 202699.23499.21999.188
Sep 9, 202699.29799.28199.281
Sep 8, 202699.29799.28199.281
Sep 4, 202699.29799.28199.281
Sep 3, 202699.31399.31399.281
Sep 2, 202699.26699.25099.250
Sep 1, 202699.26699.25099.250
Aug 31, 202699.26699.25099.250
Aug 28, 202699.28199.25099.250
Aug 27, 202699.34499.34499.344
Aug 26, 202699.35999.34499.344
Aug 25, 202699.32899.31399.344
Aug 24, 202699.32899.31399.313
Aug 21, 202699.32899.31399.313
Aug 20, 202699.35999.34499.344
Aug 19, 202699.35999.34499.344
Aug 18, 202699.35999.34499.344
Aug 17, 202699.35999.34499.344
Aug 14, 202699.35999.34499.344
Aug 13, 202699.35999.34499.344

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.

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 91282CEW7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 27, 2022Jun 30, 2022New issue$47.0bn$50.6bn2.28x3.271%

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.