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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.297%
Modified duration
0.617 yr
DV01
0.0062
Convexity
0.00687
Dirty price
100.518

Where its rate sensitivity sits

<.01
0.46
0.17
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 0.628 years against a modified duration of 0.617.

Against the fitted curve

Priced 2.6 bp rich to the curve on that day, 1.63 cents per 100 of face.

That is -1.21 standard deviations from its own typical residual.

Yield to maturity, 1,090 observations

2.5%3.0%3.5%4.0%4.5%5.0%5.5%Jun 30, 2022Nov 9, 2026Jun 30, 2022Yield to maturity3.006%Jul 8, 2022Yield to maturity3.127%Jul 15, 2022Yield to maturity3.051%Jul 22, 2022Yield to maturity2.867%Jul 29, 2022Yield to maturity2.716%Aug 5, 2022Yield to maturity2.980%Aug 12, 2022Yield to maturity2.979%Aug 19, 2022Yield to maturity3.117%Aug 26, 2022Yield to maturity3.249%Sep 2, 2022Yield to maturity3.334%Sep 12, 2022Yield to maturity3.499%Sep 19, 2022Yield to maturity3.724%Sep 26, 2022Yield to maturity4.207%Oct 3, 2022Yield to maturity3.942%Oct 11, 2022Yield to maturity4.185%Oct 18, 2022Yield to maturity4.257%Oct 25, 2022Yield to maturity4.283%Nov 1, 2022Yield to maturity4.310%Nov 8, 2022Yield to maturity4.353%Nov 16, 2022Yield to maturity3.875%Nov 23, 2022Yield to maturity3.977%Dec 1, 2022Yield to maturity3.751%Dec 8, 2022Yield to maturity3.792%Dec 15, 2022Yield to maturity3.702%Dec 22, 2022Yield to maturity3.858%Dec 30, 2022Yield to maturity4.064%Jan 9, 2023Yield to maturity3.740%Jan 17, 2023Yield to maturity3.664%Jan 24, 2023Yield to maturity3.642%Jan 31, 2023Yield to maturity3.706%Feb 7, 2023Yield to maturity3.929%Feb 14, 2023Yield to maturity4.108%Feb 22, 2023Yield to maturity4.250%Mar 1, 2023Yield to maturity4.385%Mar 8, 2023Yield to maturity4.481%Mar 15, 2023Yield to maturity3.694%Mar 22, 2023Yield to maturity3.655%Mar 29, 2023Yield to maturity3.778%Apr 5, 2023Yield to maturity3.457%Apr 12, 2023Yield to maturity3.563%Apr 19, 2023Yield to maturity3.835%Apr 26, 2023Yield to maturity3.558%May 3, 2023Yield to maturity3.461%May 10, 2023Yield to maturity3.462%May 17, 2023Yield to maturity3.678%May 24, 2023Yield to maturity3.898%Jun 1, 2023Yield to maturity3.843%Jun 8, 2023Yield to maturity4.016%Jun 15, 2023Yield to maturity4.071%Jun 23, 2023Yield to maturity4.155%Jun 30, 2023Yield to maturity4.308%Jul 10, 2023Yield to maturity4.393%Jul 17, 2023Yield to maturity4.168%Jul 24, 2023Yield to maturity4.296%Jul 31, 2023Yield to maturity4.346%Aug 7, 2023Yield to maturity4.296%Aug 14, 2023Yield to maturity4.492%Aug 21, 2023Yield to maturity4.589%Aug 28, 2023Yield to maturity4.549%Sep 5, 2023Yield to maturity4.519%Sep 12, 2023Yield to maturity4.562%Sep 19, 2023Yield to maturity4.671%Sep 26, 2023Yield to maturity4.744%Oct 3, 2023Yield to maturity4.895%Oct 11, 2023Yield to maturity4.693%Oct 18, 2023Yield to maturity4.999%Oct 25, 2023Yield to maturity4.959%Nov 1, 2023Yield to maturity4.724%Nov 8, 2023Yield to maturity4.605%Nov 15, 2023Yield to maturity4.602%Nov 22, 2023Yield to maturity4.542%Nov 30, 2023Yield to maturity4.421%Dec 7, 2023Yield to maturity4.242%Dec 14, 2023Yield to maturity4.023%Dec 21, 2023Yield to maturity3.998%Dec 29, 2023Yield to maturity3.955%Jan 8, 2024Yield to maturity4.057%Jan 16, 2024Yield to maturity3.983%Jan 23, 2024Yield to maturity4.116%Jan 30, 2024Yield to maturity4.101%Feb 6, 2024Yield to maturity4.135%Feb 13, 2024Yield to maturity4.427%Feb 21, 2024Yield to maturity4.403%Feb 28, 2024Yield to maturity4.399%Mar 6, 2024Yield to maturity4.280%Mar 13, 2024Yield to maturity4.348%Mar 20, 2024Yield to maturity4.386%Mar 27, 2024Yield to maturity4.350%Apr 4, 2024Yield to maturity4.443%Apr 11, 2024Yield to maturity4.763%Apr 18, 2024Yield to maturity4.805%Apr 25, 2024Yield to maturity4.836%May 2, 2024Yield to maturity4.701%May 9, 2024Yield to maturity4.610%May 16, 2024Yield to maturity4.551%May 23, 2024Yield to maturity4.694%May 31, 2024Yield to maturity4.672%Jun 7, 2024Yield to maturity4.635%Jun 14, 2024Yield to maturity4.439%Jun 24, 2024Yield to maturity4.470%Jul 1, 2024Yield to maturity4.582%Jul 9, 2024Yield to maturity4.405%Jul 16, 2024Yield to maturity4.204%Jul 23, 2024Yield to maturity4.268%Jul 30, 2024Yield to maturity4.169%Aug 6, 2024Yield to maturity3.824%Aug 13, 2024Yield to maturity3.781%Aug 20, 2024Yield to maturity3.819%Aug 27, 2024Yield to maturity3.740%Sep 4, 2024Yield to maturity3.637%Sep 11, 2024Yield to maturity3.497%Sep 18, 2024Yield to maturity3.498%Sep 25, 2024Yield to maturity3.500%Oct 2, 2024Yield to maturity3.562%Oct 9, 2024Yield to maturity3.933%Oct 17, 2024Yield to maturity3.901%Oct 24, 2024Yield to maturity4.018%Oct 31, 2024Yield to maturity4.124%Nov 7, 2024Yield to maturity4.169%Nov 15, 2024Yield to maturity4.269%Nov 22, 2024Yield to maturity4.328%Dec 2, 2024Yield to maturity4.140%Dec 9, 2024Yield to maturity4.094%Dec 16, 2024Yield to maturity4.220%Dec 23, 2024Yield to maturity4.348%Dec 31, 2024Yield to maturity4.264%Jan 8, 2025Yield to maturity4.298%Jan 15, 2025Yield to maturity4.292%Jan 23, 2025Yield to maturity4.301%Jan 30, 2025Yield to maturity4.197%Feb 6, 2025Yield to maturity4.205%Feb 13, 2025Yield to maturity4.297%Feb 21, 2025Yield to maturity4.180%Feb 28, 2025Yield to maturity3.986%Mar 7, 2025Yield to maturity3.992%Mar 14, 2025Yield to maturity3.998%Mar 21, 2025Yield to maturity3.916%Mar 28, 2025Yield to maturity3.907%Apr 4, 2025Yield to maturity3.675%Apr 11, 2025Yield to maturity3.963%Apr 21, 2025Yield to maturity3.743%Apr 28, 2025Yield to maturity3.671%May 5, 2025Yield to maturity3.829%May 12, 2025Yield to maturity3.974%May 19, 2025Yield to maturity3.949%May 27, 2025Yield to maturity3.940%Jun 3, 2025Yield to maturity3.947%Jun 10, 2025Yield to maturity4.002%Jun 17, 2025Yield to maturity3.927%Jun 25, 2025Yield to maturity3.787%Jul 2, 2025Yield to maturity3.792%Jul 10, 2025Yield to maturity3.881%Jul 17, 2025Yield to maturity3.921%Jul 24, 2025Yield to maturity3.927%Jul 31, 2025Yield to maturity3.951%Aug 7, 2025Yield to maturity3.731%Aug 14, 2025Yield to maturity3.736%Aug 21, 2025Yield to maturity3.794%Aug 28, 2025Yield to maturity3.674%Sep 5, 2025Yield to maturity3.536%Sep 12, 2025Yield to maturity3.575%Sep 19, 2025Yield to maturity3.597%Sep 26, 2025Yield to maturity3.675%Oct 3, 2025Yield to maturity3.585%Oct 10, 2025Yield to maturity3.532%Oct 20, 2025Yield to maturity3.478%Oct 27, 2025Yield to maturity3.519%Nov 3, 2025Yield to maturity3.621%Nov 10, 2025Yield to maturity3.606%Nov 18, 2025Yield to maturity3.610%Nov 25, 2025Yield to maturity3.513%Dec 3, 2025Yield to maturity3.517%Dec 10, 2025Yield to maturity3.562%Dec 17, 2025Yield to maturity3.502%Dec 24, 2025Yield to maturity3.528%Jan 2, 2026Yield to maturity3.489%Jan 9, 2026Yield to maturity3.536%Jan 16, 2026Yield to maturity3.585%Jan 26, 2026Yield to maturity3.589%Feb 2, 2026Yield to maturity3.570%Feb 9, 2026Yield to maturity3.481%Feb 17, 2026Yield to maturity3.484%Feb 24, 2026Yield to maturity3.512%Mar 3, 2026Yield to maturity3.564%Mar 10, 2026Yield to maturity3.618%Mar 17, 2026Yield to maturity3.699%Mar 24, 2026Yield to maturity3.961%Mar 31, 2026Yield to maturity3.816%Apr 7, 2026Yield to maturity3.825%Apr 14, 2026Yield to maturity3.780%Apr 21, 2026Yield to maturity3.762%Apr 28, 2026Yield to maturity3.798%May 5, 2026Yield to maturity3.863%May 12, 2026Yield to maturity3.874%May 19, 2026Yield to maturity3.943%May 27, 2026Yield to maturity3.927%Jun 3, 2026Yield to maturity3.970%Jun 10, 2026Yield to maturity3.983%Jun 17, 2026Yield to maturity4.123%Jun 25, 2026Yield to maturity4.078%Jul 2, 2026Yield to maturity4.068%Jul 10, 2026Yield to maturity4.117%Jul 17, 2026Yield to maturity4.065%Jul 24, 2026Yield to maturity4.220%Jul 31, 2026Yield to maturity4.169%Aug 7, 2026Yield to maturity4.079%Aug 14, 2026Yield to maturity4.022%Aug 21, 2026Yield to maturity4.076%Aug 28, 2026Yield to maturity4.172%Sep 4, 2026Yield to maturity4.157%Sep 14, 2026Yield to maturity4.341%Sep 21, 2026Yield to maturity4.452%Sep 28, 2026Yield to maturity4.525%Oct 5, 2026Yield to maturity4.425%Oct 13, 2026Yield to maturity4.416%Oct 20, 2026Yield to maturity4.447%Oct 27, 2026Yield to maturity4.433%Nov 3, 2026Yield to maturity4.369%Nov 9, 2026Yield to maturity4.297%

Price history

1,090 trading days to Nov 9, 2026

949698100102104Jun 30, 2022Nov 9, 2026Jun 30, 2022Close101.125Jul 8, 2022Close100.563Jul 15, 2022Close100.906Jul 22, 2022Close101.750Jul 29, 2022Close102.438Aug 5, 2022Close101.219Aug 12, 2022Close101.219Aug 19, 2022Close100.594Aug 26, 2022Close100.000Sep 2, 2022Close99.625Sep 12, 2022Close98.906Sep 19, 2022Close97.938Sep 26, 2022Close95.906Oct 3, 2022Close97.031Oct 11, 2022Close96.031Oct 18, 2022Close95.750Oct 25, 2022Close95.656Nov 1, 2022Close95.563Nov 8, 2022Close95.406Nov 16, 2022Close97.375Nov 23, 2022Close96.969Dec 1, 2022Close97.906Dec 8, 2022Close97.750Dec 15, 2022Close98.125Dec 22, 2022Close97.500Dec 30, 2022Close96.688Jan 9, 2023Close98.000Jan 17, 2023Close98.313Jan 24, 2023Close98.406Jan 31, 2023Close98.156Feb 7, 2023Close97.281Feb 14, 2023Close96.594Feb 22, 2023Close96.063Mar 1, 2023Close95.563Mar 8, 2023Close95.219Mar 15, 2023Close98.250Mar 22, 2023Close98.406Mar 29, 2023Close97.938Apr 5, 2023Close99.188Apr 12, 2023Close98.781Apr 19, 2023Close97.750Apr 26, 2023Close98.813May 3, 2023Close99.188May 10, 2023Close99.188May 17, 2023Close98.375May 24, 2023Close97.563Jun 1, 2023Close97.781Jun 8, 2023Close97.156Jun 15, 2023Close96.969Jun 23, 2023Close96.688Jun 30, 2023Close96.156Jul 10, 2023Close95.875Jul 17, 2023Close96.688Jul 24, 2023Close96.250Jul 31, 2023Close96.094Aug 7, 2023Close96.281Aug 14, 2023Close95.625Aug 21, 2023Close95.313Aug 28, 2023Close95.469Sep 5, 2023Close95.594Sep 12, 2023Close95.469Sep 19, 2023Close95.125Sep 26, 2023Close94.906Oct 3, 2023Close94.438Oct 11, 2023Close95.125Oct 18, 2023Close94.156Oct 25, 2023Close94.313Nov 1, 2023Close95.094Nov 8, 2023Close95.500Nov 15, 2023Close95.531Nov 22, 2023Close95.750Nov 30, 2023Close96.156Dec 7, 2023Close96.750Dec 14, 2023Close97.469Dec 21, 2023Close97.563Dec 29, 2023Close97.719Jan 8, 2024Close97.406Jan 16, 2024Close97.656Jan 23, 2024Close97.250Jan 30, 2024Close97.313Feb 6, 2024Close97.219Feb 13, 2024Close96.344Feb 21, 2024Close96.438Feb 28, 2024Close96.469Mar 6, 2024Close96.844Mar 13, 2024Close96.656Mar 20, 2024Close96.563Mar 27, 2024Close96.688Apr 4, 2024Close96.438Apr 11, 2024Close95.531Apr 18, 2024Close95.438Apr 25, 2024Close95.375May 2, 2024Close95.781May 9, 2024Close96.063May 16, 2024Close96.250May 23, 2024Close95.875May 31, 2024Close95.969Jun 7, 2024Close96.094Jun 14, 2024Close96.656Jun 24, 2024Close96.594Jul 1, 2024Close96.313Jul 9, 2024Close96.813Jul 16, 2024Close97.375Jul 23, 2024Close97.219Jul 30, 2024Close97.500Aug 6, 2024Close98.438Aug 13, 2024Close98.563Aug 20, 2024Close98.469Aug 27, 2024Close98.688Sep 4, 2024Close98.969Sep 11, 2024Close99.344Sep 18, 2024Close99.344Sep 25, 2024Close99.344Oct 2, 2024Close99.188Oct 9, 2024Close98.250Oct 17, 2024Close98.344Oct 24, 2024Close98.063Oct 31, 2024Close97.813Nov 7, 2024Close97.719Nov 15, 2024Close97.500Nov 22, 2024Close97.375Dec 2, 2024Close97.844Dec 9, 2024Close97.969Dec 16, 2024Close97.688Dec 23, 2024Close97.406Dec 31, 2024Close97.625Jan 8, 2025Close97.563Jan 15, 2025Close97.594Jan 23, 2025Close97.594Jan 30, 2025Close97.844Feb 6, 2025Close97.844Feb 13, 2025Close97.656Feb 21, 2025Close97.938Feb 28, 2025Close98.375Mar 7, 2025Close98.375Mar 14, 2025Close98.375Mar 21, 2025Close98.563Mar 28, 2025Close98.594Apr 4, 2025Close99.094Apr 11, 2025Close98.500Apr 21, 2025Close98.969Apr 28, 2025Close99.125May 5, 2025Close98.813May 12, 2025Close98.531May 19, 2025Close98.594May 27, 2025Close98.625Jun 3, 2025Close98.625Jun 10, 2025Close98.531Jun 17, 2025Close98.688Jun 25, 2025Close98.969Jul 2, 2025Close98.969Jul 10, 2025Close98.813Jul 17, 2025Close98.750Jul 24, 2025Close98.750Jul 31, 2025Close98.719Aug 7, 2025Close99.125Aug 14, 2025Close99.125Aug 21, 2025Close99.031Aug 28, 2025Close99.250Sep 5, 2025Close99.500Sep 12, 2025Close99.438Sep 19, 2025Close99.406Sep 26, 2025Close99.281Oct 3, 2025Close99.438Oct 10, 2025Close99.531Oct 20, 2025Close99.625Oct 27, 2025Close99.563Nov 3, 2025Close99.406Nov 10, 2025Close99.438Nov 18, 2025Close99.438Nov 25, 2025Close99.594Dec 3, 2025Close99.594Dec 10, 2025Close99.531Dec 17, 2025Close99.625Dec 24, 2025Close99.594Jan 2, 2026Close99.656Jan 9, 2026Close99.594Jan 16, 2026Close99.531Jan 26, 2026Close99.531Feb 2, 2026Close99.563Feb 9, 2026Close99.688Feb 17, 2026Close99.688Feb 24, 2026Close99.656Mar 3, 2026Close99.594Mar 10, 2026Close99.531Mar 17, 2026Close99.438Mar 24, 2026Close99.125Mar 31, 2026Close99.313Apr 7, 2026Close99.313Apr 14, 2026Close99.375Apr 21, 2026Close99.406Apr 28, 2026Close99.375May 5, 2026Close99.313May 12, 2026Close99.313May 19, 2026Close99.250May 27, 2026Close99.281Jun 3, 2026Close99.250Jun 10, 2026Close99.250Jun 17, 2026Close99.125Jun 25, 2026Close99.188Jul 2, 2026Close99.219Jul 10, 2026Close99.188Jul 17, 2026Close99.250Jul 24, 2026Close99.125Jul 31, 2026Close99.188Aug 7, 2026Close99.281Aug 14, 2026Close99.344Aug 21, 2026Close99.313Aug 28, 2026Close99.250Sep 4, 2026Close99.281Sep 14, 2026Close99.156Sep 21, 2026Close99.094Sep 28, 2026Close99.063Oct 5, 2026Close99.156Oct 13, 2026Close99.188Oct 20, 2026Close99.188Oct 27, 2026Close99.219Nov 3, 2026Close99.281Nov 9, 2026Close99.344
The most recent 20 trading days of prices for 91282CEW7.
DateBidOfferClose
Nov 9, 202699.34499.35999.344
Nov 6, 202699.34499.35999.344
Nov 5, 202699.31399.34499.344
Nov 4, 202699.28199.29799.281
Nov 3, 202699.28199.29799.281
Nov 2, 202699.28199.29799.313
Oct 30, 202699.28199.29799.281
Oct 29, 202699.25099.28199.250
Oct 28, 202699.21999.23499.250
Oct 27, 202699.21999.23499.219
Oct 26, 202699.25099.25099.250
Oct 23, 202699.25099.26699.250
Oct 22, 202699.25099.26699.250
Oct 21, 202699.18899.20399.188
Oct 20, 202699.18899.20399.188
Oct 19, 202699.18899.20399.188
Oct 16, 202699.21999.23499.188
Oct 15, 202699.18899.20399.188
Oct 14, 202699.12599.15699.156
Oct 13, 202699.18899.20399.188

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.

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.

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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.