Treasury note

91282CFB2 · 2.75% due July 31, 2027

Original term
5-Year
Maturity
Jul 31, 2027
Coupon
2.750%
Pays
Semi-Annual
Dated
Jul 31, 2022
First coupon
Jan 31, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.89bn
Held stripped
$11.2m
Share stripped
0.02%

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
4.346%
Modified duration
0.860 yr
DV01
0.0085
Convexity
1.164
Dirty price
98.939

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 0.878 years against a modified duration of 0.860.

Against the fitted curve

Priced 4.5 bp cheap to the curve on that day, 3.87 cents per 100 of face.

That is 1.63 standard deviations from its own typical residual.

Yield to maturity, 1,030 observations

2.50%3.00%3.50%4.00%4.50%5.00%5.50%Aug 1, 2022Sep 10, 2026Aug 1, 2022Yield to maturity2.656%Sep 2, 2022Yield to maturity3.328%Oct 7, 2022Yield to maturity4.177%Nov 14, 2022Yield to maturity4.036%Dec 19, 2022Yield to maturity3.769%Jan 25, 2023Yield to maturity3.612%Mar 1, 2023Yield to maturity4.368%Apr 4, 2023Yield to maturity3.479%May 8, 2023Yield to maturity3.568%Jun 12, 2023Yield to maturity4.034%Jul 18, 2023Yield to maturity4.160%Aug 21, 2023Yield to maturity4.589%Sep 25, 2023Yield to maturity4.744%Oct 30, 2023Yield to maturity4.859%Dec 4, 2023Yield to maturity4.346%Jan 9, 2024Yield to maturity4.074%Feb 13, 2024Yield to maturity4.432%Mar 19, 2024Yield to maturity4.456%Apr 22, 2024Yield to maturity4.794%May 24, 2024Yield to maturity4.709%Jul 1, 2024Yield to maturity4.597%Aug 5, 2024Yield to maturity3.732%Sep 9, 2024Yield to maturity3.553%Oct 11, 2024Yield to maturity3.880%Nov 18, 2024Yield to maturity4.259%Dec 23, 2024Yield to maturity4.366%Jan 29, 2025Yield to maturity4.252%Mar 5, 2025Yield to maturity4.015%Apr 8, 2025Yield to maturity3.731%May 12, 2025Yield to maturity3.997%Jun 16, 2025Yield to maturity3.974%Jul 22, 2025Yield to maturity3.836%Aug 25, 2025Yield to maturity3.732%Sep 29, 2025Yield to maturity3.655%Nov 3, 2025Yield to maturity3.627%Dec 9, 2025Yield to maturity3.619%Jan 14, 2026Yield to maturity3.526%Feb 19, 2026Yield to maturity3.487%Mar 25, 2026Yield to maturity3.923%Apr 28, 2026Yield to maturity3.827%Jun 2, 2026Yield to maturity3.972%Jul 8, 2026Yield to maturity4.178%Aug 11, 2026Yield to maturity4.114%Sep 10, 2026Yield to maturity4.346%

Price history

1,030 trading days to Sep 10, 2026

92949698100102Aug 1, 2022Sep 10, 2026Aug 1, 2022Close100.438Sep 2, 2022Close97.406Oct 7, 2022Close93.844Nov 14, 2022Close94.531Dec 19, 2022Close95.719Jan 25, 2023Close96.438Mar 1, 2023Close93.563Apr 4, 2023Close97.094May 8, 2023Close96.813Jun 12, 2023Close95.156Jul 18, 2023Close94.813Aug 21, 2023Close93.438Sep 25, 2023Close93.063Oct 30, 2023Close92.844Dec 4, 2023Close94.656Jan 9, 2024Close95.656Feb 13, 2024Close94.656Mar 19, 2024Close94.719Apr 22, 2024Close93.875May 24, 2024Close94.281Jul 1, 2024Close94.750Aug 5, 2024Close97.250Sep 9, 2024Close97.813Oct 11, 2024Close97.031Nov 18, 2024Close96.188Dec 23, 2024Close96.063Jan 29, 2025Close96.469Mar 5, 2025Close97.125Apr 8, 2025Close97.844May 12, 2025Close97.375Jun 16, 2025Close97.531Jul 22, 2025Close97.906Aug 25, 2025Close98.188Sep 29, 2025Close98.406Nov 3, 2025Close98.531Dec 9, 2025Close98.625Jan 14, 2026Close98.844Feb 19, 2026Close98.969Mar 25, 2026Close98.469Apr 28, 2026Close98.688Jun 2, 2026Close98.625Jul 8, 2026Close98.531Aug 11, 2026Close98.719Sep 10, 2026Close98.625
The most recent 20 trading days of prices for 91282CFB2.
DateBidOfferClose
Sep 10, 202698.67298.65698.625
Sep 9, 202698.75098.71998.719
Sep 8, 202698.73498.71998.750
Sep 4, 202698.73498.71998.719
Sep 3, 202698.76698.75098.750
Sep 2, 202698.70398.68898.688
Sep 1, 202698.68898.68898.688
Aug 31, 202698.70398.68898.688
Aug 28, 202698.70398.68898.688
Aug 27, 202698.79798.78198.781
Aug 26, 202698.79798.78198.781
Aug 25, 202698.79798.78198.781
Aug 24, 202698.78198.78198.750
Aug 21, 202698.79798.78198.781
Aug 20, 202698.79798.78198.781
Aug 19, 202698.79798.78198.781
Aug 18, 202698.79798.78198.781
Aug 17, 202698.79798.78198.781
Aug 14, 202698.79798.78198.781
Aug 13, 202698.79798.78198.781

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 91282CFB2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 26, 2022Aug 1, 2022New issue$46.0bn$50.0bn2.46x2.860%

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.