Treasury note

91282CFH9 · 3.125% due August 31, 2027

Original term
5-Year
Maturity
Aug 31, 2027
Coupon
3.125%
Pays
Semi-Annual
Dated
Aug 31, 2022
First coupon
Feb 28, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.76bn
Held stripped
$13.1m
Share stripped
0.03%

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
4.321%
Modified duration
0.942 yr
DV01
0.0093
Convexity
1.351
Dirty price
98.970

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 0.962 years against a modified duration of 0.942.

Against the fitted curve

Priced 1.5 bp rich to the curve on that day, 1.43 cents per 100 of face.

That is -0.62 standard deviations from its own typical residual.

Yield to maturity, 1,008 observations

3.00%3.50%4.00%4.50%5.00%5.50%Aug 31, 2022Sep 10, 2026Aug 31, 2022Yield to maturity3.296%Oct 4, 2022Yield to maturity3.844%Nov 7, 2022Yield to maturity4.383%Dec 12, 2022Yield to maturity3.833%Jan 17, 2023Yield to maturity3.629%Feb 17, 2023Yield to maturity4.096%Mar 23, 2023Yield to maturity3.462%Apr 25, 2023Yield to maturity3.499%May 26, 2023Yield to maturity4.069%Jun 30, 2023Yield to maturity4.283%Aug 3, 2023Yield to maturity4.420%Sep 6, 2023Yield to maturity4.583%Oct 10, 2023Yield to maturity4.697%Nov 10, 2023Yield to maturity4.742%Dec 14, 2023Yield to maturity4.030%Jan 19, 2024Yield to maturity4.142%Feb 22, 2024Yield to maturity4.454%Mar 26, 2024Yield to maturity4.374%Apr 26, 2024Yield to maturity4.815%May 30, 2024Yield to maturity4.728%Jul 3, 2024Yield to maturity4.487%Aug 6, 2024Yield to maturity3.822%Sep 9, 2024Yield to maturity3.538%Oct 10, 2024Yield to maturity3.910%Nov 14, 2024Yield to maturity4.312%Dec 18, 2024Yield to maturity4.365%Jan 23, 2025Yield to maturity4.345%Feb 26, 2025Yield to maturity4.066%Mar 31, 2025Yield to maturity3.905%May 1, 2025Yield to maturity3.703%Jun 4, 2025Yield to maturity3.859%Jul 9, 2025Yield to maturity3.860%Aug 11, 2025Yield to maturity3.763%Sep 12, 2025Yield to maturity3.558%Oct 16, 2025Yield to maturity3.437%Nov 19, 2025Yield to maturity3.599%Dec 23, 2025Yield to maturity3.548%Jan 28, 2026Yield to maturity3.595%Mar 3, 2026Yield to maturity3.538%Apr 3, 2026Yield to maturity3.887%May 6, 2026Yield to maturity3.835%Jun 9, 2026Yield to maturity4.048%Jul 14, 2026Yield to maturity4.125%Aug 14, 2026Yield to maturity4.087%Sep 10, 2026Yield to maturity4.321%

Price history

1,008 trading days to Sep 10, 2026

93949596979899100Aug 31, 2022Sep 10, 2026Aug 31, 2022Close99.219Oct 4, 2022Close96.813Nov 7, 2022Close94.594Dec 12, 2022Close96.969Jan 17, 2023Close97.875Feb 17, 2023Close96.031Mar 23, 2023Close98.625Apr 25, 2023Close98.500May 26, 2023Close96.344Jun 30, 2023Close95.625Aug 3, 2023Close95.219Sep 6, 2023Close94.750Oct 10, 2023Close94.469Nov 10, 2023Close94.438Dec 14, 2023Close96.906Jan 19, 2024Close96.625Feb 22, 2024Close95.719Mar 26, 2024Close96.063Apr 26, 2024Close94.844May 30, 2024Close95.219Jul 3, 2024Close96.031Aug 6, 2024Close98.000Sep 9, 2024Close98.844Oct 10, 2024Close97.875Nov 14, 2024Close96.906Dec 18, 2024Close96.875Jan 23, 2025Close97.031Feb 26, 2025Close97.781Mar 31, 2025Close98.219May 1, 2025Close98.719Jun 4, 2025Close98.438Jul 9, 2025Close98.500Aug 11, 2025Close98.750Sep 12, 2025Close99.188Oct 16, 2025Close99.438Nov 19, 2025Close99.188Dec 23, 2025Close99.313Jan 28, 2026Close99.281Mar 3, 2026Close99.406Apr 3, 2026Close98.969May 6, 2026Close99.094Jun 9, 2026Close98.906Jul 14, 2026Close98.906Aug 14, 2026Close99.031Sep 10, 2026Close98.875
The most recent 20 trading days of prices for 91282CFH9.
DateBidOfferClose
Sep 10, 202698.89198.87598.875
Sep 9, 202698.98498.96998.969
Sep 8, 202698.98498.96998.969
Sep 4, 202698.96998.96998.969
Sep 3, 202699.00099.00099.000
Sep 2, 202698.93898.93898.938
Sep 1, 202698.95398.93898.906
Aug 31, 202698.95398.93898.938
Aug 28, 202698.98498.96998.938
Aug 27, 202699.04799.03199.031
Aug 26, 202699.04799.03199.031
Aug 25, 202699.04799.03199.031
Aug 24, 202699.01699.00099.000
Aug 21, 202699.04799.03199.031
Aug 20, 202699.06399.06399.031
Aug 19, 202699.06399.06399.031
Aug 18, 202699.06399.06399.063
Aug 17, 202699.07899.06399.031
Aug 14, 202699.07899.06399.031
Aug 13, 202699.04799.03199.031

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 91282CFH9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 24, 2022Aug 31, 2022New issue$45.0bn$50.9bn2.30x3.230%

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.