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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$48.03bn
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, November 9, 2026

Yield to maturity
4.400%
Modified duration
0.779 yr
DV01
0.0078
Convexity
0.00992
Dirty price
99.613

Where its rate sensitivity sits

<.01
0.31
0.48
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 0.798 years against a modified duration of 0.779.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 0.26 cents per 100 of face.

That is 0.30 standard deviations from its own typical residual.

Yield to maturity, 1,047 observations

3.0%3.5%4.0%4.5%5.0%5.5%Aug 31, 2022Nov 9, 2026Aug 31, 2022Yield to maturity3.296%Sep 8, 2022Yield to maturity3.393%Sep 15, 2022Yield to maturity3.660%Sep 22, 2022Yield to maturity3.911%Sep 29, 2022Yield to maturity3.979%Oct 6, 2022Yield to maturity4.047%Oct 14, 2022Yield to maturity4.258%Oct 21, 2022Yield to maturity4.336%Oct 28, 2022Yield to maturity4.184%Nov 4, 2022Yield to maturity4.330%Nov 14, 2022Yield to maturity3.999%Nov 21, 2022Yield to maturity4.018%Nov 29, 2022Yield to maturity3.969%Dec 6, 2022Yield to maturity3.772%Dec 13, 2022Yield to maturity3.693%Dec 20, 2022Yield to maturity3.829%Dec 28, 2022Yield to maturity3.998%Jan 5, 2023Yield to maturity3.934%Jan 12, 2023Yield to maturity3.560%Jan 20, 2023Yield to maturity3.593%Jan 27, 2023Yield to maturity3.670%Feb 3, 2023Yield to maturity3.718%Feb 10, 2023Yield to maturity3.975%Feb 17, 2023Yield to maturity4.096%Feb 27, 2023Yield to maturity4.258%Mar 6, 2023Yield to maturity4.357%Mar 13, 2023Yield to maturity3.754%Mar 20, 2023Yield to maturity3.655%Mar 27, 2023Yield to maturity3.673%Apr 3, 2023Yield to maturity3.588%Apr 10, 2023Yield to maturity3.582%Apr 17, 2023Yield to maturity3.766%Apr 24, 2023Yield to maturity3.673%May 1, 2023Yield to maturity3.707%May 8, 2023Yield to maturity3.558%May 15, 2023Yield to maturity3.528%May 22, 2023Yield to maturity3.844%May 30, 2023Yield to maturity3.946%Jun 6, 2023Yield to maturity3.974%Jun 13, 2023Yield to maturity4.144%Jun 21, 2023Yield to maturity4.099%Jun 28, 2023Yield to maturity4.120%Jul 6, 2023Yield to maturity4.509%Jul 13, 2023Yield to maturity4.053%Jul 20, 2023Yield to maturity4.219%Jul 27, 2023Yield to maturity4.388%Aug 3, 2023Yield to maturity4.420%Aug 10, 2023Yield to maturity4.330%Aug 17, 2023Yield to maturity4.529%Aug 24, 2023Yield to maturity4.535%Aug 31, 2023Yield to maturity4.391%Sep 8, 2023Yield to maturity4.541%Sep 15, 2023Yield to maturity4.593%Sep 22, 2023Yield to maturity4.699%Sep 29, 2023Yield to maturity4.716%Oct 6, 2023Yield to maturity4.825%Oct 16, 2023Yield to maturity4.805%Oct 23, 2023Yield to maturity4.860%Oct 30, 2023Yield to maturity4.849%Nov 6, 2023Yield to maturity4.679%Nov 13, 2023Yield to maturity4.743%Nov 20, 2023Yield to maturity4.534%Nov 28, 2023Yield to maturity4.411%Dec 5, 2023Yield to maturity4.267%Dec 12, 2023Yield to maturity4.357%Dec 19, 2023Yield to maturity4.071%Dec 27, 2023Yield to maturity3.917%Jan 4, 2024Yield to maturity4.082%Jan 11, 2024Yield to maturity3.992%Jan 19, 2024Yield to maturity4.142%Jan 26, 2024Yield to maturity4.128%Feb 2, 2024Yield to maturity4.094%Feb 9, 2024Yield to maturity4.236%Feb 16, 2024Yield to maturity4.401%Feb 26, 2024Yield to maturity4.448%Mar 4, 2024Yield to maturity4.344%Mar 11, 2024Yield to maturity4.240%Mar 18, 2024Yield to maturity4.498%Mar 25, 2024Yield to maturity4.373%Apr 2, 2024Yield to maturity4.483%Apr 9, 2024Yield to maturity4.521%Apr 16, 2024Yield to maturity4.810%Apr 23, 2024Yield to maturity4.745%Apr 30, 2024Yield to maturity4.860%May 7, 2024Yield to maturity4.614%May 14, 2024Yield to maturity4.591%May 21, 2024Yield to maturity4.577%May 29, 2024Yield to maturity4.781%Jun 5, 2024Yield to maturity4.487%Jun 12, 2024Yield to maturity4.495%Jun 20, 2024Yield to maturity4.450%Jun 27, 2024Yield to maturity4.490%Jul 5, 2024Yield to maturity4.391%Jul 12, 2024Yield to maturity4.234%Jul 19, 2024Yield to maturity4.284%Jul 26, 2024Yield to maturity4.191%Aug 2, 2024Yield to maturity3.700%Aug 9, 2024Yield to maturity3.903%Aug 16, 2024Yield to maturity3.874%Aug 23, 2024Yield to maturity3.744%Aug 30, 2024Yield to maturity3.794%Sep 9, 2024Yield to maturity3.538%Sep 16, 2024Yield to maturity3.450%Sep 23, 2024Yield to maturity3.497%Sep 30, 2024Yield to maturity3.591%Oct 7, 2024Yield to maturity3.919%Oct 15, 2024Yield to maturity3.878%Oct 22, 2024Yield to maturity3.989%Oct 29, 2024Yield to maturity4.090%Nov 5, 2024Yield to maturity4.169%Nov 13, 2024Yield to maturity4.262%Nov 20, 2024Yield to maturity4.282%Nov 27, 2024Yield to maturity4.192%Dec 5, 2024Yield to maturity4.125%Dec 12, 2024Yield to maturity4.182%Dec 19, 2024Yield to maturity4.353%Dec 27, 2024Yield to maturity4.378%Jan 6, 2025Yield to maturity4.324%Jan 13, 2025Yield to maturity4.476%Jan 21, 2025Yield to maturity4.317%Jan 28, 2025Yield to maturity4.247%Feb 4, 2025Yield to maturity4.242%Feb 11, 2025Yield to maturity4.317%Feb 19, 2025Yield to maturity4.300%Feb 26, 2025Yield to maturity4.066%Mar 5, 2025Yield to maturity4.019%Mar 12, 2025Yield to maturity4.012%Mar 19, 2025Yield to maturity3.977%Mar 26, 2025Yield to maturity4.025%Apr 2, 2025Yield to maturity3.920%Apr 9, 2025Yield to maturity3.940%Apr 16, 2025Yield to maturity3.792%Apr 24, 2025Yield to maturity3.797%May 1, 2025Yield to maturity3.703%May 8, 2025Yield to maturity3.894%May 15, 2025Yield to maturity3.959%May 22, 2025Yield to maturity3.995%May 30, 2025Yield to maturity3.901%Jun 6, 2025Yield to maturity4.042%Jun 13, 2025Yield to maturity3.944%Jun 23, 2025Yield to maturity3.831%Jun 30, 2025Yield to maturity3.730%Jul 8, 2025Yield to maturity3.906%Jul 15, 2025Yield to maturity3.959%Jul 22, 2025Yield to maturity3.809%Jul 29, 2025Yield to maturity3.863%Aug 5, 2025Yield to maturity3.710%Aug 12, 2025Yield to maturity3.732%Aug 19, 2025Yield to maturity3.738%Aug 26, 2025Yield to maturity3.661%Sep 3, 2025Yield to maturity3.634%Sep 10, 2025Yield to maturity3.555%Sep 17, 2025Yield to maturity3.542%Sep 24, 2025Yield to maturity3.631%Oct 1, 2025Yield to maturity3.567%Oct 8, 2025Yield to maturity3.606%Oct 16, 2025Yield to maturity3.437%Oct 23, 2025Yield to maturity3.493%Oct 30, 2025Yield to maturity3.621%Nov 6, 2025Yield to maturity3.572%Nov 14, 2025Yield to maturity3.634%Nov 21, 2025Yield to maturity3.528%Dec 1, 2025Yield to maturity3.571%Dec 8, 2025Yield to maturity3.594%Dec 15, 2025Yield to maturity3.523%Dec 22, 2025Yield to maturity3.508%Dec 30, 2025Yield to maturity3.455%Jan 7, 2026Yield to maturity3.479%Jan 14, 2026Yield to maturity3.523%Jan 22, 2026Yield to maturity3.610%Jan 29, 2026Yield to maturity3.555%Feb 5, 2026Yield to maturity3.477%Feb 12, 2026Yield to maturity3.481%Feb 20, 2026Yield to maturity3.510%Feb 27, 2026Yield to maturity3.428%Mar 6, 2026Yield to maturity3.607%Mar 13, 2026Yield to maturity3.747%Mar 20, 2026Yield to maturity3.936%Mar 27, 2026Yield to maturity3.947%Apr 3, 2026Yield to maturity3.887%Apr 10, 2026Yield to maturity3.827%Apr 17, 2026Yield to maturity3.740%Apr 24, 2026Yield to maturity3.773%May 1, 2026Yield to maturity3.856%May 8, 2026Yield to maturity3.866%May 15, 2026Yield to maturity3.978%May 22, 2026Yield to maturity4.044%Jun 1, 2026Yield to maturity3.979%Jun 8, 2026Yield to maturity4.072%Jun 15, 2026Yield to maturity4.006%Jun 23, 2026Yield to maturity4.159%Jun 30, 2026Yield to maturity4.120%Jul 8, 2026Yield to maturity4.167%Jul 15, 2026Yield to maturity4.069%Jul 22, 2026Yield to maturity4.233%Jul 29, 2026Yield to maturity4.162%Aug 5, 2026Yield to maturity4.120%Aug 12, 2026Yield to maturity4.107%Aug 19, 2026Yield to maturity4.094%Aug 26, 2026Yield to maturity4.113%Sep 2, 2026Yield to maturity4.230%Sep 10, 2026Yield to maturity4.321%Sep 17, 2026Yield to maturity4.482%Sep 24, 2026Yield to maturity4.649%Oct 1, 2026Yield to maturity4.502%Oct 8, 2026Yield to maturity4.494%Oct 16, 2026Yield to maturity4.499%Oct 23, 2026Yield to maturity4.453%Oct 30, 2026Yield to maturity4.405%Nov 6, 2026Yield to maturity4.355%Nov 9, 2026Yield to maturity4.400%

Price history

1,047 trading days to Nov 9, 2026

93949596979899100Aug 31, 2022Nov 9, 2026Aug 31, 2022Close99.219Sep 8, 2022Close98.781Sep 15, 2022Close97.594Sep 22, 2022Close96.500Sep 29, 2022Close96.219Oct 6, 2022Close95.938Oct 14, 2022Close95.063Oct 21, 2022Close94.750Oct 28, 2022Close95.406Nov 4, 2022Close94.813Nov 14, 2022Close96.219Nov 21, 2022Close96.156Nov 29, 2022Close96.375Dec 6, 2022Close97.219Dec 13, 2022Close97.563Dec 20, 2022Close97.000Dec 28, 2022Close96.313Jan 5, 2023Close96.594Jan 12, 2023Close98.156Jan 20, 2023Close98.031Jan 27, 2023Close97.719Feb 3, 2023Close97.531Feb 10, 2023Close96.500Feb 17, 2023Close96.031Feb 27, 2023Close95.406Mar 6, 2023Close95.031Mar 13, 2023Close97.438Mar 20, 2023Close97.844Mar 27, 2023Close97.781Apr 3, 2023Close98.125Apr 10, 2023Close98.156Apr 17, 2023Close97.438Apr 24, 2023Close97.813May 1, 2023Close97.688May 8, 2023Close98.281May 15, 2023Close98.406May 22, 2023Close97.188May 30, 2023Close96.813Jun 6, 2023Close96.719Jun 13, 2023Close96.094Jun 21, 2023Close96.281Jun 28, 2023Close96.219Jul 6, 2023Close94.813Jul 13, 2023Close96.500Jul 20, 2023Close95.906Jul 27, 2023Close95.313Aug 3, 2023Close95.219Aug 10, 2023Close95.563Aug 17, 2023Close94.875Aug 24, 2023Close94.875Aug 31, 2023Close95.406Sep 8, 2023Close94.906Sep 15, 2023Close94.750Sep 22, 2023Close94.406Sep 29, 2023Close94.375Oct 6, 2023Close94.031Oct 16, 2023Close94.125Oct 23, 2023Close93.969Oct 30, 2023Close94.031Nov 6, 2023Close94.625Nov 13, 2023Close94.438Nov 20, 2023Close95.156Nov 28, 2023Close95.594Dec 5, 2023Close96.094Dec 12, 2023Close95.813Dec 19, 2023Close96.781Dec 27, 2023Close97.313Jan 4, 2024Close96.781Jan 11, 2024Close97.094Jan 19, 2024Close96.625Jan 26, 2024Close96.688Feb 2, 2024Close96.813Feb 9, 2024Close96.375Feb 16, 2024Close95.875Feb 26, 2024Close95.750Mar 4, 2024Close96.094Mar 11, 2024Close96.438Mar 18, 2024Close95.656Mar 25, 2024Close96.063Apr 2, 2024Close95.750Apr 9, 2024Close95.656Apr 16, 2024Close94.813Apr 23, 2024Close95.031Apr 30, 2024Close94.719May 7, 2024Close95.469May 14, 2024Close95.563May 21, 2024Close95.625May 29, 2024Close95.063Jun 5, 2024Close95.938Jun 12, 2024Close95.938Jun 20, 2024Close96.094Jun 27, 2024Close96.000Jul 5, 2024Close96.313Jul 12, 2024Close96.781Jul 19, 2024Close96.656Jul 26, 2024Close96.938Aug 2, 2024Close98.344Aug 9, 2024Close97.781Aug 16, 2024Close97.875Aug 23, 2024Close98.250Aug 30, 2024Close98.125Sep 9, 2024Close98.844Sep 16, 2024Close99.094Sep 23, 2024Close98.969Sep 30, 2024Close98.719Oct 7, 2024Close97.844Oct 15, 2024Close97.969Oct 22, 2024Close97.688Oct 29, 2024Close97.438Nov 5, 2024Close97.250Nov 13, 2024Close97.031Nov 20, 2024Close97.000Nov 27, 2024Close97.250Dec 5, 2024Close97.438Dec 12, 2024Close97.313Dec 19, 2024Close96.906Dec 27, 2024Close96.875Jan 6, 2025Close97.031Jan 13, 2025Close96.688Jan 21, 2025Close97.094Jan 28, 2025Close97.281Feb 4, 2025Close97.313Feb 11, 2025Close97.156Feb 19, 2025Close97.219Feb 26, 2025Close97.781Mar 5, 2025Close97.906Mar 12, 2025Close97.938Mar 19, 2025Close98.031Mar 26, 2025Close97.938Apr 2, 2025Close98.188Apr 9, 2025Close98.156Apr 16, 2025Close98.500Apr 24, 2025Close98.500May 1, 2025Close98.719May 8, 2025Close98.313May 15, 2025Close98.188May 22, 2025Close98.125May 30, 2025Close98.344Jun 6, 2025Close98.063Jun 13, 2025Close98.281Jun 23, 2025Close98.531Jun 30, 2025Close98.750Jul 8, 2025Close98.406Jul 15, 2025Close98.313Jul 22, 2025Close98.625Jul 29, 2025Close98.531Aug 5, 2025Close98.844Aug 12, 2025Close98.813Aug 19, 2025Close98.813Aug 26, 2025Close98.969Sep 3, 2025Close99.031Sep 10, 2025Close99.188Sep 17, 2025Close99.219Sep 24, 2025Close99.063Oct 1, 2025Close99.188Oct 8, 2025Close99.125Oct 16, 2025Close99.438Oct 23, 2025Close99.344Oct 30, 2025Close99.125Nov 6, 2025Close99.219Nov 14, 2025Close99.125Nov 21, 2025Close99.313Dec 1, 2025Close99.250Dec 8, 2025Close99.219Dec 15, 2025Close99.344Dec 22, 2025Close99.375Dec 30, 2025Close99.469Jan 7, 2026Close99.438Jan 14, 2026Close99.375Jan 22, 2026Close99.250Jan 29, 2026Close99.344Feb 5, 2026Close99.469Feb 12, 2026Close99.469Feb 20, 2026Close99.438Feb 27, 2026Close99.563Mar 6, 2026Close99.313Mar 13, 2026Close99.125Mar 20, 2026Close98.875Mar 27, 2026Close98.875Apr 3, 2026Close98.969Apr 10, 2026Close99.063Apr 17, 2026Close99.188Apr 24, 2026Close99.156May 1, 2026Close99.063May 8, 2026Close99.063May 15, 2026Close98.938May 22, 2026Close98.875Jun 1, 2026Close98.969Jun 8, 2026Close98.875Jun 15, 2026Close98.969Jun 23, 2026Close98.813Jun 30, 2026Close98.875Jul 8, 2026Close98.844Jul 15, 2026Close98.969Jul 22, 2026Close98.813Jul 29, 2026Close98.906Aug 5, 2026Close98.969Aug 12, 2026Close99.000Aug 19, 2026Close99.031Aug 26, 2026Close99.031Sep 2, 2026Close98.938Sep 10, 2026Close98.875Sep 17, 2026Close98.750Sep 24, 2026Close98.625Oct 1, 2026Close98.781Oct 8, 2026Close98.813Oct 16, 2026Close98.844Oct 23, 2026Close98.906Oct 30, 2026Close98.969Nov 6, 2026Close99.031Nov 9, 2026Close99.000
The most recent 20 trading days of prices for 91282CFH9.
DateBidOfferClose
Nov 9, 202699.03199.04799.000
Nov 6, 202699.03199.04799.031
Nov 5, 202699.00099.01699.063
Nov 4, 202698.96998.98498.969
Nov 3, 202698.96998.98498.969
Nov 2, 202698.96998.98498.969
Oct 30, 202698.96998.98498.969
Oct 29, 202698.93898.95398.938
Oct 28, 202698.87598.89198.844
Oct 27, 202698.87598.89198.875
Oct 26, 202698.87598.89198.875
Oct 23, 202698.90698.92298.906
Oct 22, 202698.87598.89198.906
Oct 21, 202698.84498.84498.844
Oct 20, 202698.84498.85998.813
Oct 19, 202698.84498.85998.844
Oct 16, 202698.84498.85998.844
Oct 15, 202698.81398.82898.813
Oct 14, 202698.75098.76698.781
Oct 13, 202698.81398.82898.813

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 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.