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 30, 2026
Analyzed through
Sep 30, 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 30, 2026

Yield to maturity
4.604%
Modified duration
0.886 yr
DV01
0.0088
Convexity
0.0122
Dirty price
98.955

Where its rate sensitivity sits

<.01
0.16
0.75
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 0.907 years against a modified duration of 0.886.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 1.19 cents per 100 of face.

That is 0.82 standard deviations from its own typical residual.

Yield to maturity, 1,022 observations

3.00%3.50%4.00%4.50%5.00%5.50%Aug 31, 2022Sep 30, 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 1, 2024Yield to maturity4.492%Apr 8, 2024Yield to maturity4.572%Apr 15, 2024Yield to maturity4.767%Apr 22, 2024Yield to maturity4.786%Apr 29, 2024Yield to maturity4.795%May 6, 2024Yield to maturity4.613%May 13, 2024Yield to maturity4.643%May 20, 2024Yield to maturity4.598%May 28, 2024Yield to maturity4.725%Jun 4, 2024Yield to maturity4.529%Jun 11, 2024Yield to maturity4.580%Jun 18, 2024Yield to maturity4.427%Jun 26, 2024Yield to maturity4.522%Jul 3, 2024Yield to maturity4.487%Jul 11, 2024Yield to maturity4.275%Jul 18, 2024Yield to maturity4.237%Jul 25, 2024Yield to maturity4.266%Aug 1, 2024Yield to maturity3.962%Aug 8, 2024Yield to maturity3.901%Aug 15, 2024Yield to maturity3.906%Aug 22, 2024Yield to maturity3.821%Aug 29, 2024Yield to maturity3.769%Sep 6, 2024Yield to maturity3.549%Sep 13, 2024Yield to maturity3.461%Sep 20, 2024Yield to maturity3.486%Sep 27, 2024Yield to maturity3.499%Oct 4, 2024Yield to maturity3.860%Oct 11, 2024Yield to maturity3.877%Oct 21, 2024Yield to maturity3.965%Oct 28, 2024Yield to maturity4.101%Nov 4, 2024Yield to maturity4.156%Nov 12, 2024Yield to maturity4.322%Nov 19, 2024Yield to maturity4.244%Nov 26, 2024Yield to maturity4.239%Dec 4, 2024Yield to maturity4.112%Dec 11, 2024Yield to maturity4.143%Dec 18, 2024Yield to maturity4.365%Dec 26, 2024Yield to maturity4.362%Jan 3, 2025Yield to maturity4.323%Jan 10, 2025Yield to maturity4.461%Jan 17, 2025Yield to maturity4.328%Jan 27, 2025Yield to maturity4.232%Feb 3, 2025Yield to maturity4.293%Feb 10, 2025Yield to maturity4.302%Feb 18, 2025Yield to maturity4.326%Feb 25, 2025Yield to maturity4.106%Mar 4, 2025Yield to maturity3.964%Mar 11, 2025Yield to maturity3.943%Mar 18, 2025Yield to maturity4.031%Mar 25, 2025Yield to maturity4.010%Apr 1, 2025Yield to maturity3.878%Apr 8, 2025Yield to maturity3.744%Apr 15, 2025Yield to maturity3.861%Apr 22, 2025Yield to maturity3.810%Apr 29, 2025Yield to maturity3.659%May 6, 2025Yield to maturity3.792%May 13, 2025Yield to maturity4.015%May 20, 2025Yield to maturity3.964%May 28, 2025Yield to maturity3.986%Jun 4, 2025Yield to maturity3.859%Jun 11, 2025Yield to maturity3.940%Jun 18, 2025Yield to maturity3.933%Jun 26, 2025Yield to maturity3.727%Jul 3, 2025Yield to maturity3.888%Jul 11, 2025Yield to maturity3.895%Jul 18, 2025Yield to maturity3.870%Jul 25, 2025Yield to maturity3.893%Aug 1, 2025Yield to maturity3.693%Aug 8, 2025Yield to maturity3.746%Aug 15, 2025Yield to maturity3.752%Aug 22, 2025Yield to maturity3.676%Aug 29, 2025Yield to maturity3.633%Sep 8, 2025Yield to maturity3.504%Sep 15, 2025Yield to maturity3.541%Sep 22, 2025Yield to maturity3.613%Sep 29, 2025Yield to maturity3.652%Oct 6, 2025Yield to maturity3.605%Oct 14, 2025Yield to maturity3.488%Oct 21, 2025Yield to maturity3.474%Oct 28, 2025Yield to maturity3.513%Nov 4, 2025Yield to maturity3.589%Nov 12, 2025Yield to maturity3.576%Nov 19, 2025Yield to maturity3.599%Nov 26, 2025Yield to maturity3.512%Dec 4, 2025Yield to maturity3.554%Dec 11, 2025Yield to maturity3.540%Dec 18, 2025Yield to maturity3.467%Dec 26, 2025Yield to maturity3.493%Jan 5, 2026Yield to maturity3.458%Jan 12, 2026Yield to maturity3.542%Jan 20, 2026Yield to maturity3.588%Jan 27, 2026Yield to maturity3.574%Feb 3, 2026Yield to maturity3.558%Feb 10, 2026Yield to maturity3.459%Feb 18, 2026Yield to maturity3.507%Feb 25, 2026Yield to maturity3.512%Mar 4, 2026Yield to maturity3.582%Mar 11, 2026Yield to maturity3.676%Mar 18, 2026Yield to maturity3.773%Mar 25, 2026Yield to maturity3.918%Apr 1, 2026Yield to maturity3.836%Apr 8, 2026Yield to maturity3.821%Apr 15, 2026Yield to maturity3.807%Apr 22, 2026Yield to maturity3.792%Apr 29, 2026Yield to maturity3.899%May 6, 2026Yield to maturity3.835%May 13, 2026Yield to maturity3.921%May 20, 2026Yield to maturity3.958%May 28, 2026Yield to maturity3.946%Jun 4, 2026Yield to maturity3.985%Jun 11, 2026Yield to maturity3.998%Jun 18, 2026Yield to maturity4.155%Jun 26, 2026Yield to maturity4.088%Jul 6, 2026Yield to maturity4.106%Jul 13, 2026Yield to maturity4.209%Jul 20, 2026Yield to maturity4.139%Jul 27, 2026Yield to maturity4.276%Aug 3, 2026Yield to maturity4.206%Aug 10, 2026Yield to maturity4.133%Aug 17, 2026Yield to maturity4.089%Aug 24, 2026Yield to maturity4.139%Aug 31, 2026Yield to maturity4.224%Sep 8, 2026Yield to maturity4.215%Sep 15, 2026Yield to maturity4.440%Sep 22, 2026Yield to maturity4.536%Sep 29, 2026Yield to maturity4.600%Sep 30, 2026Yield to maturity4.604%

Price history

1,022 trading days to Sep 30, 2026

93949596979899100Aug 31, 2022Sep 30, 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 1, 2024Close95.719Apr 8, 2024Close95.500Apr 15, 2024Close94.938Apr 22, 2024Close94.906Apr 29, 2024Close94.906May 6, 2024Close95.469May 13, 2024Close95.406May 20, 2024Close95.563May 28, 2024Close95.219Jun 4, 2024Close95.813Jun 11, 2024Close95.688Jun 18, 2024Close96.156Jun 26, 2024Close95.906Jul 3, 2024Close96.031Jul 11, 2024Close96.656Jul 18, 2024Close96.781Jul 25, 2024Close96.719Aug 1, 2024Close97.594Aug 8, 2024Close97.781Aug 15, 2024Close97.781Aug 22, 2024Close98.031Aug 29, 2024Close98.188Sep 6, 2024Close98.813Sep 13, 2024Close99.063Sep 20, 2024Close99.000Sep 27, 2024Close98.969Oct 4, 2024Close98.000Oct 11, 2024Close97.969Oct 21, 2024Close97.750Oct 28, 2024Close97.406Nov 4, 2024Close97.281Nov 12, 2024Close96.875Nov 19, 2024Close97.094Nov 26, 2024Close97.125Dec 4, 2024Close97.469Dec 11, 2024Close97.406Dec 18, 2024Close96.875Dec 26, 2024Close96.906Jan 3, 2025Close97.031Jan 10, 2025Close96.719Jan 17, 2025Close97.063Jan 27, 2025Close97.313Feb 3, 2025Close97.188Feb 10, 2025Close97.188Feb 18, 2025Close97.156Feb 25, 2025Close97.688Mar 4, 2025Close98.031Mar 11, 2025Close98.094Mar 18, 2025Close97.906Mar 25, 2025Close97.969Apr 1, 2025Close98.281Apr 8, 2025Close98.594Apr 15, 2025Close98.344Apr 22, 2025Close98.469Apr 29, 2025Close98.813May 6, 2025Close98.531May 13, 2025Close98.063May 20, 2025Close98.188May 28, 2025Close98.156Jun 4, 2025Close98.438Jun 11, 2025Close98.281Jun 18, 2025Close98.313Jun 26, 2025Close98.750Jul 3, 2025Close98.438Jul 11, 2025Close98.438Jul 18, 2025Close98.500Jul 25, 2025Close98.469Aug 1, 2025Close98.875Aug 8, 2025Close98.781Aug 15, 2025Close98.781Aug 22, 2025Close98.938Aug 29, 2025Close99.031Sep 8, 2025Close99.281Sep 15, 2025Close99.219Sep 22, 2025Close99.094Sep 29, 2025Close99.031Oct 6, 2025Close99.125Oct 14, 2025Close99.344Oct 21, 2025Close99.375Oct 28, 2025Close99.313Nov 4, 2025Close99.188Nov 12, 2025Close99.219Nov 19, 2025Close99.188Nov 26, 2025Close99.344Dec 4, 2025Close99.281Dec 11, 2025Close99.313Dec 18, 2025Close99.438Dec 26, 2025Close99.406Jan 5, 2026Close99.469Jan 12, 2026Close99.344Jan 20, 2026Close99.281Jan 27, 2026Close99.313Feb 3, 2026Close99.344Feb 10, 2026Close99.500Feb 18, 2026Close99.438Feb 25, 2026Close99.438Mar 4, 2026Close99.344Mar 11, 2026Close99.219Mar 18, 2026Close99.094Mar 25, 2026Close98.906Apr 1, 2026Close99.031Apr 8, 2026Close99.063Apr 15, 2026Close99.094Apr 22, 2026Close99.125Apr 29, 2026Close99.000May 6, 2026Close99.094May 13, 2026Close99.000May 20, 2026Close98.969May 28, 2026Close99.000Jun 4, 2026Close98.969Jun 11, 2026Close98.969Jun 18, 2026Close98.813Jun 26, 2026Close98.906Jul 6, 2026Close98.906Jul 13, 2026Close98.813Jul 20, 2026Close98.906Jul 27, 2026Close98.781Aug 3, 2026Close98.875Aug 10, 2026Close98.969Aug 17, 2026Close99.031Aug 24, 2026Close99.000Aug 31, 2026Close98.938Sep 8, 2026Close98.969Sep 15, 2026Close98.781Sep 22, 2026Close98.719Sep 29, 2026Close98.688Sep 30, 2026Close98.688
The most recent 20 trading days of prices for 91282CFH9.
DateBidOfferClose
Sep 30, 202698.70398.68898.688
Sep 29, 202698.67298.65698.688
Sep 28, 202698.65698.62598.656
Sep 25, 202698.68898.65698.688
Sep 24, 202698.68898.65698.625
Sep 23, 202698.70398.68898.656
Sep 22, 202698.76698.75098.719
Sep 21, 202698.76698.75098.750
Sep 18, 202698.76698.75098.750
Sep 17, 202698.76698.75098.750
Sep 16, 202698.82898.81398.719
Sep 15, 202698.81398.81398.781
Sep 14, 202698.79798.78198.813
Sep 11, 202698.82898.81398.813
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

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.