Treasury note

91282CFJ5 · 3.125% due August 31, 2029

Original term
7-Year
Maturity
Aug 31, 2029
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
$41.01bn
Held stripped
$60.9m
Share stripped
0.15%

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
4.662%
Modified duration
2.789 yr
DV01
0.0267
Convexity
9.331
Dirty price
95.876

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 5 of twelve buckets, summing to 2.853 years against a modified duration of 2.789.

Against the fitted curve

Priced 1.7 bp rich to the curve on that day, 4.49 cents per 100 of face.

That is -1.22 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 maturity3.251%Oct 4, 2022Yield to maturity3.757%Nov 7, 2022Yield to maturity4.350%Dec 12, 2022Yield to maturity3.756%Jan 17, 2023Yield to maturity3.606%Feb 17, 2023Yield to maturity3.981%Mar 23, 2023Yield to maturity3.436%Apr 25, 2023Yield to maturity3.456%May 26, 2023Yield to maturity3.926%Jun 30, 2023Yield to maturity4.056%Aug 3, 2023Yield to maturity4.317%Sep 6, 2023Yield to maturity4.447%Oct 10, 2023Yield to maturity4.689%Nov 10, 2023Yield to maturity4.711%Dec 14, 2023Yield to maturity3.957%Jan 19, 2024Yield to maturity4.114%Feb 22, 2024Yield to maturity4.354%Mar 26, 2024Yield to maturity4.244%Apr 26, 2024Yield to maturity4.710%May 30, 2024Yield to maturity4.592%Jul 3, 2024Yield to maturity4.347%Aug 6, 2024Yield to maturity3.760%Sep 9, 2024Yield to maturity3.532%Oct 10, 2024Yield to maturity3.940%Nov 14, 2024Yield to maturity4.343%Dec 18, 2024Yield to maturity4.411%Jan 23, 2025Yield to maturity4.453%Feb 26, 2025Yield to maturity4.091%Mar 31, 2025Yield to maturity3.942%May 1, 2025Yield to maturity3.787%Jun 4, 2025Yield to maturity3.916%Jul 9, 2025Yield to maturity3.882%Aug 11, 2025Yield to maturity3.788%Sep 12, 2025Yield to maturity3.594%Oct 16, 2025Yield to maturity3.490%Nov 19, 2025Yield to maturity3.651%Dec 23, 2025Yield to maturity3.655%Jan 28, 2026Yield to maturity3.726%Mar 3, 2026Yield to maturity3.557%Apr 3, 2026Yield to maturity3.927%May 6, 2026Yield to maturity3.925%Jun 9, 2026Yield to maturity4.202%Jul 14, 2026Yield to maturity4.244%Aug 14, 2026Yield to maturity4.254%Sep 10, 2026Yield to maturity4.662%

Price history

1,008 trading days to Sep 10, 2026

9092949698100Aug 31, 2022Sep 10, 2026Aug 31, 2022Close99.219Oct 4, 2022Close96.188Nov 7, 2022Close92.844Dec 12, 2022Close96.281Jan 17, 2023Close97.188Feb 17, 2023Close95.125Mar 23, 2023Close98.219Apr 25, 2023Close98.125May 26, 2023Close95.594Jun 30, 2023Close94.969Aug 3, 2023Close93.688Sep 6, 2023Close93.125Oct 10, 2023Close92.031Nov 10, 2023Close92.031Dec 14, 2023Close95.781Jan 19, 2024Close95.094Feb 22, 2024Close94.031Mar 26, 2024Close94.625Apr 26, 2024Close92.594May 30, 2024Close93.219Jul 3, 2024Close94.406Aug 6, 2024Close97.094Sep 9, 2024Close98.156Oct 10, 2024Close96.406Nov 14, 2024Close94.781Dec 18, 2024Close94.594Jan 23, 2025Close94.531Feb 26, 2025Close96.063Mar 31, 2025Close96.719May 1, 2025Close97.375Jun 4, 2025Close96.938Jul 9, 2025Close97.125Aug 11, 2025Close97.531Sep 12, 2025Close98.281Oct 16, 2025Close98.688Nov 19, 2025Close98.156Dec 23, 2025Close98.188Jan 28, 2026Close98.000Mar 3, 2026Close98.594Apr 3, 2026Close97.469May 6, 2026Close97.531Jun 9, 2026Close96.781Jul 14, 2026Close96.750Aug 14, 2026Close96.813Sep 10, 2026Close95.781
The most recent 20 trading days of prices for 91282CFJ5.
DateBidOfferClose
Sep 10, 202695.89195.87595.781
Sep 9, 202696.18896.15696.156
Sep 8, 202696.29796.28196.281
Sep 4, 202696.35996.34496.313
Sep 3, 202696.46996.43896.406
Sep 2, 202696.29796.28196.281
Sep 1, 202696.35996.34496.281
Aug 31, 202696.43896.40696.438
Aug 28, 202696.50096.46996.406
Aug 27, 202696.76696.75096.688
Aug 26, 202696.76696.75096.719
Aug 25, 202696.81396.78196.813
Aug 24, 202696.71996.68896.656
Aug 21, 202696.64196.62596.656
Aug 20, 202696.76696.75096.750
Aug 19, 202696.79796.78196.813
Aug 18, 202696.79796.78196.781
Aug 17, 202696.82896.81396.781
Aug 14, 202696.87596.84496.813
Aug 13, 202696.89196.87596.875

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 91282CFJ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 25, 2022Aug 31, 2022New issue$37.0bn$41.8bn2.65x3.130%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.