Treasury note

91282CFZ9 · 3.875% due November 30, 2027

Original term
5-Year
Maturity
Nov 30, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
Nov 30, 2022
First coupon
May 31, 2023
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$45.24bn
Held stripped
$65.6m
Share stripped
0.14%

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
4.708%
Modified duration
1.109 yr
DV01
0.0111
Convexity
0.0179
Dirty price
100.365

Where its rate sensitivity sits

<.01
0.01
0.94
0.18
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 4 of twelve buckets, summing to 1.136 years against a modified duration of 1.109.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 2.75 cents per 100 of face.

That is 1.07 standard deviations from its own typical residual.

Yield to maturity, 961 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2022Sep 30, 2026Nov 30, 2022Yield to maturity3.820%Dec 7, 2022Yield to maturity3.626%Dec 14, 2022Yield to maturity3.645%Dec 21, 2022Yield to maturity3.784%Dec 29, 2022Yield to maturity3.945%Jan 6, 2023Yield to maturity3.698%Jan 13, 2023Yield to maturity3.599%Jan 23, 2023Yield to maturity3.612%Jan 30, 2023Yield to maturity3.696%Feb 6, 2023Yield to maturity3.824%Feb 13, 2023Yield to maturity3.939%Feb 21, 2023Yield to maturity4.180%Feb 28, 2023Yield to maturity4.218%Mar 7, 2023Yield to maturity4.361%Mar 14, 2023Yield to maturity3.823%Mar 21, 2023Yield to maturity3.786%Mar 28, 2023Yield to maturity3.676%Apr 4, 2023Yield to maturity3.428%Apr 11, 2023Yield to maturity3.572%Apr 18, 2023Yield to maturity3.726%Apr 25, 2023Yield to maturity3.467%May 2, 2023Yield to maturity3.495%May 9, 2023Yield to maturity3.530%May 16, 2023Yield to maturity3.552%May 23, 2023Yield to maturity3.807%May 31, 2023Yield to maturity3.829%Jun 7, 2023Yield to maturity4.013%Jun 14, 2023Yield to maturity4.154%Jun 22, 2023Yield to maturity4.131%Jun 29, 2023Yield to maturity4.242%Jul 7, 2023Yield to maturity4.436%Jul 14, 2023Yield to maturity4.126%Jul 21, 2023Yield to maturity4.191%Jul 28, 2023Yield to maturity4.289%Aug 4, 2023Yield to maturity4.242%Aug 11, 2023Yield to maturity4.390%Aug 18, 2023Yield to maturity4.466%Aug 25, 2023Yield to maturity4.542%Sep 1, 2023Yield to maturity4.396%Sep 11, 2023Yield to maturity4.515%Sep 18, 2023Yield to maturity4.576%Sep 25, 2023Yield to maturity4.715%Oct 2, 2023Yield to maturity4.795%Oct 10, 2023Yield to maturity4.680%Oct 17, 2023Yield to maturity4.925%Oct 24, 2023Yield to maturity4.860%Oct 31, 2023Yield to maturity4.865%Nov 7, 2023Yield to maturity4.608%Nov 14, 2023Yield to maturity4.481%Nov 21, 2023Yield to maturity4.493%Nov 29, 2023Yield to maturity4.313%Dec 6, 2023Yield to maturity4.219%Dec 13, 2023Yield to maturity4.090%Dec 20, 2023Yield to maturity3.970%Dec 28, 2023Yield to maturity3.935%Jan 5, 2024Yield to maturity4.102%Jan 12, 2024Yield to maturity3.892%Jan 22, 2024Yield to maturity4.086%Jan 29, 2024Yield to maturity4.043%Feb 5, 2024Yield to maturity4.205%Feb 12, 2024Yield to maturity4.206%Feb 20, 2024Yield to maturity4.336%Feb 27, 2024Yield to maturity4.439%Mar 5, 2024Yield to maturity4.257%Mar 12, 2024Yield to maturity4.287%Mar 19, 2024Yield to maturity4.429%Mar 26, 2024Yield to maturity4.347%Apr 2, 2024Yield to maturity4.463%Apr 9, 2024Yield to maturity4.504%Apr 16, 2024Yield to maturity4.796%Apr 23, 2024Yield to maturity4.733%Apr 30, 2024Yield to maturity4.844%May 7, 2024Yield to maturity4.595%May 14, 2024Yield to maturity4.569%May 21, 2024Yield to maturity4.553%May 29, 2024Yield to maturity4.746%Jun 5, 2024Yield to maturity4.452%Jun 12, 2024Yield to maturity4.455%Jun 20, 2024Yield to maturity4.408%Jun 27, 2024Yield to maturity4.461%Jul 5, 2024Yield to maturity4.354%Jul 12, 2024Yield to maturity4.205%Jul 19, 2024Yield to maturity4.257%Jul 26, 2024Yield to maturity4.177%Aug 2, 2024Yield to maturity3.682%Aug 9, 2024Yield to maturity3.884%Aug 16, 2024Yield to maturity3.863%Aug 23, 2024Yield to maturity3.730%Aug 30, 2024Yield to maturity3.791%Sep 9, 2024Yield to maturity3.532%Sep 16, 2024Yield to maturity3.437%Sep 23, 2024Yield to maturity3.497%Sep 30, 2024Yield to maturity3.600%Oct 7, 2024Yield to maturity3.906%Oct 15, 2024Yield to maturity3.874%Oct 22, 2024Yield to maturity3.993%Oct 29, 2024Yield to maturity4.092%Nov 5, 2024Yield to maturity4.170%Nov 13, 2024Yield to maturity4.273%Nov 20, 2024Yield to maturity4.275%Nov 27, 2024Yield to maturity4.177%Dec 5, 2024Yield to maturity4.111%Dec 12, 2024Yield to maturity4.169%Dec 19, 2024Yield to maturity4.354%Dec 27, 2024Yield to maturity4.381%Jan 6, 2025Yield to maturity4.326%Jan 13, 2025Yield to maturity4.482%Jan 21, 2025Yield to maturity4.332%Jan 28, 2025Yield to maturity4.251%Feb 4, 2025Yield to maturity4.254%Feb 11, 2025Yield to maturity4.316%Feb 19, 2025Yield to maturity4.308%Feb 26, 2025Yield to maturity4.055%Mar 5, 2025Yield to maturity4.019%Mar 12, 2025Yield to maturity4.008%Mar 19, 2025Yield to maturity3.972%Mar 26, 2025Yield to maturity4.022%Apr 2, 2025Yield to maturity3.911%Apr 9, 2025Yield to maturity3.936%Apr 16, 2025Yield to maturity3.785%Apr 23, 2025Yield to maturity3.874%Apr 30, 2025Yield to maturity3.593%May 7, 2025Yield to maturity3.771%May 14, 2025Yield to maturity4.057%May 21, 2025Yield to maturity4.006%May 29, 2025Yield to maturity3.928%Jun 5, 2025Yield to maturity3.915%Jun 12, 2025Yield to maturity3.888%Jun 20, 2025Yield to maturity3.888%Jun 27, 2025Yield to maturity3.738%Jul 7, 2025Yield to maturity3.887%Jul 14, 2025Yield to maturity3.873%Jul 21, 2025Yield to maturity3.817%Jul 28, 2025Yield to maturity3.901%Aug 4, 2025Yield to maturity3.675%Aug 11, 2025Yield to maturity3.744%Aug 18, 2025Yield to maturity3.743%Aug 25, 2025Yield to maturity3.699%Sep 2, 2025Yield to maturity3.653%Sep 9, 2025Yield to maturity3.534%Sep 16, 2025Yield to maturity3.501%Sep 23, 2025Yield to maturity3.573%Sep 30, 2025Yield to maturity3.616%Oct 7, 2025Yield to maturity3.568%Oct 15, 2025Yield to maturity3.504%Oct 22, 2025Yield to maturity3.439%Oct 29, 2025Yield to maturity3.591%Nov 5, 2025Yield to maturity3.621%Nov 13, 2025Yield to maturity3.586%Nov 20, 2025Yield to maturity3.552%Nov 28, 2025Yield to maturity3.499%Dec 5, 2025Yield to maturity3.578%Dec 12, 2025Yield to maturity3.541%Dec 19, 2025Yield to maturity3.488%Dec 29, 2025Yield to maturity3.483%Jan 6, 2026Yield to maturity3.478%Jan 13, 2026Yield to maturity3.526%Jan 21, 2026Yield to maturity3.592%Jan 28, 2026Yield to maturity3.589%Feb 4, 2026Yield to maturity3.568%Feb 11, 2026Yield to maturity3.511%Feb 19, 2026Yield to maturity3.470%Feb 26, 2026Yield to maturity3.465%Mar 5, 2026Yield to maturity3.592%Mar 12, 2026Yield to maturity3.777%Mar 19, 2026Yield to maturity3.834%Mar 26, 2026Yield to maturity4.028%Apr 2, 2026Yield to maturity3.833%Apr 9, 2026Yield to maturity3.813%Apr 16, 2026Yield to maturity3.793%Apr 23, 2026Yield to maturity3.832%Apr 30, 2026Yield to maturity3.873%May 7, 2026Yield to maturity3.915%May 14, 2026Yield to maturity3.979%May 21, 2026Yield to maturity4.045%May 29, 2026Yield to maturity3.983%Jun 5, 2026Yield to maturity4.139%Jun 12, 2026Yield to maturity4.052%Jun 22, 2026Yield to maturity4.236%Jun 29, 2026Yield to maturity4.125%Jul 7, 2026Yield to maturity4.175%Jul 14, 2026Yield to maturity4.155%Jul 21, 2026Yield to maturity4.231%Jul 28, 2026Yield to maturity4.260%Aug 4, 2026Yield to maturity4.166%Aug 11, 2026Yield to maturity4.170%Aug 18, 2026Yield to maturity4.124%Aug 25, 2026Yield to maturity4.153%Sep 1, 2026Yield to maturity4.314%Sep 9, 2026Yield to maturity4.322%Sep 16, 2026Yield to maturity4.627%Sep 23, 2026Yield to maturity4.694%Sep 30, 2026Yield to maturity4.708%

Price history

961 trading days to Sep 30, 2026

949698100102104Nov 30, 2022Sep 30, 2026Nov 30, 2022Close100.250Dec 7, 2022Close101.125Dec 14, 2022Close101.031Dec 21, 2022Close100.406Dec 29, 2022Close99.688Jan 6, 2023Close100.781Jan 13, 2023Close101.219Jan 23, 2023Close101.156Jan 30, 2023Close100.781Feb 6, 2023Close100.219Feb 13, 2023Close99.719Feb 21, 2023Close98.688Feb 28, 2023Close98.531Mar 7, 2023Close97.938Mar 14, 2023Close100.219Mar 21, 2023Close100.375Mar 28, 2023Close100.844Apr 4, 2023Close101.906Apr 11, 2023Close101.281Apr 18, 2023Close100.625Apr 25, 2023Close101.719May 2, 2023Close101.594May 9, 2023Close101.438May 16, 2023Close101.344May 23, 2023Close100.281May 31, 2023Close100.188Jun 7, 2023Close99.438Jun 14, 2023Close98.875Jun 22, 2023Close98.969Jun 29, 2023Close98.531Jul 7, 2023Close97.781Jul 14, 2023Close99.000Jul 21, 2023Close98.750Jul 28, 2023Close98.375Aug 4, 2023Close98.563Aug 11, 2023Close98.000Aug 18, 2023Close97.719Aug 25, 2023Close97.438Sep 1, 2023Close98.000Sep 11, 2023Close97.563Sep 18, 2023Close97.344Sep 25, 2023Close96.844Oct 2, 2023Close96.563Oct 10, 2023Close97.000Oct 17, 2023Close96.125Oct 24, 2023Close96.375Oct 31, 2023Close96.375Nov 7, 2023Close97.313Nov 14, 2023Close97.781Nov 21, 2023Close97.750Nov 29, 2023Close98.406Dec 6, 2023Close98.750Dec 13, 2023Close99.219Dec 20, 2023Close99.656Dec 28, 2023Close99.781Jan 5, 2024Close99.188Jan 12, 2024Close99.938Jan 22, 2024Close99.250Jan 29, 2024Close99.406Feb 5, 2024Close98.844Feb 12, 2024Close98.844Feb 20, 2024Close98.406Feb 27, 2024Close98.063Mar 5, 2024Close98.688Mar 12, 2024Close98.594Mar 19, 2024Close98.125Mar 26, 2024Close98.406Apr 2, 2024Close98.031Apr 9, 2024Close97.906Apr 16, 2024Close96.969Apr 23, 2024Close97.188Apr 30, 2024Close96.844May 7, 2024Close97.656May 14, 2024Close97.750May 21, 2024Close97.813May 29, 2024Close97.219Jun 5, 2024Close98.156Jun 12, 2024Close98.156Jun 20, 2024Close98.313Jun 27, 2024Close98.156Jul 5, 2024Close98.500Jul 12, 2024Close98.969Jul 19, 2024Close98.813Jul 26, 2024Close99.063Aug 2, 2024Close100.594Aug 9, 2024Close99.969Aug 16, 2024Close100.031Aug 23, 2024Close100.438Aug 30, 2024Close100.250Sep 9, 2024Close101.031Sep 16, 2024Close101.313Sep 23, 2024Close101.125Sep 30, 2024Close100.813Oct 7, 2024Close99.906Oct 15, 2024Close100.000Oct 22, 2024Close99.656Oct 29, 2024Close99.375Nov 5, 2024Close99.156Nov 13, 2024Close98.875Nov 20, 2024Close98.875Nov 27, 2024Close99.156Dec 5, 2024Close99.344Dec 12, 2024Close99.188Dec 19, 2024Close98.688Dec 27, 2024Close98.625Jan 6, 2025Close98.781Jan 13, 2025Close98.375Jan 21, 2025Close98.781Jan 28, 2025Close99.000Feb 4, 2025Close99.000Feb 11, 2025Close98.844Feb 19, 2025Close98.875Feb 26, 2025Close99.531Mar 5, 2025Close99.625Mar 12, 2025Close99.656Mar 19, 2025Close99.750Mar 26, 2025Close99.625Apr 2, 2025Close99.906Apr 9, 2025Close99.844Apr 16, 2025Close100.219Apr 23, 2025Close100.000Apr 30, 2025Close100.688May 7, 2025Close100.250May 14, 2025Close99.563May 21, 2025Close99.688May 29, 2025Close99.875Jun 5, 2025Close99.906Jun 12, 2025Close99.969Jun 20, 2025Close99.969Jun 27, 2025Close100.313Jul 7, 2025Close99.969Jul 14, 2025Close100.000Jul 21, 2025Close100.125Jul 28, 2025Close99.938Aug 4, 2025Close100.438Aug 11, 2025Close100.281Aug 18, 2025Close100.281Aug 25, 2025Close100.375Sep 2, 2025Close100.469Sep 9, 2025Close100.719Sep 16, 2025Close100.781Sep 23, 2025Close100.625Sep 30, 2025Close100.531Oct 7, 2025Close100.625Oct 15, 2025Close100.750Oct 22, 2025Close100.875Oct 29, 2025Close100.563Nov 5, 2025Close100.500Nov 13, 2025Close100.563Nov 20, 2025Close100.625Nov 28, 2025Close100.719Dec 5, 2025Close100.563Dec 12, 2025Close100.625Dec 19, 2025Close100.719Dec 29, 2025Close100.719Jan 6, 2026Close100.719Jan 13, 2026Close100.625Jan 21, 2026Close100.500Jan 28, 2026Close100.500Feb 4, 2026Close100.531Feb 11, 2026Close100.625Feb 19, 2026Close100.688Feb 26, 2026Close100.688Mar 5, 2026Close100.469Mar 12, 2026Close100.156Mar 19, 2026Close100.063Mar 26, 2026Close99.750Apr 2, 2026Close100.063Apr 9, 2026Close100.094Apr 16, 2026Close100.125Apr 23, 2026Close100.063Apr 30, 2026Close100.000May 7, 2026Close99.938May 14, 2026Close99.844May 21, 2026Close99.750May 29, 2026Close99.844Jun 5, 2026Close99.625Jun 12, 2026Close99.750Jun 22, 2026Close99.500Jun 29, 2026Close99.656Jul 7, 2026Close99.594Jul 14, 2026Close99.625Jul 21, 2026Close99.531Jul 28, 2026Close99.500Aug 4, 2026Close99.625Aug 11, 2026Close99.625Aug 18, 2026Close99.688Aug 25, 2026Close99.656Sep 1, 2026Close99.469Sep 9, 2026Close99.469Sep 16, 2026Close99.125Sep 23, 2026Close99.063Sep 30, 2026Close99.063
The most recent 20 trading days of prices for 91282CFZ9.
DateBidOfferClose
Sep 30, 202699.07899.06399.063
Sep 29, 202699.01699.00099.031
Sep 28, 202699.01699.00099.000
Sep 25, 202699.07899.06399.094
Sep 24, 202699.06399.03199.031
Sep 23, 202699.07899.06399.063
Sep 22, 202699.17299.15699.156
Sep 21, 202699.17299.15699.156
Sep 18, 202699.14199.12599.125
Sep 17, 202699.20399.18899.188
Sep 16, 202699.29799.28199.125
Sep 15, 202699.23499.21999.219
Sep 14, 202699.26699.25099.250
Sep 11, 202699.29799.28199.250
Sep 10, 202699.35999.34499.313
Sep 9, 202699.48499.46999.469
Sep 8, 202699.51699.50099.500
Sep 4, 202699.51699.50099.500
Sep 3, 202699.54799.53199.531
Sep 2, 202699.48499.46999.469

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 91282CFZ9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 21, 2022Nov 30, 2022New issue$43.0bn$47.7bn2.39x3.974%

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.