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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$45.18bn
Held stripped
$65.6m
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, November 9, 2026

Yield to maturity
4.456%
Modified duration
1.004 yr
DV01
0.0102
Convexity
0.0152
Dirty price
101.132

Where its rate sensitivity sits

<.01
0.01
0.96
0.06
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 1.026 years against a modified duration of 1.004.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 1.30 cents per 100 of face.

That is 0.35 standard deviations from its own typical residual.

Yield to maturity, 986 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2022Nov 9, 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 3, 2024Yield to maturity4.444%Apr 10, 2024Yield to maturity4.744%Apr 17, 2024Yield to maturity4.729%Apr 24, 2024Yield to maturity4.762%May 1, 2024Yield to maturity4.767%May 8, 2024Yield to maturity4.615%May 15, 2024Yield to maturity4.462%May 22, 2024Yield to maturity4.593%May 30, 2024Yield to maturity4.697%Jun 6, 2024Yield to maturity4.433%Jun 13, 2024Yield to maturity4.386%Jun 21, 2024Yield to maturity4.419%Jun 28, 2024Yield to maturity4.482%Jul 8, 2024Yield to maturity4.364%Jul 15, 2024Yield to maturity4.215%Jul 22, 2024Yield to maturity4.267%Jul 29, 2024Yield to maturity4.157%Aug 5, 2024Yield to maturity3.702%Aug 12, 2024Yield to maturity3.833%Aug 19, 2024Yield to maturity3.853%Aug 26, 2024Yield to maturity3.740%Sep 3, 2024Yield to maturity3.729%Sep 10, 2024Yield to maturity3.460%Sep 17, 2024Yield to maturity3.468%Sep 24, 2024Yield to maturity3.466%Oct 1, 2024Yield to maturity3.537%Oct 8, 2024Yield to maturity3.895%Oct 16, 2024Yield to maturity3.863%Oct 23, 2024Yield to maturity4.047%Oct 30, 2024Yield to maturity4.147%Nov 6, 2024Yield to maturity4.248%Nov 14, 2024Yield to maturity4.317%Nov 21, 2024Yield to maturity4.309%Nov 29, 2024Yield to maturity4.110%Dec 6, 2024Yield to maturity4.066%Dec 13, 2024Yield to maturity4.238%Dec 20, 2024Yield to maturity4.321%Dec 30, 2024Yield to maturity4.300%Jan 7, 2025Yield to maturity4.350%Jan 14, 2025Yield to maturity4.459%Jan 22, 2025Yield to maturity4.344%Jan 29, 2025Yield to maturity4.276%Feb 5, 2025Yield to maturity4.206%Feb 12, 2025Yield to maturity4.401%Feb 20, 2025Yield to maturity4.284%Feb 27, 2025Yield to maturity4.067%Mar 6, 2025Yield to maturity3.995%Mar 13, 2025Yield to maturity3.947%Mar 20, 2025Yield to maturity3.947%Mar 27, 2025Yield to maturity4.010%Apr 3, 2025Yield to maturity3.699%Apr 10, 2025Yield to maturity3.874%Apr 17, 2025Yield to maturity3.823%Apr 25, 2025Yield to maturity3.772%May 2, 2025Yield to maturity3.823%May 9, 2025Yield to maturity3.887%May 16, 2025Yield to maturity3.979%May 23, 2025Yield to maturity3.994%Jun 2, 2025Yield to maturity3.928%Jun 9, 2025Yield to maturity3.995%Jun 16, 2025Yield to maturity3.955%Jun 24, 2025Yield to maturity3.779%Jul 1, 2025Yield to maturity3.778%Jul 9, 2025Yield to maturity3.832%Jul 16, 2025Yield to maturity3.873%Jul 23, 2025Yield to maturity3.859%Jul 30, 2025Yield to maturity3.916%Aug 6, 2025Yield to maturity3.674%Aug 13, 2025Yield to maturity3.673%Aug 20, 2025Yield to maturity3.714%Aug 27, 2025Yield to maturity3.626%Sep 4, 2025Yield to maturity3.580%Sep 11, 2025Yield to maturity3.518%Sep 18, 2025Yield to maturity3.560%Sep 25, 2025Yield to maturity3.677%Oct 2, 2025Yield to maturity3.540%Oct 9, 2025Yield to maturity3.598%Oct 17, 2025Yield to maturity3.456%Oct 24, 2025Yield to maturity3.483%Oct 31, 2025Yield to maturity3.590%Nov 7, 2025Yield to maturity3.556%Nov 17, 2025Yield to maturity3.617%Nov 24, 2025Yield to maturity3.502%Dec 2, 2025Yield to maturity3.531%Dec 9, 2025Yield to maturity3.610%Dec 16, 2025Yield to maturity3.490%Dec 23, 2025Yield to maturity3.554%Dec 31, 2025Yield to maturity3.481%Jan 8, 2026Yield to maturity3.494%Jan 15, 2026Yield to maturity3.577%Jan 23, 2026Yield to maturity3.608%Jan 30, 2026Yield to maturity3.534%Feb 6, 2026Yield to maturity3.494%Feb 13, 2026Yield to maturity3.417%Feb 23, 2026Yield to maturity3.449%Mar 2, 2026Yield to maturity3.500%Mar 9, 2026Yield to maturity3.590%Mar 16, 2026Yield to maturity3.701%Mar 23, 2026Yield to maturity3.872%Mar 30, 2026Yield to maturity3.853%Apr 6, 2026Yield to maturity3.873%Apr 13, 2026Yield to maturity3.813%Apr 20, 2026Yield to maturity3.752%Apr 27, 2026Yield to maturity3.812%May 4, 2026Yield to maturity3.956%May 11, 2026Yield to maturity3.937%May 18, 2026Yield to maturity4.044%May 26, 2026Yield to maturity4.025%Jun 2, 2026Yield to maturity4.027%Jun 9, 2026Yield to maturity4.095%Jun 16, 2026Yield to maturity4.030%Jun 24, 2026Yield to maturity4.146%Jul 1, 2026Yield to maturity4.195%Jul 9, 2026Yield to maturity4.153%Jul 16, 2026Yield to maturity4.133%Jul 23, 2026Yield to maturity4.328%Jul 30, 2026Yield to maturity4.188%Aug 6, 2026Yield to maturity4.192%Aug 13, 2026Yield to maturity4.096%Aug 20, 2026Yield to maturity4.125%Aug 27, 2026Yield to maturity4.180%Sep 3, 2026Yield to maturity4.264%Sep 11, 2026Yield to maturity4.514%Sep 18, 2026Yield to maturity4.634%Sep 25, 2026Yield to maturity4.674%Oct 2, 2026Yield to maturity4.631%Oct 9, 2026Yield to maturity4.617%Oct 19, 2026Yield to maturity4.629%Oct 26, 2026Yield to maturity4.583%Nov 2, 2026Yield to maturity4.505%Nov 9, 2026Yield to maturity4.456%

Price history

986 trading days to Nov 9, 2026

949698100102104Nov 30, 2022Nov 9, 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 3, 2024Close98.094Apr 10, 2024Close97.125Apr 17, 2024Close97.188Apr 24, 2024Close97.094May 1, 2024Close97.094May 8, 2024Close97.594May 15, 2024Close98.094May 22, 2024Close97.688May 30, 2024Close97.375Jun 6, 2024Close98.219Jun 13, 2024Close98.375Jun 21, 2024Close98.281Jun 28, 2024Close98.094Jul 8, 2024Close98.469Jul 15, 2024Close98.938Jul 22, 2024Close98.781Jul 29, 2024Close99.125Aug 5, 2024Close100.531Aug 12, 2024Close100.125Aug 19, 2024Close100.063Aug 26, 2024Close100.406Sep 3, 2024Close100.438Sep 10, 2024Close101.250Sep 17, 2024Close101.219Sep 24, 2024Close101.219Oct 1, 2024Close101.000Oct 8, 2024Close99.938Oct 16, 2024Close100.031Oct 23, 2024Close99.500Oct 30, 2024Close99.219Nov 6, 2024Close98.938Nov 14, 2024Close98.750Nov 21, 2024Close98.781Nov 29, 2024Close99.344Dec 6, 2024Close99.469Dec 13, 2024Close99.000Dec 20, 2024Close98.781Dec 30, 2024Close98.844Jan 7, 2025Close98.719Jan 14, 2025Close98.438Jan 22, 2025Close98.750Jan 29, 2025Close98.938Feb 5, 2025Close99.125Feb 12, 2025Close98.625Feb 20, 2025Close98.938Feb 27, 2025Close99.500Mar 6, 2025Close99.688Mar 13, 2025Close99.813Mar 20, 2025Close99.813Mar 27, 2025Close99.656Apr 3, 2025Close100.438Apr 10, 2025Close100.000Apr 17, 2025Close100.125Apr 25, 2025Close100.250May 2, 2025Close100.125May 9, 2025Close99.969May 16, 2025Close99.750May 23, 2025Close99.719Jun 2, 2025Close99.875Jun 9, 2025Close99.719Jun 16, 2025Close99.813Jun 24, 2025Close100.219Jul 1, 2025Close100.219Jul 9, 2025Close100.094Jul 16, 2025Close100.000Jul 23, 2025Close100.031Jul 30, 2025Close99.906Aug 6, 2025Close100.438Aug 13, 2025Close100.438Aug 20, 2025Close100.344Aug 27, 2025Close100.531Sep 4, 2025Close100.625Sep 11, 2025Close100.750Sep 18, 2025Close100.656Sep 25, 2025Close100.406Oct 2, 2025Close100.688Oct 9, 2025Close100.563Oct 17, 2025Close100.844Oct 24, 2025Close100.781Oct 31, 2025Close100.563Nov 7, 2025Close100.625Nov 17, 2025Close100.500Nov 24, 2025Close100.719Dec 2, 2025Close100.656Dec 9, 2025Close100.500Dec 16, 2025Close100.719Dec 23, 2025Close100.594Dec 31, 2025Close100.719Jan 8, 2026Close100.688Jan 15, 2026Close100.531Jan 23, 2026Close100.469Jan 30, 2026Close100.594Feb 6, 2026Close100.656Feb 13, 2026Close100.781Feb 23, 2026Close100.719Mar 2, 2026Close100.625Mar 9, 2026Close100.469Mar 16, 2026Close100.281Mar 23, 2026Close100.000Mar 30, 2026Close100.031Apr 6, 2026Close100.000Apr 13, 2026Close100.094Apr 20, 2026Close100.188Apr 27, 2026Close100.094May 4, 2026Close99.875May 11, 2026Close99.906May 18, 2026Close99.750May 26, 2026Close99.781Jun 2, 2026Close99.781Jun 9, 2026Close99.688Jun 16, 2026Close99.781Jun 24, 2026Close99.625Jul 1, 2026Close99.563Jul 9, 2026Close99.625Jul 16, 2026Close99.656Jul 23, 2026Close99.406Jul 30, 2026Close99.594Aug 6, 2026Close99.594Aug 13, 2026Close99.719Aug 20, 2026Close99.688Aug 27, 2026Close99.625Sep 3, 2026Close99.531Sep 11, 2026Close99.250Sep 18, 2026Close99.125Sep 25, 2026Close99.094Oct 2, 2026Close99.156Oct 9, 2026Close99.188Oct 19, 2026Close99.188Oct 26, 2026Close99.250Nov 2, 2026Close99.344Nov 9, 2026Close99.406
The most recent 20 trading days of prices for 91282CFZ9.
DateBidOfferClose
Nov 9, 202699.40699.42299.406
Nov 6, 202699.43899.45399.438
Nov 5, 202699.40699.43899.469
Nov 4, 202699.34499.37599.375
Nov 3, 202699.34499.37599.344
Nov 2, 202699.34499.35999.344
Oct 30, 202699.34499.35999.375
Oct 29, 202699.31399.32899.281
Oct 28, 202699.21999.23499.250
Oct 27, 202699.25099.26699.250
Oct 26, 202699.28199.28199.250
Oct 23, 202699.28199.29799.281
Oct 22, 202699.25099.26699.313
Oct 21, 202699.18899.20399.188
Oct 20, 202699.21999.23499.188
Oct 19, 202699.21999.23499.188
Oct 16, 202699.21999.23499.219
Oct 15, 202699.15699.18899.188
Oct 14, 202699.09499.10999.125
Oct 13, 202699.15699.17299.156

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 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.

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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.