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 10, 2026
Analyzed through
Sep 10, 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 10, 2026

Yield to maturity
4.456%
Modified duration
1.164 yr
DV01
0.0117
Convexity
1.947
Dirty price
100.403

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 4 of twelve buckets, summing to 1.191 years against a modified duration of 1.164.

Against the fitted curve

Priced 4.0 bp cheap to the curve on that day, 4.73 cents per 100 of face.

That is 2.03 standard deviations from its own typical residual.

Yield to maturity, 947 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 30, 2022Sep 10, 2026Nov 30, 2022Yield to maturity3.820%Jan 3, 2023Yield to maturity3.938%Feb 3, 2023Yield to maturity3.681%Mar 8, 2023Yield to maturity4.391%Apr 7, 2023Yield to maturity3.528%May 9, 2023Yield to maturity3.530%Jun 9, 2023Yield to maturity4.006%Jul 13, 2023Yield to maturity4.015%Aug 14, 2023Yield to maturity4.447%Sep 14, 2023Yield to maturity4.533%Oct 17, 2023Yield to maturity4.925%Nov 16, 2023Yield to maturity4.499%Dec 19, 2023Yield to maturity4.047%Jan 23, 2024Yield to maturity4.104%Feb 23, 2024Yield to maturity4.393%Mar 26, 2024Yield to maturity4.347%Apr 25, 2024Yield to maturity4.821%May 28, 2024Yield to maturity4.696%Jun 28, 2024Yield to maturity4.482%Jul 31, 2024Yield to maturity4.076%Aug 30, 2024Yield to maturity3.791%Oct 2, 2024Yield to maturity3.568%Nov 4, 2024Yield to maturity4.159%Dec 6, 2024Yield to maturity4.066%Jan 9, 2025Yield to maturity4.339%Feb 11, 2025Yield to maturity4.316%Mar 14, 2025Yield to maturity4.021%Apr 15, 2025Yield to maturity3.861%May 15, 2025Yield to maturity3.966%Jun 17, 2025Yield to maturity3.928%Jul 21, 2025Yield to maturity3.817%Aug 20, 2025Yield to maturity3.714%Sep 22, 2025Yield to maturity3.588%Oct 23, 2025Yield to maturity3.485%Nov 25, 2025Yield to maturity3.469%Dec 29, 2025Yield to maturity3.483%Jan 30, 2026Yield to maturity3.534%Mar 4, 2026Yield to maturity3.555%Apr 3, 2026Yield to maturity3.873%May 5, 2026Yield to maturity3.936%Jun 5, 2026Yield to maturity4.139%Jul 9, 2026Yield to maturity4.153%Aug 10, 2026Yield to maturity4.195%Sep 10, 2026Yield to maturity4.456%

Price history

947 trading days to Sep 10, 2026

949698100102104Nov 30, 2022Sep 10, 2026Nov 30, 2022Close100.250Jan 3, 2023Close99.719Feb 3, 2023Close100.844Mar 8, 2023Close97.813Apr 7, 2023Close101.469May 9, 2023Close101.438Jun 9, 2023Close99.469Jul 13, 2023Close99.438Aug 14, 2023Close97.781Sep 14, 2023Close97.500Oct 17, 2023Close96.125Nov 16, 2023Close97.719Dec 19, 2023Close99.375Jan 23, 2024Close99.188Feb 23, 2024Close98.219Mar 26, 2024Close98.406Apr 25, 2024Close96.906May 28, 2024Close97.375Jun 28, 2024Close98.094Jul 31, 2024Close99.375Aug 30, 2024Close100.250Oct 2, 2024Close100.906Nov 4, 2024Close99.188Dec 6, 2024Close99.469Jan 9, 2025Close98.750Feb 11, 2025Close98.844Mar 14, 2025Close99.625Apr 15, 2025Close100.031May 15, 2025Close99.781Jun 17, 2025Close99.875Jul 21, 2025Close100.125Aug 20, 2025Close100.344Sep 22, 2025Close100.594Oct 23, 2025Close100.781Nov 25, 2025Close100.781Dec 29, 2025Close100.719Jan 30, 2026Close100.594Mar 4, 2026Close100.531Apr 3, 2026Close100.000May 5, 2026Close99.906Jun 5, 2026Close99.625Jul 9, 2026Close99.625Aug 10, 2026Close99.594Sep 10, 2026Close99.313
The most recent 20 trading days of prices for 91282CFZ9.
DateBidOfferClose
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
Sep 1, 202699.50099.50099.469
Aug 31, 202699.51699.50099.500
Aug 28, 202699.53199.53199.500
Aug 27, 202699.67299.65699.625
Aug 26, 202699.67299.65699.656
Aug 25, 202699.67299.65699.656
Aug 24, 202699.65699.65699.625
Aug 21, 202699.65699.65699.656
Aug 20, 202699.70399.68899.688
Aug 19, 202699.70399.68899.688
Aug 18, 202699.70399.68899.688
Aug 17, 202699.70399.68899.688
Aug 14, 202699.73499.71999.688
Aug 13, 202699.73499.71999.719

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.