Treasury note

91282CGB1 · 3.875% due December 31, 2029

Original term
7-Year
Maturity
Dec 31, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Dec 31, 2022
First coupon
Jun 30, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$34.28bn
Held stripped
$35.2m
Share stripped
0.10%

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
4.689%
Modified duration
3.034 yr
DV01
0.0298
Convexity
11.062
Dirty price
98.300

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 6 of twelve buckets, summing to 3.107 years against a modified duration of 3.034.

Against the fitted curve

Priced 1.1 bp rich to the curve on that day, 3.19 cents per 100 of face.

That is -1.07 standard deviations from its own typical residual.

Yield to maturity, 925 observations

3.00%3.50%4.00%4.50%5.00%5.50%Jan 3, 2023Sep 10, 2026Jan 3, 2023Yield to maturity3.885%Feb 3, 2023Yield to maturity3.611%Mar 8, 2023Yield to maturity4.199%Apr 7, 2023Yield to maturity3.470%May 9, 2023Yield to maturity3.529%Jun 9, 2023Yield to maturity3.880%Jul 13, 2023Yield to maturity3.897%Aug 14, 2023Yield to maturity4.339%Sep 14, 2023Yield to maturity4.426%Oct 17, 2023Yield to maturity4.914%Nov 16, 2023Yield to maturity4.500%Dec 19, 2023Yield to maturity3.987%Jan 23, 2024Yield to maturity4.102%Feb 23, 2024Yield to maturity4.301%Mar 26, 2024Yield to maturity4.257%Apr 25, 2024Yield to maturity4.736%May 28, 2024Yield to maturity4.585%Jun 28, 2024Yield to maturity4.359%Jul 31, 2024Yield to maturity3.991%Aug 30, 2024Yield to maturity3.770%Oct 2, 2024Yield to maturity3.584%Nov 4, 2024Yield to maturity4.194%Dec 6, 2024Yield to maturity4.061%Jan 9, 2025Yield to maturity4.469%Feb 11, 2025Yield to maturity4.384%Mar 14, 2025Yield to maturity4.099%Apr 15, 2025Yield to maturity3.984%May 15, 2025Yield to maturity4.061%Jun 17, 2025Yield to maturity3.974%Jul 21, 2025Yield to maturity3.890%Aug 20, 2025Yield to maturity3.772%Sep 22, 2025Yield to maturity3.667%Oct 23, 2025Yield to maturity3.566%Nov 25, 2025Yield to maturity3.535%Dec 29, 2025Yield to maturity3.596%Jan 30, 2026Yield to maturity3.701%Mar 4, 2026Yield to maturity3.618%Apr 3, 2026Yield to maturity3.946%May 5, 2026Yield to maturity4.022%Jun 5, 2026Yield to maturity4.256%Jul 9, 2026Yield to maturity4.226%Aug 10, 2026Yield to maturity4.345%Sep 10, 2026Yield to maturity4.689%

Price history

925 trading days to Sep 10, 2026

92949698100102104Jan 3, 2023Sep 10, 2026Jan 3, 2023Close99.938Feb 3, 2023Close101.594Mar 8, 2023Close98.094Apr 7, 2023Close102.406May 9, 2023Close102.031Jun 9, 2023Close99.969Jul 13, 2023Close99.875Aug 14, 2023Close97.438Sep 14, 2023Close97.000Oct 17, 2023Close94.500Nov 16, 2023Close96.688Dec 19, 2023Close99.406Jan 23, 2024Close98.813Feb 23, 2024Close97.813Mar 26, 2024Close98.063Apr 25, 2024Close95.750May 28, 2024Close96.531Jun 28, 2024Close97.656Jul 31, 2024Close99.438Aug 30, 2024Close100.500Oct 2, 2024Close101.375Nov 4, 2024Close98.531Dec 6, 2024Close99.156Jan 9, 2025Close97.375Feb 11, 2025Close97.781Mar 14, 2025Close99.031Apr 15, 2025Close99.531May 15, 2025Close99.219Jun 17, 2025Close99.594Jul 21, 2025Close99.938Aug 20, 2025Close100.406Sep 22, 2025Close100.813Oct 23, 2025Close101.188Nov 25, 2025Close101.281Dec 29, 2025Close101.031Jan 30, 2026Close100.625Mar 4, 2026Close100.906Apr 3, 2026Close99.750May 5, 2026Close99.500Jun 5, 2026Close98.750Jul 9, 2026Close98.875Aug 10, 2026Close98.531Sep 10, 2026Close97.531
The most recent 20 trading days of prices for 91282CGB1.
DateBidOfferClose
Sep 10, 202697.65697.62597.531
Sep 9, 202697.98497.96997.969
Sep 8, 202698.10998.09498.094
Sep 4, 202698.17298.15698.125
Sep 3, 202698.31398.28198.250
Sep 2, 202698.14198.12598.125
Sep 1, 202698.20398.18898.094
Aug 31, 202698.29798.28198.281
Aug 28, 202698.37598.34498.281
Aug 27, 202698.67298.65698.594
Aug 26, 202698.67298.65698.625
Aug 25, 202698.70398.68898.719
Aug 24, 202698.60998.59498.563
Aug 21, 202698.54798.53198.531
Aug 20, 202698.67298.65698.656
Aug 19, 202698.70398.68898.750
Aug 18, 202698.70398.68898.688
Aug 17, 202698.73498.71998.688
Aug 14, 202698.79798.78198.719
Aug 13, 202698.82898.81398.813

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 91282CGB1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 29, 2022Jan 3, 2023New issue$35.0bn$35.0bn2.45x3.921%

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.