Treasury note

91282CGC9 · 3.875% due December 31, 2027

Original term: 5-Year
Maturity: Dec 31, 2027
Coupon: 3.875%
Pays: Semi-Annual
Dated: Dec 31, 2022
First coupon: Jun 30, 2023
Priced through: Nov 9, 2026
Analyzed through: Nov 9, 2026

Statement of October 31, 2026

Amount outstanding: $43.00bn
Held stripped: $1.6m
Share stripped: <0.01%

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: 4.469%
Modified duration: 1.086 yr
DV01: 0.0109
Convexity: 0.0173
Dirty price: 100.744

Where its rate sensitivity sits

<.01

0.01

0.95

0.15

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 1.111 years against a modified duration of 1.086.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 0.65 cents per 100 of face.

That is 0.28 standard deviations from its own typical residual.

Yield to maturity, 964 observations

Price history

964 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 91282CGC9.
Date	Bid	Offer	Close
Nov 9, 2026	99.344	99.359	99.344
Nov 6, 2026	99.375	99.391	99.375
Nov 5, 2026	99.344	99.359	99.406
Nov 4, 2026	99.281	99.297	99.281
Nov 3, 2026	99.281	99.297	99.281
Nov 2, 2026	99.281	99.297	99.281
Oct 30, 2026	99.281	99.297	99.313
Oct 29, 2026	99.250	99.266	99.219
Oct 28, 2026	99.125	99.141	99.156
Oct 27, 2026	99.156	99.172	99.156
Oct 26, 2026	99.188	99.203	99.156
Oct 23, 2026	99.188	99.203	99.219
Oct 22, 2026	99.188	99.203	99.250
Oct 21, 2026	99.094	99.109	99.094
Oct 20, 2026	99.094	99.109	99.094
Oct 19, 2026	99.125	99.141	99.125
Oct 16, 2026	99.156	99.172	99.156
Oct 15, 2026	99.094	99.109	99.094
Oct 14, 2026	99.000	99.016	99.063
Oct 13, 2026	99.063	99.078	99.094

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 91282CGC9.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Dec 28, 2022	Jan 3, 2023	New issue	$43.0bn	$43.0bn	2.46x	3.973%

The curve this was priced against →