Treasury note

91282CGH8 · 3.5% due January 31, 2028

Original term
5-Year
Maturity
Jan 31, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Jan 31, 2023
First coupon
Jul 31, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$116.62bn
Held stripped
$54.8m
Share stripped
0.05%

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
4.485%
Modified duration
1.330 yr
DV01
0.0132
Convexity
2.440
Dirty price
99.087

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 1.363 years against a modified duration of 1.330.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 2.04 cents per 100 of face.

That is 1.28 standard deviations from its own typical residual.

Yield to maturity, 906 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jan 31, 2023Sep 10, 2026Jan 31, 2023Yield to maturity3.631%Mar 2, 2023Yield to maturity4.341%Mar 31, 2023Yield to maturity3.627%May 1, 2023Yield to maturity3.665%May 31, 2023Yield to maturity3.809%Jun 30, 2023Yield to maturity4.204%Aug 1, 2023Yield to maturity4.311%Aug 30, 2023Yield to maturity4.364%Sep 29, 2023Yield to maturity4.675%Oct 31, 2023Yield to maturity4.848%Nov 30, 2023Yield to maturity4.386%Jan 2, 2024Yield to maturity3.994%Feb 1, 2024Yield to maturity3.866%Mar 4, 2024Yield to maturity4.307%Apr 2, 2024Yield to maturity4.441%May 1, 2024Yield to maturity4.750%May 31, 2024Yield to maturity4.624%Jul 2, 2024Yield to maturity4.493%Aug 1, 2024Yield to maturity3.935%Aug 30, 2024Yield to maturity3.775%Oct 1, 2024Yield to maturity3.529%Oct 31, 2024Yield to maturity4.142%Dec 3, 2024Yield to maturity4.149%Jan 3, 2025Yield to maturity4.345%Feb 4, 2025Yield to maturity4.254%Mar 6, 2025Yield to maturity3.994%Apr 4, 2025Yield to maturity3.675%May 5, 2025Yield to maturity3.826%Jun 4, 2025Yield to maturity3.848%Jul 7, 2025Yield to maturity3.874%Aug 5, 2025Yield to maturity3.686%Sep 4, 2025Yield to maturity3.567%Oct 3, 2025Yield to maturity3.583%Nov 4, 2025Yield to maturity3.572%Dec 5, 2025Yield to maturity3.575%Jan 7, 2026Yield to maturity3.483%Feb 6, 2026Yield to maturity3.500%Mar 10, 2026Yield to maturity3.585%Apr 8, 2026Yield to maturity3.804%May 7, 2026Yield to maturity3.912%Jun 8, 2026Yield to maturity4.153%Jul 9, 2026Yield to maturity4.168%Aug 7, 2026Yield to maturity4.162%Sep 8, 2026Yield to maturity4.340%Sep 10, 2026Yield to maturity4.485%

Price history

906 trading days to Sep 10, 2026

949596979899100101Jan 31, 2023Sep 10, 2026Jan 31, 2023Close99.406Mar 2, 2023Close96.313Mar 31, 2023Close99.438May 1, 2023Close99.281May 31, 2023Close98.688Jun 30, 2023Close97.094Aug 1, 2023Close96.719Aug 30, 2023Close96.563Sep 29, 2023Close95.438Oct 31, 2023Close94.875Nov 30, 2023Close96.656Jan 2, 2024Close98.156Feb 1, 2024Close98.656Mar 4, 2024Close97.125Apr 2, 2024Close96.719May 1, 2024Close95.750May 31, 2024Close96.250Jul 2, 2024Close96.750Aug 1, 2024Close98.594Aug 30, 2024Close99.125Oct 1, 2024Close99.906Oct 31, 2024Close98.063Dec 3, 2024Close98.094Jan 3, 2025Close97.594Feb 4, 2025Close97.906Mar 6, 2025Close98.656Apr 4, 2025Close99.531May 5, 2025Close99.156Jun 4, 2025Close99.125Jul 7, 2025Close99.094Aug 5, 2025Close99.563Sep 4, 2025Close99.844Oct 3, 2025Close99.813Nov 4, 2025Close99.844Dec 5, 2025Close99.844Jan 7, 2026Close100.031Feb 6, 2026Close100.000Mar 10, 2026Close99.844Apr 8, 2026Close99.469May 7, 2026Close99.313Jun 8, 2026Close98.969Jul 9, 2026Close99.000Aug 7, 2026Close99.063Sep 8, 2026Close98.875Sep 10, 2026Close98.688
The most recent 20 trading days of prices for 91282CGH8.
DateBidOfferClose
Sep 10, 202698.73498.71998.688
Sep 9, 202698.85998.84498.844
Sep 8, 202698.90698.90698.875
Sep 4, 202698.90698.90698.906
Sep 3, 202698.95398.93898.938
Sep 2, 202698.85998.84498.875
Sep 1, 202698.89198.87598.844
Aug 31, 202698.90698.90698.906
Aug 28, 202698.92298.90698.875
Aug 27, 202699.07899.06399.063
Aug 26, 202699.07899.06399.063
Aug 25, 202699.09499.09499.094
Aug 24, 202699.06399.06399.031
Aug 21, 202699.04799.03199.063
Aug 20, 202699.10999.09499.094
Aug 19, 202699.09499.09499.125
Aug 18, 202699.10999.09499.094
Aug 17, 202699.12599.12599.094
Aug 14, 202699.14199.12599.125
Aug 13, 202699.12599.12599.125

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.

2 auctions

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 91282CGH8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 25, 2023Jan 31, 2023New issue$43.0bn$43.0bn2.64x3.530%
Jan 26, 2026Feb 2, 2026Reopening$69.0bn$73.9bn2.75x3.580%

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.