Treasury note

91282CGM7 · 3.5% due February 15, 2033

Original term
10-Year
Maturity
Feb 15, 2033
Coupon
3.500%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$114.52bn
Held stripped
$1.04bn
Share stripped
0.91%

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
4.746%
Modified duration
5.475 yr
DV01
0.0515
Convexity
0.349
Dirty price
94.140

Where its rate sensitivity sits

<.01
0.01
0.03
0.07
0.16
2.10
3.24
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 7 of twelve buckets, summing to 5.606 years against a modified duration of 5.475.

Against the fitted curve

Priced 2.9 bp cheap to the curve on that day, 15.09 cents per 100 of face.

That is 0.78 standard deviations from its own typical residual.

Yield to maturity, 934 observations

3.0%3.5%4.0%4.5%5.0%5.5%Feb 15, 2023Nov 9, 2026Feb 15, 2023Yield to maturity3.807%Feb 22, 2023Yield to maturity3.927%Feb 28, 2023Yield to maturity3.912%Mar 6, 2023Yield to maturity3.979%Mar 10, 2023Yield to maturity3.701%Mar 16, 2023Yield to maturity3.564%Mar 22, 2023Yield to maturity3.481%Mar 28, 2023Yield to maturity3.549%Apr 3, 2023Yield to maturity3.428%Apr 7, 2023Yield to maturity3.394%Apr 13, 2023Yield to maturity3.454%Apr 19, 2023Yield to maturity3.602%Apr 25, 2023Yield to maturity3.394%May 1, 2023Yield to maturity3.587%May 5, 2023Yield to maturity3.439%May 11, 2023Yield to maturity3.397%May 17, 2023Yield to maturity3.580%May 23, 2023Yield to maturity3.715%May 30, 2023Yield to maturity3.708%Jun 5, 2023Yield to maturity3.704%Jun 9, 2023Yield to maturity3.760%Jun 15, 2023Yield to maturity3.728%Jun 22, 2023Yield to maturity3.804%Jun 28, 2023Yield to maturity3.721%Jul 5, 2023Yield to maturity3.953%Jul 11, 2023Yield to maturity3.994%Jul 17, 2023Yield to maturity3.818%Jul 21, 2023Yield to maturity3.850%Jul 27, 2023Yield to maturity4.020%Aug 2, 2023Yield to maturity4.082%Aug 8, 2023Yield to maturity4.018%Aug 14, 2023Yield to maturity4.204%Aug 18, 2023Yield to maturity4.276%Aug 24, 2023Yield to maturity4.252%Aug 30, 2023Yield to maturity4.140%Sep 6, 2023Yield to maturity4.313%Sep 12, 2023Yield to maturity4.280%Sep 18, 2023Yield to maturity4.332%Sep 22, 2023Yield to maturity4.453%Sep 28, 2023Yield to maturity4.601%Oct 4, 2023Yield to maturity4.743%Oct 11, 2023Yield to maturity4.591%Oct 17, 2023Yield to maturity4.840%Oct 23, 2023Yield to maturity4.860%Oct 27, 2023Yield to maturity4.849%Nov 2, 2023Yield to maturity4.681%Nov 8, 2023Yield to maturity4.520%Nov 14, 2023Yield to maturity4.465%Nov 20, 2023Yield to maturity4.449%Nov 27, 2023Yield to maturity4.420%Dec 1, 2023Yield to maturity4.240%Dec 7, 2023Yield to maturity4.156%Dec 13, 2023Yield to maturity4.055%Dec 19, 2023Yield to maturity3.946%Dec 26, 2023Yield to maturity3.910%Jan 2, 2024Yield to maturity3.957%Jan 8, 2024Yield to maturity4.021%Jan 12, 2024Yield to maturity3.958%Jan 19, 2024Yield to maturity4.146%Jan 25, 2024Yield to maturity4.130%Jan 31, 2024Yield to maturity3.986%Feb 6, 2024Yield to maturity4.097%Feb 12, 2024Yield to maturity4.198%Feb 16, 2024Yield to maturity4.321%Feb 23, 2024Yield to maturity4.283%Feb 29, 2024Yield to maturity4.275%Mar 6, 2024Yield to maturity4.128%Mar 12, 2024Yield to maturity4.172%Mar 18, 2024Yield to maturity4.353%Mar 22, 2024Yield to maturity4.231%Mar 28, 2024Yield to maturity4.219%Apr 4, 2024Yield to maturity4.322%Apr 10, 2024Yield to maturity4.575%Apr 16, 2024Yield to maturity4.677%Apr 22, 2024Yield to maturity4.633%Apr 26, 2024Yield to maturity4.685%May 2, 2024Yield to maturity4.585%May 8, 2024Yield to maturity4.505%May 14, 2024Yield to maturity4.461%May 20, 2024Yield to maturity4.454%May 24, 2024Yield to maturity4.483%May 31, 2024Yield to maturity4.521%Jun 6, 2024Yield to maturity4.290%Jun 12, 2024Yield to maturity4.323%Jun 18, 2024Yield to maturity4.235%Jun 25, 2024Yield to maturity4.245%Jul 1, 2024Yield to maturity4.492%Jul 8, 2024Yield to maturity4.270%Jul 12, 2024Yield to maturity4.172%Jul 18, 2024Yield to maturity4.191%Jul 24, 2024Yield to maturity4.260%Jul 30, 2024Yield to maturity4.130%Aug 5, 2024Yield to maturity3.750%Aug 9, 2024Yield to maturity3.936%Aug 15, 2024Yield to maturity3.901%Aug 21, 2024Yield to maturity3.765%Aug 27, 2024Yield to maturity3.800%Sep 3, 2024Yield to maturity3.801%Sep 9, 2024Yield to maturity3.652%Sep 13, 2024Yield to maturity3.604%Sep 19, 2024Yield to maturity3.678%Sep 25, 2024Yield to maturity3.731%Oct 1, 2024Yield to maturity3.692%Oct 7, 2024Yield to maturity3.992%Oct 11, 2024Yield to maturity4.038%Oct 18, 2024Yield to maturity4.030%Oct 24, 2024Yield to maturity4.168%Oct 30, 2024Yield to maturity4.253%Nov 5, 2024Yield to maturity4.263%Nov 12, 2024Yield to maturity4.425%Nov 18, 2024Yield to maturity4.393%Nov 22, 2024Yield to maturity4.390%Nov 29, 2024Yield to maturity4.157%Dec 5, 2024Yield to maturity4.158%Dec 11, 2024Yield to maturity4.234%Dec 17, 2024Yield to maturity4.363%Dec 23, 2024Yield to maturity4.561%Dec 30, 2024Yield to maturity4.505%Jan 6, 2025Yield to maturity4.575%Jan 10, 2025Yield to maturity4.744%Jan 16, 2025Yield to maturity4.554%Jan 23, 2025Yield to maturity4.596%Jan 29, 2025Yield to maturity4.500%Feb 4, 2025Yield to maturity4.463%Feb 10, 2025Yield to maturity4.455%Feb 14, 2025Yield to maturity4.437%Feb 21, 2025Yield to maturity4.381%Feb 27, 2025Yield to maturity4.232%Mar 5, 2025Yield to maturity4.224%Mar 11, 2025Yield to maturity4.206%Mar 17, 2025Yield to maturity4.250%Mar 21, 2025Yield to maturity4.174%Mar 27, 2025Yield to maturity4.291%Apr 2, 2025Yield to maturity4.114%Apr 8, 2025Yield to maturity4.134%Apr 14, 2025Yield to maturity4.271%Apr 21, 2025Yield to maturity4.273%Apr 25, 2025Yield to maturity4.147%May 1, 2025Yield to maturity4.095%May 7, 2025Yield to maturity4.130%May 13, 2025Yield to maturity4.367%May 19, 2025Yield to maturity4.324%May 23, 2025Yield to maturity4.360%May 30, 2025Yield to maturity4.248%Jun 5, 2025Yield to maturity4.244%Jun 11, 2025Yield to maturity4.260%Jun 17, 2025Yield to maturity4.232%Jun 24, 2025Yield to maturity4.120%Jun 30, 2025Yield to maturity4.052%Jul 7, 2025Yield to maturity4.217%Jul 11, 2025Yield to maturity4.253%Jul 17, 2025Yield to maturity4.284%Jul 23, 2025Yield to maturity4.211%Jul 29, 2025Yield to maturity4.152%Aug 4, 2025Yield to maturity4.004%Aug 8, 2025Yield to maturity4.075%Aug 14, 2025Yield to maturity4.071%Aug 20, 2025Yield to maturity4.067%Aug 26, 2025Yield to maturity4.023%Sep 2, 2025Yield to maturity4.034%Sep 8, 2025Yield to maturity3.821%Sep 12, 2025Yield to maturity3.846%Sep 18, 2025Yield to maturity3.896%Sep 24, 2025Yield to maturity3.942%Sep 30, 2025Yield to maturity3.958%Oct 6, 2025Yield to maturity3.974%Oct 10, 2025Yield to maturity3.859%Oct 17, 2025Yield to maturity3.805%Oct 23, 2025Yield to maturity3.811%Oct 29, 2025Yield to maturity3.896%Nov 4, 2025Yield to maturity3.897%Nov 10, 2025Yield to maturity3.923%Nov 17, 2025Yield to maturity3.924%Nov 21, 2025Yield to maturity3.834%Nov 28, 2025Yield to maturity3.809%Dec 4, 2025Yield to maturity3.896%Dec 10, 2025Yield to maturity3.933%Dec 16, 2025Yield to maturity3.918%Dec 22, 2025Yield to maturity3.945%Dec 29, 2025Yield to maturity3.894%Jan 5, 2026Yield to maturity3.937%Jan 9, 2026Yield to maturity3.963%Jan 15, 2026Yield to maturity3.969%Jan 22, 2026Yield to maturity4.054%Jan 28, 2026Yield to maturity4.055%Feb 3, 2026Yield to maturity4.056%Feb 9, 2026Yield to maturity3.974%Feb 13, 2026Yield to maturity3.818%Feb 20, 2026Yield to maturity3.855%Feb 26, 2026Yield to maturity3.788%Mar 4, 2026Yield to maturity3.872%Mar 10, 2026Yield to maturity3.931%Mar 16, 2026Yield to maturity4.006%Mar 20, 2026Yield to maturity4.205%Mar 26, 2026Yield to maturity4.265%Apr 1, 2026Yield to maturity4.148%Apr 7, 2026Yield to maturity4.133%Apr 13, 2026Yield to maturity4.097%Apr 17, 2026Yield to maturity4.028%Apr 23, 2026Yield to maturity4.131%Apr 29, 2026Yield to maturity4.220%May 5, 2026Yield to maturity4.232%May 11, 2026Yield to maturity4.228%May 15, 2026Yield to maturity4.413%May 21, 2026Yield to maturity4.392%May 28, 2026Yield to maturity4.288%Jun 3, 2026Yield to maturity4.340%Jun 9, 2026Yield to maturity4.381%Jun 15, 2026Yield to maturity4.310%Jun 22, 2026Yield to maturity4.386%Jun 26, 2026Yield to maturity4.230%Jul 2, 2026Yield to maturity4.339%Jul 9, 2026Yield to maturity4.386%Jul 15, 2026Yield to maturity4.376%Jul 21, 2026Yield to maturity4.481%Jul 27, 2026Yield to maturity4.501%Jul 31, 2026Yield to maturity4.567%Aug 6, 2026Yield to maturity4.505%Aug 12, 2026Yield to maturity4.496%Aug 18, 2026Yield to maturity4.504%Aug 24, 2026Yield to maturity4.523%Aug 28, 2026Yield to maturity4.584%Sep 3, 2026Yield to maturity4.615%Sep 10, 2026Yield to maturity4.831%Sep 16, 2026Yield to maturity4.936%Sep 22, 2026Yield to maturity4.885%Sep 28, 2026Yield to maturity5.137%Oct 2, 2026Yield to maturity5.153%Oct 8, 2026Yield to maturity5.094%Oct 15, 2026Yield to maturity4.988%Oct 21, 2026Yield to maturity5.022%Oct 27, 2026Yield to maturity4.897%Nov 2, 2026Yield to maturity4.779%Nov 6, 2026Yield to maturity4.721%Nov 9, 2026Yield to maturity4.746%

Price history

934 trading days to Nov 9, 2026

87.590.092.595.097.5100.0102.5Feb 15, 2023Nov 9, 2026Feb 15, 2023Close97.469Feb 22, 2023Close96.500Feb 28, 2023Close96.625Mar 6, 2023Close96.094Mar 10, 2023Close98.344Mar 16, 2023Close99.469Mar 22, 2023Close100.156Mar 28, 2023Close99.594Apr 3, 2023Close100.594Apr 7, 2023Close100.875Apr 13, 2023Close100.375Apr 19, 2023Close99.156Apr 25, 2023Close100.875May 1, 2023Close99.281May 5, 2023Close100.500May 11, 2023Close100.844May 17, 2023Close99.344May 23, 2023Close98.250May 30, 2023Close98.313Jun 5, 2023Close98.344Jun 9, 2023Close97.906Jun 15, 2023Close98.156Jun 22, 2023Close97.563Jun 28, 2023Close98.219Jul 5, 2023Close96.406Jul 11, 2023Close96.094Jul 17, 2023Close97.469Jul 21, 2023Close97.219Jul 27, 2023Close95.906Aug 2, 2023Close95.438Aug 8, 2023Close95.938Aug 14, 2023Close94.531Aug 18, 2023Close94.000Aug 24, 2023Close94.188Aug 30, 2023Close95.031Sep 6, 2023Close93.750Sep 12, 2023Close94.000Sep 18, 2023Close93.625Sep 22, 2023Close92.750Sep 28, 2023Close91.688Oct 4, 2023Close90.688Oct 11, 2023Close91.781Oct 17, 2023Close90.031Oct 23, 2023Close89.906Oct 27, 2023Close90.000Nov 2, 2023Close91.188Nov 8, 2023Close92.344Nov 14, 2023Close92.750Nov 20, 2023Close92.875Nov 27, 2023Close93.094Dec 1, 2023Close94.406Dec 7, 2023Close95.031Dec 13, 2023Close95.781Dec 19, 2023Close96.594Dec 26, 2023Close96.875Jan 2, 2024Close96.531Jan 8, 2024Close96.063Jan 12, 2024Close96.531Jan 19, 2024Close95.156Jan 25, 2024Close95.281Jan 31, 2024Close96.344Feb 6, 2024Close95.531Feb 12, 2024Close94.813Feb 16, 2024Close93.938Feb 23, 2024Close94.219Feb 29, 2024Close94.281Mar 6, 2024Close95.344Mar 12, 2024Close95.031Mar 18, 2024Close93.750Mar 22, 2024Close94.625Mar 28, 2024Close94.719Apr 4, 2024Close94.000Apr 10, 2024Close92.250Apr 16, 2024Close91.563Apr 22, 2024Close91.875Apr 26, 2024Close91.531May 2, 2024Close92.219May 8, 2024Close92.781May 14, 2024Close93.094May 20, 2024Close93.156May 24, 2024Close92.969May 31, 2024Close92.719Jun 6, 2024Close94.313Jun 12, 2024Close94.094Jun 18, 2024Close94.719Jun 25, 2024Close94.656Jul 1, 2024Close92.969Jul 8, 2024Close94.500Jul 12, 2024Close95.188Jul 18, 2024Close95.063Jul 24, 2024Close94.594Jul 30, 2024Close95.500Aug 5, 2024Close98.188Aug 9, 2024Close96.875Aug 15, 2024Close97.125Aug 21, 2024Close98.094Aug 27, 2024Close97.844Sep 3, 2024Close97.844Sep 9, 2024Close98.906Sep 13, 2024Close99.250Sep 19, 2024Close98.719Sep 25, 2024Close98.344Oct 1, 2024Close98.625Oct 7, 2024Close96.531Oct 11, 2024Close96.219Oct 18, 2024Close96.281Oct 24, 2024Close95.344Oct 30, 2024Close94.781Nov 5, 2024Close94.719Nov 12, 2024Close93.656Nov 18, 2024Close93.875Nov 22, 2024Close93.906Nov 29, 2024Close95.469Dec 5, 2024Close95.469Dec 11, 2024Close94.969Dec 17, 2024Close94.125Dec 23, 2024Close92.844Dec 30, 2024Close93.219Jan 6, 2025Close92.781Jan 10, 2025Close91.719Jan 16, 2025Close92.938Jan 23, 2025Close92.688Jan 29, 2025Close93.313Feb 4, 2025Close93.563Feb 10, 2025Close93.625Feb 14, 2025Close93.750Feb 21, 2025Close94.125Feb 27, 2025Close95.094Mar 5, 2025Close95.156Mar 11, 2025Close95.281Mar 17, 2025Close95.000Mar 21, 2025Close95.500Mar 27, 2025Close94.750Apr 2, 2025Close95.906Apr 8, 2025Close95.781Apr 14, 2025Close94.906Apr 21, 2025Close94.906Apr 25, 2025Close95.719May 1, 2025Close96.063May 7, 2025Close95.844May 13, 2025Close94.344May 19, 2025Close94.625May 23, 2025Close94.406May 30, 2025Close95.125Jun 5, 2025Close95.156Jun 11, 2025Close95.063Jun 17, 2025Close95.250Jun 24, 2025Close95.969Jun 30, 2025Close96.406Jul 7, 2025Close95.375Jul 11, 2025Close95.156Jul 17, 2025Close94.969Jul 23, 2025Close95.438Jul 29, 2025Close95.813Aug 4, 2025Close96.750Aug 8, 2025Close96.313Aug 14, 2025Close96.344Aug 20, 2025Close96.375Aug 26, 2025Close96.656Sep 2, 2025Close96.594Sep 8, 2025Close97.938Sep 12, 2025Close97.781Sep 18, 2025Close97.469Sep 24, 2025Close97.188Sep 30, 2025Close97.094Oct 6, 2025Close97.000Oct 10, 2025Close97.719Oct 17, 2025Close98.063Oct 23, 2025Close98.031Oct 29, 2025Close97.500Nov 4, 2025Close97.500Nov 10, 2025Close97.344Nov 17, 2025Close97.344Nov 21, 2025Close97.906Nov 28, 2025Close98.063Dec 4, 2025Close97.531Dec 10, 2025Close97.313Dec 16, 2025Close97.406Dec 22, 2025Close97.250Dec 29, 2025Close97.563Jan 5, 2026Close97.313Jan 9, 2026Close97.156Jan 15, 2026Close97.125Jan 22, 2026Close96.625Jan 28, 2026Close96.625Feb 3, 2026Close96.625Feb 9, 2026Close97.125Feb 13, 2026Close98.063Feb 20, 2026Close97.844Feb 26, 2026Close98.250Mar 4, 2026Close97.750Mar 10, 2026Close97.406Mar 16, 2026Close96.969Mar 20, 2026Close95.813Mar 26, 2026Close95.469Apr 1, 2026Close96.156Apr 7, 2026Close96.250Apr 13, 2026Close96.469Apr 17, 2026Close96.875Apr 23, 2026Close96.281Apr 29, 2026Close95.781May 5, 2026Close95.719May 11, 2026Close95.750May 15, 2026Close94.719May 21, 2026Close94.844May 28, 2026Close95.438Jun 3, 2026Close95.156Jun 9, 2026Close94.938Jun 15, 2026Close95.344Jun 22, 2026Close94.938Jun 26, 2026Close95.813Jul 2, 2026Close95.219Jul 9, 2026Close94.969Jul 15, 2026Close95.031Jul 21, 2026Close94.469Jul 27, 2026Close94.375Jul 31, 2026Close94.031Aug 6, 2026Close94.375Aug 12, 2026Close94.438Aug 18, 2026Close94.406Aug 24, 2026Close94.313Aug 28, 2026Close94.000Sep 3, 2026Close93.844Sep 10, 2026Close92.719Sep 16, 2026Close92.188Sep 22, 2026Close92.469Sep 28, 2026Close91.188Oct 2, 2026Close91.125Oct 8, 2026Close91.438Oct 15, 2026Close92.000Oct 21, 2026Close91.844Oct 27, 2026Close92.500Nov 2, 2026Close93.125Nov 6, 2026Close93.438Nov 9, 2026Close93.313
The most recent 20 trading days of prices for 91282CGM7.
DateBidOfferClose
Nov 9, 202693.31393.32893.313
Nov 6, 202693.40693.42293.438
Nov 5, 202693.50093.53193.625
Nov 4, 202693.09493.10993.219
Nov 3, 202692.96993.00092.906
Nov 2, 202693.21993.23493.125
Oct 30, 202692.87592.90693.000
Oct 29, 202692.68892.70392.688
Oct 28, 202692.28192.31392.281
Oct 27, 202692.53192.54792.500
Oct 26, 202692.50092.53192.469
Oct 23, 202692.53192.56392.563
Oct 22, 202692.43892.46992.719
Oct 21, 202691.93891.95391.844
Oct 20, 202691.96991.98491.875
Oct 19, 202691.87591.90691.813
Oct 16, 202692.09492.12592.094
Oct 15, 202691.96992.00092.000
Oct 14, 202691.18891.20391.500
Oct 13, 202691.40691.42291.438

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.

3 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 91282CGM7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 8, 2023Feb 15, 2023New issue$35.0bn$48.7bn2.66x3.613%
Mar 8, 2023Mar 15, 2023Reopening$32.0bn$32.0bn2.35x3.985%
Apr 12, 2023Apr 17, 2023Reopening$32.0bn$34.0bn2.36x3.455%

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.