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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.831%
Modified duration
5.630 yr
DV01
0.0523
Convexity
36.717
Dirty price
92.976

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 7 of twelve buckets, summing to 5.768 years against a modified duration of 5.630.

Against the fitted curve

Priced 3.1 bp cheap to the curve on that day, 16.03 cents per 100 of face.

That is 1.05 standard deviations from its own typical residual.

Yield to maturity, 895 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 15, 2023Sep 10, 2026Feb 15, 2023Yield to maturity3.807%Mar 17, 2023Yield to maturity3.391%Apr 17, 2023Yield to maturity3.598%May 16, 2023Yield to maturity3.549%Jun 15, 2023Yield to maturity3.728%Jul 18, 2023Yield to maturity3.802%Aug 16, 2023Yield to maturity4.292%Sep 15, 2023Yield to maturity4.336%Oct 17, 2023Yield to maturity4.840%Nov 15, 2023Yield to maturity4.557%Dec 15, 2023Yield to maturity3.921%Jan 18, 2024Yield to maturity4.133%Feb 16, 2024Yield to maturity4.321%Mar 19, 2024Yield to maturity4.314%Apr 17, 2024Yield to maturity4.604%May 16, 2024Yield to maturity4.394%Jun 17, 2024Yield to maturity4.288%Jul 18, 2024Yield to maturity4.191%Aug 16, 2024Yield to maturity3.879%Sep 17, 2024Yield to maturity3.600%Oct 17, 2024Yield to maturity4.048%Nov 18, 2024Yield to maturity4.393%Dec 18, 2024Yield to maturity4.478%Jan 21, 2025Yield to maturity4.527%Feb 20, 2025Yield to maturity4.463%Mar 21, 2025Yield to maturity4.174%Apr 21, 2025Yield to maturity4.273%May 20, 2025Yield to maturity4.334%Jun 20, 2025Yield to maturity4.213%Jul 22, 2025Yield to maturity4.150%Aug 20, 2025Yield to maturity4.067%Sep 19, 2025Yield to maturity3.917%Oct 21, 2025Yield to maturity3.765%Nov 20, 2025Yield to maturity3.884%Dec 22, 2025Yield to maturity3.945%Jan 23, 2026Yield to maturity4.044%Feb 24, 2026Yield to maturity3.809%Mar 25, 2026Yield to maturity4.152%Apr 23, 2026Yield to maturity4.131%May 22, 2026Yield to maturity4.393%Jun 24, 2026Yield to maturity4.274%Jul 24, 2026Yield to maturity4.535%Aug 24, 2026Yield to maturity4.523%Sep 10, 2026Yield to maturity4.831%

Price history

895 trading days to Sep 10, 2026

87.590.092.595.097.5100.0102.5Feb 15, 2023Sep 10, 2026Feb 15, 2023Close97.469Mar 17, 2023Close100.906Apr 17, 2023Close99.188May 16, 2023Close99.594Jun 15, 2023Close98.156Jul 18, 2023Close97.594Aug 16, 2023Close93.875Sep 15, 2023Close93.594Oct 17, 2023Close90.031Nov 15, 2023Close92.094Dec 15, 2023Close96.781Jan 18, 2024Close95.250Feb 16, 2024Close93.938Mar 19, 2024Close94.031Apr 17, 2024Close92.063May 16, 2024Close93.563Jun 17, 2024Close94.344Jul 18, 2024Close95.063Aug 16, 2024Close97.281Sep 17, 2024Close99.281Oct 17, 2024Close96.156Nov 18, 2024Close93.875Dec 18, 2024Close93.375Jan 21, 2025Close93.125Feb 20, 2025Close93.594Mar 21, 2025Close95.500Apr 21, 2025Close94.906May 20, 2025Close94.563Jun 20, 2025Close95.375Jul 22, 2025Close95.813Aug 20, 2025Close96.375Sep 19, 2025Close97.344Oct 21, 2025Close98.313Nov 20, 2025Close97.594Dec 22, 2025Close97.250Jan 23, 2026Close96.688Feb 24, 2026Close98.125Mar 25, 2026Close96.125Apr 23, 2026Close96.281May 22, 2026Close94.844Jun 24, 2026Close95.563Jul 24, 2026Close94.188Aug 24, 2026Close94.313Sep 10, 2026Close92.719
The most recent 20 trading days of prices for 91282CGM7.
DateBidOfferClose
Sep 10, 202692.90692.87592.719
Sep 9, 202693.39193.37593.406
Sep 8, 202693.67293.65693.625
Sep 4, 202693.79793.78193.719
Sep 3, 202693.96993.93893.844
Sep 2, 202693.67293.65693.688
Sep 1, 202693.82893.81393.656
Aug 31, 202693.92293.90693.938
Aug 28, 202694.18894.15694.000
Aug 27, 202694.57894.56394.438
Aug 26, 202694.57894.56394.531
Aug 25, 202694.64194.62594.688
Aug 24, 202694.42294.40694.313
Aug 21, 202694.20394.18894.188
Aug 20, 202694.39194.37594.406
Aug 19, 202694.59494.56394.656
Aug 18, 202694.42294.40694.406
Aug 17, 202694.46994.43894.375
Aug 14, 202694.57894.56394.500
Aug 13, 202694.73494.71994.719

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.

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.

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.