Treasury note

91282CGT2 · 3.625% due March 31, 2028

Original term
5-Year
Maturity
Mar 31, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
Mar 31, 2023
First coupon
Sep 30, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.00bn
Held stripped
$17.6m
Share stripped
0.04%

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
4.530%
Modified duration
1.465 yr
DV01
0.0147
Convexity
2.921
Dirty price
100.281

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 1.499 years against a modified duration of 1.465.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 4.37 cents per 100 of face.

That is 2.62 standard deviations from its own typical residual.

Yield to maturity, 864 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Mar 31, 2023Sep 10, 2026Mar 31, 2023Yield to maturity3.604%Apr 28, 2023Yield to maturity3.534%May 26, 2023Yield to maturity3.975%Jun 27, 2023Yield to maturity4.076%Jul 26, 2023Yield to maturity4.158%Aug 23, 2023Yield to maturity4.420%Sep 21, 2023Yield to maturity4.671%Oct 20, 2023Yield to maturity4.883%Nov 17, 2023Yield to maturity4.485%Dec 18, 2023Yield to maturity4.017%Jan 18, 2024Yield to maturity4.065%Feb 15, 2024Yield to maturity4.284%Mar 15, 2024Yield to maturity4.419%Apr 12, 2024Yield to maturity4.637%May 10, 2024Yield to maturity4.601%Jun 10, 2024Yield to maturity4.573%Jul 10, 2024Yield to maturity4.331%Aug 7, 2024Yield to maturity3.828%Sep 5, 2024Yield to maturity3.577%Oct 3, 2024Yield to maturity3.625%Nov 1, 2024Yield to maturity4.201%Dec 3, 2024Yield to maturity4.142%Jan 2, 2025Yield to maturity4.312%Jan 31, 2025Yield to maturity4.287%Mar 3, 2025Yield to maturity3.940%Mar 31, 2025Yield to maturity3.892%Apr 28, 2025Yield to maturity3.670%May 27, 2025Yield to maturity3.929%Jun 25, 2025Yield to maturity3.744%Jul 24, 2025Yield to maturity3.871%Aug 21, 2025Yield to maturity3.738%Sep 19, 2025Yield to maturity3.559%Oct 20, 2025Yield to maturity3.463%Nov 18, 2025Yield to maturity3.554%Dec 17, 2025Yield to maturity3.494%Jan 16, 2026Yield to maturity3.608%Feb 17, 2026Yield to maturity3.438%Mar 17, 2026Yield to maturity3.673%Apr 14, 2026Yield to maturity3.758%May 12, 2026Yield to maturity4.006%Jun 10, 2026Yield to maturity4.131%Jul 10, 2026Yield to maturity4.213%Aug 7, 2026Yield to maturity4.180%Sep 4, 2026Yield to maturity4.335%Sep 10, 2026Yield to maturity4.530%

Price history

864 trading days to Sep 10, 2026

949698100102Mar 31, 2023Sep 10, 2026Mar 31, 2023Close100.094Apr 28, 2023Close100.406May 26, 2023Close98.469Jun 27, 2023Close98.063Jul 26, 2023Close97.750Aug 23, 2023Close96.719Sep 21, 2023Close95.781Oct 20, 2023Close95.031Nov 17, 2023Close96.625Dec 18, 2023Close98.469Jan 18, 2024Close98.313Feb 15, 2024Close97.531Mar 15, 2024Close97.094Apr 12, 2024Close96.375May 10, 2024Close96.563Jun 10, 2024Close96.719Jul 10, 2024Close97.594Aug 7, 2024Close99.313Sep 5, 2024Close100.156Oct 3, 2024Close100.000Nov 1, 2024Close98.188Dec 3, 2024Close98.406Jan 2, 2025Close97.938Jan 31, 2025Close98.063Mar 3, 2025Close99.094Mar 31, 2025Close99.250Apr 28, 2025Close99.875May 27, 2025Close99.188Jun 25, 2025Close99.688Jul 24, 2025Close99.375Aug 21, 2025Close99.719Sep 19, 2025Close100.156Oct 20, 2025Close100.375Nov 18, 2025Close100.156Dec 17, 2025Close100.281Jan 16, 2026Close100.031Feb 17, 2026Close100.375Mar 17, 2026Close99.906Apr 14, 2026Close99.750May 12, 2026Close99.313Jun 10, 2026Close99.125Jul 10, 2026Close99.031Aug 7, 2026Close99.125Sep 4, 2026Close98.938Sep 10, 2026Close98.656
The most recent 20 trading days of prices for 91282CGT2.
DateBidOfferClose
Sep 10, 202698.73498.71998.656
Sep 9, 202698.89198.87598.875
Sep 8, 202698.92298.90698.906
Sep 4, 202698.93898.93898.938
Sep 3, 202698.98498.96998.969
Sep 2, 202698.90698.90698.906
Sep 1, 202698.92298.90698.875
Aug 31, 202698.95398.93898.938
Aug 28, 202698.98498.96998.938
Aug 27, 202699.14199.12599.094
Aug 26, 202699.14199.12599.125
Aug 25, 202699.15699.15699.156
Aug 24, 202699.12599.12599.094
Aug 21, 202699.10999.09499.094
Aug 20, 202699.17299.15699.156
Aug 19, 202699.17299.15699.188
Aug 18, 202699.18899.18899.188
Aug 17, 202699.20399.18899.156
Aug 14, 202699.21999.21999.188
Aug 13, 202699.21999.21999.219

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 91282CGT2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 28, 2023Mar 31, 2023New issue$43.0bn$43.0bn2.48x3.665%

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.