Treasury note

91282CHA2 · 3.5% due April 30, 2028

Original term
5-Year
Maturity
Apr 30, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Apr 30, 2023
First coupon
Oct 31, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$47.18bn
Held stripped
$91.2m
Share stripped
0.19%

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
4.519%
Modified duration
1.415 yr
DV01
0.0140
Convexity
0.0271
Dirty price
98.659

Where its rate sensitivity sits

<.01
0.01
0.77
0.67
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 1.444 years against a modified duration of 1.415.

Against the fitted curve

Priced 1.3 bp cheap to the curve on that day, 1.80 cents per 100 of face.

That is 0.78 standard deviations from its own typical residual.

Yield to maturity, 882 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 1, 2023Nov 9, 2026May 1, 2023Yield to maturity3.638%May 5, 2023Yield to maturity3.410%May 11, 2023Yield to maturity3.362%May 17, 2023Yield to maturity3.583%May 23, 2023Yield to maturity3.758%May 30, 2023Yield to maturity3.851%Jun 5, 2023Yield to maturity3.860%Jun 9, 2023Yield to maturity3.954%Jun 15, 2023Yield to maturity3.947%Jun 22, 2023Yield to maturity4.072%Jun 28, 2023Yield to maturity4.001%Jul 5, 2023Yield to maturity4.274%Jul 11, 2023Yield to maturity4.269%Jul 17, 2023Yield to maturity4.043%Jul 21, 2023Yield to maturity4.118%Jul 27, 2023Yield to maturity4.291%Aug 2, 2023Yield to maturity4.271%Aug 8, 2023Yield to maturity4.138%Aug 14, 2023Yield to maturity4.389%Aug 18, 2023Yield to maturity4.415%Aug 24, 2023Yield to maturity4.440%Aug 30, 2023Yield to maturity4.336%Sep 6, 2023Yield to maturity4.493%Sep 12, 2023Yield to maturity4.465%Sep 18, 2023Yield to maturity4.515%Sep 22, 2023Yield to maturity4.620%Sep 28, 2023Yield to maturity4.677%Oct 4, 2023Yield to maturity4.744%Oct 11, 2023Yield to maturity4.623%Oct 17, 2023Yield to maturity4.890%Oct 23, 2023Yield to maturity4.822%Oct 27, 2023Yield to maturity4.787%Nov 2, 2023Yield to maturity4.669%Nov 8, 2023Yield to maturity4.544%Nov 14, 2023Yield to maturity4.444%Nov 20, 2023Yield to maturity4.471%Nov 27, 2023Yield to maturity4.451%Dec 1, 2023Yield to maturity4.197%Dec 7, 2023Yield to maturity4.175%Dec 13, 2023Yield to maturity4.057%Dec 19, 2023Yield to maturity4.011%Dec 26, 2023Yield to maturity3.941%Jan 2, 2024Yield to maturity3.983%Jan 8, 2024Yield to maturity4.009%Jan 12, 2024Yield to maturity3.866%Jan 19, 2024Yield to maturity4.103%Jan 25, 2024Yield to maturity4.055%Jan 31, 2024Yield to maturity3.951%Feb 6, 2024Yield to maturity4.084%Feb 12, 2024Yield to maturity4.177%Feb 16, 2024Yield to maturity4.347%Feb 23, 2024Yield to maturity4.359%Feb 29, 2024Yield to maturity4.335%Mar 6, 2024Yield to maturity4.203%Mar 12, 2024Yield to maturity4.240%Mar 18, 2024Yield to maturity4.439%Mar 22, 2024Yield to maturity4.280%Mar 28, 2024Yield to maturity4.308%Apr 4, 2024Yield to maturity4.372%Apr 10, 2024Yield to maturity4.698%Apr 16, 2024Yield to maturity4.764%Apr 22, 2024Yield to maturity4.734%Apr 26, 2024Yield to maturity4.774%May 2, 2024Yield to maturity4.644%May 8, 2024Yield to maturity4.577%May 14, 2024Yield to maturity4.536%May 20, 2024Yield to maturity4.540%May 24, 2024Yield to maturity4.617%May 31, 2024Yield to maturity4.603%Jun 6, 2024Yield to maturity4.389%Jun 12, 2024Yield to maturity4.411%Jun 18, 2024Yield to maturity4.342%Jun 25, 2024Yield to maturity4.364%Jul 1, 2024Yield to maturity4.523%Jul 8, 2024Yield to maturity4.325%Jul 12, 2024Yield to maturity4.173%Jul 18, 2024Yield to maturity4.175%Jul 24, 2024Yield to maturity4.196%Jul 30, 2024Yield to maturity4.107%Aug 5, 2024Yield to maturity3.670%Aug 9, 2024Yield to maturity3.854%Aug 15, 2024Yield to maturity3.864%Aug 21, 2024Yield to maturity3.709%Aug 27, 2024Yield to maturity3.710%Sep 3, 2024Yield to maturity3.702%Sep 9, 2024Yield to maturity3.518%Sep 13, 2024Yield to maturity3.444%Sep 19, 2024Yield to maturity3.499%Sep 25, 2024Yield to maturity3.518%Oct 1, 2024Yield to maturity3.528%Oct 7, 2024Yield to maturity3.898%Oct 11, 2024Yield to maturity3.881%Oct 18, 2024Yield to maturity3.882%Oct 24, 2024Yield to maturity4.039%Oct 30, 2024Yield to maturity4.149%Nov 5, 2024Yield to maturity4.171%Nov 12, 2024Yield to maturity4.324%Nov 18, 2024Yield to maturity4.277%Nov 22, 2024Yield to maturity4.321%Nov 29, 2024Yield to maturity4.114%Dec 5, 2024Yield to maturity4.105%Dec 11, 2024Yield to maturity4.138%Dec 17, 2024Yield to maturity4.243%Dec 23, 2024Yield to maturity4.401%Dec 30, 2024Yield to maturity4.323%Jan 6, 2025Yield to maturity4.358%Jan 10, 2025Yield to maturity4.519%Jan 16, 2025Yield to maturity4.323%Jan 23, 2025Yield to maturity4.370%Jan 29, 2025Yield to maturity4.289%Feb 4, 2025Yield to maturity4.261%Feb 10, 2025Yield to maturity4.308%Feb 14, 2025Yield to maturity4.291%Feb 21, 2025Yield to maturity4.220%Feb 27, 2025Yield to maturity4.072%Mar 5, 2025Yield to maturity4.032%Mar 11, 2025Yield to maturity3.970%Mar 17, 2025Yield to maturity4.059%Mar 21, 2025Yield to maturity3.942%Mar 27, 2025Yield to maturity4.020%Apr 2, 2025Yield to maturity3.913%Apr 8, 2025Yield to maturity3.761%Apr 14, 2025Yield to maturity3.895%Apr 21, 2025Yield to maturity3.787%Apr 25, 2025Yield to maturity3.766%May 1, 2025Yield to maturity3.700%May 7, 2025Yield to maturity3.768%May 13, 2025Yield to maturity4.031%May 19, 2025Yield to maturity3.965%May 23, 2025Yield to maturity3.990%May 30, 2025Yield to maturity3.877%Jun 5, 2025Yield to maturity3.913%Jun 11, 2025Yield to maturity3.927%Jun 17, 2025Yield to maturity3.917%Jun 24, 2025Yield to maturity3.767%Jun 30, 2025Yield to maturity3.698%Jul 7, 2025Yield to maturity3.877%Jul 11, 2025Yield to maturity3.879%Jul 17, 2025Yield to maturity3.893%Jul 23, 2025Yield to maturity3.847%Jul 29, 2025Yield to maturity3.836%Aug 4, 2025Yield to maturity3.668%Aug 8, 2025Yield to maturity3.742%Aug 14, 2025Yield to maturity3.719%Aug 20, 2025Yield to maturity3.708%Aug 26, 2025Yield to maturity3.635%Sep 2, 2025Yield to maturity3.636%Sep 8, 2025Yield to maturity3.474%Sep 12, 2025Yield to maturity3.537%Sep 18, 2025Yield to maturity3.549%Sep 24, 2025Yield to maturity3.601%Sep 30, 2025Yield to maturity3.614%Oct 6, 2025Yield to maturity3.602%Oct 10, 2025Yield to maturity3.525%Oct 17, 2025Yield to maturity3.461%Oct 23, 2025Yield to maturity3.487%Oct 29, 2025Yield to maturity3.592%Nov 4, 2025Yield to maturity3.579%Nov 10, 2025Yield to maturity3.593%Nov 17, 2025Yield to maturity3.607%Nov 21, 2025Yield to maturity3.499%Nov 28, 2025Yield to maturity3.499%Dec 4, 2025Yield to maturity3.540%Dec 10, 2025Yield to maturity3.554%Dec 16, 2025Yield to maturity3.499%Dec 22, 2025Yield to maturity3.526%Dec 29, 2025Yield to maturity3.484%Jan 5, 2026Yield to maturity3.484%Jan 9, 2026Yield to maturity3.555%Jan 15, 2026Yield to maturity3.584%Jan 22, 2026Yield to maturity3.628%Jan 28, 2026Yield to maturity3.615%Feb 3, 2026Yield to maturity3.601%Feb 9, 2026Yield to maturity3.513%Feb 13, 2026Yield to maturity3.424%Feb 20, 2026Yield to maturity3.483%Feb 26, 2026Yield to maturity3.453%Mar 4, 2026Yield to maturity3.544%Mar 10, 2026Yield to maturity3.590%Mar 16, 2026Yield to maturity3.684%Mar 20, 2026Yield to maturity3.920%Mar 26, 2026Yield to maturity4.017%Apr 1, 2026Yield to maturity3.831%Apr 7, 2026Yield to maturity3.833%Apr 13, 2026Yield to maturity3.804%Apr 17, 2026Yield to maturity3.726%Apr 23, 2026Yield to maturity3.841%Apr 29, 2026Yield to maturity3.943%May 5, 2026Yield to maturity3.946%May 11, 2026Yield to maturity3.949%May 15, 2026Yield to maturity4.088%May 21, 2026Yield to maturity4.091%May 28, 2026Yield to maturity4.028%Jun 3, 2026Yield to maturity4.084%Jun 9, 2026Yield to maturity4.141%Jun 15, 2026Yield to maturity4.076%Jun 22, 2026Yield to maturity4.260%Jun 26, 2026Yield to maturity4.104%Jul 2, 2026Yield to maturity4.165%Jul 9, 2026Yield to maturity4.187%Jul 15, 2026Yield to maturity4.137%Jul 21, 2026Yield to maturity4.273%Jul 27, 2026Yield to maturity4.337%Jul 31, 2026Yield to maturity4.287%Aug 6, 2026Yield to maturity4.254%Aug 12, 2026Yield to maturity4.203%Aug 18, 2026Yield to maturity4.171%Aug 24, 2026Yield to maturity4.236%Aug 28, 2026Yield to maturity4.342%Sep 3, 2026Yield to maturity4.328%Sep 10, 2026Yield to maturity4.539%Sep 16, 2026Yield to maturity4.693%Sep 22, 2026Yield to maturity4.705%Sep 28, 2026Yield to maturity4.864%Oct 2, 2026Yield to maturity4.772%Oct 8, 2026Yield to maturity4.696%Oct 15, 2026Yield to maturity4.711%Oct 21, 2026Yield to maturity4.746%Oct 27, 2026Yield to maturity4.694%Nov 2, 2026Yield to maturity4.551%Nov 6, 2026Yield to maturity4.495%Nov 9, 2026Yield to maturity4.519%

Price history

882 trading days to Nov 9, 2026

949596979899100101May 1, 2023Nov 9, 2026May 1, 2023Close99.375May 5, 2023Close100.406May 11, 2023Close100.625May 17, 2023Close99.625May 23, 2023Close98.844May 30, 2023Close98.438Jun 5, 2023Close98.406Jun 9, 2023Close98.000Jun 15, 2023Close98.031Jun 22, 2023Close97.500Jun 28, 2023Close97.813Jul 5, 2023Close96.656Jul 11, 2023Close96.688Jul 17, 2023Close97.656Jul 21, 2023Close97.344Jul 27, 2023Close96.625Aug 2, 2023Close96.719Aug 8, 2023Close97.281Aug 14, 2023Close96.250Aug 18, 2023Close96.156Aug 24, 2023Close96.063Aug 30, 2023Close96.500Sep 6, 2023Close95.875Sep 12, 2023Close96.000Sep 18, 2023Close95.813Sep 22, 2023Close95.406Sep 28, 2023Close95.188Oct 4, 2023Close94.938Oct 11, 2023Close95.438Oct 17, 2023Close94.406Oct 23, 2023Close94.688Oct 27, 2023Close94.844Nov 2, 2023Close95.313Nov 8, 2023Close95.813Nov 14, 2023Close96.219Nov 20, 2023Close96.125Nov 27, 2023Close96.219Dec 1, 2023Close97.219Dec 7, 2023Close97.313Dec 13, 2023Close97.781Dec 19, 2023Close97.969Dec 26, 2023Close98.250Jan 2, 2024Close98.094Jan 8, 2024Close98.000Jan 12, 2024Close98.563Jan 19, 2024Close97.656Jan 25, 2024Close97.844Jan 31, 2024Close98.250Feb 6, 2024Close97.750Feb 12, 2024Close97.406Feb 16, 2024Close96.781Feb 23, 2024Close96.750Feb 29, 2024Close96.844Mar 6, 2024Close97.344Mar 12, 2024Close97.219Mar 18, 2024Close96.500Mar 22, 2024Close97.094Mar 28, 2024Close97.000Apr 4, 2024Close96.781Apr 10, 2024Close95.625Apr 16, 2024Close95.406Apr 22, 2024Close95.531Apr 26, 2024Close95.406May 2, 2024Close95.875May 8, 2024Close96.125May 14, 2024Close96.281May 20, 2024Close96.281May 24, 2024Close96.031May 31, 2024Close96.094Jun 6, 2024Close96.844Jun 12, 2024Close96.781Jun 18, 2024Close97.031Jun 25, 2024Close96.969Jul 1, 2024Close96.438Jul 8, 2024Close97.125Jul 12, 2024Close97.656Jul 18, 2024Close97.656Jul 24, 2024Close97.594Jul 30, 2024Close97.906Aug 5, 2024Close99.406Aug 9, 2024Close98.781Aug 15, 2024Close98.750Aug 21, 2024Close99.281Aug 27, 2024Close99.281Sep 3, 2024Close99.313Sep 9, 2024Close99.938Sep 13, 2024Close100.188Sep 19, 2024Close100.000Sep 25, 2024Close99.938Oct 1, 2024Close99.906Oct 7, 2024Close98.688Oct 11, 2024Close98.750Oct 18, 2024Close98.750Oct 24, 2024Close98.250Oct 30, 2024Close97.906Nov 5, 2024Close97.844Nov 12, 2024Close97.375Nov 18, 2024Close97.531Nov 22, 2024Close97.406Nov 29, 2024Close98.063Dec 5, 2024Close98.094Dec 11, 2024Close98.000Dec 17, 2024Close97.688Dec 23, 2024Close97.219Dec 30, 2024Close97.469Jan 6, 2025Close97.375Jan 10, 2025Close96.906Jan 16, 2025Close97.500Jan 23, 2025Close97.375Jan 29, 2025Close97.625Feb 4, 2025Close97.719Feb 10, 2025Close97.594Feb 14, 2025Close97.656Feb 21, 2025Close97.875Feb 27, 2025Close98.313Mar 5, 2025Close98.438Mar 11, 2025Close98.625Mar 17, 2025Close98.375Mar 21, 2025Close98.719Mar 27, 2025Close98.500Apr 2, 2025Close98.813Apr 8, 2025Close99.250Apr 14, 2025Close98.875Apr 21, 2025Close99.188Apr 25, 2025Close99.250May 1, 2025Close99.438May 7, 2025Close99.250May 13, 2025Close98.531May 19, 2025Close98.719May 23, 2025Close98.656May 30, 2025Close98.969Jun 5, 2025Close98.875Jun 11, 2025Close98.844Jun 17, 2025Close98.875Jun 24, 2025Close99.281Jun 30, 2025Close99.469Jul 7, 2025Close99.000Jul 11, 2025Close99.000Jul 17, 2025Close98.969Jul 23, 2025Close99.094Jul 29, 2025Close99.125Aug 4, 2025Close99.563Aug 8, 2025Close99.375Aug 14, 2025Close99.438Aug 20, 2025Close99.469Aug 26, 2025Close99.656Sep 2, 2025Close99.656Sep 8, 2025Close100.063Sep 12, 2025Close99.906Sep 18, 2025Close99.875Sep 24, 2025Close99.750Sep 30, 2025Close99.719Oct 6, 2025Close99.750Oct 10, 2025Close99.938Oct 17, 2025Close100.094Oct 23, 2025Close100.031Oct 29, 2025Close99.781Nov 4, 2025Close99.813Nov 10, 2025Close99.781Nov 17, 2025Close99.750Nov 21, 2025Close100.000Nov 28, 2025Close100.000Dec 4, 2025Close99.906Dec 10, 2025Close99.875Dec 16, 2025Close100.000Dec 22, 2025Close99.938Dec 29, 2025Close100.031Jan 5, 2026Close100.031Jan 9, 2026Close99.875Jan 15, 2026Close99.813Jan 22, 2026Close99.719Jan 28, 2026Close99.750Feb 3, 2026Close99.781Feb 9, 2026Close99.969Feb 13, 2026Close100.156Feb 20, 2026Close100.031Feb 26, 2026Close100.094Mar 4, 2026Close99.906Mar 10, 2026Close99.813Mar 16, 2026Close99.625Mar 20, 2026Close99.156Mar 26, 2026Close98.969Apr 1, 2026Close99.344Apr 7, 2026Close99.344Apr 13, 2026Close99.406Apr 17, 2026Close99.563Apr 23, 2026Close99.344Apr 29, 2026Close99.156May 5, 2026Close99.156May 11, 2026Close99.156May 15, 2026Close98.906May 21, 2026Close98.906May 28, 2026Close99.031Jun 3, 2026Close98.938Jun 9, 2026Close98.844Jun 15, 2026Close98.969Jun 22, 2026Close98.656Jun 26, 2026Close98.938Jul 2, 2026Close98.844Jul 9, 2026Close98.813Jul 15, 2026Close98.906Jul 21, 2026Close98.688Jul 27, 2026Close98.594Jul 31, 2026Close98.688Aug 6, 2026Close98.750Aug 12, 2026Close98.844Aug 18, 2026Close98.906Aug 24, 2026Close98.813Aug 28, 2026Close98.656Sep 3, 2026Close98.688Sep 10, 2026Close98.375Sep 16, 2026Close98.156Sep 22, 2026Close98.156Sep 28, 2026Close97.938Oct 2, 2026Close98.094Oct 8, 2026Close98.219Oct 15, 2026Close98.219Oct 21, 2026Close98.188Oct 27, 2026Close98.281Nov 2, 2026Close98.500Nov 6, 2026Close98.594Nov 9, 2026Close98.563
The most recent 20 trading days of prices for 91282CHA2.
DateBidOfferClose
Nov 9, 202698.56398.56398.563
Nov 6, 202698.59498.60998.594
Nov 5, 202698.59498.59498.656
Nov 4, 202698.50098.50098.500
Nov 3, 202698.46998.48498.469
Nov 2, 202698.50098.51698.500
Oct 30, 202698.46998.48498.531
Oct 29, 202698.40698.42298.406
Oct 28, 202698.25098.25098.313
Oct 27, 202698.31398.31398.281
Oct 26, 202698.31398.32898.313
Oct 23, 202698.34498.35998.375
Oct 22, 202698.31398.32898.406
Oct 21, 202698.21998.21998.188
Oct 20, 202698.21998.23498.219
Oct 19, 202698.25098.25098.219
Oct 16, 202698.28198.29798.281
Oct 15, 202698.21998.23498.219
Oct 14, 202698.06398.07898.156
Oct 13, 202698.15698.17298.188

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 91282CHA2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 26, 2023May 1, 2023New issue$43.0bn$47.2bn2.54x3.500%

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.