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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
4.539%
Modified duration
1.549 yr
DV01
0.0154
Convexity
3.212
Dirty price
99.649

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 1.583 years against a modified duration of 1.549.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 4.22 cents per 100 of face.

That is 2.53 standard deviations from its own typical residual.

Yield to maturity, 843 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 1, 2023Sep 10, 2026May 1, 2023Yield to maturity3.638%May 30, 2023Yield to maturity3.851%Jun 28, 2023Yield to maturity4.001%Jul 27, 2023Yield to maturity4.291%Aug 24, 2023Yield to maturity4.440%Sep 22, 2023Yield to maturity4.620%Oct 23, 2023Yield to maturity4.822%Nov 20, 2023Yield to maturity4.471%Dec 19, 2023Yield to maturity4.011%Jan 19, 2024Yield to maturity4.103%Feb 16, 2024Yield to maturity4.347%Mar 18, 2024Yield to maturity4.439%Apr 15, 2024Yield to maturity4.719%May 13, 2024Yield to maturity4.580%Jun 11, 2024Yield to maturity4.500%Jul 11, 2024Yield to maturity4.208%Aug 8, 2024Yield to maturity3.871%Sep 6, 2024Yield to maturity3.527%Oct 4, 2024Yield to maturity3.840%Nov 4, 2024Yield to maturity4.171%Dec 4, 2024Yield to maturity4.095%Jan 3, 2025Yield to maturity4.358%Feb 3, 2025Yield to maturity4.303%Mar 4, 2025Yield to maturity3.967%Apr 1, 2025Yield to maturity3.869%Apr 29, 2025Yield to maturity3.655%May 28, 2025Yield to maturity3.980%Jun 26, 2025Yield to maturity3.709%Jul 25, 2025Yield to maturity3.872%Aug 22, 2025Yield to maturity3.659%Sep 22, 2025Yield to maturity3.588%Oct 21, 2025Yield to maturity3.448%Nov 19, 2025Yield to maturity3.580%Dec 18, 2025Yield to maturity3.485%Jan 20, 2026Yield to maturity3.628%Feb 18, 2026Yield to maturity3.468%Mar 18, 2026Yield to maturity3.762%Apr 15, 2026Yield to maturity3.789%May 13, 2026Yield to maturity3.984%Jun 11, 2026Yield to maturity4.073%Jul 13, 2026Yield to maturity4.283%Aug 10, 2026Yield to maturity4.239%Sep 8, 2026Yield to maturity4.375%Sep 10, 2026Yield to maturity4.539%

Price history

843 trading days to Sep 10, 2026

949596979899100101May 1, 2023Sep 10, 2026May 1, 2023Close99.375May 30, 2023Close98.438Jun 28, 2023Close97.813Jul 27, 2023Close96.625Aug 24, 2023Close96.063Sep 22, 2023Close95.406Oct 23, 2023Close94.688Nov 20, 2023Close96.125Dec 19, 2023Close97.969Jan 19, 2024Close97.656Feb 16, 2024Close96.781Mar 18, 2024Close96.500Apr 15, 2024Close95.563May 13, 2024Close96.125Jun 11, 2024Close96.469Jul 11, 2024Close97.531Aug 8, 2024Close98.719Sep 6, 2024Close99.906Oct 4, 2024Close98.875Nov 4, 2024Close97.844Dec 4, 2024Close98.125Jan 3, 2025Close97.375Feb 3, 2025Close97.594Mar 4, 2025Close98.625Apr 1, 2025Close98.938Apr 29, 2025Close99.563May 28, 2025Close98.688Jun 26, 2025Close99.438Jul 25, 2025Close99.031Aug 22, 2025Close99.594Sep 22, 2025Close99.781Oct 21, 2025Close100.125Nov 19, 2025Close99.813Dec 18, 2025Close100.031Jan 20, 2026Close99.719Feb 18, 2026Close100.063Mar 18, 2026Close99.469Apr 15, 2026Close99.438May 13, 2026Close99.094Jun 11, 2026Close98.969Jul 13, 2026Close98.656Aug 10, 2026Close98.781Sep 8, 2026Close98.625Sep 10, 2026Close98.375
The most recent 20 trading days of prices for 91282CHA2.
DateBidOfferClose
Sep 10, 202698.45398.43898.375
Sep 9, 202698.60998.59498.594
Sep 8, 202698.65698.65698.625
Sep 4, 202698.67298.65698.656
Sep 3, 202698.71998.71998.688
Sep 2, 202698.64198.62598.625
Sep 1, 202698.65698.65698.594
Aug 31, 202698.68898.68898.688
Aug 28, 202698.70398.68898.656
Aug 27, 202698.89198.87598.844
Aug 26, 202698.89198.87598.875
Aug 25, 202698.89198.87598.906
Aug 24, 202698.85998.84498.813
Aug 21, 202698.82898.81398.844
Aug 20, 202698.90698.90698.906
Aug 19, 202698.90698.90698.906
Aug 18, 202698.92298.90698.906
Aug 17, 202698.93898.93898.906
Aug 14, 202698.96998.96998.938
Aug 13, 202698.95398.93898.938

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 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.