Treasury note

91282CHC8 · 3.375% due May 15, 2033

Original term
10-Year
Maturity
May 15, 2033
Coupon
3.375%
Pays
Semi-Annual
Dated
May 15, 2023
First coupon
Nov 15, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$108.21bn
Held stripped
$225.0m
Share stripped
0.21%

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
4.841%
Modified duration
5.789 yr
DV01
0.0537
Convexity
39.095
Dirty price
92.810

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 5.925 years against a modified duration of 5.789.

Against the fitted curve

Priced 3.5 bp cheap to the curve on that day, 18.77 cents per 100 of face.

That is 1.16 standard deviations from its own typical residual.

Yield to maturity, 833 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 15, 2023Sep 10, 2026May 15, 2023Yield to maturity3.498%Jun 12, 2023Yield to maturity3.736%Jul 11, 2023Yield to maturity3.982%Aug 7, 2023Yield to maturity4.086%Sep 1, 2023Yield to maturity4.185%Sep 29, 2023Yield to maturity4.591%Oct 27, 2023Yield to maturity4.840%Nov 24, 2023Yield to maturity4.491%Dec 21, 2023Yield to maturity3.895%Jan 22, 2024Yield to maturity4.099%Feb 16, 2024Yield to maturity4.318%Mar 15, 2024Yield to maturity4.325%Apr 11, 2024Yield to maturity4.575%May 8, 2024Yield to maturity4.503%Jun 5, 2024Yield to maturity4.301%Jul 3, 2024Yield to maturity4.366%Jul 31, 2024Yield to maturity4.065%Aug 27, 2024Yield to maturity3.812%Sep 24, 2024Yield to maturity3.690%Oct 22, 2024Yield to maturity4.162%Nov 19, 2024Yield to maturity4.371%Dec 17, 2024Yield to maturity4.374%Jan 15, 2025Yield to maturity4.625%Feb 12, 2025Yield to maturity4.601%Mar 12, 2025Yield to maturity4.261%Apr 8, 2025Yield to maturity4.158%May 5, 2025Yield to maturity4.232%Jun 2, 2025Yield to maturity4.317%Jun 30, 2025Yield to maturity4.072%Jul 28, 2025Yield to maturity4.258%Aug 22, 2025Yield to maturity4.054%Sep 19, 2025Yield to maturity3.943%Oct 17, 2025Yield to maturity3.825%Nov 14, 2025Yield to maturity3.963%Dec 12, 2025Yield to maturity3.993%Jan 12, 2026Yield to maturity3.994%Feb 9, 2026Yield to maturity4.000%Mar 9, 2026Yield to maturity3.923%Apr 3, 2026Yield to maturity4.185%Apr 30, 2026Yield to maturity4.208%May 28, 2026Yield to maturity4.308%Jun 25, 2026Yield to maturity4.273%Jul 23, 2026Yield to maturity4.577%Aug 19, 2026Yield to maturity4.475%Sep 10, 2026Yield to maturity4.841%

Price history

833 trading days to Sep 10, 2026

86889092949698100May 15, 2023Sep 10, 2026May 15, 2023Close98.969Jun 12, 2023Close97.031Jul 11, 2023Close95.094Aug 7, 2023Close94.313Sep 1, 2023Close93.594Sep 29, 2023Close90.625Oct 27, 2023Close88.906Nov 24, 2023Close91.469Dec 21, 2023Close95.938Jan 22, 2024Close94.438Feb 16, 2024Close92.875Mar 15, 2024Close92.875Apr 11, 2024Close91.156May 8, 2024Close91.719Jun 5, 2024Close93.188Jul 3, 2024Close92.781Jul 31, 2024Close94.938Aug 27, 2024Close96.781Sep 24, 2024Close97.688Oct 22, 2024Close94.375Nov 19, 2024Close93.000Dec 17, 2024Close93.031Jan 15, 2025Close91.438Feb 12, 2025Close91.656Mar 12, 2025Close93.938Apr 8, 2025Close94.656May 5, 2025Close94.219Jun 2, 2025Close93.719Jun 30, 2025Close95.344Jul 28, 2025Close94.188Aug 22, 2025Close95.531Sep 19, 2025Close96.281Oct 17, 2025Close97.063Nov 14, 2025Close96.219Dec 12, 2025Close96.063Jan 12, 2026Close96.094Feb 9, 2026Close96.094Mar 9, 2026Close96.594Apr 3, 2026Close95.063Apr 30, 2026Close94.969May 28, 2026Close94.438Jun 25, 2026Close94.688Jul 23, 2026Close93.031Aug 19, 2026Close93.656Sep 10, 2026Close91.719
The most recent 20 trading days of prices for 91282CHC8.
DateBidOfferClose
Sep 10, 202691.90691.87591.719
Sep 9, 202692.39192.37592.406
Sep 8, 202692.68892.65692.625
Sep 4, 202692.79792.78192.750
Sep 3, 202692.98492.96992.844
Sep 2, 202692.68892.65692.688
Sep 1, 202692.85992.84492.656
Aug 31, 202692.93892.90692.938
Aug 28, 202693.21993.18893.031
Aug 27, 202693.59493.56393.469
Aug 26, 202693.60993.59493.531
Aug 25, 202693.67293.65693.719
Aug 24, 202693.45393.43893.344
Aug 21, 202693.20393.18893.188
Aug 20, 202693.40693.37593.438
Aug 19, 202693.60993.59493.656
Aug 18, 202693.42293.40693.406
Aug 17, 202693.45393.43893.375
Aug 14, 202693.57893.56393.500
Aug 13, 202693.76693.75093.750

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 91282CHC8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 10, 2023May 15, 2023New issue$35.0bn$44.5bn2.45x3.448%
Jun 12, 2023Jun 15, 2023Reopening$32.0bn$32.0bn2.36x3.791%
Jul 12, 2023Jul 17, 2023Reopening$32.0bn$32.0bn2.53x3.857%

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.