Treasury note

91282CHE4 · 3.625% due May 31, 2028

Original term
5-Year
Maturity
May 31, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
May 31, 2023
First coupon
Nov 30, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$48.36bn
Held stripped
$54.4m
Share stripped
0.11%

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
4.529%
Modified duration
1.468 yr
DV01
0.0147
Convexity
0.0293
Dirty price
100.271

Where its rate sensitivity sits

<.01
0.01
0.67
0.82
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 1.502 years against a modified duration of 1.468.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 0.44 cents per 100 of face.

That is 0.56 standard deviations from its own typical residual.

Yield to maturity, 861 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 31, 2023Nov 9, 2026May 31, 2023Yield to maturity3.743%Jun 6, 2023Yield to maturity3.847%Jun 12, 2023Yield to maturity3.890%Jun 16, 2023Yield to maturity3.990%Jun 23, 2023Yield to maturity3.998%Jun 29, 2023Yield to maturity4.135%Jul 6, 2023Yield to maturity4.361%Jul 12, 2023Yield to maturity4.073%Jul 18, 2023Yield to maturity4.009%Jul 24, 2023Yield to maturity4.126%Jul 28, 2023Yield to maturity4.201%Aug 3, 2023Yield to maturity4.312%Aug 9, 2023Yield to maturity4.138%Aug 15, 2023Yield to maturity4.369%Aug 21, 2023Yield to maturity4.476%Aug 25, 2023Yield to maturity4.456%Aug 31, 2023Yield to maturity4.270%Sep 7, 2023Yield to maturity4.408%Sep 13, 2023Yield to maturity4.418%Sep 19, 2023Yield to maturity4.550%Sep 25, 2023Yield to maturity4.637%Sep 29, 2023Yield to maturity4.625%Oct 5, 2023Yield to maturity4.697%Oct 12, 2023Yield to maturity4.701%Oct 18, 2023Yield to maturity4.933%Oct 24, 2023Yield to maturity4.819%Oct 30, 2023Yield to maturity4.807%Nov 3, 2023Yield to maturity4.496%Nov 9, 2023Yield to maturity4.657%Nov 15, 2023Yield to maturity4.533%Nov 21, 2023Yield to maturity4.434%Nov 28, 2023Yield to maturity4.327%Dec 4, 2023Yield to maturity4.266%Dec 8, 2023Yield to maturity4.292%Dec 14, 2023Yield to maturity3.949%Dec 20, 2023Yield to maturity3.911%Dec 27, 2023Yield to maturity3.834%Jan 3, 2024Yield to maturity3.936%Jan 9, 2024Yield to maturity4.008%Jan 16, 2024Yield to maturity3.954%Jan 22, 2024Yield to maturity4.051%Jan 26, 2024Yield to maturity4.084%Feb 1, 2024Yield to maturity3.846%Feb 7, 2024Yield to maturity4.095%Feb 13, 2024Yield to maturity4.357%Feb 20, 2024Yield to maturity4.295%Feb 26, 2024Yield to maturity4.371%Mar 1, 2024Yield to maturity4.225%Mar 7, 2024Yield to maturity4.152%Mar 13, 2024Yield to maturity4.262%Mar 19, 2024Yield to maturity4.373%Mar 25, 2024Yield to maturity4.300%Apr 1, 2024Yield to maturity4.413%Apr 5, 2024Yield to maturity4.450%Apr 11, 2024Yield to maturity4.683%Apr 17, 2024Yield to maturity4.687%Apr 23, 2024Yield to maturity4.691%Apr 29, 2024Yield to maturity4.730%May 3, 2024Yield to maturity4.551%May 9, 2024Yield to maturity4.536%May 15, 2024Yield to maturity4.418%May 21, 2024Yield to maturity4.508%May 28, 2024Yield to maturity4.653%Jun 3, 2024Yield to maturity4.507%Jun 7, 2024Yield to maturity4.537%Jun 13, 2024Yield to maturity4.327%Jun 20, 2024Yield to maturity4.356%Jun 26, 2024Yield to maturity4.430%Jul 2, 2024Yield to maturity4.469%Jul 9, 2024Yield to maturity4.320%Jul 15, 2024Yield to maturity4.180%Jul 19, 2024Yield to maturity4.218%Jul 25, 2024Yield to maturity4.210%Jul 31, 2024Yield to maturity4.033%Aug 6, 2024Yield to maturity3.775%Aug 12, 2024Yield to maturity3.793%Aug 16, 2024Yield to maturity3.830%Aug 22, 2024Yield to maturity3.785%Aug 28, 2024Yield to maturity3.705%Sep 4, 2024Yield to maturity3.606%Sep 10, 2024Yield to maturity3.452%Sep 16, 2024Yield to maturity3.434%Sep 20, 2024Yield to maturity3.487%Sep 26, 2024Yield to maturity3.569%Oct 2, 2024Yield to maturity3.569%Oct 8, 2024Yield to maturity3.893%Oct 15, 2024Yield to maturity3.876%Oct 21, 2024Yield to maturity3.981%Oct 25, 2024Yield to maturity4.078%Oct 31, 2024Yield to maturity4.155%Nov 6, 2024Yield to maturity4.264%Nov 13, 2024Yield to maturity4.287%Nov 19, 2024Yield to maturity4.261%Nov 25, 2024Yield to maturity4.215%Dec 2, 2024Yield to maturity4.129%Dec 6, 2024Yield to maturity4.073%Dec 12, 2024Yield to maturity4.182%Dec 18, 2024Yield to maturity4.384%Dec 24, 2024Yield to maturity4.418%Dec 31, 2024Yield to maturity4.341%Jan 7, 2025Yield to maturity4.385%Jan 13, 2025Yield to maturity4.532%Jan 17, 2025Yield to maturity4.362%Jan 24, 2025Yield to maturity4.365%Jan 30, 2025Yield to maturity4.254%Feb 5, 2025Yield to maturity4.215%Feb 11, 2025Yield to maturity4.332%Feb 18, 2025Yield to maturity4.357%Feb 24, 2025Yield to maturity4.193%Feb 28, 2025Yield to maturity4.007%Mar 6, 2025Yield to maturity4.008%Mar 12, 2025Yield to maturity4.021%Mar 18, 2025Yield to maturity4.033%Mar 24, 2025Yield to maturity4.035%Mar 28, 2025Yield to maturity3.931%Apr 3, 2025Yield to maturity3.708%Apr 9, 2025Yield to maturity3.955%Apr 15, 2025Yield to maturity3.881%Apr 22, 2025Yield to maturity3.840%Apr 28, 2025Yield to maturity3.700%May 2, 2025Yield to maturity3.831%May 8, 2025Yield to maturity3.898%May 14, 2025Yield to maturity4.076%May 20, 2025Yield to maturity3.967%May 27, 2025Yield to maturity3.947%Jun 2, 2025Yield to maturity3.915%Jun 6, 2025Yield to maturity4.041%Jun 12, 2025Yield to maturity3.884%Jun 18, 2025Yield to maturity3.908%Jun 25, 2025Yield to maturity3.761%Jul 1, 2025Yield to maturity3.773%Jul 8, 2025Yield to maturity3.889%Jul 14, 2025Yield to maturity3.867%Jul 18, 2025Yield to maturity3.845%Jul 24, 2025Yield to maturity3.881%Jul 30, 2025Yield to maturity3.906%Aug 5, 2025Yield to maturity3.682%Aug 11, 2025Yield to maturity3.742%Aug 15, 2025Yield to maturity3.731%Aug 21, 2025Yield to maturity3.755%Aug 27, 2025Yield to maturity3.611%Sep 3, 2025Yield to maturity3.599%Sep 9, 2025Yield to maturity3.514%Sep 15, 2025Yield to maturity3.514%Sep 19, 2025Yield to maturity3.562%Sep 25, 2025Yield to maturity3.661%Oct 1, 2025Yield to maturity3.549%Oct 7, 2025Yield to maturity3.574%Oct 14, 2025Yield to maturity3.473%Oct 20, 2025Yield to maturity3.460%Oct 24, 2025Yield to maturity3.484%Oct 30, 2025Yield to maturity3.611%Nov 5, 2025Yield to maturity3.637%Nov 12, 2025Yield to maturity3.560%Nov 18, 2025Yield to maturity3.573%Nov 24, 2025Yield to maturity3.481%Dec 1, 2025Yield to maturity3.546%Dec 5, 2025Yield to maturity3.572%Dec 11, 2025Yield to maturity3.545%Dec 17, 2025Yield to maturity3.504%Dec 23, 2025Yield to maturity3.557%Dec 30, 2025Yield to maturity3.474%Jan 6, 2026Yield to maturity3.500%Jan 12, 2026Yield to maturity3.568%Jan 16, 2026Yield to maturity3.624%Jan 23, 2026Yield to maturity3.637%Jan 29, 2026Yield to maturity3.581%Feb 4, 2026Yield to maturity3.595%Feb 10, 2026Yield to maturity3.481%Feb 17, 2026Yield to maturity3.451%Feb 23, 2026Yield to maturity3.435%Feb 27, 2026Yield to maturity3.390%Mar 5, 2026Yield to maturity3.579%Mar 11, 2026Yield to maturity3.653%Mar 17, 2026Yield to maturity3.683%Mar 23, 2026Yield to maturity3.864%Mar 27, 2026Yield to maturity3.942%Apr 2, 2026Yield to maturity3.806%Apr 8, 2026Yield to maturity3.807%Apr 14, 2026Yield to maturity3.762%Apr 20, 2026Yield to maturity3.732%Apr 24, 2026Yield to maturity3.796%Apr 30, 2026Yield to maturity3.892%May 6, 2026Yield to maturity3.878%May 12, 2026Yield to maturity4.009%May 18, 2026Yield to maturity4.094%May 22, 2026Yield to maturity4.147%May 29, 2026Yield to maturity4.019%Jun 4, 2026Yield to maturity4.055%Jun 10, 2026Yield to maturity4.142%Jun 16, 2026Yield to maturity4.061%Jun 23, 2026Yield to maturity4.201%Jun 29, 2026Yield to maturity4.103%Jul 6, 2026Yield to maturity4.142%Jul 10, 2026Yield to maturity4.216%Jul 16, 2026Yield to maturity4.166%Jul 22, 2026Yield to maturity4.313%Jul 28, 2026Yield to maturity4.283%Aug 3, 2026Yield to maturity4.253%Aug 7, 2026Yield to maturity4.185%Aug 13, 2026Yield to maturity4.151%Aug 19, 2026Yield to maturity4.175%Aug 25, 2026Yield to maturity4.198%Aug 31, 2026Yield to maturity4.336%Sep 4, 2026Yield to maturity4.362%Sep 11, 2026Yield to maturity4.602%Sep 17, 2026Yield to maturity4.666%Sep 23, 2026Yield to maturity4.854%Sep 29, 2026Yield to maturity4.846%Oct 5, 2026Yield to maturity4.777%Oct 9, 2026Yield to maturity4.750%Oct 16, 2026Yield to maturity4.700%Oct 22, 2026Yield to maturity4.624%Oct 28, 2026Yield to maturity4.676%Nov 3, 2026Yield to maturity4.582%Nov 9, 2026Yield to maturity4.529%

Price history

861 trading days to Nov 9, 2026

949596979899100101May 31, 2023Nov 9, 2026May 31, 2023Close99.469Jun 6, 2023Close99.000Jun 12, 2023Close98.813Jun 16, 2023Close98.375Jun 23, 2023Close98.344Jun 29, 2023Close97.750Jul 6, 2023Close96.781Jul 12, 2023Close98.031Jul 18, 2023Close98.313Jul 24, 2023Close97.813Jul 28, 2023Close97.500Aug 3, 2023Close97.031Aug 9, 2023Close97.781Aug 15, 2023Close96.813Aug 21, 2023Close96.375Aug 25, 2023Close96.469Aug 31, 2023Close97.250Sep 7, 2023Close96.688Sep 13, 2023Close96.656Sep 19, 2023Close96.125Sep 25, 2023Close95.781Sep 29, 2023Close95.844Oct 5, 2023Close95.563Oct 12, 2023Close95.563Oct 18, 2023Close94.656Oct 24, 2023Close95.125Oct 30, 2023Close95.188Nov 3, 2023Close96.438Nov 9, 2023Close95.813Nov 15, 2023Close96.313Nov 21, 2023Close96.719Nov 28, 2023Close97.156Dec 4, 2023Close97.406Dec 8, 2023Close97.313Dec 14, 2023Close98.688Dec 20, 2023Close98.844Dec 27, 2023Close99.156Jan 3, 2024Close98.750Jan 9, 2024Close98.469Jan 16, 2024Close98.688Jan 22, 2024Close98.313Jan 26, 2024Close98.188Feb 1, 2024Close99.125Feb 7, 2024Close98.156Feb 13, 2024Close97.156Feb 20, 2024Close97.406Feb 26, 2024Close97.125Mar 1, 2024Close97.688Mar 7, 2024Close97.969Mar 13, 2024Close97.563Mar 19, 2024Close97.156Mar 25, 2024Close97.438Apr 1, 2024Close97.031Apr 5, 2024Close96.906Apr 11, 2024Close96.063Apr 17, 2024Close96.063Apr 23, 2024Close96.063Apr 29, 2024Close95.938May 3, 2024Close96.594May 9, 2024Close96.656May 15, 2024Close97.094May 21, 2024Close96.781May 28, 2024Close96.281Jun 3, 2024Close96.813Jun 7, 2024Close96.719Jun 13, 2024Close97.469Jun 20, 2024Close97.375Jun 26, 2024Close97.125Jul 2, 2024Close97.000Jul 9, 2024Close97.531Jul 15, 2024Close98.031Jul 19, 2024Close97.906Jul 25, 2024Close97.938Jul 31, 2024Close98.563Aug 6, 2024Close99.469Aug 12, 2024Close99.406Aug 16, 2024Close99.281Aug 22, 2024Close99.438Aug 28, 2024Close99.719Sep 4, 2024Close100.063Sep 10, 2024Close100.594Sep 16, 2024Close100.656Sep 20, 2024Close100.469Sep 26, 2024Close100.188Oct 2, 2024Close100.188Oct 8, 2024Close99.094Oct 15, 2024Close99.156Oct 21, 2024Close98.813Oct 25, 2024Close98.500Oct 31, 2024Close98.250Nov 6, 2024Close97.906Nov 13, 2024Close97.844Nov 19, 2024Close97.938Nov 25, 2024Close98.094Dec 2, 2024Close98.375Dec 6, 2024Close98.563Dec 12, 2024Close98.219Dec 18, 2024Close97.594Dec 24, 2024Close97.500Dec 31, 2024Close97.750Jan 7, 2025Close97.625Jan 13, 2025Close97.188Jan 17, 2025Close97.719Jan 24, 2025Close97.719Jan 30, 2025Close98.063Feb 5, 2025Close98.188Feb 11, 2025Close97.844Feb 18, 2025Close97.781Feb 24, 2025Close98.281Feb 28, 2025Close98.844Mar 6, 2025Close98.844Mar 12, 2025Close98.813Mar 18, 2025Close98.781Mar 24, 2025Close98.781Mar 28, 2025Close99.094Apr 3, 2025Close99.750Apr 9, 2025Close99.031Apr 15, 2025Close99.250Apr 22, 2025Close99.375Apr 28, 2025Close99.781May 2, 2025Close99.406May 8, 2025Close99.219May 14, 2025Close98.719May 20, 2025Close99.031May 27, 2025Close99.094Jun 2, 2025Close99.188Jun 6, 2025Close98.844Jun 12, 2025Close99.281Jun 18, 2025Close99.219Jun 25, 2025Close99.625Jul 1, 2025Close99.594Jul 8, 2025Close99.281Jul 14, 2025Close99.344Jul 18, 2025Close99.406Jul 24, 2025Close99.313Jul 30, 2025Close99.250Aug 5, 2025Close99.844Aug 11, 2025Close99.688Aug 15, 2025Close99.719Aug 21, 2025Close99.656Aug 27, 2025Close100.031Sep 3, 2025Close100.063Sep 9, 2025Close100.281Sep 15, 2025Close100.281Sep 19, 2025Close100.156Sep 25, 2025Close99.906Oct 1, 2025Close100.188Oct 7, 2025Close100.125Oct 14, 2025Close100.375Oct 20, 2025Close100.406Oct 24, 2025Close100.344Oct 30, 2025Close100.031Nov 5, 2025Close99.969Nov 12, 2025Close100.156Nov 18, 2025Close100.125Nov 24, 2025Close100.344Dec 1, 2025Close100.188Dec 5, 2025Close100.125Dec 11, 2025Close100.188Dec 17, 2025Close100.281Dec 23, 2025Close100.156Dec 30, 2025Close100.344Jan 6, 2026Close100.281Jan 12, 2026Close100.125Jan 16, 2026Close100.000Jan 23, 2026Close99.969Jan 29, 2026Close100.094Feb 4, 2026Close100.063Feb 10, 2026Close100.313Feb 17, 2026Close100.375Feb 23, 2026Close100.406Feb 27, 2026Close100.500Mar 5, 2026Close100.094Mar 11, 2026Close99.938Mar 17, 2026Close99.875Mar 23, 2026Close99.500Mar 27, 2026Close99.344Apr 2, 2026Close99.625Apr 8, 2026Close99.625Apr 14, 2026Close99.719Apr 20, 2026Close99.781Apr 24, 2026Close99.656Apr 30, 2026Close99.469May 6, 2026Close99.500May 12, 2026Close99.250May 18, 2026Close99.094May 22, 2026Close99.000May 29, 2026Close99.250Jun 4, 2026Close99.188Jun 10, 2026Close99.031Jun 16, 2026Close99.188Jun 23, 2026Close98.938Jun 29, 2026Close99.125Jul 6, 2026Close99.063Jul 10, 2026Close98.938Jul 16, 2026Close99.031Jul 22, 2026Close98.781Jul 28, 2026Close98.844Aug 3, 2026Close98.906Aug 7, 2026Close99.031Aug 13, 2026Close99.094Aug 19, 2026Close99.063Aug 25, 2026Close99.031Aug 31, 2026Close98.813Sep 4, 2026Close98.781Sep 11, 2026Close98.406Sep 17, 2026Close98.313Sep 23, 2026Close98.031Sep 29, 2026Close98.063Oct 5, 2026Close98.188Oct 9, 2026Close98.250Oct 16, 2026Close98.344Oct 22, 2026Close98.469Oct 28, 2026Close98.406Nov 3, 2026Close98.563Nov 9, 2026Close98.656
The most recent 20 trading days of prices for 91282CHE4.
DateBidOfferClose
Nov 9, 202698.65698.65698.656
Nov 6, 202698.68898.70398.688
Nov 5, 202698.65698.67298.781
Nov 4, 202698.56398.57898.594
Nov 3, 202698.56398.57898.563
Nov 2, 202698.59498.60998.594
Oct 30, 202698.56398.56398.594
Oct 29, 202698.50098.51698.500
Oct 28, 202698.31398.32898.406
Oct 27, 202698.40698.40698.375
Oct 26, 202698.40698.42298.406
Oct 23, 202698.43898.43898.438
Oct 22, 202698.40698.42298.469
Oct 21, 202698.28198.29798.250
Oct 20, 202698.31398.31398.281
Oct 19, 202698.31398.32898.313
Oct 16, 202698.37598.37598.344
Oct 15, 202698.28198.29798.281
Oct 14, 202698.15698.15698.219
Oct 13, 202698.21998.23498.250

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 91282CHE4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 24, 2023May 31, 2023New issue$43.0bn$51.1bn2.58x3.749%

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.