Treasury note

91282CHT1 · 3.875% due August 15, 2033

Original term
10-Year
Maturity
Aug 15, 2033
Coupon
3.875%
Pays
Semi-Annual
Dated
Aug 15, 2023
First coupon
Feb 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$121.58bn
Held stripped
$26.6m
Share stripped
0.02%

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
4.851%
Modified duration
5.950 yr
DV01
0.0563
Convexity
41.313
Dirty price
94.597

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 6.093 years against a modified duration of 5.950.

Against the fitted curve

Priced 3.5 bp cheap to the curve on that day, 19.72 cents per 100 of face.

That is 1.22 standard deviations from its own typical residual.

Yield to maturity, 770 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Aug 15, 2023Sep 10, 2026Aug 15, 2023Yield to maturity4.211%Sep 11, 2023Yield to maturity4.284%Oct 5, 2023Yield to maturity4.714%Nov 1, 2023Yield to maturity4.766%Nov 28, 2023Yield to maturity4.360%Dec 22, 2023Yield to maturity3.906%Jan 22, 2024Yield to maturity4.102%Feb 15, 2024Yield to maturity4.258%Mar 13, 2024Yield to maturity4.207%Apr 8, 2024Yield to maturity4.430%May 2, 2024Yield to maturity4.583%May 29, 2024Yield to maturity4.627%Jun 25, 2024Yield to maturity4.245%Jul 22, 2024Yield to maturity4.256%Aug 15, 2024Yield to maturity3.917%Sep 11, 2024Yield to maturity3.627%Oct 7, 2024Yield to maturity4.010%Nov 1, 2024Yield to maturity4.358%Nov 29, 2024Yield to maturity4.168%Dec 26, 2024Yield to maturity4.559%Jan 23, 2025Yield to maturity4.611%Feb 19, 2025Yield to maturity4.505%Mar 17, 2025Yield to maturity4.267%Apr 10, 2025Yield to maturity4.324%May 6, 2025Yield to maturity4.208%Jun 2, 2025Yield to maturity4.336%Jun 27, 2025Yield to maturity4.149%Jul 24, 2025Yield to maturity4.277%Aug 19, 2025Yield to maturity4.125%Sep 15, 2025Yield to maturity3.865%Oct 9, 2025Yield to maturity3.987%Nov 5, 2025Yield to maturity4.006%Dec 3, 2025Yield to maturity3.874%Dec 30, 2025Yield to maturity3.946%Jan 27, 2026Yield to maturity4.069%Feb 23, 2026Yield to maturity3.831%Mar 19, 2026Yield to maturity4.097%Apr 14, 2026Yield to maturity4.083%May 8, 2026Yield to maturity4.212%Jun 4, 2026Yield to maturity4.338%Jul 1, 2026Yield to maturity4.364%Jul 28, 2026Yield to maturity4.486%Aug 21, 2026Yield to maturity4.578%Sep 10, 2026Yield to maturity4.851%

Price history

770 trading days to Sep 10, 2026

9092949698100102104Aug 15, 2023Sep 10, 2026Aug 15, 2023Close97.281Sep 11, 2023Close96.719Oct 5, 2023Close93.438Nov 1, 2023Close93.094Nov 28, 2023Close96.188Dec 22, 2023Close99.750Jan 22, 2024Close98.219Feb 15, 2024Close97.031Mar 13, 2024Close97.438Apr 8, 2024Close95.781May 2, 2024Close94.688May 29, 2024Close94.406Jun 25, 2024Close97.219Jul 22, 2024Close97.156Aug 15, 2024Close99.688Sep 11, 2024Close101.875Oct 7, 2024Close99.000Nov 1, 2024Close96.500Nov 29, 2024Close97.875Dec 26, 2024Close95.156Jan 23, 2025Close94.844Feb 19, 2025Close95.594Mar 17, 2025Close97.250Apr 10, 2025Close96.875May 6, 2025Close97.688Jun 2, 2025Close96.844Jun 27, 2025Close98.125Jul 24, 2025Close97.281Aug 19, 2025Close98.313Sep 15, 2025Close100.063Oct 9, 2025Close99.250Nov 5, 2025Close99.125Dec 3, 2025Close100.000Dec 30, 2025Close99.531Jan 27, 2026Close98.750Feb 23, 2026Close100.281Mar 19, 2026Close98.594Apr 14, 2026Close98.688May 8, 2026Close97.906Jun 4, 2026Close97.156Jul 1, 2026Close97.031Jul 28, 2026Close96.344Aug 21, 2026Close95.844Sep 10, 2026Close94.313
The most recent 20 trading days of prices for 91282CHT1.
DateBidOfferClose
Sep 10, 202694.51694.50094.313
Sep 9, 202695.01695.00095.031
Sep 8, 202695.32895.31395.250
Sep 4, 202695.45395.43895.375
Sep 3, 202695.64195.62595.500
Sep 2, 202695.31395.28195.313
Sep 1, 202695.48495.46995.313
Aug 31, 202695.57895.56395.594
Aug 28, 202695.87595.84495.688
Aug 27, 202696.26696.25096.125
Aug 26, 202696.26696.25096.219
Aug 25, 202696.32896.31396.406
Aug 24, 202696.10996.09496.000
Aug 21, 202695.85995.84495.844
Aug 20, 202696.06396.03196.094
Aug 19, 202696.28196.25096.344
Aug 18, 202696.07896.06396.063
Aug 17, 202696.10996.09496.000
Aug 14, 202696.23496.21996.156
Aug 13, 202696.42296.40696.438

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 91282CHT1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 9, 2023Aug 15, 2023New issue$38.0bn$52.2bn2.56x3.999%
Sep 12, 2023Sep 15, 2023Reopening$35.0bn$35.0bn2.52x4.289%
Oct 11, 2023Oct 16, 2023Reopening$35.0bn$35.0bn2.50x4.610%

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.