Treasury note

91282CMS7 · 3.875% due March 15, 2028

Original term
3-Year
Maturity
Mar 15, 2028
Coupon
3.875%
Pays
Semi-Annual
Dated
Mar 15, 2025
First coupon
Sep 15, 2025
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$58.64bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.501%
Modified duration
1.288 yr
DV01
0.0129
Convexity
0.0231
Dirty price
99.787

Where its rate sensitivity sits

<.01
0.01
0.86
0.45
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 1.316 years against a modified duration of 1.288.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 1.19 cents per 100 of face.

That is 0.79 standard deviations from its own typical residual.

Yield to maturity, 414 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Mar 17, 2025Nov 9, 2026Mar 17, 2025Yield to maturity4.032%Mar 19, 2025Yield to maturity3.953%Mar 21, 2025Yield to maturity3.920%Mar 25, 2025Yield to maturity3.976%Mar 27, 2025Yield to maturity3.999%Mar 31, 2025Yield to maturity3.886%Apr 2, 2025Yield to maturity3.886%Apr 4, 2025Yield to maturity3.659%Apr 8, 2025Yield to maturity3.727%Apr 10, 2025Yield to maturity3.863%Apr 14, 2025Yield to maturity3.851%Apr 16, 2025Yield to maturity3.760%Apr 21, 2025Yield to maturity3.759%Apr 23, 2025Yield to maturity3.851%Apr 25, 2025Yield to maturity3.747%Apr 29, 2025Yield to maturity3.631%May 1, 2025Yield to maturity3.677%May 5, 2025Yield to maturity3.804%May 7, 2025Yield to maturity3.745%May 9, 2025Yield to maturity3.862%May 13, 2025Yield to maturity4.003%May 15, 2025Yield to maturity3.944%May 19, 2025Yield to maturity3.944%May 21, 2025Yield to maturity3.992%May 23, 2025Yield to maturity3.957%May 28, 2025Yield to maturity3.957%May 30, 2025Yield to maturity3.861%Jun 3, 2025Yield to maturity3.921%Jun 5, 2025Yield to maturity3.897%Jun 9, 2025Yield to maturity3.982%Jun 11, 2025Yield to maturity3.909%Jun 13, 2025Yield to maturity3.910%Jun 17, 2025Yield to maturity3.897%Jun 20, 2025Yield to maturity3.861%Jun 24, 2025Yield to maturity3.751%Jun 26, 2025Yield to maturity3.690%Jun 30, 2025Yield to maturity3.690%Jul 2, 2025Yield to maturity3.763%Jul 7, 2025Yield to maturity3.861%Jul 9, 2025Yield to maturity3.811%Jul 11, 2025Yield to maturity3.861%Jul 15, 2025Yield to maturity3.923%Jul 17, 2025Yield to maturity3.873%Jul 21, 2025Yield to maturity3.798%Jul 23, 2025Yield to maturity3.823%Jul 25, 2025Yield to maturity3.861%Jul 29, 2025Yield to maturity3.823%Jul 31, 2025Yield to maturity3.886%Aug 4, 2025Yield to maturity3.646%Aug 6, 2025Yield to maturity3.658%Aug 8, 2025Yield to maturity3.721%Aug 12, 2025Yield to maturity3.695%Aug 14, 2025Yield to maturity3.695%Aug 18, 2025Yield to maturity3.720%Aug 20, 2025Yield to maturity3.694%Aug 22, 2025Yield to maturity3.629%Aug 26, 2025Yield to maturity3.616%Aug 28, 2025Yield to maturity3.602%Sep 2, 2025Yield to maturity3.627%Sep 4, 2025Yield to maturity3.549%Sep 8, 2025Yield to maturity3.456%Sep 10, 2025Yield to maturity3.495%Sep 12, 2025Yield to maturity3.519%Sep 16, 2025Yield to maturity3.479%Sep 18, 2025Yield to maturity3.544%Sep 22, 2025Yield to maturity3.569%Sep 24, 2025Yield to maturity3.595%Sep 26, 2025Yield to maturity3.647%Sep 30, 2025Yield to maturity3.593%Oct 2, 2025Yield to maturity3.539%Oct 6, 2025Yield to maturity3.591%Oct 8, 2025Yield to maturity3.577%Oct 10, 2025Yield to maturity3.507%Oct 15, 2025Yield to maturity3.493%Oct 17, 2025Yield to maturity3.450%Oct 21, 2025Yield to maturity3.436%Oct 23, 2025Yield to maturity3.462%Oct 27, 2025Yield to maturity3.488%Oct 29, 2025Yield to maturity3.583%Oct 31, 2025Yield to maturity3.582%Nov 4, 2025Yield to maturity3.567%Nov 6, 2025Yield to maturity3.552%Nov 10, 2025Yield to maturity3.578%Nov 13, 2025Yield to maturity3.578%Nov 17, 2025Yield to maturity3.590%Nov 19, 2025Yield to maturity3.562%Nov 21, 2025Yield to maturity3.489%Nov 25, 2025Yield to maturity3.446%Nov 28, 2025Yield to maturity3.486%Dec 2, 2025Yield to maturity3.500%Dec 4, 2025Yield to maturity3.527%Dec 8, 2025Yield to maturity3.583%Dec 10, 2025Yield to maturity3.539%Dec 12, 2025Yield to maturity3.538%Dec 16, 2025Yield to maturity3.479%Dec 18, 2025Yield to maturity3.463%Dec 22, 2025Yield to maturity3.505%Dec 24, 2025Yield to maturity3.548%Dec 29, 2025Yield to maturity3.473%Dec 31, 2025Yield to maturity3.486%Jan 5, 2026Yield to maturity3.469%Jan 7, 2026Yield to maturity3.468%Jan 9, 2026Yield to maturity3.541%Jan 13, 2026Yield to maturity3.526%Jan 15, 2026Yield to maturity3.570%Jan 20, 2026Yield to maturity3.599%Jan 22, 2026Yield to maturity3.613%Jan 26, 2026Yield to maturity3.597%Jan 28, 2026Yield to maturity3.596%Jan 30, 2026Yield to maturity3.533%Feb 3, 2026Yield to maturity3.579%Feb 5, 2026Yield to maturity3.470%Feb 9, 2026Yield to maturity3.499%Feb 11, 2026Yield to maturity3.513%Feb 13, 2026Yield to maturity3.402%Feb 18, 2026Yield to maturity3.463%Feb 20, 2026Yield to maturity3.477%Feb 24, 2026Yield to maturity3.460%Feb 26, 2026Yield to maturity3.443%Mar 2, 2026Yield to maturity3.473%Mar 4, 2026Yield to maturity3.552%Mar 6, 2026Yield to maturity3.567%Mar 10, 2026Yield to maturity3.582%Mar 12, 2026Yield to maturity3.761%Mar 16, 2026Yield to maturity3.678%Mar 18, 2026Yield to maturity3.760%Mar 20, 2026Yield to maturity3.924%Mar 24, 2026Yield to maturity3.941%Mar 26, 2026Yield to maturity4.008%Mar 30, 2026Yield to maturity3.841%Apr 1, 2026Yield to maturity3.824%Apr 3, 2026Yield to maturity3.874%Apr 7, 2026Yield to maturity3.840%Apr 9, 2026Yield to maturity3.789%Apr 13, 2026Yield to maturity3.788%Apr 15, 2026Yield to maturity3.771%Apr 17, 2026Yield to maturity3.719%Apr 21, 2026Yield to maturity3.787%Apr 23, 2026Yield to maturity3.839%Apr 27, 2026Yield to maturity3.804%Apr 29, 2026Yield to maturity3.925%May 1, 2026Yield to maturity3.890%May 5, 2026Yield to maturity3.943%May 7, 2026Yield to maturity3.926%May 11, 2026Yield to maturity3.944%May 13, 2026Yield to maturity3.979%May 15, 2026Yield to maturity4.088%May 19, 2026Yield to maturity4.124%May 21, 2026Yield to maturity4.089%May 26, 2026Yield to maturity4.054%May 28, 2026Yield to maturity4.018%Jun 1, 2026Yield to maturity4.037%Jun 3, 2026Yield to maturity4.074%Jun 5, 2026Yield to maturity4.150%Jun 9, 2026Yield to maturity4.132%Jun 11, 2026Yield to maturity4.058%Jun 15, 2026Yield to maturity4.059%Jun 17, 2026Yield to maturity4.210%Jun 22, 2026Yield to maturity4.232%Jun 24, 2026Yield to maturity4.157%Jun 26, 2026Yield to maturity4.101%Jun 30, 2026Yield to maturity4.140%Jul 2, 2026Yield to maturity4.142%Jul 7, 2026Yield to maturity4.182%Jul 9, 2026Yield to maturity4.164%Jul 13, 2026Yield to maturity4.264%Jul 15, 2026Yield to maturity4.127%Jul 17, 2026Yield to maturity4.168%Jul 21, 2026Yield to maturity4.249%Jul 23, 2026Yield to maturity4.330%Jul 27, 2026Yield to maturity4.313%Jul 29, 2026Yield to maturity4.214%Jul 31, 2026Yield to maturity4.257%Aug 4, 2026Yield to maturity4.177%Aug 6, 2026Yield to maturity4.239%Aug 10, 2026Yield to maturity4.221%Aug 12, 2026Yield to maturity4.181%Aug 14, 2026Yield to maturity4.142%Aug 18, 2026Yield to maturity4.143%Aug 20, 2026Yield to maturity4.144%Aug 24, 2026Yield to maturity4.209%Aug 26, 2026Yield to maturity4.189%Aug 28, 2026Yield to maturity4.319%Sep 1, 2026Yield to maturity4.363%Sep 3, 2026Yield to maturity4.301%Sep 8, 2026Yield to maturity4.348%Sep 10, 2026Yield to maturity4.502%Sep 14, 2026Yield to maturity4.572%Sep 16, 2026Yield to maturity4.663%Sep 18, 2026Yield to maturity4.690%Sep 22, 2026Yield to maturity4.671%Sep 24, 2026Yield to maturity4.808%Sep 28, 2026Yield to maturity4.837%Sep 30, 2026Yield to maturity4.773%Oct 2, 2026Yield to maturity4.733%Oct 6, 2026Yield to maturity4.691%Oct 8, 2026Yield to maturity4.671%Oct 13, 2026Yield to maturity4.701%Oct 15, 2026Yield to maturity4.681%Oct 19, 2026Yield to maturity4.687%Oct 21, 2026Yield to maturity4.713%Oct 23, 2026Yield to maturity4.601%Oct 27, 2026Yield to maturity4.651%Oct 29, 2026Yield to maturity4.559%Nov 2, 2026Yield to maturity4.516%Nov 4, 2026Yield to maturity4.519%Nov 6, 2026Yield to maturity4.451%Nov 9, 2026Yield to maturity4.501%

Price history

414 trading days to Nov 9, 2026

98.599.099.5100.0100.5101.0101.5Mar 17, 2025Nov 9, 2026Mar 17, 2025Close99.563Mar 19, 2025Close99.781Mar 21, 2025Close99.875Mar 25, 2025Close99.719Mar 27, 2025Close99.656Mar 31, 2025Close99.969Apr 2, 2025Close99.969Apr 4, 2025Close100.594Apr 8, 2025Close100.406Apr 10, 2025Close100.031Apr 14, 2025Close100.063Apr 16, 2025Close100.313Apr 21, 2025Close100.313Apr 23, 2025Close100.063Apr 25, 2025Close100.344Apr 29, 2025Close100.656May 1, 2025Close100.531May 5, 2025Close100.188May 7, 2025Close100.344May 9, 2025Close100.031May 13, 2025Close99.656May 15, 2025Close99.813May 19, 2025Close99.813May 21, 2025Close99.688May 23, 2025Close99.781May 28, 2025Close99.781May 30, 2025Close100.031Jun 3, 2025Close99.875Jun 5, 2025Close99.938Jun 9, 2025Close99.719Jun 11, 2025Close99.906Jun 13, 2025Close99.906Jun 17, 2025Close99.938Jun 20, 2025Close100.031Jun 24, 2025Close100.313Jun 26, 2025Close100.469Jun 30, 2025Close100.469Jul 2, 2025Close100.281Jul 7, 2025Close100.031Jul 9, 2025Close100.156Jul 11, 2025Close100.031Jul 15, 2025Close99.875Jul 17, 2025Close100.000Jul 21, 2025Close100.188Jul 23, 2025Close100.125Jul 25, 2025Close100.031Jul 29, 2025Close100.125Jul 31, 2025Close99.969Aug 4, 2025Close100.563Aug 6, 2025Close100.531Aug 8, 2025Close100.375Aug 12, 2025Close100.438Aug 14, 2025Close100.438Aug 18, 2025Close100.375Aug 20, 2025Close100.438Aug 22, 2025Close100.594Aug 26, 2025Close100.625Aug 28, 2025Close100.656Sep 2, 2025Close100.594Sep 4, 2025Close100.781Sep 8, 2025Close101.000Sep 10, 2025Close100.906Sep 12, 2025Close100.844Sep 16, 2025Close100.938Sep 18, 2025Close100.781Sep 22, 2025Close100.719Sep 24, 2025Close100.656Sep 26, 2025Close100.531Sep 30, 2025Close100.656Oct 2, 2025Close100.781Oct 6, 2025Close100.656Oct 8, 2025Close100.688Oct 10, 2025Close100.844Oct 15, 2025Close100.875Oct 17, 2025Close100.969Oct 21, 2025Close101.000Oct 23, 2025Close100.938Oct 27, 2025Close100.875Oct 29, 2025Close100.656Oct 31, 2025Close100.656Nov 4, 2025Close100.688Nov 6, 2025Close100.719Nov 10, 2025Close100.656Nov 13, 2025Close100.656Nov 17, 2025Close100.625Nov 19, 2025Close100.688Nov 21, 2025Close100.844Nov 25, 2025Close100.938Nov 28, 2025Close100.844Dec 2, 2025Close100.813Dec 4, 2025Close100.750Dec 8, 2025Close100.625Dec 10, 2025Close100.719Dec 12, 2025Close100.719Dec 16, 2025Close100.844Dec 18, 2025Close100.875Dec 22, 2025Close100.781Dec 24, 2025Close100.688Dec 29, 2025Close100.844Dec 31, 2025Close100.813Jan 5, 2026Close100.844Jan 7, 2026Close100.844Jan 9, 2026Close100.688Jan 13, 2026Close100.719Jan 15, 2026Close100.625Jan 20, 2026Close100.563Jan 22, 2026Close100.531Jan 26, 2026Close100.563Jan 28, 2026Close100.563Jan 30, 2026Close100.688Feb 3, 2026Close100.594Feb 5, 2026Close100.813Feb 9, 2026Close100.750Feb 11, 2026Close100.719Feb 13, 2026Close100.938Feb 18, 2026Close100.813Feb 20, 2026Close100.781Feb 24, 2026Close100.813Feb 26, 2026Close100.844Mar 2, 2026Close100.781Mar 4, 2026Close100.625Mar 6, 2026Close100.594Mar 10, 2026Close100.563Mar 12, 2026Close100.219Mar 16, 2026Close100.375Mar 18, 2026Close100.219Mar 20, 2026Close99.906Mar 24, 2026Close99.875Mar 26, 2026Close99.750Mar 30, 2026Close100.063Apr 1, 2026Close100.094Apr 3, 2026Close100.000Apr 7, 2026Close100.063Apr 9, 2026Close100.156Apr 13, 2026Close100.156Apr 15, 2026Close100.188Apr 17, 2026Close100.281Apr 21, 2026Close100.156Apr 23, 2026Close100.063Apr 27, 2026Close100.125Apr 29, 2026Close99.906May 1, 2026Close99.969May 5, 2026Close99.875May 7, 2026Close99.906May 11, 2026Close99.875May 13, 2026Close99.813May 15, 2026Close99.625May 19, 2026Close99.563May 21, 2026Close99.625May 26, 2026Close99.688May 28, 2026Close99.750Jun 1, 2026Close99.719Jun 3, 2026Close99.656Jun 5, 2026Close99.531Jun 9, 2026Close99.563Jun 11, 2026Close99.688Jun 15, 2026Close99.688Jun 17, 2026Close99.438Jun 22, 2026Close99.406Jun 24, 2026Close99.531Jun 26, 2026Close99.625Jun 30, 2026Close99.563Jul 2, 2026Close99.563Jul 7, 2026Close99.500Jul 9, 2026Close99.531Jul 13, 2026Close99.375Jul 15, 2026Close99.594Jul 17, 2026Close99.531Jul 21, 2026Close99.406Jul 23, 2026Close99.281Jul 27, 2026Close99.313Jul 29, 2026Close99.469Jul 31, 2026Close99.406Aug 4, 2026Close99.531Aug 6, 2026Close99.438Aug 10, 2026Close99.469Aug 12, 2026Close99.531Aug 14, 2026Close99.594Aug 18, 2026Close99.594Aug 20, 2026Close99.594Aug 24, 2026Close99.500Aug 26, 2026Close99.531Aug 28, 2026Close99.344Sep 1, 2026Close99.281Sep 3, 2026Close99.375Sep 8, 2026Close99.313Sep 10, 2026Close99.094Sep 14, 2026Close99.000Sep 16, 2026Close98.875Sep 18, 2026Close98.844Sep 22, 2026Close98.875Sep 24, 2026Close98.688Sep 28, 2026Close98.656Sep 30, 2026Close98.750Oct 2, 2026Close98.813Oct 6, 2026Close98.875Oct 8, 2026Close98.906Oct 13, 2026Close98.875Oct 15, 2026Close98.906Oct 19, 2026Close98.906Oct 21, 2026Close98.875Oct 23, 2026Close99.031Oct 27, 2026Close98.969Oct 29, 2026Close99.094Nov 2, 2026Close99.156Nov 4, 2026Close99.156Nov 6, 2026Close99.250Nov 9, 2026Close99.188
The most recent 20 trading days of prices for 91282CMS7.
DateBidOfferClose
Nov 9, 202699.18899.20399.188
Nov 6, 202699.21999.23499.250
Nov 5, 202699.21999.23499.281
Nov 4, 202699.12599.14199.156
Nov 3, 202699.12599.14199.125
Nov 2, 202699.15699.17299.156
Oct 30, 202699.12599.14199.156
Oct 29, 202699.09499.09499.094
Oct 28, 202698.93898.95399.000
Oct 27, 202699.00099.00098.969
Oct 26, 202699.00099.01699.000
Oct 23, 202699.03199.03199.031
Oct 22, 202699.00099.01699.063
Oct 21, 202698.90698.90698.875
Oct 20, 202698.90698.92298.906
Oct 19, 202698.93898.93898.906
Oct 16, 202698.96998.96998.969
Oct 15, 202698.90698.92298.906
Oct 14, 202698.78198.79798.844
Oct 13, 202698.84498.85998.875

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 91282CMS7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 11, 2025Mar 17, 2025New issue$58.0bn$59.0bn2.70x3.908%

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.