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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$58.73bn
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, September 10, 2026

Yield to maturity
4.502%
Modified duration
1.422 yr
DV01
0.0144
Convexity
2.779
Dirty price
100.989

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 3 of twelve buckets, summing to 1.452 years against a modified duration of 1.422.

Against the fitted curve

Priced 1.9 bp cheap to the curve on that day, 2.76 cents per 100 of face.

That is 1.77 standard deviations from its own typical residual.

Yield to maturity, 374 observations

3.2%3.4%3.6%3.8%4.0%4.2%4.4%4.6%Mar 17, 2025Sep 10, 2026Mar 17, 2025Yield to maturity4.032%Mar 28, 2025Yield to maturity3.908%Apr 10, 2025Yield to maturity3.863%Apr 23, 2025Yield to maturity3.851%May 6, 2025Yield to maturity3.757%May 19, 2025Yield to maturity3.944%Jun 2, 2025Yield to maturity3.897%Jun 13, 2025Yield to maturity3.910%Jun 27, 2025Yield to maturity3.714%Jul 11, 2025Yield to maturity3.861%Jul 24, 2025Yield to maturity3.861%Aug 6, 2025Yield to maturity3.658%Aug 19, 2025Yield to maturity3.694%Sep 2, 2025Yield to maturity3.627%Sep 15, 2025Yield to maturity3.506%Sep 26, 2025Yield to maturity3.647%Oct 9, 2025Yield to maturity3.590%Oct 23, 2025Yield to maturity3.462%Nov 5, 2025Yield to maturity3.622%Nov 19, 2025Yield to maturity3.562%Dec 3, 2025Yield to maturity3.485%Dec 16, 2025Yield to maturity3.479%Dec 30, 2025Yield to maturity3.457%Jan 13, 2026Yield to maturity3.526%Jan 27, 2026Yield to maturity3.581%Feb 9, 2026Yield to maturity3.499%Feb 23, 2026Yield to maturity3.429%Mar 6, 2026Yield to maturity3.567%Mar 19, 2026Yield to maturity3.809%Apr 1, 2026Yield to maturity3.824%Apr 14, 2026Yield to maturity3.771%Apr 27, 2026Yield to maturity3.804%May 8, 2026Yield to maturity3.890%May 21, 2026Yield to maturity4.089%Jun 4, 2026Yield to maturity4.038%Jun 17, 2026Yield to maturity4.210%Jul 1, 2026Yield to maturity4.179%Jul 15, 2026Yield to maturity4.127%Jul 28, 2026Yield to maturity4.253%Aug 10, 2026Yield to maturity4.221%Aug 21, 2026Yield to maturity4.208%Sep 3, 2026Yield to maturity4.301%Sep 10, 2026Yield to maturity4.502%

Price history

374 trading days to Sep 10, 2026

99.0099.50100.00100.50101.00101.50Mar 17, 2025Sep 10, 2026Mar 17, 2025Close99.563Mar 28, 2025Close99.906Apr 10, 2025Close100.031Apr 23, 2025Close100.063May 6, 2025Close100.313May 19, 2025Close99.813Jun 2, 2025Close99.938Jun 13, 2025Close99.906Jun 27, 2025Close100.406Jul 11, 2025Close100.031Jul 24, 2025Close100.031Aug 6, 2025Close100.531Aug 19, 2025Close100.438Sep 2, 2025Close100.594Sep 15, 2025Close100.875Sep 26, 2025Close100.531Oct 9, 2025Close100.656Oct 23, 2025Close100.938Nov 5, 2025Close100.563Nov 19, 2025Close100.688Dec 3, 2025Close100.844Dec 16, 2025Close100.844Dec 30, 2025Close100.875Jan 13, 2026Close100.719Jan 27, 2026Close100.594Feb 9, 2026Close100.750Feb 23, 2026Close100.875Mar 6, 2026Close100.594Mar 19, 2026Close100.125Apr 1, 2026Close100.094Apr 14, 2026Close100.188Apr 27, 2026Close100.125May 8, 2026Close99.969May 21, 2026Close99.625Jun 4, 2026Close99.719Jun 17, 2026Close99.438Jul 1, 2026Close99.500Jul 15, 2026Close99.594Jul 28, 2026Close99.406Aug 10, 2026Close99.469Aug 21, 2026Close99.500Sep 3, 2026Close99.375Sep 10, 2026Close99.094
The most recent 20 trading days of prices for 91282CMS7.
DateBidOfferClose
Sep 10, 202699.15699.15699.094
Sep 9, 202699.29799.28199.281
Sep 8, 202699.32899.31399.313
Sep 4, 202699.34499.34499.344
Sep 3, 202699.40699.40699.375
Sep 2, 202699.31399.31399.313
Sep 1, 202699.32899.31399.281
Aug 31, 202699.37599.37599.344
Aug 28, 202699.39199.37599.344
Aug 27, 202699.54799.53199.531
Aug 26, 202699.54799.53199.531
Aug 25, 202699.56399.56399.563
Aug 24, 202699.53199.53199.500
Aug 21, 202699.51699.50099.500
Aug 20, 202699.57899.56399.594
Aug 19, 202699.57899.56399.594
Aug 18, 202699.59499.59499.594
Aug 17, 202699.60999.59499.563
Aug 14, 202699.62599.62599.594
Aug 13, 202699.62599.62599.625

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 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.