Treasury note

91282CMW8 · 3.75% due April 15, 2028

Original term
3-Year
Maturity
Apr 15, 2028
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 15, 2025
First coupon
Oct 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$67.68bn
Held stripped
$33.9m
Share stripped
0.05%

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
4.529%
Modified duration
1.504 yr
DV01
0.0151
Convexity
3.056
Dirty price
100.339

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 4 of twelve buckets, summing to 1.539 years against a modified duration of 1.504.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 3.04 cents per 100 of face.

That is 2.10 standard deviations from its own typical residual.

Yield to maturity, 353 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Apr 15, 2025Sep 10, 2026Apr 15, 2025Yield to maturity3.850%Apr 28, 2025Yield to maturity3.671%May 9, 2025Yield to maturity3.886%May 22, 2025Yield to maturity3.991%Jun 5, 2025Yield to maturity3.912%Jun 18, 2025Yield to maturity3.902%Jul 2, 2025Yield to maturity3.784%Jul 16, 2025Yield to maturity3.857%Jul 29, 2025Yield to maturity3.834%Aug 11, 2025Yield to maturity3.736%Aug 22, 2025Yield to maturity3.648%Sep 5, 2025Yield to maturity3.495%Sep 18, 2025Yield to maturity3.557%Oct 1, 2025Yield to maturity3.555%Oct 15, 2025Yield to maturity3.513%Oct 28, 2025Yield to maturity3.496%Nov 10, 2025Yield to maturity3.586%Nov 24, 2025Yield to maturity3.487%Dec 8, 2025Yield to maturity3.595%Dec 19, 2025Yield to maturity3.507%Jan 5, 2026Yield to maturity3.488%Jan 16, 2026Yield to maturity3.616%Jan 30, 2026Yield to maturity3.554%Feb 12, 2026Yield to maturity3.477%Feb 26, 2026Yield to maturity3.457%Mar 11, 2026Yield to maturity3.655%Mar 24, 2026Yield to maturity3.957%Apr 6, 2026Yield to maturity3.879%Apr 17, 2026Yield to maturity3.717%Apr 30, 2026Yield to maturity3.883%May 13, 2026Yield to maturity3.988%May 27, 2026Yield to maturity4.044%Jun 9, 2026Yield to maturity4.138%Jun 23, 2026Yield to maturity4.200%Jul 7, 2026Yield to maturity4.191%Jul 20, 2026Yield to maturity4.219%Jul 31, 2026Yield to maturity4.286%Aug 13, 2026Yield to maturity4.139%Aug 26, 2026Yield to maturity4.207%Sep 9, 2026Yield to maturity4.383%Sep 10, 2026Yield to maturity4.529%

Price history

353 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50101.00Apr 15, 2025Sep 10, 2026Apr 15, 2025Close99.719Apr 28, 2025Close100.219May 9, 2025Close99.625May 22, 2025Close99.344Jun 5, 2025Close99.563Jun 18, 2025Close99.594Jul 2, 2025Close99.906Jul 16, 2025Close99.719Jul 29, 2025Close99.781Aug 11, 2025Close100.031Aug 22, 2025Close100.250Sep 5, 2025Close100.625Sep 18, 2025Close100.469Oct 1, 2025Close100.469Oct 15, 2025Close100.563Oct 28, 2025Close100.594Nov 10, 2025Close100.375Nov 24, 2025Close100.594Dec 8, 2025Close100.344Dec 19, 2025Close100.531Jan 5, 2026Close100.563Jan 16, 2026Close100.281Jan 30, 2026Close100.406Feb 12, 2026Close100.563Feb 26, 2026Close100.594Mar 11, 2026Close100.188Mar 24, 2026Close99.594Apr 6, 2026Close99.750Apr 17, 2026Close100.063Apr 30, 2026Close99.750May 13, 2026Close99.563May 27, 2026Close99.469Jun 9, 2026Close99.313Jun 23, 2026Close99.219Jul 7, 2026Close99.250Jul 20, 2026Close99.219Jul 31, 2026Close99.125Aug 13, 2026Close99.375Aug 26, 2026Close99.281Sep 9, 2026Close99.031Sep 10, 2026Close98.813
The most recent 20 trading days of prices for 91282CMW8.
DateBidOfferClose
Sep 10, 202698.87598.87598.813
Sep 9, 202699.04799.03199.031
Sep 8, 202699.07899.06399.063
Sep 4, 202699.09499.09499.063
Sep 3, 202699.14199.12599.125
Sep 2, 202699.04799.03199.031
Sep 1, 202699.06399.06399.031
Aug 31, 202699.10999.09499.094
Aug 28, 202699.14199.12599.094
Aug 27, 202699.29799.28199.281
Aug 26, 202699.29799.28199.281
Aug 25, 202699.31399.31399.313
Aug 24, 202699.28199.28199.250
Aug 21, 202699.25099.25099.250
Aug 20, 202699.32899.31399.344
Aug 19, 202699.32899.31399.344
Aug 18, 202699.34499.34499.344
Aug 17, 202699.35999.34499.344
Aug 14, 202699.39199.37599.344
Aug 13, 202699.37599.37599.375

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 91282CMW8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 8, 2025Apr 15, 2025New issue$58.0bn$67.7bn2.47x3.784%

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.