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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.525%
Modified duration
1.370 yr
DV01
0.0136
Convexity
0.0257
Dirty price
99.205

Where its rate sensitivity sits

<.01
0.01
0.80
0.59
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 1.402 years against a modified duration of 1.370.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 2.09 cents per 100 of face.

That is 1.33 standard deviations from its own typical residual.

Yield to maturity, 393 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Apr 15, 2025Nov 9, 2026Apr 15, 2025Yield to maturity3.850%Apr 17, 2025Yield to maturity3.817%Apr 22, 2025Yield to maturity3.817%Apr 24, 2025Yield to maturity3.795%Apr 28, 2025Yield to maturity3.671%Apr 30, 2025Yield to maturity3.581%May 2, 2025Yield to maturity3.817%May 6, 2025Yield to maturity3.772%May 8, 2025Yield to maturity3.886%May 12, 2025Yield to maturity3.989%May 14, 2025Yield to maturity4.059%May 16, 2025Yield to maturity3.967%May 20, 2025Yield to maturity3.956%May 22, 2025Yield to maturity3.991%May 27, 2025Yield to maturity3.934%May 29, 2025Yield to maturity3.911%Jun 2, 2025Yield to maturity3.912%Jun 4, 2025Yield to maturity3.842%Jun 6, 2025Yield to maturity4.030%Jun 10, 2025Yield to maturity3.983%Jun 12, 2025Yield to maturity3.878%Jun 16, 2025Yield to maturity3.949%Jun 18, 2025Yield to maturity3.902%Jun 23, 2025Yield to maturity3.808%Jun 25, 2025Yield to maturity3.748%Jun 27, 2025Yield to maturity3.737%Jul 1, 2025Yield to maturity3.760%Jul 3, 2025Yield to maturity3.856%Jul 8, 2025Yield to maturity3.880%Jul 10, 2025Yield to maturity3.845%Jul 14, 2025Yield to maturity3.869%Jul 16, 2025Yield to maturity3.857%Jul 18, 2025Yield to maturity3.845%Jul 22, 2025Yield to maturity3.785%Jul 24, 2025Yield to maturity3.882%Jul 28, 2025Yield to maturity3.883%Jul 30, 2025Yield to maturity3.896%Aug 1, 2025Yield to maturity3.675%Aug 5, 2025Yield to maturity3.687%Aug 7, 2025Yield to maturity3.699%Aug 11, 2025Yield to maturity3.736%Aug 13, 2025Yield to maturity3.662%Aug 15, 2025Yield to maturity3.736%Aug 19, 2025Yield to maturity3.711%Aug 21, 2025Yield to maturity3.749%Aug 25, 2025Yield to maturity3.686%Aug 27, 2025Yield to maturity3.611%Aug 29, 2025Yield to maturity3.597%Sep 3, 2025Yield to maturity3.597%Sep 5, 2025Yield to maturity3.495%Sep 9, 2025Yield to maturity3.520%Sep 11, 2025Yield to maturity3.507%Sep 15, 2025Yield to maturity3.506%Sep 17, 2025Yield to maturity3.519%Sep 19, 2025Yield to maturity3.569%Sep 23, 2025Yield to maturity3.569%Sep 25, 2025Yield to maturity3.659%Sep 29, 2025Yield to maturity3.633%Oct 1, 2025Yield to maturity3.555%Oct 3, 2025Yield to maturity3.580%Oct 7, 2025Yield to maturity3.580%Oct 9, 2025Yield to maturity3.606%Oct 14, 2025Yield to maturity3.474%Oct 16, 2025Yield to maturity3.421%Oct 20, 2025Yield to maturity3.472%Oct 22, 2025Yield to maturity3.445%Oct 24, 2025Yield to maturity3.483%Oct 28, 2025Yield to maturity3.496%Oct 30, 2025Yield to maturity3.615%Nov 3, 2025Yield to maturity3.615%Nov 5, 2025Yield to maturity3.641%Nov 7, 2025Yield to maturity3.559%Nov 12, 2025Yield to maturity3.559%Nov 14, 2025Yield to maturity3.612%Nov 18, 2025Yield to maturity3.571%Nov 20, 2025Yield to maturity3.543%Nov 24, 2025Yield to maturity3.487%Nov 26, 2025Yield to maturity3.473%Dec 1, 2025Yield to maturity3.540%Dec 3, 2025Yield to maturity3.485%Dec 5, 2025Yield to maturity3.567%Dec 9, 2025Yield to maturity3.622%Dec 11, 2025Yield to maturity3.552%Dec 15, 2025Yield to maturity3.537%Dec 17, 2025Yield to maturity3.508%Dec 19, 2025Yield to maturity3.507%Dec 23, 2025Yield to maturity3.563%Dec 26, 2025Yield to maturity3.505%Dec 30, 2025Yield to maturity3.476%Jan 2, 2026Yield to maturity3.503%Jan 6, 2026Yield to maturity3.503%Jan 8, 2026Yield to maturity3.516%Jan 12, 2026Yield to maturity3.559%Jan 14, 2026Yield to maturity3.529%Jan 16, 2026Yield to maturity3.616%Jan 21, 2026Yield to maturity3.616%Jan 23, 2026Yield to maturity3.630%Jan 27, 2026Yield to maturity3.600%Jan 29, 2026Yield to maturity3.570%Feb 2, 2026Yield to maturity3.584%Feb 4, 2026Yield to maturity3.583%Feb 6, 2026Yield to maturity3.523%Feb 10, 2026Yield to maturity3.477%Feb 12, 2026Yield to maturity3.477%Feb 17, 2026Yield to maturity3.445%Feb 19, 2026Yield to maturity3.474%Feb 23, 2026Yield to maturity3.443%Feb 25, 2026Yield to maturity3.472%Feb 27, 2026Yield to maturity3.379%Mar 3, 2026Yield to maturity3.501%Mar 5, 2026Yield to maturity3.578%Mar 9, 2026Yield to maturity3.577%Mar 11, 2026Yield to maturity3.655%Mar 13, 2026Yield to maturity3.749%Mar 17, 2026Yield to maturity3.670%Mar 19, 2026Yield to maturity3.812%Mar 23, 2026Yield to maturity3.860%Mar 25, 2026Yield to maturity3.893%Mar 27, 2026Yield to maturity3.942%Mar 31, 2026Yield to maturity3.814%Apr 2, 2026Yield to maturity3.814%Apr 6, 2026Yield to maturity3.879%Apr 8, 2026Yield to maturity3.815%Apr 10, 2026Yield to maturity3.832%Apr 14, 2026Yield to maturity3.766%Apr 16, 2026Yield to maturity3.799%Apr 20, 2026Yield to maturity3.733%Apr 22, 2026Yield to maturity3.799%Apr 24, 2026Yield to maturity3.783%Apr 28, 2026Yield to maturity3.849%Apr 30, 2026Yield to maturity3.883%May 4, 2026Yield to maturity3.951%May 6, 2026Yield to maturity3.867%May 8, 2026Yield to maturity3.902%May 12, 2026Yield to maturity4.004%May 14, 2026Yield to maturity4.005%May 18, 2026Yield to maturity4.075%May 20, 2026Yield to maturity4.041%May 22, 2026Yield to maturity4.130%May 27, 2026Yield to maturity4.044%May 29, 2026Yield to maturity4.010%Jun 2, 2026Yield to maturity4.046%Jun 4, 2026Yield to maturity4.047%Jun 8, 2026Yield to maturity4.155%Jun 10, 2026Yield to maturity4.139%Jun 12, 2026Yield to maturity4.087%Jun 16, 2026Yield to maturity4.052%Jun 18, 2026Yield to maturity4.199%Jun 23, 2026Yield to maturity4.200%Jun 25, 2026Yield to maturity4.129%Jun 29, 2026Yield to maturity4.113%Jul 1, 2026Yield to maturity4.187%Jul 6, 2026Yield to maturity4.135%Jul 8, 2026Yield to maturity4.210%Jul 10, 2026Yield to maturity4.213%Jul 14, 2026Yield to maturity4.196%Jul 16, 2026Yield to maturity4.159%Jul 20, 2026Yield to maturity4.219%Jul 22, 2026Yield to maturity4.315%Jul 24, 2026Yield to maturity4.338%Jul 28, 2026Yield to maturity4.282%Jul 30, 2026Yield to maturity4.245%Aug 3, 2026Yield to maturity4.248%Aug 5, 2026Yield to maturity4.172%Aug 7, 2026Yield to maturity4.195%Aug 11, 2026Yield to maturity4.216%Aug 13, 2026Yield to maturity4.139%Aug 17, 2026Yield to maturity4.161%Aug 19, 2026Yield to maturity4.162%Aug 21, 2026Yield to maturity4.225%Aug 25, 2026Yield to maturity4.187%Aug 27, 2026Yield to maturity4.208%Aug 31, 2026Yield to maturity4.333%Sep 2, 2026Yield to maturity4.376%Sep 4, 2026Yield to maturity4.360%Sep 9, 2026Yield to maturity4.383%Sep 11, 2026Yield to maturity4.596%Sep 15, 2026Yield to maturity4.640%Sep 17, 2026Yield to maturity4.643%Sep 21, 2026Yield to maturity4.713%Sep 23, 2026Yield to maturity4.823%Sep 25, 2026Yield to maturity4.788%Sep 29, 2026Yield to maturity4.835%Oct 1, 2026Yield to maturity4.709%Oct 5, 2026Yield to maturity4.759%Oct 7, 2026Yield to maturity4.698%Oct 9, 2026Yield to maturity4.729%Oct 14, 2026Yield to maturity4.754%Oct 16, 2026Yield to maturity4.672%Oct 20, 2026Yield to maturity4.720%Oct 22, 2026Yield to maturity4.590%Oct 26, 2026Yield to maturity4.663%Oct 28, 2026Yield to maturity4.643%Oct 30, 2026Yield to maturity4.536%Nov 3, 2026Yield to maturity4.562%Nov 5, 2026Yield to maturity4.428%Nov 9, 2026Yield to maturity4.525%

Price history

393 trading days to Nov 9, 2026

98.098.599.099.5100.0100.5101.0Apr 15, 2025Nov 9, 2026Apr 15, 2025Close99.719Apr 17, 2025Close99.813Apr 22, 2025Close99.813Apr 24, 2025Close99.875Apr 28, 2025Close100.219Apr 30, 2025Close100.469May 2, 2025Close99.813May 6, 2025Close99.938May 8, 2025Close99.625May 12, 2025Close99.344May 14, 2025Close99.156May 16, 2025Close99.406May 20, 2025Close99.438May 22, 2025Close99.344May 27, 2025Close99.500May 29, 2025Close99.563Jun 2, 2025Close99.563Jun 4, 2025Close99.750Jun 6, 2025Close99.250Jun 10, 2025Close99.375Jun 12, 2025Close99.656Jun 16, 2025Close99.469Jun 18, 2025Close99.594Jun 23, 2025Close99.844Jun 25, 2025Close100.000Jun 27, 2025Close100.031Jul 1, 2025Close99.969Jul 3, 2025Close99.719Jul 8, 2025Close99.656Jul 10, 2025Close99.750Jul 14, 2025Close99.688Jul 16, 2025Close99.719Jul 18, 2025Close99.750Jul 22, 2025Close99.906Jul 24, 2025Close99.656Jul 28, 2025Close99.656Jul 30, 2025Close99.625Aug 1, 2025Close100.188Aug 5, 2025Close100.156Aug 7, 2025Close100.125Aug 11, 2025Close100.031Aug 13, 2025Close100.219Aug 15, 2025Close100.031Aug 19, 2025Close100.094Aug 21, 2025Close100.000Aug 25, 2025Close100.156Aug 27, 2025Close100.344Aug 29, 2025Close100.375Sep 3, 2025Close100.375Sep 5, 2025Close100.625Sep 9, 2025Close100.563Sep 11, 2025Close100.594Sep 15, 2025Close100.594Sep 17, 2025Close100.563Sep 19, 2025Close100.438Sep 23, 2025Close100.438Sep 25, 2025Close100.219Sep 29, 2025Close100.281Oct 1, 2025Close100.469Oct 3, 2025Close100.406Oct 7, 2025Close100.406Oct 9, 2025Close100.344Oct 14, 2025Close100.656Oct 16, 2025Close100.781Oct 20, 2025Close100.656Oct 22, 2025Close100.719Oct 24, 2025Close100.625Oct 28, 2025Close100.594Oct 30, 2025Close100.313Nov 3, 2025Close100.313Nov 5, 2025Close100.250Nov 7, 2025Close100.438Nov 12, 2025Close100.438Nov 14, 2025Close100.313Nov 18, 2025Close100.406Nov 20, 2025Close100.469Nov 24, 2025Close100.594Nov 26, 2025Close100.625Dec 1, 2025Close100.469Dec 3, 2025Close100.594Dec 5, 2025Close100.406Dec 9, 2025Close100.281Dec 11, 2025Close100.438Dec 15, 2025Close100.469Dec 17, 2025Close100.531Dec 19, 2025Close100.531Dec 23, 2025Close100.406Dec 26, 2025Close100.531Dec 30, 2025Close100.594Jan 2, 2026Close100.531Jan 6, 2026Close100.531Jan 8, 2026Close100.500Jan 12, 2026Close100.406Jan 14, 2026Close100.469Jan 16, 2026Close100.281Jan 21, 2026Close100.281Jan 23, 2026Close100.250Jan 27, 2026Close100.313Jan 29, 2026Close100.375Feb 2, 2026Close100.344Feb 4, 2026Close100.344Feb 6, 2026Close100.469Feb 10, 2026Close100.563Feb 12, 2026Close100.563Feb 17, 2026Close100.625Feb 19, 2026Close100.563Feb 23, 2026Close100.625Feb 25, 2026Close100.563Feb 27, 2026Close100.750Mar 3, 2026Close100.500Mar 5, 2026Close100.344Mar 9, 2026Close100.344Mar 11, 2026Close100.188Mar 13, 2026Close100.000Mar 17, 2026Close100.156Mar 19, 2026Close99.875Mar 23, 2026Close99.781Mar 25, 2026Close99.719Mar 27, 2026Close99.625Mar 31, 2026Close99.875Apr 2, 2026Close99.875Apr 6, 2026Close99.750Apr 8, 2026Close99.875Apr 10, 2026Close99.844Apr 14, 2026Close99.969Apr 16, 2026Close99.906Apr 20, 2026Close100.031Apr 22, 2026Close99.906Apr 24, 2026Close99.938Apr 28, 2026Close99.813Apr 30, 2026Close99.750May 4, 2026Close99.625May 6, 2026Close99.781May 8, 2026Close99.719May 12, 2026Close99.531May 14, 2026Close99.531May 18, 2026Close99.406May 20, 2026Close99.469May 22, 2026Close99.313May 27, 2026Close99.469May 29, 2026Close99.531Jun 2, 2026Close99.469Jun 4, 2026Close99.469Jun 8, 2026Close99.281Jun 10, 2026Close99.313Jun 12, 2026Close99.406Jun 16, 2026Close99.469Jun 18, 2026Close99.219Jun 23, 2026Close99.219Jun 25, 2026Close99.344Jun 29, 2026Close99.375Jul 1, 2026Close99.250Jul 6, 2026Close99.344Jul 8, 2026Close99.219Jul 10, 2026Close99.219Jul 14, 2026Close99.250Jul 16, 2026Close99.313Jul 20, 2026Close99.219Jul 22, 2026Close99.063Jul 24, 2026Close99.031Jul 28, 2026Close99.125Jul 30, 2026Close99.188Aug 3, 2026Close99.188Aug 5, 2026Close99.313Aug 7, 2026Close99.281Aug 11, 2026Close99.250Aug 13, 2026Close99.375Aug 17, 2026Close99.344Aug 19, 2026Close99.344Aug 21, 2026Close99.250Aug 25, 2026Close99.313Aug 27, 2026Close99.281Aug 31, 2026Close99.094Sep 2, 2026Close99.031Sep 4, 2026Close99.063Sep 9, 2026Close99.031Sep 11, 2026Close98.719Sep 15, 2026Close98.656Sep 17, 2026Close98.656Sep 21, 2026Close98.563Sep 23, 2026Close98.406Sep 25, 2026Close98.469Sep 29, 2026Close98.406Oct 1, 2026Close98.594Oct 5, 2026Close98.531Oct 7, 2026Close98.625Oct 9, 2026Close98.594Oct 14, 2026Close98.563Oct 16, 2026Close98.688Oct 20, 2026Close98.625Oct 22, 2026Close98.813Oct 26, 2026Close98.719Oct 28, 2026Close98.750Oct 30, 2026Close98.906Nov 3, 2026Close98.875Nov 5, 2026Close99.063Nov 9, 2026Close98.938
The most recent 20 trading days of prices for 91282CMW8.
DateBidOfferClose
Nov 9, 202698.93898.95398.938
Nov 6, 202699.00099.00099.000
Nov 5, 202698.96998.98499.063
Nov 4, 202698.87598.89198.906
Nov 3, 202698.87598.89198.875
Nov 2, 202698.90698.92298.875
Oct 30, 202698.87598.89198.906
Oct 29, 202698.81398.82898.844
Oct 28, 202698.65698.67298.750
Oct 27, 202698.71998.73498.719
Oct 26, 202698.75098.75098.719
Oct 23, 202698.75098.76698.781
Oct 22, 202698.75098.75098.813
Oct 21, 202698.62598.62598.594
Oct 20, 202698.62598.64198.625
Oct 19, 202698.65698.65698.656
Oct 16, 202698.68898.70398.688
Oct 15, 202698.62598.64198.625
Oct 14, 202698.50098.51698.563
Oct 13, 202698.56398.57898.594

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 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.