Treasury note

91282CND9 · 3.75% due May 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$78.27bn
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
4.530%
Modified duration
1.586 yr
DV01
0.0159
Convexity
3.349
Dirty price
99.963

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 1.621 years against a modified duration of 1.586.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 1.41 cents per 100 of face.

That is 1.27 standard deviations from its own typical residual.

Yield to maturity, 331 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%May 15, 2025Sep 10, 2026May 15, 2025Yield to maturity3.951%May 28, 2025Yield to maturity3.953%Jun 9, 2025Yield to maturity3.989%Jun 20, 2025Yield to maturity3.864%Jul 2, 2025Yield to maturity3.772%Jul 15, 2025Yield to maturity3.925%Jul 25, 2025Yield to maturity3.855%Aug 6, 2025Yield to maturity3.665%Aug 18, 2025Yield to maturity3.724%Aug 28, 2025Yield to maturity3.602%Sep 10, 2025Yield to maturity3.502%Sep 22, 2025Yield to maturity3.586%Oct 2, 2025Yield to maturity3.547%Oct 15, 2025Yield to maturity3.494%Oct 27, 2025Yield to maturity3.491%Nov 6, 2025Yield to maturity3.567%Nov 19, 2025Yield to maturity3.578%Dec 2, 2025Yield to maturity3.508%Dec 12, 2025Yield to maturity3.559%Dec 24, 2025Yield to maturity3.570%Jan 7, 2026Yield to maturity3.483%Jan 20, 2026Yield to maturity3.635%Jan 30, 2026Yield to maturity3.547%Feb 11, 2026Yield to maturity3.530%Feb 24, 2026Yield to maturity3.453%Mar 6, 2026Yield to maturity3.568%Mar 18, 2026Yield to maturity3.763%Mar 30, 2026Yield to maturity3.841%Apr 9, 2026Yield to maturity3.796%Apr 21, 2026Yield to maturity3.797%May 1, 2026Yield to maturity3.895%May 13, 2026Yield to maturity3.979%May 26, 2026Yield to maturity4.066%Jun 5, 2026Yield to maturity4.173%Jun 17, 2026Yield to maturity4.213%Jun 30, 2026Yield to maturity4.151%Jul 13, 2026Yield to maturity4.284%Jul 23, 2026Yield to maturity4.364%Aug 4, 2026Yield to maturity4.189%Aug 14, 2026Yield to maturity4.160%Aug 26, 2026Yield to maturity4.204%Sep 8, 2026Yield to maturity4.370%Sep 10, 2026Yield to maturity4.530%

Price history

331 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50101.00May 15, 2025Sep 10, 2026May 15, 2025Close99.438May 28, 2025Close99.438Jun 9, 2025Close99.344Jun 20, 2025Close99.688Jul 2, 2025Close99.938Jul 15, 2025Close99.531Jul 25, 2025Close99.719Aug 6, 2025Close100.219Aug 18, 2025Close100.063Aug 28, 2025Close100.375Sep 10, 2025Close100.625Sep 22, 2025Close100.406Oct 2, 2025Close100.500Oct 15, 2025Close100.625Oct 27, 2025Close100.625Nov 6, 2025Close100.438Nov 19, 2025Close100.406Dec 2, 2025Close100.563Dec 12, 2025Close100.438Dec 24, 2025Close100.406Jan 7, 2026Close100.594Jan 20, 2026Close100.250Jan 30, 2026Close100.438Feb 11, 2026Close100.469Feb 24, 2026Close100.625Mar 6, 2026Close100.375Mar 18, 2026Close99.969Mar 30, 2026Close99.813Apr 9, 2026Close99.906Apr 21, 2026Close99.906May 1, 2026Close99.719May 13, 2026Close99.563May 26, 2026Close99.406Jun 5, 2026Close99.219Jun 17, 2026Close99.156Jun 30, 2026Close99.281Jul 13, 2026Close99.063Jul 23, 2026Close98.938Aug 4, 2026Close99.250Aug 14, 2026Close99.313Aug 26, 2026Close99.250Sep 8, 2026Close99.000Sep 10, 2026Close98.750
The most recent 20 trading days of prices for 91282CND9.
DateBidOfferClose
Sep 10, 202698.81398.81398.750
Sep 9, 202698.98498.96998.969
Sep 8, 202699.03199.03199.000
Sep 4, 202699.04799.03199.031
Sep 3, 202699.09499.09499.063
Sep 2, 202699.00099.00099.000
Sep 1, 202699.03199.03198.969
Aug 31, 202699.07899.06399.063
Aug 28, 202699.09499.09499.031
Aug 27, 202699.26699.25099.250
Aug 26, 202699.26699.25099.250
Aug 25, 202699.28199.28199.281
Aug 24, 202699.23499.21999.219
Aug 21, 202699.21999.21999.219
Aug 20, 202699.29799.28199.313
Aug 19, 202699.29799.28199.313
Aug 18, 202699.31399.31399.313
Aug 17, 202699.31399.31399.281
Aug 14, 202699.34499.34499.313
Aug 13, 202699.34499.34499.344

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 91282CND9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 5, 2025May 15, 2025New issue$58.0bn$78.5bn2.56x3.824%

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.