Treasury note

91282CNE7 · 3.875% due May 31, 2027

Original term
2-Year
Maturity
May 31, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
May 31, 2025
First coupon
Nov 30, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$72.47bn
Held stripped
$17.6m
Share stripped
0.02%

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
4.225%
Modified duration
0.694 yr
DV01
0.0070
Convexity
0.827
Dirty price
100.841

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 0.708 years against a modified duration of 0.694.

Against the fitted curve

Priced 0.8 bp rich to the curve on that day, 0.58 cents per 100 of face.

That is -0.11 standard deviations from its own typical residual.

Yield to maturity, 320 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jun 2, 2025Sep 10, 2026Jun 2, 2025Yield to maturity3.941%Jun 12, 2025Yield to maturity3.908%Jun 25, 2025Yield to maturity3.806%Jul 8, 2025Yield to maturity3.925%Jul 18, 2025Yield to maturity3.890%Jul 30, 2025Yield to maturity3.962%Aug 11, 2025Yield to maturity3.782%Aug 21, 2025Yield to maturity3.817%Sep 3, 2025Yield to maturity3.666%Sep 15, 2025Yield to maturity3.587%Sep 25, 2025Yield to maturity3.698%Oct 7, 2025Yield to maturity3.616%Oct 20, 2025Yield to maturity3.511%Oct 30, 2025Yield to maturity3.648%Nov 12, 2025Yield to maturity3.602%Nov 24, 2025Yield to maturity3.554%Dec 5, 2025Yield to maturity3.590%Dec 17, 2025Yield to maturity3.495%Dec 30, 2025Yield to maturity3.462%Jan 12, 2026Yield to maturity3.545%Jan 23, 2026Yield to maturity3.584%Feb 4, 2026Yield to maturity3.578%Feb 17, 2026Yield to maturity3.494%Feb 27, 2026Yield to maturity3.484%Mar 11, 2026Yield to maturity3.660%Mar 23, 2026Yield to maturity3.871%Apr 2, 2026Yield to maturity3.816%Apr 14, 2026Yield to maturity3.757%Apr 24, 2026Yield to maturity3.755%May 6, 2026Yield to maturity3.813%May 18, 2026Yield to maturity3.905%May 29, 2026Yield to maturity3.907%Jun 10, 2026Yield to maturity3.973%Jun 23, 2026Yield to maturity4.114%Jul 6, 2026Yield to maturity4.050%Jul 16, 2026Yield to maturity4.055%Jul 28, 2026Yield to maturity4.138%Aug 7, 2026Yield to maturity4.068%Aug 19, 2026Yield to maturity4.033%Aug 31, 2026Yield to maturity4.169%Sep 10, 2026Yield to maturity4.225%

Price history

320 trading days to Sep 10, 2026

99.699.8100.0100.2100.4100.6100.8Jun 2, 2025Sep 10, 2026Jun 2, 2025Close99.875Jun 12, 2025Close99.938Jun 25, 2025Close100.125Jul 8, 2025Close99.906Jul 18, 2025Close99.969Jul 30, 2025Close99.844Aug 11, 2025Close100.156Aug 21, 2025Close100.094Sep 3, 2025Close100.344Sep 15, 2025Close100.469Sep 25, 2025Close100.281Oct 7, 2025Close100.406Oct 20, 2025Close100.563Oct 30, 2025Close100.344Nov 12, 2025Close100.406Nov 24, 2025Close100.469Dec 5, 2025Close100.406Dec 17, 2025Close100.531Dec 30, 2025Close100.563Jan 12, 2026Close100.438Jan 23, 2026Close100.375Feb 4, 2026Close100.375Feb 17, 2026Close100.469Feb 27, 2026Close100.469Mar 11, 2026Close100.250Mar 23, 2026Close100.000Apr 2, 2026Close100.063Apr 14, 2026Close100.125Apr 24, 2026Close100.125May 6, 2026Close100.063May 18, 2026Close99.969May 29, 2026Close99.969Jun 10, 2026Close99.906Jun 23, 2026Close99.781Jul 6, 2026Close99.844Jul 16, 2026Close99.844Jul 28, 2026Close99.781Aug 7, 2026Close99.844Aug 19, 2026Close99.875Aug 31, 2026Close99.781Sep 10, 2026Close99.750
The most recent 20 trading days of prices for 91282CNE7.
DateBidOfferClose
Sep 10, 202699.79799.78199.750
Sep 9, 202699.82899.81399.813
Sep 8, 202699.84499.84499.813
Sep 4, 202699.84499.84499.813
Sep 3, 202699.85999.84499.844
Sep 2, 202699.81399.81399.813
Sep 1, 202699.79799.78199.781
Aug 31, 202699.81399.81399.781
Aug 28, 202699.82899.81399.813
Aug 27, 202699.89199.87599.875
Aug 26, 202699.89199.87599.875
Aug 25, 202699.89199.87599.875
Aug 24, 202699.89199.87599.875
Aug 21, 202699.89199.87599.875
Aug 20, 202699.90699.90699.875
Aug 19, 202699.89199.87599.875
Aug 18, 202699.89199.87599.875
Aug 17, 202699.90699.90699.875
Aug 14, 202699.92299.90699.875
Aug 13, 202699.90699.90699.875

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 91282CNE7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 27, 2025Jun 2, 2025New issue$69.0bn$78.4bn2.57x3.955%

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.