Treasury note

91282CNH0 · 3.875% due June 15, 2028

Original term
3-Year
Maturity
Jun 15, 2028
Coupon
3.875%
Pays
Semi-Annual
Dated
Jun 15, 2025
First coupon
Dec 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$59.04bn
Held stripped
$14.4m
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
4.544%
Modified duration
1.665 yr
DV01
0.0166
Convexity
3.647
Dirty price
99.807

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 1.704 years against a modified duration of 1.665.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 0.50 cents per 100 of face.

That is 1.27 standard deviations from its own typical residual.

Yield to maturity, 310 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jun 16, 2025Sep 10, 2026Jun 16, 2025Yield to maturity3.931%Jun 27, 2025Yield to maturity3.717%Jul 10, 2025Yield to maturity3.829%Jul 22, 2025Yield to maturity3.759%Aug 1, 2025Yield to maturity3.665%Aug 13, 2025Yield to maturity3.651%Aug 25, 2025Yield to maturity3.672%Sep 5, 2025Yield to maturity3.479%Sep 17, 2025Yield to maturity3.512%Sep 29, 2025Yield to maturity3.629%Oct 9, 2025Yield to maturity3.602%Oct 22, 2025Yield to maturity3.437%Nov 3, 2025Yield to maturity3.596%Nov 14, 2025Yield to maturity3.605%Nov 26, 2025Yield to maturity3.461%Dec 9, 2025Yield to maturity3.626%Dec 19, 2025Yield to maturity3.503%Jan 2, 2026Yield to maturity3.511%Jan 14, 2026Yield to maturity3.534%Jan 27, 2026Yield to maturity3.597%Feb 6, 2026Yield to maturity3.510%Feb 19, 2026Yield to maturity3.463%Mar 3, 2026Yield to maturity3.485%Mar 13, 2026Yield to maturity3.727%Mar 25, 2026Yield to maturity3.888%Apr 6, 2026Yield to maturity3.858%Apr 16, 2026Yield to maturity3.782%Apr 28, 2026Yield to maturity3.842%May 8, 2026Yield to maturity3.905%May 20, 2026Yield to maturity4.065%Jun 2, 2026Yield to maturity4.052%Jun 12, 2026Yield to maturity4.105%Jun 25, 2026Yield to maturity4.125%Jul 8, 2026Yield to maturity4.214%Jul 20, 2026Yield to maturity4.219%Jul 30, 2026Yield to maturity4.241%Aug 11, 2026Yield to maturity4.229%Aug 21, 2026Yield to maturity4.235%Sep 2, 2026Yield to maturity4.369%Sep 10, 2026Yield to maturity4.544%

Price history

310 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50101.00101.50Jun 16, 2025Sep 10, 2026Jun 16, 2025Close99.844Jun 27, 2025Close100.438Jul 10, 2025Close100.125Jul 22, 2025Close100.313Aug 1, 2025Close100.563Aug 13, 2025Close100.594Aug 25, 2025Close100.531Sep 5, 2025Close101.031Sep 17, 2025Close100.938Sep 29, 2025Close100.625Oct 9, 2025Close100.688Oct 22, 2025Close101.094Nov 3, 2025Close100.688Nov 14, 2025Close100.656Nov 26, 2025Close101.000Dec 9, 2025Close100.594Dec 19, 2025Close100.875Jan 2, 2026Close100.844Jan 14, 2026Close100.781Jan 27, 2026Close100.625Feb 6, 2026Close100.813Feb 19, 2026Close100.906Mar 3, 2026Close100.844Mar 13, 2026Close100.313Mar 25, 2026Close99.969Apr 6, 2026Close100.031Apr 16, 2026Close100.188Apr 28, 2026Close100.063May 8, 2026Close99.938May 20, 2026Close99.625Jun 2, 2026Close99.656Jun 12, 2026Close99.563Jun 25, 2026Close99.531Jul 8, 2026Close99.375Jul 20, 2026Close99.375Jul 30, 2026Close99.344Aug 11, 2026Close99.375Aug 21, 2026Close99.375Sep 2, 2026Close99.156Sep 10, 2026Close98.875
The most recent 20 trading days of prices for 91282CNH0.
DateBidOfferClose
Sep 10, 202698.93898.93898.875
Sep 9, 202699.10999.09499.094
Sep 8, 202699.15699.15699.125
Sep 4, 202699.18899.18899.156
Sep 3, 202699.25099.25099.219
Sep 2, 202699.14199.12599.156
Sep 1, 202699.17299.15699.125
Aug 31, 202699.21999.21999.219
Aug 28, 202699.23499.21999.188
Aug 27, 202699.42299.40699.406
Aug 26, 202699.42299.40699.406
Aug 25, 202699.45399.43899.438
Aug 24, 202699.40699.40699.375
Aug 21, 202699.37599.37599.375
Aug 20, 202699.46999.46999.469
Aug 19, 202699.46999.46999.469
Aug 18, 202699.48499.46999.469
Aug 17, 202699.50099.50099.469
Aug 14, 202699.53199.53199.500
Aug 13, 202699.53199.53199.531

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 91282CNH0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 10, 2025Jun 16, 2025New issue$58.0bn$59.0bn2.52x3.972%

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.