Treasury note

91282CNK3 · 3.875% due June 30, 2030

Original term
5-Year
Maturity
Jun 30, 2030
Coupon
3.875%
Pays
Semi-Annual
Dated
Jun 30, 2025
First coupon
Dec 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$76.97bn
Held stripped
$84.8m
Share stripped
0.11%

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
4.708%
Modified duration
3.459 yr
DV01
0.0339
Convexity
14.222
Dirty price
97.894

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 6 of twelve buckets, summing to 3.539 years against a modified duration of 3.459.

Against the fitted curve

Priced 0.7 bp rich to the curve on that day, 2.39 cents per 100 of face.

That is -1.12 standard deviations from its own typical residual.

Yield to maturity, 301 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jun 30, 2025Sep 10, 2026Jun 30, 2025Yield to maturity3.792%Jul 10, 2025Yield to maturity3.931%Jul 21, 2025Yield to maturity3.910%Jul 30, 2025Yield to maturity3.959%Aug 8, 2025Yield to maturity3.832%Aug 19, 2025Yield to maturity3.817%Aug 28, 2025Yield to maturity3.696%Sep 9, 2025Yield to maturity3.596%Sep 18, 2025Yield to maturity3.658%Sep 29, 2025Yield to maturity3.736%Oct 8, 2025Yield to maturity3.714%Oct 20, 2025Yield to maturity3.568%Oct 29, 2025Yield to maturity3.698%Nov 7, 2025Yield to maturity3.667%Nov 19, 2025Yield to maturity3.688%Dec 1, 2025Yield to maturity3.650%Dec 10, 2025Yield to maturity3.702%Dec 19, 2025Yield to maturity3.663%Dec 31, 2025Yield to maturity3.692%Jan 12, 2026Yield to maturity3.729%Jan 22, 2026Yield to maturity3.813%Feb 2, 2026Yield to maturity3.789%Feb 11, 2026Yield to maturity3.703%Feb 23, 2026Yield to maturity3.546%Mar 4, 2026Yield to maturity3.638%Mar 13, 2026Yield to maturity3.842%Mar 24, 2026Yield to maturity4.010%Apr 2, 2026Yield to maturity3.906%Apr 13, 2026Yield to maturity3.882%Apr 22, 2026Yield to maturity3.882%May 1, 2026Yield to maturity3.989%May 12, 2026Yield to maturity4.098%May 21, 2026Yield to maturity4.217%Jun 2, 2026Yield to maturity4.152%Jun 11, 2026Yield to maturity4.154%Jun 23, 2026Yield to maturity4.259%Jul 2, 2026Yield to maturity4.210%Jul 14, 2026Yield to maturity4.282%Jul 23, 2026Yield to maturity4.434%Aug 3, 2026Yield to maturity4.366%Aug 12, 2026Yield to maturity4.333%Aug 21, 2026Yield to maturity4.373%Sep 1, 2026Yield to maturity4.511%Sep 10, 2026Yield to maturity4.708%

Price history

301 trading days to Sep 10, 2026

979899100101102Jun 30, 2025Sep 10, 2026Jun 30, 2025Close100.375Jul 10, 2025Close99.750Jul 21, 2025Close99.844Jul 30, 2025Close99.625Aug 8, 2025Close100.188Aug 19, 2025Close100.250Aug 28, 2025Close100.781Sep 9, 2025Close101.219Sep 18, 2025Close100.938Sep 29, 2025Close100.594Oct 8, 2025Close100.688Oct 20, 2025Close101.313Oct 29, 2025Close100.750Nov 7, 2025Close100.875Nov 19, 2025Close100.781Dec 1, 2025Close100.938Dec 10, 2025Close100.719Dec 19, 2025Close100.875Dec 31, 2025Close100.750Jan 12, 2026Close100.594Jan 22, 2026Close100.250Feb 2, 2026Close100.344Feb 11, 2026Close100.688Feb 23, 2026Close101.313Mar 4, 2026Close100.938Mar 13, 2026Close100.125Mar 24, 2026Close99.469Apr 2, 2026Close99.875Apr 13, 2026Close99.969Apr 22, 2026Close99.969May 1, 2026Close99.563May 12, 2026Close99.156May 21, 2026Close98.719Jun 2, 2026Close98.969Jun 11, 2026Close98.969Jun 23, 2026Close98.594Jul 2, 2026Close98.781Jul 14, 2026Close98.531Jul 23, 2026Close98.000Aug 3, 2026Close98.250Aug 12, 2026Close98.375Aug 21, 2026Close98.250Sep 1, 2026Close97.781Sep 10, 2026Close97.125
The most recent 20 trading days of prices for 91282CNK3.
DateBidOfferClose
Sep 10, 202697.26697.25097.125
Sep 9, 202697.60997.59497.625
Sep 8, 202697.78197.78197.750
Sep 4, 202697.85997.84497.813
Sep 3, 202698.00098.00097.938
Sep 2, 202697.79797.78197.813
Sep 1, 202697.89197.87597.781
Aug 31, 202697.98497.96997.969
Aug 28, 202698.07898.06397.969
Aug 27, 202698.42298.40698.344
Aug 26, 202698.39198.37598.375
Aug 25, 202698.45398.43898.469
Aug 24, 202698.34498.34498.281
Aug 21, 202698.23498.21998.250
Aug 20, 202698.39198.37598.375
Aug 19, 202698.43898.43898.469
Aug 18, 202698.43898.43898.438
Aug 17, 202698.45398.43898.406
Aug 14, 202698.51698.50098.438
Aug 13, 202698.57898.56398.594

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 91282CNK3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 25, 2025Jun 30, 2025New issue$70.0bn$77.0bn2.36x3.879%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.