Treasury note

91282CNL1 · 3.75% due June 30, 2027

Original term
2-Year
Maturity
Jun 30, 2027
Coupon
3.750%
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
$75.63bn
Held stripped
$105.0m
Share stripped
0.14%

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
4.265%
Modified duration
0.776 yr
DV01
0.0078
Convexity
0.986
Dirty price
100.338

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 0.791 years against a modified duration of 0.776.

Against the fitted curve

Priced 0.2 bp cheap to the curve on that day, 0.14 cents per 100 of face.

That is 0.53 standard deviations from its own typical residual.

Yield to maturity, 301 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jun 30, 2025Sep 10, 2026Jun 30, 2025Yield to maturity3.717%Jul 10, 2025Yield to maturity3.866%Jul 21, 2025Yield to maturity3.850%Jul 30, 2025Yield to maturity3.954%Aug 8, 2025Yield to maturity3.766%Aug 19, 2025Yield to maturity3.766%Aug 28, 2025Yield to maturity3.677%Sep 9, 2025Yield to maturity3.567%Sep 18, 2025Yield to maturity3.583%Sep 29, 2025Yield to maturity3.654%Oct 8, 2025Yield to maturity3.597%Oct 20, 2025Yield to maturity3.479%Oct 29, 2025Yield to maturity3.611%Nov 7, 2025Yield to maturity3.570%Nov 19, 2025Yield to maturity3.607%Dec 1, 2025Yield to maturity3.584%Dec 10, 2025Yield to maturity3.541%Dec 19, 2025Yield to maturity3.495%Dec 31, 2025Yield to maturity3.490%Jan 12, 2026Yield to maturity3.550%Jan 22, 2026Yield to maturity3.591%Feb 2, 2026Yield to maturity3.564%Feb 11, 2026Yield to maturity3.514%Feb 23, 2026Yield to maturity3.484%Mar 4, 2026Yield to maturity3.601%Mar 13, 2026Yield to maturity3.747%Mar 24, 2026Yield to maturity3.950%Apr 2, 2026Yield to maturity3.798%Apr 13, 2026Yield to maturity3.800%Apr 22, 2026Yield to maturity3.774%May 1, 2026Yield to maturity3.802%May 12, 2026Yield to maturity3.889%May 21, 2026Yield to maturity3.951%Jun 2, 2026Yield to maturity3.928%Jun 11, 2026Yield to maturity3.963%Jun 23, 2026Yield to maturity4.130%Jul 2, 2026Yield to maturity4.077%Jul 14, 2026Yield to maturity4.084%Jul 23, 2026Yield to maturity4.230%Aug 3, 2026Yield to maturity4.138%Aug 12, 2026Yield to maturity4.038%Aug 21, 2026Yield to maturity4.047%Sep 1, 2026Yield to maturity4.172%Sep 10, 2026Yield to maturity4.265%

Price history

301 trading days to Sep 10, 2026

99.499.699.8100.0100.2100.4100.6Jun 30, 2025Sep 10, 2026Jun 30, 2025Close100.063Jul 10, 2025Close99.781Jul 21, 2025Close99.813Jul 30, 2025Close99.625Aug 8, 2025Close99.969Aug 19, 2025Close99.969Aug 28, 2025Close100.125Sep 9, 2025Close100.313Sep 18, 2025Close100.281Sep 29, 2025Close100.156Oct 8, 2025Close100.250Oct 20, 2025Close100.438Oct 29, 2025Close100.219Nov 7, 2025Close100.281Nov 19, 2025Close100.219Dec 1, 2025Close100.250Dec 10, 2025Close100.313Dec 19, 2025Close100.375Dec 31, 2025Close100.375Jan 12, 2026Close100.281Jan 22, 2026Close100.219Feb 2, 2026Close100.250Feb 11, 2026Close100.313Feb 23, 2026Close100.344Mar 4, 2026Close100.188Mar 13, 2026Close100.000Mar 24, 2026Close99.750Apr 2, 2026Close99.938Apr 13, 2026Close99.938Apr 22, 2026Close99.969May 1, 2026Close99.938May 12, 2026Close99.844May 21, 2026Close99.781Jun 2, 2026Close99.813Jun 11, 2026Close99.781Jun 23, 2026Close99.625Jul 2, 2026Close99.688Jul 14, 2026Close99.688Jul 23, 2026Close99.563Aug 3, 2026Close99.656Aug 12, 2026Close99.750Aug 21, 2026Close99.750Sep 1, 2026Close99.656Sep 10, 2026Close99.594
The most recent 20 trading days of prices for 91282CNL1.
DateBidOfferClose
Sep 10, 202699.62599.59499.594
Sep 9, 202699.68899.68899.656
Sep 8, 202699.70399.68899.688
Sep 4, 202699.68899.68899.688
Sep 3, 202699.70399.68899.688
Sep 2, 202699.67299.65699.656
Sep 1, 202699.67299.65699.656
Aug 31, 202699.67299.65699.656
Aug 28, 202699.70399.68899.656
Aug 27, 202699.76699.75099.750
Aug 26, 202699.76699.75099.750
Aug 25, 202699.76699.75099.750
Aug 24, 202699.76699.75099.750
Aug 21, 202699.76699.75099.750
Aug 20, 202699.79799.78199.781
Aug 19, 202699.76699.75099.781
Aug 18, 202699.79799.78199.781
Aug 17, 202699.79799.78199.750
Aug 14, 202699.79799.78199.781
Aug 13, 202699.79799.78199.750

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 91282CNL1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 24, 2025Jun 30, 2025New issue$69.0bn$75.9bn2.58x3.786%

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.