Treasury note

91282CNM9 · 3.875% due July 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$64.86bn
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
4.570%
Modified duration
1.746 yr
DV01
0.0174
Convexity
3.962
Dirty price
99.392

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 1.786 years against a modified duration of 1.746.

Against the fitted curve

Priced 1.6 bp cheap to the curve on that day, 2.73 cents per 100 of face.

That is 1.97 standard deviations from its own typical residual.

Yield to maturity, 291 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jul 15, 2025Sep 10, 2026Jul 15, 2025Yield to maturity3.931%Jul 24, 2025Yield to maturity3.875%Aug 4, 2025Yield to maturity3.660%Aug 13, 2025Yield to maturity3.658%Aug 22, 2025Yield to maturity3.644%Sep 3, 2025Yield to maturity3.596%Sep 12, 2025Yield to maturity3.534%Sep 23, 2025Yield to maturity3.578%Oct 2, 2025Yield to maturity3.564%Oct 14, 2025Yield to maturity3.477%Oct 23, 2025Yield to maturity3.486%Nov 3, 2025Yield to maturity3.603%Nov 13, 2025Yield to maturity3.589%Nov 24, 2025Yield to maturity3.486%Dec 4, 2025Yield to maturity3.545%Dec 15, 2025Yield to maturity3.542%Dec 24, 2025Yield to maturity3.552%Jan 6, 2026Yield to maturity3.509%Jan 15, 2026Yield to maturity3.598%Jan 27, 2026Yield to maturity3.607%Feb 5, 2026Yield to maturity3.510%Feb 17, 2026Yield to maturity3.451%Feb 26, 2026Yield to maturity3.446%Mar 9, 2026Yield to maturity3.566%Mar 18, 2026Yield to maturity3.760%Mar 27, 2026Yield to maturity3.930%Apr 7, 2026Yield to maturity3.829%Apr 16, 2026Yield to maturity3.785%Apr 27, 2026Yield to maturity3.813%May 6, 2026Yield to maturity3.873%May 15, 2026Yield to maturity4.102%May 27, 2026Yield to maturity4.058%Jun 5, 2026Yield to maturity4.187%Jun 16, 2026Yield to maturity4.080%Jun 26, 2026Yield to maturity4.099%Jul 8, 2026Yield to maturity4.218%Jul 17, 2026Yield to maturity4.189%Jul 28, 2026Yield to maturity4.277%Aug 6, 2026Yield to maturity4.264%Aug 17, 2026Yield to maturity4.183%Aug 26, 2026Yield to maturity4.222%Sep 4, 2026Yield to maturity4.388%Sep 10, 2026Yield to maturity4.570%

Price history

291 trading days to Sep 10, 2026

98.5099.0099.50100.00100.50101.00101.50Jul 15, 2025Sep 10, 2026Jul 15, 2025Close99.844Jul 24, 2025Close100.000Aug 4, 2025Close100.594Aug 13, 2025Close100.594Aug 22, 2025Close100.625Sep 3, 2025Close100.750Sep 12, 2025Close100.906Sep 23, 2025Close100.781Oct 2, 2025Close100.813Oct 14, 2025Close101.031Oct 23, 2025Close101.000Nov 3, 2025Close100.688Nov 13, 2025Close100.719Nov 24, 2025Close100.969Dec 4, 2025Close100.813Dec 15, 2025Close100.813Dec 24, 2025Close100.781Jan 6, 2026Close100.875Jan 15, 2026Close100.656Jan 27, 2026Close100.625Feb 5, 2026Close100.844Feb 17, 2026Close100.969Feb 26, 2026Close100.969Mar 9, 2026Close100.688Mar 18, 2026Close100.250Mar 27, 2026Close99.875Apr 7, 2026Close100.094Apr 16, 2026Close100.188Apr 27, 2026Close100.125May 6, 2026Close100.000May 15, 2026Close99.531May 27, 2026Close99.625Jun 5, 2026Close99.375Jun 16, 2026Close99.594Jun 26, 2026Close99.563Jul 8, 2026Close99.344Jul 17, 2026Close99.406Jul 28, 2026Close99.250Aug 6, 2026Close99.281Aug 17, 2026Close99.438Aug 26, 2026Close99.375Sep 4, 2026Close99.094Sep 10, 2026Close98.781
The most recent 20 trading days of prices for 91282CNM9.
DateBidOfferClose
Sep 10, 202698.85998.84498.781
Sep 9, 202699.04799.03199.031
Sep 8, 202699.10999.09499.094
Sep 4, 202699.12599.12599.094
Sep 3, 202699.20399.18899.188
Sep 2, 202699.09499.09499.094
Sep 1, 202699.12599.12599.063
Aug 31, 202699.18899.18899.156
Aug 28, 202699.20399.18899.156
Aug 27, 202699.39199.37599.344
Aug 26, 202699.39199.37599.375
Aug 25, 202699.40699.40699.406
Aug 24, 202699.35999.34499.344
Aug 21, 202699.32899.31399.344
Aug 20, 202699.42299.40699.438
Aug 19, 202699.42299.40699.438
Aug 18, 202699.43899.43899.438
Aug 17, 202699.45399.43899.438
Aug 14, 202699.48499.46999.438
Aug 13, 202699.50099.50099.500

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 91282CNM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 8, 2025Jul 15, 2025New issue$58.0bn$64.9bn2.51x3.891%

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.