Treasury note

91282CNN7 · 3.875% due July 31, 2030

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

Statement of August 31, 2026

Amount outstanding
$74.77bn
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
4.710%
Modified duration
3.541 yr
DV01
0.0345
Convexity
14.838
Dirty price
97.505

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 3.623 years against a modified duration of 3.541.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 3.21 cents per 100 of face.

That is -1.31 standard deviations from its own typical residual.

Yield to maturity, 279 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jul 31, 2025Sep 10, 2026Jul 31, 2025Yield to maturity3.958%Aug 11, 2025Yield to maturity3.826%Aug 20, 2025Yield to maturity3.805%Aug 29, 2025Yield to maturity3.692%Sep 10, 2025Yield to maturity3.586%Sep 19, 2025Yield to maturity3.683%Sep 30, 2025Yield to maturity3.732%Oct 9, 2025Yield to maturity3.731%Oct 21, 2025Yield to maturity3.551%Oct 30, 2025Yield to maturity3.715%Nov 10, 2025Yield to maturity3.707%Nov 20, 2025Yield to maturity3.662%Dec 2, 2025Yield to maturity3.646%Dec 11, 2025Yield to maturity3.689%Dec 22, 2025Yield to maturity3.688%Jan 2, 2026Yield to maturity3.702%Jan 13, 2026Yield to maturity3.709%Jan 23, 2026Yield to maturity3.799%Feb 3, 2026Yield to maturity3.791%Feb 12, 2026Yield to maturity3.630%Feb 24, 2026Yield to maturity3.567%Mar 5, 2026Yield to maturity3.696%Mar 16, 2026Yield to maturity3.780%Mar 25, 2026Yield to maturity3.953%Apr 3, 2026Yield to maturity3.961%Apr 14, 2026Yield to maturity3.842%Apr 23, 2026Yield to maturity3.930%May 4, 2026Yield to maturity4.060%May 13, 2026Yield to maturity4.094%May 22, 2026Yield to maturity4.236%Jun 3, 2026Yield to maturity4.188%Jun 12, 2026Yield to maturity4.190%Jun 24, 2026Yield to maturity4.176%Jul 6, 2026Yield to maturity4.187%Jul 15, 2026Yield to maturity4.231%Jul 24, 2026Yield to maturity4.407%Aug 4, 2026Yield to maturity4.306%Aug 13, 2026Yield to maturity4.282%Aug 24, 2026Yield to maturity4.372%Sep 2, 2026Yield to maturity4.509%Sep 10, 2026Yield to maturity4.710%

Price history

279 trading days to Sep 10, 2026

979899100101102Jul 31, 2025Sep 10, 2026Jul 31, 2025Close99.625Aug 11, 2025Close100.219Aug 20, 2025Close100.313Aug 29, 2025Close100.813Sep 10, 2025Close101.281Sep 19, 2025Close100.844Sep 30, 2025Close100.625Oct 9, 2025Close100.625Oct 21, 2025Close101.406Oct 30, 2025Close100.688Nov 10, 2025Close100.719Nov 20, 2025Close100.906Dec 2, 2025Close100.969Dec 11, 2025Close100.781Dec 22, 2025Close100.781Jan 2, 2026Close100.719Jan 13, 2026Close100.688Jan 23, 2026Close100.313Feb 3, 2026Close100.344Feb 12, 2026Close101.000Feb 24, 2026Close101.250Mar 5, 2026Close100.719Mar 16, 2026Close100.375Mar 25, 2026Close99.688Apr 3, 2026Close99.656Apr 14, 2026Close100.125Apr 23, 2026Close99.781May 4, 2026Close99.281May 13, 2026Close99.156May 22, 2026Close98.625Jun 3, 2026Close98.813Jun 12, 2026Close98.813Jun 24, 2026Close98.875Jul 6, 2026Close98.844Jul 15, 2026Close98.688Jul 24, 2026Close98.063Aug 4, 2026Close98.438Aug 13, 2026Close98.531Aug 24, 2026Close98.219Sep 2, 2026Close97.750Sep 10, 2026Close97.063
The most recent 20 trading days of prices for 91282CNN7.
DateBidOfferClose
Sep 10, 202697.20397.18897.063
Sep 9, 202697.54797.53197.563
Sep 8, 202697.73497.71997.688
Sep 4, 202697.79797.78197.750
Sep 3, 202697.95397.93897.875
Sep 2, 202697.73497.71997.750
Sep 1, 202697.82897.81397.719
Aug 31, 202697.92297.90697.906
Aug 28, 202698.03198.03197.938
Aug 27, 202698.35998.34498.281
Aug 26, 202698.35998.34498.313
Aug 25, 202698.42298.40698.438
Aug 24, 202698.29798.28198.219
Aug 21, 202698.17298.15698.188
Aug 20, 202698.32898.31398.344
Aug 19, 202698.39198.37598.438
Aug 18, 202698.39198.37598.375
Aug 17, 202698.42298.40698.375
Aug 14, 202698.48498.46998.406
Aug 13, 202698.54798.53198.531

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 91282CNN7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 28, 2025Jul 31, 2025New issue$70.0bn$74.8bn2.31x3.983%

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.