Treasury note

91282CNU1 · 3.625% due August 15, 2028

Original term
3-Year
Maturity
Aug 15, 2028
Coupon
3.625%
Pays
Semi-Annual
Dated
Aug 15, 2025
First coupon
Feb 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$77.42bn
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
4.566%
Modified duration
1.831 yr
DV01
0.0180
Convexity
4.307
Dirty price
98.547

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 1.874 years against a modified duration of 1.831.

Against the fitted curve

Priced 0.4 bp rich to the curve on that day, 0.69 cents per 100 of face.

That is 0.36 standard deviations from its own typical residual.

Yield to maturity, 268 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Aug 15, 2025Sep 10, 2026Aug 15, 2025Yield to maturity3.725%Aug 26, 2025Yield to maturity3.625%Sep 5, 2025Yield to maturity3.478%Sep 16, 2025Yield to maturity3.488%Sep 25, 2025Yield to maturity3.658%Oct 6, 2025Yield to maturity3.612%Oct 16, 2025Yield to maturity3.413%Oct 27, 2025Yield to maturity3.494%Nov 5, 2025Yield to maturity3.635%Nov 17, 2025Yield to maturity3.611%Nov 26, 2025Yield to maturity3.465%Dec 8, 2025Yield to maturity3.599%Dec 17, 2025Yield to maturity3.512%Dec 29, 2025Yield to maturity3.498%Jan 8, 2026Yield to maturity3.523%Jan 20, 2026Yield to maturity3.650%Jan 29, 2026Yield to maturity3.586%Feb 9, 2026Yield to maturity3.520%Feb 19, 2026Yield to maturity3.466%Mar 2, 2026Yield to maturity3.477%Mar 11, 2026Yield to maturity3.638%Mar 20, 2026Yield to maturity3.899%Mar 31, 2026Yield to maturity3.804%Apr 9, 2026Yield to maturity3.792%Apr 20, 2026Yield to maturity3.723%Apr 29, 2026Yield to maturity3.939%May 8, 2026Yield to maturity3.899%May 19, 2026Yield to maturity4.154%May 29, 2026Yield to maturity4.026%Jun 9, 2026Yield to maturity4.152%Jun 18, 2026Yield to maturity4.191%Jun 30, 2026Yield to maturity4.151%Jul 10, 2026Yield to maturity4.223%Jul 21, 2026Yield to maturity4.278%Jul 30, 2026Yield to maturity4.254%Aug 10, 2026Yield to maturity4.264%Aug 19, 2026Yield to maturity4.188%Aug 28, 2026Yield to maturity4.348%Sep 9, 2026Yield to maturity4.426%Sep 10, 2026Yield to maturity4.566%

Price history

268 trading days to Sep 10, 2026

98.0098.5099.0099.50100.00100.50101.00Aug 15, 2025Sep 10, 2026Aug 15, 2025Close99.719Aug 26, 2025Close100.000Sep 5, 2025Close100.406Sep 16, 2025Close100.375Sep 25, 2025Close99.906Oct 6, 2025Close100.031Oct 16, 2025Close100.563Oct 27, 2025Close100.344Nov 5, 2025Close99.969Nov 17, 2025Close100.031Nov 26, 2025Close100.406Dec 8, 2025Close100.063Dec 17, 2025Close100.281Dec 29, 2025Close100.313Jan 8, 2026Close100.250Jan 20, 2026Close99.938Jan 29, 2026Close100.094Feb 9, 2026Close100.250Feb 19, 2026Close100.375Mar 2, 2026Close100.344Mar 11, 2026Close99.969Mar 20, 2026Close99.375Mar 31, 2026Close99.594Apr 9, 2026Close99.625Apr 20, 2026Close99.781Apr 29, 2026Close99.313May 8, 2026Close99.406May 19, 2026Close98.875May 29, 2026Close99.156Jun 9, 2026Close98.906Jun 18, 2026Close98.844Jun 30, 2026Close98.938Jul 10, 2026Close98.813Jul 21, 2026Close98.719Jul 30, 2026Close98.781Aug 10, 2026Close98.781Aug 19, 2026Close98.938Aug 28, 2026Close98.656Sep 9, 2026Close98.531Sep 10, 2026Close98.281
The most recent 20 trading days of prices for 91282CNU1.
DateBidOfferClose
Sep 10, 202698.35998.34498.281
Sep 9, 202698.54798.53198.531
Sep 8, 202698.60998.59498.594
Sep 4, 202698.62598.62598.594
Sep 3, 202698.70398.68898.688
Sep 2, 202698.59498.59498.594
Sep 1, 202698.62598.62598.563
Aug 31, 202698.67298.65698.656
Aug 28, 202698.70398.68898.656
Aug 27, 202698.89198.87598.875
Aug 26, 202698.89198.87598.875
Aug 25, 202698.92298.90698.906
Aug 24, 202698.87598.87598.844
Aug 21, 202698.82898.81398.844
Aug 20, 202698.92298.90698.938
Aug 19, 202698.92298.90698.938
Aug 18, 202698.95398.93898.938
Aug 17, 202698.95398.93898.938
Aug 14, 202698.98498.96998.938
Aug 13, 202699.00099.00099.000

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 91282CNU1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 5, 2025Aug 15, 2025New issue$58.0bn$77.7bn2.53x3.669%

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.