Treasury note

91282CNW7 · 3.875% due August 31, 2032

Original term
7-Year
Maturity
Aug 31, 2032
Coupon
3.875%
Pays
Semi-Annual
Dated
Aug 31, 2025
First coupon
Feb 28, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$49.31bn
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
4.799%
Modified duration
5.237 yr
DV01
0.0499
Convexity
31.899
Dirty price
95.368

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 7 of twelve buckets, summing to 5.362 years against a modified duration of 5.237.

Against the fitted curve

Priced 1.8 bp cheap to the curve on that day, 8.99 cents per 100 of face.

That is 0.56 standard deviations from its own typical residual.

Yield to maturity, 257 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Sep 2, 2025Sep 10, 2026Sep 2, 2025Yield to maturity3.978%Sep 10, 2025Yield to maturity3.777%Sep 18, 2025Yield to maturity3.854%Sep 26, 2025Yield to maturity3.958%Oct 6, 2025Yield to maturity3.937%Oct 15, 2025Yield to maturity3.807%Oct 23, 2025Yield to maturity3.775%Oct 31, 2025Yield to maturity3.880%Nov 10, 2025Yield to maturity3.890%Nov 19, 2025Yield to maturity3.880%Nov 28, 2025Yield to maturity3.768%Dec 8, 2025Yield to maturity3.922%Dec 16, 2025Yield to maturity3.880%Dec 24, 2025Yield to maturity3.896%Jan 5, 2026Yield to maturity3.890%Jan 13, 2026Yield to maturity3.918%Jan 22, 2026Yield to maturity4.021%Jan 30, 2026Yield to maturity3.984%Feb 9, 2026Yield to maturity3.935%Feb 18, 2026Yield to maturity3.820%Feb 26, 2026Yield to maturity3.744%Mar 6, 2026Yield to maturity3.886%Mar 16, 2026Yield to maturity3.963%Mar 24, 2026Yield to maturity4.182%Apr 1, 2026Yield to maturity4.109%Apr 9, 2026Yield to maturity4.059%Apr 17, 2026Yield to maturity3.992%Apr 27, 2026Yield to maturity4.094%May 5, 2026Yield to maturity4.204%May 13, 2026Yield to maturity4.239%May 21, 2026Yield to maturity4.357%Jun 1, 2026Yield to maturity4.283%Jun 9, 2026Yield to maturity4.348%Jun 17, 2026Yield to maturity4.332%Jun 26, 2026Yield to maturity4.199%Jul 7, 2026Yield to maturity4.354%Jul 15, 2026Yield to maturity4.344%Jul 23, 2026Yield to maturity4.531%Jul 31, 2026Yield to maturity4.534%Aug 10, 2026Yield to maturity4.494%Aug 18, 2026Yield to maturity4.459%Aug 26, 2026Yield to maturity4.449%Sep 3, 2026Yield to maturity4.586%Sep 10, 2026Yield to maturity4.799%

Price history

257 trading days to Sep 10, 2026

9596979899100101102Sep 2, 2025Sep 10, 2026Sep 2, 2025Close99.375Sep 10, 2025Close100.594Sep 18, 2025Close100.125Sep 26, 2025Close99.500Oct 6, 2025Close99.625Oct 15, 2025Close100.406Oct 23, 2025Close100.594Oct 31, 2025Close99.969Nov 10, 2025Close99.906Nov 19, 2025Close99.969Nov 28, 2025Close100.625Dec 8, 2025Close99.719Dec 16, 2025Close99.969Dec 24, 2025Close99.875Jan 5, 2026Close99.906Jan 13, 2026Close99.750Jan 22, 2026Close99.156Jan 30, 2026Close99.375Feb 9, 2026Close99.656Feb 18, 2026Close100.313Feb 26, 2026Close100.750Mar 6, 2026Close99.938Mar 16, 2026Close99.500Mar 24, 2026Close98.281Apr 1, 2026Close98.688Apr 9, 2026Close98.969Apr 17, 2026Close99.344Apr 27, 2026Close98.781May 5, 2026Close98.188May 13, 2026Close98.000May 21, 2026Close97.375Jun 1, 2026Close97.781Jun 9, 2026Close97.438Jun 17, 2026Close97.531Jun 26, 2026Close98.250Jul 7, 2026Close97.438Jul 15, 2026Close97.500Jul 23, 2026Close96.531Jul 31, 2026Close96.531Aug 10, 2026Close96.750Aug 18, 2026Close96.938Aug 26, 2026Close97.000Sep 3, 2026Close96.313Sep 10, 2026Close95.250
The most recent 20 trading days of prices for 91282CNW7.
DateBidOfferClose
Sep 10, 202695.42295.40695.250
Sep 9, 202695.87595.84495.906
Sep 8, 202696.14196.12596.094
Sep 4, 202696.26696.25096.219
Sep 3, 202696.45396.43896.313
Sep 2, 202696.14196.12596.156
Sep 1, 202696.29796.28196.156
Aug 31, 202696.42296.40696.406
Aug 28, 202696.64196.62596.500
Aug 27, 202697.03197.03196.906
Aug 26, 202697.04797.03197.000
Aug 25, 202697.10997.09497.156
Aug 24, 202696.89196.87596.813
Aug 21, 202696.70396.68896.688
Aug 20, 202696.89196.87596.906
Aug 19, 202697.07897.06397.125
Aug 18, 202696.92296.90696.938
Aug 17, 202696.96996.96996.875
Aug 14, 202697.07897.06396.969
Aug 13, 202697.23497.21997.219

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 91282CNW7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 28, 2025Sep 2, 2025New issue$44.0bn$49.3bn2.49x3.925%

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.