Treasury note

91282CNX5 · 3.625% due August 31, 2030

Original term
5-Year
Maturity
Aug 31, 2030
Coupon
3.625%
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
$78.45bn
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
4.715%
Modified duration
3.637 yr
DV01
0.0350
Convexity
15.545
Dirty price
96.204

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 3.722 years against a modified duration of 3.637.

Against the fitted curve

Priced 0.8 bp rich to the curve on that day, 2.93 cents per 100 of face.

That is -1.37 standard deviations from its own typical residual.

Yield to maturity, 257 observations

3.50%3.75%4.00%4.25%4.50%4.75%Sep 2, 2025Sep 10, 2026Sep 2, 2025Yield to maturity3.743%Sep 10, 2025Yield to maturity3.590%Sep 18, 2025Yield to maturity3.666%Sep 26, 2025Yield to maturity3.772%Oct 6, 2025Yield to maturity3.751%Oct 15, 2025Yield to maturity3.624%Oct 23, 2025Yield to maturity3.603%Oct 31, 2025Yield to maturity3.703%Nov 10, 2025Yield to maturity3.710%Nov 19, 2025Yield to maturity3.703%Nov 28, 2025Yield to maturity3.595%Dec 8, 2025Yield to maturity3.740%Dec 16, 2025Yield to maturity3.675%Dec 24, 2025Yield to maturity3.697%Jan 5, 2026Yield to maturity3.683%Jan 13, 2026Yield to maturity3.728%Jan 22, 2026Yield to maturity3.826%Jan 30, 2026Yield to maturity3.767%Feb 9, 2026Yield to maturity3.715%Feb 18, 2026Yield to maturity3.632%Feb 26, 2026Yield to maturity3.564%Mar 6, 2026Yield to maturity3.709%Mar 16, 2026Yield to maturity3.794%Mar 24, 2026Yield to maturity4.028%Apr 1, 2026Yield to maturity3.944%Apr 9, 2026Yield to maturity3.898%Apr 17, 2026Yield to maturity3.828%Apr 27, 2026Yield to maturity3.924%May 5, 2026Yield to maturity4.062%May 13, 2026Yield to maturity4.104%May 21, 2026Yield to maturity4.229%Jun 1, 2026Yield to maturity4.167%Jun 9, 2026Yield to maturity4.244%Jun 17, 2026Yield to maturity4.264%Jun 26, 2026Yield to maturity4.126%Jul 7, 2026Yield to maturity4.263%Jul 15, 2026Yield to maturity4.233%Jul 23, 2026Yield to maturity4.449%Jul 31, 2026Yield to maturity4.428%Aug 10, 2026Yield to maturity4.381%Aug 18, 2026Yield to maturity4.333%Aug 26, 2026Yield to maturity4.354%Sep 3, 2026Yield to maturity4.480%Sep 10, 2026Yield to maturity4.715%

Price history

257 trading days to Sep 10, 2026

96979899100101Sep 2, 2025Sep 10, 2026Sep 2, 2025Close99.469Sep 10, 2025Close100.156Sep 18, 2025Close99.813Sep 26, 2025Close99.344Oct 6, 2025Close99.438Oct 15, 2025Close100.000Oct 23, 2025Close100.094Oct 31, 2025Close99.656Nov 10, 2025Close99.625Nov 19, 2025Close99.656Nov 28, 2025Close100.125Dec 8, 2025Close99.500Dec 16, 2025Close99.781Dec 24, 2025Close99.688Jan 5, 2026Close99.750Jan 13, 2026Close99.563Jan 22, 2026Close99.156Jan 30, 2026Close99.406Feb 9, 2026Close99.625Feb 18, 2026Close99.969Feb 26, 2026Close100.250Mar 6, 2026Close99.656Mar 16, 2026Close99.313Mar 24, 2026Close98.375Apr 1, 2026Close98.719Apr 9, 2026Close98.906Apr 17, 2026Close99.188Apr 27, 2026Close98.813May 5, 2026Close98.281May 13, 2026Close98.125May 21, 2026Close97.656Jun 1, 2026Close97.906Jun 9, 2026Close97.625Jun 17, 2026Close97.563Jun 26, 2026Close98.094Jul 7, 2026Close97.594Jul 15, 2026Close97.719Jul 23, 2026Close96.938Jul 31, 2026Close97.031Aug 10, 2026Close97.219Aug 18, 2026Close97.406Aug 26, 2026Close97.344Sep 3, 2026Close96.906Sep 10, 2026Close96.094
The most recent 20 trading days of prices for 91282CNX5.
DateBidOfferClose
Sep 10, 202696.20396.18896.094
Sep 9, 202696.57896.56396.563
Sep 8, 202696.75096.75096.719
Sep 4, 202696.82896.81396.781
Sep 3, 202696.96996.96996.906
Sep 2, 202696.76696.75096.750
Sep 1, 202696.84496.84496.750
Aug 31, 202696.95396.93896.938
Aug 28, 202697.07897.06396.938
Aug 27, 202697.39197.37597.313
Aug 26, 202697.39197.37597.344
Aug 25, 202697.45397.43897.469
Aug 24, 202697.32897.31397.250
Aug 21, 202697.20397.18897.219
Aug 20, 202697.35997.34497.375
Aug 19, 202697.42297.40697.469
Aug 18, 202697.42297.40697.406
Aug 17, 202697.43897.43897.375
Aug 14, 202697.50097.50097.438
Aug 13, 202697.57897.56397.563

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 91282CNX5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 27, 2025Sep 2, 2025New issue$70.0bn$78.4bn2.36x3.724%

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.