Treasury note

91282CNY3 · 3.375% due September 15, 2028

Original term
3-Year
Maturity
Sep 15, 2028
Coupon
3.375%
Pays
Semi-Annual
Dated
Sep 15, 2025
First coupon
Mar 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$58.00bn
Held stripped
$52.8m
Share stripped
0.09%

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
4.575%
Modified duration
1.885 yr
DV01
0.0187
Convexity
4.587
Dirty price
99.370

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 1.929 years against a modified duration of 1.885.

Against the fitted curve

Priced 0.8 bp rich to the curve on that day, 1.57 cents per 100 of face.

That is 0.11 standard deviations from its own typical residual.

Yield to maturity, 248 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Sep 15, 2025Sep 10, 2026Sep 15, 2025Yield to maturity3.497%Sep 23, 2025Yield to maturity3.565%Oct 1, 2025Yield to maturity3.554%Oct 9, 2025Yield to maturity3.612%Oct 20, 2025Yield to maturity3.465%Oct 28, 2025Yield to maturity3.501%Nov 5, 2025Yield to maturity3.641%Nov 14, 2025Yield to maturity3.620%Nov 24, 2025Yield to maturity3.492%Dec 3, 2025Yield to maturity3.493%Dec 11, 2025Yield to maturity3.566%Dec 19, 2025Yield to maturity3.519%Dec 30, 2025Yield to maturity3.496%Jan 8, 2026Yield to maturity3.546%Jan 16, 2026Yield to maturity3.648%Jan 27, 2026Yield to maturity3.625%Feb 4, 2026Yield to maturity3.615%Feb 12, 2026Yield to maturity3.502%Feb 23, 2026Yield to maturity3.439%Mar 3, 2026Yield to maturity3.505%Mar 11, 2026Yield to maturity3.651%Mar 19, 2026Yield to maturity3.800%Mar 27, 2026Yield to maturity3.940%Apr 6, 2026Yield to maturity3.876%Apr 14, 2026Yield to maturity3.756%Apr 22, 2026Yield to maturity3.801%Apr 30, 2026Yield to maturity3.903%May 8, 2026Yield to maturity3.908%May 18, 2026Yield to maturity4.114%May 27, 2026Yield to maturity4.063%Jun 4, 2026Yield to maturity4.084%Jun 12, 2026Yield to maturity4.107%Jun 23, 2026Yield to maturity4.220%Jul 1, 2026Yield to maturity4.198%Jul 10, 2026Yield to maturity4.224%Jul 20, 2026Yield to maturity4.232%Jul 28, 2026Yield to maturity4.288%Aug 5, 2026Yield to maturity4.202%Aug 13, 2026Yield to maturity4.163%Aug 21, 2026Yield to maturity4.254%Aug 31, 2026Yield to maturity4.346%Sep 9, 2026Yield to maturity4.440%Sep 10, 2026Yield to maturity4.575%

Price history

248 trading days to Sep 10, 2026

97.5098.0098.5099.0099.50100.00Sep 15, 2025Sep 10, 2026Sep 15, 2025Close99.656Sep 23, 2025Close99.469Oct 1, 2025Close99.500Oct 9, 2025Close99.344Oct 20, 2025Close99.750Oct 28, 2025Close99.656Nov 5, 2025Close99.281Nov 14, 2025Close99.344Nov 24, 2025Close99.688Dec 3, 2025Close99.688Dec 11, 2025Close99.500Dec 19, 2025Close99.625Dec 30, 2025Close99.688Jan 8, 2026Close99.563Jan 16, 2026Close99.313Jan 27, 2026Close99.375Feb 4, 2026Close99.406Feb 12, 2026Close99.688Feb 23, 2026Close99.844Mar 3, 2026Close99.688Mar 11, 2026Close99.344Mar 19, 2026Close99.000Mar 27, 2026Close98.688Apr 6, 2026Close98.844Apr 14, 2026Close99.125Apr 22, 2026Close99.031Apr 30, 2026Close98.813May 8, 2026Close98.813May 18, 2026Close98.375May 27, 2026Close98.500Jun 4, 2026Close98.469Jun 12, 2026Close98.438Jun 23, 2026Close98.219Jul 1, 2026Close98.281Jul 10, 2026Close98.250Jul 20, 2026Close98.250Jul 28, 2026Close98.156Aug 5, 2026Close98.344Aug 13, 2026Close98.438Aug 21, 2026Close98.281Aug 31, 2026Close98.125Sep 9, 2026Close97.969Sep 10, 2026Close97.719
The most recent 20 trading days of prices for 91282CNY3.
DateBidOfferClose
Sep 10, 202697.78197.78197.719
Sep 9, 202697.98497.96997.969
Sep 8, 202698.04798.03198.031
Sep 4, 202698.07898.06398.063
Sep 3, 202698.15698.15698.125
Sep 2, 202698.03198.03198.031
Sep 1, 202698.06398.06398.000
Aug 31, 202698.12598.12598.125
Aug 28, 202698.14198.12598.094
Aug 27, 202698.35998.34498.313
Aug 26, 202698.35998.34498.344
Aug 25, 202698.37598.37598.375
Aug 24, 202698.32898.31398.281
Aug 21, 202698.29798.28198.281
Aug 20, 202698.39198.37598.375
Aug 19, 202698.37598.37598.406
Aug 18, 202698.40698.40698.375
Aug 17, 202698.42298.40698.375
Aug 14, 202698.45398.43898.406
Aug 13, 202698.45398.43898.438

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 91282CNY3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 9, 2025Sep 15, 2025New issue$58.0bn$58.0bn2.73x3.485%

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.