Treasury note

91282CNZ0 · 3.875% due September 30, 2032

Original term
7-Year
Maturity
Sep 30, 2032
Coupon
3.875%
Pays
Semi-Annual
Dated
Sep 30, 2025
First coupon
Mar 31, 2026
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$46.43bn
Held stripped
$20.8m
Share stripped
0.04%

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 30, 2026

Yield to maturity
5.155%
Modified duration
5.248 yr
DV01
0.0491
Convexity
0.32
Dirty price
93.479

Where its rate sensitivity sits

0.01
0.03
0.08
0.17
2.66
2.43
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 5.382 years against a modified duration of 5.248.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 10.87 cents per 100 of face.

That is 0.64 standard deviations from its own typical residual.

Yield to maturity, 251 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Sep 30, 2025Sep 30, 2026Sep 30, 2025Yield to maturity3.926%Oct 2, 2025Yield to maturity3.860%Oct 6, 2025Yield to maturity3.947%Oct 8, 2025Yield to maturity3.911%Oct 10, 2025Yield to maturity3.828%Oct 15, 2025Yield to maturity3.813%Oct 17, 2025Yield to maturity3.777%Oct 21, 2025Yield to maturity3.736%Oct 23, 2025Yield to maturity3.782%Oct 27, 2025Yield to maturity3.787%Oct 29, 2025Yield to maturity3.869%Oct 31, 2025Yield to maturity3.885%Nov 4, 2025Yield to maturity3.869%Nov 6, 2025Yield to maturity3.869%Nov 10, 2025Yield to maturity3.895%Nov 13, 2025Yield to maturity3.885%Nov 17, 2025Yield to maturity3.895%Nov 19, 2025Yield to maturity3.885%Nov 21, 2025Yield to maturity3.806%Nov 25, 2025Yield to maturity3.749%Nov 28, 2025Yield to maturity3.775%Dec 2, 2025Yield to maturity3.843%Dec 4, 2025Yield to maturity3.864%Dec 8, 2025Yield to maturity3.927%Dec 10, 2025Yield to maturity3.901%Dec 12, 2025Yield to maturity3.938%Dec 16, 2025Yield to maturity3.885%Dec 18, 2025Yield to maturity3.858%Dec 22, 2025Yield to maturity3.911%Dec 24, 2025Yield to maturity3.901%Dec 29, 2025Yield to maturity3.858%Dec 31, 2025Yield to maturity3.922%Jan 5, 2026Yield to maturity3.901%Jan 7, 2026Yield to maturity3.885%Jan 9, 2026Yield to maturity3.933%Jan 13, 2026Yield to maturity3.928%Jan 15, 2026Yield to maturity3.938%Jan 20, 2026Yield to maturity4.052%Jan 22, 2026Yield to maturity4.025%Jan 26, 2026Yield to maturity3.993%Jan 28, 2026Yield to maturity4.025%Jan 30, 2026Yield to maturity3.993%Feb 3, 2026Yield to maturity4.020%Feb 5, 2026Yield to maturity3.939%Feb 9, 2026Yield to maturity3.939%Feb 11, 2026Yield to maturity3.928%Feb 13, 2026Yield to maturity3.783%Feb 18, 2026Yield to maturity3.826%Feb 20, 2026Yield to maturity3.820%Feb 24, 2026Yield to maturity3.772%Feb 26, 2026Yield to maturity3.750%Mar 2, 2026Yield to maturity3.788%Mar 4, 2026Yield to maturity3.837%Mar 6, 2026Yield to maturity3.896%Mar 10, 2026Yield to maturity3.896%Mar 12, 2026Yield to maturity4.034%Mar 16, 2026Yield to maturity3.973%Mar 18, 2026Yield to maturity4.023%Mar 20, 2026Yield to maturity4.173%Mar 24, 2026Yield to maturity4.184%Mar 26, 2026Yield to maturity4.241%Mar 30, 2026Yield to maturity4.129%Apr 1, 2026Yield to maturity4.118%Apr 3, 2026Yield to maturity4.141%Apr 7, 2026Yield to maturity4.102%Apr 9, 2026Yield to maturity4.069%Apr 13, 2026Yield to maturity4.063%Apr 15, 2026Yield to maturity4.047%Apr 17, 2026Yield to maturity3.997%Apr 21, 2026Yield to maturity4.053%Apr 23, 2026Yield to maturity4.103%Apr 27, 2026Yield to maturity4.098%Apr 29, 2026Yield to maturity4.194%May 1, 2026Yield to maturity4.160%May 5, 2026Yield to maturity4.212%May 7, 2026Yield to maturity4.178%May 11, 2026Yield to maturity4.195%May 13, 2026Yield to maturity4.241%May 15, 2026Yield to maturity4.385%May 19, 2026Yield to maturity4.455%May 21, 2026Yield to maturity4.363%May 26, 2026Yield to maturity4.300%May 28, 2026Yield to maturity4.260%Jun 1, 2026Yield to maturity4.284%Jun 3, 2026Yield to maturity4.313%Jun 5, 2026Yield to maturity4.377%Jun 9, 2026Yield to maturity4.349%Jun 11, 2026Yield to maturity4.268%Jun 15, 2026Yield to maturity4.280%Jun 17, 2026Yield to maturity4.339%Jun 22, 2026Yield to maturity4.363%Jun 24, 2026Yield to maturity4.253%Jun 26, 2026Yield to maturity4.207%Jun 30, 2026Yield to maturity4.271%Jul 2, 2026Yield to maturity4.318%Jul 7, 2026Yield to maturity4.360%Jul 9, 2026Yield to maturity4.360%Jul 13, 2026Yield to maturity4.449%Jul 15, 2026Yield to maturity4.350%Jul 17, 2026Yield to maturity4.362%Jul 21, 2026Yield to maturity4.451%Jul 23, 2026Yield to maturity4.541%Jul 27, 2026Yield to maturity4.476%Jul 29, 2026Yield to maturity4.465%Jul 31, 2026Yield to maturity4.544%Aug 4, 2026Yield to maturity4.419%Aug 6, 2026Yield to maturity4.479%Aug 10, 2026Yield to maturity4.504%Aug 12, 2026Yield to maturity4.468%Aug 14, 2026Yield to maturity4.457%Aug 18, 2026Yield to maturity4.470%Aug 20, 2026Yield to maturity4.470%Aug 24, 2026Yield to maturity4.496%Aug 26, 2026Yield to maturity4.454%Aug 28, 2026Yield to maturity4.558%Sep 1, 2026Yield to maturity4.625%Sep 3, 2026Yield to maturity4.589%Sep 8, 2026Yield to maturity4.634%Sep 10, 2026Yield to maturity4.807%Sep 14, 2026Yield to maturity4.858%Sep 16, 2026Yield to maturity4.915%Sep 18, 2026Yield to maturity4.910%Sep 22, 2026Yield to maturity4.874%Sep 24, 2026Yield to maturity5.088%Sep 28, 2026Yield to maturity5.122%Sep 30, 2026Yield to maturity5.155%

Price history

251 trading days to Sep 30, 2026

92949698100102Sep 30, 2025Sep 30, 2026Sep 30, 2025Close99.688Oct 2, 2025Close100.094Oct 6, 2025Close99.563Oct 8, 2025Close99.781Oct 10, 2025Close100.281Oct 15, 2025Close100.375Oct 17, 2025Close100.594Oct 21, 2025Close100.844Oct 23, 2025Close100.563Oct 27, 2025Close100.531Oct 29, 2025Close100.031Oct 31, 2025Close99.938Nov 4, 2025Close100.031Nov 6, 2025Close100.031Nov 10, 2025Close99.875Nov 13, 2025Close99.938Nov 17, 2025Close99.875Nov 19, 2025Close99.938Nov 21, 2025Close100.406Nov 25, 2025Close100.750Nov 28, 2025Close100.594Dec 2, 2025Close100.188Dec 4, 2025Close100.063Dec 8, 2025Close99.688Dec 10, 2025Close99.844Dec 12, 2025Close99.625Dec 16, 2025Close99.938Dec 18, 2025Close100.094Dec 22, 2025Close99.781Dec 24, 2025Close99.844Dec 29, 2025Close100.094Dec 31, 2025Close99.719Jan 5, 2026Close99.844Jan 7, 2026Close99.938Jan 9, 2026Close99.656Jan 13, 2026Close99.688Jan 15, 2026Close99.625Jan 20, 2026Close98.969Jan 22, 2026Close99.125Jan 26, 2026Close99.313Jan 28, 2026Close99.125Jan 30, 2026Close99.313Feb 3, 2026Close99.156Feb 5, 2026Close99.625Feb 9, 2026Close99.625Feb 11, 2026Close99.688Feb 13, 2026Close100.531Feb 18, 2026Close100.281Feb 20, 2026Close100.313Feb 24, 2026Close100.594Feb 26, 2026Close100.719Mar 2, 2026Close100.500Mar 4, 2026Close100.219Mar 6, 2026Close99.875Mar 10, 2026Close99.875Mar 12, 2026Close99.094Mar 16, 2026Close99.438Mar 18, 2026Close99.156Mar 20, 2026Close98.313Mar 24, 2026Close98.250Mar 26, 2026Close97.938Mar 30, 2026Close98.563Apr 1, 2026Close98.625Apr 3, 2026Close98.500Apr 7, 2026Close98.719Apr 9, 2026Close98.906Apr 13, 2026Close98.938Apr 15, 2026Close99.031Apr 17, 2026Close99.313Apr 21, 2026Close99.000Apr 23, 2026Close98.719Apr 27, 2026Close98.750Apr 29, 2026Close98.219May 1, 2026Close98.406May 5, 2026Close98.125May 7, 2026Close98.313May 11, 2026Close98.219May 13, 2026Close97.969May 15, 2026Close97.188May 19, 2026Close96.813May 21, 2026Close97.313May 26, 2026Close97.656May 28, 2026Close97.875Jun 1, 2026Close97.750Jun 3, 2026Close97.594Jun 5, 2026Close97.250Jun 9, 2026Close97.406Jun 11, 2026Close97.844Jun 15, 2026Close97.781Jun 17, 2026Close97.469Jun 22, 2026Close97.344Jun 24, 2026Close97.938Jun 26, 2026Close98.188Jun 30, 2026Close97.844Jul 2, 2026Close97.594Jul 7, 2026Close97.375Jul 9, 2026Close97.375Jul 13, 2026Close96.906Jul 15, 2026Close97.438Jul 17, 2026Close97.375Jul 21, 2026Close96.906Jul 23, 2026Close96.438Jul 27, 2026Close96.781Jul 29, 2026Close96.844Jul 31, 2026Close96.438Aug 4, 2026Close97.094Aug 6, 2026Close96.781Aug 10, 2026Close96.656Aug 12, 2026Close96.844Aug 14, 2026Close96.906Aug 18, 2026Close96.844Aug 20, 2026Close96.844Aug 24, 2026Close96.719Aug 26, 2026Close96.938Aug 28, 2026Close96.406Sep 1, 2026Close96.063Sep 3, 2026Close96.250Sep 8, 2026Close96.031Sep 10, 2026Close95.156Sep 14, 2026Close94.906Sep 16, 2026Close94.625Sep 18, 2026Close94.656Sep 22, 2026Close94.844Sep 24, 2026Close93.781Sep 28, 2026Close93.625Sep 30, 2026Close93.469
The most recent 20 trading days of prices for 91282CNZ0.
DateBidOfferClose
Sep 30, 202693.60993.59493.469
Sep 29, 202693.43893.40693.625
Sep 28, 202693.54793.53193.625
Sep 25, 202693.79793.78194.000
Sep 24, 202693.89193.87593.781
Sep 23, 202694.23494.21994.031
Sep 22, 202694.84494.84494.844
Sep 21, 202694.85994.84494.875
Sep 18, 202694.67294.65694.656
Sep 17, 202694.98494.96995.031
Sep 16, 202695.04795.03194.625
Sep 15, 202694.82894.81394.781
Sep 14, 202695.00095.00094.906
Sep 11, 202695.17295.15695.000
Sep 10, 202695.32895.31395.156
Sep 9, 202695.79795.78195.813
Sep 8, 202696.07896.06396.031
Sep 4, 202696.17296.15696.125
Sep 3, 202696.35996.34496.250
Sep 2, 202696.07896.06396.094

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 91282CNZ0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 25, 2025Sep 30, 2025New issue$44.0bn$46.4bn2.40x3.953%

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.