Treasury note

91282CPA3 · 3.625% due September 30, 2030

Original term
5-Year
Maturity
Sep 30, 2030
Coupon
3.625%
Pays
Semi-Annual
Dated
Sep 30, 2025
First coupon
Mar 31, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$73.43bn
Held stripped
$6.4m
Share stripped
<0.01%

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
4.712%
Modified duration
3.650 yr
DV01
0.0356
Convexity
15.878
Dirty price
97.656

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 3.735 years against a modified duration of 3.650.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 5.12 cents per 100 of face.

That is -1.60 standard deviations from its own typical residual.

Yield to maturity, 237 observations

3.50%3.75%4.00%4.25%4.50%4.75%Sep 30, 2025Sep 10, 2026Sep 30, 2025Yield to maturity3.736%Oct 8, 2025Yield to maturity3.722%Oct 17, 2025Yield to maturity3.590%Oct 27, 2025Yield to maturity3.611%Nov 4, 2025Yield to maturity3.695%Nov 13, 2025Yield to maturity3.709%Nov 21, 2025Yield to maturity3.617%Dec 2, 2025Yield to maturity3.653%Dec 10, 2025Yield to maturity3.717%Dec 18, 2025Yield to maturity3.653%Dec 29, 2025Yield to maturity3.653%Jan 7, 2026Yield to maturity3.675%Jan 15, 2026Yield to maturity3.756%Jan 26, 2026Yield to maturity3.801%Feb 3, 2026Yield to maturity3.809%Feb 11, 2026Yield to maturity3.721%Feb 20, 2026Yield to maturity3.632%Mar 2, 2026Yield to maturity3.602%Mar 10, 2026Yield to maturity3.715%Mar 18, 2026Yield to maturity3.860%Mar 26, 2026Yield to maturity4.092%Apr 3, 2026Yield to maturity3.970%Apr 13, 2026Yield to maturity3.902%Apr 21, 2026Yield to maturity3.887%Apr 29, 2026Yield to maturity4.037%May 7, 2026Yield to maturity4.023%May 15, 2026Yield to maturity4.241%May 26, 2026Yield to maturity4.172%Jun 3, 2026Yield to maturity4.199%Jun 11, 2026Yield to maturity4.161%Jun 22, 2026Yield to maturity4.287%Jun 30, 2026Yield to maturity4.183%Jul 9, 2026Yield to maturity4.252%Jul 17, 2026Yield to maturity4.256%Jul 27, 2026Yield to maturity4.393%Aug 4, 2026Yield to maturity4.313%Aug 12, 2026Yield to maturity4.342%Aug 20, 2026Yield to maturity4.345%Aug 28, 2026Yield to maturity4.462%Sep 8, 2026Yield to maturity4.536%Sep 10, 2026Yield to maturity4.712%

Price history

237 trading days to Sep 10, 2026

96979899100101Sep 30, 2025Sep 10, 2026Sep 30, 2025Close99.500Oct 8, 2025Close99.563Oct 17, 2025Close100.156Oct 27, 2025Close100.063Nov 4, 2025Close99.688Nov 13, 2025Close99.625Nov 21, 2025Close100.031Dec 2, 2025Close99.875Dec 10, 2025Close99.594Dec 18, 2025Close99.875Dec 29, 2025Close99.875Jan 7, 2026Close99.781Jan 15, 2026Close99.438Jan 26, 2026Close99.250Feb 3, 2026Close99.219Feb 11, 2026Close99.594Feb 20, 2026Close99.969Mar 2, 2026Close100.094Mar 10, 2026Close99.625Mar 18, 2026Close99.031Mar 26, 2026Close98.094Apr 3, 2026Close98.594Apr 13, 2026Close98.875Apr 21, 2026Close98.938Apr 29, 2026Close98.344May 7, 2026Close98.406May 15, 2026Close97.563May 26, 2026Close97.844Jun 3, 2026Close97.750Jun 11, 2026Close97.906Jun 22, 2026Close97.438Jun 30, 2026Close97.844Jul 9, 2026Close97.594Jul 17, 2026Close97.594Jul 27, 2026Close97.094Aug 4, 2026Close97.406Aug 12, 2026Close97.313Aug 20, 2026Close97.313Aug 28, 2026Close96.906Sep 8, 2026Close96.656Sep 10, 2026Close96.031
The most recent 20 trading days of prices for 91282CPA3.
DateBidOfferClose
Sep 10, 202696.14196.12596.031
Sep 9, 202696.51696.50096.531
Sep 8, 202696.68896.68896.656
Sep 4, 202696.76696.75096.719
Sep 3, 202696.92296.90696.844
Sep 2, 202696.70396.68896.719
Sep 1, 202696.79796.78196.688
Aug 31, 202696.89196.87596.875
Aug 28, 202697.01697.00096.906
Aug 27, 202697.34497.34497.250
Aug 26, 202697.34497.34497.313
Aug 25, 202697.40697.40697.406
Aug 24, 202697.28197.28197.188
Aug 21, 202697.14197.12597.156
Aug 20, 202697.29797.28197.313
Aug 19, 202697.37597.37597.406
Aug 18, 202697.35997.34497.344
Aug 17, 202697.39197.37597.344
Aug 14, 202697.45397.43897.375
Aug 13, 202697.51697.50097.531

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 91282CPA3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 24, 2025Sep 30, 2025New issue$70.0bn$73.9bn2.34x3.710%

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.