Treasury note

91282CPB1 · 3.5% due September 30, 2027

Original term
2-Year
Maturity
Sep 30, 2027
Coupon
3.500%
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
$72.71bn
Held stripped
$42.4m
Share stripped
0.06%

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
4.358%
Modified duration
1.004 yr
DV01
0.0101
Convexity
1.520
Dirty price
100.693

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 1.026 years against a modified duration of 1.004.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 0.54 cents per 100 of face.

That is -0.08 standard deviations from its own typical residual.

Yield to maturity, 237 observations

3.4%3.6%3.8%4.0%4.2%4.4%Sep 30, 2025Sep 10, 2026Sep 30, 2025Yield to maturity3.598%Oct 8, 2025Yield to maturity3.582%Oct 17, 2025Yield to maturity3.466%Oct 27, 2025Yield to maturity3.499%Nov 4, 2025Yield to maturity3.584%Nov 13, 2025Yield to maturity3.585%Nov 21, 2025Yield to maturity3.516%Dec 2, 2025Yield to maturity3.534%Dec 10, 2025Yield to maturity3.534%Dec 18, 2025Yield to maturity3.461%Dec 29, 2025Yield to maturity3.479%Jan 7, 2026Yield to maturity3.479%Jan 15, 2026Yield to maturity3.574%Jan 26, 2026Yield to maturity3.595%Feb 3, 2026Yield to maturity3.557%Feb 11, 2026Yield to maturity3.518%Feb 20, 2026Yield to maturity3.498%Mar 2, 2026Yield to maturity3.519%Mar 10, 2026Yield to maturity3.603%Mar 18, 2026Yield to maturity3.775%Mar 26, 2026Yield to maturity4.016%Apr 3, 2026Yield to maturity3.872%Apr 13, 2026Yield to maturity3.810%Apr 21, 2026Yield to maturity3.791%Apr 29, 2026Yield to maturity3.910%May 7, 2026Yield to maturity3.893%May 15, 2026Yield to maturity4.019%May 26, 2026Yield to maturity3.979%Jun 3, 2026Yield to maturity4.011%Jun 11, 2026Yield to maturity3.995%Jun 22, 2026Yield to maturity4.211%Jun 30, 2026Yield to maturity4.145%Jul 9, 2026Yield to maturity4.131%Jul 17, 2026Yield to maturity4.118%Jul 27, 2026Yield to maturity4.268%Aug 4, 2026Yield to maturity4.141%Aug 12, 2026Yield to maturity4.125%Aug 20, 2026Yield to maturity4.079%Aug 28, 2026Yield to maturity4.244%Sep 8, 2026Yield to maturity4.231%Sep 10, 2026Yield to maturity4.358%

Price history

237 trading days to Sep 10, 2026

99.099.299.499.699.8100.0100.2Sep 30, 2025Sep 10, 2026Sep 30, 2025Close99.813Oct 8, 2025Close99.844Oct 17, 2025Close100.063Oct 27, 2025Close100.000Nov 4, 2025Close99.844Nov 13, 2025Close99.844Nov 21, 2025Close99.969Dec 2, 2025Close99.938Dec 10, 2025Close99.938Dec 18, 2025Close100.063Dec 29, 2025Close100.031Jan 7, 2026Close100.031Jan 15, 2026Close99.875Jan 26, 2026Close99.844Feb 3, 2026Close99.906Feb 11, 2026Close99.969Feb 20, 2026Close100.000Mar 2, 2026Close99.969Mar 10, 2026Close99.844Mar 18, 2026Close99.594Mar 26, 2026Close99.250Apr 3, 2026Close99.469Apr 13, 2026Close99.563Apr 21, 2026Close99.594Apr 29, 2026Close99.438May 7, 2026Close99.469May 15, 2026Close99.313May 26, 2026Close99.375Jun 3, 2026Close99.344Jun 11, 2026Close99.375Jun 22, 2026Close99.125Jun 30, 2026Close99.219Jul 9, 2026Close99.250Jul 17, 2026Close99.281Jul 27, 2026Close99.125Aug 4, 2026Close99.281Aug 12, 2026Close99.313Aug 20, 2026Close99.375Aug 28, 2026Close99.219Sep 8, 2026Close99.250Sep 10, 2026Close99.125
The most recent 20 trading days of prices for 91282CPB1.
DateBidOfferClose
Sep 10, 202699.15699.12599.125
Sep 9, 202699.23499.21999.219
Sep 8, 202699.26699.25099.250
Sep 4, 202699.25099.25099.250
Sep 3, 202699.28199.28199.281
Sep 2, 202699.23499.21999.219
Sep 1, 202699.21999.21999.188
Aug 31, 202699.23499.21999.219
Aug 28, 202699.23499.21999.219
Aug 27, 202699.35999.34499.344
Aug 26, 202699.35999.34499.344
Aug 25, 202699.35999.34499.344
Aug 24, 202699.32899.31399.313
Aug 21, 202699.32899.31399.313
Aug 20, 202699.37599.37599.375
Aug 19, 202699.35999.34499.375
Aug 18, 202699.37599.37599.375
Aug 17, 202699.39199.37599.344
Aug 14, 202699.39199.37599.344
Aug 13, 202699.37599.37599.375

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 91282CPB1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 23, 2025Sep 30, 2025New issue$69.0bn$72.8bn2.51x3.571%

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.