Treasury note

91282CPC9 · 3.5% due October 15, 2028

Original term
3-Year
Maturity
Oct 15, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Oct 15, 2025
First coupon
Apr 15, 2026
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$59.08bn
Held stripped
$15.2m
Share stripped
0.03%

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, October 20, 2026

Yield to maturity
4.803%
Modified duration
1.886 yr
DV01
0.0184
Convexity
0.0454
Dirty price
97.620

Where its rate sensitivity sits

<.01
0.01
0.06
1.86
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 1.932 years against a modified duration of 1.886.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 0.58 cents per 100 of face.

That is 0.93 standard deviations from its own typical residual.

Yield to maturity, 254 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Oct 15, 2025Oct 20, 2026Oct 15, 2025Yield to maturity3.511%Oct 17, 2025Yield to maturity3.467%Oct 21, 2025Yield to maturity3.455%Oct 23, 2025Yield to maturity3.489%Oct 27, 2025Yield to maturity3.500%Oct 29, 2025Yield to maturity3.601%Oct 31, 2025Yield to maturity3.601%Nov 4, 2025Yield to maturity3.590%Nov 6, 2025Yield to maturity3.579%Nov 10, 2025Yield to maturity3.601%Nov 13, 2025Yield to maturity3.602%Nov 17, 2025Yield to maturity3.613%Nov 19, 2025Yield to maturity3.591%Nov 21, 2025Yield to maturity3.499%Nov 25, 2025Yield to maturity3.465%Nov 28, 2025Yield to maturity3.487%Dec 2, 2025Yield to maturity3.534%Dec 4, 2025Yield to maturity3.545%Dec 8, 2025Yield to maturity3.615%Dec 10, 2025Yield to maturity3.580%Dec 12, 2025Yield to maturity3.581%Dec 16, 2025Yield to maturity3.522%Dec 18, 2025Yield to maturity3.499%Dec 22, 2025Yield to maturity3.558%Dec 24, 2025Yield to maturity3.570%Dec 29, 2025Yield to maturity3.510%Dec 31, 2025Yield to maturity3.534%Jan 5, 2026Yield to maturity3.522%Jan 7, 2026Yield to maturity3.522%Jan 9, 2026Yield to maturity3.583%Jan 13, 2026Yield to maturity3.571%Jan 15, 2026Yield to maturity3.607%Jan 20, 2026Yield to maturity3.668%Jan 22, 2026Yield to maturity3.669%Jan 26, 2026Yield to maturity3.645%Jan 28, 2026Yield to maturity3.645%Jan 30, 2026Yield to maturity3.584%Feb 3, 2026Yield to maturity3.634%Feb 5, 2026Yield to maturity3.535%Feb 9, 2026Yield to maturity3.548%Feb 11, 2026Yield to maturity3.560%Feb 13, 2026Yield to maturity3.437%Feb 18, 2026Yield to maturity3.486%Feb 20, 2026Yield to maturity3.499%Feb 24, 2026Yield to maturity3.461%Feb 26, 2026Yield to maturity3.449%Mar 2, 2026Yield to maturity3.486%Mar 4, 2026Yield to maturity3.549%Mar 6, 2026Yield to maturity3.588%Mar 10, 2026Yield to maturity3.601%Mar 12, 2026Yield to maturity3.780%Mar 16, 2026Yield to maturity3.691%Mar 18, 2026Yield to maturity3.769%Mar 20, 2026Yield to maturity3.913%Mar 24, 2026Yield to maturity3.940%Mar 26, 2026Yield to maturity4.006%Mar 30, 2026Yield to maturity3.851%Apr 1, 2026Yield to maturity3.839%Apr 3, 2026Yield to maturity3.880%Apr 7, 2026Yield to maturity3.841%Apr 9, 2026Yield to maturity3.802%Apr 13, 2026Yield to maturity3.790%Apr 15, 2026Yield to maturity3.778%Apr 17, 2026Yield to maturity3.726%Apr 21, 2026Yield to maturity3.793%Apr 23, 2026Yield to maturity3.847%Apr 27, 2026Yield to maturity3.821%Apr 29, 2026Yield to maturity3.944%May 1, 2026Yield to maturity3.905%May 5, 2026Yield to maturity3.960%May 7, 2026Yield to maturity3.934%May 11, 2026Yield to maturity3.963%May 13, 2026Yield to maturity4.005%May 15, 2026Yield to maturity4.132%May 19, 2026Yield to maturity4.175%May 21, 2026Yield to maturity4.120%May 26, 2026Yield to maturity4.082%May 28, 2026Yield to maturity4.055%Jun 1, 2026Yield to maturity4.085%Jun 3, 2026Yield to maturity4.115%Jun 5, 2026Yield to maturity4.203%Jun 9, 2026Yield to maturity4.162%Jun 11, 2026Yield to maturity4.092%Jun 15, 2026Yield to maturity4.094%Jun 17, 2026Yield to maturity4.225%Jun 22, 2026Yield to maturity4.258%Jun 24, 2026Yield to maturity4.173%Jun 26, 2026Yield to maturity4.103%Jun 30, 2026Yield to maturity4.163%Jul 2, 2026Yield to maturity4.166%Jul 7, 2026Yield to maturity4.212%Jul 9, 2026Yield to maturity4.184%Jul 13, 2026Yield to maturity4.291%Jul 15, 2026Yield to maturity4.159%Jul 17, 2026Yield to maturity4.207%Jul 21, 2026Yield to maturity4.284%Jul 23, 2026Yield to maturity4.391%Jul 27, 2026Yield to maturity4.350%Jul 29, 2026Yield to maturity4.261%Jul 31, 2026Yield to maturity4.310%Aug 4, 2026Yield to maturity4.236%Aug 6, 2026Yield to maturity4.284%Aug 10, 2026Yield to maturity4.272%Aug 12, 2026Yield to maturity4.228%Aug 14, 2026Yield to maturity4.201%Aug 18, 2026Yield to maturity4.203%Aug 20, 2026Yield to maturity4.204%Aug 24, 2026Yield to maturity4.270%Aug 26, 2026Yield to maturity4.241%Aug 28, 2026Yield to maturity4.370%Sep 1, 2026Yield to maturity4.420%Sep 3, 2026Yield to maturity4.359%Sep 8, 2026Yield to maturity4.412%Sep 10, 2026Yield to maturity4.591%Sep 14, 2026Yield to maturity4.677%Sep 16, 2026Yield to maturity4.761%Sep 18, 2026Yield to maturity4.784%Sep 22, 2026Yield to maturity4.771%Sep 24, 2026Yield to maturity4.923%Sep 28, 2026Yield to maturity4.947%Sep 30, 2026Yield to maturity4.901%Oct 2, 2026Yield to maturity4.858%Oct 6, 2026Yield to maturity4.812%Oct 8, 2026Yield to maturity4.782%Oct 13, 2026Yield to maturity4.808%Oct 15, 2026Yield to maturity4.777%Oct 19, 2026Yield to maturity4.784%Oct 20, 2026Yield to maturity4.803%

Price history

254 trading days to Oct 20, 2026

97.097.598.098.599.099.5100.0100.5Oct 15, 2025Oct 20, 2026Oct 15, 2025Close99.969Oct 17, 2025Close100.094Oct 21, 2025Close100.125Oct 23, 2025Close100.031Oct 27, 2025Close100.000Oct 29, 2025Close99.719Oct 31, 2025Close99.719Nov 4, 2025Close99.750Nov 6, 2025Close99.781Nov 10, 2025Close99.719Nov 13, 2025Close99.719Nov 17, 2025Close99.688Nov 19, 2025Close99.750Nov 21, 2025Close100.000Nov 25, 2025Close100.094Nov 28, 2025Close100.031Dec 2, 2025Close99.906Dec 4, 2025Close99.875Dec 8, 2025Close99.688Dec 10, 2025Close99.781Dec 12, 2025Close99.781Dec 16, 2025Close99.938Dec 18, 2025Close100.000Dec 22, 2025Close99.844Dec 24, 2025Close99.813Dec 29, 2025Close99.969Dec 31, 2025Close99.906Jan 5, 2026Close99.938Jan 7, 2026Close99.938Jan 9, 2026Close99.781Jan 13, 2026Close99.813Jan 15, 2026Close99.719Jan 20, 2026Close99.563Jan 22, 2026Close99.563Jan 26, 2026Close99.625Jan 28, 2026Close99.625Jan 30, 2026Close99.781Feb 3, 2026Close99.656Feb 5, 2026Close99.906Feb 9, 2026Close99.875Feb 11, 2026Close99.844Feb 13, 2026Close100.156Feb 18, 2026Close100.031Feb 20, 2026Close100.000Feb 24, 2026Close100.094Feb 26, 2026Close100.125Mar 2, 2026Close100.031Mar 4, 2026Close99.875Mar 6, 2026Close99.781Mar 10, 2026Close99.750Mar 12, 2026Close99.313Mar 16, 2026Close99.531Mar 18, 2026Close99.344Mar 20, 2026Close99.000Mar 24, 2026Close98.938Mar 26, 2026Close98.781Mar 30, 2026Close99.156Apr 1, 2026Close99.188Apr 3, 2026Close99.094Apr 7, 2026Close99.188Apr 9, 2026Close99.281Apr 13, 2026Close99.313Apr 15, 2026Close99.344Apr 17, 2026Close99.469Apr 21, 2026Close99.313Apr 23, 2026Close99.188Apr 27, 2026Close99.250Apr 29, 2026Close98.969May 1, 2026Close99.063May 5, 2026Close98.938May 7, 2026Close99.000May 11, 2026Close98.938May 13, 2026Close98.844May 15, 2026Close98.563May 19, 2026Close98.469May 21, 2026Close98.594May 26, 2026Close98.688May 28, 2026Close98.750Jun 1, 2026Close98.688Jun 3, 2026Close98.625Jun 5, 2026Close98.438Jun 9, 2026Close98.531Jun 11, 2026Close98.688Jun 15, 2026Close98.688Jun 17, 2026Close98.406Jun 22, 2026Close98.344Jun 24, 2026Close98.531Jun 26, 2026Close98.688Jun 30, 2026Close98.563Jul 2, 2026Close98.563Jul 7, 2026Close98.469Jul 9, 2026Close98.531Jul 13, 2026Close98.313Jul 15, 2026Close98.594Jul 17, 2026Close98.500Jul 21, 2026Close98.344Jul 23, 2026Close98.125Jul 27, 2026Close98.219Jul 29, 2026Close98.406Jul 31, 2026Close98.313Aug 4, 2026Close98.469Aug 6, 2026Close98.375Aug 10, 2026Close98.406Aug 12, 2026Close98.500Aug 14, 2026Close98.563Aug 18, 2026Close98.563Aug 20, 2026Close98.563Aug 24, 2026Close98.438Aug 26, 2026Close98.500Aug 28, 2026Close98.250Sep 1, 2026Close98.156Sep 3, 2026Close98.281Sep 8, 2026Close98.188Sep 10, 2026Close97.844Sep 14, 2026Close97.688Sep 16, 2026Close97.531Sep 18, 2026Close97.500Sep 22, 2026Close97.531Sep 24, 2026Close97.250Sep 28, 2026Close97.219Sep 30, 2026Close97.313Oct 2, 2026Close97.406Oct 6, 2026Close97.500Oct 8, 2026Close97.563Oct 13, 2026Close97.531Oct 15, 2026Close97.594Oct 19, 2026Close97.594Oct 20, 2026Close97.563
The most recent 20 trading days of prices for 91282CPC9.
DateBidOfferClose
Oct 20, 202697.60997.59497.563
Oct 19, 202697.62597.62597.594
Oct 16, 202697.67297.65697.688
Oct 15, 202697.57897.56397.594
Oct 14, 202697.40697.40697.500
Oct 13, 202697.50097.50097.531
Oct 9, 202697.50097.50097.500
Oct 8, 202697.46997.46997.563
Oct 7, 202697.51697.50097.531
Oct 6, 202697.51697.50097.500
Oct 5, 202697.40697.40697.406
Oct 2, 202697.46997.46997.406
Oct 1, 202697.45397.43897.500
Sep 30, 202697.35997.34497.313
Sep 29, 202697.20397.18897.281
Sep 28, 202697.20397.18897.219
Sep 25, 202697.31397.31397.375
Sep 24, 202697.28197.28197.250
Sep 23, 202697.35997.34497.281
Sep 22, 202697.54797.53197.531

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 91282CPC9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 7, 2025Oct 15, 2025New issue$58.0bn$59.1bn2.66x3.576%

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.