Treasury note

91282CPD7 · 3.625% due October 31, 2030

Original term
5-Year
Maturity
Oct 31, 2030
Coupon
3.625%
Pays
Semi-Annual
Dated
Oct 31, 2025
First coupon
Apr 30, 2026
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$73.30bn
Held stripped
$184.0m
Share stripped
0.25%

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
4.922%
Modified duration
3.620 yr
DV01
0.0351
Convexity
0.156
Dirty price
97.026

Where its rate sensitivity sits

<.01
0.01
0.03
0.07
1.80
1.80
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 3.709 years against a modified duration of 3.620.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 4.80 cents per 100 of face.

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

Yield to maturity, 242 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Oct 31, 2025Oct 20, 2026Oct 31, 2025Yield to maturity3.708%Nov 4, 2025Yield to maturity3.694%Nov 6, 2025Yield to maturity3.687%Nov 10, 2025Yield to maturity3.715%Nov 13, 2025Yield to maturity3.708%Nov 17, 2025Yield to maturity3.715%Nov 19, 2025Yield to maturity3.701%Nov 21, 2025Yield to maturity3.618%Nov 25, 2025Yield to maturity3.569%Nov 28, 2025Yield to maturity3.604%Dec 2, 2025Yield to maturity3.660%Dec 4, 2025Yield to maturity3.681%Dec 8, 2025Yield to maturity3.751%Dec 10, 2025Yield to maturity3.723%Dec 12, 2025Yield to maturity3.752%Dec 16, 2025Yield to maturity3.688%Dec 18, 2025Yield to maturity3.660%Dec 22, 2025Yield to maturity3.709%Dec 24, 2025Yield to maturity3.717%Dec 29, 2025Yield to maturity3.660%Dec 31, 2025Yield to maturity3.717%Jan 5, 2026Yield to maturity3.696%Jan 7, 2026Yield to maturity3.681%Jan 9, 2026Yield to maturity3.746%Jan 13, 2026Yield to maturity3.732%Jan 15, 2026Yield to maturity3.761%Jan 20, 2026Yield to maturity3.848%Jan 22, 2026Yield to maturity3.834%Jan 26, 2026Yield to maturity3.805%Jan 28, 2026Yield to maturity3.827%Jan 30, 2026Yield to maturity3.777%Feb 3, 2026Yield to maturity3.813%Feb 5, 2026Yield to maturity3.726%Feb 9, 2026Yield to maturity3.726%Feb 11, 2026Yield to maturity3.726%Feb 13, 2026Yield to maturity3.588%Feb 18, 2026Yield to maturity3.639%Feb 20, 2026Yield to maturity3.639%Feb 24, 2026Yield to maturity3.588%Feb 26, 2026Yield to maturity3.566%Mar 2, 2026Yield to maturity3.609%Mar 4, 2026Yield to maturity3.661%Mar 6, 2026Yield to maturity3.713%Mar 10, 2026Yield to maturity3.720%Mar 12, 2026Yield to maturity3.869%Mar 16, 2026Yield to maturity3.795%Mar 18, 2026Yield to maturity3.863%Mar 20, 2026Yield to maturity4.014%Mar 24, 2026Yield to maturity4.030%Mar 26, 2026Yield to maturity4.099%Mar 30, 2026Yield to maturity3.963%Apr 1, 2026Yield to maturity3.956%Apr 3, 2026Yield to maturity3.979%Apr 7, 2026Yield to maturity3.949%Apr 9, 2026Yield to maturity3.904%Apr 13, 2026Yield to maturity3.905%Apr 15, 2026Yield to maturity3.882%Apr 17, 2026Yield to maturity3.830%Apr 21, 2026Yield to maturity3.891%Apr 23, 2026Yield to maturity3.945%Apr 27, 2026Yield to maturity3.930%Apr 29, 2026Yield to maturity4.039%May 1, 2026Yield to maturity4.001%May 5, 2026Yield to maturity4.063%May 7, 2026Yield to maturity4.033%May 11, 2026Yield to maturity4.057%May 13, 2026Yield to maturity4.104%May 15, 2026Yield to maturity4.247%May 19, 2026Yield to maturity4.319%May 21, 2026Yield to maturity4.232%May 26, 2026Yield to maturity4.179%May 28, 2026Yield to maturity4.148%Jun 1, 2026Yield to maturity4.172%Jun 3, 2026Yield to maturity4.205%Jun 5, 2026Yield to maturity4.278%Jun 9, 2026Yield to maturity4.247%Jun 11, 2026Yield to maturity4.167%Jun 15, 2026Yield to maturity4.177%Jun 17, 2026Yield to maturity4.266%Jun 22, 2026Yield to maturity4.291%Jun 24, 2026Yield to maturity4.179%Jun 26, 2026Yield to maturity4.124%Jun 30, 2026Yield to maturity4.189%Jul 2, 2026Yield to maturity4.223%Jul 7, 2026Yield to maturity4.265%Jul 9, 2026Yield to maturity4.257%Jul 13, 2026Yield to maturity4.357%Jul 15, 2026Yield to maturity4.243%Jul 17, 2026Yield to maturity4.269%Jul 21, 2026Yield to maturity4.360%Jul 23, 2026Yield to maturity4.452%Jul 27, 2026Yield to maturity4.396%Jul 29, 2026Yield to maturity4.355%Jul 31, 2026Yield to maturity4.432%Aug 4, 2026Yield to maturity4.317%Aug 6, 2026Yield to maturity4.375%Aug 10, 2026Yield to maturity4.386%Aug 12, 2026Yield to maturity4.345%Aug 14, 2026Yield to maturity4.330%Aug 18, 2026Yield to maturity4.339%Aug 20, 2026Yield to maturity4.348%Aug 24, 2026Yield to maturity4.384%Aug 26, 2026Yield to maturity4.351%Aug 28, 2026Yield to maturity4.471%Sep 1, 2026Yield to maturity4.531%Sep 3, 2026Yield to maturity4.490%Sep 8, 2026Yield to maturity4.544%Sep 10, 2026Yield to maturity4.717%Sep 14, 2026Yield to maturity4.788%Sep 16, 2026Yield to maturity4.859%Sep 18, 2026Yield to maturity4.871%Sep 22, 2026Yield to maturity4.838%Sep 24, 2026Yield to maturity5.041%Sep 28, 2026Yield to maturity5.062%Sep 30, 2026Yield to maturity5.064%Oct 2, 2026Yield to maturity5.041%Oct 6, 2026Yield to maturity4.999%Oct 8, 2026Yield to maturity4.965%Oct 13, 2026Yield to maturity4.987%Oct 15, 2026Yield to maturity4.900%Oct 19, 2026Yield to maturity4.921%Oct 20, 2026Yield to maturity4.922%

Price history

242 trading days to Oct 20, 2026

949596979899100101Oct 31, 2025Oct 20, 2026Oct 31, 2025Close99.625Nov 4, 2025Close99.688Nov 6, 2025Close99.719Nov 10, 2025Close99.594Nov 13, 2025Close99.625Nov 17, 2025Close99.594Nov 19, 2025Close99.656Nov 21, 2025Close100.031Nov 25, 2025Close100.250Nov 28, 2025Close100.094Dec 2, 2025Close99.844Dec 4, 2025Close99.750Dec 8, 2025Close99.438Dec 10, 2025Close99.563Dec 12, 2025Close99.438Dec 16, 2025Close99.719Dec 18, 2025Close99.844Dec 22, 2025Close99.625Dec 24, 2025Close99.594Dec 29, 2025Close99.844Dec 31, 2025Close99.594Jan 5, 2026Close99.688Jan 7, 2026Close99.750Jan 9, 2026Close99.469Jan 13, 2026Close99.531Jan 15, 2026Close99.406Jan 20, 2026Close99.031Jan 22, 2026Close99.094Jan 26, 2026Close99.219Jan 28, 2026Close99.125Jan 30, 2026Close99.344Feb 3, 2026Close99.188Feb 5, 2026Close99.563Feb 9, 2026Close99.563Feb 11, 2026Close99.563Feb 13, 2026Close100.156Feb 18, 2026Close99.938Feb 20, 2026Close99.938Feb 24, 2026Close100.156Feb 26, 2026Close100.250Mar 2, 2026Close100.063Mar 4, 2026Close99.844Mar 6, 2026Close99.625Mar 10, 2026Close99.594Mar 12, 2026Close98.969Mar 16, 2026Close99.281Mar 18, 2026Close99.000Mar 20, 2026Close98.375Mar 24, 2026Close98.313Mar 26, 2026Close98.031Mar 30, 2026Close98.594Apr 1, 2026Close98.625Apr 3, 2026Close98.531Apr 7, 2026Close98.656Apr 9, 2026Close98.844Apr 13, 2026Close98.844Apr 15, 2026Close98.938Apr 17, 2026Close99.156Apr 21, 2026Close98.906Apr 23, 2026Close98.688Apr 27, 2026Close98.750Apr 29, 2026Close98.313May 1, 2026Close98.469May 5, 2026Close98.219May 7, 2026Close98.344May 11, 2026Close98.250May 13, 2026Close98.063May 15, 2026Close97.500May 19, 2026Close97.219May 21, 2026Close97.563May 26, 2026Close97.781May 28, 2026Close97.906Jun 1, 2026Close97.813Jun 3, 2026Close97.688Jun 5, 2026Close97.406Jun 9, 2026Close97.531Jun 11, 2026Close97.844Jun 15, 2026Close97.813Jun 17, 2026Close97.469Jun 22, 2026Close97.375Jun 24, 2026Close97.813Jun 26, 2026Close98.031Jun 30, 2026Close97.781Jul 2, 2026Close97.656Jul 7, 2026Close97.500Jul 9, 2026Close97.531Jul 13, 2026Close97.156Jul 15, 2026Close97.594Jul 17, 2026Close97.500Jul 21, 2026Close97.156Jul 23, 2026Close96.813Jul 27, 2026Close97.031Jul 29, 2026Close97.188Jul 31, 2026Close96.906Aug 4, 2026Close97.344Aug 6, 2026Close97.125Aug 10, 2026Close97.094Aug 12, 2026Close97.250Aug 14, 2026Close97.313Aug 18, 2026Close97.281Aug 20, 2026Close97.250Aug 24, 2026Close97.125Aug 26, 2026Close97.250Aug 28, 2026Close96.813Sep 1, 2026Close96.594Sep 3, 2026Close96.750Sep 8, 2026Close96.563Sep 10, 2026Close95.938Sep 14, 2026Close95.688Sep 16, 2026Close95.438Sep 18, 2026Close95.406Sep 22, 2026Close95.531Sep 24, 2026Close94.813Sep 28, 2026Close94.750Sep 30, 2026Close94.750Oct 2, 2026Close94.844Oct 6, 2026Close95.000Oct 8, 2026Close95.125Oct 13, 2026Close95.063Oct 15, 2026Close95.375Oct 19, 2026Close95.313Oct 20, 2026Close95.313
The most recent 20 trading days of prices for 91282CPD7.
DateBidOfferClose
Oct 20, 202695.37595.37595.313
Oct 19, 202695.34495.34495.313
Oct 16, 202695.48495.46995.469
Oct 15, 202695.35995.34495.375
Oct 14, 202694.85994.84495.063
Oct 13, 202695.04795.03195.063
Oct 9, 202694.98494.96995.000
Oct 8, 202694.87594.87595.125
Oct 7, 202694.96994.96995.000
Oct 6, 202695.04795.03195.000
Oct 5, 202694.79794.78194.844
Oct 2, 202694.95394.93894.844
Oct 1, 202694.95394.93895.031
Sep 30, 202694.82894.81394.750
Sep 29, 202694.64194.62594.781
Sep 28, 202694.70394.68894.750
Sep 25, 202694.89194.87595.031
Sep 24, 202694.85994.84494.813
Sep 23, 202695.07895.06394.938
Sep 22, 202695.51695.50095.531

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 91282CPD7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 27, 2025Oct 31, 2025New issue$70.0bn$74.0bn2.38x3.625%

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.