Treasury note

91282CPF2 · 3.75% due October 31, 2032

Original term
7-Year
Maturity
Oct 31, 2032
Coupon
3.750%
Pays
Semi-Annual
Dated
Oct 31, 2025
First coupon
Apr 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.53bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.813%
Modified duration
5.311 yr
DV01
0.0509
Convexity
33.173
Dirty price
95.772

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 7 of twelve buckets, summing to 5.439 years against a modified duration of 5.311.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 12.91 cents per 100 of face.

That is 0.76 standard deviations from its own typical residual.

Yield to maturity, 215 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%5.0%Oct 31, 2025Sep 10, 2026Oct 31, 2025Yield to maturity3.889%Nov 7, 2025Yield to maturity3.868%Nov 17, 2025Yield to maturity3.900%Nov 24, 2025Yield to maturity3.796%Dec 2, 2025Yield to maturity3.848%Dec 9, 2025Yield to maturity3.959%Dec 16, 2025Yield to maturity3.896%Dec 23, 2025Yield to maturity3.933%Dec 31, 2025Yield to maturity3.928%Jan 8, 2026Yield to maturity3.934%Jan 15, 2026Yield to maturity3.945%Jan 23, 2026Yield to maturity4.021%Jan 30, 2026Yield to maturity4.000%Feb 6, 2026Yield to maturity3.958%Feb 13, 2026Yield to maturity3.792%Feb 23, 2026Yield to maturity3.771%Mar 2, 2026Yield to maturity3.798%Mar 9, 2026Yield to maturity3.879%Mar 16, 2026Yield to maturity3.982%Mar 23, 2026Yield to maturity4.131%Mar 30, 2026Yield to maturity4.138%Apr 6, 2026Yield to maturity4.139%Apr 13, 2026Yield to maturity4.074%Apr 20, 2026Yield to maturity4.013%Apr 27, 2026Yield to maturity4.109%May 4, 2026Yield to maturity4.234%May 11, 2026Yield to maturity4.206%May 18, 2026Yield to maturity4.401%May 26, 2026Yield to maturity4.306%Jun 2, 2026Yield to maturity4.278%Jun 9, 2026Yield to maturity4.360%Jun 16, 2026Yield to maturity4.247%Jun 24, 2026Yield to maturity4.260%Jul 1, 2026Yield to maturity4.319%Jul 9, 2026Yield to maturity4.361%Jul 16, 2026Yield to maturity4.375%Jul 23, 2026Yield to maturity4.547%Jul 30, 2026Yield to maturity4.484%Aug 6, 2026Yield to maturity4.486%Aug 13, 2026Yield to maturity4.417%Aug 20, 2026Yield to maturity4.478%Aug 27, 2026Yield to maturity4.480%Sep 3, 2026Yield to maturity4.597%Sep 10, 2026Yield to maturity4.813%

Price history

215 trading days to Sep 10, 2026

949596979899100101Oct 31, 2025Sep 10, 2026Oct 31, 2025Close99.156Nov 7, 2025Close99.281Nov 17, 2025Close99.094Nov 24, 2025Close99.719Dec 2, 2025Close99.406Dec 9, 2025Close98.750Dec 16, 2025Close99.125Dec 23, 2025Close98.906Dec 31, 2025Close98.938Jan 8, 2026Close98.906Jan 15, 2026Close98.844Jan 23, 2026Close98.406Jan 30, 2026Close98.531Feb 6, 2026Close98.781Feb 13, 2026Close99.750Feb 23, 2026Close99.875Mar 2, 2026Close99.719Mar 9, 2026Close99.250Mar 16, 2026Close98.656Mar 23, 2026Close97.813Mar 30, 2026Close97.781Apr 6, 2026Close97.781Apr 13, 2026Close98.156Apr 20, 2026Close98.500Apr 27, 2026Close97.969May 4, 2026Close97.281May 11, 2026Close97.438May 18, 2026Close96.375May 26, 2026Close96.906Jun 2, 2026Close97.063Jun 9, 2026Close96.625Jun 16, 2026Close97.250Jun 24, 2026Close97.188Jul 1, 2026Close96.875Jul 9, 2026Close96.656Jul 16, 2026Close96.594Jul 23, 2026Close95.688Jul 30, 2026Close96.031Aug 6, 2026Close96.031Aug 13, 2026Close96.406Aug 20, 2026Close96.094Aug 27, 2026Close96.094Sep 3, 2026Close95.500Sep 10, 2026Close94.406
The most recent 20 trading days of prices for 91282CPF2.
DateBidOfferClose
Sep 10, 202694.57894.56394.406
Sep 9, 202695.06395.03195.094
Sep 8, 202695.32895.31395.281
Sep 4, 202695.45395.43895.406
Sep 3, 202695.64195.62595.500
Sep 2, 202695.32895.31395.344
Sep 1, 202695.48495.46995.344
Aug 31, 202695.57895.56395.594
Aug 28, 202695.82895.81395.688
Aug 27, 202696.21996.21996.094
Aug 26, 202696.23496.21996.188
Aug 25, 202696.29796.28196.344
Aug 24, 202696.09496.09496.000
Aug 21, 202695.89195.87595.875
Aug 20, 202696.07896.06396.094
Aug 19, 202696.26696.25096.313
Aug 18, 202696.10996.09496.094
Aug 17, 202696.14196.12596.063
Aug 14, 202696.23496.21996.156
Aug 13, 202696.39196.37596.406

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 91282CPF2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2025Oct 31, 2025New issue$44.0bn$46.5bn2.46x3.790%

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.