Treasury note

91282CPK1 · 3.5% due November 15, 2028

Original term
3-Year
Maturity
Nov 15, 2028
Coupon
3.500%
Pays
Semi-Annual
Dated
Nov 15, 2025
First coupon
May 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$66.83bn
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
4.596%
Modified duration
2.044 yr
DV01
0.0202
Convexity
5.293
Dirty price
98.882

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 5 of twelve buckets, summing to 2.092 years against a modified duration of 2.044.

Against the fitted curve

Priced 1.2 bp rich to the curve on that day, 2.44 cents per 100 of face.

That is -0.18 standard deviations from its own typical residual.

Yield to maturity, 205 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Nov 17, 2025Sep 10, 2026Nov 17, 2025Yield to maturity3.600%Nov 24, 2025Yield to maturity3.489%Dec 2, 2025Yield to maturity3.533%Dec 9, 2025Yield to maturity3.647%Dec 16, 2025Yield to maturity3.522%Dec 23, 2025Yield to maturity3.579%Dec 31, 2025Yield to maturity3.534%Jan 8, 2026Yield to maturity3.557%Jan 15, 2026Yield to maturity3.616%Jan 23, 2026Yield to maturity3.664%Jan 30, 2026Yield to maturity3.594%Feb 6, 2026Yield to maturity3.558%Feb 13, 2026Yield to maturity3.438%Feb 23, 2026Yield to maturity3.438%Mar 2, 2026Yield to maturity3.486%Mar 9, 2026Yield to maturity3.573%Mar 16, 2026Yield to maturity3.697%Mar 23, 2026Yield to maturity3.863%Mar 30, 2026Yield to maturity3.852%Apr 6, 2026Yield to maturity3.881%Apr 13, 2026Yield to maturity3.794%Apr 20, 2026Yield to maturity3.731%Apr 27, 2026Yield to maturity3.824%May 4, 2026Yield to maturity3.985%May 11, 2026Yield to maturity3.976%May 18, 2026Yield to maturity4.127%May 26, 2026Yield to maturity4.091%Jun 2, 2026Yield to maturity4.082%Jun 9, 2026Yield to maturity4.168%Jun 16, 2026Yield to maturity4.076%Jun 24, 2026Yield to maturity4.165%Jul 1, 2026Yield to maturity4.198%Jul 9, 2026Yield to maturity4.190%Jul 16, 2026Yield to maturity4.181%Jul 23, 2026Yield to maturity4.389%Jul 30, 2026Yield to maturity4.279%Aug 6, 2026Yield to maturity4.285%Aug 13, 2026Yield to maturity4.188%Aug 20, 2026Yield to maturity4.223%Aug 27, 2026Yield to maturity4.260%Sep 3, 2026Yield to maturity4.357%Sep 10, 2026Yield to maturity4.596%

Price history

205 trading days to Sep 10, 2026

97.5098.0098.5099.0099.50100.00100.50Nov 17, 2025Sep 10, 2026Nov 17, 2025Close99.719Nov 24, 2025Close100.031Dec 2, 2025Close99.906Dec 9, 2025Close99.594Dec 16, 2025Close99.938Dec 23, 2025Close99.781Dec 31, 2025Close99.906Jan 8, 2026Close99.844Jan 15, 2026Close99.688Jan 23, 2026Close99.563Jan 30, 2026Close99.750Feb 6, 2026Close99.844Feb 13, 2026Close100.156Feb 23, 2026Close100.156Mar 2, 2026Close100.031Mar 9, 2026Close99.813Mar 16, 2026Close99.500Mar 23, 2026Close99.094Mar 30, 2026Close99.125Apr 6, 2026Close99.063Apr 13, 2026Close99.281Apr 20, 2026Close99.438Apr 27, 2026Close99.219May 4, 2026Close98.844May 11, 2026Close98.875May 18, 2026Close98.531May 26, 2026Close98.625Jun 2, 2026Close98.656Jun 9, 2026Close98.469Jun 16, 2026Close98.688Jun 24, 2026Close98.500Jul 1, 2026Close98.438Jul 9, 2026Close98.469Jul 16, 2026Close98.500Jul 23, 2026Close98.063Jul 30, 2026Close98.313Aug 6, 2026Close98.313Aug 13, 2026Close98.531Aug 20, 2026Close98.469Aug 27, 2026Close98.406Sep 3, 2026Close98.219Sep 10, 2026Close97.750
The most recent 20 trading days of prices for 91282CPK1.
DateBidOfferClose
Sep 10, 202697.82897.81397.750
Sep 9, 202698.04798.03198.031
Sep 8, 202698.12598.12598.094
Sep 4, 202698.15698.15698.125
Sep 3, 202698.23498.21998.219
Sep 2, 202698.10998.09498.125
Sep 1, 202698.15698.15698.094
Aug 31, 202698.20398.18898.188
Aug 28, 202698.23498.21998.188
Aug 27, 202698.45398.43898.406
Aug 26, 202698.45398.43898.438
Aug 25, 202698.48498.46998.469
Aug 24, 202698.42298.40698.375
Aug 21, 202698.39198.37598.375
Aug 20, 202698.48498.46998.469
Aug 19, 202698.48498.46998.500
Aug 18, 202698.50098.50098.500
Aug 17, 202698.51698.50098.500
Aug 14, 202698.54798.53198.500
Aug 13, 202698.54798.53198.531

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 91282CPK1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 10, 2025Nov 17, 2025New issue$58.0bn$67.0bn2.85x3.579%

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.