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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$66.58bn
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, November 9, 2026

Yield to maturity
4.567%
Modified duration
1.885 yr
DV01
0.0188
Convexity
0.0459
Dirty price
99.671

Where its rate sensitivity sits

0.01
0.03
1.86
0.03
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 1.928 years against a modified duration of 1.885.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 1.76 cents per 100 of face.

That is 0.09 standard deviations from its own typical residual.

Yield to maturity, 246 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 17, 2025Nov 9, 2026Nov 17, 2025Yield to maturity3.600%Nov 19, 2025Yield to maturity3.589%Nov 21, 2025Yield to maturity3.500%Nov 25, 2025Yield to maturity3.455%Nov 28, 2025Yield to maturity3.488%Dec 2, 2025Yield to maturity3.533%Dec 4, 2025Yield to maturity3.545%Dec 8, 2025Yield to maturity3.613%Dec 10, 2025Yield to maturity3.579%Dec 12, 2025Yield to maturity3.590%Dec 16, 2025Yield to maturity3.522%Dec 18, 2025Yield to maturity3.499%Dec 22, 2025Yield to maturity3.556%Dec 24, 2025Yield to maturity3.568%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 maturity3.592%Jan 13, 2026Yield to maturity3.569%Jan 15, 2026Yield to maturity3.616%Jan 20, 2026Yield to maturity3.664%Jan 22, 2026Yield to maturity3.664%Jan 26, 2026Yield to maturity3.653%Jan 28, 2026Yield to maturity3.653%Jan 30, 2026Yield to maturity3.594%Feb 3, 2026Yield to maturity3.630%Feb 5, 2026Yield to maturity3.534%Feb 9, 2026Yield to maturity3.546%Feb 11, 2026Yield to maturity3.559%Feb 13, 2026Yield to maturity3.438%Feb 18, 2026Yield to maturity3.499%Feb 20, 2026Yield to maturity3.499%Feb 24, 2026Yield to maturity3.462%Feb 26, 2026Yield to maturity3.450%Mar 2, 2026Yield to maturity3.486%Mar 4, 2026Yield to maturity3.548%Mar 6, 2026Yield to maturity3.585%Mar 10, 2026Yield to maturity3.597%Mar 12, 2026Yield to maturity3.771%Mar 16, 2026Yield to maturity3.697%Mar 18, 2026Yield to maturity3.760%Mar 20, 2026Yield to maturity3.913%Mar 24, 2026Yield to maturity3.939%Mar 26, 2026Yield to maturity4.016%Mar 30, 2026Yield to maturity3.852%Apr 1, 2026Yield to maturity3.841%Apr 3, 2026Yield to maturity3.880%Apr 7, 2026Yield to maturity3.843%Apr 9, 2026Yield to maturity3.805%Apr 13, 2026Yield to maturity3.794%Apr 15, 2026Yield to maturity3.781%Apr 17, 2026Yield to maturity3.718%Apr 21, 2026Yield to maturity3.796%Apr 23, 2026Yield to maturity3.849%Apr 27, 2026Yield to maturity3.824%Apr 29, 2026Yield to maturity3.943%May 1, 2026Yield to maturity3.905%May 5, 2026Yield to maturity3.959%May 7, 2026Yield to maturity3.947%May 11, 2026Yield to maturity3.976%May 13, 2026Yield to maturity4.017%May 15, 2026Yield to maturity4.140%May 19, 2026Yield to maturity4.181%May 21, 2026Yield to maturity4.129%May 26, 2026Yield to maturity4.091%May 28, 2026Yield to maturity4.065%Jun 1, 2026Yield to maturity4.081%Jun 3, 2026Yield to maturity4.123%Jun 5, 2026Yield to maturity4.208%Jun 9, 2026Yield to maturity4.168%Jun 11, 2026Yield to maturity4.087%Jun 15, 2026Yield to maturity4.103%Jun 17, 2026Yield to maturity4.230%Jun 22, 2026Yield to maturity4.261%Jun 24, 2026Yield to maturity4.165%Jun 26, 2026Yield to maturity4.097%Jun 30, 2026Yield to maturity4.155%Jul 2, 2026Yield to maturity4.173%Jul 7, 2026Yield to maturity4.203%Jul 9, 2026Yield to maturity4.190%Jul 13, 2026Yield to maturity4.293%Jul 15, 2026Yield to maturity4.166%Jul 17, 2026Yield to maturity4.197%Jul 21, 2026Yield to maturity4.286%Jul 23, 2026Yield to maturity4.389%Jul 27, 2026Yield to maturity4.349%Jul 29, 2026Yield to maturity4.264%Jul 31, 2026Yield to maturity4.326%Aug 4, 2026Yield to maturity4.239%Aug 6, 2026Yield to maturity4.285%Aug 10, 2026Yield to maturity4.289%Aug 12, 2026Yield to maturity4.232%Aug 14, 2026Yield to maturity4.205%Aug 18, 2026Yield to maturity4.207%Aug 20, 2026Yield to maturity4.223%Aug 24, 2026Yield to maturity4.272%Aug 26, 2026Yield to maturity4.244%Aug 28, 2026Yield to maturity4.368%Sep 1, 2026Yield to maturity4.416%Sep 3, 2026Yield to maturity4.357%Sep 8, 2026Yield to maturity4.424%Sep 10, 2026Yield to maturity4.596%Sep 14, 2026Yield to maturity4.679%Sep 16, 2026Yield to maturity4.760%Sep 18, 2026Yield to maturity4.782%Sep 22, 2026Yield to maturity4.785%Sep 24, 2026Yield to maturity4.931%Sep 28, 2026Yield to maturity4.954%Sep 30, 2026Yield to maturity4.910%Oct 2, 2026Yield to maturity4.869%Oct 6, 2026Yield to maturity4.824%Oct 8, 2026Yield to maturity4.795%Oct 13, 2026Yield to maturity4.820%Oct 15, 2026Yield to maturity4.791%Oct 19, 2026Yield to maturity4.781%Oct 21, 2026Yield to maturity4.817%Oct 23, 2026Yield to maturity4.693%Oct 27, 2026Yield to maturity4.762%Oct 29, 2026Yield to maturity4.666%Nov 2, 2026Yield to maturity4.607%Nov 4, 2026Yield to maturity4.593%Nov 6, 2026Yield to maturity4.532%Nov 9, 2026Yield to maturity4.567%

Price history

246 trading days to Nov 9, 2026

97.097.598.098.599.099.5100.0100.5Nov 17, 2025Nov 9, 2026Nov 17, 2025Close99.719Nov 19, 2025Close99.750Nov 21, 2025Close100.000Nov 25, 2025Close100.125Nov 28, 2025Close100.031Dec 2, 2025Close99.906Dec 4, 2025Close99.875Dec 8, 2025Close99.688Dec 10, 2025Close99.781Dec 12, 2025Close99.750Dec 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, 2026Close99.750Jan 13, 2026Close99.813Jan 15, 2026Close99.688Jan 20, 2026Close99.563Jan 22, 2026Close99.563Jan 26, 2026Close99.594Jan 28, 2026Close99.594Jan 30, 2026Close99.750Feb 3, 2026Close99.656Feb 5, 2026Close99.906Feb 9, 2026Close99.875Feb 11, 2026Close99.844Feb 13, 2026Close100.156Feb 18, 2026Close100.000Feb 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, 2026Close99.500Mar 18, 2026Close99.344Mar 20, 2026Close98.969Mar 24, 2026Close98.906Mar 26, 2026Close98.719Mar 30, 2026Close99.125Apr 1, 2026Close99.156Apr 3, 2026Close99.063Apr 7, 2026Close99.156Apr 9, 2026Close99.250Apr 13, 2026Close99.281Apr 15, 2026Close99.313Apr 17, 2026Close99.469Apr 21, 2026Close99.281Apr 23, 2026Close99.156Apr 27, 2026Close99.219Apr 29, 2026Close98.938May 1, 2026Close99.031May 5, 2026Close98.906May 7, 2026Close98.938May 11, 2026Close98.875May 13, 2026Close98.781May 15, 2026Close98.500May 19, 2026Close98.406May 21, 2026Close98.531May 26, 2026Close98.625May 28, 2026Close98.688Jun 1, 2026Close98.656Jun 3, 2026Close98.563Jun 5, 2026Close98.375Jun 9, 2026Close98.469Jun 11, 2026Close98.656Jun 15, 2026Close98.625Jun 17, 2026Close98.344Jun 22, 2026Close98.281Jun 24, 2026Close98.500Jun 26, 2026Close98.656Jun 30, 2026Close98.531Jul 2, 2026Close98.500Jul 7, 2026Close98.438Jul 9, 2026Close98.469Jul 13, 2026Close98.250Jul 15, 2026Close98.531Jul 17, 2026Close98.469Jul 21, 2026Close98.281Jul 23, 2026Close98.063Jul 27, 2026Close98.156Jul 29, 2026Close98.344Jul 31, 2026Close98.219Aug 4, 2026Close98.406Aug 6, 2026Close98.313Aug 10, 2026Close98.313Aug 12, 2026Close98.438Aug 14, 2026Close98.500Aug 18, 2026Close98.500Aug 20, 2026Close98.469Aug 24, 2026Close98.375Aug 26, 2026Close98.438Aug 28, 2026Close98.188Sep 1, 2026Close98.094Sep 3, 2026Close98.219Sep 8, 2026Close98.094Sep 10, 2026Close97.750Sep 14, 2026Close97.594Sep 16, 2026Close97.438Sep 18, 2026Close97.406Sep 22, 2026Close97.406Sep 24, 2026Close97.125Sep 28, 2026Close97.094Sep 30, 2026Close97.188Oct 2, 2026Close97.281Oct 6, 2026Close97.375Oct 8, 2026Close97.438Oct 13, 2026Close97.406Oct 15, 2026Close97.469Oct 19, 2026Close97.500Oct 21, 2026Close97.438Oct 23, 2026Close97.688Oct 27, 2026Close97.563Oct 29, 2026Close97.750Nov 2, 2026Close97.875Nov 4, 2026Close97.906Nov 6, 2026Close98.031Nov 9, 2026Close97.969
The most recent 20 trading days of prices for 91282CPK1.
DateBidOfferClose
Nov 9, 202697.93897.95397.969
Nov 6, 202698.03198.03198.031
Nov 5, 202698.00098.01698.125
Nov 4, 202697.87597.87597.906
Nov 3, 202697.84497.85997.844
Nov 2, 202697.90697.90697.875
Oct 30, 202697.81397.82897.906
Oct 29, 202697.75097.76697.750
Oct 28, 202697.50097.51697.625
Oct 27, 202697.59497.60997.563
Oct 26, 202697.62597.64197.625
Oct 23, 202697.65697.67297.688
Oct 22, 202697.62597.64197.719
Oct 21, 202697.46997.46997.438
Oct 20, 202697.50097.50097.469
Oct 19, 202697.50097.50097.500
Oct 16, 202697.56397.57897.563
Oct 15, 202697.46997.48497.469
Oct 14, 202697.25097.26697.375
Oct 13, 202697.37597.39197.406

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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.