Treasury note

91282CPL9 · 3.375% due November 30, 2027

Original term
2-Year
Maturity
Nov 30, 2027
Coupon
3.375%
Pays
Semi-Annual
Dated
Nov 30, 2025
First coupon
May 31, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$76.37bn
Held stripped
$4.8m
Share stripped
<0.01%

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
4.463%
Modified duration
1.168 yr
DV01
0.0116
Convexity
1.954
Dirty price
99.669

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 4 of twelve buckets, summing to 1.194 years against a modified duration of 1.168.

Against the fitted curve

Priced 4.7 bp cheap to the curve on that day, 5.43 cents per 100 of face.

That is 2.18 standard deviations from its own typical residual.

Yield to maturity, 196 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 1, 2025Sep 10, 2026Dec 1, 2025Yield to maturity3.539%Dec 8, 2025Yield to maturity3.573%Dec 15, 2025Yield to maturity3.508%Dec 22, 2025Yield to maturity3.509%Dec 30, 2025Yield to maturity3.459%Jan 7, 2026Yield to maturity3.477%Jan 14, 2026Yield to maturity3.512%Jan 22, 2026Yield to maturity3.602%Jan 29, 2026Yield to maturity3.551%Feb 5, 2026Yield to maturity3.481%Feb 12, 2026Yield to maturity3.464%Feb 20, 2026Yield to maturity3.483%Feb 27, 2026Yield to maturity3.410%Mar 6, 2026Yield to maturity3.580%Mar 13, 2026Yield to maturity3.754%Mar 20, 2026Yield to maturity3.932%Mar 27, 2026Yield to maturity3.939%Apr 3, 2026Yield to maturity3.866%Apr 10, 2026Yield to maturity3.832%Apr 17, 2026Yield to maturity3.736%Apr 24, 2026Yield to maturity3.781%May 1, 2026Yield to maturity3.890%May 8, 2026Yield to maturity3.897%May 15, 2026Yield to maturity4.031%May 22, 2026Yield to maturity4.106%Jun 1, 2026Yield to maturity4.006%Jun 8, 2026Yield to maturity4.124%Jun 15, 2026Yield to maturity4.043%Jun 23, 2026Yield to maturity4.190%Jun 30, 2026Yield to maturity4.154%Jul 8, 2026Yield to maturity4.189%Jul 15, 2026Yield to maturity4.105%Jul 22, 2026Yield to maturity4.283%Jul 29, 2026Yield to maturity4.198%Aug 5, 2026Yield to maturity4.160%Aug 12, 2026Yield to maturity4.146%Aug 19, 2026Yield to maturity4.106%Aug 26, 2026Yield to maturity4.169%Sep 2, 2026Yield to maturity4.312%Sep 10, 2026Yield to maturity4.463%

Price history

196 trading days to Sep 10, 2026

98.5098.7599.0099.2599.5099.75100.00Dec 1, 2025Sep 10, 2026Dec 1, 2025Close99.688Dec 8, 2025Close99.625Dec 15, 2025Close99.750Dec 22, 2025Close99.750Dec 30, 2025Close99.844Jan 7, 2026Close99.813Jan 14, 2026Close99.750Jan 22, 2026Close99.594Jan 29, 2026Close99.688Feb 5, 2026Close99.813Feb 12, 2026Close99.844Feb 20, 2026Close99.813Feb 27, 2026Close99.938Mar 6, 2026Close99.656Mar 13, 2026Close99.375Mar 20, 2026Close99.094Mar 27, 2026Close99.094Apr 3, 2026Close99.219Apr 10, 2026Close99.281Apr 17, 2026Close99.438Apr 24, 2026Close99.375May 1, 2026Close99.219May 8, 2026Close99.219May 15, 2026Close99.031May 22, 2026Close98.938Jun 1, 2026Close99.094Jun 8, 2026Close98.938Jun 15, 2026Close99.063Jun 23, 2026Close98.875Jun 30, 2026Close98.938Jul 8, 2026Close98.906Jul 15, 2026Close99.031Jul 22, 2026Close98.813Jul 29, 2026Close98.938Aug 5, 2026Close99.000Aug 12, 2026Close99.031Aug 19, 2026Close99.094Aug 26, 2026Close99.031Sep 2, 2026Close98.875Sep 10, 2026Close98.719
The most recent 20 trading days of prices for 91282CPL9.
DateBidOfferClose
Sep 10, 202698.79798.78198.719
Sep 9, 202698.89198.87598.875
Sep 8, 202698.92298.90698.906
Sep 4, 202698.93898.93898.906
Sep 3, 202698.95398.93898.938
Sep 2, 202698.89198.87598.875
Sep 1, 202698.89198.87598.875
Aug 31, 202698.92298.90698.906
Aug 28, 202698.92298.90698.906
Aug 27, 202699.06399.06399.031
Aug 26, 202699.06399.06399.031
Aug 25, 202699.07899.06399.063
Aug 24, 202699.04799.03199.031
Aug 21, 202699.03199.03199.031
Aug 20, 202699.09499.09499.094
Aug 19, 202699.07899.06399.094
Aug 18, 202699.07899.06399.063
Aug 17, 202699.09499.09499.063
Aug 14, 202699.10999.09499.063
Aug 13, 202699.09499.09499.094

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 91282CPL9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 24, 2025Dec 1, 2025New issue$69.0bn$76.9bn2.68x3.489%

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.