Treasury note

91282CPP0 · 3.5% due December 15, 2028

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

Statement of August 31, 2026

Amount outstanding
$57.97bn
Held stripped
$56.0m
Share stripped
0.10%

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
4.602%
Modified duration
2.125 yr
DV01
0.0209
Convexity
5.670
Dirty price
98.498

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 2.174 years against a modified duration of 2.125.

Against the fitted curve

Priced 1.4 bp rich to the curve on that day, 3.03 cents per 100 of face.

That is -0.17 standard deviations from its own typical residual.

Yield to maturity, 186 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Dec 15, 2025Sep 10, 2026Dec 15, 2025Yield to maturity3.555%Dec 22, 2025Yield to maturity3.556%Dec 30, 2025Yield to maturity3.500%Jan 7, 2026Yield to maturity3.522%Jan 14, 2026Yield to maturity3.556%Jan 22, 2026Yield to maturity3.671%Jan 29, 2026Yield to maturity3.614%Feb 5, 2026Yield to maturity3.534%Feb 12, 2026Yield to maturity3.499%Feb 20, 2026Yield to maturity3.499%Feb 27, 2026Yield to maturity3.380%Mar 6, 2026Yield to maturity3.582%Mar 13, 2026Yield to maturity3.752%Mar 20, 2026Yield to maturity3.912%Mar 27, 2026Yield to maturity3.940%Apr 3, 2026Yield to maturity3.868%Apr 10, 2026Yield to maturity3.821%Apr 17, 2026Yield to maturity3.723%Apr 24, 2026Yield to maturity3.801%May 1, 2026Yield to maturity3.905%May 8, 2026Yield to maturity3.908%May 15, 2026Yield to maturity4.132%May 22, 2026Yield to maturity4.163%Jun 1, 2026Yield to maturity4.089%Jun 8, 2026Yield to maturity4.200%Jun 15, 2026Yield to maturity4.098%Jun 23, 2026Yield to maturity4.225%Jun 30, 2026Yield to maturity4.162%Jul 8, 2026Yield to maturity4.222%Jul 15, 2026Yield to maturity4.158%Jul 22, 2026Yield to maturity4.331%Jul 29, 2026Yield to maturity4.266%Aug 5, 2026Yield to maturity4.230%Aug 12, 2026Yield to maturity4.235%Aug 19, 2026Yield to maturity4.212%Aug 26, 2026Yield to maturity4.247%Sep 2, 2026Yield to maturity4.414%Sep 10, 2026Yield to maturity4.602%

Price history

186 trading days to Sep 10, 2026

97.5098.0098.5099.0099.50100.00100.50Dec 15, 2025Sep 10, 2026Dec 15, 2025Close99.844Dec 22, 2025Close99.844Dec 30, 2025Close100.000Jan 7, 2026Close99.938Jan 14, 2026Close99.844Jan 22, 2026Close99.531Jan 29, 2026Close99.688Feb 5, 2026Close99.906Feb 12, 2026Close100.000Feb 20, 2026Close100.000Feb 27, 2026Close100.313Mar 6, 2026Close99.781Mar 13, 2026Close99.344Mar 20, 2026Close98.938Mar 27, 2026Close98.875Apr 3, 2026Close99.063Apr 10, 2026Close99.188Apr 17, 2026Close99.438Apr 24, 2026Close99.250May 1, 2026Close99.000May 8, 2026Close99.000May 15, 2026Close98.469May 22, 2026Close98.406Jun 1, 2026Close98.594Jun 8, 2026Close98.344Jun 15, 2026Close98.594Jun 23, 2026Close98.313Jun 30, 2026Close98.469Jul 8, 2026Close98.344Jul 15, 2026Close98.500Jul 22, 2026Close98.125Jul 29, 2026Close98.281Aug 5, 2026Close98.375Aug 12, 2026Close98.375Aug 19, 2026Close98.438Aug 26, 2026Close98.375Sep 2, 2026Close98.031Sep 10, 2026Close97.656
The most recent 20 trading days of prices for 91282CPP0.
DateBidOfferClose
Sep 10, 202697.73497.71997.656
Sep 9, 202697.95397.93897.938
Sep 8, 202698.04798.03198.031
Sep 4, 202698.07898.06398.063
Sep 3, 202698.17298.15698.125
Sep 2, 202698.03198.03198.031
Sep 1, 202698.07898.06398.000
Aug 31, 202698.14198.12598.125
Aug 28, 202698.17298.15698.094
Aug 27, 202698.39198.37598.344
Aug 26, 202698.39198.37598.375
Aug 25, 202698.42298.40698.406
Aug 24, 202698.35998.34498.313
Aug 21, 202698.31398.31398.313
Aug 20, 202698.42298.40698.406
Aug 19, 202698.42298.40698.438
Aug 18, 202698.43898.43898.438
Aug 17, 202698.45398.43898.438
Aug 14, 202698.48498.46998.438
Aug 13, 202698.50098.50098.500

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 91282CPP0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 8, 2025Dec 15, 2025New issue$58.0bn$58.0bn2.64x3.614%

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.