Treasury note

91282CPQ8 · 3.875% due December 31, 2032

Original term
7-Year
Maturity
Dec 31, 2032
Coupon
3.875%
Pays
Semi-Annual
Dated
Dec 31, 2025
First coupon
Jun 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$48.69bn
Held stripped
$1.6m
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
4.821%
Modified duration
5.455 yr
DV01
0.0522
Convexity
34.842
Dirty price
95.675

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 5.587 years against a modified duration of 5.455.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 14.15 cents per 100 of face.

That is 0.83 standard deviations from its own typical residual.

Yield to maturity, 175 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%5.0%Dec 31, 2025Sep 10, 2026Dec 31, 2025Yield to maturity3.942%Jan 7, 2026Yield to maturity3.906%Jan 13, 2026Yield to maturity3.947%Jan 20, 2026Yield to maturity4.073%Jan 26, 2026Yield to maturity4.010%Jan 30, 2026Yield to maturity4.010%Feb 5, 2026Yield to maturity3.958%Feb 11, 2026Yield to maturity3.948%Feb 18, 2026Yield to maturity3.848%Feb 24, 2026Yield to maturity3.796%Mar 2, 2026Yield to maturity3.806%Mar 6, 2026Yield to maturity3.916%Mar 12, 2026Yield to maturity4.055%Mar 18, 2026Yield to maturity4.039%Mar 24, 2026Yield to maturity4.201%Mar 30, 2026Yield to maturity4.147%Apr 3, 2026Yield to maturity4.159%Apr 9, 2026Yield to maturity4.083%Apr 15, 2026Yield to maturity4.062%Apr 21, 2026Yield to maturity4.068%Apr 27, 2026Yield to maturity4.123%May 1, 2026Yield to maturity4.184%May 7, 2026Yield to maturity4.195%May 13, 2026Yield to maturity4.262%May 19, 2026Yield to maturity4.475%May 26, 2026Yield to maturity4.314%Jun 1, 2026Yield to maturity4.298%Jun 5, 2026Yield to maturity4.395%Jun 11, 2026Yield to maturity4.283%Jun 17, 2026Yield to maturity4.352%Jun 24, 2026Yield to maturity4.269%Jun 30, 2026Yield to maturity4.281%Jul 7, 2026Yield to maturity4.378%Jul 13, 2026Yield to maturity4.459%Jul 17, 2026Yield to maturity4.374%Jul 23, 2026Yield to maturity4.548%Jul 29, 2026Yield to maturity4.480%Aug 4, 2026Yield to maturity4.435%Aug 10, 2026Yield to maturity4.517%Aug 14, 2026Yield to maturity4.472%Aug 20, 2026Yield to maturity4.490%Aug 26, 2026Yield to maturity4.474%Sep 1, 2026Yield to maturity4.634%Sep 8, 2026Yield to maturity4.648%Sep 10, 2026Yield to maturity4.821%

Price history

175 trading days to Sep 10, 2026

949596979899100101Dec 31, 2025Sep 10, 2026Dec 31, 2025Close99.594Jan 7, 2026Close99.813Jan 13, 2026Close99.563Jan 20, 2026Close98.813Jan 26, 2026Close99.188Jan 30, 2026Close99.188Feb 5, 2026Close99.500Feb 11, 2026Close99.563Feb 18, 2026Close100.156Feb 24, 2026Close100.469Mar 2, 2026Close100.406Mar 6, 2026Close99.750Mar 12, 2026Close98.938Mar 18, 2026Close99.031Mar 24, 2026Close98.094Mar 30, 2026Close98.406Apr 3, 2026Close98.344Apr 9, 2026Close98.781Apr 15, 2026Close98.906Apr 21, 2026Close98.875Apr 27, 2026Close98.563May 1, 2026Close98.219May 7, 2026Close98.156May 13, 2026Close97.781May 19, 2026Close96.594May 26, 2026Close97.500Jun 1, 2026Close97.594Jun 5, 2026Close97.063Jun 11, 2026Close97.688Jun 17, 2026Close97.313Jun 24, 2026Close97.781Jun 30, 2026Close97.719Jul 7, 2026Close97.188Jul 13, 2026Close96.750Jul 17, 2026Close97.219Jul 23, 2026Close96.281Jul 29, 2026Close96.656Aug 4, 2026Close96.906Aug 10, 2026Close96.469Aug 14, 2026Close96.719Aug 20, 2026Close96.625Aug 26, 2026Close96.719Sep 1, 2026Close95.875Sep 8, 2026Close95.813Sep 10, 2026Close94.906
The most recent 20 trading days of prices for 91282CPQ8.
DateBidOfferClose
Sep 10, 202695.10995.09494.906
Sep 9, 202695.57895.56395.625
Sep 8, 202695.85995.84495.813
Sep 4, 202695.98495.96995.938
Sep 3, 202696.17296.15696.031
Sep 2, 202695.85995.84495.875
Sep 1, 202696.04796.03195.875
Aug 31, 202696.14196.12596.125
Aug 28, 202696.39196.37596.219
Aug 27, 202696.76696.75096.656
Aug 26, 202696.78196.78196.719
Aug 25, 202696.85996.84496.906
Aug 24, 202696.64196.62596.531
Aug 21, 202696.42296.40696.406
Aug 20, 202696.60996.59496.625
Aug 19, 202696.79796.78196.875
Aug 18, 202696.64196.62596.656
Aug 17, 202696.68896.68896.594
Aug 14, 202696.79796.78196.719
Aug 13, 202696.95396.93896.969

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 91282CPQ8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 24, 2025Dec 31, 2025New issue$44.0bn$48.7bn2.51x3.930%

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.