Treasury note

91282CPR6 · 3.625% due December 31, 2030

Original term
5-Year
Maturity
Dec 31, 2030
Coupon
3.625%
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
$77.46bn
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
4.727%
Modified duration
3.894 yr
DV01
0.0376
Convexity
17.834
Dirty price
96.469

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 6 of twelve buckets, summing to 3.987 years against a modified duration of 3.894.

Against the fitted curve

Priced 0.9 bp rich to the curve on that day, 3.39 cents per 100 of face.

That is -0.67 standard deviations from its own typical residual.

Yield to maturity, 175 observations

3.50%3.75%4.00%4.25%4.50%4.75%Dec 31, 2025Sep 10, 2026Dec 31, 2025Yield to maturity3.729%Jan 7, 2026Yield to maturity3.694%Jan 13, 2026Yield to maturity3.743%Jan 20, 2026Yield to maturity3.856%Jan 26, 2026Yield to maturity3.814%Jan 30, 2026Yield to maturity3.793%Feb 5, 2026Yield to maturity3.737%Feb 11, 2026Yield to maturity3.744%Feb 18, 2026Yield to maturity3.653%Feb 24, 2026Yield to maturity3.596%Mar 2, 2026Yield to maturity3.617%Mar 6, 2026Yield to maturity3.724%Mar 12, 2026Yield to maturity3.876%Mar 18, 2026Yield to maturity3.869%Mar 24, 2026Yield to maturity4.038%Mar 30, 2026Yield to maturity3.966%Apr 3, 2026Yield to maturity3.982%Apr 9, 2026Yield to maturity3.909%Apr 15, 2026Yield to maturity3.888%Apr 21, 2026Yield to maturity3.896%Apr 27, 2026Yield to maturity3.942%May 1, 2026Yield to maturity4.010%May 7, 2026Yield to maturity4.033%May 13, 2026Yield to maturity4.110%May 19, 2026Yield to maturity4.318%May 26, 2026Yield to maturity4.183%Jun 1, 2026Yield to maturity4.177%Jun 5, 2026Yield to maturity4.287%Jun 11, 2026Yield to maturity4.173%Jun 17, 2026Yield to maturity4.268%Jun 24, 2026Yield to maturity4.185%Jun 30, 2026Yield to maturity4.195%Jul 7, 2026Yield to maturity4.267%Jul 13, 2026Yield to maturity4.364%Jul 17, 2026Yield to maturity4.271%Jul 23, 2026Yield to maturity4.456%Jul 29, 2026Yield to maturity4.362%Aug 4, 2026Yield to maturity4.325%Aug 10, 2026Yield to maturity4.391%Aug 14, 2026Yield to maturity4.346%Aug 20, 2026Yield to maturity4.363%Aug 26, 2026Yield to maturity4.366%Sep 1, 2026Yield to maturity4.540%Sep 8, 2026Yield to maturity4.552%Sep 10, 2026Yield to maturity4.727%

Price history

175 trading days to Sep 10, 2026

9596979899100101Dec 31, 2025Sep 10, 2026Dec 31, 2025Close99.531Jan 7, 2026Close99.688Jan 13, 2026Close99.469Jan 20, 2026Close98.969Jan 26, 2026Close99.156Jan 30, 2026Close99.250Feb 5, 2026Close99.500Feb 11, 2026Close99.469Feb 18, 2026Close99.875Feb 24, 2026Close100.125Mar 2, 2026Close100.031Mar 6, 2026Close99.563Mar 12, 2026Close98.906Mar 18, 2026Close98.938Mar 24, 2026Close98.219Mar 30, 2026Close98.531Apr 3, 2026Close98.469Apr 9, 2026Close98.781Apr 15, 2026Close98.875Apr 21, 2026Close98.844Apr 27, 2026Close98.656May 1, 2026Close98.375May 7, 2026Close98.281May 13, 2026Close97.969May 19, 2026Close97.125May 26, 2026Close97.688Jun 1, 2026Close97.719Jun 5, 2026Close97.281Jun 11, 2026Close97.750Jun 17, 2026Close97.375Jun 24, 2026Close97.719Jun 30, 2026Close97.688Jul 7, 2026Close97.406Jul 13, 2026Close97.031Jul 17, 2026Close97.406Jul 23, 2026Close96.688Jul 29, 2026Close97.063Aug 4, 2026Close97.219Aug 10, 2026Close96.969Aug 14, 2026Close97.156Aug 20, 2026Close97.094Aug 26, 2026Close97.094Sep 1, 2026Close96.438Sep 8, 2026Close96.406Sep 10, 2026Close95.750
The most recent 20 trading days of prices for 91282CPR6.
DateBidOfferClose
Sep 10, 202695.85995.84495.750
Sep 9, 202696.26696.25096.250
Sep 8, 202696.45396.43896.406
Sep 4, 202696.53196.53196.500
Sep 3, 202696.70396.68896.594
Sep 2, 202696.46996.46996.469
Sep 1, 202696.56396.56396.438
Aug 31, 202696.67296.65696.656
Aug 28, 202696.79796.78196.688
Aug 27, 202697.14197.12597.063
Aug 26, 202697.14197.12597.094
Aug 25, 202697.20397.18897.219
Aug 24, 202697.06397.06397.000
Aug 21, 202696.92296.90696.938
Aug 20, 202697.07897.06397.094
Aug 19, 202697.17297.15697.219
Aug 18, 202697.15697.15697.156
Aug 17, 202697.17297.15697.125
Aug 14, 202697.25097.25097.156
Aug 13, 202697.32897.31397.344

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 91282CPR6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 23, 2025Dec 31, 2025New issue$70.0bn$77.5bn2.35x3.747%

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.