Treasury note

91282CPT2 · 3.5% due January 15, 2029

Original term
3-Year
Maturity
Jan 15, 2029
Coupon
3.500%
Pays
Semi-Annual
Dated
Jan 15, 2026
First coupon
Jul 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$74.88bn
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
4.608%
Modified duration
2.206 yr
DV01
0.0216
Convexity
6.060
Dirty price
98.114

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 2.259 years against a modified duration of 2.206.

Against the fitted curve

Priced 2.2 bp rich to the curve on that day, 4.78 cents per 100 of face.

That is -0.76 standard deviations from its own typical residual.

Yield to maturity, 165 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Jan 15, 2026Sep 10, 2026Jan 15, 2026Yield to maturity3.622%Jan 22, 2026Yield to maturity3.679%Jan 28, 2026Yield to maturity3.657%Feb 3, 2026Yield to maturity3.635%Feb 9, 2026Yield to maturity3.556%Feb 13, 2026Yield to maturity3.442%Feb 20, 2026Yield to maturity3.499%Feb 26, 2026Yield to maturity3.453%Mar 4, 2026Yield to maturity3.545%Mar 10, 2026Yield to maturity3.604%Mar 16, 2026Yield to maturity3.686%Mar 20, 2026Yield to maturity3.913%Mar 26, 2026Yield to maturity4.010%Apr 1, 2026Yield to maturity3.844%Apr 7, 2026Yield to maturity3.834%Apr 13, 2026Yield to maturity3.800%Apr 17, 2026Yield to maturity3.716%Apr 23, 2026Yield to maturity3.839%Apr 29, 2026Yield to maturity3.940%May 5, 2026Yield to maturity3.955%May 11, 2026Yield to maturity3.970%May 15, 2026Yield to maturity4.137%May 21, 2026Yield to maturity4.127%May 28, 2026Yield to maturity4.068%Jun 3, 2026Yield to maturity4.123%Jun 9, 2026Yield to maturity4.179%Jun 15, 2026Yield to maturity4.105%Jun 22, 2026Yield to maturity4.267%Jun 26, 2026Yield to maturity4.100%Jul 2, 2026Yield to maturity4.171%Jul 9, 2026Yield to maturity4.201%Jul 15, 2026Yield to maturity4.165%Jul 21, 2026Yield to maturity4.291%Jul 27, 2026Yield to maturity4.364%Jul 31, 2026Yield to maturity4.328%Aug 6, 2026Yield to maturity4.290%Aug 12, 2026Yield to maturity4.254%Aug 18, 2026Yield to maturity4.230%Aug 24, 2026Yield to maturity4.277%Aug 28, 2026Yield to maturity4.381%Sep 3, 2026Yield to maturity4.385%Sep 10, 2026Yield to maturity4.608%

Price history

165 trading days to Sep 10, 2026

97.5098.0098.5099.0099.50100.00100.50Jan 15, 2026Sep 10, 2026Jan 15, 2026Close99.656Jan 22, 2026Close99.500Jan 28, 2026Close99.563Feb 3, 2026Close99.625Feb 9, 2026Close99.844Feb 13, 2026Close100.156Feb 20, 2026Close100.000Feb 26, 2026Close100.125Mar 4, 2026Close99.875Mar 10, 2026Close99.719Mar 16, 2026Close99.500Mar 20, 2026Close98.906Mar 26, 2026Close98.656Apr 1, 2026Close99.094Apr 7, 2026Close99.125Apr 13, 2026Close99.219Apr 17, 2026Close99.438Apr 23, 2026Close99.125Apr 29, 2026Close98.875May 5, 2026Close98.844May 11, 2026Close98.813May 15, 2026Close98.406May 21, 2026Close98.438May 28, 2026Close98.594Jun 3, 2026Close98.469Jun 9, 2026Close98.344Jun 15, 2026Close98.531Jun 22, 2026Close98.156Jun 26, 2026Close98.563Jul 2, 2026Close98.406Jul 9, 2026Close98.344Jul 15, 2026Close98.438Jul 21, 2026Close98.156Jul 27, 2026Close98.000Jul 31, 2026Close98.094Aug 6, 2026Close98.188Aug 12, 2026Close98.281Aug 18, 2026Close98.344Aug 24, 2026Close98.250Aug 28, 2026Close98.031Sep 3, 2026Close98.031Sep 10, 2026Close97.563
The most recent 20 trading days of prices for 91282CPT2.
DateBidOfferClose
Sep 10, 202697.62597.62597.563
Sep 9, 202697.85997.84497.844
Sep 8, 202697.95397.93897.938
Sep 4, 202697.98497.96997.969
Sep 3, 202698.07898.06398.031
Sep 2, 202697.93897.93897.938
Sep 1, 202697.98497.96997.938
Aug 31, 202698.04798.03198.031
Aug 28, 202698.07898.06398.031
Aug 27, 202698.31398.31398.281
Aug 26, 202698.31398.31398.281
Aug 25, 202698.34498.34498.344
Aug 24, 202698.28198.28198.250
Aug 21, 202698.23498.21998.250
Aug 20, 202698.32898.31398.344
Aug 19, 202698.34498.34498.375
Aug 18, 202698.35998.34498.344
Aug 17, 202698.37598.37598.344
Aug 14, 202698.42298.40698.375
Aug 13, 202698.42298.40698.406

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 91282CPT2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 12, 2026Jan 15, 2026New issue$58.0bn$74.9bn2.65x3.609%

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.