Treasury note

91282CQA2 · 3.5% due February 15, 2029

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

Statement of August 31, 2026

Amount outstanding
$74.43bn
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
4.627%
Modified duration
2.288 yr
DV01
0.0224
Convexity
6.469
Dirty price
97.694

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 2.344 years against a modified duration of 2.288.

Against the fitted curve

Priced 1.3 bp rich to the curve on that day, 2.87 cents per 100 of face.

That is 0.65 standard deviations from its own typical residual.

Yield to maturity, 144 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Feb 17, 2026Sep 10, 2026Feb 17, 2026Yield to maturity3.467%Feb 23, 2026Yield to maturity3.444%Feb 27, 2026Yield to maturity3.388%Mar 5, 2026Yield to maturity3.590%Mar 11, 2026Yield to maturity3.658%Mar 17, 2026Yield to maturity3.670%Mar 23, 2026Yield to maturity3.856%Mar 27, 2026Yield to maturity3.939%Apr 2, 2026Yield to maturity3.812%Apr 8, 2026Yield to maturity3.802%Apr 14, 2026Yield to maturity3.756%Apr 20, 2026Yield to maturity3.734%Apr 24, 2026Yield to maturity3.795%Apr 30, 2026Yield to maturity3.904%May 6, 2026Yield to maturity3.894%May 12, 2026Yield to maturity4.018%May 18, 2026Yield to maturity4.143%May 22, 2026Yield to maturity4.172%May 29, 2026Yield to maturity4.052%Jun 4, 2026Yield to maturity4.092%Jun 10, 2026Yield to maturity4.183%Jun 16, 2026Yield to maturity4.086%Jun 23, 2026Yield to maturity4.218%Jun 29, 2026Yield to maturity4.120%Jul 6, 2026Yield to maturity4.150%Jul 10, 2026Yield to maturity4.232%Jul 16, 2026Yield to maturity4.196%Jul 22, 2026Yield to maturity4.345%Jul 28, 2026Yield to maturity4.311%Aug 3, 2026Yield to maturity4.303%Aug 7, 2026Yield to maturity4.241%Aug 13, 2026Yield to maturity4.204%Aug 19, 2026Yield to maturity4.222%Aug 25, 2026Yield to maturity4.240%Aug 31, 2026Yield to maturity4.381%Sep 4, 2026Yield to maturity4.429%Sep 10, 2026Yield to maturity4.627%

Price history

144 trading days to Sep 10, 2026

97.0097.5098.0098.5099.0099.50100.00100.50Feb 17, 2026Sep 10, 2026Feb 17, 2026Close100.094Feb 23, 2026Close100.156Feb 27, 2026Close100.313Mar 5, 2026Close99.750Mar 11, 2026Close99.563Mar 17, 2026Close99.531Mar 23, 2026Close99.031Mar 27, 2026Close98.813Apr 2, 2026Close99.156Apr 8, 2026Close99.188Apr 14, 2026Close99.313Apr 20, 2026Close99.375Apr 24, 2026Close99.219Apr 30, 2026Close98.938May 6, 2026Close98.969May 12, 2026Close98.656May 18, 2026Close98.344May 22, 2026Close98.281May 29, 2026Close98.594Jun 4, 2026Close98.500Jun 10, 2026Close98.281Jun 16, 2026Close98.531Jun 23, 2026Close98.219Jun 29, 2026Close98.469Jul 6, 2026Close98.406Jul 10, 2026Close98.219Jul 16, 2026Close98.313Jul 22, 2026Close97.969Jul 28, 2026Close98.063Aug 3, 2026Close98.094Aug 7, 2026Close98.250Aug 13, 2026Close98.344Aug 19, 2026Close98.313Aug 25, 2026Close98.281Aug 31, 2026Close97.969Sep 4, 2026Close97.875Sep 10, 2026Close97.438
The most recent 20 trading days of prices for 91282CQA2.
DateBidOfferClose
Sep 10, 202697.53197.53197.438
Sep 9, 202697.76697.75097.750
Sep 8, 202697.85997.84497.844
Sep 4, 202697.90697.90697.875
Sep 3, 202698.00098.00097.969
Sep 2, 202697.85997.84497.875
Sep 1, 202697.90697.90697.844
Aug 31, 202697.96997.96997.969
Aug 28, 202698.01698.00097.938
Aug 27, 202698.25098.25098.188
Aug 26, 202698.25098.25098.219
Aug 25, 202698.28198.28198.281
Aug 24, 202698.20398.18898.156
Aug 21, 202698.15698.15698.156
Aug 20, 202698.26698.25098.281
Aug 19, 202698.28198.28198.313
Aug 18, 202698.29798.28198.281
Aug 17, 202698.31398.31398.281
Aug 14, 202698.34498.34498.281
Aug 13, 202698.35998.34498.344

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 91282CQA2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 10, 2026Feb 17, 2026New issue$58.0bn$74.4bn2.62x3.518%

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.