Treasury note

91282CQH7 · 3.875% due March 31, 2028

Original term
2-Year
Maturity
Mar 31, 2028
Coupon
3.875%
Pays
Semi-Annual
Dated
Mar 31, 2026
First coupon
Sep 30, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$76.13bn
Held stripped
$3.2m
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
4.506%
Modified duration
1.462 yr
DV01
0.0147
Convexity
2.914
Dirty price
100.799

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 4 of twelve buckets, summing to 1.496 years against a modified duration of 1.462.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 0.85 cents per 100 of face.

That is 0.57 standard deviations from its own typical residual.

Yield to maturity, 114 observations

3.6%3.8%4.0%4.2%4.4%4.6%Mar 31, 2026Sep 10, 2026Mar 31, 2026Yield to maturity3.793%Apr 3, 2026Yield to maturity3.842%Apr 8, 2026Yield to maturity3.792%Apr 13, 2026Yield to maturity3.774%Apr 16, 2026Yield to maturity3.774%Apr 21, 2026Yield to maturity3.773%Apr 24, 2026Yield to maturity3.772%Apr 29, 2026Yield to maturity3.925%May 4, 2026Yield to maturity3.959%May 7, 2026Yield to maturity3.925%May 12, 2026Yield to maturity3.995%May 15, 2026Yield to maturity4.083%May 20, 2026Yield to maturity4.031%May 26, 2026Yield to maturity4.050%May 29, 2026Yield to maturity3.998%Jun 3, 2026Yield to maturity4.088%Jun 8, 2026Yield to maturity4.162%Jun 11, 2026Yield to maturity4.054%Jun 16, 2026Yield to maturity4.055%Jun 22, 2026Yield to maturity4.242%Jun 25, 2026Yield to maturity4.132%Jun 30, 2026Yield to maturity4.153%Jul 6, 2026Yield to maturity4.136%Jul 9, 2026Yield to maturity4.176%Jul 14, 2026Yield to maturity4.178%Jul 17, 2026Yield to maturity4.180%Jul 22, 2026Yield to maturity4.298%Jul 27, 2026Yield to maturity4.322%Jul 30, 2026Yield to maturity4.225%Aug 4, 2026Yield to maturity4.189%Aug 7, 2026Yield to maturity4.171%Aug 12, 2026Yield to maturity4.173%Aug 17, 2026Yield to maturity4.155%Aug 20, 2026Yield to maturity4.157%Aug 25, 2026Yield to maturity4.180%Aug 28, 2026Yield to maturity4.327%Sep 2, 2026Yield to maturity4.351%Sep 8, 2026Yield to maturity4.356%Sep 10, 2026Yield to maturity4.506%

Price history

114 trading days to Sep 10, 2026

99.0099.2599.5099.75100.00100.25100.50Mar 31, 2026Sep 10, 2026Mar 31, 2026Close100.156Apr 3, 2026Close100.063Apr 8, 2026Close100.156Apr 13, 2026Close100.188Apr 16, 2026Close100.188Apr 21, 2026Close100.188Apr 24, 2026Close100.188Apr 29, 2026Close99.906May 4, 2026Close99.844May 7, 2026Close99.906May 12, 2026Close99.781May 15, 2026Close99.625May 20, 2026Close99.719May 26, 2026Close99.688May 29, 2026Close99.781Jun 3, 2026Close99.625Jun 8, 2026Close99.500Jun 11, 2026Close99.688Jun 16, 2026Close99.688Jun 22, 2026Close99.375Jun 25, 2026Close99.563Jun 30, 2026Close99.531Jul 6, 2026Close99.563Jul 9, 2026Close99.500Jul 14, 2026Close99.500Jul 17, 2026Close99.500Jul 22, 2026Close99.313Jul 27, 2026Close99.281Jul 30, 2026Close99.438Aug 4, 2026Close99.500Aug 7, 2026Close99.531Aug 12, 2026Close99.531Aug 17, 2026Close99.563Aug 20, 2026Close99.563Aug 25, 2026Close99.531Aug 28, 2026Close99.313Sep 2, 2026Close99.281Sep 8, 2026Close99.281Sep 10, 2026Close99.063
The most recent 20 trading days of prices for 91282CQH7.
DateBidOfferClose
Sep 10, 202699.10999.09499.063
Sep 9, 202699.25099.25099.250
Sep 8, 202699.29799.28199.281
Sep 4, 202699.31399.31399.313
Sep 3, 202699.37599.37599.344
Sep 2, 202699.28199.28199.281
Sep 1, 202699.29799.28199.250
Aug 31, 202699.34499.34499.313
Aug 28, 202699.35999.34499.313
Aug 27, 202699.53199.53199.500
Aug 26, 202699.53199.53199.500
Aug 25, 202699.54799.53199.531
Aug 24, 202699.51699.50099.469
Aug 21, 202699.48499.46999.500
Aug 20, 202699.56399.56399.563
Aug 19, 202699.56399.56399.563
Aug 18, 202699.57899.56399.563
Aug 17, 202699.59499.59499.563
Aug 14, 202699.60999.59499.563
Aug 13, 202699.60999.59499.594

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 91282CQH7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 24, 2026Mar 31, 2026New issue$69.0bn$76.1bn2.44x3.936%

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.