Treasury note

91282CQJ3 · 3.875% due April 15, 2029

Original term
3-Year
Maturity
Apr 15, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Apr 15, 2026
First coupon
Oct 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$68.28bn
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
4.636%
Modified duration
2.397 yr
DV01
0.0239
Convexity
7.145
Dirty price
99.734

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 2.451 years against a modified duration of 2.397.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 2.38 cents per 100 of face.

That is 1.40 standard deviations from its own typical residual.

Yield to maturity, 103 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Apr 15, 2026Sep 10, 2026Apr 15, 2026Yield to maturity3.786%Apr 20, 2026Yield to maturity3.730%Apr 23, 2026Yield to maturity3.841%Apr 28, 2026Yield to maturity3.863%May 1, 2026Yield to maturity3.908%May 6, 2026Yield to maturity3.886%May 11, 2026Yield to maturity3.977%May 14, 2026Yield to maturity4.034%May 19, 2026Yield to maturity4.197%May 22, 2026Yield to maturity4.175%May 28, 2026Yield to maturity4.071%Jun 2, 2026Yield to maturity4.095%Jun 5, 2026Yield to maturity4.214%Jun 10, 2026Yield to maturity4.179%Jun 15, 2026Yield to maturity4.098%Jun 18, 2026Yield to maturity4.194%Jun 24, 2026Yield to maturity4.147%Jun 29, 2026Yield to maturity4.112%Jul 2, 2026Yield to maturity4.162%Jul 8, 2026Yield to maturity4.236%Jul 13, 2026Yield to maturity4.298%Jul 16, 2026Yield to maturity4.189%Jul 21, 2026Yield to maturity4.289%Jul 24, 2026Yield to maturity4.366%Jul 29, 2026Yield to maturity4.280%Aug 3, 2026Yield to maturity4.307%Aug 6, 2026Yield to maturity4.308%Aug 11, 2026Yield to maturity4.285%Aug 14, 2026Yield to maturity4.237%Aug 19, 2026Yield to maturity4.238%Aug 24, 2026Yield to maturity4.291%Aug 27, 2026Yield to maturity4.279%Sep 1, 2026Yield to maturity4.449%Sep 4, 2026Yield to maturity4.439%Sep 10, 2026Yield to maturity4.636%

Price history

103 trading days to Sep 10, 2026

98.0098.5099.0099.50100.00100.50Apr 15, 2026Sep 10, 2026Apr 15, 2026Close100.250Apr 20, 2026Close100.406Apr 23, 2026Close100.094Apr 28, 2026Close100.031May 1, 2026Close99.906May 6, 2026Close99.969May 11, 2026Close99.719May 14, 2026Close99.563May 19, 2026Close99.125May 22, 2026Close99.188May 28, 2026Close99.469Jun 2, 2026Close99.406Jun 5, 2026Close99.094Jun 10, 2026Close99.188Jun 15, 2026Close99.406Jun 18, 2026Close99.156Jun 24, 2026Close99.281Jun 29, 2026Close99.375Jul 2, 2026Close99.250Jul 8, 2026Close99.063Jul 13, 2026Close98.906Jul 16, 2026Close99.188Jul 21, 2026Close98.938Jul 24, 2026Close98.750Jul 29, 2026Close98.969Aug 3, 2026Close98.906Aug 6, 2026Close98.906Aug 11, 2026Close98.969Aug 14, 2026Close99.094Aug 19, 2026Close99.094Aug 24, 2026Close98.969Aug 27, 2026Close99.000Sep 1, 2026Close98.594Sep 4, 2026Close98.625Sep 10, 2026Close98.156
The most recent 20 trading days of prices for 91282CQJ3.
DateBidOfferClose
Sep 10, 202698.26698.25098.156
Sep 9, 202698.51698.50098.500
Sep 8, 202698.62598.62598.594
Sep 4, 202698.67298.65698.625
Sep 3, 202698.76698.75098.719
Sep 2, 202698.62598.62598.625
Sep 1, 202698.67298.65698.594
Aug 31, 202698.75098.75098.719
Aug 28, 202698.79798.78198.719
Aug 27, 202699.04799.03199.000
Aug 26, 202699.04799.03199.031
Aug 25, 202699.07899.06399.094
Aug 24, 202699.01699.00098.969
Aug 21, 202698.95398.93898.969
Aug 20, 202699.06399.06399.063
Aug 19, 202699.07899.06399.094
Aug 18, 202699.09499.09499.094
Aug 17, 202699.10999.09499.094
Aug 14, 202699.15699.15699.094
Aug 13, 202699.18899.18899.188

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 91282CQJ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 7, 2026Apr 15, 2026New issue$58.0bn$68.3bn2.68x3.897%

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.