Treasury note

91282CQR5 · 3.875% due May 15, 2029

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

Statement of August 31, 2026

Amount outstanding
$71.77bn
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
4.626%
Modified duration
2.479 yr
DV01
0.0246
Convexity
7.584
Dirty price
99.378

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 2.533 years against a modified duration of 2.479.

Against the fitted curve

Priced 2.5 bp rich to the curve on that day, 6.18 cents per 100 of face.

That is -0.41 standard deviations from its own typical residual.

Yield to maturity, 81 observations

4.0%4.1%4.2%4.3%4.4%4.5%4.6%4.7%May 15, 2026Sep 10, 2026May 15, 2026Yield to maturity4.144%May 19, 2026Yield to maturity4.201%May 21, 2026Yield to maturity4.133%May 26, 2026Yield to maturity4.100%May 28, 2026Yield to maturity4.067%Jun 1, 2026Yield to maturity4.090%Jun 3, 2026Yield to maturity4.136%Jun 5, 2026Yield to maturity4.217%Jun 9, 2026Yield to maturity4.183%Jun 11, 2026Yield to maturity4.103%Jun 15, 2026Yield to maturity4.104%Jun 17, 2026Yield to maturity4.220%Jun 22, 2026Yield to maturity4.245%Jun 24, 2026Yield to maturity4.152%Jun 26, 2026Yield to maturity4.094%Jun 30, 2026Yield to maturity4.142%Jul 2, 2026Yield to maturity4.166%Jul 7, 2026Yield to maturity4.202%Jul 9, 2026Yield to maturity4.191%Jul 13, 2026Yield to maturity4.287%Jul 15, 2026Yield to maturity4.169%Jul 17, 2026Yield to maturity4.205%Jul 21, 2026Yield to maturity4.290%Jul 23, 2026Yield to maturity4.387%Jul 27, 2026Yield to maturity4.352%Jul 29, 2026Yield to maturity4.281%Jul 31, 2026Yield to maturity4.343%Aug 4, 2026Yield to maturity4.247%Aug 6, 2026Yield to maturity4.308%Aug 10, 2026Yield to maturity4.310%Aug 12, 2026Yield to maturity4.262%Aug 14, 2026Yield to maturity4.238%Aug 18, 2026Yield to maturity4.239%Aug 20, 2026Yield to maturity4.252%Aug 24, 2026Yield to maturity4.291%Aug 26, 2026Yield to maturity4.267%Aug 28, 2026Yield to maturity4.393%Sep 1, 2026Yield to maturity4.444%Sep 3, 2026Yield to maturity4.395%Sep 8, 2026Yield to maturity4.448%Sep 10, 2026Yield to maturity4.626%

Price history

81 trading days to Sep 10, 2026

98.0098.2598.5098.7599.0099.2599.50May 15, 2026Sep 10, 2026May 15, 2026Close99.250May 19, 2026Close99.094May 21, 2026Close99.281May 26, 2026Close99.375May 28, 2026Close99.469Jun 1, 2026Close99.406Jun 3, 2026Close99.281Jun 5, 2026Close99.063Jun 9, 2026Close99.156Jun 11, 2026Close99.375Jun 15, 2026Close99.375Jun 17, 2026Close99.063Jun 22, 2026Close99.000Jun 24, 2026Close99.250Jun 26, 2026Close99.406Jun 30, 2026Close99.281Jul 2, 2026Close99.219Jul 7, 2026Close99.125Jul 9, 2026Close99.156Jul 13, 2026Close98.906Jul 15, 2026Close99.219Jul 17, 2026Close99.125Jul 21, 2026Close98.906Jul 23, 2026Close98.656Jul 27, 2026Close98.750Jul 29, 2026Close98.938Jul 31, 2026Close98.781Aug 4, 2026Close99.031Aug 6, 2026Close98.875Aug 10, 2026Close98.875Aug 12, 2026Close99.000Aug 14, 2026Close99.063Aug 18, 2026Close99.063Aug 20, 2026Close99.031Aug 24, 2026Close98.938Aug 26, 2026Close99.000Aug 28, 2026Close98.688Sep 1, 2026Close98.563Sep 3, 2026Close98.688Sep 8, 2026Close98.563Sep 10, 2026Close98.125
The most recent 20 trading days of prices for 91282CQR5.
DateBidOfferClose
Sep 10, 202698.20398.18898.125
Sep 9, 202698.46998.46998.469
Sep 8, 202698.57898.56398.563
Sep 4, 202698.62598.62598.594
Sep 3, 202698.73498.71998.688
Sep 2, 202698.57898.56398.594
Sep 1, 202698.64198.62598.563
Aug 31, 202698.70398.68898.688
Aug 28, 202698.75098.75098.688
Aug 27, 202699.01699.00098.969
Aug 26, 202699.01699.00099.000
Aug 25, 202699.06399.06399.063
Aug 24, 202698.98498.96998.938
Aug 21, 202698.92298.90698.938
Aug 20, 202699.03199.03199.031
Aug 19, 202699.06399.06399.094
Aug 18, 202699.07899.06399.063
Aug 17, 202699.09499.09499.063
Aug 14, 202699.14199.12599.063
Aug 13, 202699.15699.15699.156

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 91282CQR5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 11, 2026May 15, 2026New issue$58.0bn$71.8bn2.54x3.965%

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.