Treasury note

91282CAL5 · 0.375% due September 30, 2027

Original term
7-Year
Maturity
Sep 30, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Sep 30, 2020
First coupon
Mar 31, 2021
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$56.62bn
Held stripped
$32.0m
Share stripped
0.06%

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 9, 2026

Yield to maturity
4.263%
Modified duration
1.030 yr
DV01
0.0099
Convexity
1.567
Dirty price
96.198

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 3 of twelve buckets, summing to 1.052 years against a modified duration of 1.030.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 0.87 cents per 100 of face.

That is 0.50 standard deviations from its own typical residual.

Yield to maturity, 1,487 observations

0%1%2%3%4%5%Sep 30, 2020Sep 9, 2026Sep 30, 2020Yield to maturity0.466%Oct 9, 2020Yield to maturity0.549%Oct 21, 2020Yield to maturity0.577%Oct 30, 2020Yield to maturity0.634%Nov 10, 2020Yield to maturity0.711%Nov 20, 2020Yield to maturity0.603%Dec 2, 2020Yield to maturity0.675%Dec 11, 2020Yield to maturity0.605%Dec 22, 2020Yield to maturity0.616%Jan 4, 2021Yield to maturity0.603%Jan 13, 2021Yield to maturity0.753%Jan 25, 2021Yield to maturity0.682%Feb 3, 2021Yield to maturity0.756%Feb 12, 2021Yield to maturity0.788%Feb 24, 2021Yield to maturity0.953%Mar 5, 2021Yield to maturity1.169%Mar 16, 2021Yield to maturity1.207%Mar 25, 2021Yield to maturity1.200%Apr 5, 2021Yield to maturity1.324%Apr 14, 2021Yield to maturity1.228%Apr 23, 2021Yield to maturity1.175%May 4, 2021Yield to maturity1.172%May 13, 2021Yield to maturity1.196%May 24, 2021Yield to maturity1.153%Jun 3, 2021Yield to maturity1.167%Jun 14, 2021Yield to maturity1.075%Jun 23, 2021Yield to maturity1.142%Jul 2, 2021Yield to maturity1.087%Jul 14, 2021Yield to maturity1.005%Jul 23, 2021Yield to maturity0.922%Aug 3, 2021Yield to maturity0.824%Aug 12, 2021Yield to maturity1.013%Aug 23, 2021Yield to maturity0.935%Sep 1, 2021Yield to maturity0.953%Sep 13, 2021Yield to maturity0.967%Sep 22, 2021Yield to maturity1.002%Oct 1, 2021Yield to maturity1.116%Oct 13, 2021Yield to maturity1.242%Oct 22, 2021Yield to maturity1.360%Nov 2, 2021Yield to maturity1.290%Nov 12, 2021Yield to maturity1.358%Nov 23, 2021Yield to maturity1.443%Dec 3, 2021Yield to maturity1.201%Dec 14, 2021Yield to maturity1.308%Dec 23, 2021Yield to maturity1.331%Jan 4, 2022Yield to maturity1.458%Jan 13, 2022Yield to maturity1.546%Jan 25, 2022Yield to maturity1.643%Feb 3, 2022Yield to maturity1.715%Feb 14, 2022Yield to maturity1.949%Feb 24, 2022Yield to maturity1.895%Mar 7, 2022Yield to maturity1.754%Mar 16, 2022Yield to maturity2.219%Mar 25, 2022Yield to maturity2.586%Apr 5, 2022Yield to maturity2.714%Apr 14, 2022Yield to maturity2.838%Apr 26, 2022Yield to maturity2.812%May 5, 2022Yield to maturity3.054%May 16, 2022Yield to maturity2.864%May 25, 2022Yield to maturity2.753%Jun 6, 2022Yield to maturity3.078%Jun 15, 2022Yield to maturity3.414%Jun 27, 2022Yield to maturity3.290%Jul 7, 2022Yield to maturity3.086%Jul 18, 2022Yield to maturity3.101%Jul 27, 2022Yield to maturity2.867%Aug 5, 2022Yield to maturity2.995%Aug 16, 2022Yield to maturity2.979%Aug 25, 2022Yield to maturity3.208%Sep 6, 2022Yield to maturity3.468%Sep 15, 2022Yield to maturity3.692%Sep 26, 2022Yield to maturity4.179%Oct 5, 2022Yield to maturity3.981%Oct 17, 2022Yield to maturity4.271%Oct 26, 2022Yield to maturity4.235%Nov 4, 2022Yield to maturity4.354%Nov 16, 2022Yield to maturity3.855%Nov 28, 2022Yield to maturity3.941%Dec 7, 2022Yield to maturity3.677%Dec 16, 2022Yield to maturity3.666%Dec 28, 2022Yield to maturity4.019%Jan 9, 2023Yield to maturity3.700%Jan 19, 2023Yield to maturity3.521%Jan 30, 2023Yield to maturity3.710%Feb 8, 2023Yield to maturity3.849%Feb 17, 2023Yield to maturity4.071%Mar 1, 2023Yield to maturity4.333%Mar 10, 2023Yield to maturity4.040%Mar 21, 2023Yield to maturity3.844%Mar 30, 2023Yield to maturity3.747%Apr 10, 2023Yield to maturity3.587%Apr 19, 2023Yield to maturity3.796%Apr 28, 2023Yield to maturity3.601%May 9, 2023Yield to maturity3.577%May 18, 2023Yield to maturity3.773%May 30, 2023Yield to maturity3.936%Jun 8, 2023Yield to maturity3.983%Jun 20, 2023Yield to maturity4.081%Jun 29, 2023Yield to maturity4.262%Jul 11, 2023Yield to maturity4.355%Jul 20, 2023Yield to maturity4.207%Jul 31, 2023Yield to maturity4.307%Aug 9, 2023Yield to maturity4.239%Aug 18, 2023Yield to maturity4.479%Aug 29, 2023Yield to maturity4.402%Sep 8, 2023Yield to maturity4.528%Sep 19, 2023Yield to maturity4.648%Sep 28, 2023Yield to maturity4.722%Oct 10, 2023Yield to maturity4.691%Oct 19, 2023Yield to maturity5.000%Oct 30, 2023Yield to maturity4.849%Nov 8, 2023Yield to maturity4.603%Nov 17, 2023Yield to maturity4.548%Nov 29, 2023Yield to maturity4.324%Dec 8, 2023Yield to maturity4.355%Dec 19, 2023Yield to maturity4.057%Dec 29, 2023Yield to maturity3.936%Jan 10, 2024Yield to maturity4.058%Jan 22, 2024Yield to maturity4.081%Jan 31, 2024Yield to maturity3.985%Feb 9, 2024Yield to maturity4.228%Feb 21, 2024Yield to maturity4.380%Mar 1, 2024Yield to maturity4.269%Mar 12, 2024Yield to maturity4.296%Mar 21, 2024Yield to maturity4.376%Apr 1, 2024Yield to maturity4.474%Apr 10, 2024Yield to maturity4.760%Apr 19, 2024Yield to maturity4.788%Apr 30, 2024Yield to maturity4.852%May 9, 2024Yield to maturity4.589%May 20, 2024Yield to maturity4.583%May 30, 2024Yield to maturity4.706%Jun 10, 2024Yield to maturity4.622%Jun 20, 2024Yield to maturity4.434%Jul 1, 2024Yield to maturity4.573%Jul 11, 2024Yield to maturity4.257%Jul 22, 2024Yield to maturity4.282%Jul 31, 2024Yield to maturity4.084%Aug 9, 2024Yield to maturity3.880%Aug 20, 2024Yield to maturity3.793%Aug 29, 2024Yield to maturity3.763%Sep 10, 2024Yield to maturity3.464%Sep 19, 2024Yield to maturity3.501%Sep 30, 2024Yield to maturity3.591%Oct 9, 2024Yield to maturity3.927%Oct 21, 2024Yield to maturity3.967%Oct 30, 2024Yield to maturity4.157%Nov 8, 2024Yield to maturity4.225%Nov 20, 2024Yield to maturity4.283%Dec 2, 2024Yield to maturity4.139%Dec 11, 2024Yield to maturity4.147%Dec 20, 2024Yield to maturity4.330%Jan 2, 2025Yield to maturity4.296%Jan 13, 2025Yield to maturity4.472%Jan 23, 2025Yield to maturity4.341%Feb 3, 2025Yield to maturity4.279%Feb 12, 2025Yield to maturity4.397%Feb 24, 2025Yield to maturity4.175%Mar 5, 2025Yield to maturity4.007%Mar 14, 2025Yield to maturity4.022%Mar 25, 2025Yield to maturity3.989%Apr 3, 2025Yield to maturity3.703%Apr 14, 2025Yield to maturity3.871%Apr 23, 2025Yield to maturity3.878%May 2, 2025Yield to maturity3.835%May 13, 2025Yield to maturity4.017%May 22, 2025Yield to maturity3.996%Jun 3, 2025Yield to maturity3.942%Jun 12, 2025Yield to maturity3.890%Jun 24, 2025Yield to maturity3.789%Jul 3, 2025Yield to maturity3.885%Jul 15, 2025Yield to maturity3.940%Jul 24, 2025Yield to maturity3.902%Aug 4, 2025Yield to maturity3.680%Aug 13, 2025Yield to maturity3.670%Aug 22, 2025Yield to maturity3.668%Sep 3, 2025Yield to maturity3.613%Sep 12, 2025Yield to maturity3.561%Sep 23, 2025Yield to maturity3.583%Oct 2, 2025Yield to maturity3.555%Oct 14, 2025Yield to maturity3.487%Oct 23, 2025Yield to maturity3.492%Nov 3, 2025Yield to maturity3.613%Nov 13, 2025Yield to maturity3.606%Nov 24, 2025Yield to maturity3.513%Dec 4, 2025Yield to maturity3.542%Dec 15, 2025Yield to maturity3.520%Dec 24, 2025Yield to maturity3.531%Jan 6, 2026Yield to maturity3.475%Jan 15, 2026Yield to maturity3.579%Jan 27, 2026Yield to maturity3.562%Feb 5, 2026Yield to maturity3.468%Feb 17, 2026Yield to maturity3.448%Feb 26, 2026Yield to maturity3.475%Mar 9, 2026Yield to maturity3.579%Mar 18, 2026Yield to maturity3.784%Mar 27, 2026Yield to maturity3.965%Apr 7, 2026Yield to maturity3.843%Apr 16, 2026Yield to maturity3.810%Apr 27, 2026Yield to maturity3.812%May 6, 2026Yield to maturity3.849%May 15, 2026Yield to maturity4.023%May 27, 2026Yield to maturity3.973%Jun 5, 2026Yield to maturity4.107%Jun 16, 2026Yield to maturity3.997%Jun 26, 2026Yield to maturity4.092%Jul 8, 2026Yield to maturity4.176%Jul 17, 2026Yield to maturity4.132%Jul 28, 2026Yield to maturity4.240%Aug 6, 2026Yield to maturity4.178%Aug 17, 2026Yield to maturity4.102%Aug 26, 2026Yield to maturity4.126%Sep 4, 2026Yield to maturity4.243%Sep 9, 2026Yield to maturity4.263%

Price history

1,487 trading days to Sep 9, 2026

80859095100Sep 30, 2020Sep 9, 2026Sep 30, 2020Close99.375Oct 9, 2020Close98.813Oct 21, 2020Close98.625Oct 30, 2020Close98.250Nov 10, 2020Close97.750Nov 20, 2020Close98.469Dec 2, 2020Close98.000Dec 11, 2020Close98.469Dec 22, 2020Close98.406Jan 4, 2021Close98.500Jan 13, 2021Close97.531Jan 25, 2021Close98.000Feb 3, 2021Close97.531Feb 12, 2021Close97.344Feb 24, 2021Close96.313Mar 5, 2021Close95.000Mar 16, 2021Close94.781Mar 25, 2021Close94.844Apr 5, 2021Close94.125Apr 14, 2021Close94.719Apr 23, 2021Close95.063May 4, 2021Close95.094May 13, 2021Close94.969May 24, 2021Close95.250Jun 3, 2021Close95.188Jun 14, 2021Close95.750Jun 23, 2021Close95.375Jul 2, 2021Close95.719Jul 14, 2021Close96.219Jul 23, 2021Close96.719Aug 3, 2021Close97.313Aug 12, 2021Close96.219Aug 23, 2021Close96.688Sep 1, 2021Close96.594Sep 13, 2021Close96.531Sep 22, 2021Close96.344Oct 1, 2021Close95.719Oct 13, 2021Close95.031Oct 22, 2021Close94.406Nov 2, 2021Close94.813Nov 12, 2021Close94.469Nov 23, 2021Close94.031Dec 3, 2021Close95.375Dec 14, 2021Close94.813Dec 23, 2021Close94.719Jan 4, 2022Close94.063Jan 13, 2022Close93.625Jan 25, 2022Close93.156Feb 3, 2022Close92.813Feb 14, 2022Close91.656Feb 24, 2022Close91.969Mar 7, 2022Close92.719Mar 16, 2022Close90.438Mar 25, 2022Close88.719Apr 5, 2022Close88.156Apr 14, 2022Close87.625Apr 26, 2022Close87.813May 5, 2022Close86.750May 16, 2022Close87.688May 25, 2022Close88.250Jun 6, 2022Close86.844Jun 15, 2022Close85.406Jun 27, 2022Close86.031Jul 7, 2022Close87.000Jul 18, 2022Close87.000Jul 27, 2022Close88.094Aug 5, 2022Close87.594Aug 16, 2022Close87.719Aug 25, 2022Close86.781Sep 6, 2022Close85.750Sep 15, 2022Close84.875Sep 26, 2022Close82.969Oct 5, 2022Close83.844Oct 17, 2022Close82.781Oct 26, 2022Close83.000Nov 4, 2022Close82.625Nov 16, 2022Close84.688Nov 28, 2022Close84.438Dec 7, 2022Close85.563Dec 16, 2022Close85.688Dec 28, 2022Close84.375Jan 9, 2023Close85.719Jan 19, 2023Close86.500Jan 30, 2023Close85.844Feb 8, 2023Close85.375Feb 17, 2023Close84.625Mar 1, 2023Close83.719Mar 10, 2023Close84.906Mar 21, 2023Close85.719Mar 30, 2023Close86.156Apr 10, 2023Close86.844Apr 19, 2023Close86.125Apr 28, 2023Close86.938May 9, 2023Close87.094May 18, 2023Close86.438May 30, 2023Close85.938Jun 8, 2023Close85.844Jun 20, 2023Close85.594Jun 29, 2023Close85.031Jul 11, 2023Close84.813Jul 20, 2023Close85.406Jul 31, 2023Close85.156Aug 9, 2023Close85.469Aug 18, 2023Close84.750Aug 29, 2023Close85.094Sep 8, 2023Close84.781Sep 19, 2023Close84.469Sep 28, 2023Close84.313Oct 10, 2023Close84.531Oct 19, 2023Close83.625Oct 30, 2023Close84.219Nov 8, 2023Close85.094Nov 17, 2023Close85.375Nov 29, 2023Close86.188Dec 8, 2023Close86.188Dec 19, 2023Close87.219Dec 29, 2023Close87.719Jan 10, 2024Close87.406Jan 22, 2024Close87.438Jan 31, 2024Close87.813Feb 9, 2024Close87.156Feb 21, 2024Close86.781Mar 1, 2024Close87.219Mar 12, 2024Close87.219Mar 21, 2024Close87.063Apr 1, 2024Close86.875Apr 10, 2024Close86.125Apr 19, 2024Close86.156Apr 30, 2024Close86.063May 9, 2024Close86.906May 20, 2024Close87.031May 30, 2024Close86.781Jun 10, 2024Close87.125Jun 20, 2024Close87.750Jul 1, 2024Close87.469Jul 11, 2024Close88.438Jul 22, 2024Close88.469Jul 31, 2024Close89.094Aug 9, 2024Close89.750Aug 20, 2024Close90.063Aug 29, 2024Close90.219Sep 10, 2024Close91.125Sep 19, 2024Close91.094Sep 30, 2024Close90.938Oct 9, 2024Close90.125Oct 21, 2024Close90.125Oct 30, 2024Close89.719Nov 8, 2024Close89.656Nov 20, 2024Close89.594Dec 2, 2024Close90.063Dec 11, 2024Close90.125Dec 20, 2024Close89.781Jan 2, 2025Close89.969Jan 13, 2025Close89.656Jan 23, 2025Close90.063Feb 3, 2025Close90.313Feb 12, 2025Close90.125Feb 24, 2025Close90.750Mar 5, 2025Close91.219Mar 14, 2025Close91.281Mar 25, 2025Close91.438Apr 3, 2025Close92.156Apr 14, 2025Close91.875Apr 23, 2025Close91.938May 2, 2025Close92.125May 13, 2025Close91.813May 22, 2025Close91.938Jun 3, 2025Close92.156Jun 12, 2025Close92.344Jun 24, 2025Close92.656Jul 3, 2025Close92.563Jul 15, 2025Close92.531Jul 24, 2025Close92.688Aug 4, 2025Close93.219Aug 13, 2025Close93.313Aug 22, 2025Close93.406Sep 3, 2025Close93.594Sep 12, 2025Close93.781Sep 23, 2025Close93.813Oct 2, 2025Close93.938Oct 14, 2025Close94.156Oct 23, 2025Close94.219Nov 3, 2025Close94.094Nov 13, 2025Close94.188Nov 24, 2025Close94.438Dec 4, 2025Close94.469Dec 15, 2025Close94.594Dec 24, 2025Close94.656Jan 6, 2026Close94.844Jan 15, 2026Close94.750Jan 27, 2026Close94.875Feb 5, 2026Close95.094Feb 17, 2026Close95.219Feb 26, 2026Close95.250Mar 9, 2026Close95.188Mar 18, 2026Close94.969Mar 27, 2026Close94.813Apr 7, 2026Close95.063Apr 16, 2026Close95.188Apr 27, 2026Close95.281May 6, 2026Close95.313May 15, 2026Close95.188May 27, 2026Close95.344Jun 5, 2026Close95.281Jun 16, 2026Close95.500Jun 26, 2026Close95.500Jul 8, 2026Close95.500Jul 17, 2026Close95.656Jul 28, 2026Close95.625Aug 6, 2026Close95.781Aug 17, 2026Close95.969Aug 26, 2026Close96.031Sep 4, 2026Close96.031Sep 9, 2026Close96.031
The most recent 20 trading days of prices for 91282CAL5.
DateBidOfferClose
Sep 9, 202696.04796.03196.031
Sep 8, 202696.06396.06396.031
Sep 4, 202696.04796.03196.031
Sep 3, 202696.04796.03196.031
Sep 2, 202695.98495.96995.969
Sep 1, 202695.98495.96995.938
Aug 31, 202695.98495.96995.969
Aug 28, 202695.98495.96995.938
Aug 27, 202696.06396.06396.031
Aug 26, 202696.04796.03196.031
Aug 25, 202696.04796.03196.031
Aug 24, 202696.01696.00096.000
Aug 21, 202696.01696.00096.000
Aug 20, 202696.03196.03196.031
Aug 19, 202696.01696.00096.000
Aug 18, 202696.01696.00096.000
Aug 17, 202696.01696.00095.969
Aug 14, 202696.01696.00095.969
Aug 13, 202695.95395.93895.969
Aug 12, 202695.92295.90695.906

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 91282CAL5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 24, 2020Sep 30, 2020New issue$50.0bn$56.8bn2.42x0.462%

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.