Treasury note

91282CKA8 · 4.125% due February 15, 2027

Original term
3-Year
Maturity
Feb 15, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$51.29bn
Held stripped
$19.9m
Share stripped
0.04%

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
4.039%
Modified duration
0.422 yr
DV01
0.0042
Convexity
0.356
Dirty price
100.323

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 2 of twelve buckets, summing to 0.433 years against a modified duration of 0.422.

Against the fitted curve

Priced 2.5 bp rich to the curve on that day, 1.06 cents per 100 of face.

That is 0.22 standard deviations from its own typical residual.

Yield to maturity, 643 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 15, 2024Sep 9, 2026Feb 15, 2024Yield to maturity4.361%Feb 21, 2024Yield to maturity4.430%Feb 26, 2024Yield to maturity4.488%Feb 29, 2024Yield to maturity4.432%Mar 5, 2024Yield to maturity4.330%Mar 8, 2024Yield to maturity4.261%Mar 13, 2024Yield to maturity4.400%Mar 18, 2024Yield to maturity4.541%Mar 21, 2024Yield to maturity4.437%Mar 26, 2024Yield to maturity4.415%Mar 29, 2024Yield to maturity4.428%Apr 3, 2024Yield to maturity4.511%Apr 8, 2024Yield to maturity4.620%Apr 11, 2024Yield to maturity4.801%Apr 16, 2024Yield to maturity4.852%Apr 19, 2024Yield to maturity4.831%Apr 24, 2024Yield to maturity4.809%Apr 29, 2024Yield to maturity4.836%May 2, 2024Yield to maturity4.752%May 7, 2024Yield to maturity4.669%May 10, 2024Yield to maturity4.709%May 15, 2024Yield to maturity4.550%May 20, 2024Yield to maturity4.664%May 23, 2024Yield to maturity4.752%May 29, 2024Yield to maturity4.831%Jun 3, 2024Yield to maturity4.659%Jun 6, 2024Yield to maturity4.547%Jun 11, 2024Yield to maturity4.663%Jun 14, 2024Yield to maturity4.501%Jun 20, 2024Yield to maturity4.540%Jun 25, 2024Yield to maturity4.530%Jun 28, 2024Yield to maturity4.596%Jul 3, 2024Yield to maturity4.559%Jul 9, 2024Yield to maturity4.484%Jul 12, 2024Yield to maturity4.304%Jul 17, 2024Yield to maturity4.279%Jul 22, 2024Yield to maturity4.371%Jul 25, 2024Yield to maturity4.346%Jul 30, 2024Yield to maturity4.255%Aug 2, 2024Yield to maturity3.784%Aug 7, 2024Yield to maturity3.927%Aug 12, 2024Yield to maturity3.913%Aug 15, 2024Yield to maturity3.992%Aug 20, 2024Yield to maturity3.885%Aug 23, 2024Yield to maturity3.804%Aug 28, 2024Yield to maturity3.802%Sep 3, 2024Yield to maturity3.814%Sep 6, 2024Yield to maturity3.610%Sep 11, 2024Yield to maturity3.568%Sep 16, 2024Yield to maturity3.497%Sep 19, 2024Yield to maturity3.535%Sep 24, 2024Yield to maturity3.491%Sep 27, 2024Yield to maturity3.542%Oct 2, 2024Yield to maturity3.609%Oct 7, 2024Yield to maturity3.955%Oct 10, 2024Yield to maturity3.954%Oct 16, 2024Yield to maturity3.910%Oct 21, 2024Yield to maturity3.994%Oct 24, 2024Yield to maturity4.051%Oct 29, 2024Yield to maturity4.108%Nov 1, 2024Yield to maturity4.195%Nov 6, 2024Yield to maturity4.268%Nov 12, 2024Yield to maturity4.343%Nov 15, 2024Yield to maturity4.300%Nov 20, 2024Yield to maturity4.315%Nov 25, 2024Yield to maturity4.271%Nov 29, 2024Yield to maturity4.168%Dec 4, 2024Yield to maturity4.138%Dec 9, 2024Yield to maturity4.138%Dec 12, 2024Yield to maturity4.183%Dec 17, 2024Yield to maturity4.245%Dec 20, 2024Yield to maturity4.323%Dec 26, 2024Yield to maturity4.355%Dec 31, 2024Yield to maturity4.279%Jan 6, 2025Yield to maturity4.296%Jan 9, 2025Yield to maturity4.296%Jan 14, 2025Yield to maturity4.393%Jan 17, 2025Yield to maturity4.299%Jan 23, 2025Yield to maturity4.300%Jan 28, 2025Yield to maturity4.221%Jan 31, 2025Yield to maturity4.254%Feb 5, 2025Yield to maturity4.190%Feb 10, 2025Yield to maturity4.272%Feb 13, 2025Yield to maturity4.322%Feb 19, 2025Yield to maturity4.274%Feb 24, 2025Yield to maturity4.174%Feb 27, 2025Yield to maturity4.074%Mar 4, 2025Yield to maturity3.973%Mar 7, 2025Yield to maturity4.005%Mar 12, 2025Yield to maturity4.005%Mar 17, 2025Yield to maturity4.072%Mar 20, 2025Yield to maturity3.969%Mar 25, 2025Yield to maturity4.019%Mar 28, 2025Yield to maturity3.949%Apr 2, 2025Yield to maturity3.948%Apr 7, 2025Yield to maturity3.754%Apr 10, 2025Yield to maturity3.875%Apr 15, 2025Yield to maturity3.891%Apr 18, 2025Yield to maturity3.853%Apr 23, 2025Yield to maturity3.924%Apr 28, 2025Yield to maturity3.742%May 1, 2025Yield to maturity3.758%May 6, 2025Yield to maturity3.847%May 9, 2025Yield to maturity3.937%May 14, 2025Yield to maturity4.103%May 19, 2025Yield to maturity4.028%May 22, 2025Yield to maturity4.046%May 28, 2025Yield to maturity4.065%Jun 2, 2025Yield to maturity4.007%Jun 5, 2025Yield to maturity4.006%Jun 10, 2025Yield to maturity4.064%Jun 13, 2025Yield to maturity4.005%Jun 18, 2025Yield to maturity4.004%Jun 24, 2025Yield to maturity3.884%Jun 27, 2025Yield to maturity3.843%Jul 2, 2025Yield to maturity3.881%Jul 8, 2025Yield to maturity3.981%Jul 11, 2025Yield to maturity3.980%Jul 16, 2025Yield to maturity3.958%Jul 21, 2025Yield to maturity3.937%Jul 24, 2025Yield to maturity3.998%Jul 29, 2025Yield to maturity3.976%Aug 1, 2025Yield to maturity3.785%Aug 6, 2025Yield to maturity3.783%Aug 11, 2025Yield to maturity3.845%Aug 14, 2025Yield to maturity3.822%Aug 19, 2025Yield to maturity3.841%Aug 22, 2025Yield to maturity3.772%Aug 27, 2025Yield to maturity3.748%Sep 2, 2025Yield to maturity3.766%Sep 5, 2025Yield to maturity3.627%Sep 10, 2025Yield to maturity3.647%Sep 15, 2025Yield to maturity3.642%Sep 18, 2025Yield to maturity3.639%Sep 23, 2025Yield to maturity3.658%Sep 26, 2025Yield to maturity3.723%Oct 1, 2025Yield to maturity3.627%Oct 6, 2025Yield to maturity3.669%Oct 9, 2025Yield to maturity3.666%Oct 15, 2025Yield to maturity3.588%Oct 20, 2025Yield to maturity3.559%Oct 23, 2025Yield to maturity3.580%Oct 28, 2025Yield to maturity3.574%Oct 31, 2025Yield to maturity3.693%Nov 5, 2025Yield to maturity3.691%Nov 10, 2025Yield to maturity3.660%Nov 14, 2025Yield to maturity3.680%Nov 19, 2025Yield to maturity3.678%Nov 24, 2025Yield to maturity3.568%Nov 28, 2025Yield to maturity3.587%Dec 3, 2025Yield to maturity3.557%Dec 8, 2025Yield to maturity3.632%Dec 11, 2025Yield to maturity3.574%Dec 16, 2025Yield to maturity3.513%Dec 19, 2025Yield to maturity3.506%Dec 24, 2025Yield to maturity3.557%Dec 30, 2025Yield to maturity3.493%Jan 5, 2026Yield to maturity3.513%Jan 8, 2026Yield to maturity3.509%Jan 13, 2026Yield to maturity3.561%Jan 16, 2026Yield to maturity3.583%Jan 22, 2026Yield to maturity3.609%Jan 27, 2026Yield to maturity3.572%Jan 30, 2026Yield to maturity3.566%Feb 4, 2026Yield to maturity3.593%Feb 9, 2026Yield to maturity3.523%Feb 12, 2026Yield to maturity3.550%Feb 18, 2026Yield to maturity3.541%Feb 23, 2026Yield to maturity3.565%Feb 26, 2026Yield to maturity3.560%Mar 3, 2026Yield to maturity3.618%Mar 6, 2026Yield to maturity3.611%Mar 11, 2026Yield to maturity3.675%Mar 16, 2026Yield to maturity3.702%Mar 19, 2026Yield to maturity3.804%Mar 24, 2026Yield to maturity3.906%Mar 27, 2026Yield to maturity3.830%Apr 1, 2026Yield to maturity3.753%Apr 6, 2026Yield to maturity3.785%Apr 9, 2026Yield to maturity3.744%Apr 14, 2026Yield to maturity3.737%Apr 17, 2026Yield to maturity3.692%Apr 22, 2026Yield to maturity3.727%Apr 27, 2026Yield to maturity3.720%Apr 30, 2026Yield to maturity3.756%May 5, 2026Yield to maturity3.790%May 8, 2026Yield to maturity3.742%May 13, 2026Yield to maturity3.822%May 18, 2026Yield to maturity3.860%May 21, 2026Yield to maturity3.857%May 27, 2026Yield to maturity3.851%Jun 1, 2026Yield to maturity3.846%Jun 4, 2026Yield to maturity3.843%Jun 9, 2026Yield to maturity3.884%Jun 12, 2026Yield to maturity3.879%Jun 17, 2026Yield to maturity4.021%Jun 23, 2026Yield to maturity4.019%Jun 26, 2026Yield to maturity4.017%Jul 1, 2026Yield to maturity4.016%Jul 7, 2026Yield to maturity4.014%Jul 10, 2026Yield to maturity4.012%Jul 15, 2026Yield to maturity3.956%Jul 20, 2026Yield to maturity4.008%Jul 23, 2026Yield to maturity4.121%Jul 28, 2026Yield to maturity4.063%Jul 31, 2026Yield to maturity4.003%Aug 5, 2026Yield to maturity4.002%Aug 10, 2026Yield to maturity3.999%Aug 13, 2026Yield to maturity3.935%Aug 18, 2026Yield to maturity3.928%Aug 21, 2026Yield to maturity3.920%Aug 26, 2026Yield to maturity3.915%Aug 31, 2026Yield to maturity3.977%Sep 3, 2026Yield to maturity3.973%Sep 9, 2026Yield to maturity4.039%

Price history

643 trading days to Sep 9, 2026

979899100101102Feb 15, 2024Sep 9, 2026Feb 15, 2024Close99.344Feb 21, 2024Close99.156Feb 26, 2024Close99.000Feb 29, 2024Close99.156Mar 5, 2024Close99.438Mar 8, 2024Close99.625Mar 13, 2024Close99.250Mar 18, 2024Close98.875Mar 21, 2024Close99.156Mar 26, 2024Close99.219Mar 29, 2024Close99.188Apr 3, 2024Close98.969Apr 8, 2024Close98.688Apr 11, 2024Close98.219Apr 16, 2024Close98.094Apr 19, 2024Close98.156Apr 24, 2024Close98.219Apr 29, 2024Close98.156May 2, 2024Close98.375May 7, 2024Close98.594May 10, 2024Close98.500May 15, 2024Close98.906May 20, 2024Close98.625May 23, 2024Close98.406May 29, 2024Close98.219Jun 3, 2024Close98.656Jun 6, 2024Close98.938Jun 11, 2024Close98.656Jun 14, 2024Close99.063Jun 20, 2024Close98.969Jun 25, 2024Close99.000Jun 28, 2024Close98.844Jul 3, 2024Close98.938Jul 9, 2024Close99.125Jul 12, 2024Close99.563Jul 17, 2024Close99.625Jul 22, 2024Close99.406Jul 25, 2024Close99.469Jul 30, 2024Close99.688Aug 2, 2024Close100.813Aug 7, 2024Close100.469Aug 12, 2024Close100.500Aug 15, 2024Close100.313Aug 20, 2024Close100.563Aug 23, 2024Close100.750Aug 28, 2024Close100.750Sep 3, 2024Close100.719Sep 6, 2024Close101.188Sep 11, 2024Close101.281Sep 16, 2024Close101.438Sep 19, 2024Close101.344Sep 24, 2024Close101.438Sep 27, 2024Close101.313Oct 2, 2024Close101.156Oct 7, 2024Close100.375Oct 10, 2024Close100.375Oct 16, 2024Close100.469Oct 21, 2024Close100.281Oct 24, 2024Close100.156Oct 29, 2024Close100.031Nov 1, 2024Close99.844Nov 6, 2024Close99.688Nov 12, 2024Close99.531Nov 15, 2024Close99.625Nov 20, 2024Close99.594Nov 25, 2024Close99.688Nov 29, 2024Close99.906Dec 4, 2024Close99.969Dec 9, 2024Close99.969Dec 12, 2024Close99.875Dec 17, 2024Close99.750Dec 20, 2024Close99.594Dec 26, 2024Close99.531Dec 31, 2024Close99.688Jan 6, 2025Close99.656Jan 9, 2025Close99.656Jan 14, 2025Close99.469Jan 17, 2025Close99.656Jan 23, 2025Close99.656Jan 28, 2025Close99.813Jan 31, 2025Close99.750Feb 5, 2025Close99.875Feb 10, 2025Close99.719Feb 13, 2025Close99.625Feb 19, 2025Close99.719Feb 24, 2025Close99.906Feb 27, 2025Close100.094Mar 4, 2025Close100.281Mar 7, 2025Close100.219Mar 12, 2025Close100.219Mar 17, 2025Close100.094Mar 20, 2025Close100.281Mar 25, 2025Close100.188Mar 28, 2025Close100.313Apr 2, 2025Close100.313Apr 7, 2025Close100.656Apr 10, 2025Close100.438Apr 15, 2025Close100.406Apr 18, 2025Close100.469Apr 23, 2025Close100.344Apr 28, 2025Close100.656May 1, 2025Close100.625May 6, 2025Close100.469May 9, 2025Close100.313May 14, 2025Close100.031May 19, 2025Close100.156May 22, 2025Close100.125May 28, 2025Close100.094Jun 2, 2025Close100.188Jun 5, 2025Close100.188Jun 10, 2025Close100.094Jun 13, 2025Close100.188Jun 18, 2025Close100.188Jun 24, 2025Close100.375Jun 27, 2025Close100.438Jul 2, 2025Close100.375Jul 8, 2025Close100.219Jul 11, 2025Close100.219Jul 16, 2025Close100.250Jul 21, 2025Close100.281Jul 24, 2025Close100.188Jul 29, 2025Close100.219Aug 1, 2025Close100.500Aug 6, 2025Close100.500Aug 11, 2025Close100.406Aug 14, 2025Close100.438Aug 19, 2025Close100.406Aug 22, 2025Close100.500Aug 27, 2025Close100.531Sep 2, 2025Close100.500Sep 5, 2025Close100.688Sep 10, 2025Close100.656Sep 15, 2025Close100.656Sep 18, 2025Close100.656Sep 23, 2025Close100.625Sep 26, 2025Close100.531Oct 1, 2025Close100.656Oct 6, 2025Close100.594Oct 9, 2025Close100.594Oct 15, 2025Close100.688Oct 20, 2025Close100.719Oct 23, 2025Close100.688Oct 28, 2025Close100.688Oct 31, 2025Close100.531Nov 5, 2025Close100.531Nov 10, 2025Close100.563Nov 14, 2025Close100.531Nov 19, 2025Close100.531Nov 24, 2025Close100.656Nov 28, 2025Close100.625Dec 3, 2025Close100.656Dec 8, 2025Close100.563Dec 11, 2025Close100.625Dec 16, 2025Close100.688Dec 19, 2025Close100.688Dec 24, 2025Close100.625Dec 30, 2025Close100.688Jan 5, 2026Close100.656Jan 8, 2026Close100.656Jan 13, 2026Close100.594Jan 16, 2026Close100.563Jan 22, 2026Close100.531Jan 27, 2026Close100.563Jan 30, 2026Close100.563Feb 4, 2026Close100.531Feb 9, 2026Close100.594Feb 12, 2026Close100.563Feb 18, 2026Close100.563Feb 23, 2026Close100.531Feb 26, 2026Close100.531Mar 3, 2026Close100.469Mar 6, 2026Close100.469Mar 11, 2026Close100.406Mar 16, 2026Close100.375Mar 19, 2026Close100.281Mar 24, 2026Close100.188Mar 27, 2026Close100.250Apr 1, 2026Close100.313Apr 6, 2026Close100.281Apr 9, 2026Close100.313Apr 14, 2026Close100.313Apr 17, 2026Close100.344Apr 22, 2026Close100.313Apr 27, 2026Close100.313Apr 30, 2026Close100.281May 5, 2026Close100.250May 8, 2026Close100.281May 13, 2026Close100.219May 18, 2026Close100.188May 21, 2026Close100.188May 27, 2026Close100.188Jun 1, 2026Close100.188Jun 4, 2026Close100.188Jun 9, 2026Close100.156Jun 12, 2026Close100.156Jun 17, 2026Close100.063Jun 23, 2026Close100.063Jun 26, 2026Close100.063Jul 1, 2026Close100.063Jul 7, 2026Close100.063Jul 10, 2026Close100.063Jul 15, 2026Close100.094Jul 20, 2026Close100.063Jul 23, 2026Close100.000Jul 28, 2026Close100.031Jul 31, 2026Close100.063Aug 5, 2026Close100.063Aug 10, 2026Close100.063Aug 13, 2026Close100.094Aug 18, 2026Close100.094Aug 21, 2026Close100.094Aug 26, 2026Close100.094Aug 31, 2026Close100.063Sep 3, 2026Close100.063Sep 9, 2026Close100.031
The most recent 20 trading days of prices for 91282CKA8.
DateBidOfferClose
Sep 9, 2026–100.031100.031
Sep 8, 2026–100.031100.031
Sep 4, 2026–100.031100.031
Sep 3, 2026–100.063100.063
Sep 2, 2026–100.063100.063
Sep 1, 2026–100.063100.031
Aug 31, 2026–100.063100.063
Aug 28, 2026–100.063100.063
Aug 27, 2026–100.094100.094
Aug 26, 2026–100.094100.094
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.094100.094
Aug 18, 2026–100.094100.094
Aug 17, 2026100.109100.094100.094
Aug 14, 2026100.109100.094100.094
Aug 13, 2026100.109100.094100.094
Aug 12, 2026100.094100.063100.094

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 91282CKA8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 6, 2024Feb 15, 2024New issue$54.0bn$58.0bn2.58x4.169%

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.