Treasury note

91282CKZ3 · 4.375% due July 15, 2027

Original term
3-Year
Maturity
Jul 15, 2027
Coupon
4.375%
Pays
Semi-Annual
Dated
Jul 15, 2024
First coupon
Jan 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$62.95bn
Held stripped
$42.6m
Share stripped
0.07%

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
4.179%
Modified duration
0.817 yr
DV01
0.0082
Convexity
1.073
Dirty price
100.834

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 0.833 years against a modified duration of 0.817.

Against the fitted curve

Priced 0.4 bp rich to the curve on that day, 0.31 cents per 100 of face.

That is -0.13 standard deviations from its own typical residual.

Yield to maturity, 540 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Jul 15, 2024Sep 9, 2026Jul 15, 2024Yield to maturity4.229%Jul 18, 2024Yield to maturity4.240%Jul 23, 2024Yield to maturity4.262%Jul 26, 2024Yield to maturity4.204%Jul 31, 2024Yield to maturity4.102%Aug 5, 2024Yield to maturity3.718%Aug 8, 2024Yield to maturity3.896%Aug 13, 2024Yield to maturity3.769%Aug 16, 2024Yield to maturity3.880%Aug 21, 2024Yield to maturity3.742%Aug 26, 2024Yield to maturity3.751%Aug 29, 2024Yield to maturity3.772%Sep 4, 2024Yield to maturity3.642%Sep 9, 2024Yield to maturity3.547%Sep 12, 2024Yield to maturity3.510%Sep 17, 2024Yield to maturity3.483%Sep 20, 2024Yield to maturity3.479%Sep 25, 2024Yield to maturity3.511%Sep 30, 2024Yield to maturity3.589%Oct 3, 2024Yield to maturity3.646%Oct 8, 2024Yield to maturity3.904%Oct 11, 2024Yield to maturity3.877%Oct 17, 2024Yield to maturity3.900%Oct 22, 2024Yield to maturity3.995%Oct 25, 2024Yield to maturity4.066%Oct 30, 2024Yield to maturity4.139%Nov 4, 2024Yield to maturity4.150%Nov 7, 2024Yield to maturity4.174%Nov 13, 2024Yield to maturity4.260%Nov 18, 2024Yield to maturity4.260%Nov 21, 2024Yield to maturity4.310%Nov 26, 2024Yield to maturity4.234%Dec 2, 2024Yield to maturity4.144%Dec 5, 2024Yield to maturity4.118%Dec 10, 2024Yield to maturity4.117%Dec 13, 2024Yield to maturity4.232%Dec 18, 2024Yield to maturity4.361%Dec 23, 2024Yield to maturity4.361%Dec 27, 2024Yield to maturity4.361%Jan 2, 2025Yield to maturity4.269%Jan 7, 2025Yield to maturity4.322%Jan 10, 2025Yield to maturity4.441%Jan 15, 2025Yield to maturity4.308%Jan 21, 2025Yield to maturity4.308%Jan 24, 2025Yield to maturity4.307%Jan 29, 2025Yield to maturity4.253%Feb 3, 2025Yield to maturity4.279%Feb 6, 2025Yield to maturity4.224%Feb 11, 2025Yield to maturity4.305%Feb 14, 2025Yield to maturity4.277%Feb 20, 2025Yield to maturity4.276%Feb 25, 2025Yield to maturity4.095%Feb 28, 2025Yield to maturity3.996%Mar 5, 2025Yield to maturity4.009%Mar 10, 2025Yield to maturity3.909%Mar 13, 2025Yield to maturity3.935%Mar 18, 2025Yield to maturity4.032%Mar 21, 2025Yield to maturity3.930%Mar 26, 2025Yield to maturity4.014%Mar 31, 2025Yield to maturity3.898%Apr 3, 2025Yield to maturity3.710%Apr 8, 2025Yield to maturity3.720%Apr 11, 2025Yield to maturity3.977%Apr 16, 2025Yield to maturity3.787%Apr 21, 2025Yield to maturity3.754%Apr 24, 2025Yield to maturity3.811%Apr 29, 2025Yield to maturity3.660%May 2, 2025Yield to maturity3.834%May 7, 2025Yield to maturity3.787%May 12, 2025Yield to maturity3.994%May 15, 2025Yield to maturity3.962%May 20, 2025Yield to maturity3.960%May 23, 2025Yield to maturity4.003%May 29, 2025Yield to maturity3.955%Jun 3, 2025Yield to maturity3.968%Jun 6, 2025Yield to maturity4.044%Jun 11, 2025Yield to maturity3.949%Jun 16, 2025Yield to maturity3.962%Jun 20, 2025Yield to maturity3.896%Jun 25, 2025Yield to maturity3.799%Jun 30, 2025Yield to maturity3.732%Jul 3, 2025Yield to maturity3.904%Jul 9, 2025Yield to maturity3.870%Jul 14, 2025Yield to maturity3.900%Jul 17, 2025Yield to maturity3.930%Jul 22, 2025Yield to maturity3.828%Jul 25, 2025Yield to maturity3.907%Jul 30, 2025Yield to maturity3.955%Aug 4, 2025Yield to maturity3.701%Aug 7, 2025Yield to maturity3.732%Aug 12, 2025Yield to maturity3.744%Aug 15, 2025Yield to maturity3.757%Aug 20, 2025Yield to maturity3.754%Aug 25, 2025Yield to maturity3.732%Aug 28, 2025Yield to maturity3.678%Sep 3, 2025Yield to maturity3.655%Sep 8, 2025Yield to maturity3.527%Sep 11, 2025Yield to maturity3.558%Sep 16, 2025Yield to maturity3.535%Sep 19, 2025Yield to maturity3.582%Sep 24, 2025Yield to maturity3.632%Sep 29, 2025Yield to maturity3.663%Oct 2, 2025Yield to maturity3.569%Oct 7, 2025Yield to maturity3.600%Oct 10, 2025Yield to maturity3.538%Oct 16, 2025Yield to maturity3.442%Oct 21, 2025Yield to maturity3.472%Oct 24, 2025Yield to maturity3.502%Oct 29, 2025Yield to maturity3.630%Nov 3, 2025Yield to maturity3.625%Nov 6, 2025Yield to maturity3.583%Nov 12, 2025Yield to maturity3.576%Nov 17, 2025Yield to maturity3.628%Nov 20, 2025Yield to maturity3.585%Nov 25, 2025Yield to maturity3.520%Dec 1, 2025Yield to maturity3.572%Dec 4, 2025Yield to maturity3.568%Dec 9, 2025Yield to maturity3.622%Dec 12, 2025Yield to maturity3.535%Dec 17, 2025Yield to maturity3.510%Dec 22, 2025Yield to maturity3.503%Dec 26, 2025Yield to maturity3.495%Dec 31, 2025Yield to maturity3.489%Jan 6, 2026Yield to maturity3.481%Jan 9, 2026Yield to maturity3.538%Jan 14, 2026Yield to maturity3.512%Jan 20, 2026Yield to maturity3.589%Jan 23, 2026Yield to maturity3.582%Jan 28, 2026Yield to maturity3.577%Feb 2, 2026Yield to maturity3.569%Feb 5, 2026Yield to maturity3.476%Feb 10, 2026Yield to maturity3.467%Feb 13, 2026Yield to maturity3.434%Feb 19, 2026Yield to maturity3.497%Feb 24, 2026Yield to maturity3.511%Feb 27, 2026Yield to maturity3.456%Mar 4, 2026Yield to maturity3.591%Mar 9, 2026Yield to maturity3.583%Mar 12, 2026Yield to maturity3.769%Mar 17, 2026Yield to maturity3.691%Mar 20, 2026Yield to maturity3.928%Mar 25, 2026Yield to maturity3.901%Mar 30, 2026Yield to maturity3.846%Apr 2, 2026Yield to maturity3.817%Apr 7, 2026Yield to maturity3.811%Apr 10, 2026Yield to maturity3.805%Apr 15, 2026Yield to maturity3.776%Apr 20, 2026Yield to maturity3.744%Apr 23, 2026Yield to maturity3.792%Apr 28, 2026Yield to maturity3.812%May 1, 2026Yield to maturity3.832%May 6, 2026Yield to maturity3.829%May 11, 2026Yield to maturity3.877%May 14, 2026Yield to maturity3.901%May 19, 2026Yield to maturity3.979%May 22, 2026Yield to maturity4.002%May 28, 2026Yield to maturity3.943%Jun 2, 2026Yield to maturity3.967%Jun 5, 2026Yield to maturity4.050%Jun 10, 2026Yield to maturity4.018%Jun 15, 2026Yield to maturity3.954%Jun 18, 2026Yield to maturity4.100%Jun 24, 2026Yield to maturity4.098%Jun 29, 2026Yield to maturity4.095%Jul 2, 2026Yield to maturity4.091%Jul 8, 2026Yield to maturity4.152%Jul 13, 2026Yield to maturity4.182%Jul 16, 2026Yield to maturity4.083%Jul 21, 2026Yield to maturity4.177%Jul 24, 2026Yield to maturity4.240%Jul 29, 2026Yield to maturity4.138%Aug 3, 2026Yield to maturity4.134%Aug 6, 2026Yield to maturity4.132%Aug 11, 2026Yield to maturity4.093%Aug 14, 2026Yield to maturity4.018%Aug 19, 2026Yield to maturity4.050%Aug 24, 2026Yield to maturity4.081%Aug 27, 2026Yield to maturity4.078%Sep 1, 2026Yield to maturity4.221%Sep 4, 2026Yield to maturity4.180%Sep 9, 2026Yield to maturity4.179%

Price history

540 trading days to Sep 9, 2026

99.50100.00100.50101.00101.50102.00102.50Jul 15, 2024Sep 9, 2026Jul 15, 2024Close100.406Jul 18, 2024Close100.375Jul 23, 2024Close100.313Jul 26, 2024Close100.469Jul 31, 2024Close100.750Aug 5, 2024Close101.813Aug 8, 2024Close101.313Aug 13, 2024Close101.656Aug 16, 2024Close101.344Aug 21, 2024Close101.719Aug 26, 2024Close101.688Aug 29, 2024Close101.625Sep 4, 2024Close101.969Sep 9, 2024Close102.219Sep 12, 2024Close102.313Sep 17, 2024Close102.375Sep 20, 2024Close102.375Sep 25, 2024Close102.281Sep 30, 2024Close102.063Oct 3, 2024Close101.906Oct 8, 2024Close101.219Oct 11, 2024Close101.281Oct 17, 2024Close101.219Oct 22, 2024Close100.969Oct 25, 2024Close100.781Oct 30, 2024Close100.594Nov 4, 2024Close100.563Nov 7, 2024Close100.500Nov 13, 2024Close100.281Nov 18, 2024Close100.281Nov 21, 2024Close100.156Nov 26, 2024Close100.344Dec 2, 2024Close100.563Dec 5, 2024Close100.625Dec 10, 2024Close100.625Dec 13, 2024Close100.344Dec 18, 2024Close100.031Dec 23, 2024Close100.031Dec 27, 2024Close100.031Jan 2, 2025Close100.250Jan 7, 2025Close100.125Jan 10, 2025Close99.844Jan 15, 2025Close100.156Jan 21, 2025Close100.156Jan 24, 2025Close100.156Jan 29, 2025Close100.281Feb 3, 2025Close100.219Feb 6, 2025Close100.344Feb 11, 2025Close100.156Feb 14, 2025Close100.219Feb 20, 2025Close100.219Feb 25, 2025Close100.625Feb 28, 2025Close100.844Mar 5, 2025Close100.813Mar 10, 2025Close101.031Mar 13, 2025Close100.969Mar 18, 2025Close100.750Mar 21, 2025Close100.969Mar 26, 2025Close100.781Mar 31, 2025Close101.031Apr 3, 2025Close101.438Apr 8, 2025Close101.406Apr 11, 2025Close100.844Apr 16, 2025Close101.250Apr 21, 2025Close101.313Apr 24, 2025Close101.188Apr 29, 2025Close101.500May 2, 2025Close101.125May 7, 2025Close101.219May 12, 2025Close100.781May 15, 2025Close100.844May 20, 2025Close100.844May 23, 2025Close100.750May 29, 2025Close100.844Jun 3, 2025Close100.813Jun 6, 2025Close100.656Jun 11, 2025Close100.844Jun 16, 2025Close100.813Jun 20, 2025Close100.938Jun 25, 2025Close101.125Jun 30, 2025Close101.250Jul 3, 2025Close100.906Jul 9, 2025Close100.969Jul 14, 2025Close100.906Jul 17, 2025Close100.844Jul 22, 2025Close101.031Jul 25, 2025Close100.875Jul 30, 2025Close100.781Aug 4, 2025Close101.250Aug 7, 2025Close101.188Aug 12, 2025Close101.156Aug 15, 2025Close101.125Aug 20, 2025Close101.125Aug 25, 2025Close101.156Aug 28, 2025Close101.250Sep 3, 2025Close101.281Sep 8, 2025Close101.500Sep 11, 2025Close101.438Sep 16, 2025Close101.469Sep 19, 2025Close101.375Sep 24, 2025Close101.281Sep 29, 2025Close101.219Oct 2, 2025Close101.375Oct 7, 2025Close101.313Oct 10, 2025Close101.406Oct 16, 2025Close101.563Oct 21, 2025Close101.500Oct 24, 2025Close101.438Oct 29, 2025Close101.219Nov 3, 2025Close101.219Nov 6, 2025Close101.281Nov 12, 2025Close101.281Nov 17, 2025Close101.188Nov 20, 2025Close101.250Nov 25, 2025Close101.344Dec 1, 2025Close101.250Dec 4, 2025Close101.250Dec 9, 2025Close101.156Dec 12, 2025Close101.281Dec 17, 2025Close101.313Dec 22, 2025Close101.313Dec 26, 2025Close101.313Dec 31, 2025Close101.313Jan 6, 2026Close101.313Jan 9, 2026Close101.219Jan 14, 2026Close101.250Jan 20, 2026Close101.125Jan 23, 2026Close101.125Jan 28, 2026Close101.125Feb 2, 2026Close101.125Feb 5, 2026Close101.250Feb 10, 2026Close101.250Feb 13, 2026Close101.281Feb 19, 2026Close101.188Feb 24, 2026Close101.156Feb 27, 2026Close101.219Mar 4, 2026Close101.031Mar 9, 2026Close101.031Mar 12, 2026Close100.781Mar 17, 2026Close100.875Mar 20, 2026Close100.563Mar 25, 2026Close100.594Mar 30, 2026Close100.656Apr 2, 2026Close100.688Apr 7, 2026Close100.688Apr 10, 2026Close100.688Apr 15, 2026Close100.719Apr 20, 2026Close100.750Apr 23, 2026Close100.688Apr 28, 2026Close100.656May 1, 2026Close100.625May 6, 2026Close100.625May 11, 2026Close100.563May 14, 2026Close100.531May 19, 2026Close100.438May 22, 2026Close100.406May 28, 2026Close100.469Jun 2, 2026Close100.438Jun 5, 2026Close100.344Jun 10, 2026Close100.375Jun 15, 2026Close100.438Jun 18, 2026Close100.281Jun 24, 2026Close100.281Jun 29, 2026Close100.281Jul 2, 2026Close100.281Jul 8, 2026Close100.219Jul 13, 2026Close100.188Jul 16, 2026Close100.281Jul 21, 2026Close100.188Jul 24, 2026Close100.125Jul 29, 2026Close100.219Aug 3, 2026Close100.219Aug 6, 2026Close100.219Aug 11, 2026Close100.250Aug 14, 2026Close100.313Aug 19, 2026Close100.281Aug 24, 2026Close100.250Aug 27, 2026Close100.250Sep 1, 2026Close100.125Sep 4, 2026Close100.156Sep 9, 2026Close100.156
The most recent 20 trading days of prices for 91282CKZ3.
DateBidOfferClose
Sep 9, 2026100.172100.156100.156
Sep 8, 2026100.172100.156100.156
Sep 4, 2026100.172100.156100.156
Sep 3, 2026100.203100.188100.188
Sep 2, 2026100.156100.156100.156
Sep 1, 2026100.172100.156100.125
Aug 31, 2026100.172100.156100.156
Aug 28, 2026100.203100.188100.156
Aug 27, 2026100.266100.250100.250
Aug 26, 2026100.266100.250100.250
Aug 25, 2026100.266100.250100.250
Aug 24, 2026100.266100.250100.250
Aug 21, 2026100.266100.250100.281
Aug 20, 2026100.297100.281100.281
Aug 19, 2026100.297100.281100.281
Aug 18, 2026100.297100.281100.281
Aug 17, 2026100.328100.313100.281
Aug 14, 2026100.328100.313100.313
Aug 13, 2026100.313100.313100.313
Aug 12, 2026100.297100.281100.281

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 91282CKZ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 9, 2024Jul 15, 2024New issue$58.0bn$67.4bn2.67x4.399%

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.