Treasury note

91282CLQ2 · 3.875% due October 15, 2027

Original term
3-Year
Maturity
Oct 15, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
Oct 15, 2024
First coupon
Apr 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$57.64bn
Held stripped
$14.4m
Share stripped
0.02%

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
4.285%
Modified duration
1.045 yr
DV01
0.0106
Convexity
1.625
Dirty price
101.129

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 4 of twelve buckets, summing to 1.067 years against a modified duration of 1.045.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 2.24 cents per 100 of face.

That is 1.15 standard deviations from its own typical residual.

Yield to maturity, 476 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Oct 15, 2024Sep 9, 2026Oct 15, 2024Yield to maturity3.864%Oct 17, 2024Yield to maturity3.886%Oct 21, 2024Yield to maturity3.953%Oct 23, 2024Yield to maturity4.032%Oct 25, 2024Yield to maturity4.055%Oct 29, 2024Yield to maturity4.078%Oct 31, 2024Yield to maturity4.124%Nov 4, 2024Yield to maturity4.148%Nov 6, 2024Yield to maturity4.240%Nov 8, 2024Yield to maturity4.207%Nov 13, 2024Yield to maturity4.265%Nov 15, 2024Yield to maturity4.278%Nov 19, 2024Yield to maturity4.244%Nov 21, 2024Yield to maturity4.303%Nov 25, 2024Yield to maturity4.222%Nov 27, 2024Yield to maturity4.176%Dec 2, 2024Yield to maturity4.130%Dec 4, 2024Yield to maturity4.096%Dec 6, 2024Yield to maturity4.073%Dec 10, 2024Yield to maturity4.109%Dec 12, 2024Yield to maturity4.168%Dec 16, 2024Yield to maturity4.229%Dec 18, 2024Yield to maturity4.361%Dec 20, 2024Yield to maturity4.314%Dec 24, 2024Yield to maturity4.364%Dec 27, 2024Yield to maturity4.366%Dec 31, 2024Yield to maturity4.282%Jan 3, 2025Yield to maturity4.320%Jan 7, 2025Yield to maturity4.345%Jan 9, 2025Yield to maturity4.322%Jan 13, 2025Yield to maturity4.471%Jan 15, 2025Yield to maturity4.337%Jan 17, 2025Yield to maturity4.326%Jan 22, 2025Yield to maturity4.327%Jan 24, 2025Yield to maturity4.317%Jan 28, 2025Yield to maturity4.243%Jan 30, 2025Yield to maturity4.231%Feb 3, 2025Yield to maturity4.283%Feb 5, 2025Yield to maturity4.196%Feb 7, 2025Yield to maturity4.298%Feb 11, 2025Yield to maturity4.311%Feb 13, 2025Yield to maturity4.325%Feb 18, 2025Yield to maturity4.327%Feb 20, 2025Yield to maturity4.277%Feb 24, 2025Yield to maturity4.177%Feb 26, 2025Yield to maturity4.051%Feb 28, 2025Yield to maturity4.001%Mar 4, 2025Yield to maturity3.963%Mar 6, 2025Yield to maturity3.988%Mar 10, 2025Yield to maturity3.912%Mar 12, 2025Yield to maturity4.002%Mar 14, 2025Yield to maturity4.016%Mar 18, 2025Yield to maturity4.029%Mar 20, 2025Yield to maturity3.952%Mar 24, 2025Yield to maturity4.030%Mar 26, 2025Yield to maturity4.017%Mar 28, 2025Yield to maturity3.927%Apr 1, 2025Yield to maturity3.874%Apr 3, 2025Yield to maturity3.718%Apr 7, 2025Yield to maturity3.744%Apr 9, 2025Yield to maturity3.941%Apr 11, 2025Yield to maturity3.994%Apr 15, 2025Yield to maturity3.862%Apr 17, 2025Yield to maturity3.809%Apr 21, 2025Yield to maturity3.768%Apr 23, 2025Yield to maturity3.875%Apr 25, 2025Yield to maturity3.767%Apr 29, 2025Yield to maturity3.647%May 1, 2025Yield to maturity3.700%May 5, 2025Yield to maturity3.834%May 7, 2025Yield to maturity3.766%May 9, 2025Yield to maturity3.874%May 13, 2025Yield to maturity4.024%May 15, 2025Yield to maturity3.956%May 19, 2025Yield to maturity3.956%May 21, 2025Yield to maturity3.998%May 23, 2025Yield to maturity3.998%May 28, 2025Yield to maturity3.985%May 30, 2025Yield to maturity3.901%Jun 3, 2025Yield to maturity3.957%Jun 5, 2025Yield to maturity3.929%Jun 9, 2025Yield to maturity4.000%Jun 11, 2025Yield to maturity3.930%Jun 13, 2025Yield to maturity3.930%Jun 17, 2025Yield to maturity3.930%Jun 20, 2025Yield to maturity3.887%Jun 24, 2025Yield to maturity3.773%Jun 26, 2025Yield to maturity3.716%Jun 30, 2025Yield to maturity3.715%Jul 2, 2025Yield to maturity3.786%Jul 7, 2025Yield to maturity3.887%Jul 9, 2025Yield to maturity3.844%Jul 11, 2025Yield to maturity3.887%Jul 15, 2025Yield to maturity3.946%Jul 17, 2025Yield to maturity3.902%Jul 21, 2025Yield to maturity3.829%Jul 23, 2025Yield to maturity3.858%Jul 25, 2025Yield to maturity3.888%Jul 29, 2025Yield to maturity3.858%Jul 31, 2025Yield to maturity3.933%Aug 4, 2025Yield to maturity3.679%Aug 6, 2025Yield to maturity3.678%Aug 8, 2025Yield to maturity3.752%Aug 12, 2025Yield to maturity3.722%Aug 14, 2025Yield to maturity3.722%Aug 18, 2025Yield to maturity3.751%Aug 20, 2025Yield to maturity3.721%Aug 22, 2025Yield to maturity3.674%Aug 26, 2025Yield to maturity3.658%Aug 28, 2025Yield to maturity3.642%Sep 2, 2025Yield to maturity3.657%Sep 4, 2025Yield to maturity3.594%Sep 8, 2025Yield to maturity3.500%Sep 10, 2025Yield to maturity3.530%Sep 12, 2025Yield to maturity3.560%Sep 16, 2025Yield to maturity3.512%Sep 18, 2025Yield to maturity3.574%Sep 22, 2025Yield to maturity3.604%Sep 24, 2025Yield to maturity3.619%Sep 26, 2025Yield to maturity3.666%Sep 30, 2025Yield to maturity3.618%Oct 2, 2025Yield to maturity3.553%Oct 6, 2025Yield to maturity3.600%Oct 8, 2025Yield to maturity3.583%Oct 10, 2025Yield to maturity3.516%Oct 15, 2025Yield to maturity3.499%Oct 17, 2025Yield to maturity3.464%Oct 21, 2025Yield to maturity3.463%Oct 23, 2025Yield to maturity3.495%Oct 27, 2025Yield to maturity3.509%Oct 29, 2025Yield to maturity3.608%Oct 31, 2025Yield to maturity3.606%Nov 4, 2025Yield to maturity3.572%Nov 6, 2025Yield to maturity3.571%Nov 10, 2025Yield to maturity3.602%Nov 13, 2025Yield to maturity3.602%Nov 17, 2025Yield to maturity3.617%Nov 19, 2025Yield to maturity3.599%Nov 21, 2025Yield to maturity3.512%Nov 25, 2025Yield to maturity3.493%Nov 28, 2025Yield to maturity3.525%Dec 2, 2025Yield to maturity3.524%Dec 4, 2025Yield to maturity3.540%Dec 8, 2025Yield to maturity3.591%Dec 10, 2025Yield to maturity3.555%Dec 12, 2025Yield to maturity3.535%Dec 16, 2025Yield to maturity3.481%Dec 18, 2025Yield to maturity3.480%Dec 22, 2025Yield to maturity3.513%Dec 24, 2025Yield to maturity3.530%Dec 29, 2025Yield to maturity3.473%Dec 31, 2025Yield to maturity3.490%Jan 5, 2026Yield to maturity3.451%Jan 7, 2026Yield to maturity3.468%Jan 9, 2026Yield to maturity3.539%Jan 13, 2026Yield to maturity3.538%Jan 15, 2026Yield to maturity3.574%Jan 20, 2026Yield to maturity3.591%Jan 22, 2026Yield to maturity3.609%Jan 26, 2026Yield to maturity3.588%Jan 28, 2026Yield to maturity3.587%Jan 30, 2026Yield to maturity3.528%Feb 3, 2026Yield to maturity3.565%Feb 5, 2026Yield to maturity3.469%Feb 9, 2026Yield to maturity3.485%Feb 11, 2026Yield to maturity3.523%Feb 13, 2026Yield to maturity3.423%Feb 18, 2026Yield to maturity3.480%Feb 20, 2026Yield to maturity3.497%Feb 24, 2026Yield to maturity3.476%Feb 26, 2026Yield to maturity3.475%Mar 2, 2026Yield to maturity3.512%Mar 4, 2026Yield to maturity3.571%Mar 6, 2026Yield to maturity3.590%Mar 10, 2026Yield to maturity3.609%Mar 12, 2026Yield to maturity3.771%Mar 16, 2026Yield to maturity3.709%Mar 18, 2026Yield to maturity3.770%Mar 20, 2026Yield to maturity3.936%Mar 24, 2026Yield to maturity3.978%Mar 26, 2026Yield to maturity4.021%Mar 30, 2026Yield to maturity3.853%Apr 1, 2026Yield to maturity3.832%Apr 3, 2026Yield to maturity3.874%Apr 7, 2026Yield to maturity3.853%Apr 9, 2026Yield to maturity3.810%Apr 13, 2026Yield to maturity3.810%Apr 15, 2026Yield to maturity3.788%Apr 17, 2026Yield to maturity3.722%Apr 21, 2026Yield to maturity3.787%Apr 23, 2026Yield to maturity3.830%Apr 27, 2026Yield to maturity3.808%Apr 29, 2026Yield to maturity3.918%May 1, 2026Yield to maturity3.874%May 5, 2026Yield to maturity3.919%May 7, 2026Yield to maturity3.896%May 11, 2026Yield to maturity3.919%May 13, 2026Yield to maturity3.942%May 15, 2026Yield to maturity4.011%May 19, 2026Yield to maturity4.058%May 21, 2026Yield to maturity4.012%May 26, 2026Yield to maturity3.990%May 28, 2026Yield to maturity3.966%Jun 1, 2026Yield to maturity3.991%Jun 3, 2026Yield to maturity4.039%Jun 5, 2026Yield to maturity4.112%Jun 9, 2026Yield to maturity4.064%Jun 11, 2026Yield to maturity4.017%Jun 15, 2026Yield to maturity4.018%Jun 17, 2026Yield to maturity4.165%Jun 22, 2026Yield to maturity4.218%Jun 24, 2026Yield to maturity4.144%Jun 26, 2026Yield to maturity4.096%Jun 30, 2026Yield to maturity4.148%Jul 2, 2026Yield to maturity4.125%Jul 7, 2026Yield to maturity4.177%Jul 9, 2026Yield to maturity4.127%Jul 13, 2026Yield to maturity4.233%Jul 15, 2026Yield to maturity4.078%Jul 17, 2026Yield to maturity4.132%Jul 21, 2026Yield to maturity4.213%Jul 23, 2026Yield to maturity4.293%Jul 27, 2026Yield to maturity4.270%Jul 29, 2026Yield to maturity4.192%Jul 31, 2026Yield to maturity4.222%Aug 4, 2026Yield to maturity4.142%Aug 6, 2026Yield to maturity4.198%Aug 10, 2026Yield to maturity4.173%Aug 12, 2026Yield to maturity4.119%Aug 14, 2026Yield to maturity4.094%Aug 18, 2026Yield to maturity4.095%Aug 20, 2026Yield to maturity4.096%Aug 24, 2026Yield to maturity4.155%Aug 26, 2026Yield to maturity4.128%Aug 28, 2026Yield to maturity4.275%Sep 1, 2026Yield to maturity4.277%Sep 3, 2026Yield to maturity4.220%Sep 8, 2026Yield to maturity4.254%Sep 9, 2026Yield to maturity4.285%

Price history

476 trading days to Sep 9, 2026

98.0098.5099.0099.50100.00100.50101.00Oct 15, 2024Sep 9, 2026Oct 15, 2024Close100.031Oct 17, 2024Close99.969Oct 21, 2024Close99.781Oct 23, 2024Close99.563Oct 25, 2024Close99.500Oct 29, 2024Close99.438Oct 31, 2024Close99.313Nov 4, 2024Close99.250Nov 6, 2024Close99.000Nov 8, 2024Close99.094Nov 13, 2024Close98.938Nov 15, 2024Close98.906Nov 19, 2024Close99.000Nov 21, 2024Close98.844Nov 25, 2024Close99.063Nov 27, 2024Close99.188Dec 2, 2024Close99.313Dec 4, 2024Close99.406Dec 6, 2024Close99.469Dec 10, 2024Close99.375Dec 12, 2024Close99.219Dec 16, 2024Close99.063Dec 18, 2024Close98.719Dec 20, 2024Close98.844Dec 24, 2024Close98.719Dec 27, 2024Close98.719Dec 31, 2024Close98.938Jan 3, 2025Close98.844Jan 7, 2025Close98.781Jan 9, 2025Close98.844Jan 13, 2025Close98.469Jan 15, 2025Close98.813Jan 17, 2025Close98.844Jan 22, 2025Close98.844Jan 24, 2025Close98.875Jan 28, 2025Close99.063Jan 30, 2025Close99.094Feb 3, 2025Close98.969Feb 5, 2025Close99.188Feb 7, 2025Close98.938Feb 11, 2025Close98.906Feb 13, 2025Close98.875Feb 18, 2025Close98.875Feb 20, 2025Close99.000Feb 24, 2025Close99.250Feb 26, 2025Close99.563Feb 28, 2025Close99.688Mar 4, 2025Close99.781Mar 6, 2025Close99.719Mar 10, 2025Close99.906Mar 12, 2025Close99.688Mar 14, 2025Close99.656Mar 18, 2025Close99.625Mar 20, 2025Close99.813Mar 24, 2025Close99.625Mar 26, 2025Close99.656Mar 28, 2025Close99.875Apr 1, 2025Close100.000Apr 3, 2025Close100.375Apr 7, 2025Close100.313Apr 9, 2025Close99.844Apr 11, 2025Close99.719Apr 15, 2025Close100.031Apr 17, 2025Close100.156Apr 21, 2025Close100.250Apr 23, 2025Close100.000Apr 25, 2025Close100.250Apr 29, 2025Close100.531May 1, 2025Close100.406May 5, 2025Close100.094May 7, 2025Close100.250May 9, 2025Close100.000May 13, 2025Close99.656May 15, 2025Close99.813May 19, 2025Close99.813May 21, 2025Close99.719May 23, 2025Close99.719May 28, 2025Close99.750May 30, 2025Close99.938Jun 3, 2025Close99.813Jun 5, 2025Close99.875Jun 9, 2025Close99.719Jun 11, 2025Close99.875Jun 13, 2025Close99.875Jun 17, 2025Close99.875Jun 20, 2025Close99.969Jun 24, 2025Close100.219Jun 26, 2025Close100.344Jun 30, 2025Close100.344Jul 2, 2025Close100.188Jul 7, 2025Close99.969Jul 9, 2025Close100.063Jul 11, 2025Close99.969Jul 15, 2025Close99.844Jul 17, 2025Close99.938Jul 21, 2025Close100.094Jul 23, 2025Close100.031Jul 25, 2025Close99.969Jul 29, 2025Close100.031Jul 31, 2025Close99.875Aug 4, 2025Close100.406Aug 6, 2025Close100.406Aug 8, 2025Close100.250Aug 12, 2025Close100.313Aug 14, 2025Close100.313Aug 18, 2025Close100.250Aug 20, 2025Close100.313Aug 22, 2025Close100.406Aug 26, 2025Close100.438Aug 28, 2025Close100.469Sep 2, 2025Close100.438Sep 4, 2025Close100.563Sep 8, 2025Close100.750Sep 10, 2025Close100.688Sep 12, 2025Close100.625Sep 16, 2025Close100.719Sep 18, 2025Close100.594Sep 22, 2025Close100.531Sep 24, 2025Close100.500Sep 26, 2025Close100.406Sep 30, 2025Close100.500Oct 2, 2025Close100.625Oct 6, 2025Close100.531Oct 8, 2025Close100.563Oct 10, 2025Close100.688Oct 15, 2025Close100.719Oct 17, 2025Close100.781Oct 21, 2025Close100.781Oct 23, 2025Close100.719Oct 27, 2025Close100.688Oct 29, 2025Close100.500Oct 31, 2025Close100.500Nov 4, 2025Close100.563Nov 6, 2025Close100.563Nov 10, 2025Close100.500Nov 13, 2025Close100.500Nov 17, 2025Close100.469Nov 19, 2025Close100.500Nov 21, 2025Close100.656Nov 25, 2025Close100.688Nov 28, 2025Close100.625Dec 2, 2025Close100.625Dec 4, 2025Close100.594Dec 8, 2025Close100.500Dec 10, 2025Close100.563Dec 12, 2025Close100.594Dec 16, 2025Close100.688Dec 18, 2025Close100.688Dec 22, 2025Close100.625Dec 24, 2025Close100.594Dec 29, 2025Close100.688Dec 31, 2025Close100.656Jan 5, 2026Close100.719Jan 7, 2026Close100.688Jan 9, 2026Close100.563Jan 13, 2026Close100.563Jan 15, 2026Close100.500Jan 20, 2026Close100.469Jan 22, 2026Close100.438Jan 26, 2026Close100.469Jan 28, 2026Close100.469Jan 30, 2026Close100.563Feb 3, 2026Close100.500Feb 5, 2026Close100.656Feb 9, 2026Close100.625Feb 11, 2026Close100.563Feb 13, 2026Close100.719Feb 18, 2026Close100.625Feb 20, 2026Close100.594Feb 24, 2026Close100.625Feb 26, 2026Close100.625Mar 2, 2026Close100.563Mar 4, 2026Close100.469Mar 6, 2026Close100.438Mar 10, 2026Close100.406Mar 12, 2026Close100.156Mar 16, 2026Close100.250Mar 18, 2026Close100.156Mar 20, 2026Close99.906Mar 24, 2026Close99.844Mar 26, 2026Close99.781Mar 30, 2026Close100.031Apr 1, 2026Close100.063Apr 3, 2026Close100.000Apr 7, 2026Close100.031Apr 9, 2026Close100.094Apr 13, 2026Close100.094Apr 15, 2026Close100.125Apr 17, 2026Close100.219Apr 21, 2026Close100.125Apr 23, 2026Close100.063Apr 27, 2026Close100.094Apr 29, 2026Close99.938May 1, 2026Close100.000May 5, 2026Close99.938May 7, 2026Close99.969May 11, 2026Close99.938May 13, 2026Close99.906May 15, 2026Close99.813May 19, 2026Close99.750May 21, 2026Close99.813May 26, 2026Close99.844May 28, 2026Close99.875Jun 1, 2026Close99.844Jun 3, 2026Close99.781Jun 5, 2026Close99.688Jun 9, 2026Close99.750Jun 11, 2026Close99.813Jun 15, 2026Close99.813Jun 17, 2026Close99.625Jun 22, 2026Close99.563Jun 24, 2026Close99.656Jun 26, 2026Close99.719Jun 30, 2026Close99.656Jul 2, 2026Close99.688Jul 7, 2026Close99.625Jul 9, 2026Close99.688Jul 13, 2026Close99.563Jul 15, 2026Close99.750Jul 17, 2026Close99.688Jul 21, 2026Close99.594Jul 23, 2026Close99.500Jul 27, 2026Close99.531Jul 29, 2026Close99.625Jul 31, 2026Close99.594Aug 4, 2026Close99.688Aug 6, 2026Close99.625Aug 10, 2026Close99.656Aug 12, 2026Close99.719Aug 14, 2026Close99.750Aug 18, 2026Close99.750Aug 20, 2026Close99.750Aug 24, 2026Close99.688Aug 26, 2026Close99.719Aug 28, 2026Close99.563Sep 1, 2026Close99.563Sep 3, 2026Close99.625Sep 8, 2026Close99.594Sep 9, 2026Close99.563
The most recent 20 trading days of prices for 91282CLQ2.
DateBidOfferClose
Sep 9, 202699.59499.56399.563
Sep 8, 202699.60999.59499.594
Sep 4, 202699.60999.59499.594
Sep 3, 202699.64199.62599.625
Sep 2, 202699.57899.56399.563
Sep 1, 202699.57899.56399.563
Aug 31, 202699.60999.59499.594
Aug 28, 202699.60999.59499.563
Aug 27, 202699.73499.71999.688
Aug 26, 202699.73499.71999.719
Aug 25, 202699.73499.71999.719
Aug 24, 202699.70399.68899.688
Aug 21, 202699.70399.68899.719
Aug 20, 202699.76699.75099.750
Aug 19, 202699.75099.75099.750
Aug 18, 202699.75099.75099.750
Aug 17, 202699.76699.75099.750
Aug 14, 202699.76699.75099.750
Aug 13, 202699.76699.75099.750
Aug 12, 202699.73499.71999.719

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 91282CLQ2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 8, 2024Oct 15, 2024New issue$58.0bn$58.8bn2.45x3.878%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.