Treasury note

91282CLS8 · 4.125% due October 31, 2026

Original term
2-Year
Maturity
Oct 31, 2026
Coupon
4.125%
Pays
Semi-Annual
Dated
Oct 31, 2024
First coupon
Apr 30, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$66.25bn
Held stripped
$134.4m
Share stripped
0.20%

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
4.064%
Modified duration
0.138 yr
DV01
0.0014
Convexity
0.038
Dirty price
101.491

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 16.3 bp cheap to the curve on that day, 2.28 cents per 100 of face.

That is 5.37 standard deviations from its own typical residual.

Yield to maturity, 464 observations

3.4%3.6%3.8%4.0%4.2%4.4%Oct 31, 2024Sep 9, 2026Oct 31, 2024Yield to maturity4.158%Nov 4, 2024Yield to maturity4.174%Nov 6, 2024Yield to maturity4.274%Nov 8, 2024Yield to maturity4.258%Nov 13, 2024Yield to maturity4.275%Nov 15, 2024Yield to maturity4.310%Nov 19, 2024Yield to maturity4.276%Nov 21, 2024Yield to maturity4.344%Nov 25, 2024Yield to maturity4.277%Nov 27, 2024Yield to maturity4.243%Dec 2, 2024Yield to maturity4.209%Dec 4, 2024Yield to maturity4.158%Dec 6, 2024Yield to maturity4.140%Dec 10, 2024Yield to maturity4.175%Dec 12, 2024Yield to maturity4.210%Dec 16, 2024Yield to maturity4.263%Dec 18, 2024Yield to maturity4.369%Dec 20, 2024Yield to maturity4.317%Dec 24, 2024Yield to maturity4.354%Dec 27, 2024Yield to maturity4.337%Dec 31, 2024Yield to maturity4.248%Jan 3, 2025Yield to maturity4.285%Jan 7, 2025Yield to maturity4.285%Jan 9, 2025Yield to maturity4.267%Jan 13, 2025Yield to maturity4.397%Jan 15, 2025Yield to maturity4.269%Jan 17, 2025Yield to maturity4.288%Jan 22, 2025Yield to maturity4.289%Jan 24, 2025Yield to maturity4.271%Jan 28, 2025Yield to maturity4.215%Jan 30, 2025Yield to maturity4.197%Feb 3, 2025Yield to maturity4.273%Feb 5, 2025Yield to maturity4.197%Feb 7, 2025Yield to maturity4.293%Feb 11, 2025Yield to maturity4.294%Feb 13, 2025Yield to maturity4.333%Feb 18, 2025Yield to maturity4.315%Feb 20, 2025Yield to maturity4.277%Feb 24, 2025Yield to maturity4.180%Feb 26, 2025Yield to maturity4.103%Feb 28, 2025Yield to maturity4.024%Mar 4, 2025Yield to maturity4.004%Mar 6, 2025Yield to maturity4.004%Mar 10, 2025Yield to maturity3.943%Mar 12, 2025Yield to maturity4.043%Mar 14, 2025Yield to maturity4.062%Mar 18, 2025Yield to maturity4.082%Mar 20, 2025Yield to maturity4.001%Mar 24, 2025Yield to maturity4.082%Mar 26, 2025Yield to maturity4.062%Mar 28, 2025Yield to maturity3.979%Apr 1, 2025Yield to maturity3.938%Apr 3, 2025Yield to maturity3.813%Apr 7, 2025Yield to maturity3.811%Apr 9, 2025Yield to maturity3.998%Apr 11, 2025Yield to maturity4.040%Apr 15, 2025Yield to maturity3.934%Apr 17, 2025Yield to maturity3.891%Apr 21, 2025Yield to maturity3.847%Apr 23, 2025Yield to maturity3.974%Apr 25, 2025Yield to maturity3.888%Apr 29, 2025Yield to maturity3.779%May 1, 2025Yield to maturity3.843%May 5, 2025Yield to maturity3.949%May 7, 2025Yield to maturity3.905%May 9, 2025Yield to maturity3.991%May 13, 2025Yield to maturity4.102%May 15, 2025Yield to maturity4.057%May 19, 2025Yield to maturity4.079%May 21, 2025Yield to maturity4.101%May 23, 2025Yield to maturity4.123%May 28, 2025Yield to maturity4.123%May 30, 2025Yield to maturity4.031%Jun 3, 2025Yield to maturity4.100%Jun 5, 2025Yield to maturity4.053%Jun 9, 2025Yield to maturity4.122%Jun 11, 2025Yield to maturity4.075%Jun 13, 2025Yield to maturity4.075%Jun 17, 2025Yield to maturity4.074%Jun 20, 2025Yield to maturity4.026%Jun 24, 2025Yield to maturity3.953%Jun 26, 2025Yield to maturity3.905%Jun 30, 2025Yield to maturity3.903%Jul 2, 2025Yield to maturity3.950%Jul 7, 2025Yield to maturity4.047%Jul 9, 2025Yield to maturity4.022%Jul 11, 2025Yield to maturity4.046%Jul 15, 2025Yield to maturity4.096%Jul 17, 2025Yield to maturity4.070%Jul 21, 2025Yield to maturity4.019%Jul 23, 2025Yield to maturity4.044%Jul 25, 2025Yield to maturity4.069%Jul 29, 2025Yield to maturity4.043%Jul 31, 2025Yield to maturity4.121%Aug 4, 2025Yield to maturity3.860%Aug 6, 2025Yield to maturity3.885%Aug 8, 2025Yield to maturity3.909%Aug 12, 2025Yield to maturity3.882%Aug 14, 2025Yield to maturity3.881%Aug 18, 2025Yield to maturity3.932%Aug 20, 2025Yield to maturity3.904%Aug 22, 2025Yield to maturity3.848%Aug 26, 2025Yield to maturity3.847%Aug 28, 2025Yield to maturity3.846%Sep 2, 2025Yield to maturity3.870%Sep 4, 2025Yield to maturity3.786%Sep 8, 2025Yield to maturity3.698%Sep 10, 2025Yield to maturity3.725%Sep 12, 2025Yield to maturity3.721%Sep 16, 2025Yield to maturity3.691%Sep 18, 2025Yield to maturity3.689%Sep 22, 2025Yield to maturity3.714%Sep 24, 2025Yield to maturity3.712%Sep 26, 2025Yield to maturity3.767%Sep 30, 2025Yield to maturity3.706%Oct 2, 2025Yield to maturity3.674%Oct 6, 2025Yield to maturity3.670%Oct 8, 2025Yield to maturity3.698%Oct 10, 2025Yield to maturity3.632%Oct 15, 2025Yield to maturity3.630%Oct 17, 2025Yield to maturity3.625%Oct 21, 2025Yield to maturity3.591%Oct 23, 2025Yield to maturity3.620%Oct 27, 2025Yield to maturity3.647%Oct 29, 2025Yield to maturity3.772%Oct 31, 2025Yield to maturity3.768%Nov 4, 2025Yield to maturity3.734%Nov 6, 2025Yield to maturity3.699%Nov 10, 2025Yield to maturity3.692%Nov 13, 2025Yield to maturity3.723%Nov 17, 2025Yield to maturity3.752%Nov 19, 2025Yield to maturity3.715%Nov 21, 2025Yield to maturity3.676%Nov 25, 2025Yield to maturity3.639%Nov 28, 2025Yield to maturity3.701%Dec 2, 2025Yield to maturity3.663%Dec 4, 2025Yield to maturity3.660%Dec 8, 2025Yield to maturity3.654%Dec 10, 2025Yield to maturity3.651%Dec 12, 2025Yield to maturity3.609%Dec 16, 2025Yield to maturity3.606%Dec 18, 2025Yield to maturity3.565%Dec 22, 2025Yield to maturity3.595%Dec 24, 2025Yield to maturity3.628%Dec 29, 2025Yield to maturity3.583%Dec 31, 2025Yield to maturity3.616%Jan 5, 2026Yield to maturity3.570%Jan 7, 2026Yield to maturity3.566%Jan 9, 2026Yield to maturity3.638%Jan 13, 2026Yield to maturity3.635%Jan 15, 2026Yield to maturity3.672%Jan 20, 2026Yield to maturity3.664%Jan 22, 2026Yield to maturity3.661%Jan 26, 2026Yield to maturity3.654%Jan 28, 2026Yield to maturity3.651%Jan 30, 2026Yield to maturity3.644%Feb 3, 2026Yield to maturity3.640%Feb 5, 2026Yield to maturity3.637%Feb 9, 2026Yield to maturity3.629%Feb 11, 2026Yield to maturity3.670%Feb 13, 2026Yield to maturity3.616%Feb 18, 2026Yield to maturity3.658%Feb 20, 2026Yield to maturity3.651%Feb 24, 2026Yield to maturity3.647%Feb 26, 2026Yield to maturity3.643%Mar 2, 2026Yield to maturity3.684%Mar 4, 2026Yield to maturity3.729%Mar 6, 2026Yield to maturity3.673%Mar 10, 2026Yield to maturity3.719%Mar 12, 2026Yield to maturity3.766%Mar 16, 2026Yield to maturity3.760%Mar 18, 2026Yield to maturity3.757%Mar 20, 2026Yield to maturity3.856%Mar 24, 2026Yield to maturity3.853%Mar 26, 2026Yield to maturity3.851%Mar 30, 2026Yield to maturity3.847%Apr 1, 2026Yield to maturity3.789%Apr 3, 2026Yield to maturity3.839%Apr 7, 2026Yield to maturity3.780%Apr 9, 2026Yield to maturity3.777%Apr 13, 2026Yield to maturity3.771%Apr 15, 2026Yield to maturity3.768%Apr 17, 2026Yield to maturity3.761%Apr 21, 2026Yield to maturity3.757%Apr 23, 2026Yield to maturity3.754%Apr 27, 2026Yield to maturity3.747%Apr 29, 2026Yield to maturity3.807%May 1, 2026Yield to maturity3.798%May 5, 2026Yield to maturity3.793%May 7, 2026Yield to maturity3.789%May 11, 2026Yield to maturity3.780%May 13, 2026Yield to maturity3.775%May 15, 2026Yield to maturity3.835%May 19, 2026Yield to maturity3.831%May 21, 2026Yield to maturity3.827%May 26, 2026Yield to maturity3.816%May 28, 2026Yield to maturity3.811%Jun 1, 2026Yield to maturity3.802%Jun 3, 2026Yield to maturity3.797%Jun 5, 2026Yield to maturity3.867%Jun 9, 2026Yield to maturity3.862%Jun 11, 2026Yield to maturity3.858%Jun 15, 2026Yield to maturity3.849%Jun 17, 2026Yield to maturity3.931%Jun 22, 2026Yield to maturity3.922%Jun 24, 2026Yield to maturity3.918%Jun 26, 2026Yield to maturity3.911%Jun 30, 2026Yield to maturity3.907%Jul 2, 2026Yield to maturity3.897%Jul 7, 2026Yield to maturity3.892%Jul 9, 2026Yield to maturity3.888%Jul 13, 2026Yield to maturity3.985%Jul 15, 2026Yield to maturity3.874%Jul 17, 2026Yield to maturity3.864%Jul 21, 2026Yield to maturity3.859%Jul 23, 2026Yield to maturity3.970%Jul 27, 2026Yield to maturity3.963%Jul 29, 2026Yield to maturity3.960%Jul 31, 2026Yield to maturity3.952%Aug 4, 2026Yield to maturity3.949%Aug 6, 2026Yield to maturity3.945%Aug 10, 2026Yield to maturity3.936%Aug 12, 2026Yield to maturity3.932%Aug 14, 2026Yield to maturity3.923%Aug 18, 2026Yield to maturity3.917%Aug 20, 2026Yield to maturity3.912%Aug 24, 2026Yield to maturity3.901%Aug 26, 2026Yield to maturity3.895%Aug 28, 2026Yield to maturity3.882%Sep 1, 2026Yield to maturity3.875%Sep 3, 2026Yield to maturity3.867%Sep 8, 2026Yield to maturity3.846%Sep 9, 2026Yield to maturity4.064%

Price history

464 trading days to Sep 9, 2026

99.499.699.8100.0100.2100.4100.6Oct 31, 2024Sep 9, 2026Oct 31, 2024Close99.938Nov 4, 2024Close99.906Nov 6, 2024Close99.719Nov 8, 2024Close99.750Nov 13, 2024Close99.719Nov 15, 2024Close99.656Nov 19, 2024Close99.719Nov 21, 2024Close99.594Nov 25, 2024Close99.719Nov 27, 2024Close99.781Dec 2, 2024Close99.844Dec 4, 2024Close99.938Dec 6, 2024Close99.969Dec 10, 2024Close99.906Dec 12, 2024Close99.844Dec 16, 2024Close99.750Dec 18, 2024Close99.563Dec 20, 2024Close99.656Dec 24, 2024Close99.594Dec 27, 2024Close99.625Dec 31, 2024Close99.781Jan 3, 2025Close99.719Jan 7, 2025Close99.719Jan 9, 2025Close99.750Jan 13, 2025Close99.531Jan 15, 2025Close99.750Jan 17, 2025Close99.719Jan 22, 2025Close99.719Jan 24, 2025Close99.750Jan 28, 2025Close99.844Jan 30, 2025Close99.875Feb 3, 2025Close99.750Feb 5, 2025Close99.875Feb 7, 2025Close99.719Feb 11, 2025Close99.719Feb 13, 2025Close99.656Feb 18, 2025Close99.688Feb 20, 2025Close99.750Feb 24, 2025Close99.906Feb 26, 2025Close100.031Feb 28, 2025Close100.156Mar 4, 2025Close100.188Mar 6, 2025Close100.188Mar 10, 2025Close100.281Mar 12, 2025Close100.125Mar 14, 2025Close100.094Mar 18, 2025Close100.063Mar 20, 2025Close100.188Mar 24, 2025Close100.063Mar 26, 2025Close100.094Mar 28, 2025Close100.219Apr 1, 2025Close100.281Apr 3, 2025Close100.469Apr 7, 2025Close100.469Apr 9, 2025Close100.188Apr 11, 2025Close100.125Apr 15, 2025Close100.281Apr 17, 2025Close100.344Apr 21, 2025Close100.406Apr 23, 2025Close100.219Apr 25, 2025Close100.344Apr 29, 2025Close100.500May 1, 2025Close100.406May 5, 2025Close100.250May 7, 2025Close100.313May 9, 2025Close100.188May 13, 2025Close100.031May 15, 2025Close100.094May 19, 2025Close100.063May 21, 2025Close100.031May 23, 2025Close100.000May 28, 2025Close100.000May 30, 2025Close100.125Jun 3, 2025Close100.031Jun 5, 2025Close100.094Jun 9, 2025Close100.000Jun 11, 2025Close100.063Jun 13, 2025Close100.063Jun 17, 2025Close100.063Jun 20, 2025Close100.125Jun 24, 2025Close100.219Jun 26, 2025Close100.281Jun 30, 2025Close100.281Jul 2, 2025Close100.219Jul 7, 2025Close100.094Jul 9, 2025Close100.125Jul 11, 2025Close100.094Jul 15, 2025Close100.031Jul 17, 2025Close100.063Jul 21, 2025Close100.125Jul 23, 2025Close100.094Jul 25, 2025Close100.063Jul 29, 2025Close100.094Jul 31, 2025Close100.000Aug 4, 2025Close100.313Aug 6, 2025Close100.281Aug 8, 2025Close100.250Aug 12, 2025Close100.281Aug 14, 2025Close100.281Aug 18, 2025Close100.219Aug 20, 2025Close100.250Aug 22, 2025Close100.313Aug 26, 2025Close100.313Aug 28, 2025Close100.313Sep 2, 2025Close100.281Sep 4, 2025Close100.375Sep 8, 2025Close100.469Sep 10, 2025Close100.438Sep 12, 2025Close100.438Sep 16, 2025Close100.469Sep 18, 2025Close100.469Sep 22, 2025Close100.438Sep 24, 2025Close100.438Sep 26, 2025Close100.375Sep 30, 2025Close100.438Oct 2, 2025Close100.469Oct 6, 2025Close100.469Oct 8, 2025Close100.438Oct 10, 2025Close100.500Oct 15, 2025Close100.500Oct 17, 2025Close100.500Oct 21, 2025Close100.531Oct 23, 2025Close100.500Oct 27, 2025Close100.469Oct 29, 2025Close100.344Oct 31, 2025Close100.344Nov 4, 2025Close100.375Nov 6, 2025Close100.406Nov 10, 2025Close100.406Nov 13, 2025Close100.375Nov 17, 2025Close100.344Nov 19, 2025Close100.375Nov 21, 2025Close100.406Nov 25, 2025Close100.438Nov 28, 2025Close100.375Dec 2, 2025Close100.406Dec 4, 2025Close100.406Dec 8, 2025Close100.406Dec 10, 2025Close100.406Dec 12, 2025Close100.438Dec 16, 2025Close100.438Dec 18, 2025Close100.469Dec 22, 2025Close100.438Dec 24, 2025Close100.406Dec 29, 2025Close100.438Dec 31, 2025Close100.406Jan 5, 2026Close100.438Jan 7, 2026Close100.438Jan 9, 2026Close100.375Jan 13, 2026Close100.375Jan 15, 2026Close100.344Jan 20, 2026Close100.344Jan 22, 2026Close100.344Jan 26, 2026Close100.344Jan 28, 2026Close100.344Jan 30, 2026Close100.344Feb 3, 2026Close100.344Feb 5, 2026Close100.344Feb 9, 2026Close100.344Feb 11, 2026Close100.313Feb 13, 2026Close100.344Feb 18, 2026Close100.313Feb 20, 2026Close100.313Feb 24, 2026Close100.313Feb 26, 2026Close100.313Mar 2, 2026Close100.281Mar 4, 2026Close100.250Mar 6, 2026Close100.281Mar 10, 2026Close100.250Mar 12, 2026Close100.219Mar 16, 2026Close100.219Mar 18, 2026Close100.219Mar 20, 2026Close100.156Mar 24, 2026Close100.156Mar 26, 2026Close100.156Mar 30, 2026Close100.156Apr 1, 2026Close100.188Apr 3, 2026Close100.156Apr 7, 2026Close100.188Apr 9, 2026Close100.188Apr 13, 2026Close100.188Apr 15, 2026Close100.188Apr 17, 2026Close100.188Apr 21, 2026Close100.188Apr 23, 2026Close100.188Apr 27, 2026Close100.188Apr 29, 2026Close100.156May 1, 2026Close100.156May 5, 2026Close100.156May 7, 2026Close100.156May 11, 2026Close100.156May 13, 2026Close100.156May 15, 2026Close100.125May 19, 2026Close100.125May 21, 2026Close100.125May 26, 2026Close100.125May 28, 2026Close100.125Jun 1, 2026Close100.125Jun 3, 2026Close100.125Jun 5, 2026Close100.094Jun 9, 2026Close100.094Jun 11, 2026Close100.094Jun 15, 2026Close100.094Jun 17, 2026Close100.063Jun 22, 2026Close100.063Jun 24, 2026Close100.063Jun 26, 2026Close100.063Jun 30, 2026Close100.063Jul 2, 2026Close100.063Jul 7, 2026Close100.063Jul 9, 2026Close100.063Jul 13, 2026Close100.031Jul 15, 2026Close100.063Jul 17, 2026Close100.063Jul 21, 2026Close100.063Jul 23, 2026Close100.031Jul 27, 2026Close100.031Jul 29, 2026Close100.031Jul 31, 2026Close100.031Aug 4, 2026Close100.031Aug 6, 2026Close100.031Aug 10, 2026Close100.031Aug 12, 2026Close100.031Aug 14, 2026Close100.031Aug 18, 2026Close100.031Aug 20, 2026Close100.031Aug 24, 2026Close100.031Aug 26, 2026Close100.031Aug 28, 2026Close100.031Sep 1, 2026Close100.031Sep 3, 2026Close100.031Sep 8, 2026Close100.031Sep 9, 2026Close100.000
The most recent 20 trading days of prices for 91282CLS8.
DateBidOfferClose
Sep 9, 2026–100.000100.000
Sep 8, 2026–100.031100.031
Sep 4, 2026–100.000100.031
Sep 3, 2026–100.031100.031
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.031100.031
Aug 31, 2026–100.031100.031
Aug 28, 2026–100.031100.031
Aug 27, 2026–100.031100.031
Aug 26, 2026–100.031100.031
Aug 25, 2026–100.031100.063
Aug 24, 2026–100.031100.031
Aug 21, 2026–100.031100.031
Aug 20, 2026–100.031100.031
Aug 19, 2026–100.031100.031
Aug 18, 2026–100.031100.031
Aug 17, 2026–100.031100.031
Aug 14, 2026–100.031100.031
Aug 13, 2026–100.031100.031
Aug 12, 2026–100.031100.031

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 91282CLS8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2024Oct 31, 2024New issue$69.0bn$70.2bn2.50x4.130%

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.