Floating rate note

91282CLT6

Original term
2-Year
Maturity
Oct 31, 2026
Coupon
–
Pays
Quarterly
Dated
Oct 31, 2024
First coupon
Jan 31, 2025
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$86.50bn
Held stripped
not strippable
Share stripped
–

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. 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.

Floating rate measures, September 9, 2026

A floating-rate note resets quarterly against the 13-week bill, so it has no yield to maturity: the cashflow schedule a yield would describe does not exist. What it has instead is a spread, the margin a buyer earns over that reference rate, and a sensitivity to that spread rather than to the level of rates.

Discount margin
3.0 bp
Spread at auction
20.5 bp
Index rate
3.806%
Spread duration
0.141 yr
Spread DV01
0.0014
Clean price
100.022
Accrued
0.454
Dirty price
100.476
Rate duration
0.0007 yr

Rate duration is almost zero, and that is the instrument rather than a missing number: because the coupon resets, the price barely moves when the level of rates moves. Spread duration is the one that matters here. It says how much the price moves if the market demands a wider margin.

Its most recent day is not scored yet. The score is written by a pass that runs separately from the measures above, so a new observation can arrive before its score does. An absent score is not evidence that a note is fairly priced.

Discount margin, 464 observations

-5 bp0 bp5 bp10 bp15 bp20 bp25 bpOct 31, 2024Sep 9, 2026Oct 31, 2024Discount margin21.0 bpNov 4, 2024Discount margin21.0 bpNov 6, 2024Discount margin20.0 bpNov 8, 2024Discount margin19.0 bpNov 13, 2024Discount margin19.0 bpNov 15, 2024Discount margin16.5 bpNov 19, 2024Discount margin17.3 bpNov 21, 2024Discount margin17.3 bpNov 25, 2024Discount margin17.3 bpNov 27, 2024Discount margin17.5 bpDec 2, 2024Discount margin17.5 bpDec 4, 2024Discount margin17.5 bpDec 6, 2024Discount margin16.9 bpDec 10, 2024Discount margin16.5 bpDec 12, 2024Discount margin16.0 bpDec 16, 2024Discount margin16.0 bpDec 18, 2024Discount margin15.3 bpDec 20, 2024Discount margin14.8 bpDec 24, 2024Discount margin14.5 bpDec 27, 2024Discount margin14.3 bpDec 31, 2024Discount margin14.5 bpJan 3, 2025Discount margin13.0 bpJan 7, 2025Discount margin12.5 bpJan 9, 2025Discount margin12.3 bpJan 13, 2025Discount margin9.7 bpJan 15, 2025Discount margin9.8 bpJan 17, 2025Discount margin9.7 bpJan 22, 2025Discount margin9.5 bpJan 24, 2025Discount margin9.5 bpJan 28, 2025Discount margin10.0 bpJan 30, 2025Discount margin9.0 bpFeb 3, 2025Discount margin8.7 bpFeb 5, 2025Discount margin8.8 bpFeb 7, 2025Discount margin9.0 bpFeb 11, 2025Discount margin8.8 bpFeb 13, 2025Discount margin8.0 bpFeb 18, 2025Discount margin8.5 bpFeb 20, 2025Discount margin8.0 bpFeb 24, 2025Discount margin8.3 bpFeb 26, 2025Discount margin8.7 bpFeb 28, 2025Discount margin9.5 bpMar 4, 2025Discount margin8.8 bpMar 6, 2025Discount margin9.5 bpMar 10, 2025Discount margin9.8 bpMar 12, 2025Discount margin9.3 bpMar 14, 2025Discount margin9.2 bpMar 18, 2025Discount margin9.3 bpMar 20, 2025Discount margin9.5 bpMar 24, 2025Discount margin10.0 bpMar 26, 2025Discount margin10.3 bpMar 28, 2025Discount margin10.0 bpApr 1, 2025Discount margin11.0 bpApr 3, 2025Discount margin11.0 bpApr 7, 2025Discount margin13.4 bpApr 9, 2025Discount margin14.2 bpApr 11, 2025Discount margin15.5 bpApr 15, 2025Discount margin15.8 bpApr 17, 2025Discount margin16.7 bpApr 21, 2025Discount margin15.8 bpApr 23, 2025Discount margin14.8 bpApr 25, 2025Discount margin15.0 bpApr 29, 2025Discount margin15.0 bpMay 1, 2025Discount margin15.3 bpMay 5, 2025Discount margin15.5 bpMay 7, 2025Discount margin14.8 bpMay 9, 2025Discount margin14.8 bpMay 13, 2025Discount margin14.0 bpMay 15, 2025Discount margin13.5 bpMay 19, 2025Discount margin12.3 bpMay 21, 2025Discount margin11.7 bpMay 23, 2025Discount margin12.3 bpMay 28, 2025Discount margin12.5 bpMay 30, 2025Discount margin12.3 bpJun 3, 2025Discount margin12.3 bpJun 5, 2025Discount margin12.5 bpJun 9, 2025Discount margin12.5 bpJun 11, 2025Discount margin12.0 bpJun 13, 2025Discount margin11.5 bpJun 17, 2025Discount margin10.3 bpJun 20, 2025Discount margin11.5 bpJun 24, 2025Discount margin11.2 bpJun 26, 2025Discount margin11.5 bpJun 30, 2025Discount margin11.5 bpJul 2, 2025Discount margin12.0 bpJul 7, 2025Discount margin12.0 bpJul 9, 2025Discount margin11.5 bpJul 11, 2025Discount margin11.5 bpJul 15, 2025Discount margin11.5 bpJul 17, 2025Discount margin11.5 bpJul 21, 2025Discount margin11.0 bpJul 23, 2025Discount margin11.0 bpJul 25, 2025Discount margin10.5 bpJul 29, 2025Discount margin11.3 bpJul 31, 2025Discount margin11.2 bpAug 4, 2025Discount margin11.8 bpAug 6, 2025Discount margin11.0 bpAug 8, 2025Discount margin12.0 bpAug 12, 2025Discount margin11.5 bpAug 14, 2025Discount margin12.3 bpAug 18, 2025Discount margin12.8 bpAug 20, 2025Discount margin12.8 bpAug 22, 2025Discount margin15.3 bpAug 26, 2025Discount margin17.5 bpAug 28, 2025Discount margin17.5 bpSep 2, 2025Discount margin19.0 bpSep 4, 2025Discount margin17.5 bpSep 8, 2025Discount margin18.3 bpSep 10, 2025Discount margin20.0 bpSep 12, 2025Discount margin21.0 bpSep 16, 2025Discount margin20.5 bpSep 18, 2025Discount margin21.5 bpSep 22, 2025Discount margin21.8 bpSep 24, 2025Discount margin20.5 bpSep 26, 2025Discount margin19.2 bpSep 30, 2025Discount margin19.3 bpOct 2, 2025Discount margin19.0 bpOct 6, 2025Discount margin18.5 bpOct 8, 2025Discount margin17.3 bpOct 10, 2025Discount margin16.8 bpOct 15, 2025Discount margin18.8 bpOct 17, 2025Discount margin18.5 bpOct 21, 2025Discount margin18.5 bpOct 23, 2025Discount margin18.7 bpOct 27, 2025Discount margin18.5 bpOct 29, 2025Discount margin18.5 bpOct 31, 2025Discount margin18.5 bpNov 4, 2025Discount margin18.5 bpNov 6, 2025Discount margin18.0 bpNov 10, 2025Discount margin18.3 bpNov 13, 2025Discount margin17.8 bpNov 17, 2025Discount margin17.2 bpNov 19, 2025Discount margin18.7 bpNov 21, 2025Discount margin16.7 bpNov 25, 2025Discount margin17.2 bpNov 28, 2025Discount margin18.0 bpDec 2, 2025Discount margin17.0 bpDec 4, 2025Discount margin16.7 bpDec 8, 2025Discount margin13.3 bpDec 10, 2025Discount margin16.0 bpDec 12, 2025Discount margin14.5 bpDec 16, 2025Discount margin15.0 bpDec 18, 2025Discount margin14.3 bpDec 22, 2025Discount margin14.3 bpDec 24, 2025Discount margin13.3 bpDec 29, 2025Discount margin13.2 bpDec 31, 2025Discount margin13.2 bpJan 5, 2026Discount margin12.8 bpJan 7, 2026Discount margin11.5 bpJan 9, 2026Discount margin10.8 bpJan 13, 2026Discount margin10.5 bpJan 15, 2026Discount margin10.5 bpJan 20, 2026Discount margin9.7 bpJan 22, 2026Discount margin8.2 bpJan 26, 2026Discount margin7.5 bpJan 28, 2026Discount margin8.2 bpJan 30, 2026Discount margin8.5 bpFeb 3, 2026Discount margin8.3 bpFeb 5, 2026Discount margin9.0 bpFeb 9, 2026Discount margin8.0 bpFeb 11, 2026Discount margin6.7 bpFeb 13, 2026Discount margin6.2 bpFeb 18, 2026Discount margin7.0 bpFeb 20, 2026Discount margin7.3 bpFeb 24, 2026Discount margin6.5 bpFeb 26, 2026Discount margin6.7 bpMar 2, 2026Discount margin6.7 bpMar 4, 2026Discount margin6.5 bpMar 6, 2026Discount margin6.5 bpMar 10, 2026Discount margin6.0 bpMar 12, 2026Discount margin6.0 bpMar 16, 2026Discount margin6.0 bpMar 18, 2026Discount margin5.5 bpMar 20, 2026Discount margin5.5 bpMar 24, 2026Discount margin5.8 bpMar 26, 2026Discount margin5.2 bpMar 30, 2026Discount margin5.8 bpApr 1, 2026Discount margin5.7 bpApr 3, 2026Discount margin5.8 bpApr 7, 2026Discount margin6.0 bpApr 9, 2026Discount margin6.0 bpApr 13, 2026Discount margin6.3 bpApr 15, 2026Discount margin6.8 bpApr 17, 2026Discount margin7.2 bpApr 21, 2026Discount margin6.5 bpApr 23, 2026Discount margin6.5 bpApr 27, 2026Discount margin6.8 bpApr 29, 2026Discount margin6.3 bpMay 1, 2026Discount margin5.8 bpMay 5, 2026Discount margin5.3 bpMay 7, 2026Discount margin5.5 bpMay 11, 2026Discount margin5.4 bpMay 13, 2026Discount margin4.8 bpMay 15, 2026Discount margin4.8 bpMay 19, 2026Discount margin4.5 bpMay 21, 2026Discount margin4.5 bpMay 26, 2026Discount margin4.5 bpMay 28, 2026Discount margin4.5 bpJun 1, 2026Discount margin4.5 bpJun 3, 2026Discount margin4.5 bpJun 5, 2026Discount margin4.5 bpJun 9, 2026Discount margin4.8 bpJun 11, 2026Discount margin4.5 bpJun 15, 2026Discount margin4.5 bpJun 17, 2026Discount margin4.5 bpJun 22, 2026Discount margin4.5 bpJun 24, 2026Discount margin3.8 bpJun 26, 2026Discount margin2.7 bpJun 30, 2026Discount margin1.0 bpJul 2, 2026Discount margin0.5 bpJul 7, 2026Discount margin0.5 bpJul 9, 2026Discount margin0.5 bpJul 13, 2026Discount margin-0.5 bpJul 15, 2026Discount margin-1.5 bpJul 17, 2026Discount margin-1.5 bpJul 21, 2026Discount margin-1.5 bpJul 23, 2026Discount margin-2.2 bpJul 27, 2026Discount margin-1.8 bpJul 29, 2026Discount margin-2.2 bpJul 31, 2026Discount margin-1.8 bpAug 4, 2026Discount margin-1.8 bpAug 6, 2026Discount margin-2.0 bpAug 10, 2026Discount margin-2.7 bpAug 12, 2026Discount margin-2.2 bpAug 14, 2026Discount margin-2.8 bpAug 18, 2026Discount margin-2.2 bpAug 20, 2026Discount margin-2.0 bpAug 24, 2026Discount margin-1.8 bpAug 26, 2026Discount margin-0.7 bpAug 28, 2026Discount margin-1.2 bpSep 1, 2026Discount margin-0.5 bpSep 3, 2026Discount margin-0.2 bpSep 8, 2026Discount margin-0.2 bpSep 9, 2026Discount margin3.0 bp

Price history

464 trading days to Sep 9, 2026

99.95100.00100.05100.10100.15100.20100.25Oct 31, 2024Sep 9, 2026Oct 31, 2024Close99.990Nov 4, 2024Close99.990Nov 6, 2024Close100.009Nov 8, 2024Close100.027Nov 13, 2024Close100.027Nov 15, 2024Close100.073Nov 19, 2024Close100.059Nov 21, 2024Close100.058Nov 25, 2024Close100.058Nov 27, 2024Close100.053Dec 2, 2024Close100.052Dec 4, 2024Close100.052Dec 6, 2024Close100.062Dec 10, 2024Close100.070Dec 12, 2024Close100.078Dec 16, 2024Close100.078Dec 18, 2024Close100.091Dec 20, 2024Close100.100Dec 24, 2024Close100.104Dec 27, 2024Close100.108Dec 31, 2024Close100.103Jan 3, 2025Close100.129Jan 7, 2025Close100.138Jan 9, 2025Close100.142Jan 13, 2025Close100.185Jan 15, 2025Close100.185Jan 17, 2025Close100.184Jan 22, 2025Close100.188Jan 24, 2025Close100.187Jan 28, 2025Close100.178Jan 30, 2025Close100.195Feb 3, 2025Close100.198Feb 5, 2025Close100.197Feb 7, 2025Close100.191Feb 11, 2025Close100.194Feb 13, 2025Close100.206Feb 18, 2025Close100.196Feb 20, 2025Close100.203Feb 24, 2025Close100.198Feb 26, 2025Close100.190Feb 28, 2025Close100.175Mar 4, 2025Close100.186Mar 6, 2025Close100.174Mar 10, 2025Close100.169Mar 12, 2025Close100.175Mar 14, 2025Close100.175Mar 18, 2025Close100.174Mar 20, 2025Close100.170Mar 24, 2025Close100.161Mar 26, 2025Close100.156Mar 28, 2025Close100.160Apr 1, 2025Close100.144Apr 3, 2025Close100.143Apr 7, 2025Close100.106Apr 9, 2025Close100.093Apr 11, 2025Close100.074Apr 15, 2025Close100.070Apr 17, 2025Close100.055Apr 21, 2025Close100.069Apr 23, 2025Close100.084Apr 25, 2025Close100.081Apr 29, 2025Close100.081May 1, 2025Close100.076May 5, 2025Close100.072May 7, 2025Close100.082May 9, 2025Close100.081May 13, 2025Close100.091May 15, 2025Close100.098May 19, 2025Close100.115May 21, 2025Close100.122May 23, 2025Close100.112May 28, 2025Close100.109May 30, 2025Close100.111Jun 3, 2025Close100.111Jun 5, 2025Close100.107Jun 9, 2025Close100.106Jun 11, 2025Close100.112Jun 13, 2025Close100.118Jun 17, 2025Close100.134Jun 20, 2025Close100.116Jun 24, 2025Close100.119Jun 26, 2025Close100.116Jun 30, 2025Close100.115Jul 2, 2025Close100.108Jul 7, 2025Close100.107Jul 9, 2025Close100.113Jul 11, 2025Close100.113Jul 15, 2025Close100.112Jul 17, 2025Close100.112Jul 21, 2025Close100.118Jul 23, 2025Close100.118Jul 25, 2025Close100.123Jul 29, 2025Close100.114Jul 31, 2025Close100.113Aug 4, 2025Close100.106Aug 6, 2025Close100.114Aug 8, 2025Close100.101Aug 12, 2025Close100.106Aug 14, 2025Close100.096Aug 18, 2025Close100.089Aug 20, 2025Close100.089Aug 22, 2025Close100.059Aug 26, 2025Close100.032Aug 28, 2025Close100.032Sep 2, 2025Close100.014Sep 4, 2025Close100.031Sep 8, 2025Close100.022Sep 10, 2025Close100.003Sep 12, 2025Close99.991Sep 16, 2025Close99.997Sep 18, 2025Close99.986Sep 22, 2025Close99.984Sep 24, 2025Close99.997Sep 26, 2025Close100.011Sep 30, 2025Close100.011Oct 2, 2025Close100.014Oct 6, 2025Close100.019Oct 8, 2025Close100.032Oct 10, 2025Close100.037Oct 15, 2025Close100.016Oct 17, 2025Close100.019Oct 21, 2025Close100.019Oct 23, 2025Close100.017Oct 27, 2025Close100.020Oct 29, 2025Close100.020Oct 31, 2025Close100.019Nov 4, 2025Close100.019Nov 6, 2025Close100.024Nov 10, 2025Close100.020Nov 13, 2025Close100.025Nov 17, 2025Close100.029Nov 19, 2025Close100.015Nov 21, 2025Close100.033Nov 25, 2025Close100.028Nov 28, 2025Close100.020Dec 2, 2025Close100.029Dec 4, 2025Close100.031Dec 8, 2025Close100.062Dec 10, 2025Close100.037Dec 12, 2025Close100.050Dec 16, 2025Close100.045Dec 18, 2025Close100.051Dec 22, 2025Close100.051Dec 24, 2025Close100.059Dec 29, 2025Close100.058Dec 31, 2025Close100.058Jan 5, 2026Close100.061Jan 7, 2026Close100.071Jan 9, 2026Close100.076Jan 13, 2026Close100.078Jan 15, 2026Close100.077Jan 20, 2026Close100.082Jan 22, 2026Close100.093Jan 26, 2026Close100.098Jan 28, 2026Close100.092Jan 30, 2026Close100.088Feb 3, 2026Close100.089Feb 5, 2026Close100.083Feb 9, 2026Close100.089Feb 11, 2026Close100.097Feb 13, 2026Close100.098Feb 18, 2026Close100.092Feb 20, 2026Close100.089Feb 24, 2026Close100.093Feb 26, 2026Close100.091Mar 2, 2026Close100.089Mar 4, 2026Close100.090Mar 6, 2026Close100.088Mar 10, 2026Close100.091Mar 12, 2026Close100.090Mar 16, 2026Close100.088Mar 18, 2026Close100.091Mar 20, 2026Close100.089Mar 24, 2026Close100.087Mar 26, 2026Close100.089Mar 30, 2026Close100.084Apr 1, 2026Close100.084Apr 3, 2026Close100.082Apr 7, 2026Close100.080Apr 9, 2026Close100.079Apr 13, 2026Close100.077Apr 15, 2026Close100.073Apr 17, 2026Close100.070Apr 21, 2026Close100.073Apr 23, 2026Close100.072Apr 27, 2026Close100.070Apr 29, 2026Close100.072May 1, 2026Close100.072May 5, 2026Close100.074May 7, 2026Close100.072May 11, 2026Close100.070May 13, 2026Close100.072May 15, 2026Close100.070May 19, 2026Close100.070May 21, 2026Close100.069May 26, 2026Close100.067May 28, 2026Close100.066Jun 1, 2026Close100.064Jun 3, 2026Close100.063Jun 5, 2026Close100.061Jun 9, 2026Close100.060Jun 11, 2026Close100.060Jun 15, 2026Close100.058Jun 17, 2026Close100.057Jun 22, 2026Close100.055Jun 24, 2026Close100.057Jun 26, 2026Close100.058Jun 30, 2026Close100.063Jul 2, 2026Close100.062Jul 7, 2026Close100.061Jul 9, 2026Close100.060Jul 13, 2026Close100.062Jul 15, 2026Close100.063Jul 17, 2026Close100.061Jul 21, 2026Close100.060Jul 23, 2026Close100.061Jul 27, 2026Close100.058Jul 29, 2026Close100.058Jul 31, 2026Close100.054Aug 4, 2026Close100.053Aug 6, 2026Close100.052Aug 10, 2026Close100.051Aug 12, 2026Close100.048Aug 14, 2026Close100.047Aug 18, 2026Close100.044Aug 20, 2026Close100.042Aug 24, 2026Close100.039Aug 26, 2026Close100.036Aug 28, 2026Close100.034Sep 1, 2026Close100.032Sep 3, 2026Close100.030Sep 8, 2026Close100.027Sep 9, 2026Close100.022
The most recent 20 trading days of prices for 91282CLT6.
DateBidOfferClose
Sep 9, 2026–100.024100.022
Sep 8, 2026–100.027100.027
Sep 4, 2026–100.028100.027
Sep 3, 2026–100.030100.030
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.032100.032
Aug 31, 2026–100.033100.033
Aug 28, 2026–100.034100.034
Aug 27, 2026–100.035100.035
Aug 26, 2026–100.038100.036
Aug 25, 2026–100.039100.039
Aug 24, 2026–100.039100.039
Aug 21, 2026–100.034100.034
Aug 20, 2026–100.042100.042
Aug 19, 2026–100.044100.044
Aug 18, 2026–100.044100.044
Aug 17, 2026–100.045100.045
Aug 14, 2026–100.047100.047
Aug 13, 2026–100.049100.049
Aug 12, 2026–100.048100.048

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.

3 auctions

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 91282CLT6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2024Oct 31, 2024New issue$30.0bn$30.5bn2.95x–
Nov 26, 2024Nov 29, 2024Reopening$28.0bn$28.0bn2.86x–
Dec 24, 2024Dec 27, 2024Reopening$28.0bn$28.0bn2.98x–

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.