Treasury note

91282CLU3 · 4.125% due October 31, 2031

Original term
7-Year
Maturity
Oct 31, 2031
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
$44.70bn
Held stripped
$1.6m
Share stripped
<0.01%

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
4.628%
Modified duration
4.503 yr
DV01
0.0447
Convexity
24.020
Dirty price
99.210

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 7 of twelve buckets, summing to 4.607 years against a modified duration of 4.503.

Against the fitted curve

Priced 0.5 bp cheap to the curve on that day, 2.28 cents per 100 of face.

That is -0.00 standard deviations from its own typical residual.

Yield to maturity, 464 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Oct 31, 2024Sep 9, 2026Oct 31, 2024Yield to maturity4.213%Nov 4, 2024Yield to maturity4.240%Nov 6, 2024Yield to maturity4.366%Nov 8, 2024Yield to maturity4.250%Nov 13, 2024Yield to maturity4.377%Nov 15, 2024Yield to maturity4.361%Nov 19, 2024Yield to maturity4.319%Nov 21, 2024Yield to maturity4.362%Nov 25, 2024Yield to maturity4.209%Nov 27, 2024Yield to maturity4.182%Dec 2, 2024Yield to maturity4.130%Dec 4, 2024Yield to maturity4.124%Dec 6, 2024Yield to maturity4.088%Dec 10, 2024Yield to maturity4.156%Dec 12, 2024Yield to maturity4.251%Dec 16, 2024Yield to maturity4.321%Dec 18, 2024Yield to maturity4.450%Dec 20, 2024Yield to maturity4.445%Dec 24, 2024Yield to maturity4.521%Dec 27, 2024Yield to maturity4.538%Dec 31, 2024Yield to maturity4.489%Jan 3, 2025Yield to maturity4.506%Jan 7, 2025Yield to maturity4.572%Jan 9, 2025Yield to maturity4.572%Jan 13, 2025Yield to maturity4.710%Jan 15, 2025Yield to maturity4.551%Jan 17, 2025Yield to maturity4.513%Jan 22, 2025Yield to maturity4.514%Jan 24, 2025Yield to maturity4.531%Jan 28, 2025Yield to maturity4.432%Jan 30, 2025Yield to maturity4.411%Feb 3, 2025Yield to maturity4.444%Feb 5, 2025Yield to maturity4.324%Feb 7, 2025Yield to maturity4.412%Feb 11, 2025Yield to maturity4.450%Feb 13, 2025Yield to maturity4.456%Feb 18, 2025Yield to maturity4.479%Feb 20, 2025Yield to maturity4.424%Feb 24, 2025Yield to maturity4.314%Feb 26, 2025Yield to maturity4.157%Feb 28, 2025Yield to maturity4.130%Mar 4, 2025Yield to maturity4.108%Mar 6, 2025Yield to maturity4.173%Mar 10, 2025Yield to maturity4.092%Mar 12, 2025Yield to maturity4.195%Mar 14, 2025Yield to maturity4.195%Mar 18, 2025Yield to maturity4.168%Mar 20, 2025Yield to maturity4.108%Mar 24, 2025Yield to maturity4.201%Mar 26, 2025Yield to maturity4.201%Mar 28, 2025Yield to maturity4.108%Apr 1, 2025Yield to maturity4.021%Apr 3, 2025Yield to maturity3.875%Apr 7, 2025Yield to maturity3.950%Apr 9, 2025Yield to maturity4.191%Apr 11, 2025Yield to maturity4.313%Apr 15, 2025Yield to maturity4.136%Apr 17, 2025Yield to maturity4.114%Apr 21, 2025Yield to maturity4.158%Apr 23, 2025Yield to maturity4.180%Apr 25, 2025Yield to maturity4.048%Apr 29, 2025Yield to maturity3.938%May 1, 2025Yield to maturity3.987%May 5, 2025Yield to maturity4.108%May 7, 2025Yield to maturity4.031%May 9, 2025Yield to maturity4.153%May 13, 2025Yield to maturity4.276%May 15, 2025Yield to maturity4.220%May 19, 2025Yield to maturity4.225%May 21, 2025Yield to maturity4.327%May 23, 2025Yield to maturity4.254%May 28, 2025Yield to maturity4.225%May 30, 2025Yield to maturity4.141%Jun 3, 2025Yield to maturity4.197%Jun 5, 2025Yield to maturity4.147%Jun 9, 2025Yield to maturity4.243%Jun 11, 2025Yield to maturity4.164%Jun 13, 2025Yield to maturity4.158%Jun 17, 2025Yield to maturity4.130%Jun 20, 2025Yield to maturity4.107%Jun 24, 2025Yield to maturity4.006%Jun 26, 2025Yield to maturity3.950%Jun 30, 2025Yield to maturity3.933%Jul 2, 2025Yield to maturity4.011%Jul 7, 2025Yield to maturity4.107%Jul 9, 2025Yield to maturity4.056%Jul 11, 2025Yield to maturity4.135%Jul 15, 2025Yield to maturity4.198%Jul 17, 2025Yield to maturity4.164%Jul 21, 2025Yield to maturity4.067%Jul 23, 2025Yield to maturity4.090%Jul 25, 2025Yield to maturity4.095%Jul 29, 2025Yield to maturity4.038%Jul 31, 2025Yield to maturity4.090%Aug 4, 2025Yield to maturity3.885%Aug 6, 2025Yield to maturity3.902%Aug 8, 2025Yield to maturity3.970%Aug 12, 2025Yield to maturity3.964%Aug 14, 2025Yield to maturity3.958%Aug 18, 2025Yield to maturity3.998%Aug 20, 2025Yield to maturity3.946%Aug 22, 2025Yield to maturity3.900%Aug 26, 2025Yield to maturity3.889%Aug 28, 2025Yield to maturity3.843%Sep 2, 2025Yield to maturity3.894%Sep 4, 2025Yield to maturity3.785%Sep 8, 2025Yield to maturity3.700%Sep 10, 2025Yield to maturity3.705%Sep 12, 2025Yield to maturity3.739%Sep 16, 2025Yield to maturity3.704%Sep 18, 2025Yield to maturity3.784%Sep 22, 2025Yield to maturity3.823%Sep 24, 2025Yield to maturity3.835%Sep 26, 2025Yield to maturity3.886%Sep 30, 2025Yield to maturity3.851%Oct 2, 2025Yield to maturity3.782%Oct 6, 2025Yield to maturity3.862%Oct 8, 2025Yield to maturity3.833%Oct 10, 2025Yield to maturity3.752%Oct 15, 2025Yield to maturity3.734%Oct 17, 2025Yield to maturity3.699%Oct 21, 2025Yield to maturity3.659%Oct 23, 2025Yield to maturity3.710%Oct 27, 2025Yield to maturity3.715%Oct 29, 2025Yield to maturity3.796%Oct 31, 2025Yield to maturity3.813%Nov 4, 2025Yield to maturity3.795%Nov 6, 2025Yield to maturity3.789%Nov 10, 2025Yield to maturity3.812%Nov 13, 2025Yield to maturity3.806%Nov 17, 2025Yield to maturity3.817%Nov 19, 2025Yield to maturity3.805%Nov 21, 2025Yield to maturity3.722%Nov 25, 2025Yield to maturity3.669%Nov 28, 2025Yield to maturity3.697%Dec 2, 2025Yield to maturity3.756%Dec 4, 2025Yield to maturity3.779%Dec 8, 2025Yield to maturity3.849%Dec 10, 2025Yield to maturity3.819%Dec 12, 2025Yield to maturity3.855%Dec 16, 2025Yield to maturity3.795%Dec 18, 2025Yield to maturity3.759%Dec 22, 2025Yield to maturity3.818%Dec 24, 2025Yield to maturity3.823%Dec 29, 2025Yield to maturity3.769%Dec 31, 2025Yield to maturity3.822%Jan 5, 2026Yield to maturity3.804%Jan 7, 2026Yield to maturity3.792%Jan 9, 2026Yield to maturity3.839%Jan 13, 2026Yield to maturity3.833%Jan 15, 2026Yield to maturity3.851%Jan 20, 2026Yield to maturity3.953%Jan 22, 2026Yield to maturity3.935%Jan 26, 2026Yield to maturity3.904%Jan 28, 2026Yield to maturity3.934%Jan 30, 2026Yield to maturity3.891%Feb 3, 2026Yield to maturity3.921%Feb 5, 2026Yield to maturity3.836%Feb 9, 2026Yield to maturity3.842%Feb 11, 2026Yield to maturity3.835%Feb 13, 2026Yield to maturity3.689%Feb 18, 2026Yield to maturity3.737%Feb 20, 2026Yield to maturity3.730%Feb 24, 2026Yield to maturity3.687%Feb 26, 2026Yield to maturity3.663%Mar 2, 2026Yield to maturity3.698%Mar 4, 2026Yield to maturity3.753%Mar 6, 2026Yield to maturity3.802%Mar 10, 2026Yield to maturity3.807%Mar 12, 2026Yield to maturity3.956%Mar 16, 2026Yield to maturity3.881%Mar 18, 2026Yield to maturity3.943%Mar 20, 2026Yield to maturity4.093%Mar 24, 2026Yield to maturity4.105%Mar 26, 2026Yield to maturity4.169%Mar 30, 2026Yield to maturity4.049%Apr 1, 2026Yield to maturity4.036%Apr 3, 2026Yield to maturity4.055%Apr 7, 2026Yield to maturity4.023%Apr 9, 2026Yield to maturity3.985%Apr 13, 2026Yield to maturity3.985%Apr 15, 2026Yield to maturity3.966%Apr 17, 2026Yield to maturity3.915%Apr 21, 2026Yield to maturity3.972%Apr 23, 2026Yield to maturity4.023%Apr 27, 2026Yield to maturity4.016%Apr 29, 2026Yield to maturity4.112%May 1, 2026Yield to maturity4.080%May 5, 2026Yield to maturity4.125%May 7, 2026Yield to maturity4.099%May 11, 2026Yield to maturity4.118%May 13, 2026Yield to maturity4.170%May 15, 2026Yield to maturity4.306%May 19, 2026Yield to maturity4.379%May 21, 2026Yield to maturity4.294%May 26, 2026Yield to maturity4.229%May 28, 2026Yield to maturity4.196%Jun 1, 2026Yield to maturity4.222%Jun 3, 2026Yield to maturity4.248%Jun 5, 2026Yield to maturity4.321%Jun 9, 2026Yield to maturity4.295%Jun 11, 2026Yield to maturity4.209%Jun 15, 2026Yield to maturity4.216%Jun 17, 2026Yield to maturity4.295%Jun 22, 2026Yield to maturity4.315%Jun 24, 2026Yield to maturity4.210%Jun 26, 2026Yield to maturity4.157%Jun 30, 2026Yield to maturity4.216%Jul 2, 2026Yield to maturity4.263%Jul 7, 2026Yield to maturity4.303%Jul 9, 2026Yield to maturity4.297%Jul 13, 2026Yield to maturity4.391%Jul 15, 2026Yield to maturity4.284%Jul 17, 2026Yield to maturity4.304%Jul 21, 2026Yield to maturity4.399%Jul 23, 2026Yield to maturity4.487%Jul 27, 2026Yield to maturity4.426%Jul 29, 2026Yield to maturity4.400%Jul 31, 2026Yield to maturity4.475%Aug 4, 2026Yield to maturity4.360%Aug 6, 2026Yield to maturity4.421%Aug 10, 2026Yield to maturity4.428%Aug 12, 2026Yield to maturity4.401%Aug 14, 2026Yield to maturity4.388%Aug 18, 2026Yield to maturity4.395%Aug 20, 2026Yield to maturity4.409%Aug 24, 2026Yield to maturity4.431%Aug 26, 2026Yield to maturity4.403%Aug 28, 2026Yield to maturity4.507%Sep 1, 2026Yield to maturity4.570%Sep 3, 2026Yield to maturity4.536%Sep 8, 2026Yield to maturity4.586%Sep 9, 2026Yield to maturity4.628%

Price history

464 trading days to Sep 9, 2026

96979899100101102103Oct 31, 2024Sep 9, 2026Oct 31, 2024Close99.469Nov 4, 2024Close99.313Nov 6, 2024Close98.563Nov 8, 2024Close99.250Nov 13, 2024Close98.500Nov 15, 2024Close98.594Nov 19, 2024Close98.844Nov 21, 2024Close98.594Nov 25, 2024Close99.500Nov 27, 2024Close99.656Dec 2, 2024Close99.969Dec 4, 2024Close100.000Dec 6, 2024Close100.219Dec 10, 2024Close99.813Dec 12, 2024Close99.250Dec 16, 2024Close98.844Dec 18, 2024Close98.094Dec 20, 2024Close98.125Dec 24, 2024Close97.688Dec 27, 2024Close97.594Dec 31, 2024Close97.875Jan 3, 2025Close97.781Jan 7, 2025Close97.406Jan 9, 2025Close97.406Jan 13, 2025Close96.625Jan 15, 2025Close97.531Jan 17, 2025Close97.750Jan 22, 2025Close97.750Jan 24, 2025Close97.656Jan 28, 2025Close98.219Jan 30, 2025Close98.344Feb 3, 2025Close98.156Feb 5, 2025Close98.844Feb 7, 2025Close98.344Feb 11, 2025Close98.125Feb 13, 2025Close98.094Feb 18, 2025Close97.969Feb 20, 2025Close98.281Feb 24, 2025Close98.906Feb 26, 2025Close99.813Feb 28, 2025Close99.969Mar 4, 2025Close100.094Mar 6, 2025Close99.719Mar 10, 2025Close100.188Mar 12, 2025Close99.594Mar 14, 2025Close99.594Mar 18, 2025Close99.750Mar 20, 2025Close100.094Mar 24, 2025Close99.563Mar 26, 2025Close99.563Mar 28, 2025Close100.094Apr 1, 2025Close100.594Apr 3, 2025Close101.438Apr 7, 2025Close101.000Apr 9, 2025Close99.625Apr 11, 2025Close98.938Apr 15, 2025Close99.938Apr 17, 2025Close100.063Apr 21, 2025Close99.813Apr 23, 2025Close99.688Apr 25, 2025Close100.438Apr 29, 2025Close101.063May 1, 2025Close100.781May 5, 2025Close100.094May 7, 2025Close100.531May 9, 2025Close99.844May 13, 2025Close99.156May 15, 2025Close99.469May 19, 2025Close99.438May 21, 2025Close98.875May 23, 2025Close99.281May 28, 2025Close99.438May 30, 2025Close99.906Jun 3, 2025Close99.594Jun 5, 2025Close99.875Jun 9, 2025Close99.344Jun 11, 2025Close99.781Jun 13, 2025Close99.813Jun 17, 2025Close99.969Jun 20, 2025Close100.094Jun 24, 2025Close100.656Jun 26, 2025Close100.969Jun 30, 2025Close101.063Jul 2, 2025Close100.625Jul 7, 2025Close100.094Jul 9, 2025Close100.375Jul 11, 2025Close99.938Jul 15, 2025Close99.594Jul 17, 2025Close99.781Jul 21, 2025Close100.313Jul 23, 2025Close100.188Jul 25, 2025Close100.156Jul 29, 2025Close100.469Jul 31, 2025Close100.188Aug 4, 2025Close101.313Aug 6, 2025Close101.219Aug 8, 2025Close100.844Aug 12, 2025Close100.875Aug 14, 2025Close100.906Aug 18, 2025Close100.688Aug 20, 2025Close100.969Aug 22, 2025Close101.219Aug 26, 2025Close101.281Aug 28, 2025Close101.531Sep 2, 2025Close101.250Sep 4, 2025Close101.844Sep 8, 2025Close102.313Sep 10, 2025Close102.281Sep 12, 2025Close102.094Sep 16, 2025Close102.281Sep 18, 2025Close101.844Sep 22, 2025Close101.625Sep 24, 2025Close101.563Sep 26, 2025Close101.281Sep 30, 2025Close101.469Oct 2, 2025Close101.844Oct 6, 2025Close101.406Oct 8, 2025Close101.563Oct 10, 2025Close102.000Oct 15, 2025Close102.094Oct 17, 2025Close102.281Oct 21, 2025Close102.500Oct 23, 2025Close102.219Oct 27, 2025Close102.188Oct 29, 2025Close101.750Oct 31, 2025Close101.656Nov 4, 2025Close101.750Nov 6, 2025Close101.781Nov 10, 2025Close101.656Nov 13, 2025Close101.688Nov 17, 2025Close101.625Nov 19, 2025Close101.688Nov 21, 2025Close102.125Nov 25, 2025Close102.406Nov 28, 2025Close102.250Dec 2, 2025Close101.938Dec 4, 2025Close101.813Dec 8, 2025Close101.438Dec 10, 2025Close101.594Dec 12, 2025Close101.406Dec 16, 2025Close101.719Dec 18, 2025Close101.906Dec 22, 2025Close101.594Dec 24, 2025Close101.563Dec 29, 2025Close101.844Dec 31, 2025Close101.563Jan 5, 2026Close101.656Jan 7, 2026Close101.719Jan 9, 2026Close101.469Jan 13, 2026Close101.500Jan 15, 2026Close101.406Jan 20, 2026Close100.875Jan 22, 2026Close100.969Jan 26, 2026Close101.125Jan 28, 2026Close100.969Jan 30, 2026Close101.188Feb 3, 2026Close101.031Feb 5, 2026Close101.469Feb 9, 2026Close101.438Feb 11, 2026Close101.469Feb 13, 2026Close102.219Feb 18, 2026Close101.969Feb 20, 2026Close102.000Feb 24, 2026Close102.219Feb 26, 2026Close102.344Mar 2, 2026Close102.156Mar 4, 2026Close101.875Mar 6, 2026Close101.625Mar 10, 2026Close101.594Mar 12, 2026Close100.844Mar 16, 2026Close101.219Mar 18, 2026Close100.906Mar 20, 2026Close100.156Mar 24, 2026Close100.094Mar 26, 2026Close99.781Mar 30, 2026Close100.375Apr 1, 2026Close100.438Apr 3, 2026Close100.344Apr 7, 2026Close100.500Apr 9, 2026Close100.688Apr 13, 2026Close100.688Apr 15, 2026Close100.781Apr 17, 2026Close101.031Apr 21, 2026Close100.750Apr 23, 2026Close100.500Apr 27, 2026Close100.531Apr 29, 2026Close100.063May 1, 2026Close100.219May 5, 2026Close100.000May 7, 2026Close100.125May 11, 2026Close100.031May 13, 2026Close99.781May 15, 2026Close99.125May 19, 2026Close98.781May 21, 2026Close99.188May 26, 2026Close99.500May 28, 2026Close99.656Jun 1, 2026Close99.531Jun 3, 2026Close99.406Jun 5, 2026Close99.063Jun 9, 2026Close99.188Jun 11, 2026Close99.594Jun 15, 2026Close99.563Jun 17, 2026Close99.188Jun 22, 2026Close99.094Jun 24, 2026Close99.594Jun 26, 2026Close99.844Jun 30, 2026Close99.563Jul 2, 2026Close99.344Jul 7, 2026Close99.156Jul 9, 2026Close99.188Jul 13, 2026Close98.750Jul 15, 2026Close99.250Jul 17, 2026Close99.156Jul 21, 2026Close98.719Jul 23, 2026Close98.313Jul 27, 2026Close98.594Jul 29, 2026Close98.719Jul 31, 2026Close98.375Aug 4, 2026Close98.906Aug 6, 2026Close98.625Aug 10, 2026Close98.594Aug 12, 2026Close98.719Aug 14, 2026Close98.781Aug 18, 2026Close98.750Aug 20, 2026Close98.688Aug 24, 2026Close98.594Aug 26, 2026Close98.719Aug 28, 2026Close98.250Sep 1, 2026Close97.969Sep 3, 2026Close98.125Sep 8, 2026Close97.906Sep 9, 2026Close97.719
The most recent 20 trading days of prices for 91282CLU3.
DateBidOfferClose
Sep 9, 202697.71997.68897.719
Sep 8, 202697.95397.93897.906
Sep 4, 202698.04798.03198.000
Sep 3, 202698.23498.21998.125
Sep 2, 202697.98497.96997.969
Sep 1, 202698.10998.09497.969
Aug 31, 202698.20398.18898.188
Aug 28, 202698.39198.37598.250
Aug 27, 202698.76698.75098.656
Aug 26, 202698.76698.75098.719
Aug 25, 202698.85998.84498.875
Aug 24, 202698.67298.65698.594
Aug 21, 202698.51698.50098.500
Aug 20, 202698.68898.68898.688
Aug 19, 202698.82898.81398.875
Aug 18, 202698.75098.75098.750
Aug 17, 202698.79798.78198.719
Aug 14, 202698.89198.87598.781
Aug 13, 202698.98498.96999.000
Aug 12, 202698.81398.81398.719

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 91282CLU3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2024Oct 31, 2024New issue$44.0bn$44.7bn2.74x4.215%

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.