Treasury note

91282CLW9 · 4.25% due November 15, 2034

Original term
10-Year
Maturity
Nov 15, 2034
Coupon
4.250%
Pays
Semi-Annual
Dated
Nov 15, 2024
First coupon
May 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$139.06bn
Held stripped
$209.3m
Share stripped
0.15%

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
4.776%
Modified duration
6.712 yr
DV01
0.0657
Convexity
53.773
Dirty price
97.832

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 8 of twelve buckets, summing to 6.869 years against a modified duration of 6.712.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 18.57 cents per 100 of face.

That is 1.44 standard deviations from its own typical residual.

Yield to maturity, 454 observations

3.8%4.0%4.2%4.4%4.6%4.8%Nov 15, 2024Sep 9, 2026Nov 15, 2024Yield to maturity4.426%Nov 19, 2024Yield to maturity4.386%Nov 21, 2024Yield to maturity4.426%Nov 25, 2024Yield to maturity4.265%Nov 27, 2024Yield to maturity4.254%Dec 2, 2024Yield to maturity4.188%Dec 4, 2024Yield to maturity4.188%Dec 6, 2024Yield to maturity4.153%Dec 10, 2024Yield to maturity4.219%Dec 12, 2024Yield to maturity4.328%Dec 16, 2024Yield to maturity4.391%Dec 18, 2024Yield to maturity4.494%Dec 20, 2024Yield to maturity4.518%Dec 24, 2024Yield to maturity4.591%Dec 27, 2024Yield to maturity4.623%Dec 31, 2024Yield to maturity4.575%Jan 3, 2025Yield to maturity4.600%Jan 7, 2025Yield to maturity4.681%Jan 9, 2025Yield to maturity4.689%Jan 13, 2025Yield to maturity4.792%Jan 15, 2025Yield to maturity4.657%Jan 17, 2025Yield to maturity4.609%Jan 22, 2025Yield to maturity4.597%Jan 24, 2025Yield to maturity4.625%Jan 28, 2025Yield to maturity4.540%Jan 30, 2025Yield to maturity4.512%Feb 3, 2025Yield to maturity4.537%Feb 5, 2025Yield to maturity4.420%Feb 7, 2025Yield to maturity4.489%Feb 11, 2025Yield to maturity4.533%Feb 13, 2025Yield to maturity4.529%Feb 18, 2025Yield to maturity4.558%Feb 20, 2025Yield to maturity4.505%Feb 24, 2025Yield to maturity4.401%Feb 26, 2025Yield to maturity4.245%Feb 28, 2025Yield to maturity4.233%Mar 4, 2025Yield to maturity4.222%Mar 6, 2025Yield to maturity4.289%Mar 10, 2025Yield to maturity4.218%Mar 12, 2025Yield to maturity4.317%Mar 14, 2025Yield to maturity4.313%Mar 18, 2025Yield to maturity4.281%Mar 20, 2025Yield to maturity4.230%Mar 24, 2025Yield to maturity4.329%Mar 26, 2025Yield to maturity4.341%Mar 28, 2025Yield to maturity4.257%Apr 1, 2025Yield to maturity4.158%Apr 3, 2025Yield to maturity4.048%Apr 7, 2025Yield to maturity4.130%Apr 9, 2025Yield to maturity4.342%Apr 11, 2025Yield to maturity4.476%Apr 15, 2025Yield to maturity4.334%Apr 17, 2025Yield to maturity4.326%Apr 21, 2025Yield to maturity4.403%Apr 23, 2025Yield to maturity4.383%Apr 25, 2025Yield to maturity4.266%Apr 29, 2025Yield to maturity4.166%May 1, 2025Yield to maturity4.226%May 5, 2025Yield to maturity4.339%May 7, 2025Yield to maturity4.258%May 9, 2025Yield to maturity4.367%May 13, 2025Yield to maturity4.482%May 15, 2025Yield to maturity4.437%May 19, 2025Yield to maturity4.445%May 21, 2025Yield to maturity4.570%May 23, 2025Yield to maturity4.499%May 28, 2025Yield to maturity4.462%May 30, 2025Yield to maturity4.392%Jun 3, 2025Yield to maturity4.446%Jun 5, 2025Yield to maturity4.380%Jun 9, 2025Yield to maturity4.467%Jun 11, 2025Yield to maturity4.397%Jun 13, 2025Yield to maturity4.397%Jun 17, 2025Yield to maturity4.364%Jun 20, 2025Yield to maturity4.356%Jun 24, 2025Yield to maturity4.266%Jun 26, 2025Yield to maturity4.225%Jun 30, 2025Yield to maturity4.201%Jul 2, 2025Yield to maturity4.266%Jul 7, 2025Yield to maturity4.360%Jul 9, 2025Yield to maturity4.311%Jul 11, 2025Yield to maturity4.398%Jul 15, 2025Yield to maturity4.460%Jul 17, 2025Yield to maturity4.431%Jul 21, 2025Yield to maturity4.344%Jul 23, 2025Yield to maturity4.356%Jul 25, 2025Yield to maturity4.352%Jul 29, 2025Yield to maturity4.295%Jul 31, 2025Yield to maturity4.332%Aug 4, 2025Yield to maturity4.167%Aug 6, 2025Yield to maturity4.184%Aug 8, 2025Yield to maturity4.237%Aug 12, 2025Yield to maturity4.241%Aug 14, 2025Yield to maturity4.237%Aug 18, 2025Yield to maturity4.286%Aug 20, 2025Yield to maturity4.237%Aug 22, 2025Yield to maturity4.200%Aug 26, 2025Yield to maturity4.196%Aug 28, 2025Yield to maturity4.150%Sep 2, 2025Yield to maturity4.216%Sep 4, 2025Yield to maturity4.101%Sep 8, 2025Yield to maturity3.991%Sep 10, 2025Yield to maturity3.979%Sep 12, 2025Yield to maturity3.999%Sep 16, 2025Yield to maturity3.970%Sep 18, 2025Yield to maturity4.048%Sep 22, 2025Yield to maturity4.088%Sep 24, 2025Yield to maturity4.092%Sep 26, 2025Yield to maturity4.138%Sep 30, 2025Yield to maturity4.096%Oct 2, 2025Yield to maturity4.035%Oct 6, 2025Yield to maturity4.117%Oct 8, 2025Yield to maturity4.084%Oct 10, 2025Yield to maturity4.001%Oct 15, 2025Yield to maturity3.989%Oct 17, 2025Yield to maturity3.952%Oct 21, 2025Yield to maturity3.907%Oct 23, 2025Yield to maturity3.944%Oct 27, 2025Yield to maturity3.943%Oct 29, 2025Yield to maturity4.017%Oct 31, 2025Yield to maturity4.046%Nov 4, 2025Yield to maturity4.037%Nov 6, 2025Yield to maturity4.041%Nov 10, 2025Yield to maturity4.062%Nov 13, 2025Yield to maturity4.049%Nov 17, 2025Yield to maturity4.066%Nov 19, 2025Yield to maturity4.062%Nov 21, 2025Yield to maturity3.987%Nov 25, 2025Yield to maturity3.933%Nov 28, 2025Yield to maturity3.945%Dec 2, 2025Yield to maturity4.011%Dec 4, 2025Yield to maturity4.032%Dec 8, 2025Yield to maturity4.098%Dec 10, 2025Yield to maturity4.069%Dec 12, 2025Yield to maturity4.114%Dec 16, 2025Yield to maturity4.068%Dec 18, 2025Yield to maturity4.039%Dec 22, 2025Yield to maturity4.089%Dec 24, 2025Yield to maturity4.072%Dec 29, 2025Yield to maturity4.038%Dec 31, 2025Yield to maturity4.097%Jan 5, 2026Yield to maturity4.084%Jan 7, 2026Yield to maturity4.063%Jan 9, 2026Yield to maturity4.101%Jan 13, 2026Yield to maturity4.096%Jan 15, 2026Yield to maturity4.096%Jan 20, 2026Yield to maturity4.219%Jan 22, 2026Yield to maturity4.181%Jan 26, 2026Yield to maturity4.147%Jan 28, 2026Yield to maturity4.185%Jan 30, 2026Yield to maturity4.172%Feb 3, 2026Yield to maturity4.198%Feb 5, 2026Yield to maturity4.125%Feb 9, 2026Yield to maturity4.125%Feb 11, 2026Yield to maturity4.104%Feb 13, 2026Yield to maturity3.968%Feb 18, 2026Yield to maturity4.006%Feb 20, 2026Yield to maturity4.001%Feb 24, 2026Yield to maturity3.959%Feb 26, 2026Yield to maturity3.933%Mar 2, 2026Yield to maturity3.967%Mar 4, 2026Yield to maturity4.005%Mar 6, 2026Yield to maturity4.064%Mar 10, 2026Yield to maturity4.064%Mar 12, 2026Yield to maturity4.193%Mar 16, 2026Yield to maturity4.137%Mar 18, 2026Yield to maturity4.184%Mar 20, 2026Yield to maturity4.319%Mar 24, 2026Yield to maturity4.324%Mar 26, 2026Yield to maturity4.363%Mar 30, 2026Yield to maturity4.276%Apr 1, 2026Yield to maturity4.267%Apr 3, 2026Yield to maturity4.280%Apr 7, 2026Yield to maturity4.254%Apr 9, 2026Yield to maturity4.219%Apr 13, 2026Yield to maturity4.223%Apr 15, 2026Yield to maturity4.206%Apr 17, 2026Yield to maturity4.167%Apr 21, 2026Yield to maturity4.210%Apr 23, 2026Yield to maturity4.258%Apr 27, 2026Yield to maturity4.263%Apr 29, 2026Yield to maturity4.338%May 1, 2026Yield to maturity4.307%May 5, 2026Yield to maturity4.352%May 7, 2026Yield to maturity4.325%May 11, 2026Yield to maturity4.339%May 13, 2026Yield to maturity4.392%May 15, 2026Yield to maturity4.523%May 19, 2026Yield to maturity4.596%May 21, 2026Yield to maturity4.505%May 26, 2026Yield to maturity4.428%May 28, 2026Yield to maturity4.388%Jun 1, 2026Yield to maturity4.411%Jun 3, 2026Yield to maturity4.429%Jun 5, 2026Yield to maturity4.492%Jun 9, 2026Yield to maturity4.470%Jun 11, 2026Yield to maturity4.397%Jun 15, 2026Yield to maturity4.407%Jun 17, 2026Yield to maturity4.443%Jun 22, 2026Yield to maturity4.461%Jun 24, 2026Yield to maturity4.357%Jun 26, 2026Yield to maturity4.321%Jun 30, 2026Yield to maturity4.375%Jul 2, 2026Yield to maturity4.430%Jul 7, 2026Yield to maturity4.480%Jul 9, 2026Yield to maturity4.480%Jul 13, 2026Yield to maturity4.558%Jul 15, 2026Yield to maturity4.476%Jul 17, 2026Yield to maturity4.481%Jul 21, 2026Yield to maturity4.568%Jul 23, 2026Yield to maturity4.647%Jul 27, 2026Yield to maturity4.587%Jul 29, 2026Yield to maturity4.592%Jul 31, 2026Yield to maturity4.672%Aug 4, 2026Yield to maturity4.556%Aug 6, 2026Yield to maturity4.607%Aug 10, 2026Yield to maturity4.635%Aug 12, 2026Yield to maturity4.607%Aug 14, 2026Yield to maturity4.603%Aug 18, 2026Yield to maturity4.622%Aug 20, 2026Yield to maturity4.613%Aug 24, 2026Yield to maturity4.627%Aug 26, 2026Yield to maturity4.585%Aug 28, 2026Yield to maturity4.666%Sep 1, 2026Yield to maturity4.732%Sep 3, 2026Yield to maturity4.699%Sep 8, 2026Yield to maturity4.738%Sep 9, 2026Yield to maturity4.776%

Price history

454 trading days to Sep 9, 2026

949698100102104Nov 15, 2024Sep 9, 2026Nov 15, 2024Close98.594Nov 19, 2024Close98.906Nov 21, 2024Close98.594Nov 25, 2024Close99.875Nov 27, 2024Close99.969Dec 2, 2024Close100.500Dec 4, 2024Close100.500Dec 6, 2024Close100.781Dec 10, 2024Close100.250Dec 12, 2024Close99.375Dec 16, 2024Close98.875Dec 18, 2024Close98.063Dec 20, 2024Close97.875Dec 24, 2024Close97.313Dec 27, 2024Close97.063Dec 31, 2024Close97.438Jan 3, 2025Close97.250Jan 7, 2025Close96.625Jan 9, 2025Close96.563Jan 13, 2025Close95.781Jan 15, 2025Close96.813Jan 17, 2025Close97.188Jan 22, 2025Close97.281Jan 24, 2025Close97.063Jan 28, 2025Close97.719Jan 30, 2025Close97.938Feb 3, 2025Close97.750Feb 5, 2025Close98.656Feb 7, 2025Close98.125Feb 11, 2025Close97.781Feb 13, 2025Close97.813Feb 18, 2025Close97.594Feb 20, 2025Close98.000Feb 24, 2025Close98.813Feb 26, 2025Close100.031Feb 28, 2025Close100.125Mar 4, 2025Close100.219Mar 6, 2025Close99.688Mar 10, 2025Close100.250Mar 12, 2025Close99.469Mar 14, 2025Close99.500Mar 18, 2025Close99.750Mar 20, 2025Close100.156Mar 24, 2025Close99.375Mar 26, 2025Close99.281Mar 28, 2025Close99.938Apr 1, 2025Close100.719Apr 3, 2025Close101.594Apr 7, 2025Close100.938Apr 9, 2025Close99.281Apr 11, 2025Close98.250Apr 15, 2025Close99.344Apr 17, 2025Close99.406Apr 21, 2025Close98.813Apr 23, 2025Close98.969Apr 25, 2025Close99.875Apr 29, 2025Close100.656May 1, 2025Close100.188May 5, 2025Close99.313May 7, 2025Close99.938May 9, 2025Close99.094May 13, 2025Close98.219May 15, 2025Close98.563May 19, 2025Close98.500May 21, 2025Close97.563May 23, 2025Close98.094May 28, 2025Close98.375May 30, 2025Close98.906Jun 3, 2025Close98.500Jun 5, 2025Close99.000Jun 9, 2025Close98.344Jun 11, 2025Close98.875Jun 13, 2025Close98.875Jun 17, 2025Close99.125Jun 20, 2025Close99.188Jun 24, 2025Close99.875Jun 26, 2025Close100.188Jun 30, 2025Close100.375Jul 2, 2025Close99.875Jul 7, 2025Close99.156Jul 9, 2025Close99.531Jul 11, 2025Close98.875Jul 15, 2025Close98.406Jul 17, 2025Close98.625Jul 21, 2025Close99.281Jul 23, 2025Close99.188Jul 25, 2025Close99.219Jul 29, 2025Close99.656Jul 31, 2025Close99.375Aug 4, 2025Close100.625Aug 6, 2025Close100.500Aug 8, 2025Close100.094Aug 12, 2025Close100.063Aug 14, 2025Close100.094Aug 18, 2025Close99.719Aug 20, 2025Close100.094Aug 22, 2025Close100.375Aug 26, 2025Close100.406Aug 28, 2025Close100.750Sep 2, 2025Close100.250Sep 4, 2025Close101.125Sep 8, 2025Close101.969Sep 10, 2025Close102.063Sep 12, 2025Close101.906Sep 16, 2025Close102.125Sep 18, 2025Close101.531Sep 22, 2025Close101.219Sep 24, 2025Close101.188Sep 26, 2025Close100.844Sep 30, 2025Close101.156Oct 2, 2025Close101.625Oct 6, 2025Close101.000Oct 8, 2025Close101.250Oct 10, 2025Close101.875Oct 15, 2025Close101.969Oct 17, 2025Close102.250Oct 21, 2025Close102.594Oct 23, 2025Close102.313Oct 27, 2025Close102.313Oct 29, 2025Close101.750Oct 31, 2025Close101.531Nov 4, 2025Close101.594Nov 6, 2025Close101.563Nov 10, 2025Close101.406Nov 13, 2025Close101.500Nov 17, 2025Close101.375Nov 19, 2025Close101.406Nov 21, 2025Close101.969Nov 25, 2025Close102.375Nov 28, 2025Close102.281Dec 2, 2025Close101.781Dec 4, 2025Close101.625Dec 8, 2025Close101.125Dec 10, 2025Close101.344Dec 12, 2025Close101.000Dec 16, 2025Close101.344Dec 18, 2025Close101.563Dec 22, 2025Close101.188Dec 24, 2025Close101.313Dec 29, 2025Close101.563Dec 31, 2025Close101.125Jan 5, 2026Close101.219Jan 7, 2026Close101.375Jan 9, 2026Close101.094Jan 13, 2026Close101.125Jan 15, 2026Close101.125Jan 20, 2026Close100.219Jan 22, 2026Close100.500Jan 26, 2026Close100.750Jan 28, 2026Close100.469Jan 30, 2026Close100.563Feb 3, 2026Close100.375Feb 5, 2026Close100.906Feb 9, 2026Close100.906Feb 11, 2026Close101.063Feb 13, 2026Close102.063Feb 18, 2026Close101.781Feb 20, 2026Close101.813Feb 24, 2026Close102.125Feb 26, 2026Close102.313Mar 2, 2026Close102.063Mar 4, 2026Close101.781Mar 6, 2026Close101.344Mar 10, 2026Close101.344Mar 12, 2026Close100.406Mar 16, 2026Close100.813Mar 18, 2026Close100.469Mar 20, 2026Close99.500Mar 24, 2026Close99.469Mar 26, 2026Close99.188Mar 30, 2026Close99.813Apr 1, 2026Close99.875Apr 3, 2026Close99.781Apr 7, 2026Close99.969Apr 9, 2026Close100.219Apr 13, 2026Close100.188Apr 15, 2026Close100.313Apr 17, 2026Close100.594Apr 21, 2026Close100.281Apr 23, 2026Close99.938Apr 27, 2026Close99.906Apr 29, 2026Close99.375May 1, 2026Close99.594May 5, 2026Close99.281May 7, 2026Close99.469May 11, 2026Close99.375May 13, 2026Close99.000May 15, 2026Close98.094May 19, 2026Close97.594May 21, 2026Close98.219May 26, 2026Close98.750May 28, 2026Close99.031Jun 1, 2026Close98.875Jun 3, 2026Close98.750Jun 5, 2026Close98.313Jun 9, 2026Close98.469Jun 11, 2026Close98.969Jun 15, 2026Close98.906Jun 17, 2026Close98.656Jun 22, 2026Close98.531Jun 24, 2026Close99.250Jun 26, 2026Close99.500Jun 30, 2026Close99.125Jul 2, 2026Close98.750Jul 7, 2026Close98.406Jul 9, 2026Close98.406Jul 13, 2026Close97.875Jul 15, 2026Close98.438Jul 17, 2026Close98.406Jul 21, 2026Close97.813Jul 23, 2026Close97.281Jul 27, 2026Close97.688Jul 29, 2026Close97.656Jul 31, 2026Close97.125Aug 4, 2026Close97.906Aug 6, 2026Close97.563Aug 10, 2026Close97.375Aug 12, 2026Close97.563Aug 14, 2026Close97.594Aug 18, 2026Close97.469Aug 20, 2026Close97.531Aug 24, 2026Close97.438Aug 26, 2026Close97.719Aug 28, 2026Close97.188Sep 1, 2026Close96.750Sep 3, 2026Close96.969Sep 8, 2026Close96.719Sep 9, 2026Close96.469
The most recent 20 trading days of prices for 91282CLW9.
DateBidOfferClose
Sep 9, 202696.42296.40696.469
Sep 8, 202696.76696.75096.719
Sep 4, 202696.89196.87596.844
Sep 3, 202697.10997.09496.969
Sep 2, 202696.73496.71996.750
Sep 1, 202696.95396.93896.750
Aug 31, 202697.01697.00097.063
Aug 28, 202697.39197.37597.188
Aug 27, 202697.76697.75097.625
Aug 26, 202697.76697.75097.719
Aug 25, 202697.82897.81397.906
Aug 24, 202697.57897.56397.438
Aug 21, 202697.26697.25097.250
Aug 20, 202697.48497.46997.531
Aug 19, 202697.76697.75097.844
Aug 18, 202697.45397.43897.469
Aug 17, 202697.51697.50097.375
Aug 14, 202697.67297.65697.594
Aug 13, 202697.92297.90697.906
Aug 12, 202697.67297.65697.563

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 91282CLW9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 5, 2024Nov 15, 2024New issue$42.0bn$52.2bn2.58x4.347%
Dec 11, 2024Dec 16, 2024Reopening$39.0bn$39.3bn2.70x4.235%
Jan 7, 2025Jan 15, 2025Reopening$39.0bn$47.6bn2.53x4.680%

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.