Treasury note

91282CLX7 · 4.125% due November 15, 2027

Original term
3-Year
Maturity
Nov 15, 2027
Coupon
4.125%
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
$70.88bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.313%
Modified duration
1.125 yr
DV01
0.0114
Convexity
1.839
Dirty price
101.104

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 1.151 years against a modified duration of 1.125.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 2.62 cents per 100 of face.

That is 1.29 standard deviations from its own typical residual.

Yield to maturity, 454 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Nov 15, 2024Sep 9, 2026Nov 15, 2024Yield to maturity4.271%Nov 19, 2024Yield to maturity4.237%Nov 21, 2024Yield to maturity4.305%Nov 25, 2024Yield to maturity4.215%Nov 27, 2024Yield to maturity4.170%Dec 2, 2024Yield to maturity4.113%Dec 4, 2024Yield to maturity4.090%Dec 6, 2024Yield to maturity4.056%Dec 10, 2024Yield to maturity4.101%Dec 12, 2024Yield to maturity4.170%Dec 16, 2024Yield to maturity4.228%Dec 18, 2024Yield to maturity4.355%Dec 20, 2024Yield to maturity4.321%Dec 24, 2024Yield to maturity4.368%Dec 27, 2024Yield to maturity4.369%Dec 31, 2024Yield to maturity4.287%Jan 3, 2025Yield to maturity4.323%Jan 7, 2025Yield to maturity4.347%Jan 9, 2025Yield to maturity4.335%Jan 13, 2025Yield to maturity4.479%Jan 15, 2025Yield to maturity4.337%Jan 17, 2025Yield to maturity4.326%Jan 22, 2025Yield to maturity4.338%Jan 24, 2025Yield to maturity4.327%Jan 28, 2025Yield to maturity4.243%Jan 30, 2025Yield to maturity4.231%Feb 3, 2025Yield to maturity4.280%Feb 5, 2025Yield to maturity4.195%Feb 7, 2025Yield to maturity4.305%Feb 11, 2025Yield to maturity4.305%Feb 13, 2025Yield to maturity4.330%Feb 18, 2025Yield to maturity4.331%Feb 20, 2025Yield to maturity4.282%Feb 24, 2025Yield to maturity4.172%Feb 26, 2025Yield to maturity4.049%Feb 28, 2025Yield to maturity4.000%Mar 4, 2025Yield to maturity3.963%Mar 6, 2025Yield to maturity3.987%Mar 10, 2025Yield to maturity3.912%Mar 12, 2025Yield to maturity3.999%Mar 14, 2025Yield to maturity4.011%Mar 18, 2025Yield to maturity4.023%Mar 20, 2025Yield to maturity3.948%Mar 24, 2025Yield to maturity4.023%Mar 26, 2025Yield to maturity4.010%Mar 28, 2025Yield to maturity3.921%Apr 1, 2025Yield to maturity3.870%Apr 3, 2025Yield to maturity3.706%Apr 7, 2025Yield to maturity3.742%Apr 9, 2025Yield to maturity3.932%Apr 11, 2025Yield to maturity3.995%Apr 15, 2025Yield to maturity3.867%Apr 17, 2025Yield to maturity3.815%Apr 21, 2025Yield to maturity3.763%Apr 23, 2025Yield to maturity3.878%Apr 25, 2025Yield to maturity3.774%Apr 29, 2025Yield to maturity3.657%May 1, 2025Yield to maturity3.695%May 5, 2025Yield to maturity3.836%May 7, 2025Yield to maturity3.770%May 9, 2025Yield to maturity3.887%May 13, 2025Yield to maturity4.019%May 15, 2025Yield to maturity3.966%May 19, 2025Yield to maturity3.965%May 21, 2025Yield to maturity4.004%May 23, 2025Yield to maturity3.990%May 28, 2025Yield to maturity3.976%May 30, 2025Yield to maturity3.895%Jun 3, 2025Yield to maturity3.948%Jun 5, 2025Yield to maturity3.921%Jun 9, 2025Yield to maturity4.001%Jun 11, 2025Yield to maturity3.933%Jun 13, 2025Yield to maturity3.932%Jun 17, 2025Yield to maturity3.931%Jun 20, 2025Yield to maturity3.889%Jun 24, 2025Yield to maturity3.778%Jun 26, 2025Yield to maturity3.709%Jun 30, 2025Yield to maturity3.707%Jul 2, 2025Yield to maturity3.789%Jul 7, 2025Yield to maturity3.885%Jul 9, 2025Yield to maturity3.842%Jul 11, 2025Yield to maturity3.883%Jul 15, 2025Yield to maturity3.939%Jul 17, 2025Yield to maturity3.910%Jul 21, 2025Yield to maturity3.824%Jul 23, 2025Yield to maturity3.866%Jul 25, 2025Yield to maturity3.893%Jul 29, 2025Yield to maturity3.850%Jul 31, 2025Yield to maturity3.921%Aug 4, 2025Yield to maturity3.675%Aug 6, 2025Yield to maturity3.674%Aug 8, 2025Yield to maturity3.745%Aug 12, 2025Yield to maturity3.715%Aug 14, 2025Yield to maturity3.714%Aug 18, 2025Yield to maturity3.741%Aug 20, 2025Yield to maturity3.726%Aug 22, 2025Yield to maturity3.665%Aug 26, 2025Yield to maturity3.649%Aug 28, 2025Yield to maturity3.633%Sep 2, 2025Yield to maturity3.660%Sep 4, 2025Yield to maturity3.585%Sep 8, 2025Yield to maturity3.493%Sep 10, 2025Yield to maturity3.536%Sep 12, 2025Yield to maturity3.549%Sep 16, 2025Yield to maturity3.502%Sep 18, 2025Yield to maturity3.561%Sep 22, 2025Yield to maturity3.604%Sep 24, 2025Yield to maturity3.618%Sep 26, 2025Yield to maturity3.661%Sep 30, 2025Yield to maturity3.614%Oct 2, 2025Yield to maturity3.552%Oct 6, 2025Yield to maturity3.611%Oct 8, 2025Yield to maturity3.594%Oct 10, 2025Yield to maturity3.528%Oct 15, 2025Yield to maturity3.511%Oct 17, 2025Yield to maturity3.462%Oct 21, 2025Yield to maturity3.460%Oct 23, 2025Yield to maturity3.490%Oct 27, 2025Yield to maturity3.503%Oct 29, 2025Yield to maturity3.612%Oct 31, 2025Yield to maturity3.594%Nov 4, 2025Yield to maturity3.576%Nov 6, 2025Yield to maturity3.559%Nov 10, 2025Yield to maturity3.588%Nov 13, 2025Yield to maturity3.587%Nov 17, 2025Yield to maturity3.616%Nov 19, 2025Yield to maturity3.582%Nov 21, 2025Yield to maturity3.513%Nov 25, 2025Yield to maturity3.479%Nov 28, 2025Yield to maturity3.507%Dec 2, 2025Yield to maturity3.522%Dec 4, 2025Yield to maturity3.537%Dec 8, 2025Yield to maturity3.601%Dec 10, 2025Yield to maturity3.549%Dec 12, 2025Yield to maturity3.545%Dec 16, 2025Yield to maturity3.493%Dec 18, 2025Yield to maturity3.474%Dec 22, 2025Yield to maturity3.505%Dec 24, 2025Yield to maturity3.536%Dec 29, 2025Yield to maturity3.481%Dec 31, 2025Yield to maturity3.478%Jan 5, 2026Yield to maturity3.457%Jan 7, 2026Yield to maturity3.472%Jan 9, 2026Yield to maturity3.539%Jan 13, 2026Yield to maturity3.537%Jan 15, 2026Yield to maturity3.571%Jan 20, 2026Yield to maturity3.602%Jan 22, 2026Yield to maturity3.619%Jan 26, 2026Yield to maturity3.598%Jan 28, 2026Yield to maturity3.596%Jan 30, 2026Yield to maturity3.538%Feb 3, 2026Yield to maturity3.573%Feb 5, 2026Yield to maturity3.480%Feb 9, 2026Yield to maturity3.495%Feb 11, 2026Yield to maturity3.529%Feb 13, 2026Yield to maturity3.414%Feb 18, 2026Yield to maturity3.486%Feb 20, 2026Yield to maturity3.501%Feb 24, 2026Yield to maturity3.480%Feb 26, 2026Yield to maturity3.478%Mar 2, 2026Yield to maturity3.512%Mar 4, 2026Yield to maturity3.567%Mar 6, 2026Yield to maturity3.583%Mar 10, 2026Yield to maturity3.600%Mar 12, 2026Yield to maturity3.772%Mar 16, 2026Yield to maturity3.712%Mar 18, 2026Yield to maturity3.789%Mar 20, 2026Yield to maturity3.944%Mar 24, 2026Yield to maturity3.964%Mar 26, 2026Yield to maturity4.023%Mar 30, 2026Yield to maturity3.862%Apr 1, 2026Yield to maturity3.841%Apr 3, 2026Yield to maturity3.880%Apr 7, 2026Yield to maturity3.859%Apr 9, 2026Yield to maturity3.818%Apr 13, 2026Yield to maturity3.816%Apr 15, 2026Yield to maturity3.794%Apr 17, 2026Yield to maturity3.730%Apr 21, 2026Yield to maturity3.791%Apr 23, 2026Yield to maturity3.832%Apr 27, 2026Yield to maturity3.809%Apr 29, 2026Yield to maturity3.913%May 1, 2026Yield to maturity3.891%May 5, 2026Yield to maturity3.933%May 7, 2026Yield to maturity3.911%May 11, 2026Yield to maturity3.931%May 13, 2026Yield to maturity3.952%May 15, 2026Yield to maturity4.038%May 19, 2026Yield to maturity4.081%May 21, 2026Yield to maturity4.037%May 26, 2026Yield to maturity4.013%May 28, 2026Yield to maturity3.991%Jun 1, 2026Yield to maturity4.012%Jun 3, 2026Yield to maturity4.056%Jun 5, 2026Yield to maturity4.123%Jun 9, 2026Yield to maturity4.100%Jun 11, 2026Yield to maturity4.032%Jun 15, 2026Yield to maturity4.031%Jun 17, 2026Yield to maturity4.192%Jun 22, 2026Yield to maturity4.239%Jun 24, 2026Yield to maturity4.146%Jun 26, 2026Yield to maturity4.099%Jun 30, 2026Yield to maturity4.146%Jul 2, 2026Yield to maturity4.146%Jul 7, 2026Yield to maturity4.194%Jul 9, 2026Yield to maturity4.146%Jul 13, 2026Yield to maturity4.243%Jul 15, 2026Yield to maturity4.121%Jul 17, 2026Yield to maturity4.146%Jul 21, 2026Yield to maturity4.220%Jul 23, 2026Yield to maturity4.319%Jul 27, 2026Yield to maturity4.296%Jul 29, 2026Yield to maturity4.196%Jul 31, 2026Yield to maturity4.247%Aug 4, 2026Yield to maturity4.171%Aug 6, 2026Yield to maturity4.197%Aug 10, 2026Yield to maturity4.198%Aug 12, 2026Yield to maturity4.146%Aug 14, 2026Yield to maturity4.121%Aug 18, 2026Yield to maturity4.121%Aug 20, 2026Yield to maturity4.121%Aug 24, 2026Yield to maturity4.173%Aug 26, 2026Yield to maturity4.147%Aug 28, 2026Yield to maturity4.282%Sep 1, 2026Yield to maturity4.309%Sep 3, 2026Yield to maturity4.256%Sep 8, 2026Yield to maturity4.285%Sep 9, 2026Yield to maturity4.313%

Price history

454 trading days to Sep 9, 2026

99.0099.50100.00100.50101.00101.50Nov 15, 2024Sep 9, 2026Nov 15, 2024Close99.594Nov 19, 2024Close99.688Nov 21, 2024Close99.500Nov 25, 2024Close99.750Nov 27, 2024Close99.875Dec 2, 2024Close100.031Dec 4, 2024Close100.094Dec 6, 2024Close100.188Dec 10, 2024Close100.063Dec 12, 2024Close99.875Dec 16, 2024Close99.719Dec 18, 2024Close99.375Dec 20, 2024Close99.469Dec 24, 2024Close99.344Dec 27, 2024Close99.344Dec 31, 2024Close99.563Jan 3, 2025Close99.469Jan 7, 2025Close99.406Jan 9, 2025Close99.438Jan 13, 2025Close99.063Jan 15, 2025Close99.438Jan 17, 2025Close99.469Jan 22, 2025Close99.438Jan 24, 2025Close99.469Jan 28, 2025Close99.688Jan 30, 2025Close99.719Feb 3, 2025Close99.594Feb 5, 2025Close99.813Feb 7, 2025Close99.531Feb 11, 2025Close99.531Feb 13, 2025Close99.469Feb 18, 2025Close99.469Feb 20, 2025Close99.594Feb 24, 2025Close99.875Feb 26, 2025Close100.188Feb 28, 2025Close100.313Mar 4, 2025Close100.406Mar 6, 2025Close100.344Mar 10, 2025Close100.531Mar 12, 2025Close100.313Mar 14, 2025Close100.281Mar 18, 2025Close100.250Mar 20, 2025Close100.438Mar 24, 2025Close100.250Mar 26, 2025Close100.281Mar 28, 2025Close100.500Apr 1, 2025Close100.625Apr 3, 2025Close101.031Apr 7, 2025Close100.938Apr 9, 2025Close100.469Apr 11, 2025Close100.313Apr 15, 2025Close100.625Apr 17, 2025Close100.750Apr 21, 2025Close100.875Apr 23, 2025Close100.594Apr 25, 2025Close100.844Apr 29, 2025Close101.125May 1, 2025Close101.031May 5, 2025Close100.688May 7, 2025Close100.844May 9, 2025Close100.563May 13, 2025Close100.250May 15, 2025Close100.375May 19, 2025Close100.375May 21, 2025Close100.281May 23, 2025Close100.313May 28, 2025Close100.344May 30, 2025Close100.531Jun 3, 2025Close100.406Jun 5, 2025Close100.469Jun 9, 2025Close100.281Jun 11, 2025Close100.438Jun 13, 2025Close100.438Jun 17, 2025Close100.438Jun 20, 2025Close100.531Jun 24, 2025Close100.781Jun 26, 2025Close100.938Jun 30, 2025Close100.938Jul 2, 2025Close100.750Jul 7, 2025Close100.531Jul 9, 2025Close100.625Jul 11, 2025Close100.531Jul 15, 2025Close100.406Jul 17, 2025Close100.469Jul 21, 2025Close100.656Jul 23, 2025Close100.563Jul 25, 2025Close100.500Jul 29, 2025Close100.594Jul 31, 2025Close100.438Aug 4, 2025Close100.969Aug 6, 2025Close100.969Aug 8, 2025Close100.813Aug 12, 2025Close100.875Aug 14, 2025Close100.875Aug 18, 2025Close100.813Aug 20, 2025Close100.844Aug 22, 2025Close100.969Aug 26, 2025Close101.000Aug 28, 2025Close101.031Sep 2, 2025Close100.969Sep 4, 2025Close101.125Sep 8, 2025Close101.313Sep 10, 2025Close101.219Sep 12, 2025Close101.188Sep 16, 2025Close101.281Sep 18, 2025Close101.156Sep 22, 2025Close101.063Sep 24, 2025Close101.031Sep 26, 2025Close100.938Sep 30, 2025Close101.031Oct 2, 2025Close101.156Oct 6, 2025Close101.031Oct 8, 2025Close101.063Oct 10, 2025Close101.188Oct 15, 2025Close101.219Oct 17, 2025Close101.313Oct 21, 2025Close101.313Oct 23, 2025Close101.250Oct 27, 2025Close101.219Oct 29, 2025Close101.000Oct 31, 2025Close101.031Nov 4, 2025Close101.063Nov 6, 2025Close101.094Nov 10, 2025Close101.031Nov 13, 2025Close101.031Nov 17, 2025Close100.969Nov 19, 2025Close101.031Nov 21, 2025Close101.156Nov 25, 2025Close101.219Nov 28, 2025Close101.156Dec 2, 2025Close101.125Dec 4, 2025Close101.094Dec 8, 2025Close100.969Dec 10, 2025Close101.063Dec 12, 2025Close101.063Dec 16, 2025Close101.156Dec 18, 2025Close101.188Dec 22, 2025Close101.125Dec 24, 2025Close101.063Dec 29, 2025Close101.156Dec 31, 2025Close101.156Jan 5, 2026Close101.188Jan 7, 2026Close101.156Jan 9, 2026Close101.031Jan 13, 2026Close101.031Jan 15, 2026Close100.969Jan 20, 2026Close100.906Jan 22, 2026Close100.875Jan 26, 2026Close100.906Jan 28, 2026Close100.906Jan 30, 2026Close101.000Feb 3, 2026Close100.938Feb 5, 2026Close101.094Feb 9, 2026Close101.063Feb 11, 2026Close101.000Feb 13, 2026Close101.188Feb 18, 2026Close101.063Feb 20, 2026Close101.031Feb 24, 2026Close101.063Feb 26, 2026Close101.063Mar 2, 2026Close101.000Mar 4, 2026Close100.906Mar 6, 2026Close100.875Mar 10, 2026Close100.844Mar 12, 2026Close100.563Mar 16, 2026Close100.656Mar 18, 2026Close100.531Mar 20, 2026Close100.281Mar 24, 2026Close100.250Mar 26, 2026Close100.156Mar 30, 2026Close100.406Apr 1, 2026Close100.438Apr 3, 2026Close100.375Apr 7, 2026Close100.406Apr 9, 2026Close100.469Apr 13, 2026Close100.469Apr 15, 2026Close100.500Apr 17, 2026Close100.594Apr 21, 2026Close100.500Apr 23, 2026Close100.438Apr 27, 2026Close100.469Apr 29, 2026Close100.313May 1, 2026Close100.344May 5, 2026Close100.281May 7, 2026Close100.313May 11, 2026Close100.281May 13, 2026Close100.250May 15, 2026Close100.125May 19, 2026Close100.063May 21, 2026Close100.125May 26, 2026Close100.156May 28, 2026Close100.188Jun 1, 2026Close100.156Jun 3, 2026Close100.094Jun 5, 2026Close100.000Jun 9, 2026Close100.031Jun 11, 2026Close100.125Jun 15, 2026Close100.125Jun 17, 2026Close99.906Jun 22, 2026Close99.844Jun 24, 2026Close99.969Jun 26, 2026Close100.031Jun 30, 2026Close99.969Jul 2, 2026Close99.969Jul 7, 2026Close99.906Jul 9, 2026Close99.969Jul 13, 2026Close99.844Jul 15, 2026Close100.000Jul 17, 2026Close99.969Jul 21, 2026Close99.875Jul 23, 2026Close99.750Jul 27, 2026Close99.781Jul 29, 2026Close99.906Jul 31, 2026Close99.844Aug 4, 2026Close99.938Aug 6, 2026Close99.906Aug 10, 2026Close99.906Aug 12, 2026Close99.969Aug 14, 2026Close100.000Aug 18, 2026Close100.000Aug 20, 2026Close100.000Aug 24, 2026Close99.938Aug 26, 2026Close99.969Aug 28, 2026Close99.813Sep 1, 2026Close99.781Sep 3, 2026Close99.844Sep 8, 2026Close99.813Sep 9, 2026Close99.781
The most recent 20 trading days of prices for 91282CLX7.
DateBidOfferClose
Sep 9, 202699.79799.78199.781
Sep 8, 202699.82899.81399.813
Sep 4, 202699.82899.81399.813
Sep 3, 202699.85999.84499.844
Sep 2, 202699.79799.78199.781
Sep 1, 202699.79799.78199.781
Aug 31, 202699.82899.81399.813
Aug 28, 202699.82899.81399.813
Aug 27, 202699.98499.96999.969
Aug 26, 202699.96999.96999.969
Aug 25, 202699.98499.969100.000
Aug 24, 202699.96999.96999.938
Aug 21, 202699.95399.93899.969
Aug 20, 2026100.016100.000100.000
Aug 19, 2026100.016100.000100.000
Aug 18, 2026100.016100.000100.000
Aug 17, 2026100.016100.000100.000
Aug 14, 2026100.047100.031100.000
Aug 13, 2026100.031100.031100.031
Aug 12, 202699.98499.96999.969

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 91282CLX7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 4, 2024Nov 15, 2024New issue$58.0bn$72.1bn2.60x4.152%

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.