Treasury note

91282CLY5 · 4.25% due November 30, 2026

Original term
2-Year
Maturity
Nov 30, 2026
Coupon
4.250%
Pays
Semi-Annual
Dated
Nov 30, 2024
First coupon
May 31, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$64.57bn
Held stripped
$64.8m
Share stripped
0.10%

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
3.919%
Modified duration
0.219 yr
DV01
0.0022
Convexity
0.096
Dirty price
101.247

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 1.0 bp rich to the curve on that day, 0.21 cents per 100 of face.

That is 0.72 standard deviations from its own typical residual.

Yield to maturity, 444 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 2, 2024Sep 9, 2026Dec 2, 2024Yield to maturity4.167%Dec 4, 2024Yield to maturity4.134%Dec 6, 2024Yield to maturity4.100%Dec 10, 2024Yield to maturity4.149%Dec 12, 2024Yield to maturity4.182%Dec 16, 2024Yield to maturity4.249%Dec 18, 2024Yield to maturity4.350%Dec 20, 2024Yield to maturity4.300%Dec 24, 2024Yield to maturity4.334%Dec 27, 2024Yield to maturity4.334%Dec 31, 2024Yield to maturity4.248%Jan 3, 2025Yield to maturity4.283%Jan 7, 2025Yield to maturity4.300%Jan 9, 2025Yield to maturity4.265%Jan 13, 2025Yield to maturity4.405%Jan 15, 2025Yield to maturity4.283%Jan 17, 2025Yield to maturity4.283%Jan 22, 2025Yield to maturity4.301%Jan 24, 2025Yield to maturity4.283%Jan 28, 2025Yield to maturity4.211%Jan 30, 2025Yield to maturity4.193%Feb 3, 2025Yield to maturity4.265%Feb 5, 2025Yield to maturity4.193%Feb 7, 2025Yield to maturity4.283%Feb 11, 2025Yield to maturity4.302%Feb 13, 2025Yield to maturity4.320%Feb 18, 2025Yield to maturity4.302%Feb 20, 2025Yield to maturity4.284%Feb 24, 2025Yield to maturity4.172%Feb 26, 2025Yield to maturity4.079%Feb 28, 2025Yield to maturity4.022%Mar 4, 2025Yield to maturity3.984%Mar 6, 2025Yield to maturity4.002%Mar 10, 2025Yield to maturity3.944%Mar 12, 2025Yield to maturity4.038%Mar 14, 2025Yield to maturity4.055%Mar 18, 2025Yield to maturity4.074%Mar 20, 2025Yield to maturity3.997%Mar 24, 2025Yield to maturity4.072%Mar 26, 2025Yield to maturity4.052%Mar 28, 2025Yield to maturity3.954%Apr 1, 2025Yield to maturity3.933%Apr 3, 2025Yield to maturity3.776%Apr 7, 2025Yield to maturity3.793%Apr 9, 2025Yield to maturity3.969%Apr 11, 2025Yield to maturity4.027%Apr 15, 2025Yield to maturity3.907%Apr 17, 2025Yield to maturity3.886%Apr 21, 2025Yield to maturity3.823%Apr 23, 2025Yield to maturity3.943%Apr 25, 2025Yield to maturity3.860%Apr 29, 2025Yield to maturity3.756%May 1, 2025Yield to maturity3.796%May 5, 2025Yield to maturity3.937%May 7, 2025Yield to maturity3.874%May 9, 2025Yield to maturity3.955%May 13, 2025Yield to maturity4.101%May 15, 2025Yield to maturity4.038%May 19, 2025Yield to maturity4.058%May 21, 2025Yield to maturity4.079%May 23, 2025Yield to maturity4.099%May 28, 2025Yield to maturity4.099%May 30, 2025Yield to maturity4.011%Jun 3, 2025Yield to maturity4.053%Jun 5, 2025Yield to maturity4.030%Jun 9, 2025Yield to maturity4.095%Jun 11, 2025Yield to maturity4.050%Jun 13, 2025Yield to maturity4.048%Jun 17, 2025Yield to maturity4.047%Jun 20, 2025Yield to maturity4.000%Jun 24, 2025Yield to maturity3.931%Jun 26, 2025Yield to maturity3.862%Jun 30, 2025Yield to maturity3.859%Jul 2, 2025Yield to maturity3.926%Jul 7, 2025Yield to maturity4.015%Jul 9, 2025Yield to maturity3.991%Jul 11, 2025Yield to maturity4.035%Jul 15, 2025Yield to maturity4.058%Jul 17, 2025Yield to maturity4.034%Jul 21, 2025Yield to maturity3.984%Jul 23, 2025Yield to maturity4.031%Jul 25, 2025Yield to maturity4.029%Jul 29, 2025Yield to maturity4.028%Jul 31, 2025Yield to maturity4.100%Aug 4, 2025Yield to maturity3.830%Aug 6, 2025Yield to maturity3.852%Aug 8, 2025Yield to maturity3.899%Aug 12, 2025Yield to maturity3.847%Aug 14, 2025Yield to maturity3.871%Aug 18, 2025Yield to maturity3.893%Aug 20, 2025Yield to maturity3.866%Aug 22, 2025Yield to maturity3.812%Aug 26, 2025Yield to maturity3.810%Aug 28, 2025Yield to maturity3.834%Sep 2, 2025Yield to maturity3.829%Sep 4, 2025Yield to maturity3.775%Sep 8, 2025Yield to maturity3.666%Sep 10, 2025Yield to maturity3.690%Sep 12, 2025Yield to maturity3.685%Sep 16, 2025Yield to maturity3.656%Sep 18, 2025Yield to maturity3.680%Sep 22, 2025Yield to maturity3.702%Sep 24, 2025Yield to maturity3.700%Sep 26, 2025Yield to maturity3.750%Sep 30, 2025Yield to maturity3.720%Oct 2, 2025Yield to maturity3.663%Oct 6, 2025Yield to maturity3.685%Oct 8, 2025Yield to maturity3.683%Oct 10, 2025Yield to maturity3.619%Oct 15, 2025Yield to maturity3.616%Oct 17, 2025Yield to maturity3.582%Oct 21, 2025Yield to maturity3.579%Oct 23, 2025Yield to maturity3.605%Oct 27, 2025Yield to maturity3.628%Oct 29, 2025Yield to maturity3.713%Oct 31, 2025Yield to maturity3.738%Nov 4, 2025Yield to maturity3.706%Nov 6, 2025Yield to maturity3.673%Nov 10, 2025Yield to maturity3.697%Nov 13, 2025Yield to maturity3.694%Nov 17, 2025Yield to maturity3.720%Nov 19, 2025Yield to maturity3.686%Nov 21, 2025Yield to maturity3.649%Nov 25, 2025Yield to maturity3.646%Nov 28, 2025Yield to maturity3.670%Dec 2, 2025Yield to maturity3.635%Dec 4, 2025Yield to maturity3.664%Dec 8, 2025Yield to maturity3.657%Dec 10, 2025Yield to maturity3.620%Dec 12, 2025Yield to maturity3.580%Dec 16, 2025Yield to maturity3.576%Dec 18, 2025Yield to maturity3.572%Dec 22, 2025Yield to maturity3.563%Dec 24, 2025Yield to maturity3.592%Dec 29, 2025Yield to maturity3.549%Dec 31, 2025Yield to maturity3.577%Jan 5, 2026Yield to maturity3.534%Jan 7, 2026Yield to maturity3.565%Jan 9, 2026Yield to maturity3.592%Jan 13, 2026Yield to maturity3.588%Jan 15, 2026Yield to maturity3.621%Jan 20, 2026Yield to maturity3.610%Jan 22, 2026Yield to maturity3.606%Jan 26, 2026Yield to maturity3.598%Jan 28, 2026Yield to maturity3.632%Jan 30, 2026Yield to maturity3.585%Feb 3, 2026Yield to maturity3.619%Feb 5, 2026Yield to maturity3.576%Feb 9, 2026Yield to maturity3.567%Feb 11, 2026Yield to maturity3.602%Feb 13, 2026Yield to maturity3.550%Feb 18, 2026Yield to maturity3.586%Feb 20, 2026Yield to maturity3.618%Feb 24, 2026Yield to maturity3.614%Feb 26, 2026Yield to maturity3.609%Mar 2, 2026Yield to maturity3.642%Mar 4, 2026Yield to maturity3.681%Mar 6, 2026Yield to maturity3.629%Mar 10, 2026Yield to maturity3.668%Mar 12, 2026Yield to maturity3.708%Mar 16, 2026Yield to maturity3.700%Mar 18, 2026Yield to maturity3.696%Mar 20, 2026Yield to maturity3.872%Mar 24, 2026Yield to maturity3.869%Mar 26, 2026Yield to maturity3.819%Mar 30, 2026Yield to maturity3.765%Apr 1, 2026Yield to maturity3.761%Apr 3, 2026Yield to maturity3.802%Apr 7, 2026Yield to maturity3.749%Apr 9, 2026Yield to maturity3.745%Apr 13, 2026Yield to maturity3.737%Apr 15, 2026Yield to maturity3.732%Apr 17, 2026Yield to maturity3.724%Apr 21, 2026Yield to maturity3.719%Apr 23, 2026Yield to maturity3.715%Apr 27, 2026Yield to maturity3.759%Apr 29, 2026Yield to maturity3.755%May 1, 2026Yield to maturity3.746%May 5, 2026Yield to maturity3.741%May 7, 2026Yield to maturity3.737%May 11, 2026Yield to maturity3.727%May 13, 2026Yield to maturity3.722%May 15, 2026Yield to maturity3.772%May 19, 2026Yield to maturity3.767%May 21, 2026Yield to maturity3.763%May 26, 2026Yield to maturity3.751%May 28, 2026Yield to maturity3.809%Jun 1, 2026Yield to maturity3.798%Jun 3, 2026Yield to maturity3.793%Jun 5, 2026Yield to maturity3.847%Jun 9, 2026Yield to maturity3.775%Jun 11, 2026Yield to maturity3.836%Jun 15, 2026Yield to maturity3.825%Jun 17, 2026Yield to maturity3.889%Jun 22, 2026Yield to maturity3.876%Jun 24, 2026Yield to maturity3.871%Jun 26, 2026Yield to maturity3.860%Jun 30, 2026Yield to maturity3.930%Jul 2, 2026Yield to maturity3.918%Jul 7, 2026Yield to maturity3.912%Jul 9, 2026Yield to maturity3.907%Jul 13, 2026Yield to maturity3.896%Jul 15, 2026Yield to maturity3.890%Jul 17, 2026Yield to maturity3.879%Jul 21, 2026Yield to maturity3.873%Jul 23, 2026Yield to maturity3.956%Jul 27, 2026Yield to maturity3.945%Jul 29, 2026Yield to maturity3.940%Jul 31, 2026Yield to maturity3.929%Aug 4, 2026Yield to maturity3.825%Aug 6, 2026Yield to maturity3.917%Aug 10, 2026Yield to maturity3.905%Aug 12, 2026Yield to maturity3.898%Aug 14, 2026Yield to maturity3.884%Aug 18, 2026Yield to maturity3.766%Aug 20, 2026Yield to maturity3.870%Aug 24, 2026Yield to maturity3.854%Aug 26, 2026Yield to maturity3.846%Aug 28, 2026Yield to maturity3.828%Sep 1, 2026Yield to maturity3.819%Sep 3, 2026Yield to maturity3.810%Sep 8, 2026Yield to maturity3.923%Sep 9, 2026Yield to maturity3.919%

Price history

444 trading days to Sep 9, 2026

99.699.8100.0100.2100.4100.6100.8101.0Dec 2, 2024Sep 9, 2026Dec 2, 2024Close100.156Dec 4, 2024Close100.219Dec 6, 2024Close100.281Dec 10, 2024Close100.188Dec 12, 2024Close100.125Dec 16, 2024Close100.000Dec 18, 2024Close99.813Dec 20, 2024Close99.906Dec 24, 2024Close99.844Dec 27, 2024Close99.844Dec 31, 2024Close100.000Jan 3, 2025Close99.938Jan 7, 2025Close99.906Jan 9, 2025Close99.969Jan 13, 2025Close99.719Jan 15, 2025Close99.938Jan 17, 2025Close99.938Jan 22, 2025Close99.906Jan 24, 2025Close99.938Jan 28, 2025Close100.063Jan 30, 2025Close100.094Feb 3, 2025Close99.969Feb 5, 2025Close100.094Feb 7, 2025Close99.938Feb 11, 2025Close99.906Feb 13, 2025Close99.875Feb 18, 2025Close99.906Feb 20, 2025Close99.938Feb 24, 2025Close100.125Feb 26, 2025Close100.281Feb 28, 2025Close100.375Mar 4, 2025Close100.438Mar 6, 2025Close100.406Mar 10, 2025Close100.500Mar 12, 2025Close100.344Mar 14, 2025Close100.313Mar 18, 2025Close100.281Mar 20, 2025Close100.406Mar 24, 2025Close100.281Mar 26, 2025Close100.313Mar 28, 2025Close100.469Apr 1, 2025Close100.500Apr 3, 2025Close100.750Apr 7, 2025Close100.719Apr 9, 2025Close100.438Apr 11, 2025Close100.344Apr 15, 2025Close100.531Apr 17, 2025Close100.563Apr 21, 2025Close100.656Apr 23, 2025Close100.469Apr 25, 2025Close100.594Apr 29, 2025Close100.750May 1, 2025Close100.688May 5, 2025Close100.469May 7, 2025Close100.563May 9, 2025Close100.438May 13, 2025Close100.219May 15, 2025Close100.313May 19, 2025Close100.281May 21, 2025Close100.250May 23, 2025Close100.219May 28, 2025Close100.219May 30, 2025Close100.344Jun 3, 2025Close100.281Jun 5, 2025Close100.313Jun 9, 2025Close100.219Jun 11, 2025Close100.281Jun 13, 2025Close100.281Jun 17, 2025Close100.281Jun 20, 2025Close100.344Jun 24, 2025Close100.438Jun 26, 2025Close100.531Jun 30, 2025Close100.531Jul 2, 2025Close100.438Jul 7, 2025Close100.313Jul 9, 2025Close100.344Jul 11, 2025Close100.281Jul 15, 2025Close100.250Jul 17, 2025Close100.281Jul 21, 2025Close100.344Jul 23, 2025Close100.281Jul 25, 2025Close100.281Jul 29, 2025Close100.281Jul 31, 2025Close100.188Aug 4, 2025Close100.531Aug 6, 2025Close100.500Aug 8, 2025Close100.438Aug 12, 2025Close100.500Aug 14, 2025Close100.469Aug 18, 2025Close100.438Aug 20, 2025Close100.469Aug 22, 2025Close100.531Aug 26, 2025Close100.531Aug 28, 2025Close100.500Sep 2, 2025Close100.500Sep 4, 2025Close100.563Sep 8, 2025Close100.688Sep 10, 2025Close100.656Sep 12, 2025Close100.656Sep 16, 2025Close100.688Sep 18, 2025Close100.656Sep 22, 2025Close100.625Sep 24, 2025Close100.625Sep 26, 2025Close100.563Sep 30, 2025Close100.594Oct 2, 2025Close100.656Oct 6, 2025Close100.625Oct 8, 2025Close100.625Oct 10, 2025Close100.688Oct 15, 2025Close100.688Oct 17, 2025Close100.719Oct 21, 2025Close100.719Oct 23, 2025Close100.688Oct 27, 2025Close100.656Oct 29, 2025Close100.563Oct 31, 2025Close100.531Nov 4, 2025Close100.563Nov 6, 2025Close100.594Nov 10, 2025Close100.563Nov 13, 2025Close100.563Nov 17, 2025Close100.531Nov 19, 2025Close100.563Nov 21, 2025Close100.594Nov 25, 2025Close100.594Nov 28, 2025Close100.563Dec 2, 2025Close100.594Dec 4, 2025Close100.563Dec 8, 2025Close100.563Dec 10, 2025Close100.594Dec 12, 2025Close100.625Dec 16, 2025Close100.625Dec 18, 2025Close100.625Dec 22, 2025Close100.625Dec 24, 2025Close100.594Dec 29, 2025Close100.625Dec 31, 2025Close100.594Jan 5, 2026Close100.625Jan 7, 2026Close100.594Jan 9, 2026Close100.563Jan 13, 2026Close100.563Jan 15, 2026Close100.531Jan 20, 2026Close100.531Jan 22, 2026Close100.531Jan 26, 2026Close100.531Jan 28, 2026Close100.500Jan 30, 2026Close100.531Feb 3, 2026Close100.500Feb 5, 2026Close100.531Feb 9, 2026Close100.531Feb 11, 2026Close100.500Feb 13, 2026Close100.531Feb 18, 2026Close100.500Feb 20, 2026Close100.469Feb 24, 2026Close100.469Feb 26, 2026Close100.469Mar 2, 2026Close100.438Mar 4, 2026Close100.406Mar 6, 2026Close100.438Mar 10, 2026Close100.406Mar 12, 2026Close100.375Mar 16, 2026Close100.375Mar 18, 2026Close100.375Mar 20, 2026Close100.250Mar 24, 2026Close100.250Mar 26, 2026Close100.281Mar 30, 2026Close100.313Apr 1, 2026Close100.313Apr 3, 2026Close100.281Apr 7, 2026Close100.313Apr 9, 2026Close100.313Apr 13, 2026Close100.313Apr 15, 2026Close100.313Apr 17, 2026Close100.313Apr 21, 2026Close100.313Apr 23, 2026Close100.313Apr 27, 2026Close100.281Apr 29, 2026Close100.281May 1, 2026Close100.281May 5, 2026Close100.281May 7, 2026Close100.281May 11, 2026Close100.281May 13, 2026Close100.281May 15, 2026Close100.250May 19, 2026Close100.250May 21, 2026Close100.250May 26, 2026Close100.250May 28, 2026Close100.219Jun 1, 2026Close100.219Jun 3, 2026Close100.219Jun 5, 2026Close100.188Jun 9, 2026Close100.219Jun 11, 2026Close100.188Jun 15, 2026Close100.188Jun 17, 2026Close100.156Jun 22, 2026Close100.156Jun 24, 2026Close100.156Jun 26, 2026Close100.156Jun 30, 2026Close100.125Jul 2, 2026Close100.125Jul 7, 2026Close100.125Jul 9, 2026Close100.125Jul 13, 2026Close100.125Jul 15, 2026Close100.125Jul 17, 2026Close100.125Jul 21, 2026Close100.125Jul 23, 2026Close100.094Jul 27, 2026Close100.094Jul 29, 2026Close100.094Jul 31, 2026Close100.094Aug 4, 2026Close100.125Aug 6, 2026Close100.094Aug 10, 2026Close100.094Aug 12, 2026Close100.094Aug 14, 2026Close100.094Aug 18, 2026Close100.125Aug 20, 2026Close100.094Aug 24, 2026Close100.094Aug 26, 2026Close100.094Aug 28, 2026Close100.094Sep 1, 2026Close100.094Sep 3, 2026Close100.094Sep 8, 2026Close100.063Sep 9, 2026Close100.063
The most recent 20 trading days of prices for 91282CLY5.
DateBidOfferClose
Sep 9, 2026–100.063100.063
Sep 8, 2026–100.063100.063
Sep 4, 2026–100.063100.063
Sep 3, 2026–100.094100.094
Sep 2, 2026–100.094100.094
Sep 1, 2026–100.094100.094
Aug 31, 2026–100.094100.094
Aug 28, 2026–100.094100.094
Aug 27, 2026–100.094100.094
Aug 26, 2026–100.094100.094
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.125100.125
Aug 18, 2026–100.125100.125
Aug 17, 2026–100.094100.094
Aug 14, 2026–100.125100.094
Aug 13, 2026–100.125100.094
Aug 12, 2026–100.094100.094

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 91282CLY5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 25, 2024Dec 2, 2024New issue$69.0bn$73.7bn2.77x4.274%

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.