Treasury note

91282CLZ2 · 4.125% due November 30, 2031

Original term
7-Year
Maturity
Nov 30, 2031
Coupon
4.125%
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
$46.91bn
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
4.634%
Modified duration
4.584 yr
DV01
0.0453
Convexity
24.792
Dirty price
98.806

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 4.689 years against a modified duration of 4.584.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 4.16 cents per 100 of face.

That is 0.30 standard deviations from its own typical residual.

Yield to maturity, 444 observations

3.6%3.8%4.0%4.2%4.4%4.6%4.8%Dec 2, 2024Sep 9, 2026Dec 2, 2024Yield to maturity4.130%Dec 4, 2024Yield to maturity4.125%Dec 6, 2024Yield to maturity4.088%Dec 10, 2024Yield to maturity4.151%Dec 12, 2024Yield to maturity4.250%Dec 16, 2024Yield to maturity4.319%Dec 18, 2024Yield to maturity4.452%Dec 20, 2024Yield to maturity4.447%Dec 24, 2024Yield to maturity4.522%Dec 27, 2024Yield to maturity4.539%Dec 31, 2024Yield to maturity4.480%Jan 3, 2025Yield to maturity4.507%Jan 7, 2025Yield to maturity4.573%Jan 9, 2025Yield to maturity4.573%Jan 13, 2025Yield to maturity4.710%Jan 15, 2025Yield to maturity4.557%Jan 17, 2025Yield to maturity4.515%Jan 22, 2025Yield to maturity4.515%Jan 24, 2025Yield to maturity4.532%Jan 28, 2025Yield to maturity4.434%Jan 30, 2025Yield to maturity4.408%Feb 3, 2025Yield to maturity4.446%Feb 5, 2025Yield to maturity4.327%Feb 7, 2025Yield to maturity4.414%Feb 11, 2025Yield to maturity4.452%Feb 13, 2025Yield to maturity4.458%Feb 18, 2025Yield to maturity4.480%Feb 20, 2025Yield to maturity4.426%Feb 24, 2025Yield to maturity4.318%Feb 26, 2025Yield to maturity4.156%Feb 28, 2025Yield to maturity4.129%Mar 4, 2025Yield to maturity4.108%Mar 6, 2025Yield to maturity4.178%Mar 10, 2025Yield to maturity4.097%Mar 12, 2025Yield to maturity4.200%Mar 14, 2025Yield to maturity4.200%Mar 18, 2025Yield to maturity4.173%Mar 20, 2025Yield to maturity4.108%Mar 24, 2025Yield to maturity4.205%Mar 26, 2025Yield to maturity4.205%Mar 28, 2025Yield to maturity4.113%Apr 1, 2025Yield to maturity4.022%Apr 3, 2025Yield to maturity3.877%Apr 7, 2025Yield to maturity3.957%Apr 9, 2025Yield to maturity4.195%Apr 11, 2025Yield to maturity4.316%Apr 15, 2025Yield to maturity4.141%Apr 17, 2025Yield to maturity4.119%Apr 21, 2025Yield to maturity4.163%Apr 23, 2025Yield to maturity4.185%Apr 25, 2025Yield to maturity4.054%Apr 29, 2025Yield to maturity3.945%May 1, 2025Yield to maturity3.994%May 5, 2025Yield to maturity4.114%May 7, 2025Yield to maturity4.037%May 9, 2025Yield to maturity4.158%May 13, 2025Yield to maturity4.285%May 15, 2025Yield to maturity4.230%May 19, 2025Yield to maturity4.235%May 21, 2025Yield to maturity4.330%May 23, 2025Yield to maturity4.264%May 28, 2025Yield to maturity4.230%May 30, 2025Yield to maturity4.147%Jun 3, 2025Yield to maturity4.203%Jun 5, 2025Yield to maturity4.153%Jun 9, 2025Yield to maturity4.253%Jun 11, 2025Yield to maturity4.169%Jun 13, 2025Yield to maturity4.164%Jun 17, 2025Yield to maturity4.136%Jun 20, 2025Yield to maturity4.113%Jun 24, 2025Yield to maturity4.013%Jun 26, 2025Yield to maturity3.958%Jun 30, 2025Yield to maturity3.947%Jul 2, 2025Yield to maturity4.018%Jul 7, 2025Yield to maturity4.113%Jul 9, 2025Yield to maturity4.068%Jul 11, 2025Yield to maturity4.147%Jul 15, 2025Yield to maturity4.209%Jul 17, 2025Yield to maturity4.169%Jul 21, 2025Yield to maturity4.074%Jul 23, 2025Yield to maturity4.096%Jul 25, 2025Yield to maturity4.096%Jul 29, 2025Yield to maturity4.045%Jul 31, 2025Yield to maturity4.096%Aug 4, 2025Yield to maturity3.894%Aug 6, 2025Yield to maturity3.910%Aug 8, 2025Yield to maturity3.977%Aug 12, 2025Yield to maturity3.971%Aug 14, 2025Yield to maturity3.966%Aug 18, 2025Yield to maturity4.011%Aug 20, 2025Yield to maturity3.954%Aug 22, 2025Yield to maturity3.914%Aug 26, 2025Yield to maturity3.903%Aug 28, 2025Yield to maturity3.858%Sep 2, 2025Yield to maturity3.902%Sep 4, 2025Yield to maturity3.795%Sep 8, 2025Yield to maturity3.710%Sep 10, 2025Yield to maturity3.716%Sep 12, 2025Yield to maturity3.749%Sep 16, 2025Yield to maturity3.715%Sep 18, 2025Yield to maturity3.793%Sep 22, 2025Yield to maturity3.832%Sep 24, 2025Yield to maturity3.843%Sep 26, 2025Yield to maturity3.900%Sep 30, 2025Yield to maturity3.860%Oct 2, 2025Yield to maturity3.791%Oct 6, 2025Yield to maturity3.871%Oct 8, 2025Yield to maturity3.842%Oct 10, 2025Yield to maturity3.762%Oct 15, 2025Yield to maturity3.744%Oct 17, 2025Yield to maturity3.710%Oct 21, 2025Yield to maturity3.669%Oct 23, 2025Yield to maturity3.720%Oct 27, 2025Yield to maturity3.725%Oct 29, 2025Yield to maturity3.811%Oct 31, 2025Yield to maturity3.822%Nov 4, 2025Yield to maturity3.805%Nov 6, 2025Yield to maturity3.799%Nov 10, 2025Yield to maturity3.821%Nov 13, 2025Yield to maturity3.809%Nov 17, 2025Yield to maturity3.821%Nov 19, 2025Yield to maturity3.809%Nov 21, 2025Yield to maturity3.727%Nov 25, 2025Yield to maturity3.675%Nov 28, 2025Yield to maturity3.703%Dec 2, 2025Yield to maturity3.761%Dec 4, 2025Yield to maturity3.790%Dec 8, 2025Yield to maturity3.853%Dec 10, 2025Yield to maturity3.830%Dec 12, 2025Yield to maturity3.858%Dec 16, 2025Yield to maturity3.805%Dec 18, 2025Yield to maturity3.776%Dec 22, 2025Yield to maturity3.828%Dec 24, 2025Yield to maturity3.833%Dec 29, 2025Yield to maturity3.774%Dec 31, 2025Yield to maturity3.832%Jan 5, 2026Yield to maturity3.814%Jan 7, 2026Yield to maturity3.796%Jan 9, 2026Yield to maturity3.849%Jan 13, 2026Yield to maturity3.843%Jan 15, 2026Yield to maturity3.860%Jan 20, 2026Yield to maturity3.967%Jan 22, 2026Yield to maturity3.949%Jan 26, 2026Yield to maturity3.913%Jan 28, 2026Yield to maturity3.943%Jan 30, 2026Yield to maturity3.900%Feb 3, 2026Yield to maturity3.930%Feb 5, 2026Yield to maturity3.846%Feb 9, 2026Yield to maturity3.845%Feb 11, 2026Yield to maturity3.839%Feb 13, 2026Yield to maturity3.700%Feb 18, 2026Yield to maturity3.742%Feb 20, 2026Yield to maturity3.741%Feb 24, 2026Yield to maturity3.693%Feb 26, 2026Yield to maturity3.669%Mar 2, 2026Yield to maturity3.704%Mar 4, 2026Yield to maturity3.758%Mar 6, 2026Yield to maturity3.812%Mar 10, 2026Yield to maturity3.811%Mar 12, 2026Yield to maturity3.958%Mar 16, 2026Yield to maturity3.890%Mar 18, 2026Yield to maturity3.945%Mar 20, 2026Yield to maturity4.099%Mar 24, 2026Yield to maturity4.112%Mar 26, 2026Yield to maturity4.168%Mar 30, 2026Yield to maturity4.056%Apr 1, 2026Yield to maturity4.043%Apr 3, 2026Yield to maturity4.068%Apr 7, 2026Yield to maturity4.030%Apr 9, 2026Yield to maturity3.993%Apr 13, 2026Yield to maturity3.993%Apr 15, 2026Yield to maturity3.968%Apr 17, 2026Yield to maturity3.924%Apr 21, 2026Yield to maturity3.980%Apr 23, 2026Yield to maturity4.030%Apr 27, 2026Yield to maturity4.024%Apr 29, 2026Yield to maturity4.124%May 1, 2026Yield to maturity4.080%May 5, 2026Yield to maturity4.131%May 7, 2026Yield to maturity4.106%May 11, 2026Yield to maturity4.125%May 13, 2026Yield to maturity4.176%May 15, 2026Yield to maturity4.310%May 19, 2026Yield to maturity4.382%May 21, 2026Yield to maturity4.298%May 26, 2026Yield to maturity4.234%May 28, 2026Yield to maturity4.202%Jun 1, 2026Yield to maturity4.221%Jun 3, 2026Yield to maturity4.254%Jun 5, 2026Yield to maturity4.325%Jun 9, 2026Yield to maturity4.293%Jun 11, 2026Yield to maturity4.215%Jun 15, 2026Yield to maturity4.222%Jun 17, 2026Yield to maturity4.300%Jun 22, 2026Yield to maturity4.320%Jun 24, 2026Yield to maturity4.215%Jun 26, 2026Yield to maturity4.163%Jun 30, 2026Yield to maturity4.222%Jul 2, 2026Yield to maturity4.262%Jul 7, 2026Yield to maturity4.308%Jul 9, 2026Yield to maturity4.301%Jul 13, 2026Yield to maturity4.394%Jul 15, 2026Yield to maturity4.288%Jul 17, 2026Yield to maturity4.309%Jul 21, 2026Yield to maturity4.402%Jul 23, 2026Yield to maturity4.489%Jul 27, 2026Yield to maturity4.436%Jul 29, 2026Yield to maturity4.409%Jul 31, 2026Yield to maturity4.484%Aug 4, 2026Yield to maturity4.363%Aug 6, 2026Yield to maturity4.424%Aug 10, 2026Yield to maturity4.438%Aug 12, 2026Yield to maturity4.404%Aug 14, 2026Yield to maturity4.391%Aug 18, 2026Yield to maturity4.405%Aug 20, 2026Yield to maturity4.412%Aug 24, 2026Yield to maturity4.440%Aug 26, 2026Yield to maturity4.406%Aug 28, 2026Yield to maturity4.515%Sep 1, 2026Yield to maturity4.577%Sep 3, 2026Yield to maturity4.544%Sep 8, 2026Yield to maturity4.593%Sep 9, 2026Yield to maturity4.634%

Price history

444 trading days to Sep 9, 2026

96979899100101102103Dec 2, 2024Sep 9, 2026Dec 2, 2024Close99.969Dec 4, 2024Close100.000Dec 6, 2024Close100.219Dec 10, 2024Close99.844Dec 12, 2024Close99.250Dec 16, 2024Close98.844Dec 18, 2024Close98.063Dec 20, 2024Close98.094Dec 24, 2024Close97.656Dec 27, 2024Close97.563Dec 31, 2024Close97.906Jan 3, 2025Close97.750Jan 7, 2025Close97.375Jan 9, 2025Close97.375Jan 13, 2025Close96.594Jan 15, 2025Close97.469Jan 17, 2025Close97.719Jan 22, 2025Close97.719Jan 24, 2025Close97.625Jan 28, 2025Close98.188Jan 30, 2025Close98.344Feb 3, 2025Close98.125Feb 5, 2025Close98.813Feb 7, 2025Close98.313Feb 11, 2025Close98.094Feb 13, 2025Close98.063Feb 18, 2025Close97.938Feb 20, 2025Close98.250Feb 24, 2025Close98.875Feb 26, 2025Close99.813Feb 28, 2025Close99.969Mar 4, 2025Close100.094Mar 6, 2025Close99.688Mar 10, 2025Close100.156Mar 12, 2025Close99.563Mar 14, 2025Close99.563Mar 18, 2025Close99.719Mar 20, 2025Close100.094Mar 24, 2025Close99.531Mar 26, 2025Close99.531Mar 28, 2025Close100.063Apr 1, 2025Close100.594Apr 3, 2025Close101.438Apr 7, 2025Close100.969Apr 9, 2025Close99.594Apr 11, 2025Close98.906Apr 15, 2025Close99.906Apr 17, 2025Close100.031Apr 21, 2025Close99.781Apr 23, 2025Close99.656Apr 25, 2025Close100.406Apr 29, 2025Close101.031May 1, 2025Close100.750May 5, 2025Close100.063May 7, 2025Close100.500May 9, 2025Close99.813May 13, 2025Close99.094May 15, 2025Close99.406May 19, 2025Close99.375May 21, 2025Close98.844May 23, 2025Close99.219May 28, 2025Close99.406May 30, 2025Close99.875Jun 3, 2025Close99.563Jun 5, 2025Close99.844Jun 9, 2025Close99.281Jun 11, 2025Close99.750Jun 13, 2025Close99.781Jun 17, 2025Close99.938Jun 20, 2025Close100.063Jun 24, 2025Close100.625Jun 26, 2025Close100.938Jun 30, 2025Close101.000Jul 2, 2025Close100.594Jul 7, 2025Close100.063Jul 9, 2025Close100.313Jul 11, 2025Close99.875Jul 15, 2025Close99.531Jul 17, 2025Close99.750Jul 21, 2025Close100.281Jul 23, 2025Close100.156Jul 25, 2025Close100.156Jul 29, 2025Close100.438Jul 31, 2025Close100.156Aug 4, 2025Close101.281Aug 6, 2025Close101.188Aug 8, 2025Close100.813Aug 12, 2025Close100.844Aug 14, 2025Close100.875Aug 18, 2025Close100.625Aug 20, 2025Close100.938Aug 22, 2025Close101.156Aug 26, 2025Close101.219Aug 28, 2025Close101.469Sep 2, 2025Close101.219Sep 4, 2025Close101.813Sep 8, 2025Close102.281Sep 10, 2025Close102.250Sep 12, 2025Close102.063Sep 16, 2025Close102.250Sep 18, 2025Close101.813Sep 22, 2025Close101.594Sep 24, 2025Close101.531Sep 26, 2025Close101.219Sep 30, 2025Close101.438Oct 2, 2025Close101.813Oct 6, 2025Close101.375Oct 8, 2025Close101.531Oct 10, 2025Close101.969Oct 15, 2025Close102.063Oct 17, 2025Close102.250Oct 21, 2025Close102.469Oct 23, 2025Close102.188Oct 27, 2025Close102.156Oct 29, 2025Close101.688Oct 31, 2025Close101.625Nov 4, 2025Close101.719Nov 6, 2025Close101.750Nov 10, 2025Close101.625Nov 13, 2025Close101.688Nov 17, 2025Close101.625Nov 19, 2025Close101.688Nov 21, 2025Close102.125Nov 25, 2025Close102.406Nov 28, 2025Close102.250Dec 2, 2025Close101.938Dec 4, 2025Close101.781Dec 8, 2025Close101.438Dec 10, 2025Close101.563Dec 12, 2025Close101.406Dec 16, 2025Close101.688Dec 18, 2025Close101.844Dec 22, 2025Close101.563Dec 24, 2025Close101.531Dec 29, 2025Close101.844Dec 31, 2025Close101.531Jan 5, 2026Close101.625Jan 7, 2026Close101.719Jan 9, 2026Close101.438Jan 13, 2026Close101.469Jan 15, 2026Close101.375Jan 20, 2026Close100.813Jan 22, 2026Close100.906Jan 26, 2026Close101.094Jan 28, 2026Close100.938Jan 30, 2026Close101.156Feb 3, 2026Close101.000Feb 5, 2026Close101.438Feb 9, 2026Close101.438Feb 11, 2026Close101.469Feb 13, 2026Close102.188Feb 18, 2026Close101.969Feb 20, 2026Close101.969Feb 24, 2026Close102.219Feb 26, 2026Close102.344Mar 2, 2026Close102.156Mar 4, 2026Close101.875Mar 6, 2026Close101.594Mar 10, 2026Close101.594Mar 12, 2026Close100.844Mar 16, 2026Close101.188Mar 18, 2026Close100.906Mar 20, 2026Close100.125Mar 24, 2026Close100.063Mar 26, 2026Close99.781Mar 30, 2026Close100.344Apr 1, 2026Close100.406Apr 3, 2026Close100.281Apr 7, 2026Close100.469Apr 9, 2026Close100.656Apr 13, 2026Close100.656Apr 15, 2026Close100.781Apr 17, 2026Close101.000Apr 21, 2026Close100.719Apr 23, 2026Close100.469Apr 27, 2026Close100.500Apr 29, 2026Close100.000May 1, 2026Close100.219May 5, 2026Close99.969May 7, 2026Close100.094May 11, 2026Close100.000May 13, 2026Close99.750May 15, 2026Close99.094May 19, 2026Close98.750May 21, 2026Close99.156May 26, 2026Close99.469May 28, 2026Close99.625Jun 1, 2026Close99.531Jun 3, 2026Close99.375Jun 5, 2026Close99.031Jun 9, 2026Close99.188Jun 11, 2026Close99.563Jun 15, 2026Close99.531Jun 17, 2026Close99.156Jun 22, 2026Close99.063Jun 24, 2026Close99.563Jun 26, 2026Close99.813Jun 30, 2026Close99.531Jul 2, 2026Close99.344Jul 7, 2026Close99.125Jul 9, 2026Close99.156Jul 13, 2026Close98.719Jul 15, 2026Close99.219Jul 17, 2026Close99.125Jul 21, 2026Close98.688Jul 23, 2026Close98.281Jul 27, 2026Close98.531Jul 29, 2026Close98.656Jul 31, 2026Close98.313Aug 4, 2026Close98.875Aug 6, 2026Close98.594Aug 10, 2026Close98.531Aug 12, 2026Close98.688Aug 14, 2026Close98.750Aug 18, 2026Close98.688Aug 20, 2026Close98.656Aug 24, 2026Close98.531Aug 26, 2026Close98.688Aug 28, 2026Close98.188Sep 1, 2026Close97.906Sep 3, 2026Close98.063Sep 8, 2026Close97.844Sep 9, 2026Close97.656
The most recent 20 trading days of prices for 91282CLZ2.
DateBidOfferClose
Sep 9, 202697.64197.62597.656
Sep 8, 202697.89197.87597.844
Sep 4, 202697.98497.96997.938
Sep 3, 202698.17298.15698.063
Sep 2, 202697.92297.90697.906
Sep 1, 202698.04798.03197.906
Aug 31, 202698.14198.12598.156
Aug 28, 202698.35998.34498.188
Aug 27, 202698.70398.68898.594
Aug 26, 202698.71998.71998.688
Aug 25, 202698.79798.78198.813
Aug 24, 202698.60998.59498.531
Aug 21, 202698.45398.43898.438
Aug 20, 202698.64198.62598.656
Aug 19, 202698.76698.75098.813
Aug 18, 202698.70398.68898.688
Aug 17, 202698.73498.71998.656
Aug 14, 202698.82898.81398.750
Aug 13, 202698.95398.93898.938
Aug 12, 202698.76698.75098.688

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 91282CLZ2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 27, 2024Dec 2, 2024New issue$44.0bn$47.0bn2.71x4.183%

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.