Treasury note

91282CQL8 · 3.75% due April 30, 2028

Original term
2-Year
Maturity
Apr 30, 2028
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 30, 2026
First coupon
Oct 31, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$77.69bn
Held stripped
$0.3m
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
4.387%
Modified duration
1.550 yr
DV01
0.0156
Convexity
3.218
Dirty price
100.355

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 1.583 years against a modified duration of 1.550.

Against the fitted curve

Priced 0.7 bp cheap to the curve on that day, 1.13 cents per 100 of face.

That is 1.24 standard deviations from its own typical residual.

Yield to maturity, 91 observations

3.8%3.9%4.0%4.1%4.2%4.3%4.4%Apr 30, 2026Sep 9, 2026Apr 30, 2026Yield to maturity3.881%May 1, 2026Yield to maturity3.882%May 4, 2026Yield to maturity3.948%May 5, 2026Yield to maturity3.932%May 6, 2026Yield to maturity3.865%May 7, 2026Yield to maturity3.915%May 8, 2026Yield to maturity3.899%May 11, 2026Yield to maturity3.949%May 12, 2026Yield to maturity4.000%May 13, 2026Yield to maturity3.983%May 14, 2026Yield to maturity4.000%May 15, 2026Yield to maturity4.086%May 18, 2026Yield to maturity4.069%May 19, 2026Yield to maturity4.120%May 20, 2026Yield to maturity4.036%May 21, 2026Yield to maturity4.070%May 22, 2026Yield to maturity4.123%May 26, 2026Yield to maturity4.055%May 27, 2026Yield to maturity4.038%May 28, 2026Yield to maturity4.022%May 29, 2026Yield to maturity4.006%Jun 1, 2026Yield to maturity4.057%Jun 2, 2026Yield to maturity4.041%Jun 3, 2026Yield to maturity4.093%Jun 4, 2026Yield to maturity4.041%Jun 5, 2026Yield to maturity4.164%Jun 8, 2026Yield to maturity4.165%Jun 9, 2026Yield to maturity4.130%Jun 10, 2026Yield to maturity4.131%Jun 11, 2026Yield to maturity4.061%Jun 12, 2026Yield to maturity4.080%Jun 15, 2026Yield to maturity4.063%Jun 16, 2026Yield to maturity4.046%Jun 17, 2026Yield to maturity4.205%Jun 18, 2026Yield to maturity4.190%Jun 22, 2026Yield to maturity4.244%Jun 23, 2026Yield to maturity4.191%Jun 24, 2026Yield to maturity4.138%Jun 25, 2026Yield to maturity4.121%Jun 26, 2026Yield to maturity4.086%Jun 29, 2026Yield to maturity4.105%Jun 30, 2026Yield to maturity4.141%Jul 1, 2026Yield to maturity4.178%Jul 2, 2026Yield to maturity4.144%Jul 6, 2026Yield to maturity4.126%Jul 7, 2026Yield to maturity4.181%Jul 8, 2026Yield to maturity4.200%Jul 9, 2026Yield to maturity4.164%Jul 10, 2026Yield to maturity4.203%Jul 13, 2026Yield to maturity4.277%Jul 14, 2026Yield to maturity4.186%Jul 15, 2026Yield to maturity4.131%Jul 16, 2026Yield to maturity4.150%Jul 17, 2026Yield to maturity4.170%Jul 20, 2026Yield to maturity4.208%Jul 21, 2026Yield to maturity4.246%Jul 22, 2026Yield to maturity4.302%Jul 23, 2026Yield to maturity4.340%Jul 24, 2026Yield to maturity4.324%Jul 27, 2026Yield to maturity4.306%Jul 28, 2026Yield to maturity4.270%Jul 29, 2026Yield to maturity4.214%Jul 30, 2026Yield to maturity4.215%Jul 31, 2026Yield to maturity4.274%Aug 3, 2026Yield to maturity4.237%Aug 4, 2026Yield to maturity4.181%Aug 5, 2026Yield to maturity4.181%Aug 6, 2026Yield to maturity4.239%Aug 7, 2026Yield to maturity4.184%Aug 10, 2026Yield to maturity4.223%Aug 11, 2026Yield to maturity4.204%Aug 12, 2026Yield to maturity4.186%Aug 13, 2026Yield to maturity4.129%Aug 14, 2026Yield to maturity4.150%Aug 17, 2026Yield to maturity4.170%Aug 18, 2026Yield to maturity4.171%Aug 19, 2026Yield to maturity4.152%Aug 20, 2026Yield to maturity4.172%Aug 21, 2026Yield to maturity4.213%Aug 24, 2026Yield to maturity4.214%Aug 25, 2026Yield to maturity4.175%Aug 26, 2026Yield to maturity4.196%Aug 27, 2026Yield to maturity4.216%Aug 28, 2026Yield to maturity4.337%Aug 31, 2026Yield to maturity4.318%Sep 1, 2026Yield to maturity4.378%Sep 2, 2026Yield to maturity4.359%Sep 3, 2026Yield to maturity4.321%Sep 4, 2026Yield to maturity4.344%Sep 8, 2026Yield to maturity4.365%Sep 9, 2026Yield to maturity4.387%

Price history

91 trading days to Sep 9, 2026

99.099.299.499.699.8Apr 30, 2026Sep 9, 2026Apr 30, 2026Close99.750May 1, 2026Close99.750May 4, 2026Close99.625May 5, 2026Close99.656May 6, 2026Close99.781May 7, 2026Close99.688May 8, 2026Close99.719May 11, 2026Close99.625May 12, 2026Close99.531May 13, 2026Close99.563May 14, 2026Close99.531May 15, 2026Close99.375May 18, 2026Close99.406May 19, 2026Close99.313May 20, 2026Close99.469May 21, 2026Close99.406May 22, 2026Close99.313May 26, 2026Close99.438May 27, 2026Close99.469May 28, 2026Close99.500May 29, 2026Close99.531Jun 1, 2026Close99.438Jun 2, 2026Close99.469Jun 3, 2026Close99.375Jun 4, 2026Close99.469Jun 5, 2026Close99.250Jun 8, 2026Close99.250Jun 9, 2026Close99.313Jun 10, 2026Close99.313Jun 11, 2026Close99.438Jun 12, 2026Close99.406Jun 15, 2026Close99.438Jun 16, 2026Close99.469Jun 17, 2026Close99.188Jun 18, 2026Close99.219Jun 22, 2026Close99.125Jun 23, 2026Close99.219Jun 24, 2026Close99.313Jun 25, 2026Close99.344Jun 26, 2026Close99.406Jun 29, 2026Close99.375Jun 30, 2026Close99.313Jul 1, 2026Close99.250Jul 2, 2026Close99.313Jul 6, 2026Close99.344Jul 7, 2026Close99.250Jul 8, 2026Close99.219Jul 9, 2026Close99.281Jul 10, 2026Close99.219Jul 13, 2026Close99.094Jul 14, 2026Close99.250Jul 15, 2026Close99.344Jul 16, 2026Close99.313Jul 17, 2026Close99.281Jul 20, 2026Close99.219Jul 21, 2026Close99.156Jul 22, 2026Close99.063Jul 23, 2026Close99.000Jul 24, 2026Close99.031Jul 27, 2026Close99.063Jul 28, 2026Close99.125Jul 29, 2026Close99.219Jul 30, 2026Close99.219Jul 31, 2026Close99.125Aug 3, 2026Close99.188Aug 4, 2026Close99.281Aug 5, 2026Close99.281Aug 6, 2026Close99.188Aug 7, 2026Close99.281Aug 10, 2026Close99.219Aug 11, 2026Close99.250Aug 12, 2026Close99.281Aug 13, 2026Close99.375Aug 14, 2026Close99.344Aug 17, 2026Close99.313Aug 18, 2026Close99.313Aug 19, 2026Close99.344Aug 20, 2026Close99.313Aug 21, 2026Close99.250Aug 24, 2026Close99.250Aug 25, 2026Close99.313Aug 26, 2026Close99.281Aug 27, 2026Close99.250Aug 28, 2026Close99.063Aug 31, 2026Close99.094Sep 1, 2026Close99.000Sep 2, 2026Close99.031Sep 3, 2026Close99.094Sep 4, 2026Close99.063Sep 8, 2026Close99.031Sep 9, 2026Close99.000
The most recent 20 trading days of prices for 91282CQL8.
DateBidOfferClose
Sep 9, 202699.01699.00099.000
Sep 8, 202699.04799.03199.031
Sep 4, 202699.06399.06399.063
Sep 3, 202699.12599.12599.094
Sep 2, 202699.03199.03199.031
Sep 1, 202699.06399.06399.000
Aug 31, 202699.09499.09499.094
Aug 28, 202699.12599.12599.063
Aug 27, 202699.28199.28199.250
Aug 26, 202699.28199.28199.281
Aug 25, 202699.31399.31399.313
Aug 24, 202699.26699.25099.250
Aug 21, 202699.23499.21999.250
Aug 20, 202699.31399.31399.313
Aug 19, 202699.31399.31399.344
Aug 18, 202699.32899.31399.313
Aug 17, 202699.34499.34499.313
Aug 14, 202699.37599.37599.344
Aug 13, 202699.37599.37599.375
Aug 12, 202699.31399.31399.281

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 91282CQL8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 27, 2026Apr 30, 2026New issue$69.0bn$77.7bn2.65x3.812%

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.