Treasury note

91282CAL5 · 0.375% due September 30, 2027

Original term
7-Year
Maturity
Sep 30, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Sep 30, 2020
First coupon
Mar 31, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$56.62bn
Held stripped
$32.0m
Share stripped
0.06%

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 10, 2026

Yield to maturity
4.368%
Modified duration
1.027 yr
DV01
0.0099
Convexity
1.559
Dirty price
96.106

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 3 of twelve buckets, summing to 1.049 years against a modified duration of 1.027.

Against the fitted curve

Priced 0.2 bp cheap to the curve on that day, 0.24 cents per 100 of face.

That is 0.17 standard deviations from its own typical residual.

Yield to maturity, 1,488 observations

0%1%2%3%4%5%Sep 30, 2020Sep 10, 2026Sep 30, 2020Yield to maturity0.466%Nov 19, 2020Yield to maturity0.617%Jan 11, 2021Yield to maturity0.792%Mar 2, 2021Yield to maturity1.015%Apr 19, 2021Yield to maturity1.199%Jun 7, 2021Yield to maturity1.110%Jul 26, 2021Yield to maturity0.923%Sep 13, 2021Yield to maturity0.967%Nov 1, 2021Yield to maturity1.341%Dec 21, 2021Yield to maturity1.311%Feb 9, 2022Yield to maturity1.866%Mar 30, 2022Yield to maturity2.478%May 18, 2022Yield to maturity2.928%Jul 8, 2022Yield to maturity3.168%Aug 25, 2022Yield to maturity3.208%Oct 14, 2022Yield to maturity4.284%Dec 5, 2022Yield to maturity3.853%Jan 25, 2023Yield to maturity3.580%Mar 15, 2023Yield to maturity3.642%May 2, 2023Yield to maturity3.530%Jun 21, 2023Yield to maturity4.065%Aug 9, 2023Yield to maturity4.239%Sep 27, 2023Yield to maturity4.796%Nov 15, 2023Yield to maturity4.605%Jan 5, 2024Yield to maturity4.099%Feb 26, 2024Yield to maturity4.416%Apr 12, 2024Yield to maturity4.677%May 31, 2024Yield to maturity4.650%Jul 22, 2024Yield to maturity4.282%Sep 9, 2024Yield to maturity3.542%Oct 28, 2024Yield to maturity4.101%Dec 17, 2024Yield to maturity4.247%Feb 6, 2025Yield to maturity4.224%Mar 27, 2025Yield to maturity4.011%May 14, 2025Yield to maturity4.050%Jul 3, 2025Yield to maturity3.885%Aug 21, 2025Yield to maturity3.769%Oct 9, 2025Yield to maturity3.603%Dec 1, 2025Yield to maturity3.565%Jan 21, 2026Yield to maturity3.591%Mar 11, 2026Yield to maturity3.655%Apr 28, 2026Yield to maturity3.842%Jun 16, 2026Yield to maturity3.997%Aug 5, 2026Yield to maturity4.140%Sep 10, 2026Yield to maturity4.368%

Price history

1,488 trading days to Sep 10, 2026

80859095100Sep 30, 2020Sep 10, 2026Sep 30, 2020Close99.375Nov 19, 2020Close98.375Jan 11, 2021Close97.281Mar 2, 2021Close95.938Apr 19, 2021Close94.906Jun 7, 2021Close95.531Jul 26, 2021Close96.719Sep 13, 2021Close96.531Nov 1, 2021Close94.531Dec 21, 2021Close94.813Feb 9, 2022Close92.063Mar 30, 2022Close89.250May 18, 2022Close87.406Jul 8, 2022Close86.656Aug 25, 2022Close86.781Oct 14, 2022Close82.719Dec 5, 2022Close84.844Jan 25, 2023Close86.313Mar 15, 2023Close86.438May 2, 2023Close87.219Jun 21, 2023Close85.656Aug 9, 2023Close85.469Sep 27, 2023Close84.063Nov 15, 2023Close85.156Jan 5, 2024Close87.250Feb 26, 2024Close86.719Apr 12, 2024Close86.406May 31, 2024Close86.969Jul 22, 2024Close88.469Sep 9, 2024Close90.906Oct 28, 2024Close89.844Dec 17, 2024Close89.938Feb 6, 2025Close90.469Mar 27, 2025Close91.406May 14, 2025Close91.750Jul 3, 2025Close92.563Aug 21, 2025Close93.188Oct 9, 2025Close93.906Dec 1, 2025Close94.406Jan 21, 2026Close94.781Mar 11, 2026Close95.094Apr 28, 2026Close95.250Jun 16, 2026Close95.500Aug 5, 2026Close95.813Sep 10, 2026Close95.938
The most recent 20 trading days of prices for 91282CAL5.
DateBidOfferClose
Sep 10, 202695.98495.96995.938
Sep 9, 202696.04796.03196.031
Sep 8, 202696.06396.06396.031
Sep 4, 202696.04796.03196.031
Sep 3, 202696.04796.03196.031
Sep 2, 202695.98495.96995.969
Sep 1, 202695.98495.96995.938
Aug 31, 202695.98495.96995.969
Aug 28, 202695.98495.96995.938
Aug 27, 202696.06396.06396.031
Aug 26, 202696.04796.03196.031
Aug 25, 202696.04796.03196.031
Aug 24, 202696.01696.00096.000
Aug 21, 202696.01696.00096.000
Aug 20, 202696.03196.03196.031
Aug 19, 202696.01696.00096.000
Aug 18, 202696.01696.00096.000
Aug 17, 202696.01696.00095.969
Aug 14, 202696.01696.00095.969
Aug 13, 202695.95395.93895.969

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 91282CAL5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 24, 2020Sep 30, 2020New issue$50.0bn$56.8bn2.42x0.462%

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.