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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.403%
Modified duration
0.867 yr
DV01
0.0084
Convexity
0.0118
Dirty price
96.573

Where its rate sensitivity sits

0.20
0.69
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 2 of twelve buckets, summing to 0.887 years against a modified duration of 0.867.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 0.49 cents per 100 of face.

That is -0.24 standard deviations from its own typical residual.

Yield to maturity, 1,527 observations

0%1%2%3%4%5%Sep 30, 2020Nov 9, 2026Sep 30, 2020Yield to maturity0.466%Oct 9, 2020Yield to maturity0.549%Oct 21, 2020Yield to maturity0.577%Oct 30, 2020Yield to maturity0.634%Nov 10, 2020Yield to maturity0.711%Nov 20, 2020Yield to maturity0.603%Dec 2, 2020Yield to maturity0.675%Dec 11, 2020Yield to maturity0.605%Dec 22, 2020Yield to maturity0.616%Jan 4, 2021Yield to maturity0.603%Jan 13, 2021Yield to maturity0.753%Jan 25, 2021Yield to maturity0.682%Feb 3, 2021Yield to maturity0.756%Feb 12, 2021Yield to maturity0.788%Feb 24, 2021Yield to maturity0.953%Mar 5, 2021Yield to maturity1.169%Mar 16, 2021Yield to maturity1.207%Mar 25, 2021Yield to maturity1.200%Apr 5, 2021Yield to maturity1.324%Apr 14, 2021Yield to maturity1.228%Apr 23, 2021Yield to maturity1.175%May 4, 2021Yield to maturity1.172%May 13, 2021Yield to maturity1.196%May 24, 2021Yield to maturity1.153%Jun 3, 2021Yield to maturity1.167%Jun 14, 2021Yield to maturity1.075%Jun 23, 2021Yield to maturity1.142%Jul 2, 2021Yield to maturity1.087%Jul 14, 2021Yield to maturity1.005%Jul 23, 2021Yield to maturity0.922%Aug 3, 2021Yield to maturity0.824%Aug 12, 2021Yield to maturity1.013%Aug 23, 2021Yield to maturity0.935%Sep 1, 2021Yield to maturity0.953%Sep 13, 2021Yield to maturity0.967%Sep 22, 2021Yield to maturity1.002%Oct 1, 2021Yield to maturity1.116%Oct 13, 2021Yield to maturity1.242%Oct 22, 2021Yield to maturity1.360%Nov 2, 2021Yield to maturity1.290%Nov 12, 2021Yield to maturity1.358%Nov 23, 2021Yield to maturity1.443%Dec 3, 2021Yield to maturity1.201%Dec 14, 2021Yield to maturity1.308%Dec 23, 2021Yield to maturity1.331%Jan 4, 2022Yield to maturity1.458%Jan 13, 2022Yield to maturity1.546%Jan 25, 2022Yield to maturity1.643%Feb 3, 2022Yield to maturity1.715%Feb 14, 2022Yield to maturity1.949%Feb 24, 2022Yield to maturity1.895%Mar 7, 2022Yield to maturity1.754%Mar 16, 2022Yield to maturity2.219%Mar 25, 2022Yield to maturity2.586%Apr 5, 2022Yield to maturity2.714%Apr 14, 2022Yield to maturity2.838%Apr 26, 2022Yield to maturity2.812%May 5, 2022Yield to maturity3.054%May 16, 2022Yield to maturity2.864%May 25, 2022Yield to maturity2.753%Jun 6, 2022Yield to maturity3.078%Jun 15, 2022Yield to maturity3.414%Jun 27, 2022Yield to maturity3.290%Jul 7, 2022Yield to maturity3.086%Jul 18, 2022Yield to maturity3.101%Jul 27, 2022Yield to maturity2.867%Aug 5, 2022Yield to maturity2.995%Aug 16, 2022Yield to maturity2.979%Aug 25, 2022Yield to maturity3.208%Sep 6, 2022Yield to maturity3.468%Sep 15, 2022Yield to maturity3.692%Sep 26, 2022Yield to maturity4.179%Oct 5, 2022Yield to maturity3.981%Oct 17, 2022Yield to maturity4.271%Oct 26, 2022Yield to maturity4.235%Nov 4, 2022Yield to maturity4.354%Nov 16, 2022Yield to maturity3.855%Nov 28, 2022Yield to maturity3.941%Dec 7, 2022Yield to maturity3.677%Dec 16, 2022Yield to maturity3.666%Dec 28, 2022Yield to maturity4.019%Jan 9, 2023Yield to maturity3.700%Jan 19, 2023Yield to maturity3.521%Jan 30, 2023Yield to maturity3.710%Feb 8, 2023Yield to maturity3.849%Feb 17, 2023Yield to maturity4.071%Mar 1, 2023Yield to maturity4.333%Mar 10, 2023Yield to maturity4.040%Mar 21, 2023Yield to maturity3.844%Mar 30, 2023Yield to maturity3.747%Apr 10, 2023Yield to maturity3.587%Apr 19, 2023Yield to maturity3.796%Apr 28, 2023Yield to maturity3.601%May 9, 2023Yield to maturity3.577%May 18, 2023Yield to maturity3.773%May 30, 2023Yield to maturity3.936%Jun 8, 2023Yield to maturity3.983%Jun 20, 2023Yield to maturity4.081%Jun 29, 2023Yield to maturity4.262%Jul 11, 2023Yield to maturity4.355%Jul 20, 2023Yield to maturity4.207%Jul 31, 2023Yield to maturity4.307%Aug 9, 2023Yield to maturity4.239%Aug 18, 2023Yield to maturity4.479%Aug 29, 2023Yield to maturity4.402%Sep 8, 2023Yield to maturity4.528%Sep 19, 2023Yield to maturity4.648%Sep 28, 2023Yield to maturity4.722%Oct 10, 2023Yield to maturity4.691%Oct 19, 2023Yield to maturity5.000%Oct 30, 2023Yield to maturity4.849%Nov 8, 2023Yield to maturity4.603%Nov 17, 2023Yield to maturity4.548%Nov 29, 2023Yield to maturity4.324%Dec 8, 2023Yield to maturity4.355%Dec 19, 2023Yield to maturity4.057%Dec 29, 2023Yield to maturity3.936%Jan 10, 2024Yield to maturity4.058%Jan 22, 2024Yield to maturity4.081%Jan 31, 2024Yield to maturity3.985%Feb 9, 2024Yield to maturity4.228%Feb 21, 2024Yield to maturity4.380%Mar 1, 2024Yield to maturity4.269%Mar 12, 2024Yield to maturity4.296%Mar 21, 2024Yield to maturity4.376%Apr 2, 2024Yield to maturity4.477%Apr 11, 2024Yield to maturity4.742%Apr 22, 2024Yield to maturity4.780%May 1, 2024Yield to maturity4.769%May 10, 2024Yield to maturity4.632%May 21, 2024Yield to maturity4.564%May 31, 2024Yield to maturity4.650%Jun 11, 2024Yield to maturity4.559%Jun 21, 2024Yield to maturity4.433%Jul 2, 2024Yield to maturity4.520%Jul 12, 2024Yield to maturity4.211%Jul 23, 2024Yield to maturity4.252%Aug 1, 2024Yield to maturity3.951%Aug 12, 2024Yield to maturity3.826%Aug 21, 2024Yield to maturity3.728%Aug 30, 2024Yield to maturity3.787%Sep 11, 2024Yield to maturity3.490%Sep 20, 2024Yield to maturity3.487%Oct 1, 2024Yield to maturity3.536%Oct 10, 2024Yield to maturity3.919%Oct 22, 2024Yield to maturity3.995%Oct 31, 2024Yield to maturity4.148%Nov 12, 2024Yield to maturity4.328%Nov 21, 2024Yield to maturity4.325%Dec 3, 2024Yield to maturity4.156%Dec 12, 2024Yield to maturity4.177%Dec 23, 2024Yield to maturity4.373%Jan 3, 2025Yield to maturity4.334%Jan 14, 2025Yield to maturity4.450%Jan 24, 2025Yield to maturity4.327%Feb 4, 2025Yield to maturity4.243%Feb 13, 2025Yield to maturity4.320%Feb 25, 2025Yield to maturity4.098%Mar 6, 2025Yield to maturity3.983%Mar 17, 2025Yield to maturity4.040%Mar 26, 2025Yield to maturity4.021%Apr 4, 2025Yield to maturity3.672%Apr 15, 2025Yield to maturity3.860%Apr 25, 2025Yield to maturity3.779%May 6, 2025Yield to maturity3.785%May 15, 2025Yield to maturity3.967%May 27, 2025Yield to maturity3.958%Jun 5, 2025Yield to maturity3.921%Jun 16, 2025Yield to maturity3.953%Jun 26, 2025Yield to maturity3.721%Jul 8, 2025Yield to maturity3.894%Jul 17, 2025Yield to maturity3.902%Jul 28, 2025Yield to maturity3.904%Aug 6, 2025Yield to maturity3.688%Aug 15, 2025Yield to maturity3.735%Aug 26, 2025Yield to maturity3.644%Sep 5, 2025Yield to maturity3.515%Sep 16, 2025Yield to maturity3.503%Sep 25, 2025Yield to maturity3.677%Oct 6, 2025Yield to maturity3.607%Oct 16, 2025Yield to maturity3.427%Oct 27, 2025Yield to maturity3.510%Nov 5, 2025Yield to maturity3.640%Nov 17, 2025Yield to maturity3.644%Nov 26, 2025Yield to maturity3.509%Dec 8, 2025Yield to maturity3.580%Dec 17, 2025Yield to maturity3.492%Dec 29, 2025Yield to maturity3.474%Jan 8, 2026Yield to maturity3.504%Jan 20, 2026Yield to maturity3.606%Jan 29, 2026Yield to maturity3.553%Feb 9, 2026Yield to maturity3.489%Feb 19, 2026Yield to maturity3.480%Mar 2, 2026Yield to maturity3.497%Mar 11, 2026Yield to maturity3.655%Mar 20, 2026Yield to maturity3.941%Mar 31, 2026Yield to maturity3.843%Apr 9, 2026Yield to maturity3.810%Apr 20, 2026Yield to maturity3.743%Apr 29, 2026Yield to maturity3.920%May 8, 2026Yield to maturity3.876%May 19, 2026Yield to maturity4.038%May 29, 2026Yield to maturity3.953%Jun 9, 2026Yield to maturity4.046%Jun 18, 2026Yield to maturity4.141%Jun 30, 2026Yield to maturity4.135%Jul 10, 2026Yield to maturity4.183%Jul 21, 2026Yield to maturity4.206%Jul 30, 2026Yield to maturity4.172%Aug 10, 2026Yield to maturity4.156%Aug 19, 2026Yield to maturity4.091%Aug 28, 2026Yield to maturity4.256%Sep 9, 2026Yield to maturity4.263%Sep 18, 2026Yield to maturity4.508%Sep 29, 2026Yield to maturity4.644%Oct 8, 2026Yield to maturity4.514%Oct 20, 2026Yield to maturity4.554%Oct 29, 2026Yield to maturity4.450%Nov 9, 2026Yield to maturity4.403%

Price history

1,527 trading days to Nov 9, 2026

80859095100Sep 30, 2020Nov 9, 2026Sep 30, 2020Close99.375Oct 9, 2020Close98.813Oct 21, 2020Close98.625Oct 30, 2020Close98.250Nov 10, 2020Close97.750Nov 20, 2020Close98.469Dec 2, 2020Close98.000Dec 11, 2020Close98.469Dec 22, 2020Close98.406Jan 4, 2021Close98.500Jan 13, 2021Close97.531Jan 25, 2021Close98.000Feb 3, 2021Close97.531Feb 12, 2021Close97.344Feb 24, 2021Close96.313Mar 5, 2021Close95.000Mar 16, 2021Close94.781Mar 25, 2021Close94.844Apr 5, 2021Close94.125Apr 14, 2021Close94.719Apr 23, 2021Close95.063May 4, 2021Close95.094May 13, 2021Close94.969May 24, 2021Close95.250Jun 3, 2021Close95.188Jun 14, 2021Close95.750Jun 23, 2021Close95.375Jul 2, 2021Close95.719Jul 14, 2021Close96.219Jul 23, 2021Close96.719Aug 3, 2021Close97.313Aug 12, 2021Close96.219Aug 23, 2021Close96.688Sep 1, 2021Close96.594Sep 13, 2021Close96.531Sep 22, 2021Close96.344Oct 1, 2021Close95.719Oct 13, 2021Close95.031Oct 22, 2021Close94.406Nov 2, 2021Close94.813Nov 12, 2021Close94.469Nov 23, 2021Close94.031Dec 3, 2021Close95.375Dec 14, 2021Close94.813Dec 23, 2021Close94.719Jan 4, 2022Close94.063Jan 13, 2022Close93.625Jan 25, 2022Close93.156Feb 3, 2022Close92.813Feb 14, 2022Close91.656Feb 24, 2022Close91.969Mar 7, 2022Close92.719Mar 16, 2022Close90.438Mar 25, 2022Close88.719Apr 5, 2022Close88.156Apr 14, 2022Close87.625Apr 26, 2022Close87.813May 5, 2022Close86.750May 16, 2022Close87.688May 25, 2022Close88.250Jun 6, 2022Close86.844Jun 15, 2022Close85.406Jun 27, 2022Close86.031Jul 7, 2022Close87.000Jul 18, 2022Close87.000Jul 27, 2022Close88.094Aug 5, 2022Close87.594Aug 16, 2022Close87.719Aug 25, 2022Close86.781Sep 6, 2022Close85.750Sep 15, 2022Close84.875Sep 26, 2022Close82.969Oct 5, 2022Close83.844Oct 17, 2022Close82.781Oct 26, 2022Close83.000Nov 4, 2022Close82.625Nov 16, 2022Close84.688Nov 28, 2022Close84.438Dec 7, 2022Close85.563Dec 16, 2022Close85.688Dec 28, 2022Close84.375Jan 9, 2023Close85.719Jan 19, 2023Close86.500Jan 30, 2023Close85.844Feb 8, 2023Close85.375Feb 17, 2023Close84.625Mar 1, 2023Close83.719Mar 10, 2023Close84.906Mar 21, 2023Close85.719Mar 30, 2023Close86.156Apr 10, 2023Close86.844Apr 19, 2023Close86.125Apr 28, 2023Close86.938May 9, 2023Close87.094May 18, 2023Close86.438May 30, 2023Close85.938Jun 8, 2023Close85.844Jun 20, 2023Close85.594Jun 29, 2023Close85.031Jul 11, 2023Close84.813Jul 20, 2023Close85.406Jul 31, 2023Close85.156Aug 9, 2023Close85.469Aug 18, 2023Close84.750Aug 29, 2023Close85.094Sep 8, 2023Close84.781Sep 19, 2023Close84.469Sep 28, 2023Close84.313Oct 10, 2023Close84.531Oct 19, 2023Close83.625Oct 30, 2023Close84.219Nov 8, 2023Close85.094Nov 17, 2023Close85.375Nov 29, 2023Close86.188Dec 8, 2023Close86.188Dec 19, 2023Close87.219Dec 29, 2023Close87.719Jan 10, 2024Close87.406Jan 22, 2024Close87.438Jan 31, 2024Close87.813Feb 9, 2024Close87.156Feb 21, 2024Close86.781Mar 1, 2024Close87.219Mar 12, 2024Close87.219Mar 21, 2024Close87.063Apr 2, 2024Close86.875Apr 11, 2024Close86.188Apr 22, 2024Close86.188May 1, 2024Close86.313May 10, 2024Close86.813May 21, 2024Close87.094May 31, 2024Close86.969Jun 11, 2024Close87.313Jun 21, 2024Close87.781Jul 2, 2024Close87.625Jul 12, 2024Close88.594Jul 23, 2024Close88.563Aug 1, 2024Close89.469Aug 12, 2024Close89.906Aug 21, 2024Close90.250Aug 30, 2024Close90.188Sep 11, 2024Close91.063Sep 20, 2024Close91.156Oct 1, 2024Close91.094Oct 10, 2024Close90.156Oct 22, 2024Close90.063Oct 31, 2024Close89.750Nov 12, 2024Close89.406Nov 21, 2024Close89.500Dec 3, 2024Close90.031Dec 12, 2024Close90.063Dec 23, 2024Close89.688Jan 3, 2025Close89.906Jan 14, 2025Close89.719Jan 24, 2025Close90.125Feb 4, 2025Close90.406Feb 13, 2025Close90.313Feb 25, 2025Close90.938Mar 6, 2025Close91.281Mar 17, 2025Close91.250Mar 26, 2025Close91.375Apr 4, 2025Close92.250Apr 15, 2025Close91.906Apr 25, 2025Close92.188May 6, 2025Close92.250May 15, 2025Close91.938May 27, 2025Close92.063Jun 5, 2025Close92.219Jun 16, 2025Close92.250Jun 26, 2025Close92.813Jul 8, 2025Close92.563Jul 17, 2025Close92.625Jul 28, 2025Close92.719Aug 6, 2025Close93.219Aug 15, 2025Close93.219Aug 26, 2025Close93.469Sep 5, 2025Close93.813Sep 16, 2025Close93.906Sep 25, 2025Close93.656Oct 6, 2025Close93.875Oct 16, 2025Close94.281Oct 27, 2025Close94.219Nov 5, 2025Close94.063Nov 17, 2025Close94.156Nov 26, 2025Close94.469Dec 8, 2025Close94.438Dec 17, 2025Close94.656Dec 29, 2025Close94.781Jan 8, 2026Close94.813Jan 20, 2026Close94.750Jan 29, 2026Close94.906Feb 9, 2026Close95.094Feb 19, 2026Close95.188Mar 2, 2026Close95.250Mar 11, 2026Close95.094Mar 20, 2026Close94.781Mar 31, 2026Close95.000Apr 9, 2026Close95.125Apr 20, 2026Close95.313Apr 29, 2026Close95.156May 8, 2026Close95.313May 19, 2026Close95.188May 29, 2026Close95.406Jun 9, 2026Close95.375Jun 18, 2026Close95.375Jun 30, 2026Close95.469Jul 10, 2026Close95.531Jul 21, 2026Close95.594Jul 30, 2026Close95.719Aug 10, 2026Close95.844Aug 19, 2026Close96.000Aug 28, 2026Close95.938Sep 9, 2026Close96.031Sep 18, 2026Close95.906Sep 29, 2026Close95.875Oct 8, 2026Close96.094Oct 20, 2026Close96.188Oct 29, 2026Close96.375Nov 9, 2026Close96.531
The most recent 20 trading days of prices for 91282CAL5.
DateBidOfferClose
Nov 9, 202696.56396.57896.531
Nov 6, 202696.53196.54796.563
Nov 5, 202696.50096.53196.531
Nov 4, 202696.46996.46996.469
Nov 3, 202696.43896.45396.438
Nov 2, 202696.43896.45396.438
Oct 30, 202696.40696.42296.438
Oct 29, 202696.37596.39196.375
Oct 28, 202696.28196.29796.313
Oct 27, 202696.28196.29796.281
Oct 26, 202696.31396.32896.281
Oct 23, 202696.31396.32896.313
Oct 22, 202696.25096.26696.281
Oct 21, 202696.18896.20396.188
Oct 20, 202696.18896.20396.188
Oct 19, 202696.18896.20396.188
Oct 16, 202696.18896.20396.219
Oct 15, 202696.12596.14196.156
Oct 14, 202696.06396.07896.094
Oct 13, 202696.12596.12596.125

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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.