Treasury note

91282CBL4 · 1.125% due February 15, 2031

Original term
10-Year
Maturity
Feb 15, 2031
Coupon
1.125%
Pays
Semi-Annual
Dated
Feb 15, 2021
First coupon
Aug 15, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$140.06bn
Held stripped
$3.8m
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 10, 2026

Yield to maturity
4.713%
Modified duration
4.218 yr
DV01
0.0362
Convexity
20.139
Dirty price
85.895

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 6 of twelve buckets, summing to 4.320 years against a modified duration of 4.218.

Against the fitted curve

Priced 3.3 bp rich to the curve on that day, 12.10 cents per 100 of face.

That is 0.16 standard deviations from its own typical residual.

Yield to maturity, 1,396 observations

1%2%3%4%5%Feb 16, 2021Sep 10, 2026Feb 16, 2021Yield to maturity1.299%Apr 1, 2021Yield to maturity1.677%May 17, 2021Yield to maturity1.637%Jul 1, 2021Yield to maturity1.460%Aug 17, 2021Yield to maturity1.233%Oct 1, 2021Yield to maturity1.436%Nov 18, 2021Yield to maturity1.540%Jan 5, 2022Yield to maturity1.659%Feb 22, 2022Yield to maturity1.932%Apr 7, 2022Yield to maturity2.671%May 24, 2022Yield to maturity2.745%Jul 12, 2022Yield to maturity2.935%Aug 25, 2022Yield to maturity2.996%Oct 12, 2022Yield to maturity3.870%Nov 29, 2022Yield to maturity3.651%Jan 17, 2023Yield to maturity3.418%Mar 3, 2023Yield to maturity3.947%Apr 18, 2023Yield to maturity3.513%Jun 2, 2023Yield to maturity3.656%Jul 20, 2023Yield to maturity3.845%Sep 5, 2023Yield to maturity4.227%Oct 20, 2023Yield to maturity4.852%Dec 6, 2023Yield to maturity4.062%Jan 24, 2024Yield to maturity4.070%Mar 11, 2024Yield to maturity4.041%Apr 24, 2024Yield to maturity4.608%Jun 10, 2024Yield to maturity4.432%Jul 26, 2024Yield to maturity4.095%Sep 11, 2024Yield to maturity3.489%Oct 28, 2024Yield to maturity4.140%Dec 13, 2024Yield to maturity4.266%Jan 31, 2025Yield to maturity4.407%Mar 19, 2025Yield to maturity4.073%May 2, 2025Yield to maturity3.975%Jun 18, 2025Yield to maturity4.010%Aug 5, 2025Yield to maturity3.780%Sep 19, 2025Yield to maturity3.694%Nov 5, 2025Yield to maturity3.752%Dec 23, 2025Yield to maturity3.723%Feb 10, 2026Yield to maturity3.687%Mar 27, 2026Yield to maturity4.051%May 12, 2026Yield to maturity4.116%Jun 29, 2026Yield to maturity4.120%Aug 13, 2026Yield to maturity4.284%Sep 10, 2026Yield to maturity4.713%

Price history

1,396 trading days to Sep 10, 2026

7580859095100Feb 16, 2021Sep 10, 2026Feb 16, 2021Close98.375Apr 1, 2021Close95.000May 17, 2021Close95.406Jul 1, 2021Close97.000Aug 17, 2021Close99.031Oct 1, 2021Close97.281Nov 18, 2021Close96.438Jan 5, 2022Close95.500Feb 22, 2022Close93.375Apr 7, 2022Close87.875May 24, 2022Close87.500Jul 12, 2022Close86.344Aug 25, 2022Close86.094Oct 12, 2022Close80.594Nov 29, 2022Close82.219Jan 17, 2023Close83.938Mar 3, 2023Close80.906Apr 18, 2023Close83.781Jun 2, 2023Close83.156Jul 20, 2023Close82.281Sep 5, 2023Close80.375Oct 20, 2023Close77.281Dec 6, 2023Close81.844Jan 24, 2024Close82.094Mar 11, 2024Close82.531Apr 24, 2024Close79.844Jun 10, 2024Close81.063Jul 26, 2024Close83.094Sep 11, 2024Close86.500Oct 28, 2024Close83.438Dec 13, 2024Close83.125Jan 31, 2025Close82.781Mar 19, 2025Close84.656May 2, 2025Close85.406Jun 18, 2025Close85.531Aug 5, 2025Close86.875Sep 19, 2025Close87.531Nov 5, 2025Close87.531Dec 23, 2025Close87.938Feb 10, 2026Close88.375Mar 27, 2026Close87.156May 12, 2026Close87.188Jun 29, 2026Close87.500Aug 13, 2026Close87.188Sep 10, 2026Close85.813
The most recent 20 trading days of prices for 91282CBL4.
DateBidOfferClose
Sep 10, 202685.96985.93885.813
Sep 9, 202686.34486.31386.313
Sep 8, 202686.50086.46986.469
Sep 4, 202686.59486.56386.531
Sep 3, 202686.71986.68886.625
Sep 2, 202686.50086.46986.469
Sep 1, 202686.59486.56386.469
Aug 31, 202686.67286.65686.656
Aug 28, 202686.81386.78186.688
Aug 27, 202687.10987.09487.000
Aug 26, 202687.09487.06387.063
Aug 25, 202687.14187.12587.156
Aug 24, 202687.00086.96986.906
Aug 21, 202686.85986.84486.844
Aug 20, 202687.00086.96987.000
Aug 19, 202687.09487.06387.125
Aug 18, 202687.04787.03187.031
Aug 17, 202687.06387.03187.000
Aug 14, 202687.12587.09487.031
Aug 13, 202687.18887.15687.188

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.

3 auctions

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 91282CBL4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 10, 2021Feb 16, 2021New issue$41.0bn$55.9bn2.37x1.155%
Mar 10, 2021Mar 15, 2021Reopening$38.0bn$40.4bn2.38x1.523%
Apr 12, 2021Apr 15, 2021Reopening$38.0bn$43.8bn2.36x1.680%

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.