Treasury note

91282CDL2 · 1.5% due November 30, 2028

Original term
7-Year
Maturity
Nov 30, 2028
Coupon
1.500%
Pays
Semi-Annual
Dated
Nov 30, 2021
First coupon
May 31, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$62.73bn
Held stripped
$111.6m
Share stripped
0.18%

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
4.599%
Modified duration
2.131 yr
DV01
0.0200
Convexity
5.637
Dirty price
93.953

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 5 of twelve buckets, summing to 2.181 years against a modified duration of 2.131.

Against the fitted curve

Priced 1.5 bp rich to the curve on that day, 3.06 cents per 100 of face.

That is -1.06 standard deviations from its own typical residual.

Yield to maturity, 1,197 observations

1%2%3%4%5%6%Nov 30, 2021Sep 10, 2026Nov 30, 2021Yield to maturity1.359%Jan 10, 2022Yield to maturity1.708%Feb 18, 2022Yield to maturity1.915%Mar 31, 2022Yield to maturity2.429%May 11, 2022Yield to maturity2.969%Jun 22, 2022Yield to maturity3.273%Aug 2, 2022Yield to maturity2.864%Sep 12, 2022Yield to maturity3.508%Oct 21, 2022Yield to maturity4.362%Dec 2, 2022Yield to maturity3.681%Jan 13, 2023Yield to maturity3.608%Feb 24, 2023Yield to maturity4.182%Apr 5, 2023Yield to maturity3.398%May 15, 2023Yield to maturity3.514%Jun 26, 2023Yield to maturity3.967%Aug 4, 2023Yield to maturity4.173%Sep 14, 2023Yield to maturity4.460%Oct 25, 2023Yield to maturity4.966%Dec 5, 2023Yield to maturity4.193%Jan 17, 2024Yield to maturity4.041%Feb 27, 2024Yield to maturity4.358%Apr 5, 2024Yield to maturity4.415%May 15, 2024Yield to maturity4.390%Jun 26, 2024Yield to maturity4.395%Aug 6, 2024Yield to maturity3.763%Sep 16, 2024Yield to maturity3.440%Oct 25, 2024Yield to maturity4.087%Dec 6, 2024Yield to maturity4.069%Jan 17, 2025Yield to maturity4.400%Feb 28, 2025Yield to maturity4.022%Apr 9, 2025Yield to maturity4.004%May 19, 2025Yield to maturity4.000%Jun 30, 2025Yield to maturity3.721%Aug 8, 2025Yield to maturity3.752%Sep 18, 2025Yield to maturity3.586%Oct 29, 2025Yield to maturity3.616%Dec 10, 2025Yield to maturity3.592%Jan 22, 2026Yield to maturity3.677%Mar 4, 2026Yield to maturity3.552%Apr 13, 2026Yield to maturity3.806%May 21, 2026Yield to maturity4.132%Jul 2, 2026Yield to maturity4.179%Aug 12, 2026Yield to maturity4.238%Sep 10, 2026Yield to maturity4.599%

Price history

1,197 trading days to Sep 10, 2026

80859095100105Nov 30, 2021Sep 10, 2026Nov 30, 2021Close100.938Jan 10, 2022Close98.656Feb 18, 2022Close97.375Mar 31, 2022Close94.313May 11, 2022Close91.313Jun 22, 2022Close89.781Aug 2, 2022Close92.156Sep 12, 2022Close88.875Oct 21, 2022Close84.813Dec 2, 2022Close88.375Jan 13, 2023Close88.938Feb 24, 2023Close86.406Apr 5, 2023Close90.313May 15, 2023Close89.938Jun 26, 2023Close88.063Aug 4, 2023Close87.375Sep 14, 2023Close86.375Oct 25, 2023Close84.563Dec 5, 2023Close88.000Jan 17, 2024Close88.875Feb 27, 2024Close87.844Apr 5, 2024Close87.875May 15, 2024Close88.219Jun 26, 2024Close88.469Aug 6, 2024Close91.063Sep 16, 2024Close92.469Oct 25, 2024Close90.344Dec 6, 2024Close90.656Jan 17, 2025Close89.813Feb 28, 2025Close91.313Apr 9, 2025Close91.594May 19, 2025Close91.844Jun 30, 2025Close92.938Aug 8, 2025Close93.063Sep 18, 2025Close93.750Oct 29, 2025Close93.875Dec 10, 2025Close94.156Jan 22, 2026Close94.156Mar 4, 2026Close94.688Apr 13, 2026Close94.281May 21, 2026Close93.750Jul 2, 2026Close93.938Aug 12, 2026Close94.063Sep 10, 2026Close93.531
The most recent 20 trading days of prices for 91282CDL2.
DateBidOfferClose
Sep 10, 202693.60993.59493.531
Sep 9, 202693.79793.78193.781
Sep 8, 202693.89193.87593.844
Sep 4, 202693.92293.90693.875
Sep 3, 202693.98493.96993.938
Sep 2, 202693.85993.84493.844
Sep 1, 202693.89193.87593.813
Aug 31, 202693.92293.90693.906
Aug 28, 202693.95393.93893.875
Aug 27, 202694.17294.15694.125
Aug 26, 202694.17294.15694.125
Aug 25, 202694.17294.15694.188
Aug 24, 202694.10994.09494.063
Aug 21, 202694.06394.03194.063
Aug 20, 202694.14194.12594.156
Aug 19, 202694.14194.12594.156
Aug 18, 202694.17294.15694.125
Aug 17, 202694.17294.15694.125
Aug 14, 202694.20394.18894.156
Aug 13, 202694.18894.18894.188

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.

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 91282CDL2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 23, 2021Nov 30, 2021New issue$59.0bn$63.9bn2.42x1.588%

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.