Treasury note

91282CFL0 · 3.875% due September 30, 2029

Original term
7-Year
Maturity
Sep 30, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Sep 30, 2022
First coupon
Mar 31, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$35.79bn
Held stripped
$17.6m
Share stripped
0.05%

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
4.621%
Modified duration
2.685 yr
DV01
0.0264
Convexity
0.0875
Dirty price
98.436

Where its rate sensitivity sits

<.01
0.01
0.03
0.36
2.34
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 2.747 years against a modified duration of 2.685.

Against the fitted curve

Priced 1.0 bp rich to the curve on that day, 2.62 cents per 100 of face.

That is -0.53 standard deviations from its own typical residual.

Yield to maturity, 1,026 observations

3.0%3.5%4.0%4.5%5.0%5.5%Sep 30, 2022Nov 9, 2026Sep 30, 2022Yield to maturity3.968%Oct 7, 2022Yield to maturity4.030%Oct 17, 2022Yield to maturity4.151%Oct 24, 2022Yield to maturity4.306%Oct 31, 2022Yield to maturity4.195%Nov 7, 2022Yield to maturity4.324%Nov 15, 2022Yield to maturity3.895%Nov 22, 2022Yield to maturity3.890%Nov 30, 2022Yield to maturity3.780%Dec 7, 2022Yield to maturity3.562%Dec 14, 2022Yield to maturity3.602%Dec 21, 2022Yield to maturity3.785%Dec 29, 2022Yield to maturity3.943%Jan 6, 2023Yield to maturity3.658%Jan 13, 2023Yield to maturity3.578%Jan 23, 2023Yield to maturity3.588%Jan 30, 2023Yield to maturity3.651%Feb 6, 2023Yield to maturity3.762%Feb 13, 2023Yield to maturity3.874%Feb 21, 2023Yield to maturity4.125%Feb 28, 2023Yield to maturity4.115%Mar 7, 2023Yield to maturity4.221%Mar 14, 2023Yield to maturity3.777%Mar 21, 2023Yield to maturity3.733%Mar 28, 2023Yield to maturity3.641%Apr 4, 2023Yield to maturity3.420%Apr 11, 2023Yield to maturity3.532%Apr 18, 2023Yield to maturity3.677%Apr 25, 2023Yield to maturity3.459%May 2, 2023Yield to maturity3.485%May 9, 2023Yield to maturity3.544%May 16, 2023Yield to maturity3.565%May 23, 2023Yield to maturity3.768%May 31, 2023Yield to maturity3.751%Jun 7, 2023Yield to maturity3.931%Jun 14, 2023Yield to maturity4.016%Jun 22, 2023Yield to maturity3.988%Jun 29, 2023Yield to maturity4.074%Jul 7, 2023Yield to maturity4.302%Jul 14, 2023Yield to maturity4.000%Jul 21, 2023Yield to maturity4.041%Jul 28, 2023Yield to maturity4.158%Aug 4, 2023Yield to maturity4.159%Aug 11, 2023Yield to maturity4.314%Aug 18, 2023Yield to maturity4.392%Aug 25, 2023Yield to maturity4.430%Sep 1, 2023Yield to maturity4.312%Sep 11, 2023Yield to maturity4.422%Sep 18, 2023Yield to maturity4.478%Sep 25, 2023Yield to maturity4.658%Oct 2, 2023Yield to maturity4.772%Oct 10, 2023Yield to maturity4.699%Oct 17, 2023Yield to maturity4.915%Oct 24, 2023Yield to maturity4.893%Oct 31, 2023Yield to maturity4.914%Nov 7, 2023Yield to maturity4.608%Nov 14, 2023Yield to maturity4.485%Nov 21, 2023Yield to maturity4.474%Nov 29, 2023Yield to maturity4.308%Dec 6, 2023Yield to maturity4.180%Dec 13, 2023Yield to maturity4.063%Dec 20, 2023Yield to maturity3.911%Dec 28, 2023Yield to maturity3.886%Jan 5, 2024Yield to maturity4.059%Jan 12, 2024Yield to maturity3.905%Jan 22, 2024Yield to maturity4.067%Jan 29, 2024Yield to maturity4.023%Feb 5, 2024Yield to maturity4.169%Feb 12, 2024Yield to maturity4.170%Feb 20, 2024Yield to maturity4.286%Feb 27, 2024Yield to maturity4.351%Mar 5, 2024Yield to maturity4.166%Mar 12, 2024Yield to maturity4.187%Mar 19, 2024Yield to maturity4.330%Mar 26, 2024Yield to maturity4.247%Apr 3, 2024Yield to maturity4.360%Apr 10, 2024Yield to maturity4.619%Apr 17, 2024Yield to maturity4.635%Apr 24, 2024Yield to maturity4.677%May 1, 2024Yield to maturity4.660%May 8, 2024Yield to maturity4.520%May 15, 2024Yield to maturity4.368%May 22, 2024Yield to maturity4.477%May 30, 2024Yield to maturity4.595%Jun 6, 2024Yield to maturity4.312%Jun 13, 2024Yield to maturity4.253%Jun 21, 2024Yield to maturity4.282%Jun 28, 2024Yield to maturity4.365%Jul 8, 2024Yield to maturity4.258%Jul 15, 2024Yield to maturity4.157%Jul 22, 2024Yield to maturity4.192%Jul 29, 2024Yield to maturity4.084%Aug 5, 2024Yield to maturity3.646%Aug 12, 2024Yield to maturity3.780%Aug 19, 2024Yield to maturity3.779%Aug 26, 2024Yield to maturity3.691%Sep 3, 2024Yield to maturity3.697%Sep 10, 2024Yield to maturity3.474%Sep 17, 2024Yield to maturity3.472%Sep 24, 2024Yield to maturity3.512%Oct 1, 2024Yield to maturity3.545%Oct 8, 2024Yield to maturity3.889%Oct 16, 2024Yield to maturity3.868%Oct 23, 2024Yield to maturity4.079%Oct 30, 2024Yield to maturity4.165%Nov 6, 2024Yield to maturity4.303%Nov 14, 2024Yield to maturity4.341%Nov 21, 2024Yield to maturity4.321%Nov 29, 2024Yield to maturity4.090%Dec 6, 2024Yield to maturity4.062%Dec 13, 2024Yield to maturity4.275%Dec 20, 2024Yield to maturity4.387%Dec 30, 2024Yield to maturity4.382%Jan 7, 2025Yield to maturity4.466%Jan 14, 2025Yield to maturity4.597%Jan 22, 2025Yield to maturity4.433%Jan 29, 2025Yield to maturity4.360%Feb 5, 2025Yield to maturity4.256%Feb 12, 2025Yield to maturity4.494%Feb 20, 2025Yield to maturity4.351%Feb 27, 2025Yield to maturity4.108%Mar 6, 2025Yield to maturity4.071%Mar 13, 2025Yield to maturity4.026%Mar 20, 2025Yield to maturity4.012%Mar 27, 2025Yield to maturity4.089%Apr 3, 2025Yield to maturity3.738%Apr 10, 2025Yield to maturity4.021%Apr 17, 2025Yield to maturity3.929%Apr 25, 2025Yield to maturity3.859%May 2, 2025Yield to maturity3.905%May 9, 2025Yield to maturity3.976%May 16, 2025Yield to maturity4.047%May 23, 2025Yield to maturity4.072%Jun 2, 2025Yield to maturity3.993%Jun 9, 2025Yield to maturity4.065%Jun 16, 2025Yield to maturity4.010%Jun 24, 2025Yield to maturity3.826%Jul 1, 2025Yield to maturity3.809%Jul 9, 2025Yield to maturity3.882%Jul 16, 2025Yield to maturity3.947%Jul 23, 2025Yield to maturity3.898%Jul 30, 2025Yield to maturity3.931%Aug 6, 2025Yield to maturity3.718%Aug 13, 2025Yield to maturity3.718%Aug 20, 2025Yield to maturity3.758%Aug 27, 2025Yield to maturity3.659%Sep 4, 2025Yield to maturity3.600%Sep 11, 2025Yield to maturity3.549%Sep 18, 2025Yield to maturity3.623%Sep 25, 2025Yield to maturity3.723%Oct 2, 2025Yield to maturity3.629%Oct 9, 2025Yield to maturity3.687%Oct 17, 2025Yield to maturity3.541%Oct 24, 2025Yield to maturity3.556%Oct 31, 2025Yield to maturity3.666%Nov 7, 2025Yield to maturity3.622%Nov 17, 2025Yield to maturity3.673%Nov 24, 2025Yield to maturity3.558%Dec 2, 2025Yield to maturity3.592%Dec 9, 2025Yield to maturity3.705%Dec 16, 2025Yield to maturity3.607%Dec 23, 2025Yield to maturity3.659%Dec 31, 2025Yield to maturity3.631%Jan 8, 2026Yield to maturity3.638%Jan 15, 2026Yield to maturity3.683%Jan 23, 2026Yield to maturity3.736%Jan 30, 2026Yield to maturity3.680%Feb 6, 2026Yield to maturity3.643%Feb 13, 2026Yield to maturity3.512%Feb 23, 2026Yield to maturity3.501%Mar 2, 2026Yield to maturity3.537%Mar 9, 2026Yield to maturity3.629%Mar 16, 2026Yield to maturity3.741%Mar 23, 2026Yield to maturity3.904%Mar 30, 2026Yield to maturity3.904%Apr 6, 2026Yield to maturity3.923%Apr 13, 2026Yield to maturity3.845%Apr 20, 2026Yield to maturity3.777%Apr 27, 2026Yield to maturity3.864%May 4, 2026Yield to maturity4.023%May 11, 2026Yield to maturity4.003%May 18, 2026Yield to maturity4.185%May 26, 2026Yield to maturity4.136%Jun 2, 2026Yield to maturity4.117%Jun 9, 2026Yield to maturity4.201%Jun 16, 2026Yield to maturity4.099%Jun 24, 2026Yield to maturity4.163%Jul 1, 2026Yield to maturity4.206%Jul 9, 2026Yield to maturity4.219%Jul 16, 2026Yield to maturity4.221%Jul 23, 2026Yield to maturity4.415%Jul 30, 2026Yield to maturity4.311%Aug 6, 2026Yield to maturity4.324%Aug 13, 2026Yield to maturity4.229%Aug 20, 2026Yield to maturity4.286%Aug 27, 2026Yield to maturity4.310%Sep 3, 2026Yield to maturity4.424%Sep 11, 2026Yield to maturity4.721%Sep 18, 2026Yield to maturity4.840%Sep 25, 2026Yield to maturity4.939%Oct 2, 2026Yield to maturity4.968%Oct 9, 2026Yield to maturity4.929%Oct 19, 2026Yield to maturity4.865%Oct 26, 2026Yield to maturity4.800%Nov 2, 2026Yield to maturity4.664%Nov 9, 2026Yield to maturity4.621%

Price history

1,026 trading days to Nov 9, 2026

949698100102104Sep 30, 2022Nov 9, 2026Sep 30, 2022Close99.438Oct 7, 2022Close99.063Oct 17, 2022Close98.344Oct 24, 2022Close97.438Oct 31, 2022Close98.094Nov 7, 2022Close97.344Nov 15, 2022Close99.875Nov 22, 2022Close99.906Nov 30, 2022Close100.563Dec 7, 2022Close101.875Dec 14, 2022Close101.625Dec 21, 2022Close100.531Dec 29, 2022Close99.594Jan 6, 2023Close101.281Jan 13, 2023Close101.750Jan 23, 2023Close101.688Jan 30, 2023Close101.313Feb 6, 2023Close100.656Feb 13, 2023Close100.000Feb 21, 2023Close98.563Feb 28, 2023Close98.625Mar 7, 2023Close98.031Mar 14, 2023Close100.563Mar 21, 2023Close100.813Mar 28, 2023Close101.344Apr 4, 2023Close102.625Apr 11, 2023Close101.969Apr 18, 2023Close101.125Apr 25, 2023Close102.375May 2, 2023Close102.219May 9, 2023Close101.875May 16, 2023Close101.750May 23, 2023Close100.594May 31, 2023Close100.688Jun 7, 2023Close99.688Jun 14, 2023Close99.219Jun 22, 2023Close99.375Jun 29, 2023Close98.906Jul 7, 2023Close97.688Jul 14, 2023Close99.313Jul 21, 2023Close99.094Jul 28, 2023Close98.469Aug 4, 2023Close98.469Aug 11, 2023Close97.656Aug 18, 2023Close97.250Aug 25, 2023Close97.063Sep 1, 2023Close97.688Sep 11, 2023Close97.125Sep 18, 2023Close96.844Sep 25, 2023Close95.938Oct 2, 2023Close95.375Oct 10, 2023Close95.750Oct 17, 2023Close94.688Oct 24, 2023Close94.813Oct 31, 2023Close94.719Nov 7, 2023Close96.250Nov 14, 2023Close96.875Nov 21, 2023Close96.938Nov 29, 2023Close97.781Dec 6, 2023Close98.438Dec 13, 2023Close99.031Dec 20, 2023Close99.813Dec 28, 2023Close99.938Jan 5, 2024Close99.063Jan 12, 2024Close99.844Jan 22, 2024Close99.031Jan 29, 2024Close99.250Feb 5, 2024Close98.531Feb 12, 2024Close98.531Feb 20, 2024Close97.969Feb 27, 2024Close97.656Mar 5, 2024Close98.563Mar 12, 2024Close98.469Mar 19, 2024Close97.781Mar 26, 2024Close98.188Apr 3, 2024Close97.656Apr 10, 2024Close96.438Apr 17, 2024Close96.375Apr 24, 2024Close96.188May 1, 2024Close96.281May 8, 2024Close96.938May 15, 2024Close97.656May 22, 2024Close97.156May 30, 2024Close96.625Jun 6, 2024Close97.938Jun 13, 2024Close98.219Jun 21, 2024Close98.094Jun 28, 2024Close97.719Jul 8, 2024Close98.219Jul 15, 2024Close98.688Jul 22, 2024Close98.531Jul 29, 2024Close99.031Aug 5, 2024Close101.063Aug 12, 2024Close100.438Aug 19, 2024Close100.438Aug 26, 2024Close100.844Sep 3, 2024Close100.813Sep 10, 2024Close101.844Sep 17, 2024Close101.844Sep 24, 2024Close101.656Oct 1, 2024Close101.500Oct 8, 2024Close99.938Oct 16, 2024Close100.031Oct 23, 2024Close99.094Oct 30, 2024Close98.719Nov 6, 2024Close98.125Nov 14, 2024Close97.969Nov 21, 2024Close98.063Nov 29, 2024Close99.063Dec 6, 2024Close99.188Dec 13, 2024Close98.281Dec 20, 2024Close97.813Dec 30, 2024Close97.844Jan 7, 2025Close97.500Jan 14, 2025Close96.969Jan 22, 2025Close97.656Jan 29, 2025Close97.969Feb 5, 2025Close98.406Feb 12, 2025Close97.438Feb 20, 2025Close98.031Feb 27, 2025Close99.031Mar 6, 2025Close99.188Mar 13, 2025Close99.375Mar 20, 2025Close99.438Mar 27, 2025Close99.125Apr 3, 2025Close100.563Apr 10, 2025Close99.406Apr 17, 2025Close99.781Apr 25, 2025Close100.063May 2, 2025Close99.875May 9, 2025Close99.594May 16, 2025Close99.313May 23, 2025Close99.219Jun 2, 2025Close99.531Jun 9, 2025Close99.250Jun 16, 2025Close99.469Jun 24, 2025Close100.188Jul 1, 2025Close100.250Jul 9, 2025Close99.969Jul 16, 2025Close99.719Jul 23, 2025Close99.906Jul 30, 2025Close99.781Aug 6, 2025Close100.594Aug 13, 2025Close100.594Aug 20, 2025Close100.438Aug 27, 2025Close100.813Sep 4, 2025Close101.031Sep 11, 2025Close101.219Sep 18, 2025Close100.938Sep 25, 2025Close100.563Oct 2, 2025Close100.906Oct 9, 2025Close100.688Oct 17, 2025Close101.219Oct 24, 2025Close101.156Oct 31, 2025Close100.750Nov 7, 2025Close100.906Nov 17, 2025Close100.719Nov 24, 2025Close101.125Dec 2, 2025Close101.000Dec 9, 2025Close100.594Dec 16, 2025Close100.938Dec 23, 2025Close100.750Dec 31, 2025Close100.844Jan 8, 2026Close100.813Jan 15, 2026Close100.656Jan 23, 2026Close100.469Jan 30, 2026Close100.656Feb 6, 2026Close100.781Feb 13, 2026Close101.219Feb 23, 2026Close101.250Mar 2, 2026Close101.125Mar 9, 2026Close100.813Mar 16, 2026Close100.438Mar 23, 2026Close99.906Mar 30, 2026Close99.906Apr 6, 2026Close99.844Apr 13, 2026Close100.094Apr 20, 2026Close100.313Apr 27, 2026Close100.031May 4, 2026Close99.531May 11, 2026Close99.594May 18, 2026Close99.031May 26, 2026Close99.188Jun 2, 2026Close99.250Jun 9, 2026Close99.000Jun 16, 2026Close99.313Jun 24, 2026Close99.125Jul 1, 2026Close99.000Jul 9, 2026Close98.969Jul 16, 2026Close98.969Jul 23, 2026Close98.406Jul 30, 2026Close98.719Aug 6, 2026Close98.688Aug 13, 2026Close98.969Aug 20, 2026Close98.813Aug 27, 2026Close98.750Sep 3, 2026Close98.438Sep 11, 2026Close97.625Sep 18, 2026Close97.313Sep 25, 2026Close97.063Oct 2, 2026Close97.000Oct 9, 2026Close97.125Oct 19, 2026Close97.313Oct 26, 2026Close97.500Nov 2, 2026Close97.875Nov 9, 2026Close98.000
The most recent 20 trading days of prices for 91282CFL0.
DateBidOfferClose
Nov 9, 202698.00098.01698.000
Nov 6, 202698.06398.09498.094
Nov 5, 202698.09498.10998.219
Nov 4, 202697.87597.90697.938
Nov 3, 202697.84497.85997.813
Nov 2, 202697.90697.93897.875
Oct 30, 202697.78197.81397.875
Oct 29, 202697.68897.71997.688
Oct 28, 202697.37597.40697.500
Oct 27, 202697.50097.53197.500
Oct 26, 202697.53197.56397.500
Oct 23, 202697.59497.60997.594
Oct 22, 202697.53197.54797.688
Oct 21, 202697.28197.31397.250
Oct 20, 202697.34497.35997.281
Oct 19, 202697.31397.34497.313
Oct 16, 202697.43897.45397.438
Oct 15, 202697.31397.34497.344
Oct 14, 202697.00097.01697.156
Oct 13, 202697.12597.14197.156

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 91282CFL0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 28, 2022Sep 30, 2022New issue$36.0bn$36.0bn2.57x3.898%

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.