Treasury note

91282CKA8 · 4.125% due February 15, 2027

Original term
3-Year
Maturity
Feb 15, 2027
Coupon
4.125%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$51.29bn
Held stripped
$19.9m
Share stripped
0.04%

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
4.038%
Modified duration
0.419 yr
DV01
0.0042
Convexity
0.352
Dirty price
100.334

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 2 of twelve buckets, summing to 0.430 years against a modified duration of 0.419.

Against the fitted curve

Priced 9.1 bp rich to the curve on that day, 3.83 cents per 100 of face.

That is -2.89 standard deviations from its own typical residual.

Yield to maturity, 644 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Feb 15, 2024Sep 10, 2026Feb 15, 2024Yield to maturity4.361%Mar 8, 2024Yield to maturity4.261%Mar 29, 2024Yield to maturity4.428%Apr 19, 2024Yield to maturity4.831%May 10, 2024Yield to maturity4.709%Jun 3, 2024Yield to maturity4.659%Jun 25, 2024Yield to maturity4.530%Jul 17, 2024Yield to maturity4.279%Aug 7, 2024Yield to maturity3.927%Aug 28, 2024Yield to maturity3.802%Sep 19, 2024Yield to maturity3.535%Oct 10, 2024Yield to maturity3.954%Nov 1, 2024Yield to maturity4.195%Nov 25, 2024Yield to maturity4.271%Dec 17, 2024Yield to maturity4.245%Jan 9, 2025Yield to maturity4.296%Jan 31, 2025Yield to maturity4.254%Feb 24, 2025Yield to maturity4.174%Mar 17, 2025Yield to maturity4.072%Apr 7, 2025Yield to maturity3.754%Apr 28, 2025Yield to maturity3.742%May 19, 2025Yield to maturity4.028%Jun 10, 2025Yield to maturity4.064%Jul 2, 2025Yield to maturity3.881%Jul 24, 2025Yield to maturity3.998%Aug 14, 2025Yield to maturity3.822%Sep 5, 2025Yield to maturity3.627%Sep 26, 2025Yield to maturity3.723%Oct 20, 2025Yield to maturity3.559%Nov 10, 2025Yield to maturity3.660%Dec 3, 2025Yield to maturity3.557%Dec 24, 2025Yield to maturity3.557%Jan 16, 2026Yield to maturity3.583%Feb 9, 2026Yield to maturity3.523%Mar 3, 2026Yield to maturity3.618%Mar 24, 2026Yield to maturity3.906%Apr 14, 2026Yield to maturity3.737%May 5, 2026Yield to maturity3.790%May 27, 2026Yield to maturity3.851%Jun 17, 2026Yield to maturity4.021%Jul 10, 2026Yield to maturity4.012%Jul 31, 2026Yield to maturity4.003%Aug 21, 2026Yield to maturity3.920%Sep 10, 2026Yield to maturity4.038%

Price history

644 trading days to Sep 10, 2026

979899100101102Feb 15, 2024Sep 10, 2026Feb 15, 2024Close99.344Mar 8, 2024Close99.625Mar 29, 2024Close99.188Apr 19, 2024Close98.156May 10, 2024Close98.500Jun 3, 2024Close98.656Jun 25, 2024Close99.000Jul 17, 2024Close99.625Aug 7, 2024Close100.469Aug 28, 2024Close100.750Sep 19, 2024Close101.344Oct 10, 2024Close100.375Nov 1, 2024Close99.844Nov 25, 2024Close99.688Dec 17, 2024Close99.750Jan 9, 2025Close99.656Jan 31, 2025Close99.750Feb 24, 2025Close99.906Mar 17, 2025Close100.094Apr 7, 2025Close100.656Apr 28, 2025Close100.656May 19, 2025Close100.156Jun 10, 2025Close100.094Jul 2, 2025Close100.375Jul 24, 2025Close100.188Aug 14, 2025Close100.438Sep 5, 2025Close100.688Sep 26, 2025Close100.531Oct 20, 2025Close100.719Nov 10, 2025Close100.563Dec 3, 2025Close100.656Dec 24, 2025Close100.625Jan 16, 2026Close100.563Feb 9, 2026Close100.594Mar 3, 2026Close100.469Mar 24, 2026Close100.188Apr 14, 2026Close100.313May 5, 2026Close100.250May 27, 2026Close100.188Jun 17, 2026Close100.063Jul 10, 2026Close100.063Jul 31, 2026Close100.063Aug 21, 2026Close100.094Sep 10, 2026Close100.031
The most recent 20 trading days of prices for 91282CKA8.
DateBidOfferClose
Sep 10, 2026–100.031100.031
Sep 9, 2026–100.031100.031
Sep 8, 2026–100.031100.031
Sep 4, 2026–100.031100.031
Sep 3, 2026–100.063100.063
Sep 2, 2026–100.063100.063
Sep 1, 2026–100.063100.031
Aug 31, 2026–100.063100.063
Aug 28, 2026–100.063100.063
Aug 27, 2026–100.094100.094
Aug 26, 2026–100.094100.094
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.094100.094
Aug 18, 2026–100.094100.094
Aug 17, 2026100.109100.094100.094
Aug 14, 2026100.109100.094100.094
Aug 13, 2026100.109100.094100.094

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 91282CKA8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 6, 2024Feb 15, 2024New issue$54.0bn$58.0bn2.58x4.169%

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.