Treasury note

91282CKQ3 · 4.375% due May 15, 2034

Original term
10-Year
Maturity
May 15, 2034
Coupon
4.375%
Pays
Semi-Annual
Dated
May 15, 2024
First coupon
Nov 15, 2024
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$131.11bn
Held stripped
$68.3m
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
4.785%
Modified duration
6.182 yr
DV01
0.0615
Convexity
0.459
Dirty price
99.566

Where its rate sensitivity sits

0.01
0.04
0.08
0.19
0.35
4.75
0.92
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 7 of twelve buckets, summing to 6.324 years against a modified duration of 6.182.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 18.31 cents per 100 of face.

That is 0.84 standard deviations from its own typical residual.

Yield to maturity, 621 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%May 15, 2024Nov 9, 2026May 15, 2024Yield to maturity4.356%May 20, 2024Yield to maturity4.441%May 23, 2024Yield to maturity4.473%May 29, 2024Yield to maturity4.612%Jun 3, 2024Yield to maturity4.406%Jun 6, 2024Yield to maturity4.281%Jun 11, 2024Yield to maturity4.394%Jun 14, 2024Yield to maturity4.207%Jun 20, 2024Yield to maturity4.250%Jun 25, 2024Yield to maturity4.230%Jun 28, 2024Yield to maturity4.355%Jul 3, 2024Yield to maturity4.359%Jul 9, 2024Yield to maturity4.296%Jul 12, 2024Yield to maturity4.179%Jul 17, 2024Yield to maturity4.152%Jul 22, 2024Yield to maturity4.256%Jul 25, 2024Yield to maturity4.260%Jul 30, 2024Yield to maturity4.139%Aug 2, 2024Yield to maturity3.792%Aug 7, 2024Yield to maturity3.966%Aug 12, 2024Yield to maturity3.908%Aug 15, 2024Yield to maturity3.919%Aug 20, 2024Yield to maturity3.820%Aug 23, 2024Yield to maturity3.808%Aug 28, 2024Yield to maturity3.846%Sep 3, 2024Yield to maturity3.838%Sep 6, 2024Yield to maturity3.716%Sep 11, 2024Yield to maturity3.648%Sep 16, 2024Yield to maturity3.621%Sep 19, 2024Yield to maturity3.722%Sep 24, 2024Yield to maturity3.725%Sep 27, 2024Yield to maturity3.739%Oct 2, 2024Yield to maturity3.777%Oct 7, 2024Yield to maturity4.019%Oct 10, 2024Yield to maturity4.085%Oct 16, 2024Yield to maturity4.014%Oct 21, 2024Yield to maturity4.175%Oct 24, 2024Yield to maturity4.203%Oct 29, 2024Yield to maturity4.274%Nov 1, 2024Yield to maturity4.367%Nov 6, 2024Yield to maturity4.436%Nov 12, 2024Yield to maturity4.444%Nov 15, 2024Yield to maturity4.432%Nov 20, 2024Yield to maturity4.416%Nov 25, 2024Yield to maturity4.270%Nov 29, 2024Yield to maturity4.185%Dec 4, 2024Yield to maturity4.189%Dec 9, 2024Yield to maturity4.197%Dec 12, 2024Yield to maturity4.326%Dec 17, 2024Yield to maturity4.395%Dec 20, 2024Yield to maturity4.519%Dec 26, 2024Yield to maturity4.573%Dec 31, 2024Yield to maturity4.573%Jan 6, 2025Yield to maturity4.615%Jan 9, 2025Yield to maturity4.687%Jan 14, 2025Yield to maturity4.781%Jan 17, 2025Yield to maturity4.603%Jan 23, 2025Yield to maturity4.633%Jan 28, 2025Yield to maturity4.532%Jan 31, 2025Yield to maturity4.566%Feb 5, 2025Yield to maturity4.407%Feb 10, 2025Yield to maturity4.491%Feb 13, 2025Yield to maturity4.520%Feb 19, 2025Yield to maturity4.525%Feb 24, 2025Yield to maturity4.391%Feb 27, 2025Yield to maturity4.275%Mar 4, 2025Yield to maturity4.209%Mar 7, 2025Yield to maturity4.304%Mar 12, 2025Yield to maturity4.304%Mar 17, 2025Yield to maturity4.295%Mar 20, 2025Yield to maturity4.217%Mar 25, 2025Yield to maturity4.291%Mar 28, 2025Yield to maturity4.241%Apr 2, 2025Yield to maturity4.175%Apr 7, 2025Yield to maturity4.109%Apr 10, 2025Yield to maturity4.375%Apr 15, 2025Yield to maturity4.307%Apr 21, 2025Yield to maturity4.375%Apr 24, 2025Yield to maturity4.282%Apr 29, 2025Yield to maturity4.137%May 2, 2025Yield to maturity4.278%May 7, 2025Yield to maturity4.228%May 12, 2025Yield to maturity4.417%May 15, 2025Yield to maturity4.405%May 20, 2025Yield to maturity4.430%May 23, 2025Yield to maturity4.460%May 29, 2025Yield to maturity4.375%Jun 3, 2025Yield to maturity4.405%Jun 6, 2025Yield to maturity4.460%Jun 11, 2025Yield to maturity4.358%Jun 16, 2025Yield to maturity4.396%Jun 20, 2025Yield to maturity4.315%Jun 25, 2025Yield to maturity4.217%Jun 30, 2025Yield to maturity4.158%Jul 3, 2025Yield to maturity4.280%Jul 9, 2025Yield to maturity4.267%Jul 14, 2025Yield to maturity4.353%Jul 17, 2025Yield to maturity4.387%Jul 22, 2025Yield to maturity4.258%Jul 25, 2025Yield to maturity4.310%Jul 30, 2025Yield to maturity4.297%Aug 4, 2025Yield to maturity4.122%Aug 7, 2025Yield to maturity4.156%Aug 12, 2025Yield to maturity4.194%Aug 15, 2025Yield to maturity4.223%Aug 20, 2025Yield to maturity4.180%Aug 25, 2025Yield to maturity4.172%Aug 28, 2025Yield to maturity4.095%Sep 3, 2025Yield to maturity4.099%Sep 8, 2025Yield to maturity3.933%Sep 11, 2025Yield to maturity3.899%Sep 16, 2025Yield to maturity3.920%Sep 19, 2025Yield to maturity4.021%Sep 24, 2025Yield to maturity4.042%Sep 29, 2025Yield to maturity4.050%Oct 2, 2025Yield to maturity3.990%Oct 7, 2025Yield to maturity4.032%Oct 10, 2025Yield to maturity3.955%Oct 16, 2025Yield to maturity3.870%Oct 21, 2025Yield to maturity3.861%Oct 24, 2025Yield to maturity3.902%Oct 29, 2025Yield to maturity3.979%Nov 3, 2025Yield to maturity4.017%Nov 6, 2025Yield to maturity3.995%Nov 12, 2025Yield to maturity3.969%Nov 17, 2025Yield to maturity4.020%Nov 20, 2025Yield to maturity3.985%Nov 25, 2025Yield to maturity3.882%Dec 1, 2025Yield to maturity3.971%Dec 4, 2025Yield to maturity3.984%Dec 9, 2025Yield to maturity4.066%Dec 12, 2025Yield to maturity4.069%Dec 17, 2025Yield to maturity4.026%Dec 22, 2025Yield to maturity4.042%Dec 26, 2025Yield to maturity4.011%Dec 31, 2025Yield to maturity4.050%Jan 6, 2026Yield to maturity4.050%Jan 9, 2026Yield to maturity4.058%Jan 14, 2026Yield to maturity4.023%Jan 20, 2026Yield to maturity4.177%Jan 23, 2026Yield to maturity4.128%Jan 28, 2026Yield to maturity4.145%Feb 2, 2026Yield to maturity4.163%Feb 5, 2026Yield to maturity4.082%Feb 10, 2026Yield to maturity4.024%Feb 13, 2026Yield to maturity3.918%Feb 19, 2026Yield to maturity3.948%Feb 24, 2026Yield to maturity3.912%Feb 27, 2026Yield to maturity3.833%Mar 4, 2026Yield to maturity3.960%Mar 9, 2026Yield to maturity3.991%Mar 12, 2026Yield to maturity4.151%Mar 17, 2026Yield to maturity4.075%Mar 20, 2026Yield to maturity4.283%Mar 25, 2026Yield to maturity4.223%Mar 30, 2026Yield to maturity4.241%Apr 2, 2026Yield to maturity4.205%Apr 7, 2026Yield to maturity4.218%Apr 10, 2026Yield to maturity4.204%Apr 15, 2026Yield to maturity4.163%Apr 20, 2026Yield to maturity4.131%Apr 23, 2026Yield to maturity4.218%Apr 28, 2026Yield to maturity4.236%May 1, 2026Yield to maturity4.268%May 6, 2026Yield to maturity4.240%May 11, 2026Yield to maturity4.300%May 14, 2026Yield to maturity4.356%May 19, 2026Yield to maturity4.559%May 22, 2026Yield to maturity4.469%May 28, 2026Yield to maturity4.356%Jun 2, 2026Yield to maturity4.365%Jun 5, 2026Yield to maturity4.464%Jun 10, 2026Yield to maturity4.460%Jun 15, 2026Yield to maturity4.374%Jun 18, 2026Yield to maturity4.379%Jun 24, 2026Yield to maturity4.332%Jun 29, 2026Yield to maturity4.294%Jul 2, 2026Yield to maturity4.403%Jul 8, 2026Yield to maturity4.479%Jul 13, 2026Yield to maturity4.532%Jul 16, 2026Yield to maturity4.465%Jul 21, 2026Yield to maturity4.537%Jul 24, 2026Yield to maturity4.595%Jul 29, 2026Yield to maturity4.567%Aug 3, 2026Yield to maturity4.586%Aug 6, 2026Yield to maturity4.577%Aug 11, 2026Yield to maturity4.592%Aug 14, 2026Yield to maturity4.567%Aug 19, 2026Yield to maturity4.534%Aug 24, 2026Yield to maturity4.592%Aug 27, 2026Yield to maturity4.568%Sep 1, 2026Yield to maturity4.701%Sep 4, 2026Yield to maturity4.692%Sep 10, 2026Yield to maturity4.877%Sep 15, 2026Yield to maturity4.938%Sep 18, 2026Yield to maturity4.959%Sep 23, 2026Yield to maturity5.077%Sep 28, 2026Yield to maturity5.181%Oct 1, 2026Yield to maturity5.161%Oct 6, 2026Yield to maturity5.188%Oct 9, 2026Yield to maturity5.174%Oct 15, 2026Yield to maturity5.031%Oct 20, 2026Yield to maturity5.057%Oct 23, 2026Yield to maturity4.930%Oct 28, 2026Yield to maturity4.977%Nov 2, 2026Yield to maturity4.819%Nov 5, 2026Yield to maturity4.729%Nov 9, 2026Yield to maturity4.785%

Price history

621 trading days to Nov 9, 2026

92.595.097.5100.0102.5105.0107.5May 15, 2024Nov 9, 2026May 15, 2024Close100.156May 20, 2024Close99.469May 23, 2024Close99.219May 29, 2024Close98.125Jun 3, 2024Close99.750Jun 6, 2024Close100.750Jun 11, 2024Close99.844Jun 14, 2024Close101.344Jun 20, 2024Close101.000Jun 25, 2024Close101.156Jun 28, 2024Close100.156Jul 3, 2024Close100.125Jul 9, 2024Close100.625Jul 12, 2024Close101.563Jul 17, 2024Close101.781Jul 22, 2024Close100.938Jul 25, 2024Close100.906Jul 30, 2024Close101.875Aug 2, 2024Close104.719Aug 7, 2024Close103.281Aug 12, 2024Close103.750Aug 15, 2024Close103.656Aug 20, 2024Close104.469Aug 23, 2024Close104.563Aug 28, 2024Close104.250Sep 3, 2024Close104.313Sep 6, 2024Close105.313Sep 11, 2024Close105.875Sep 16, 2024Close106.094Sep 19, 2024Close105.250Sep 24, 2024Close105.219Sep 27, 2024Close105.094Oct 2, 2024Close104.781Oct 7, 2024Close102.813Oct 10, 2024Close102.281Oct 16, 2024Close102.844Oct 21, 2024Close101.563Oct 24, 2024Close101.344Oct 29, 2024Close100.781Nov 1, 2024Close100.063Nov 6, 2024Close99.531Nov 12, 2024Close99.469Nov 15, 2024Close99.563Nov 20, 2024Close99.688Nov 25, 2024Close100.813Nov 29, 2024Close101.469Dec 4, 2024Close101.438Dec 9, 2024Close101.375Dec 12, 2024Close100.375Dec 17, 2024Close99.844Dec 20, 2024Close98.906Dec 26, 2024Close98.500Dec 31, 2024Close98.500Jan 6, 2025Close98.188Jan 9, 2025Close97.656Jan 14, 2025Close96.969Jan 17, 2025Close98.281Jan 23, 2025Close98.063Jan 28, 2025Close98.813Jan 31, 2025Close98.563Feb 5, 2025Close99.750Feb 10, 2025Close99.125Feb 13, 2025Close98.906Feb 19, 2025Close98.875Feb 24, 2025Close99.875Feb 27, 2025Close100.750Mar 4, 2025Close101.250Mar 7, 2025Close100.531Mar 12, 2025Close100.531Mar 17, 2025Close100.594Mar 20, 2025Close101.188Mar 25, 2025Close100.625Mar 28, 2025Close101.000Apr 2, 2025Close101.500Apr 7, 2025Close102.000Apr 10, 2025Close100.000Apr 15, 2025Close100.500Apr 21, 2025Close100.000Apr 24, 2025Close100.688Apr 29, 2025Close101.781May 2, 2025Close100.719May 7, 2025Close101.094May 12, 2025Close99.688May 15, 2025Close99.781May 20, 2025Close99.594May 23, 2025Close99.375May 29, 2025Close100.000Jun 3, 2025Close99.781Jun 6, 2025Close99.375Jun 11, 2025Close100.125Jun 16, 2025Close99.844Jun 20, 2025Close100.438Jun 25, 2025Close101.156Jun 30, 2025Close101.594Jul 3, 2025Close100.688Jul 9, 2025Close100.781Jul 14, 2025Close100.156Jul 17, 2025Close99.906Jul 22, 2025Close100.844Jul 25, 2025Close100.469Jul 30, 2025Close100.563Aug 4, 2025Close101.844Aug 7, 2025Close101.594Aug 12, 2025Close101.313Aug 15, 2025Close101.094Aug 20, 2025Close101.406Aug 25, 2025Close101.469Aug 28, 2025Close102.031Sep 3, 2025Close102.000Sep 8, 2025Close103.219Sep 11, 2025Close103.469Sep 16, 2025Close103.313Sep 19, 2025Close102.563Sep 24, 2025Close102.406Sep 29, 2025Close102.344Oct 2, 2025Close102.781Oct 7, 2025Close102.469Oct 10, 2025Close103.031Oct 16, 2025Close103.656Oct 21, 2025Close103.719Oct 24, 2025Close103.406Oct 29, 2025Close102.844Nov 3, 2025Close102.563Nov 6, 2025Close102.719Nov 12, 2025Close102.906Nov 17, 2025Close102.531Nov 20, 2025Close102.781Nov 25, 2025Close103.531Dec 1, 2025Close102.875Dec 4, 2025Close102.781Dec 9, 2025Close102.188Dec 12, 2025Close102.156Dec 17, 2025Close102.469Dec 22, 2025Close102.344Dec 26, 2025Close102.563Dec 31, 2025Close102.281Jan 6, 2026Close102.281Jan 9, 2026Close102.219Jan 14, 2026Close102.469Jan 20, 2026Close101.375Jan 23, 2026Close101.719Jan 28, 2026Close101.594Feb 2, 2026Close101.469Feb 5, 2026Close102.031Feb 10, 2026Close102.438Feb 13, 2026Close103.188Feb 19, 2026Close102.969Feb 24, 2026Close103.219Feb 27, 2026Close103.781Mar 4, 2026Close102.875Mar 9, 2026Close102.656Mar 12, 2026Close101.531Mar 17, 2026Close102.063Mar 20, 2026Close100.625Mar 25, 2026Close101.031Mar 30, 2026Close100.906Apr 2, 2026Close101.156Apr 7, 2026Close101.063Apr 10, 2026Close101.156Apr 15, 2026Close101.438Apr 20, 2026Close101.656Apr 23, 2026Close101.063Apr 28, 2026Close100.938May 1, 2026Close100.719May 6, 2026Close100.906May 11, 2026Close100.500May 14, 2026Close100.125May 19, 2026Close98.781May 22, 2026Close99.375May 28, 2026Close100.125Jun 2, 2026Close100.063Jun 5, 2026Close99.406Jun 10, 2026Close99.438Jun 15, 2026Close100.000Jun 18, 2026Close99.969Jun 24, 2026Close100.281Jun 29, 2026Close100.531Jul 2, 2026Close99.813Jul 8, 2026Close99.313Jul 13, 2026Close98.969Jul 16, 2026Close99.406Jul 21, 2026Close98.938Jul 24, 2026Close98.563Jul 29, 2026Close98.750Aug 3, 2026Close98.625Aug 6, 2026Close98.688Aug 11, 2026Close98.594Aug 14, 2026Close98.750Aug 19, 2026Close98.969Aug 24, 2026Close98.594Aug 27, 2026Close98.750Sep 1, 2026Close97.906Sep 4, 2026Close97.969Sep 10, 2026Close96.813Sep 15, 2026Close96.438Sep 18, 2026Close96.313Sep 23, 2026Close95.594Sep 28, 2026Close94.969Oct 1, 2026Close95.094Oct 6, 2026Close94.938Oct 9, 2026Close95.031Oct 15, 2026Close95.906Oct 20, 2026Close95.750Oct 23, 2026Close96.531Oct 28, 2026Close96.250Nov 2, 2026Close97.219Nov 5, 2026Close97.781Nov 9, 2026Close97.438
The most recent 20 trading days of prices for 91282CKQ3.
DateBidOfferClose
Nov 9, 202697.43897.45397.438
Nov 6, 202697.53197.54797.563
Nov 5, 202697.65697.67297.781
Nov 4, 202697.18897.20397.344
Nov 3, 202697.03197.04796.969
Nov 2, 202697.34497.35997.219
Oct 30, 202696.93896.95397.063
Oct 29, 202696.71996.73496.688
Oct 28, 202696.28196.29796.250
Oct 27, 202696.56396.57896.531
Oct 26, 202696.53196.54796.500
Oct 23, 202696.53196.54796.531
Oct 22, 202696.40696.43896.750
Oct 21, 202695.81395.82895.688
Oct 20, 202695.84495.85995.750
Oct 19, 202695.71995.73495.625
Oct 16, 202696.00096.01695.969
Oct 15, 202695.87595.89195.906
Oct 14, 202694.93894.95395.313
Oct 13, 202695.15695.18895.188

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.

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 91282CKQ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 8, 2024May 15, 2024New issue$42.0bn$47.3bn2.49x4.483%
Jun 11, 2024Jun 17, 2024Reopening$39.0bn$40.3bn2.67x4.438%
Jul 10, 2024Jul 15, 2024Reopening$39.0bn$45.3bn2.58x4.276%

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.