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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$132.76bn
Held stripped
$78.3m
Share stripped
0.06%

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
4.877%
Modified duration
6.334 yr
DV01
0.0622
Convexity
47.889
Dirty price
98.227

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 8 of twelve buckets, summing to 6.483 years against a modified duration of 6.334.

Against the fitted curve

Priced 3.1 bp cheap to the curve on that day, 19.06 cents per 100 of face.

That is 1.29 standard deviations from its own typical residual.

Yield to maturity, 581 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%May 15, 2024Sep 10, 2026May 15, 2024Yield to maturity4.356%Jun 5, 2024Yield to maturity4.293%Jun 26, 2024Yield to maturity4.320%Jul 17, 2024Yield to maturity4.152%Aug 6, 2024Yield to maturity3.890%Aug 26, 2024Yield to maturity3.820%Sep 16, 2024Yield to maturity3.621%Oct 4, 2024Yield to maturity3.972%Oct 25, 2024Yield to maturity4.242%Nov 15, 2024Yield to maturity4.432%Dec 6, 2024Yield to maturity4.153%Dec 27, 2024Yield to maturity4.619%Jan 17, 2025Yield to maturity4.603%Feb 7, 2025Yield to maturity4.482%Feb 28, 2025Yield to maturity4.221%Mar 20, 2025Yield to maturity4.217%Apr 9, 2025Yield to maturity4.324%Apr 29, 2025Yield to maturity4.137%May 19, 2025Yield to maturity4.413%Jun 9, 2025Yield to maturity4.434%Jun 30, 2025Yield to maturity4.158%Jul 21, 2025Yield to maturity4.297%Aug 8, 2025Yield to maturity4.194%Aug 28, 2025Yield to maturity4.095%Sep 18, 2025Yield to maturity3.995%Oct 8, 2025Yield to maturity4.036%Oct 29, 2025Yield to maturity3.979%Nov 19, 2025Yield to maturity4.011%Dec 10, 2025Yield to maturity4.026%Dec 31, 2025Yield to maturity4.050%Jan 22, 2026Yield to maturity4.141%Feb 11, 2026Yield to maturity4.060%Mar 4, 2026Yield to maturity3.960%Mar 24, 2026Yield to maturity4.287%Apr 13, 2026Yield to maturity4.186%May 1, 2026Yield to maturity4.268%May 21, 2026Yield to maturity4.469%Jun 11, 2026Yield to maturity4.365%Jul 2, 2026Yield to maturity4.403%Jul 23, 2026Yield to maturity4.620%Aug 12, 2026Yield to maturity4.572%Sep 1, 2026Yield to maturity4.701%Sep 10, 2026Yield to maturity4.877%

Price history

581 trading days to Sep 10, 2026

9698100102104106108May 15, 2024Sep 10, 2026May 15, 2024Close100.156Jun 5, 2024Close100.656Jun 26, 2024Close100.438Jul 17, 2024Close101.781Aug 6, 2024Close103.906Aug 26, 2024Close104.469Sep 16, 2024Close106.094Oct 4, 2024Close103.188Oct 25, 2024Close101.031Nov 15, 2024Close99.563Dec 6, 2024Close101.719Dec 27, 2024Close98.156Jan 17, 2025Close98.281Feb 7, 2025Close99.188Feb 28, 2025Close101.156Mar 20, 2025Close101.188Apr 9, 2025Close100.375Apr 29, 2025Close101.781May 19, 2025Close99.719Jun 9, 2025Close99.563Jun 30, 2025Close101.594Jul 21, 2025Close100.563Aug 8, 2025Close101.313Aug 28, 2025Close102.031Sep 18, 2025Close102.750Oct 8, 2025Close102.438Oct 29, 2025Close102.844Nov 19, 2025Close102.594Dec 10, 2025Close102.469Dec 31, 2025Close102.281Jan 22, 2026Close101.625Feb 11, 2026Close102.188Mar 4, 2026Close102.875Mar 24, 2026Close100.594Apr 13, 2026Close101.281May 1, 2026Close100.719May 21, 2026Close99.375Jun 11, 2026Close100.063Jul 2, 2026Close99.813Jul 23, 2026Close98.406Aug 12, 2026Close98.719Sep 1, 2026Close97.906Sep 10, 2026Close96.813
The most recent 20 trading days of prices for 91282CKQ3.
DateBidOfferClose
Sep 10, 202697.01697.00096.813
Sep 9, 202697.54797.53197.594
Sep 8, 202697.89197.87597.844
Sep 4, 202698.01698.00097.969
Sep 3, 202698.23498.21998.094
Sep 2, 202697.89197.87597.906
Sep 1, 202698.07898.06397.906
Aug 31, 202698.17298.15698.188
Aug 28, 202698.51698.50098.313
Aug 27, 202698.89198.87598.750
Aug 26, 202698.90698.90698.844
Aug 25, 202698.98498.96999.031
Aug 24, 202698.70398.68898.594
Aug 21, 202698.42298.40698.406
Aug 20, 202698.67298.65698.688
Aug 19, 202698.89198.87598.969
Aug 18, 202698.64198.62598.656
Aug 17, 202698.70398.68898.563
Aug 14, 202698.82898.81398.750
Aug 13, 202699.04799.03199.031

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 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.

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.