Treasury note

91282CKR1 · 4.5% due May 15, 2027

Original term: 3-Year
Maturity: May 15, 2027
Coupon: 4.500%
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: $57.40bn
Held stripped: $9.3m
Share stripped: 0.02%

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: 4.312%
Modified duration: 0.492 yr
DV01: 0.0050
Convexity: 0.00488
Dirty price: 102.283

Where its rate sensitivity sits

0.49

0.01

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 0.499 years against a modified duration of 0.492.

Against the fitted curve

Priced 3.8 bp cheap to the curve on that day, 1.92 cents per 100 of face.

That is 1.58 standard deviations from its own typical residual.

Yield to maturity, 621 observations

Price history

621 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 91282CKR1.
Date	Bid	Offer	Close
Nov 9, 2026	100.094	100.125	100.094
Nov 6, 2026	100.094	100.125	100.094
Nov 5, 2026	100.094	100.125	100.125
Nov 4, 2026	100.094	100.109	100.094
Nov 3, 2026	100.094	100.109	100.094
Nov 2, 2026	100.094	100.109	100.094
Oct 30, 2026	100.094	100.109	100.094
Oct 29, 2026	100.094	100.109	100.094
Oct 28, 2026	100.063	100.078	100.063
Oct 27, 2026	100.063	100.078	100.063
Oct 26, 2026	100.094	100.094	100.063
Oct 23, 2026	100.094	100.109	100.094
Oct 22, 2026	100.094	100.109	100.094
Oct 21, 2026	100.031	100.063	100.063
Oct 20, 2026	100.063	100.078	100.063
Oct 19, 2026	100.031	100.063	100.063
Oct 16, 2026	100.063	100.078	100.063
Oct 15, 2026	100.063	100.078	100.063
Oct 14, 2026	100.031	100.047	100.031
Oct 13, 2026	100.063	100.078	100.063

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 91282CKR1.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
May 7, 2024	May 15, 2024	New issue	$58.0bn	$65.3bn	2.63x	4.605%

The curve this was priced against →