Treasury note

91282CLD1 · 4.125% due July 31, 2031

Original term
7-Year
Maturity
Jul 31, 2031
Coupon
4.125%
Pays
Semi-Annual
Dated
Jul 31, 2024
First coupon
Jan 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$45.99bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.754%
Modified duration
4.344 yr
DV01
0.0425
Convexity
22.158
Dirty price
97.752

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 6 of twelve buckets, summing to 4.446 years against a modified duration of 4.344.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 2.71 cents per 100 of face.

That is 0.49 standard deviations from its own typical residual.

Yield to maturity, 529 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Jul 31, 2024Sep 10, 2026Jul 31, 2024Yield to maturity3.996%Aug 19, 2024Yield to maturity3.784%Sep 6, 2024Yield to maturity3.598%Sep 25, 2024Yield to maturity3.636%Oct 15, 2024Yield to maturity3.934%Nov 1, 2024Yield to maturity4.302%Nov 21, 2024Yield to maturity4.363%Dec 11, 2024Yield to maturity4.195%Dec 31, 2024Yield to maturity4.473%Jan 21, 2025Yield to maturity4.470%Feb 7, 2025Yield to maturity4.405%Feb 27, 2025Yield to maturity4.180%Mar 18, 2025Yield to maturity4.158%Apr 4, 2025Yield to maturity3.821%Apr 23, 2025Yield to maturity4.158%May 12, 2025Yield to maturity4.222%May 30, 2025Yield to maturity4.113%Jun 18, 2025Yield to maturity4.095%Jul 9, 2025Yield to maturity4.031%Jul 28, 2025Yield to maturity4.089%Aug 14, 2025Yield to maturity3.929%Sep 3, 2025Yield to maturity3.809%Sep 22, 2025Yield to maturity3.794%Oct 9, 2025Yield to maturity3.822%Oct 29, 2025Yield to maturity3.777%Nov 18, 2025Yield to maturity3.768%Dec 8, 2025Yield to maturity3.820%Dec 26, 2025Yield to maturity3.762%Jan 15, 2026Yield to maturity3.822%Feb 4, 2026Yield to maturity3.895%Feb 24, 2026Yield to maturity3.658%Mar 13, 2026Yield to maturity3.923%Apr 1, 2026Yield to maturity4.006%Apr 20, 2026Yield to maturity3.893%May 7, 2026Yield to maturity4.070%May 27, 2026Yield to maturity4.199%Jun 15, 2026Yield to maturity4.199%Jul 6, 2026Yield to maturity4.221%Jul 23, 2026Yield to maturity4.476%Aug 11, 2026Yield to maturity4.408%Aug 28, 2026Yield to maturity4.496%Sep 10, 2026Yield to maturity4.754%

Price history

529 trading days to Sep 10, 2026

9698100102104Jul 31, 2024Sep 10, 2026Jul 31, 2024Close100.781Aug 19, 2024Close102.063Sep 6, 2024Close103.188Sep 25, 2024Close102.938Oct 15, 2024Close101.125Nov 1, 2024Close98.969Nov 21, 2024Close98.625Dec 11, 2024Close99.594Dec 31, 2024Close98.031Jan 21, 2025Close98.063Feb 7, 2025Close98.438Feb 27, 2025Close99.688Mar 18, 2025Close99.813Apr 4, 2025Close101.688Apr 23, 2025Close99.813May 12, 2025Close99.469May 30, 2025Close100.063Jun 18, 2025Close100.156Jul 9, 2025Close100.500Jul 28, 2025Close100.188Aug 14, 2025Close101.031Sep 3, 2025Close101.656Sep 22, 2025Close101.719Oct 9, 2025Close101.563Oct 29, 2025Close101.781Nov 18, 2025Close101.813Dec 8, 2025Close101.531Dec 26, 2025Close101.813Jan 15, 2026Close101.500Feb 4, 2026Close101.125Feb 24, 2026Close102.281Mar 13, 2026Close100.969Apr 1, 2026Close100.563Apr 20, 2026Close101.094May 7, 2026Close100.250May 27, 2026Close99.656Jun 15, 2026Close99.656Jul 6, 2026Close99.563Jul 23, 2026Close98.438Aug 11, 2026Close98.750Aug 28, 2026Close98.375Sep 10, 2026Close97.281
The most recent 20 trading days of prices for 91282CLD1.
DateBidOfferClose
Sep 10, 202697.43897.40697.281
Sep 9, 202697.85997.84497.875
Sep 8, 202698.07898.06398.031
Sep 4, 202698.17298.15698.125
Sep 3, 202698.35998.34498.250
Sep 2, 202698.10998.09498.125
Sep 1, 202698.23498.21998.094
Aug 31, 202698.32898.31398.313
Aug 28, 202698.51698.50098.375
Aug 27, 202698.89198.87598.781
Aug 26, 202698.85998.84498.844
Aug 25, 202698.95398.93898.969
Aug 24, 202698.79798.78198.688
Aug 21, 202698.64198.62598.625
Aug 20, 202698.79798.78198.813
Aug 19, 202698.92298.90698.969
Aug 18, 202698.89198.87598.875
Aug 17, 202698.92298.90698.844
Aug 14, 202699.01699.00098.906
Aug 13, 202699.10999.09499.094

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 91282CLD1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 25, 2024Jul 31, 2024New issue$44.0bn$46.4bn2.64x4.162%

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.