Treasury note

91282CLF6 · 3.875% due August 15, 2034

Original term
10-Year
Maturity
Aug 15, 2034
Coupon
3.875%
Pays
Semi-Annual
Dated
Aug 15, 2024
First coupon
Feb 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$128.74bn
Held stripped
$44.1m
Share stripped
0.03%

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
4.893%
Modified duration
6.673 yr
DV01
0.0625
Convexity
52.183
Dirty price
93.659

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 6.833 years against a modified duration of 6.673.

Against the fitted curve

Priced 3.1 bp cheap to the curve on that day, 19.29 cents per 100 of face.

That is 1.40 standard deviations from its own typical residual.

Yield to maturity, 518 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Aug 15, 2024Sep 10, 2026Aug 15, 2024Yield to maturity3.917%Sep 3, 2024Yield to maturity3.840%Sep 19, 2024Yield to maturity3.726%Oct 7, 2024Yield to maturity4.022%Oct 24, 2024Yield to maturity4.208%Nov 12, 2024Yield to maturity4.444%Nov 29, 2024Yield to maturity4.179%Dec 17, 2024Yield to maturity4.395%Jan 6, 2025Yield to maturity4.618%Jan 23, 2025Yield to maturity4.638%Feb 10, 2025Yield to maturity4.494%Feb 27, 2025Yield to maturity4.280%Mar 17, 2025Yield to maturity4.302%Apr 2, 2025Yield to maturity4.183%Apr 18, 2025Yield to maturity4.318%May 6, 2025Yield to maturity4.290%May 22, 2025Yield to maturity4.518%Jun 10, 2025Yield to maturity4.435%Jun 27, 2025Yield to maturity4.241%Jul 16, 2025Yield to maturity4.405%Aug 1, 2025Yield to maturity4.164%Aug 19, 2025Yield to maturity4.229%Sep 5, 2025Yield to maturity4.005%Sep 23, 2025Yield to maturity4.035%Oct 9, 2025Yield to maturity4.074%Oct 28, 2025Yield to maturity3.912%Nov 14, 2025Yield to maturity4.063%Dec 3, 2025Yield to maturity3.960%Dec 19, 2025Yield to maturity4.056%Jan 8, 2026Yield to maturity4.088%Jan 27, 2026Yield to maturity4.146%Feb 12, 2026Yield to maturity4.002%Mar 3, 2026Yield to maturity3.954%Mar 19, 2026Yield to maturity4.168%Apr 6, 2026Yield to maturity4.255%Apr 22, 2026Yield to maturity4.202%May 8, 2026Yield to maturity4.277%May 27, 2026Yield to maturity4.400%Jun 12, 2026Yield to maturity4.408%Jul 1, 2026Yield to maturity4.410%Jul 20, 2026Yield to maturity4.514%Aug 5, 2026Yield to maturity4.541%Aug 21, 2026Yield to maturity4.642%Sep 9, 2026Yield to maturity4.768%Sep 10, 2026Yield to maturity4.893%

Price history

518 trading days to Sep 10, 2026

92949698100102104Aug 15, 2024Sep 10, 2026Aug 15, 2024Close99.656Sep 3, 2024Close100.281Sep 19, 2024Close101.219Oct 7, 2024Close98.813Oct 24, 2024Close97.344Nov 12, 2024Close95.531Nov 29, 2024Close97.594Dec 17, 2024Close95.938Jan 6, 2025Close94.281Jan 23, 2025Close94.156Feb 10, 2025Close95.250Feb 27, 2025Close96.875Mar 17, 2025Close96.719Apr 2, 2025Close97.625Apr 18, 2025Close96.625May 6, 2025Close96.844May 22, 2025Close95.188Jun 10, 2025Close95.813Jun 27, 2025Close97.250Jul 16, 2025Close96.063Aug 1, 2025Close97.844Aug 19, 2025Close97.375Sep 5, 2025Close99.031Sep 23, 2025Close98.813Oct 9, 2025Close98.531Oct 28, 2025Close99.719Nov 14, 2025Close98.625Dec 3, 2025Close99.375Dec 19, 2025Close98.688Jan 8, 2026Close98.469Jan 27, 2026Close98.063Feb 12, 2026Close99.094Mar 3, 2026Close99.438Mar 19, 2026Close97.938Apr 6, 2026Close97.344Apr 22, 2026Close97.719May 8, 2026Close97.219May 27, 2026Close96.406Jun 12, 2026Close96.375Jul 1, 2026Close96.375Jul 20, 2026Close95.719Aug 5, 2026Close95.563Aug 21, 2026Close94.938Sep 9, 2026Close94.156Sep 10, 2026Close93.375
The most recent 20 trading days of prices for 91282CLF6.
DateBidOfferClose
Sep 10, 202693.57893.56393.375
Sep 9, 202694.12594.09494.156
Sep 8, 202694.45394.43894.406
Sep 4, 202694.57894.56394.531
Sep 3, 202694.79794.78194.656
Sep 2, 202694.45394.43894.469
Sep 1, 202694.64194.62594.438
Aug 31, 202694.70394.68894.750
Aug 28, 202695.06395.03194.875
Aug 27, 202695.42295.40695.281
Aug 26, 202695.43895.43895.375
Aug 25, 202695.51695.50095.563
Aug 24, 202695.25095.25095.125
Aug 21, 202694.98494.96994.938
Aug 20, 202695.20395.18895.219
Aug 19, 202695.43895.40695.500
Aug 18, 202695.14195.12595.188
Aug 17, 202695.21995.21995.094
Aug 14, 202695.35995.34495.281
Aug 13, 202695.57895.56395.563

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 91282CLF6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 7, 2024Aug 15, 2024New issue$42.0bn$50.0bn2.32x3.960%
Sep 11, 2024Sep 16, 2024Reopening$39.0bn$39.4bn2.64x3.648%
Oct 9, 2024Oct 15, 2024Reopening$39.0bn$39.5bn2.48x4.066%

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.