Treasury note

91282CLK5 · 3.625% due August 31, 2029

Original term
5-Year
Maturity
Aug 31, 2029
Coupon
3.625%
Pays
Semi-Annual
Dated
Aug 31, 2024
First coupon
Feb 28, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$75.54bn
Held stripped
$232.0m
Share stripped
0.31%

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
4.661%
Modified duration
2.772 yr
DV01
0.0270
Convexity
9.258
Dirty price
97.266

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 5 of twelve buckets, summing to 2.837 years against a modified duration of 2.772.

Against the fitted curve

Priced 1.7 bp rich to the curve on that day, 4.60 cents per 100 of face.

That is -1.11 standard deviations from its own typical residual.

Yield to maturity, 506 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Sep 3, 2024Sep 10, 2026Sep 3, 2024Yield to maturity3.653%Sep 19, 2024Yield to maturity3.493%Oct 7, 2024Yield to maturity3.858%Oct 24, 2024Yield to maturity4.025%Nov 12, 2024Yield to maturity4.316%Nov 29, 2024Yield to maturity4.070%Dec 17, 2024Yield to maturity4.261%Jan 6, 2025Yield to maturity4.421%Jan 23, 2025Yield to maturity4.444%Feb 10, 2025Yield to maturity4.343%Feb 27, 2025Yield to maturity4.093%Mar 17, 2025Yield to maturity4.097%Apr 2, 2025Yield to maturity3.936%Apr 18, 2025Yield to maturity3.907%May 6, 2025Yield to maturity3.862%May 22, 2025Yield to maturity4.082%Jun 10, 2025Yield to maturity4.055%Jun 27, 2025Yield to maturity3.787%Jul 16, 2025Yield to maturity3.939%Aug 1, 2025Yield to maturity3.725%Aug 19, 2025Yield to maturity3.777%Sep 5, 2025Yield to maturity3.540%Sep 23, 2025Yield to maturity3.624%Oct 9, 2025Yield to maturity3.676%Oct 28, 2025Yield to maturity3.554%Nov 14, 2025Yield to maturity3.677%Dec 3, 2025Yield to maturity3.552%Dec 19, 2025Yield to maturity3.606%Jan 8, 2026Yield to maturity3.633%Jan 27, 2026Yield to maturity3.709%Feb 12, 2026Yield to maturity3.568%Mar 3, 2026Yield to maturity3.548%Mar 19, 2026Yield to maturity3.830%Apr 6, 2026Yield to maturity3.912%Apr 22, 2026Yield to maturity3.834%May 8, 2026Yield to maturity3.949%May 27, 2026Yield to maturity4.110%Jun 12, 2026Yield to maturity4.149%Jul 1, 2026Yield to maturity4.199%Jul 20, 2026Yield to maturity4.263%Aug 5, 2026Yield to maturity4.261%Aug 21, 2026Yield to maturity4.327%Sep 9, 2026Yield to maturity4.522%Sep 10, 2026Yield to maturity4.661%

Price history

506 trading days to Sep 10, 2026

9596979899100101Sep 3, 2024Sep 10, 2026Sep 3, 2024Close99.875Sep 19, 2024Close100.594Oct 7, 2024Close98.969Oct 24, 2024Close98.250Nov 12, 2024Close97.031Nov 29, 2024Close98.094Dec 17, 2024Close97.313Jan 6, 2025Close96.688Jan 23, 2025Close96.625Feb 10, 2025Close97.063Feb 27, 2025Close98.094Mar 17, 2025Close98.094Apr 2, 2025Close98.750Apr 18, 2025Close98.875May 6, 2025Close99.063May 22, 2025Close98.219Jun 10, 2025Close98.344Jun 27, 2025Close99.375Jul 16, 2025Close98.813Aug 1, 2025Close99.625Aug 19, 2025Close99.438Sep 5, 2025Close100.313Sep 23, 2025Close100.000Oct 9, 2025Close99.813Oct 28, 2025Close100.250Nov 14, 2025Close99.813Dec 3, 2025Close100.250Dec 19, 2025Close100.063Jan 8, 2026Close99.969Jan 27, 2026Close99.719Feb 12, 2026Close100.188Mar 3, 2026Close100.250Mar 19, 2026Close99.344Apr 6, 2026Close99.094Apr 22, 2026Close99.344May 8, 2026Close99.000May 27, 2026Close98.531Jun 12, 2026Close98.438Jul 1, 2026Close98.313Jul 20, 2026Close98.156Aug 5, 2026Close98.188Aug 21, 2026Close98.031Sep 9, 2026Close97.531Sep 10, 2026Close97.156
The most recent 20 trading days of prices for 91282CLK5.
DateBidOfferClose
Sep 10, 202697.26697.25097.156
Sep 9, 202697.54797.53197.531
Sep 8, 202697.67297.65697.656
Sep 4, 202697.73497.71997.688
Sep 3, 202697.84497.84497.781
Sep 2, 202697.67297.65697.688
Sep 1, 202697.73497.71997.656
Aug 31, 202697.81397.81397.813
Aug 28, 202697.87597.84497.781
Aug 27, 202698.14198.12598.094
Aug 26, 202698.14198.12598.125
Aug 25, 202698.20398.18898.188
Aug 24, 202698.10998.09498.063
Aug 21, 202698.04798.03198.031
Aug 20, 202698.17298.15698.156
Aug 19, 202698.18898.18898.219
Aug 18, 202698.20398.18898.188
Aug 17, 202698.23498.21998.188
Aug 14, 202698.26698.25098.188
Aug 13, 202698.29798.28198.281

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 91282CLK5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 28, 2024Sep 3, 2024New issue$70.0bn$75.6bn2.41x3.645%

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.