Treasury note

91282CLL3 · 3.375% due September 15, 2027

Original term
3-Year
Maturity
Sep 15, 2027
Coupon
3.375%
Pays
Semi-Annual
Dated
Sep 15, 2024
First coupon
Mar 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$58.54bn
Held stripped
$8.0m
Share stripped
0.01%

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
4.365%
Modified duration
0.965 yr
DV01
0.0097
Convexity
1.422
Dirty price
100.682

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 3 of twelve buckets, summing to 0.986 years against a modified duration of 0.965.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 1.44 cents per 100 of face.

That is 1.24 standard deviations from its own typical residual.

Yield to maturity, 497 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Sep 16, 2024Sep 10, 2026Sep 16, 2024Yield to maturity3.419%Oct 2, 2024Yield to maturity3.543%Oct 21, 2024Yield to maturity3.938%Nov 6, 2024Yield to maturity4.219%Nov 25, 2024Yield to maturity4.209%Dec 12, 2024Yield to maturity4.174%Dec 31, 2024Yield to maturity4.277%Jan 17, 2025Yield to maturity4.320%Feb 5, 2025Yield to maturity4.193%Feb 24, 2025Yield to maturity4.170%Mar 12, 2025Yield to maturity3.997%Mar 28, 2025Yield to maturity3.913%Apr 15, 2025Yield to maturity3.839%May 1, 2025Yield to maturity3.679%May 19, 2025Yield to maturity3.942%Jun 5, 2025Yield to maturity3.909%Jun 24, 2025Yield to maturity3.772%Jul 11, 2025Yield to maturity3.888%Jul 29, 2025Yield to maturity3.852%Aug 14, 2025Yield to maturity3.720%Sep 2, 2025Yield to maturity3.648%Sep 18, 2025Yield to maturity3.555%Oct 6, 2025Yield to maturity3.593%Oct 23, 2025Yield to maturity3.494%Nov 10, 2025Yield to maturity3.603%Nov 28, 2025Yield to maturity3.518%Dec 16, 2025Yield to maturity3.485%Jan 5, 2026Yield to maturity3.469%Jan 22, 2026Yield to maturity3.610%Feb 9, 2026Yield to maturity3.496%Feb 26, 2026Yield to maturity3.479%Mar 16, 2026Yield to maturity3.700%Apr 1, 2026Yield to maturity3.843%Apr 17, 2026Yield to maturity3.719%May 5, 2026Yield to maturity3.897%May 21, 2026Yield to maturity3.988%Jun 9, 2026Yield to maturity4.063%Jun 26, 2026Yield to maturity4.092%Jul 15, 2026Yield to maturity4.092%Jul 31, 2026Yield to maturity4.182%Aug 18, 2026Yield to maturity4.064%Sep 3, 2026Yield to maturity4.188%Sep 10, 2026Yield to maturity4.365%

Price history

497 trading days to Sep 10, 2026

97.0097.5098.0098.5099.0099.50100.00Sep 16, 2024Sep 10, 2026Sep 16, 2024Close99.875Oct 2, 2024Close99.531Oct 21, 2024Close98.469Nov 6, 2024Close97.750Nov 25, 2024Close97.813Dec 12, 2024Close97.938Dec 31, 2024Close97.719Jan 17, 2025Close97.656Feb 5, 2025Close98.000Feb 24, 2025Close98.094Mar 12, 2025Close98.531Mar 28, 2025Close98.750Apr 15, 2025Close98.938May 1, 2025Close99.313May 19, 2025Close98.750Jun 5, 2025Close98.844Jun 24, 2025Close99.156Jul 11, 2025Close98.938Jul 29, 2025Close99.031Aug 14, 2025Close99.313Sep 2, 2025Close99.469Sep 18, 2025Close99.656Oct 6, 2025Close99.594Oct 23, 2025Close99.781Nov 10, 2025Close99.594Nov 28, 2025Close99.750Dec 16, 2025Close99.813Jan 5, 2026Close99.844Jan 22, 2026Close99.625Feb 9, 2026Close99.813Feb 26, 2026Close99.844Mar 16, 2026Close99.531Apr 1, 2026Close99.344Apr 17, 2026Close99.531May 5, 2026Close99.313May 21, 2026Close99.219Jun 9, 2026Close99.156Jun 26, 2026Close99.156Jul 15, 2026Close99.188Jul 31, 2026Close99.125Aug 18, 2026Close99.281Sep 3, 2026Close99.188Sep 10, 2026Close99.031
The most recent 20 trading days of prices for 91282CLL3.
DateBidOfferClose
Sep 10, 202699.09499.06399.031
Sep 9, 202699.17299.15699.156
Sep 8, 202699.17299.15699.156
Sep 4, 202699.17299.15699.156
Sep 3, 202699.20399.18899.188
Sep 2, 202699.14199.12599.125
Sep 1, 202699.17299.15699.125
Aug 31, 202699.18899.18899.156
Aug 28, 202699.18899.18899.156
Aug 27, 202699.28199.28199.250
Aug 26, 202699.26699.25099.250
Aug 25, 202699.26699.25099.250
Aug 24, 202699.25099.25099.250
Aug 21, 202699.25099.25099.250
Aug 20, 202699.29799.28199.281
Aug 19, 202699.26699.25099.281
Aug 18, 202699.29799.28199.281
Aug 17, 202699.29799.28199.250
Aug 14, 202699.29799.28199.250
Aug 13, 202699.28199.28199.281

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 91282CLL3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 10, 2024Sep 16, 2024New issue$58.0bn$58.6bn2.66x3.440%

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.