Treasury note

91282CLM1 · 3.625% due September 30, 2031

Original term
7-Year
Maturity
Sep 30, 2031
Coupon
3.625%
Pays
Semi-Annual
Dated
Sep 30, 2024
First coupon
Mar 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.83bn
Held stripped
$17.6m
Share stripped
0.04%

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
4.757%
Modified duration
4.465 yr
DV01
0.0431
Convexity
23.535
Dirty price
96.593

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 7 of twelve buckets, summing to 4.570 years against a modified duration of 4.465.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 1.10 cents per 100 of face.

That is -0.21 standard deviations from its own typical residual.

Yield to maturity, 487 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%Sep 30, 2024Sep 10, 2026Sep 30, 2024Yield to maturity3.671%Oct 17, 2024Yield to maturity3.988%Nov 4, 2024Yield to maturity4.247%Nov 21, 2024Yield to maturity4.364%Dec 10, 2024Yield to maturity4.151%Dec 27, 2024Yield to maturity4.536%Jan 15, 2025Yield to maturity4.553%Feb 3, 2025Yield to maturity4.446%Feb 20, 2025Yield to maturity4.423%Mar 10, 2025Yield to maturity4.091%Mar 26, 2025Yield to maturity4.201%Apr 11, 2025Yield to maturity4.307%Apr 29, 2025Yield to maturity3.930%May 15, 2025Yield to maturity4.211%Jun 3, 2025Yield to maturity4.186%Jun 20, 2025Yield to maturity4.097%Jul 9, 2025Yield to maturity4.048%Jul 25, 2025Yield to maturity4.081%Aug 12, 2025Yield to maturity3.954%Aug 28, 2025Yield to maturity3.839%Sep 16, 2025Yield to maturity3.701%Oct 2, 2025Yield to maturity3.778%Oct 21, 2025Yield to maturity3.654%Nov 6, 2025Yield to maturity3.779%Nov 25, 2025Yield to maturity3.660%Dec 12, 2025Yield to maturity3.843%Dec 31, 2025Yield to maturity3.814%Jan 20, 2026Yield to maturity3.946%Feb 5, 2026Yield to maturity3.829%Feb 24, 2026Yield to maturity3.674%Mar 12, 2026Yield to maturity3.941%Mar 30, 2026Yield to maturity4.041%Apr 15, 2026Yield to maturity3.952%May 1, 2026Yield to maturity4.066%May 19, 2026Yield to maturity4.370%Jun 5, 2026Yield to maturity4.315%Jun 24, 2026Yield to maturity4.205%Jul 13, 2026Yield to maturity4.382%Jul 29, 2026Yield to maturity4.395%Aug 14, 2026Yield to maturity4.381%Sep 1, 2026Yield to maturity4.572%Sep 10, 2026Yield to maturity4.757%

Price history

487 trading days to Sep 10, 2026

92949698100102Sep 30, 2024Sep 10, 2026Sep 30, 2024Close99.719Oct 17, 2024Close97.813Nov 4, 2024Close96.313Nov 21, 2024Close95.656Dec 10, 2024Close96.906Dec 27, 2024Close94.750Jan 15, 2025Close94.688Feb 3, 2025Close95.313Feb 20, 2025Close95.469Mar 10, 2025Close97.344Mar 26, 2025Close96.750Apr 11, 2025Close96.188Apr 29, 2025Close98.281May 15, 2025Close96.750Jun 3, 2025Close96.906Jun 20, 2025Close97.406Jul 9, 2025Close97.688Jul 25, 2025Close97.531Aug 12, 2025Close98.219Aug 28, 2025Close98.844Sep 16, 2025Close99.594Oct 2, 2025Close99.188Oct 21, 2025Close99.844Nov 6, 2025Close99.188Nov 25, 2025Close99.813Dec 12, 2025Close98.875Dec 31, 2025Close99.031Jan 20, 2026Close98.375Feb 5, 2026Close98.969Feb 24, 2026Close99.750Mar 12, 2026Close98.438Mar 30, 2026Close97.969Apr 15, 2026Close98.406May 1, 2026Close97.875May 19, 2026Close96.469Jun 5, 2026Close96.750Jun 24, 2026Close97.281Jul 13, 2026Close96.500Jul 29, 2026Close96.469Aug 14, 2026Close96.563Sep 1, 2026Close95.750Sep 10, 2026Close94.969
The most recent 20 trading days of prices for 91282CLM1.
DateBidOfferClose
Sep 10, 202695.10995.09494.969
Sep 9, 202695.54795.53195.563
Sep 8, 202695.76695.75095.719
Sep 4, 202695.85995.84495.813
Sep 3, 202696.04796.03195.938
Sep 2, 202695.76695.75095.781
Sep 1, 202695.90695.90695.750
Aug 31, 202696.01696.00096.000
Aug 28, 202696.18896.15696.063
Aug 27, 202696.54796.53196.438
Aug 26, 202696.54796.53196.500
Aug 25, 202696.60996.59496.656
Aug 24, 202696.45396.43896.375
Aug 21, 202696.29796.28196.281
Aug 20, 202696.45396.43896.469
Aug 19, 202696.59496.59496.625
Aug 18, 202696.51696.50096.500
Aug 17, 202696.56396.56396.500
Aug 14, 202696.64196.62596.563
Aug 13, 202696.76696.75096.750

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 91282CLM1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 26, 2024Sep 30, 2024New issue$44.0bn$44.9bn2.63x3.668%

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.