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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$44.83bn
Held stripped
$62.4m
Share stripped
0.14%

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, November 9, 2026

Yield to maturity
4.687%
Modified duration
4.391 yr
DV01
0.0421
Convexity
0.225
Dirty price
95.815

Where its rate sensitivity sits

<.01
0.01
0.03
0.07
0.39
3.99
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 4.493 years against a modified duration of 4.391.

Against the fitted curve

Priced 0.5 bp cheap to the curve on that day, 2.27 cents per 100 of face.

That is 0.23 standard deviations from its own typical residual.

Yield to maturity, 527 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Sep 30, 2024Nov 9, 2026Sep 30, 2024Yield to maturity3.671%Oct 3, 2024Yield to maturity3.712%Oct 8, 2024Yield to maturity3.935%Oct 11, 2024Yield to maturity3.972%Oct 17, 2024Yield to maturity3.988%Oct 22, 2024Yield to maturity4.100%Oct 25, 2024Yield to maturity4.154%Oct 30, 2024Yield to maturity4.208%Nov 4, 2024Yield to maturity4.247%Nov 7, 2024Yield to maturity4.247%Nov 13, 2024Yield to maturity4.379%Nov 18, 2024Yield to maturity4.347%Nov 21, 2024Yield to maturity4.364%Nov 26, 2024Yield to maturity4.246%Dec 2, 2024Yield to maturity4.133%Dec 5, 2024Yield to maturity4.123%Dec 10, 2024Yield to maturity4.151%Dec 13, 2024Yield to maturity4.327%Dec 18, 2024Yield to maturity4.449%Dec 23, 2024Yield to maturity4.523%Dec 27, 2024Yield to maturity4.536%Jan 2, 2025Yield to maturity4.470%Jan 7, 2025Yield to maturity4.572%Jan 10, 2025Yield to maturity4.693%Jan 15, 2025Yield to maturity4.553%Jan 21, 2025Yield to maturity4.481%Jan 24, 2025Yield to maturity4.528%Jan 29, 2025Yield to maturity4.445%Feb 3, 2025Yield to maturity4.446%Feb 6, 2025Yield to maturity4.351%Feb 11, 2025Yield to maturity4.449%Feb 14, 2025Yield to maturity4.400%Feb 20, 2025Yield to maturity4.423%Feb 25, 2025Yield to maturity4.205%Feb 28, 2025Yield to maturity4.128%Mar 5, 2025Yield to maturity4.173%Mar 10, 2025Yield to maturity4.091%Mar 13, 2025Yield to maturity4.136%Mar 18, 2025Yield to maturity4.165%Mar 21, 2025Yield to maturity4.110%Mar 26, 2025Yield to maturity4.201%Mar 31, 2025Yield to maturity4.072%Apr 3, 2025Yield to maturity3.867%Apr 8, 2025Yield to maturity4.034%Apr 11, 2025Yield to maturity4.307%Apr 16, 2025Yield to maturity4.052%Apr 22, 2025Yield to maturity4.155%Apr 25, 2025Yield to maturity4.043%Apr 30, 2025Yield to maturity3.897%May 5, 2025Yield to maturity4.100%May 8, 2025Yield to maturity4.152%May 13, 2025Yield to maturity4.268%May 16, 2025Yield to maturity4.206%May 21, 2025Yield to maturity4.316%May 27, 2025Yield to maturity4.173%May 30, 2025Yield to maturity4.134%Jun 4, 2025Yield to maturity4.088%Jun 9, 2025Yield to maturity4.234%Jun 12, 2025Yield to maturity4.101%Jun 17, 2025Yield to maturity4.120%Jun 23, 2025Yield to maturity4.046%Jun 26, 2025Yield to maturity3.942%Jul 1, 2025Yield to maturity3.966%Jul 7, 2025Yield to maturity4.100%Jul 10, 2025Yield to maturity4.060%Jul 15, 2025Yield to maturity4.195%Jul 18, 2025Yield to maturity4.109%Jul 23, 2025Yield to maturity4.080%Jul 28, 2025Yield to maturity4.110%Jul 31, 2025Yield to maturity4.075%Aug 5, 2025Yield to maturity3.895%Aug 8, 2025Yield to maturity3.960%Aug 13, 2025Yield to maturity3.902%Aug 18, 2025Yield to maturity3.990%Aug 21, 2025Yield to maturity3.991%Aug 26, 2025Yield to maturity3.886%Aug 29, 2025Yield to maturity3.834%Sep 4, 2025Yield to maturity3.782%Sep 9, 2025Yield to maturity3.718%Sep 12, 2025Yield to maturity3.735%Sep 17, 2025Yield to maturity3.730%Sep 22, 2025Yield to maturity3.812%Sep 25, 2025Yield to maturity3.866%Sep 30, 2025Yield to maturity3.843%Oct 3, 2025Yield to maturity3.819%Oct 8, 2025Yield to maturity3.831%Oct 14, 2025Yield to maturity3.707%Oct 17, 2025Yield to maturity3.690%Oct 22, 2025Yield to maturity3.654%Oct 27, 2025Yield to maturity3.708%Oct 30, 2025Yield to maturity3.815%Nov 4, 2025Yield to maturity3.785%Nov 7, 2025Yield to maturity3.774%Nov 13, 2025Yield to maturity3.798%Nov 18, 2025Yield to maturity3.786%Nov 21, 2025Yield to maturity3.714%Nov 26, 2025Yield to maturity3.660%Dec 2, 2025Yield to maturity3.751%Dec 5, 2025Yield to maturity3.806%Dec 10, 2025Yield to maturity3.812%Dec 15, 2025Yield to maturity3.824%Dec 18, 2025Yield to maturity3.758%Dec 23, 2025Yield to maturity3.831%Dec 29, 2025Yield to maturity3.758%Jan 2, 2026Yield to maturity3.826%Jan 7, 2026Yield to maturity3.777%Jan 12, 2026Yield to maturity3.845%Jan 15, 2026Yield to maturity3.846%Jan 21, 2026Yield to maturity3.915%Jan 26, 2026Yield to maturity3.903%Jan 29, 2026Yield to maturity3.891%Feb 3, 2026Yield to maturity3.910%Feb 6, 2026Yield to maturity3.836%Feb 11, 2026Yield to maturity3.823%Feb 17, 2026Yield to maturity3.699%Feb 20, 2026Yield to maturity3.724%Feb 25, 2026Yield to maturity3.693%Mar 2, 2026Yield to maturity3.693%Mar 5, 2026Yield to maturity3.788%Mar 10, 2026Yield to maturity3.801%Mar 13, 2026Yield to maturity3.941%Mar 18, 2026Yield to maturity3.929%Mar 23, 2026Yield to maturity4.033%Mar 26, 2026Yield to maturity4.156%Mar 31, 2026Yield to maturity3.989%Apr 3, 2026Yield to maturity4.048%Apr 8, 2026Yield to maturity3.984%Apr 13, 2026Yield to maturity3.978%Apr 16, 2026Yield to maturity3.972%Apr 21, 2026Yield to maturity3.966%Apr 24, 2026Yield to maturity3.973%Apr 29, 2026Yield to maturity4.105%May 4, 2026Yield to maturity4.132%May 7, 2026Yield to maturity4.093%May 12, 2026Yield to maturity4.167%May 15, 2026Yield to maturity4.302%May 20, 2026Yield to maturity4.263%May 26, 2026Yield to maturity4.224%May 29, 2026Yield to maturity4.179%Jun 3, 2026Yield to maturity4.240%Jun 8, 2026Yield to maturity4.316%Jun 11, 2026Yield to maturity4.202%Jun 16, 2026Yield to maturity4.176%Jun 22, 2026Yield to maturity4.313%Jun 25, 2026Yield to maturity4.178%Jun 30, 2026Yield to maturity4.213%Jul 6, 2026Yield to maturity4.229%Jul 9, 2026Yield to maturity4.291%Jul 14, 2026Yield to maturity4.327%Jul 17, 2026Yield to maturity4.301%Jul 22, 2026Yield to maturity4.434%Jul 27, 2026Yield to maturity4.422%Jul 30, 2026Yield to maturity4.402%Aug 4, 2026Yield to maturity4.356%Aug 7, 2026Yield to maturity4.364%Aug 12, 2026Yield to maturity4.393%Aug 17, 2026Yield to maturity4.395%Aug 20, 2026Yield to maturity4.404%Aug 25, 2026Yield to maturity4.363%Aug 28, 2026Yield to maturity4.500%Sep 2, 2026Yield to maturity4.565%Sep 8, 2026Yield to maturity4.583%Sep 11, 2026Yield to maturity4.795%Sep 16, 2026Yield to maturity4.877%Sep 21, 2026Yield to maturity4.843%Sep 24, 2026Yield to maturity5.059%Sep 29, 2026Yield to maturity5.078%Oct 2, 2026Yield to maturity5.074%Oct 7, 2026Yield to maturity5.046%Oct 13, 2026Yield to maturity5.020%Oct 16, 2026Yield to maturity4.904%Oct 21, 2026Yield to maturity4.966%Oct 26, 2026Yield to maturity4.850%Oct 29, 2026Yield to maturity4.807%Nov 3, 2026Yield to maturity4.758%Nov 6, 2026Yield to maturity4.657%Nov 9, 2026Yield to maturity4.687%

Price history

527 trading days to Nov 9, 2026

92949698100102Sep 30, 2024Nov 9, 2026Sep 30, 2024Close99.719Oct 3, 2024Close99.469Oct 8, 2024Close98.125Oct 11, 2024Close97.906Oct 17, 2024Close97.813Oct 22, 2024Close97.156Oct 25, 2024Close96.844Oct 30, 2024Close96.531Nov 4, 2024Close96.313Nov 7, 2024Close96.313Nov 13, 2024Close95.563Nov 18, 2024Close95.750Nov 21, 2024Close95.656Nov 26, 2024Close96.344Dec 2, 2024Close97.000Dec 5, 2024Close97.063Dec 10, 2024Close96.906Dec 13, 2024Close95.906Dec 18, 2024Close95.219Dec 23, 2024Close94.813Dec 27, 2024Close94.750Jan 2, 2025Close95.125Jan 7, 2025Close94.563Jan 10, 2025Close93.906Jan 15, 2025Close94.688Jan 21, 2025Close95.094Jan 24, 2025Close94.844Jan 29, 2025Close95.313Feb 3, 2025Close95.313Feb 6, 2025Close95.844Feb 11, 2025Close95.313Feb 14, 2025Close95.594Feb 20, 2025Close95.469Feb 25, 2025Close96.688Feb 28, 2025Close97.125Mar 5, 2025Close96.875Mar 10, 2025Close97.344Mar 13, 2025Close97.094Mar 18, 2025Close96.938Mar 21, 2025Close97.250Mar 26, 2025Close96.750Mar 31, 2025Close97.469Apr 3, 2025Close98.625Apr 8, 2025Close97.688Apr 11, 2025Close96.188Apr 16, 2025Close97.594Apr 22, 2025Close97.031Apr 25, 2025Close97.656Apr 30, 2025Close98.469May 5, 2025Close97.344May 8, 2025Close97.063May 13, 2025Close96.438May 16, 2025Close96.781May 21, 2025Close96.188May 27, 2025Close96.969May 30, 2025Close97.188Jun 4, 2025Close97.438Jun 9, 2025Close96.656Jun 12, 2025Close97.375Jun 17, 2025Close97.281Jun 23, 2025Close97.688Jun 26, 2025Close98.250Jul 1, 2025Close98.125Jul 7, 2025Close97.406Jul 10, 2025Close97.625Jul 15, 2025Close96.906Jul 18, 2025Close97.375Jul 23, 2025Close97.531Jul 28, 2025Close97.375Jul 31, 2025Close97.563Aug 5, 2025Close98.531Aug 8, 2025Close98.188Aug 13, 2025Close98.500Aug 18, 2025Close98.031Aug 21, 2025Close98.031Aug 26, 2025Close98.594Aug 29, 2025Close98.875Sep 4, 2025Close99.156Sep 9, 2025Close99.500Sep 12, 2025Close99.406Sep 17, 2025Close99.438Sep 22, 2025Close99.000Sep 25, 2025Close98.719Sep 30, 2025Close98.844Oct 3, 2025Close98.969Oct 8, 2025Close98.906Oct 14, 2025Close99.563Oct 17, 2025Close99.656Oct 22, 2025Close99.844Oct 27, 2025Close99.563Oct 30, 2025Close99.000Nov 4, 2025Close99.156Nov 7, 2025Close99.219Nov 13, 2025Close99.094Nov 18, 2025Close99.156Nov 21, 2025Close99.531Nov 26, 2025Close99.813Dec 2, 2025Close99.344Dec 5, 2025Close99.063Dec 10, 2025Close99.031Dec 15, 2025Close98.969Dec 18, 2025Close99.313Dec 23, 2025Close98.938Dec 29, 2025Close99.313Jan 2, 2026Close98.969Jan 7, 2026Close99.219Jan 12, 2026Close98.875Jan 15, 2026Close98.875Jan 21, 2026Close98.531Jan 26, 2026Close98.594Jan 29, 2026Close98.656Feb 3, 2026Close98.563Feb 6, 2026Close98.938Feb 11, 2026Close99.000Feb 17, 2026Close99.625Feb 20, 2026Close99.500Feb 25, 2026Close99.656Mar 2, 2026Close99.656Mar 5, 2026Close99.188Mar 10, 2026Close99.125Mar 13, 2026Close98.438Mar 18, 2026Close98.500Mar 23, 2026Close98.000Mar 26, 2026Close97.406Mar 31, 2026Close98.219Apr 3, 2026Close97.938Apr 8, 2026Close98.250Apr 13, 2026Close98.281Apr 16, 2026Close98.313Apr 21, 2026Close98.344Apr 24, 2026Close98.313Apr 29, 2026Close97.688May 4, 2026Close97.563May 7, 2026Close97.750May 12, 2026Close97.406May 15, 2026Close96.781May 20, 2026Close96.969May 26, 2026Close97.156May 29, 2026Close97.375Jun 3, 2026Close97.094Jun 8, 2026Close96.750Jun 11, 2026Close97.281Jun 16, 2026Close97.406Jun 22, 2026Close96.781Jun 25, 2026Close97.406Jun 30, 2026Close97.250Jul 6, 2026Close97.188Jul 9, 2026Close96.906Jul 14, 2026Close96.750Jul 17, 2026Close96.875Jul 22, 2026Close96.281Jul 27, 2026Close96.344Jul 30, 2026Close96.438Aug 4, 2026Close96.656Aug 7, 2026Close96.625Aug 12, 2026Close96.500Aug 17, 2026Close96.500Aug 20, 2026Close96.469Aug 25, 2026Close96.656Aug 28, 2026Close96.063Sep 2, 2026Close95.781Sep 8, 2026Close95.719Sep 11, 2026Close94.813Sep 16, 2026Close94.469Sep 21, 2026Close94.625Sep 24, 2026Close93.719Sep 29, 2026Close93.656Oct 2, 2026Close93.688Oct 7, 2026Close93.813Oct 13, 2026Close93.938Oct 16, 2026Close94.438Oct 21, 2026Close94.188Oct 26, 2026Close94.688Oct 29, 2026Close94.875Nov 3, 2026Close95.094Nov 6, 2026Close95.531Nov 9, 2026Close95.406
The most recent 20 trading days of prices for 91282CLM1.
DateBidOfferClose
Nov 9, 202695.40695.42295.406
Nov 6, 202695.50095.51695.531
Nov 5, 202695.56395.59495.719
Nov 4, 202695.25095.26695.344
Nov 3, 202695.15695.17295.094
Nov 2, 202695.31395.32895.250
Oct 30, 202695.06395.09495.188
Oct 29, 202694.87594.90694.875
Oct 28, 202694.53194.54794.563
Oct 27, 202694.68894.71994.656
Oct 26, 202694.71994.73494.688
Oct 23, 202694.75094.76694.781
Oct 22, 202694.68894.70394.906
Oct 21, 202694.28194.29794.188
Oct 20, 202694.31394.32894.250
Oct 19, 202694.25094.26694.219
Oct 16, 202694.43894.45394.438
Oct 15, 202694.31394.32894.313
Oct 14, 202693.68893.71993.938
Oct 13, 202693.87593.90693.938

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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.