Treasury note

91282CLN9 · 3.5% due September 30, 2029

Original term
5-Year
Maturity
Sep 30, 2029
Coupon
3.500%
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
$71.32bn
Held stripped
$93.2m
Share stripped
0.13%

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
4.665%
Modified duration
2.807 yr
DV01
0.0276
Convexity
9.595
Dirty price
98.287

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 6 of twelve buckets, summing to 2.872 years against a modified duration of 2.807.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 5.03 cents per 100 of face.

That is -1.29 standard deviations from its own typical residual.

Yield to maturity, 487 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Sep 30, 2024Sep 10, 2026Sep 30, 2024Yield to maturity3.583%Oct 17, 2024Yield to maturity3.899%Nov 4, 2024Yield to maturity4.168%Nov 21, 2024Yield to maturity4.306%Dec 10, 2024Yield to maturity4.107%Dec 27, 2024Yield to maturity4.457%Jan 15, 2025Yield to maturity4.458%Feb 3, 2025Yield to maturity4.353%Feb 20, 2025Yield to maturity4.346%Mar 10, 2025Yield to maturity3.976%Mar 26, 2025Yield to maturity4.082%Apr 11, 2025Yield to maturity4.135%Apr 29, 2025Yield to maturity3.739%May 15, 2025Yield to maturity4.050%Jun 3, 2025Yield to maturity4.008%Jun 20, 2025Yield to maturity3.932%Jul 9, 2025Yield to maturity3.879%Jul 25, 2025Yield to maturity3.917%Aug 12, 2025Yield to maturity3.788%Aug 28, 2025Yield to maturity3.657%Sep 16, 2025Yield to maturity3.550%Oct 2, 2025Yield to maturity3.627%Oct 21, 2025Yield to maturity3.508%Nov 6, 2025Yield to maturity3.638%Nov 25, 2025Yield to maturity3.517%Dec 12, 2025Yield to maturity3.668%Dec 31, 2025Yield to maturity3.625%Jan 20, 2026Yield to maturity3.755%Feb 5, 2026Yield to maturity3.628%Feb 24, 2026Yield to maturity3.518%Mar 12, 2026Yield to maturity3.813%Mar 30, 2026Yield to maturity3.895%Apr 15, 2026Yield to maturity3.821%May 1, 2026Yield to maturity3.944%May 19, 2026Yield to maturity4.244%Jun 5, 2026Yield to maturity4.244%Jun 24, 2026Yield to maturity4.160%Jul 13, 2026Yield to maturity4.308%Jul 29, 2026Yield to maturity4.308%Aug 14, 2026Yield to maturity4.266%Sep 1, 2026Yield to maturity4.477%Sep 10, 2026Yield to maturity4.665%

Price history

487 trading days to Sep 10, 2026

9596979899100101Sep 30, 2024Sep 10, 2026Sep 30, 2024Close99.625Oct 17, 2024Close98.219Nov 4, 2024Close97.063Nov 21, 2024Close96.500Dec 10, 2024Close97.375Dec 27, 2024Close95.938Jan 15, 2025Close95.969Feb 3, 2025Close96.438Feb 20, 2025Close96.500Mar 10, 2025Close98.031Mar 26, 2025Close97.625Apr 11, 2025Close97.438Apr 29, 2025Close99.031May 15, 2025Close97.813Jun 3, 2025Close98.000Jun 20, 2025Close98.313Jul 9, 2025Close98.531Jul 25, 2025Close98.406Aug 12, 2025Close98.906Aug 28, 2025Close99.406Sep 16, 2025Close99.813Oct 2, 2025Close99.531Oct 21, 2025Close99.969Nov 6, 2025Close99.500Nov 25, 2025Close99.938Dec 12, 2025Close99.406Dec 31, 2025Close99.563Jan 20, 2026Close99.125Feb 5, 2026Close99.563Feb 24, 2026Close99.938Mar 12, 2026Close98.969Mar 30, 2026Close98.719Apr 15, 2026Close98.969May 1, 2026Close98.594May 19, 2026Close97.688Jun 5, 2026Close97.719Jun 24, 2026Close98.000Jul 13, 2026Close97.594Jul 29, 2026Close97.625Aug 14, 2026Close97.781Sep 1, 2026Close97.219Sep 10, 2026Close96.719
The most recent 20 trading days of prices for 91282CLN9.
DateBidOfferClose
Sep 10, 202696.82896.81396.719
Sep 9, 202697.14197.12597.125
Sep 8, 202697.25097.25097.219
Sep 4, 202697.29797.28197.250
Sep 3, 202697.42297.40697.344
Sep 2, 202697.25097.25097.250
Sep 1, 202697.31397.31397.219
Aug 31, 202697.39197.37597.375
Aug 28, 202697.45397.43897.375
Aug 27, 202697.73497.71997.656
Aug 26, 202697.73497.71997.719
Aug 25, 202697.79797.78197.781
Aug 24, 202697.70397.68897.625
Aug 21, 202697.60997.59497.625
Aug 20, 202697.73497.71997.750
Aug 19, 202697.76697.75097.781
Aug 18, 202697.78197.78197.750
Aug 17, 202697.79797.78197.750
Aug 14, 202697.85997.84497.781
Aug 13, 202697.89197.87597.875

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 91282CLN9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 25, 2024Sep 30, 2024New issue$70.0bn$71.4bn2.38x3.519%

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.