Treasury note

91282CLQ2 · 3.875% due October 15, 2027

Original term
3-Year
Maturity
Oct 15, 2027
Coupon
3.875%
Pays
Semi-Annual
Dated
Oct 15, 2024
First coupon
Apr 15, 2025
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$57.64bn
Held stripped
$14.4m
Share stripped
0.02%

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 30, 2026

Yield to maturity
4.622%
Modified duration
0.987 yr
DV01
0.0100
Convexity
0.0148
Dirty price
101.039

Where its rate sensitivity sits

<.01
0.01
0.96
0.04
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 4 of twelve buckets, summing to 1.010 years against a modified duration of 0.987.

Against the fitted curve

Priced 1.5 bp rich to the curve on that day, 1.49 cents per 100 of face.

That is -0.69 standard deviations from its own typical residual.

Yield to maturity, 491 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Oct 15, 2024Sep 30, 2026Oct 15, 2024Yield to maturity3.864%Oct 18, 2024Yield to maturity3.864%Oct 23, 2024Yield to maturity4.032%Oct 28, 2024Yield to maturity4.089%Oct 31, 2024Yield to maturity4.124%Nov 5, 2024Yield to maturity4.159%Nov 8, 2024Yield to maturity4.207%Nov 14, 2024Yield to maturity4.312%Nov 19, 2024Yield to maturity4.244%Nov 22, 2024Yield to maturity4.316%Nov 27, 2024Yield to maturity4.176%Dec 3, 2024Yield to maturity4.142%Dec 6, 2024Yield to maturity4.073%Dec 11, 2024Yield to maturity4.132%Dec 16, 2024Yield to maturity4.229%Dec 19, 2024Yield to maturity4.349%Dec 24, 2024Yield to maturity4.364%Dec 30, 2024Yield to maturity4.281%Jan 3, 2025Yield to maturity4.320%Jan 8, 2025Yield to maturity4.321%Jan 13, 2025Yield to maturity4.471%Jan 16, 2025Yield to maturity4.288%Jan 22, 2025Yield to maturity4.327%Jan 27, 2025Yield to maturity4.230%Jan 30, 2025Yield to maturity4.231%Feb 4, 2025Yield to maturity4.246%Feb 7, 2025Yield to maturity4.298%Feb 12, 2025Yield to maturity4.387%Feb 18, 2025Yield to maturity4.327%Feb 21, 2025Yield to maturity4.202%Feb 26, 2025Yield to maturity4.051%Mar 3, 2025Yield to maturity3.950%Mar 6, 2025Yield to maturity3.988%Mar 11, 2025Yield to maturity3.951%Mar 14, 2025Yield to maturity4.016%Mar 19, 2025Yield to maturity3.977%Mar 24, 2025Yield to maturity4.030%Mar 27, 2025Yield to maturity4.017%Apr 1, 2025Yield to maturity3.874%Apr 4, 2025Yield to maturity3.678%Apr 9, 2025Yield to maturity3.941%Apr 14, 2025Yield to maturity3.862%Apr 17, 2025Yield to maturity3.809%Apr 22, 2025Yield to maturity3.808%Apr 25, 2025Yield to maturity3.767%Apr 30, 2025Yield to maturity3.593%May 5, 2025Yield to maturity3.834%May 8, 2025Yield to maturity3.888%May 13, 2025Yield to maturity4.024%May 16, 2025Yield to maturity3.970%May 21, 2025Yield to maturity3.998%May 27, 2025Yield to maturity3.957%May 30, 2025Yield to maturity3.901%Jun 4, 2025Yield to maturity3.859%Jun 9, 2025Yield to maturity4.000%Jun 12, 2025Yield to maturity3.887%Jun 17, 2025Yield to maturity3.930%Jun 23, 2025Yield to maturity3.816%Jun 26, 2025Yield to maturity3.716%Jul 1, 2025Yield to maturity3.787%Jul 7, 2025Yield to maturity3.887%Jul 10, 2025Yield to maturity3.858%Jul 15, 2025Yield to maturity3.946%Jul 18, 2025Yield to maturity3.858%Jul 23, 2025Yield to maturity3.858%Jul 28, 2025Yield to maturity3.903%Jul 31, 2025Yield to maturity3.933%Aug 5, 2025Yield to maturity3.708%Aug 8, 2025Yield to maturity3.752%Aug 13, 2025Yield to maturity3.661%Aug 18, 2025Yield to maturity3.751%Aug 21, 2025Yield to maturity3.766%Aug 26, 2025Yield to maturity3.658%Aug 29, 2025Yield to maturity3.626%Sep 4, 2025Yield to maturity3.594%Sep 9, 2025Yield to maturity3.546%Sep 12, 2025Yield to maturity3.560%Sep 17, 2025Yield to maturity3.527%Sep 22, 2025Yield to maturity3.604%Sep 25, 2025Yield to maturity3.683%Sep 30, 2025Yield to maturity3.618%Oct 3, 2025Yield to maturity3.584%Oct 8, 2025Yield to maturity3.583%Oct 14, 2025Yield to maturity3.484%Oct 17, 2025Yield to maturity3.464%Oct 22, 2025Yield to maturity3.446%Oct 27, 2025Yield to maturity3.509%Oct 30, 2025Yield to maturity3.624%Nov 4, 2025Yield to maturity3.572%Nov 7, 2025Yield to maturity3.553%Nov 13, 2025Yield to maturity3.602%Nov 18, 2025Yield to maturity3.582%Nov 21, 2025Yield to maturity3.512%Nov 26, 2025Yield to maturity3.509%Dec 2, 2025Yield to maturity3.524%Dec 5, 2025Yield to maturity3.574%Dec 10, 2025Yield to maturity3.555%Dec 15, 2025Yield to maturity3.517%Dec 18, 2025Yield to maturity3.480%Dec 23, 2025Yield to maturity3.549%Dec 29, 2025Yield to maturity3.473%Jan 2, 2026Yield to maturity3.488%Jan 7, 2026Yield to maturity3.468%Jan 12, 2026Yield to maturity3.539%Jan 15, 2026Yield to maturity3.574%Jan 21, 2026Yield to maturity3.590%Jan 26, 2026Yield to maturity3.588%Jan 29, 2026Yield to maturity3.549%Feb 3, 2026Yield to maturity3.565%Feb 6, 2026Yield to maturity3.505%Feb 11, 2026Yield to maturity3.523%Feb 17, 2026Yield to maturity3.461%Feb 20, 2026Yield to maturity3.497%Feb 25, 2026Yield to maturity3.495%Mar 2, 2026Yield to maturity3.512%Mar 5, 2026Yield to maturity3.611%Mar 10, 2026Yield to maturity3.609%Mar 13, 2026Yield to maturity3.750%Mar 18, 2026Yield to maturity3.770%Mar 23, 2026Yield to maturity3.895%Mar 26, 2026Yield to maturity4.021%Mar 31, 2026Yield to maturity3.832%Apr 3, 2026Yield to maturity3.874%Apr 8, 2026Yield to maturity3.832%Apr 13, 2026Yield to maturity3.810%Apr 16, 2026Yield to maturity3.810%Apr 21, 2026Yield to maturity3.787%Apr 24, 2026Yield to maturity3.786%Apr 29, 2026Yield to maturity3.918%May 4, 2026Yield to maturity3.941%May 7, 2026Yield to maturity3.896%May 12, 2026Yield to maturity3.964%May 15, 2026Yield to maturity4.011%May 20, 2026Yield to maturity3.988%May 26, 2026Yield to maturity3.990%May 29, 2026Yield to maturity3.967%Jun 3, 2026Yield to maturity4.039%Jun 8, 2026Yield to maturity4.112%Jun 11, 2026Yield to maturity4.017%Jun 16, 2026Yield to maturity4.018%Jun 22, 2026Yield to maturity4.218%Jun 25, 2026Yield to maturity4.120%Jun 30, 2026Yield to maturity4.148%Jul 6, 2026Yield to maturity4.100%Jul 9, 2026Yield to maturity4.127%Jul 14, 2026Yield to maturity4.130%Jul 17, 2026Yield to maturity4.132%Jul 22, 2026Yield to maturity4.266%Jul 27, 2026Yield to maturity4.270%Jul 30, 2026Yield to maturity4.193%Aug 4, 2026Yield to maturity4.142%Aug 7, 2026Yield to maturity4.118%Aug 12, 2026Yield to maturity4.119%Aug 17, 2026Yield to maturity4.094%Aug 20, 2026Yield to maturity4.096%Aug 25, 2026Yield to maturity4.127%Aug 28, 2026Yield to maturity4.275%Sep 2, 2026Yield to maturity4.278%Sep 8, 2026Yield to maturity4.254%Sep 11, 2026Yield to maturity4.469%Sep 16, 2026Yield to maturity4.504%Sep 21, 2026Yield to maturity4.512%Sep 24, 2026Yield to maturity4.640%Sep 29, 2026Yield to maturity4.651%Sep 30, 2026Yield to maturity4.622%

Price history

491 trading days to Sep 30, 2026

98.0098.5099.0099.50100.00100.50101.00Oct 15, 2024Sep 30, 2026Oct 15, 2024Close100.031Oct 18, 2024Close100.031Oct 23, 2024Close99.563Oct 28, 2024Close99.406Oct 31, 2024Close99.313Nov 5, 2024Close99.219Nov 8, 2024Close99.094Nov 14, 2024Close98.813Nov 19, 2024Close99.000Nov 22, 2024Close98.813Nov 27, 2024Close99.188Dec 3, 2024Close99.281Dec 6, 2024Close99.469Dec 11, 2024Close99.313Dec 16, 2024Close99.063Dec 19, 2024Close98.750Dec 24, 2024Close98.719Dec 30, 2024Close98.938Jan 3, 2025Close98.844Jan 8, 2025Close98.844Jan 13, 2025Close98.469Jan 16, 2025Close98.938Jan 22, 2025Close98.844Jan 27, 2025Close99.094Jan 30, 2025Close99.094Feb 4, 2025Close99.063Feb 7, 2025Close98.938Feb 12, 2025Close98.719Feb 18, 2025Close98.875Feb 21, 2025Close99.188Feb 26, 2025Close99.563Mar 3, 2025Close99.813Mar 6, 2025Close99.719Mar 11, 2025Close99.813Mar 14, 2025Close99.656Mar 19, 2025Close99.750Mar 24, 2025Close99.625Mar 27, 2025Close99.656Apr 1, 2025Close100.000Apr 4, 2025Close100.469Apr 9, 2025Close99.844Apr 14, 2025Close100.031Apr 17, 2025Close100.156Apr 22, 2025Close100.156Apr 25, 2025Close100.250Apr 30, 2025Close100.656May 5, 2025Close100.094May 8, 2025Close99.969May 13, 2025Close99.656May 16, 2025Close99.781May 21, 2025Close99.719May 27, 2025Close99.813May 30, 2025Close99.938Jun 4, 2025Close100.031Jun 9, 2025Close99.719Jun 12, 2025Close99.969Jun 17, 2025Close99.875Jun 23, 2025Close100.125Jun 26, 2025Close100.344Jul 1, 2025Close100.188Jul 7, 2025Close99.969Jul 10, 2025Close100.031Jul 15, 2025Close99.844Jul 18, 2025Close100.031Jul 23, 2025Close100.031Jul 28, 2025Close99.938Jul 31, 2025Close99.875Aug 5, 2025Close100.344Aug 8, 2025Close100.250Aug 13, 2025Close100.438Aug 18, 2025Close100.250Aug 21, 2025Close100.219Aug 26, 2025Close100.438Aug 29, 2025Close100.500Sep 4, 2025Close100.563Sep 9, 2025Close100.656Sep 12, 2025Close100.625Sep 17, 2025Close100.688Sep 22, 2025Close100.531Sep 25, 2025Close100.375Sep 30, 2025Close100.500Oct 3, 2025Close100.563Oct 8, 2025Close100.563Oct 14, 2025Close100.750Oct 17, 2025Close100.781Oct 22, 2025Close100.813Oct 27, 2025Close100.688Oct 30, 2025Close100.469Nov 4, 2025Close100.563Nov 7, 2025Close100.594Nov 13, 2025Close100.500Nov 18, 2025Close100.531Nov 21, 2025Close100.656Nov 26, 2025Close100.656Dec 2, 2025Close100.625Dec 5, 2025Close100.531Dec 10, 2025Close100.563Dec 15, 2025Close100.625Dec 18, 2025Close100.688Dec 23, 2025Close100.563Dec 29, 2025Close100.688Jan 2, 2026Close100.656Jan 7, 2026Close100.688Jan 12, 2026Close100.563Jan 15, 2026Close100.500Jan 21, 2026Close100.469Jan 26, 2026Close100.469Jan 29, 2026Close100.531Feb 3, 2026Close100.500Feb 6, 2026Close100.594Feb 11, 2026Close100.563Feb 17, 2026Close100.656Feb 20, 2026Close100.594Feb 25, 2026Close100.594Mar 2, 2026Close100.563Mar 5, 2026Close100.406Mar 10, 2026Close100.406Mar 13, 2026Close100.188Mar 18, 2026Close100.156Mar 23, 2026Close99.969Mar 26, 2026Close99.781Mar 31, 2026Close100.063Apr 3, 2026Close100.000Apr 8, 2026Close100.063Apr 13, 2026Close100.094Apr 16, 2026Close100.094Apr 21, 2026Close100.125Apr 24, 2026Close100.125Apr 29, 2026Close99.938May 4, 2026Close99.906May 7, 2026Close99.969May 12, 2026Close99.875May 15, 2026Close99.813May 20, 2026Close99.844May 26, 2026Close99.844May 29, 2026Close99.875Jun 3, 2026Close99.781Jun 8, 2026Close99.688Jun 11, 2026Close99.813Jun 16, 2026Close99.813Jun 22, 2026Close99.563Jun 25, 2026Close99.688Jun 30, 2026Close99.656Jul 6, 2026Close99.719Jul 9, 2026Close99.688Jul 14, 2026Close99.688Jul 17, 2026Close99.688Jul 22, 2026Close99.531Jul 27, 2026Close99.531Jul 30, 2026Close99.625Aug 4, 2026Close99.688Aug 7, 2026Close99.719Aug 12, 2026Close99.719Aug 17, 2026Close99.750Aug 20, 2026Close99.750Aug 25, 2026Close99.719Aug 28, 2026Close99.563Sep 2, 2026Close99.563Sep 8, 2026Close99.594Sep 11, 2026Close99.375Sep 16, 2026Close99.344Sep 21, 2026Close99.344Sep 24, 2026Close99.219Sep 29, 2026Close99.219Sep 30, 2026Close99.250
The most recent 20 trading days of prices for 91282CLQ2.
DateBidOfferClose
Sep 30, 202699.29799.28199.250
Sep 29, 202699.23499.21999.219
Sep 28, 202699.21999.18899.219
Sep 25, 202699.25099.21999.250
Sep 24, 202699.28199.25099.219
Sep 23, 202699.29799.28199.250
Sep 22, 202699.35999.34499.344
Sep 21, 202699.37599.37599.344
Sep 18, 202699.35999.34499.344
Sep 17, 202699.39199.37599.375
Sep 16, 202699.45399.43899.344
Sep 15, 202699.42299.40699.406
Sep 14, 202699.39199.37599.406
Sep 11, 202699.42299.40699.375
Sep 10, 202699.50099.46999.469
Sep 9, 202699.59499.56399.563
Sep 8, 202699.60999.59499.594
Sep 4, 202699.60999.59499.594
Sep 3, 202699.64199.62599.625
Sep 2, 202699.57899.56399.563

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 91282CLQ2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 8, 2024Oct 15, 2024New issue$58.0bn$58.8bn2.45x3.878%

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.