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 10, 2026
Analyzed through
Sep 10, 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 10, 2026

Yield to maturity
4.375%
Modified duration
1.042 yr
DV01
0.0105
Convexity
1.617
Dirty price
101.046

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 4 of twelve buckets, summing to 1.065 years against a modified duration of 1.042.

Against the fitted curve

Priced 0.2 bp rich to the curve on that day, 0.20 cents per 100 of face.

That is -0.08 standard deviations from its own typical residual.

Yield to maturity, 477 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Oct 15, 2024Sep 10, 2026Oct 15, 2024Yield to maturity3.864%Oct 30, 2024Yield to maturity4.135%Nov 15, 2024Yield to maturity4.278%Dec 3, 2024Yield to maturity4.142%Dec 18, 2024Yield to maturity4.361%Jan 6, 2025Yield to maturity4.321%Jan 22, 2025Yield to maturity4.327%Feb 6, 2025Yield to maturity4.221%Feb 24, 2025Yield to maturity4.177%Mar 11, 2025Yield to maturity3.951%Mar 26, 2025Yield to maturity4.017%Apr 10, 2025Yield to maturity3.875%Apr 25, 2025Yield to maturity3.767%May 12, 2025Yield to maturity3.997%May 28, 2025Yield to maturity3.985%Jun 12, 2025Yield to maturity3.887%Jun 30, 2025Yield to maturity3.715%Jul 16, 2025Yield to maturity3.873%Jul 31, 2025Yield to maturity3.933%Aug 15, 2025Yield to maturity3.736%Sep 2, 2025Yield to maturity3.657%Sep 17, 2025Yield to maturity3.527%Oct 2, 2025Yield to maturity3.553%Oct 20, 2025Yield to maturity3.464%Nov 4, 2025Yield to maturity3.572%Nov 20, 2025Yield to maturity3.564%Dec 8, 2025Yield to maturity3.591%Dec 23, 2025Yield to maturity3.549%Jan 9, 2026Yield to maturity3.539%Jan 27, 2026Yield to maturity3.569%Feb 11, 2026Yield to maturity3.523%Feb 27, 2026Yield to maturity3.413%Mar 16, 2026Yield to maturity3.709%Mar 31, 2026Yield to maturity3.832%Apr 15, 2026Yield to maturity3.788%Apr 30, 2026Yield to maturity3.874%May 15, 2026Yield to maturity4.011%Jun 2, 2026Yield to maturity3.991%Jun 17, 2026Yield to maturity4.165%Jul 6, 2026Yield to maturity4.100%Jul 21, 2026Yield to maturity4.213%Aug 5, 2026Yield to maturity4.142%Aug 20, 2026Yield to maturity4.096%Sep 4, 2026Yield to maturity4.253%Sep 10, 2026Yield to maturity4.375%

Price history

477 trading days to Sep 10, 2026

98.0098.5099.0099.50100.00100.50101.00Oct 15, 2024Sep 10, 2026Oct 15, 2024Close100.031Oct 30, 2024Close99.281Nov 15, 2024Close98.906Dec 3, 2024Close99.281Dec 18, 2024Close98.719Jan 6, 2025Close98.844Jan 22, 2025Close98.844Feb 6, 2025Close99.125Feb 24, 2025Close99.250Mar 11, 2025Close99.813Mar 26, 2025Close99.656Apr 10, 2025Close100.000Apr 25, 2025Close100.250May 12, 2025Close99.719May 28, 2025Close99.750Jun 12, 2025Close99.969Jun 30, 2025Close100.344Jul 16, 2025Close100.000Jul 31, 2025Close99.875Aug 15, 2025Close100.281Sep 2, 2025Close100.438Sep 17, 2025Close100.688Oct 2, 2025Close100.625Oct 20, 2025Close100.781Nov 4, 2025Close100.563Nov 20, 2025Close100.563Dec 8, 2025Close100.500Dec 23, 2025Close100.563Jan 9, 2026Close100.563Jan 27, 2026Close100.500Feb 11, 2026Close100.563Feb 27, 2026Close100.719Mar 16, 2026Close100.250Mar 31, 2026Close100.063Apr 15, 2026Close100.125Apr 30, 2026Close100.000May 15, 2026Close99.813Jun 2, 2026Close99.844Jun 17, 2026Close99.625Jul 6, 2026Close99.719Jul 21, 2026Close99.594Aug 5, 2026Close99.688Aug 20, 2026Close99.750Sep 4, 2026Close99.594Sep 10, 2026Close99.469
The most recent 20 trading days of prices for 91282CLQ2.
DateBidOfferClose
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
Sep 1, 202699.57899.56399.563
Aug 31, 202699.60999.59499.594
Aug 28, 202699.60999.59499.563
Aug 27, 202699.73499.71999.688
Aug 26, 202699.73499.71999.719
Aug 25, 202699.73499.71999.719
Aug 24, 202699.70399.68899.688
Aug 21, 202699.70399.68899.719
Aug 20, 202699.76699.75099.750
Aug 19, 202699.75099.75099.750
Aug 18, 202699.75099.75099.750
Aug 17, 202699.76699.75099.750
Aug 14, 202699.76699.75099.750
Aug 13, 202699.76699.75099.750

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 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.

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.