Treasury note

91282CLR0 · 4.125% due October 31, 2029

Original term
5-Year
Maturity
Oct 31, 2029
Coupon
4.125%
Pays
Semi-Annual
Dated
Oct 31, 2024
First coupon
Apr 30, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$70.86bn
Held stripped
$113.6m
Share stripped
0.16%

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
2.862 yr
DV01
0.0286
Convexity
9.981
Dirty price
99.940

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 2.929 years against a modified duration of 2.862.

Against the fitted curve

Priced 2.4 bp rich to the curve on that day, 6.76 cents per 100 of face.

That is -1.73 standard deviations from its own typical residual.

Yield to maturity, 465 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%Oct 31, 2024Sep 10, 2026Oct 31, 2024Yield to maturity4.146%Nov 18, 2024Yield to maturity4.280%Dec 4, 2024Yield to maturity4.082%Dec 19, 2024Yield to maturity4.442%Jan 7, 2025Yield to maturity4.466%Jan 23, 2025Yield to maturity4.447%Feb 7, 2025Yield to maturity4.346%Feb 25, 2025Yield to maturity4.124%Mar 12, 2025Yield to maturity4.079%Mar 27, 2025Yield to maturity4.087%Apr 11, 2025Yield to maturity4.147%Apr 28, 2025Yield to maturity3.790%May 13, 2025Yield to maturity4.109%May 29, 2025Yield to maturity3.992%Jun 13, 2025Yield to maturity3.998%Jul 1, 2025Yield to maturity3.816%Jul 17, 2025Yield to maturity3.972%Aug 1, 2025Yield to maturity3.738%Aug 18, 2025Yield to maturity3.815%Sep 3, 2025Yield to maturity3.650%Sep 18, 2025Yield to maturity3.629%Oct 3, 2025Yield to maturity3.674%Oct 21, 2025Yield to maturity3.520%Nov 5, 2025Yield to maturity3.716%Nov 21, 2025Yield to maturity3.566%Dec 9, 2025Yield to maturity3.715%Dec 24, 2025Yield to maturity3.641%Jan 12, 2026Yield to maturity3.679%Jan 28, 2026Yield to maturity3.745%Feb 12, 2026Yield to maturity3.580%Mar 2, 2026Yield to maturity3.546%Mar 17, 2026Yield to maturity3.724%Apr 1, 2026Yield to maturity3.898%Apr 16, 2026Yield to maturity3.839%May 1, 2026Yield to maturity3.951%May 18, 2026Yield to maturity4.193%Jun 3, 2026Yield to maturity4.164%Jun 18, 2026Yield to maturity4.214%Jul 7, 2026Yield to maturity4.225%Jul 22, 2026Yield to maturity4.372%Aug 6, 2026Yield to maturity4.333%Aug 21, 2026Yield to maturity4.335%Sep 8, 2026Yield to maturity4.490%Sep 10, 2026Yield to maturity4.665%

Price history

465 trading days to Sep 10, 2026

979899100101102103Oct 31, 2024Sep 10, 2026Oct 31, 2024Close99.906Nov 18, 2024Close99.313Dec 4, 2024Close100.188Dec 19, 2024Close98.625Jan 7, 2025Close98.531Jan 23, 2025Close98.625Feb 7, 2025Close99.063Feb 25, 2025Close100.000Mar 12, 2025Close100.188Mar 27, 2025Close100.156Apr 11, 2025Close99.906Apr 28, 2025Close101.375May 13, 2025Close100.063May 29, 2025Close100.531Jun 13, 2025Close100.500Jul 1, 2025Close101.219Jul 17, 2025Close100.594Aug 1, 2025Close101.500Aug 18, 2025Close101.188Sep 3, 2025Close101.813Sep 18, 2025Close101.875Oct 3, 2025Close101.688Oct 21, 2025Close102.250Nov 5, 2025Close101.500Nov 21, 2025Close102.031Dec 9, 2025Close101.469Dec 24, 2025Close101.719Jan 12, 2026Close101.563Jan 28, 2026Close101.313Feb 12, 2026Close101.875Mar 2, 2026Close101.969Mar 17, 2026Close101.344Apr 1, 2026Close100.750Apr 16, 2026Close100.938May 1, 2026Close100.563May 18, 2026Close99.781Jun 3, 2026Close99.875Jun 18, 2026Close99.719Jul 7, 2026Close99.688Jul 22, 2026Close99.250Aug 6, 2026Close99.375Aug 21, 2026Close99.375Sep 8, 2026Close98.938Sep 10, 2026Close98.438
The most recent 20 trading days of prices for 91282CLR0.
DateBidOfferClose
Sep 10, 202698.53198.50098.438
Sep 9, 202698.82898.81398.844
Sep 8, 202698.96998.96998.938
Sep 4, 202699.01699.00099.000
Sep 3, 202699.14199.12599.094
Sep 2, 202698.98498.96998.969
Sep 1, 202699.04799.03198.969
Aug 31, 202699.14199.12599.125
Aug 28, 202699.20399.18899.094
Aug 27, 202699.48499.46999.406
Aug 26, 202699.48499.46999.438
Aug 25, 202699.54799.53199.563
Aug 24, 202699.45399.43899.406
Aug 21, 202699.35999.34499.375
Aug 20, 202699.50099.50099.500
Aug 19, 202699.54799.53199.563
Aug 18, 202699.54799.53199.531
Aug 17, 202699.57899.56399.531
Aug 14, 202699.62599.62599.563
Aug 13, 202699.67299.65699.656

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 91282CLR0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2024Oct 31, 2024New issue$70.0bn$71.2bn2.39x4.138%

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.