Treasury note

91282CLS8 · 4.125% due October 31, 2026

Original term
2-Year
Maturity
Oct 31, 2026
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
$66.25bn
Held stripped
$134.4m
Share stripped
0.20%

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
4.064%
Modified duration
0.135 yr
DV01
0.0014
Convexity
0.037
Dirty price
101.502

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 13.2 bp cheap to the curve on that day, 1.81 cents per 100 of face.

That is 4.16 standard deviations from its own typical residual.

Yield to maturity, 465 observations

3.4%3.6%3.8%4.0%4.2%4.4%Oct 31, 2024Sep 10, 2026Oct 31, 2024Yield to maturity4.158%Nov 18, 2024Yield to maturity4.293%Dec 4, 2024Yield to maturity4.158%Dec 19, 2024Yield to maturity4.334%Jan 7, 2025Yield to maturity4.285%Jan 23, 2025Yield to maturity4.289%Feb 7, 2025Yield to maturity4.293%Feb 25, 2025Yield to maturity4.122%Mar 12, 2025Yield to maturity4.043%Mar 27, 2025Yield to maturity4.062%Apr 11, 2025Yield to maturity4.040%Apr 28, 2025Yield to maturity3.801%May 13, 2025Yield to maturity4.102%May 29, 2025Yield to maturity4.077%Jun 13, 2025Yield to maturity4.075%Jul 1, 2025Yield to maturity3.951%Jul 17, 2025Yield to maturity4.070%Aug 1, 2025Yield to maturity3.886%Aug 18, 2025Yield to maturity3.932%Sep 3, 2025Yield to maturity3.814%Sep 18, 2025Yield to maturity3.689%Oct 3, 2025Yield to maturity3.671%Oct 21, 2025Yield to maturity3.591%Nov 5, 2025Yield to maturity3.765%Nov 21, 2025Yield to maturity3.676%Dec 9, 2025Yield to maturity3.689%Dec 24, 2025Yield to maturity3.628%Jan 12, 2026Yield to maturity3.637%Jan 28, 2026Yield to maturity3.651%Feb 12, 2026Yield to maturity3.624%Mar 2, 2026Yield to maturity3.684%Mar 17, 2026Yield to maturity3.758%Apr 1, 2026Yield to maturity3.789%Apr 16, 2026Yield to maturity3.766%May 1, 2026Yield to maturity3.798%May 18, 2026Yield to maturity3.833%Jun 3, 2026Yield to maturity3.797%Jun 18, 2026Yield to maturity3.924%Jul 7, 2026Yield to maturity3.892%Jul 22, 2026Yield to maturity3.971%Aug 6, 2026Yield to maturity3.945%Aug 21, 2026Yield to maturity3.904%Sep 8, 2026Yield to maturity3.846%Sep 10, 2026Yield to maturity4.064%

Price history

465 trading days to Sep 10, 2026

99.499.699.8100.0100.2100.4100.6Oct 31, 2024Sep 10, 2026Oct 31, 2024Close99.938Nov 18, 2024Close99.688Dec 4, 2024Close99.938Dec 19, 2024Close99.625Jan 7, 2025Close99.719Jan 23, 2025Close99.719Feb 7, 2025Close99.719Feb 25, 2025Close100.000Mar 12, 2025Close100.125Mar 27, 2025Close100.094Apr 11, 2025Close100.125Apr 28, 2025Close100.469May 13, 2025Close100.031May 29, 2025Close100.063Jun 13, 2025Close100.063Jul 1, 2025Close100.219Jul 17, 2025Close100.063Aug 1, 2025Close100.281Aug 18, 2025Close100.219Sep 3, 2025Close100.344Sep 18, 2025Close100.469Oct 3, 2025Close100.469Oct 21, 2025Close100.531Nov 5, 2025Close100.344Nov 21, 2025Close100.406Dec 9, 2025Close100.375Dec 24, 2025Close100.406Jan 12, 2026Close100.375Jan 28, 2026Close100.344Feb 12, 2026Close100.344Mar 2, 2026Close100.281Mar 17, 2026Close100.219Apr 1, 2026Close100.188Apr 16, 2026Close100.188May 1, 2026Close100.156May 18, 2026Close100.125Jun 3, 2026Close100.125Jun 18, 2026Close100.063Jul 7, 2026Close100.063Jul 22, 2026Close100.031Aug 6, 2026Close100.031Aug 21, 2026Close100.031Sep 8, 2026Close100.031Sep 10, 2026Close100.000
The most recent 20 trading days of prices for 91282CLS8.
DateBidOfferClose
Sep 10, 2026–100.000100.000
Sep 9, 2026–100.000100.000
Sep 8, 2026–100.031100.031
Sep 4, 2026–100.000100.031
Sep 3, 2026–100.031100.031
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.031100.031
Aug 31, 2026–100.031100.031
Aug 28, 2026–100.031100.031
Aug 27, 2026–100.031100.031
Aug 26, 2026–100.031100.031
Aug 25, 2026–100.031100.063
Aug 24, 2026–100.031100.031
Aug 21, 2026–100.031100.031
Aug 20, 2026–100.031100.031
Aug 19, 2026–100.031100.031
Aug 18, 2026–100.031100.031
Aug 17, 2026–100.031100.031
Aug 14, 2026–100.031100.031
Aug 13, 2026–100.031100.031

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 91282CLS8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2024Oct 31, 2024New issue$69.0bn$70.2bn2.50x4.130%

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.