Floating rate note

91282CLT6

Original term
2-Year
Maturity
Oct 31, 2026
Coupon
–
Pays
Quarterly
Dated
Oct 31, 2024
First coupon
Jan 31, 2025
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$86.50bn
Held stripped
not strippable
Share stripped
–

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. 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.

Floating rate measures, September 10, 2026

A floating-rate note resets quarterly against the 13-week bill, so it has no yield to maturity: the cashflow schedule a yield would describe does not exist. What it has instead is a spread, the margin a buyer earns over that reference rate, and a sensitivity to that spread rather than to the level of rates.

Discount margin
11.5 bp
Spread at auction
20.5 bp
Index rate
3.806%
Spread duration
0.138 yr
Spread DV01
0.0014
Clean price
100.010
Accrued
0.465
Dirty price
100.475
Rate duration
0.0007 yr

Rate duration is almost zero, and that is the instrument rather than a missing number: because the coupon resets, the price barely moves when the level of rates moves. Spread duration is the one that matters here. It says how much the price moves if the market demands a wider margin.

Its most recent day is not scored yet. The score is written by a pass that runs separately from the measures above, so a new observation can arrive before its score does. An absent score is not evidence that a note is fairly priced.

Discount margin, 465 observations

-5 bp0 bp5 bp10 bp15 bp20 bp25 bpOct 31, 2024Sep 10, 2026Oct 31, 2024Discount margin21.0 bpNov 18, 2024Discount margin16.8 bpDec 4, 2024Discount margin17.5 bpDec 19, 2024Discount margin15.0 bpJan 7, 2025Discount margin12.5 bpJan 23, 2025Discount margin9.3 bpFeb 7, 2025Discount margin9.0 bpFeb 25, 2025Discount margin8.0 bpMar 12, 2025Discount margin9.3 bpMar 27, 2025Discount margin9.8 bpApr 11, 2025Discount margin15.5 bpApr 28, 2025Discount margin15.0 bpMay 13, 2025Discount margin14.0 bpMay 29, 2025Discount margin12.5 bpJun 13, 2025Discount margin11.5 bpJul 1, 2025Discount margin12.3 bpJul 17, 2025Discount margin11.5 bpAug 1, 2025Discount margin11.7 bpAug 18, 2025Discount margin12.8 bpSep 3, 2025Discount margin19.0 bpSep 18, 2025Discount margin21.5 bpOct 3, 2025Discount margin19.0 bpOct 21, 2025Discount margin18.5 bpNov 5, 2025Discount margin18.3 bpNov 21, 2025Discount margin16.7 bpDec 9, 2025Discount margin16.3 bpDec 24, 2025Discount margin13.3 bpJan 12, 2026Discount margin10.7 bpJan 28, 2026Discount margin8.2 bpFeb 12, 2026Discount margin7.0 bpMar 2, 2026Discount margin6.7 bpMar 17, 2026Discount margin6.0 bpApr 1, 2026Discount margin5.7 bpApr 16, 2026Discount margin6.7 bpMay 1, 2026Discount margin5.8 bpMay 18, 2026Discount margin4.5 bpJun 3, 2026Discount margin4.5 bpJun 18, 2026Discount margin4.2 bpJul 7, 2026Discount margin0.5 bpJul 22, 2026Discount margin-2.3 bpAug 6, 2026Discount margin-2.0 bpAug 21, 2026Discount margin1.5 bpSep 8, 2026Discount margin-0.2 bpSep 10, 2026Discount margin11.5 bp

Price history

465 trading days to Sep 10, 2026

99.95100.00100.05100.10100.15100.20100.25Oct 31, 2024Sep 10, 2026Oct 31, 2024Close99.990Nov 18, 2024Close100.068Dec 4, 2024Close100.052Dec 19, 2024Close100.096Jan 7, 2025Close100.138Jan 23, 2025Close100.192Feb 7, 2025Close100.191Feb 25, 2025Close100.201Mar 12, 2025Close100.175Mar 27, 2025Close100.164Apr 11, 2025Close100.074Apr 28, 2025Close100.081May 13, 2025Close100.091May 29, 2025Close100.108Jun 13, 2025Close100.118Jul 1, 2025Close100.105Jul 17, 2025Close100.112Aug 1, 2025Close100.106Aug 18, 2025Close100.089Sep 3, 2025Close100.014Sep 18, 2025Close99.986Oct 3, 2025Close100.014Oct 21, 2025Close100.019Nov 5, 2025Close100.021Nov 21, 2025Close100.033Dec 9, 2025Close100.035Dec 24, 2025Close100.059Jan 12, 2026Close100.076Jan 28, 2026Close100.092Feb 12, 2026Close100.095Mar 2, 2026Close100.089Mar 17, 2026Close100.088Apr 1, 2026Close100.084Apr 16, 2026Close100.073May 1, 2026Close100.072May 18, 2026Close100.071Jun 3, 2026Close100.063Jun 18, 2026Close100.056Jul 7, 2026Close100.061Jul 22, 2026Close100.062Aug 6, 2026Close100.052Aug 21, 2026Close100.034Sep 8, 2026Close100.027Sep 10, 2026Close100.010
The most recent 20 trading days of prices for 91282CLT6.
DateBidOfferClose
Sep 10, 2026–100.017100.010
Sep 9, 2026–100.024100.022
Sep 8, 2026–100.027100.027
Sep 4, 2026–100.028100.027
Sep 3, 2026–100.030100.030
Sep 2, 2026–100.031100.031
Sep 1, 2026–100.032100.032
Aug 31, 2026–100.033100.033
Aug 28, 2026–100.034100.034
Aug 27, 2026–100.035100.035
Aug 26, 2026–100.038100.036
Aug 25, 2026–100.039100.039
Aug 24, 2026–100.039100.039
Aug 21, 2026–100.034100.034
Aug 20, 2026–100.042100.042
Aug 19, 2026–100.044100.044
Aug 18, 2026–100.044100.044
Aug 17, 2026–100.045100.045
Aug 14, 2026–100.047100.047
Aug 13, 2026–100.049100.049

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.

3 auctions

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 91282CLT6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2024Oct 31, 2024New issue$30.0bn$30.5bn2.95x–
Nov 26, 2024Nov 29, 2024Reopening$28.0bn$28.0bn2.86x–
Dec 24, 2024Dec 27, 2024Reopening$28.0bn$28.0bn2.98x–

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.