Treasury note

91282CLU3 · 4.125% due October 31, 2031

Original term
7-Year
Maturity
Oct 31, 2031
Coupon
4.125%
Pays
Semi-Annual
Dated
Oct 31, 2024
First coupon
Apr 30, 2025
Priced through
Nov 10, 2026
Analyzed through
Nov 10, 2026

Statement of October 31, 2026

Amount outstanding
$44.70bn
Held stripped
$6.4m
Share stripped
0.01%

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, November 10, 2026

Yield to maturity
4.825%
Modified duration
4.421 yr
DV01
0.0429
Convexity
0.229
Dirty price
97.074

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
0.25
4.16
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 4.527 years against a modified duration of 4.421.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 1.39 cents per 100 of face.

That is -0.44 standard deviations from its own typical residual.

Yield to maturity, 506 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Oct 31, 2024Nov 10, 2026Oct 31, 2024Yield to maturity4.213%Nov 5, 2024Yield to maturity4.219%Nov 8, 2024Yield to maturity4.250%Nov 14, 2024Yield to maturity4.382%Nov 19, 2024Yield to maturity4.319%Nov 22, 2024Yield to maturity4.346%Nov 27, 2024Yield to maturity4.182%Dec 3, 2024Yield to maturity4.172%Dec 6, 2024Yield to maturity4.088%Dec 11, 2024Yield to maturity4.198%Dec 16, 2024Yield to maturity4.321%Dec 19, 2024Yield to maturity4.515%Dec 24, 2024Yield to maturity4.521%Dec 30, 2024Yield to maturity4.456%Jan 3, 2025Yield to maturity4.506%Jan 8, 2025Yield to maturity4.566%Jan 13, 2025Yield to maturity4.710%Jan 16, 2025Yield to maturity4.496%Jan 22, 2025Yield to maturity4.514%Jan 27, 2025Yield to maturity4.427%Jan 30, 2025Yield to maturity4.411%Feb 4, 2025Yield to maturity4.417%Feb 7, 2025Yield to maturity4.412%Feb 12, 2025Yield to maturity4.561%Feb 18, 2025Yield to maturity4.479%Feb 21, 2025Yield to maturity4.342%Feb 26, 2025Yield to maturity4.157%Mar 3, 2025Yield to maturity4.059%Mar 6, 2025Yield to maturity4.173%Mar 11, 2025Yield to maturity4.151%Mar 14, 2025Yield to maturity4.195%Mar 19, 2025Yield to maturity4.130%Mar 24, 2025Yield to maturity4.201%Mar 27, 2025Yield to maturity4.223%Apr 1, 2025Yield to maturity4.021%Apr 4, 2025Yield to maturity3.837%Apr 9, 2025Yield to maturity4.191%Apr 14, 2025Yield to maturity4.180%Apr 17, 2025Yield to maturity4.114%Apr 23, 2025Yield to maturity4.180%Apr 28, 2025Yield to maturity3.987%May 1, 2025Yield to maturity3.987%May 6, 2025Yield to maturity4.070%May 9, 2025Yield to maturity4.153%May 14, 2025Yield to maturity4.321%May 19, 2025Yield to maturity4.225%May 22, 2025Yield to maturity4.282%May 28, 2025Yield to maturity4.225%Jun 2, 2025Yield to maturity4.181%Jun 5, 2025Yield to maturity4.147%Jun 10, 2025Yield to maturity4.231%Jun 13, 2025Yield to maturity4.158%Jun 18, 2025Yield to maturity4.124%Jun 24, 2025Yield to maturity4.006%Jun 27, 2025Yield to maturity3.983%Jul 2, 2025Yield to maturity4.011%Jul 8, 2025Yield to maturity4.130%Jul 11, 2025Yield to maturity4.135%Jul 16, 2025Yield to maturity4.147%Jul 21, 2025Yield to maturity4.067%Jul 24, 2025Yield to maturity4.124%Jul 29, 2025Yield to maturity4.038%Aug 1, 2025Yield to maturity3.908%Aug 6, 2025Yield to maturity3.902%Aug 11, 2025Yield to maturity3.958%Aug 14, 2025Yield to maturity3.958%Aug 19, 2025Yield to maturity3.963%Aug 22, 2025Yield to maturity3.900%Aug 27, 2025Yield to maturity3.860%Sep 2, 2025Yield to maturity3.894%Sep 5, 2025Yield to maturity3.723%Sep 10, 2025Yield to maturity3.705%Sep 15, 2025Yield to maturity3.716%Sep 18, 2025Yield to maturity3.784%Sep 23, 2025Yield to maturity3.789%Sep 26, 2025Yield to maturity3.886%Oct 1, 2025Yield to maturity3.799%Oct 6, 2025Yield to maturity3.862%Oct 9, 2025Yield to maturity3.845%Oct 15, 2025Yield to maturity3.734%Oct 20, 2025Yield to maturity3.682%Oct 23, 2025Yield to maturity3.710%Oct 28, 2025Yield to maturity3.704%Oct 31, 2025Yield to maturity3.813%Nov 5, 2025Yield to maturity3.859%Nov 10, 2025Yield to maturity3.812%Nov 14, 2025Yield to maturity3.835%Nov 19, 2025Yield to maturity3.805%Nov 24, 2025Yield to maturity3.704%Nov 28, 2025Yield to maturity3.697%Dec 3, 2025Yield to maturity3.720%Dec 8, 2025Yield to maturity3.849%Dec 11, 2025Yield to maturity3.819%Dec 16, 2025Yield to maturity3.795%Dec 19, 2025Yield to maturity3.800%Dec 24, 2025Yield to maturity3.823%Dec 30, 2025Yield to maturity3.775%Jan 5, 2026Yield to maturity3.804%Jan 8, 2026Yield to maturity3.834%Jan 13, 2026Yield to maturity3.833%Jan 16, 2026Yield to maturity3.911%Jan 22, 2026Yield to maturity3.935%Jan 27, 2026Yield to maturity3.910%Jan 30, 2026Yield to maturity3.891%Feb 4, 2026Yield to maturity3.927%Feb 9, 2026Yield to maturity3.842%Feb 12, 2026Yield to maturity3.756%Feb 18, 2026Yield to maturity3.737%Feb 23, 2026Yield to maturity3.669%Feb 26, 2026Yield to maturity3.663%Mar 3, 2026Yield to maturity3.717%Mar 6, 2026Yield to maturity3.802%Mar 11, 2026Yield to maturity3.863%Mar 16, 2026Yield to maturity3.881%Mar 19, 2026Yield to maturity3.955%Mar 24, 2026Yield to maturity4.105%Mar 27, 2026Yield to maturity4.143%Apr 1, 2026Yield to maturity4.036%Apr 6, 2026Yield to maturity4.049%Apr 9, 2026Yield to maturity3.985%Apr 14, 2026Yield to maturity3.941%Apr 17, 2026Yield to maturity3.915%Apr 22, 2026Yield to maturity3.979%Apr 27, 2026Yield to maturity4.016%Apr 30, 2026Yield to maturity4.080%May 5, 2026Yield to maturity4.125%May 8, 2026Yield to maturity4.073%May 13, 2026Yield to maturity4.170%May 18, 2026Yield to maturity4.313%May 21, 2026Yield to maturity4.294%May 27, 2026Yield to maturity4.222%Jun 1, 2026Yield to maturity4.222%Jun 4, 2026Yield to maturity4.222%Jun 9, 2026Yield to maturity4.295%Jun 12, 2026Yield to maturity4.249%Jun 17, 2026Yield to maturity4.295%Jun 23, 2026Yield to maturity4.296%Jun 26, 2026Yield to maturity4.157%Jul 1, 2026Yield to maturity4.263%Jul 7, 2026Yield to maturity4.303%Jul 10, 2026Yield to maturity4.330%Jul 15, 2026Yield to maturity4.284%Jul 20, 2026Yield to maturity4.345%Jul 23, 2026Yield to maturity4.487%Jul 28, 2026Yield to maturity4.379%Jul 31, 2026Yield to maturity4.475%Aug 5, 2026Yield to maturity4.353%Aug 10, 2026Yield to maturity4.428%Aug 13, 2026Yield to maturity4.340%Aug 18, 2026Yield to maturity4.395%Aug 21, 2026Yield to maturity4.451%Aug 26, 2026Yield to maturity4.403%Aug 31, 2026Yield to maturity4.521%Sep 3, 2026Yield to maturity4.536%Sep 9, 2026Yield to maturity4.628%Sep 14, 2026Yield to maturity4.819%Sep 17, 2026Yield to maturity4.806%Sep 22, 2026Yield to maturity4.851%Sep 25, 2026Yield to maturity5.010%Sep 30, 2026Yield to maturity5.105%Oct 5, 2026Yield to maturity5.086%Oct 8, 2026Yield to maturity5.015%Oct 14, 2026Yield to maturity5.025%Oct 19, 2026Yield to maturity4.962%Oct 22, 2026Yield to maturity4.797%Oct 27, 2026Yield to maturity4.857%Oct 30, 2026Yield to maturity4.735%Nov 4, 2026Yield to maturity4.700%Nov 9, 2026Yield to maturity4.687%Nov 10, 2026Yield to maturity4.825%

Price history

506 trading days to Nov 10, 2026

949698100102104Oct 31, 2024Nov 10, 2026Oct 31, 2024Close99.469Nov 5, 2024Close99.438Nov 8, 2024Close99.250Nov 14, 2024Close98.469Nov 19, 2024Close98.844Nov 22, 2024Close98.688Nov 27, 2024Close99.656Dec 3, 2024Close99.719Dec 6, 2024Close100.219Dec 11, 2024Close99.563Dec 16, 2024Close98.844Dec 19, 2024Close97.719Dec 24, 2024Close97.688Dec 30, 2024Close98.063Jan 3, 2025Close97.781Jan 8, 2025Close97.438Jan 13, 2025Close96.625Jan 16, 2025Close97.844Jan 22, 2025Close97.750Jan 27, 2025Close98.250Jan 30, 2025Close98.344Feb 4, 2025Close98.313Feb 7, 2025Close98.344Feb 12, 2025Close97.500Feb 18, 2025Close97.969Feb 21, 2025Close98.750Feb 26, 2025Close99.813Mar 3, 2025Close100.375Mar 6, 2025Close99.719Mar 11, 2025Close99.844Mar 14, 2025Close99.594Mar 19, 2025Close99.969Mar 24, 2025Close99.563Mar 27, 2025Close99.438Apr 1, 2025Close100.594Apr 4, 2025Close101.656Apr 9, 2025Close99.625Apr 14, 2025Close99.688Apr 17, 2025Close100.063Apr 23, 2025Close99.688Apr 28, 2025Close100.781May 1, 2025Close100.781May 6, 2025Close100.313May 9, 2025Close99.844May 14, 2025Close98.906May 19, 2025Close99.438May 22, 2025Close99.125May 28, 2025Close99.438Jun 2, 2025Close99.688Jun 5, 2025Close99.875Jun 10, 2025Close99.406Jun 13, 2025Close99.813Jun 18, 2025Close100.000Jun 24, 2025Close100.656Jun 27, 2025Close100.781Jul 2, 2025Close100.625Jul 8, 2025Close99.969Jul 11, 2025Close99.938Jul 16, 2025Close99.875Jul 21, 2025Close100.313Jul 24, 2025Close100.000Jul 29, 2025Close100.469Aug 1, 2025Close101.188Aug 6, 2025Close101.219Aug 11, 2025Close100.906Aug 14, 2025Close100.906Aug 19, 2025Close100.875Aug 22, 2025Close101.219Aug 27, 2025Close101.438Sep 2, 2025Close101.250Sep 5, 2025Close102.188Sep 10, 2025Close102.281Sep 15, 2025Close102.219Sep 18, 2025Close101.844Sep 23, 2025Close101.813Sep 26, 2025Close101.281Oct 1, 2025Close101.750Oct 6, 2025Close101.406Oct 9, 2025Close101.500Oct 15, 2025Close102.094Oct 20, 2025Close102.375Oct 23, 2025Close102.219Oct 28, 2025Close102.250Oct 31, 2025Close101.656Nov 5, 2025Close101.406Nov 10, 2025Close101.656Nov 14, 2025Close101.531Nov 19, 2025Close101.688Nov 24, 2025Close102.219Nov 28, 2025Close102.250Dec 3, 2025Close102.125Dec 8, 2025Close101.438Dec 11, 2025Close101.594Dec 16, 2025Close101.719Dec 19, 2025Close101.688Dec 24, 2025Close101.563Dec 30, 2025Close101.813Jan 5, 2026Close101.656Jan 8, 2026Close101.500Jan 13, 2026Close101.500Jan 16, 2026Close101.094Jan 22, 2026Close100.969Jan 27, 2026Close101.094Jan 30, 2026Close101.188Feb 4, 2026Close101.000Feb 9, 2026Close101.438Feb 12, 2026Close101.875Feb 18, 2026Close101.969Feb 23, 2026Close102.313Feb 26, 2026Close102.344Mar 3, 2026Close102.063Mar 6, 2026Close101.625Mar 11, 2026Close101.313Mar 16, 2026Close101.219Mar 19, 2026Close100.844Mar 24, 2026Close100.094Mar 27, 2026Close99.906Apr 1, 2026Close100.438Apr 6, 2026Close100.375Apr 9, 2026Close100.688Apr 14, 2026Close100.906Apr 17, 2026Close101.031Apr 22, 2026Close100.719Apr 27, 2026Close100.531Apr 30, 2026Close100.219May 5, 2026Close100.000May 8, 2026Close100.250May 13, 2026Close99.781May 18, 2026Close99.094May 21, 2026Close99.188May 27, 2026Close99.531Jun 1, 2026Close99.531Jun 4, 2026Close99.531Jun 9, 2026Close99.188Jun 12, 2026Close99.406Jun 17, 2026Close99.188Jun 23, 2026Close99.188Jun 26, 2026Close99.844Jul 1, 2026Close99.344Jul 7, 2026Close99.156Jul 10, 2026Close99.031Jul 15, 2026Close99.250Jul 20, 2026Close98.969Jul 23, 2026Close98.313Jul 28, 2026Close98.813Jul 31, 2026Close98.375Aug 5, 2026Close98.938Aug 10, 2026Close98.594Aug 13, 2026Close99.000Aug 18, 2026Close98.750Aug 21, 2026Close98.500Aug 26, 2026Close98.719Aug 31, 2026Close98.188Sep 3, 2026Close98.125Sep 9, 2026Close97.719Sep 14, 2026Close96.875Sep 17, 2026Close96.938Sep 22, 2026Close96.750Sep 25, 2026Close96.063Sep 30, 2026Close95.656Oct 5, 2026Close95.750Oct 8, 2026Close96.063Oct 14, 2026Close96.031Oct 19, 2026Close96.313Oct 22, 2026Close97.031Oct 27, 2026Close96.781Oct 30, 2026Close97.313Nov 4, 2026Close97.469Nov 9, 2026Close97.531Nov 10, 2026Close96.938
The most recent 20 trading days of prices for 91282CLU3.
DateBidOfferClose
Nov 10, 202696.84496.85996.938
Nov 9, 202697.53197.54797.531
Nov 6, 202697.62597.64197.656
Nov 5, 202697.71997.73497.844
Nov 4, 202697.37597.39197.469
Nov 3, 202697.28197.29797.219
Nov 2, 202697.43897.45397.375
Oct 30, 202697.18897.20397.313
Oct 29, 202697.00097.01697.000
Oct 28, 202696.62596.64196.656
Oct 27, 202696.81396.82896.781
Oct 26, 202696.84496.85996.813
Oct 23, 202696.84496.85996.875
Oct 22, 202696.78196.79797.031
Oct 21, 202696.37596.39196.281
Oct 20, 202696.40696.42296.344
Oct 19, 202696.37596.37596.313
Oct 16, 202696.56396.56396.531
Oct 15, 202696.40696.42296.438
Oct 14, 202695.78195.79796.031

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 91282CLU3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2024Oct 31, 2024New issue$44.0bn$44.7bn2.74x4.215%

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.