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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
4.955%
Modified duration
4.382 yr
DV01
0.0431
Convexity
0.229
Dirty price
98.294

Where its rate sensitivity sits

<.01
0.01
0.03
0.08
0.18
4.13
0.06
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 7 of twelve buckets, summing to 4.489 years against a modified duration of 4.382.

Against the fitted curve

Priced 0.0 bp rich to the curve on that day, 0.05 cents per 100 of face.

That is -0.91 standard deviations from its own typical residual.

Yield to maturity, 492 observations

3.50%3.75%4.00%4.25%4.50%4.75%5.00%5.25%Oct 31, 2024Oct 20, 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 22, 2025Yield to maturity4.164%Apr 25, 2025Yield to maturity4.048%Apr 30, 2025Yield to maturity3.900%May 5, 2025Yield to maturity4.108%May 8, 2025Yield to maturity4.158%May 13, 2025Yield to maturity4.276%May 16, 2025Yield to maturity4.214%May 21, 2025Yield to maturity4.327%May 27, 2025Yield to maturity4.180%May 30, 2025Yield to maturity4.141%Jun 4, 2025Yield to maturity4.096%Jun 9, 2025Yield to maturity4.243%Jun 12, 2025Yield to maturity4.107%Jun 17, 2025Yield to maturity4.130%Jun 23, 2025Yield to maturity4.051%Jun 26, 2025Yield to maturity3.950%Jul 1, 2025Yield to maturity3.978%Jul 7, 2025Yield to maturity4.107%Jul 10, 2025Yield to maturity4.073%Jul 15, 2025Yield to maturity4.198%Jul 18, 2025Yield to maturity4.118%Jul 23, 2025Yield to maturity4.090%Jul 28, 2025Yield to maturity4.118%Jul 31, 2025Yield to maturity4.090%Aug 5, 2025Yield to maturity3.902%Aug 8, 2025Yield to maturity3.970%Aug 13, 2025Yield to maturity3.907%Aug 18, 2025Yield to maturity3.998%Aug 21, 2025Yield to maturity3.998%Aug 26, 2025Yield to maturity3.889%Aug 29, 2025Yield to maturity3.843%Sep 4, 2025Yield to maturity3.785%Sep 9, 2025Yield to maturity3.728%Sep 12, 2025Yield to maturity3.739%Sep 17, 2025Yield to maturity3.733%Sep 22, 2025Yield to maturity3.823%Sep 25, 2025Yield to maturity3.869%Sep 30, 2025Yield to maturity3.851%Oct 3, 2025Yield to maturity3.822%Oct 8, 2025Yield to maturity3.833%Oct 14, 2025Yield to maturity3.711%Oct 17, 2025Yield to maturity3.699%Oct 22, 2025Yield to maturity3.659%Oct 27, 2025Yield to maturity3.715%Oct 30, 2025Yield to maturity3.819%Nov 4, 2025Yield to maturity3.795%Nov 7, 2025Yield to maturity3.777%Nov 13, 2025Yield to maturity3.806%Nov 18, 2025Yield to maturity3.793%Nov 21, 2025Yield to maturity3.722%Nov 26, 2025Yield to maturity3.669%Dec 2, 2025Yield to maturity3.756%Dec 5, 2025Yield to maturity3.814%Dec 10, 2025Yield to maturity3.819%Dec 15, 2025Yield to maturity3.831%Dec 18, 2025Yield to maturity3.759%Dec 23, 2025Yield to maturity3.836%Dec 29, 2025Yield to maturity3.769%Jan 2, 2026Yield to maturity3.834%Jan 7, 2026Yield to maturity3.792%Jan 12, 2026Yield to maturity3.851%Jan 15, 2026Yield to maturity3.851%Jan 21, 2026Yield to maturity3.923%Jan 26, 2026Yield to maturity3.904%Jan 29, 2026Yield to maturity3.898%Feb 3, 2026Yield to maturity3.921%Feb 6, 2026Yield to maturity3.848%Feb 11, 2026Yield to maturity3.835%Feb 17, 2026Yield to maturity3.707%Feb 20, 2026Yield to maturity3.730%Feb 25, 2026Yield to maturity3.699%Mar 2, 2026Yield to maturity3.698%Mar 5, 2026Yield to maturity3.796%Mar 10, 2026Yield to maturity3.807%Mar 13, 2026Yield to maturity3.949%Mar 18, 2026Yield to maturity3.943%Mar 23, 2026Yield to maturity4.043%Mar 26, 2026Yield to maturity4.169%Mar 31, 2026Yield to maturity3.998%Apr 3, 2026Yield to maturity4.055%Apr 8, 2026Yield to maturity3.992%Apr 13, 2026Yield to maturity3.985%Apr 16, 2026Yield to maturity3.985%Apr 21, 2026Yield to maturity3.972%Apr 24, 2026Yield to maturity3.985%Apr 29, 2026Yield to maturity4.112%May 4, 2026Yield to maturity4.138%May 7, 2026Yield to maturity4.099%May 12, 2026Yield to maturity4.176%May 15, 2026Yield to maturity4.306%May 20, 2026Yield to maturity4.274%May 26, 2026Yield to maturity4.229%May 29, 2026Yield to maturity4.183%Jun 3, 2026Yield to maturity4.248%Jun 8, 2026Yield to maturity4.321%Jun 11, 2026Yield to maturity4.209%Jun 16, 2026Yield to maturity4.183%Jun 22, 2026Yield to maturity4.315%Jun 25, 2026Yield to maturity4.183%Jun 30, 2026Yield to maturity4.216%Jul 6, 2026Yield to maturity4.237%Jul 9, 2026Yield to maturity4.297%Jul 14, 2026Yield to maturity4.337%Jul 17, 2026Yield to maturity4.304%Jul 22, 2026Yield to maturity4.439%Jul 27, 2026Yield to maturity4.426%Jul 30, 2026Yield to maturity4.407%Aug 4, 2026Yield to maturity4.360%Aug 7, 2026Yield to maturity4.374%Aug 12, 2026Yield to maturity4.401%Aug 17, 2026Yield to maturity4.402%Aug 20, 2026Yield to maturity4.409%Aug 25, 2026Yield to maturity4.369%Aug 28, 2026Yield to maturity4.507%Sep 2, 2026Yield to maturity4.570%Sep 8, 2026Yield to maturity4.586%Sep 11, 2026Yield to maturity4.798%Sep 16, 2026Yield to maturity4.884%Sep 21, 2026Yield to maturity4.850%Sep 24, 2026Yield to maturity5.059%Sep 29, 2026Yield to maturity5.083%Oct 2, 2026Yield to maturity5.086%Oct 7, 2026Yield to maturity5.051%Oct 13, 2026Yield to maturity5.025%Oct 16, 2026Yield to maturity4.911%Oct 20, 2026Yield to maturity4.955%

Price history

492 trading days to Oct 20, 2026

949698100102104Oct 31, 2024Oct 20, 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 22, 2025Close99.781Apr 25, 2025Close100.438Apr 30, 2025Close101.281May 5, 2025Close100.094May 8, 2025Close99.813May 13, 2025Close99.156May 16, 2025Close99.500May 21, 2025Close98.875May 27, 2025Close99.688May 30, 2025Close99.906Jun 4, 2025Close100.156Jun 9, 2025Close99.344Jun 12, 2025Close100.094Jun 17, 2025Close99.969Jun 23, 2025Close100.406Jun 26, 2025Close100.969Jul 1, 2025Close100.813Jul 7, 2025Close100.094Jul 10, 2025Close100.281Jul 15, 2025Close99.594Jul 18, 2025Close100.031Jul 23, 2025Close100.188Jul 28, 2025Close100.031Jul 31, 2025Close100.188Aug 5, 2025Close101.219Aug 8, 2025Close100.844Aug 13, 2025Close101.188Aug 18, 2025Close100.688Aug 21, 2025Close100.688Aug 26, 2025Close101.281Aug 29, 2025Close101.531Sep 4, 2025Close101.844Sep 9, 2025Close102.156Sep 12, 2025Close102.094Sep 17, 2025Close102.125Sep 22, 2025Close101.625Sep 25, 2025Close101.375Sep 30, 2025Close101.469Oct 3, 2025Close101.625Oct 8, 2025Close101.563Oct 14, 2025Close102.219Oct 17, 2025Close102.281Oct 22, 2025Close102.500Oct 27, 2025Close102.188Oct 30, 2025Close101.625Nov 4, 2025Close101.750Nov 7, 2025Close101.844Nov 13, 2025Close101.688Nov 18, 2025Close101.750Nov 21, 2025Close102.125Nov 26, 2025Close102.406Dec 2, 2025Close101.938Dec 5, 2025Close101.625Dec 10, 2025Close101.594Dec 15, 2025Close101.531Dec 18, 2025Close101.906Dec 23, 2025Close101.500Dec 29, 2025Close101.844Jan 2, 2026Close101.500Jan 7, 2026Close101.719Jan 12, 2026Close101.406Jan 15, 2026Close101.406Jan 21, 2026Close101.031Jan 26, 2026Close101.125Jan 29, 2026Close101.156Feb 3, 2026Close101.031Feb 6, 2026Close101.406Feb 11, 2026Close101.469Feb 17, 2026Close102.125Feb 20, 2026Close102.000Feb 25, 2026Close102.156Mar 2, 2026Close102.156Mar 5, 2026Close101.656Mar 10, 2026Close101.594Mar 13, 2026Close100.875Mar 18, 2026Close100.906Mar 23, 2026Close100.406Mar 26, 2026Close99.781Mar 31, 2026Close100.625Apr 3, 2026Close100.344Apr 8, 2026Close100.656Apr 13, 2026Close100.688Apr 16, 2026Close100.688Apr 21, 2026Close100.750Apr 24, 2026Close100.688Apr 29, 2026Close100.063May 4, 2026Close99.938May 7, 2026Close100.125May 12, 2026Close99.750May 15, 2026Close99.125May 20, 2026Close99.281May 26, 2026Close99.500May 29, 2026Close99.719Jun 3, 2026Close99.406Jun 8, 2026Close99.063Jun 11, 2026Close99.594Jun 16, 2026Close99.719Jun 22, 2026Close99.094Jun 25, 2026Close99.719Jun 30, 2026Close99.563Jul 6, 2026Close99.469Jul 9, 2026Close99.188Jul 14, 2026Close99.000Jul 17, 2026Close99.156Jul 22, 2026Close98.531Jul 27, 2026Close98.594Jul 30, 2026Close98.688Aug 4, 2026Close98.906Aug 7, 2026Close98.844Aug 12, 2026Close98.719Aug 17, 2026Close98.719Aug 20, 2026Close98.688Aug 25, 2026Close98.875Aug 28, 2026Close98.250Sep 2, 2026Close97.969Sep 8, 2026Close97.906Sep 11, 2026Close96.969Sep 16, 2026Close96.594Sep 21, 2026Close96.750Sep 24, 2026Close95.844Sep 29, 2026Close95.750Oct 2, 2026Close95.750Oct 7, 2026Close95.906Oct 13, 2026Close96.031Oct 16, 2026Close96.531Oct 20, 2026Close96.344
The most recent 20 trading days of prices for 91282CLU3.
DateBidOfferClose
Oct 20, 202696.42296.40696.344
Oct 19, 202696.37596.37596.313
Oct 16, 202696.56396.56396.531
Oct 15, 202696.42296.40696.438
Oct 14, 202695.79795.78196.031
Oct 13, 202696.01696.00096.031
Oct 9, 202695.89195.87595.938
Oct 8, 202695.76695.75096.063
Oct 7, 202695.85995.84495.906
Oct 6, 202695.98495.96995.906
Oct 5, 202695.67295.65695.750
Oct 2, 202695.90695.87595.750
Oct 1, 202695.89195.87595.969
Sep 30, 202695.76695.75095.656
Sep 29, 202695.57895.56395.750
Sep 28, 202695.67295.65695.719
Sep 25, 202695.89195.87596.063
Sep 24, 202695.92295.90695.844
Sep 23, 202696.20396.18896.031
Sep 22, 202696.76696.75096.750

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 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.