Treasury note

91282CLW9 · 4.25% due November 15, 2034

Original term
10-Year
Maturity
Nov 15, 2034
Coupon
4.250%
Pays
Semi-Annual
Dated
Nov 15, 2024
First coupon
May 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$139.06bn
Held stripped
$209.3m
Share stripped
0.15%

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
4.900%
Modified duration
6.699 yr
DV01
0.0650
Convexity
53.602
Dirty price
97.031

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 8 of twelve buckets, summing to 6.859 years against a modified duration of 6.699.

Against the fitted curve

Priced 2.6 bp cheap to the curve on that day, 17.22 cents per 100 of face.

That is 1.36 standard deviations from its own typical residual.

Yield to maturity, 455 observations

3.8%4.0%4.2%4.4%4.6%4.8%5.0%Nov 15, 2024Sep 10, 2026Nov 15, 2024Yield to maturity4.426%Dec 3, 2024Yield to maturity4.226%Dec 18, 2024Yield to maturity4.494%Jan 6, 2025Yield to maturity4.620%Jan 22, 2025Yield to maturity4.597%Feb 6, 2025Yield to maturity4.440%Feb 24, 2025Yield to maturity4.401%Mar 11, 2025Yield to maturity4.273%Mar 26, 2025Yield to maturity4.341%Apr 10, 2025Yield to maturity4.399%Apr 25, 2025Yield to maturity4.266%May 12, 2025Yield to maturity4.445%May 28, 2025Yield to maturity4.462%Jun 12, 2025Yield to maturity4.339%Jun 30, 2025Yield to maturity4.201%Jul 16, 2025Yield to maturity4.423%Jul 31, 2025Yield to maturity4.332%Aug 15, 2025Yield to maturity4.274%Sep 2, 2025Yield to maturity4.216%Sep 17, 2025Yield to maturity3.995%Oct 2, 2025Yield to maturity4.035%Oct 20, 2025Yield to maturity3.936%Nov 4, 2025Yield to maturity4.037%Nov 20, 2025Yield to maturity4.032%Dec 8, 2025Yield to maturity4.098%Dec 23, 2025Yield to maturity4.097%Jan 9, 2026Yield to maturity4.101%Jan 27, 2026Yield to maturity4.164%Feb 11, 2026Yield to maturity4.104%Feb 27, 2026Yield to maturity3.878%Mar 16, 2026Yield to maturity4.137%Mar 31, 2026Yield to maturity4.228%Apr 15, 2026Yield to maturity4.206%Apr 30, 2026Yield to maturity4.316%May 15, 2026Yield to maturity4.523%Jun 2, 2026Yield to maturity4.393%Jun 17, 2026Yield to maturity4.443%Jul 6, 2026Yield to maturity4.416%Jul 21, 2026Yield to maturity4.568%Aug 5, 2026Yield to maturity4.551%Aug 20, 2026Yield to maturity4.613%Sep 4, 2026Yield to maturity4.718%Sep 10, 2026Yield to maturity4.900%

Price history

455 trading days to Sep 10, 2026

949698100102104Nov 15, 2024Sep 10, 2026Nov 15, 2024Close98.594Dec 3, 2024Close100.188Dec 18, 2024Close98.063Jan 6, 2025Close97.094Jan 22, 2025Close97.281Feb 6, 2025Close98.500Feb 24, 2025Close98.813Mar 11, 2025Close99.813Mar 26, 2025Close99.281Apr 10, 2025Close98.844Apr 25, 2025Close99.875May 12, 2025Close98.500May 28, 2025Close98.375Jun 12, 2025Close99.313Jun 30, 2025Close100.375Jul 16, 2025Close98.688Jul 31, 2025Close99.375Aug 15, 2025Close99.813Sep 2, 2025Close100.250Sep 17, 2025Close101.938Oct 2, 2025Close101.625Oct 20, 2025Close102.375Nov 4, 2025Close101.594Nov 20, 2025Close101.625Dec 8, 2025Close101.125Dec 23, 2025Close101.125Jan 9, 2026Close101.094Jan 27, 2026Close100.625Feb 11, 2026Close101.063Feb 27, 2026Close102.719Mar 16, 2026Close100.813Mar 31, 2026Close100.156Apr 15, 2026Close100.313Apr 30, 2026Close99.531May 15, 2026Close98.094Jun 2, 2026Close99.000Jun 17, 2026Close98.656Jul 6, 2026Close98.844Jul 21, 2026Close97.813Aug 5, 2026Close97.938Aug 20, 2026Close97.531Sep 4, 2026Close96.844Sep 10, 2026Close95.656
The most recent 20 trading days of prices for 91282CLW9.
DateBidOfferClose
Sep 10, 202695.89195.87595.656
Sep 9, 202696.42296.40696.469
Sep 8, 202696.76696.75096.719
Sep 4, 202696.89196.87596.844
Sep 3, 202697.10997.09496.969
Sep 2, 202696.73496.71996.750
Sep 1, 202696.95396.93896.750
Aug 31, 202697.01697.00097.063
Aug 28, 202697.39197.37597.188
Aug 27, 202697.76697.75097.625
Aug 26, 202697.76697.75097.719
Aug 25, 202697.82897.81397.906
Aug 24, 202697.57897.56397.438
Aug 21, 202697.26697.25097.250
Aug 20, 202697.48497.46997.531
Aug 19, 202697.76697.75097.844
Aug 18, 202697.45397.43897.469
Aug 17, 202697.51697.50097.375
Aug 14, 202697.67297.65697.594
Aug 13, 202697.92297.90697.906

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 91282CLW9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 5, 2024Nov 15, 2024New issue$42.0bn$52.2bn2.58x4.347%
Dec 11, 2024Dec 16, 2024Reopening$39.0bn$39.3bn2.70x4.235%
Jan 7, 2025Jan 15, 2025Reopening$39.0bn$47.6bn2.53x4.680%

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.