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
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 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, October 20, 2026

Yield to maturity
5.079%
Modified duration
6.577 yr
DV01
0.0634
Convexity
0.52
Dirty price
96.399

Where its rate sensitivity sits

<.01
0.01
0.04
0.08
0.19
0.34
4.03
2.05
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 6.742 years against a modified duration of 6.577.

Against the fitted curve

Priced 4.3 bp cheap to the curve on that day, 27.14 cents per 100 of face.

That is 1.65 standard deviations from its own typical residual.

Yield to maturity, 482 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Nov 15, 2024Oct 20, 2026Nov 15, 2024Yield to maturity4.426%Nov 20, 2024Yield to maturity4.410%Nov 25, 2024Yield to maturity4.265%Nov 29, 2024Yield to maturity4.176%Dec 4, 2024Yield to maturity4.188%Dec 9, 2024Yield to maturity4.199%Dec 12, 2024Yield to maturity4.328%Dec 17, 2024Yield to maturity4.395%Dec 20, 2024Yield to maturity4.518%Dec 26, 2024Yield to maturity4.575%Dec 31, 2024Yield to maturity4.575%Jan 6, 2025Yield to maturity4.620%Jan 9, 2025Yield to maturity4.689%Jan 14, 2025Yield to maturity4.784%Jan 17, 2025Yield to maturity4.609%Jan 23, 2025Yield to maturity4.642%Jan 28, 2025Yield to maturity4.540%Jan 31, 2025Yield to maturity4.577%Feb 5, 2025Yield to maturity4.420%Feb 10, 2025Yield to maturity4.501%Feb 13, 2025Yield to maturity4.529%Feb 19, 2025Yield to maturity4.534%Feb 24, 2025Yield to maturity4.401%Feb 27, 2025Yield to maturity4.285%Mar 4, 2025Yield to maturity4.222%Mar 7, 2025Yield to maturity4.317%Mar 12, 2025Yield to maturity4.317%Mar 17, 2025Yield to maturity4.309%Mar 20, 2025Yield to maturity4.230%Mar 25, 2025Yield to maturity4.305%Mar 28, 2025Yield to maturity4.257%Apr 2, 2025Yield to maturity4.190%Apr 7, 2025Yield to maturity4.130%Apr 10, 2025Yield to maturity4.399%Apr 15, 2025Yield to maturity4.334%Apr 18, 2025Yield to maturity4.326%Apr 23, 2025Yield to maturity4.383%Apr 28, 2025Yield to maturity4.214%May 1, 2025Yield to maturity4.226%May 6, 2025Yield to maturity4.302%May 9, 2025Yield to maturity4.367%May 14, 2025Yield to maturity4.524%May 19, 2025Yield to maturity4.445%May 22, 2025Yield to maturity4.532%May 28, 2025Yield to maturity4.462%Jun 2, 2025Yield to maturity4.438%Jun 5, 2025Yield to maturity4.380%Jun 10, 2025Yield to maturity4.450%Jun 13, 2025Yield to maturity4.397%Jun 18, 2025Yield to maturity4.360%Jun 24, 2025Yield to maturity4.266%Jun 27, 2025Yield to maturity4.258%Jul 2, 2025Yield to maturity4.266%Jul 8, 2025Yield to maturity4.385%Jul 11, 2025Yield to maturity4.398%Jul 16, 2025Yield to maturity4.423%Jul 21, 2025Yield to maturity4.344%Jul 24, 2025Yield to maturity4.385%Jul 29, 2025Yield to maturity4.295%Aug 1, 2025Yield to maturity4.184%Aug 6, 2025Yield to maturity4.184%Aug 11, 2025Yield to maturity4.229%Aug 14, 2025Yield to maturity4.237%Aug 19, 2025Yield to maturity4.249%Aug 22, 2025Yield to maturity4.200%Aug 27, 2025Yield to maturity4.179%Sep 2, 2025Yield to maturity4.216%Sep 5, 2025Yield to maturity4.032%Sep 10, 2025Yield to maturity3.979%Sep 15, 2025Yield to maturity3.979%Sep 18, 2025Yield to maturity4.048%Sep 23, 2025Yield to maturity4.056%Sep 26, 2025Yield to maturity4.138%Oct 1, 2025Yield to maturity4.055%Oct 6, 2025Yield to maturity4.117%Oct 9, 2025Yield to maturity4.092%Oct 15, 2025Yield to maturity3.989%Oct 20, 2025Yield to maturity3.936%Oct 23, 2025Yield to maturity3.944%Oct 28, 2025Yield to maturity3.931%Oct 31, 2025Yield to maturity4.046%Nov 5, 2025Yield to maturity4.108%Nov 10, 2025Yield to maturity4.062%Nov 14, 2025Yield to maturity4.083%Nov 19, 2025Yield to maturity4.062%Nov 24, 2025Yield to maturity3.966%Nov 28, 2025Yield to maturity3.945%Dec 3, 2025Yield to maturity3.982%Dec 8, 2025Yield to maturity4.098%Dec 11, 2025Yield to maturity4.069%Dec 16, 2025Yield to maturity4.068%Dec 19, 2025Yield to maturity4.072%Dec 24, 2025Yield to maturity4.072%Dec 30, 2025Yield to maturity4.055%Jan 5, 2026Yield to maturity4.084%Jan 8, 2026Yield to maturity4.105%Jan 13, 2026Yield to maturity4.096%Jan 16, 2026Yield to maturity4.160%Jan 22, 2026Yield to maturity4.181%Jan 27, 2026Yield to maturity4.164%Jan 30, 2026Yield to maturity4.172%Feb 4, 2026Yield to maturity4.206%Feb 9, 2026Yield to maturity4.125%Feb 12, 2026Yield to maturity4.023%Feb 18, 2026Yield to maturity4.006%Feb 23, 2026Yield to maturity3.946%Feb 26, 2026Yield to maturity3.933%Mar 3, 2026Yield to maturity3.975%Mar 6, 2026Yield to maturity4.064%Mar 11, 2026Yield to maturity4.128%Mar 16, 2026Yield to maturity4.137%Mar 19, 2026Yield to maturity4.180%Mar 24, 2026Yield to maturity4.324%Mar 27, 2026Yield to maturity4.372%Apr 1, 2026Yield to maturity4.267%Apr 6, 2026Yield to maturity4.271%Apr 9, 2026Yield to maturity4.219%Apr 14, 2026Yield to maturity4.180%Apr 17, 2026Yield to maturity4.167%Apr 22, 2026Yield to maturity4.219%Apr 27, 2026Yield to maturity4.263%Apr 30, 2026Yield to maturity4.316%May 5, 2026Yield to maturity4.352%May 8, 2026Yield to maturity4.294%May 13, 2026Yield to maturity4.392%May 18, 2026Yield to maturity4.536%May 21, 2026Yield to maturity4.505%May 27, 2026Yield to maturity4.415%Jun 1, 2026Yield to maturity4.411%Jun 4, 2026Yield to maturity4.411%Jun 9, 2026Yield to maturity4.470%Jun 12, 2026Yield to maturity4.425%Jun 17, 2026Yield to maturity4.443%Jun 23, 2026Yield to maturity4.448%Jun 26, 2026Yield to maturity4.321%Jul 1, 2026Yield to maturity4.425%Jul 7, 2026Yield to maturity4.480%Jul 10, 2026Yield to maturity4.503%Jul 15, 2026Yield to maturity4.476%Jul 20, 2026Yield to maturity4.527%Jul 23, 2026Yield to maturity4.647%Jul 28, 2026Yield to maturity4.546%Jul 31, 2026Yield to maturity4.672%Aug 5, 2026Yield to maturity4.551%Aug 10, 2026Yield to maturity4.635%Aug 13, 2026Yield to maturity4.556%Aug 18, 2026Yield to maturity4.622%Aug 21, 2026Yield to maturity4.655%Aug 26, 2026Yield to maturity4.585%Aug 31, 2026Yield to maturity4.685%Sep 3, 2026Yield to maturity4.699%Sep 9, 2026Yield to maturity4.776%Sep 14, 2026Yield to maturity4.930%Sep 17, 2026Yield to maturity4.902%Sep 22, 2026Yield to maturity4.927%Sep 25, 2026Yield to maturity5.128%Sep 30, 2026Yield to maturity5.247%Oct 5, 2026Yield to maturity5.259%Oct 8, 2026Yield to maturity5.175%Oct 14, 2026Yield to maturity5.152%Oct 19, 2026Yield to maturity5.104%Oct 20, 2026Yield to maturity5.079%

Price history

482 trading days to Oct 20, 2026

92949698100102104Nov 15, 2024Oct 20, 2026Nov 15, 2024Close98.594Nov 20, 2024Close98.719Nov 25, 2024Close99.875Nov 29, 2024Close100.594Dec 4, 2024Close100.500Dec 9, 2024Close100.406Dec 12, 2024Close99.375Dec 17, 2024Close98.844Dec 20, 2024Close97.875Dec 26, 2024Close97.438Dec 31, 2024Close97.438Jan 6, 2025Close97.094Jan 9, 2025Close96.563Jan 14, 2025Close95.844Jan 17, 2025Close97.188Jan 23, 2025Close96.938Jan 28, 2025Close97.719Jan 31, 2025Close97.438Feb 5, 2025Close98.656Feb 10, 2025Close98.031Feb 13, 2025Close97.813Feb 19, 2025Close97.781Feb 24, 2025Close98.813Feb 27, 2025Close99.719Mar 4, 2025Close100.219Mar 7, 2025Close99.469Mar 12, 2025Close99.469Mar 17, 2025Close99.531Mar 20, 2025Close100.156Mar 25, 2025Close99.563Mar 28, 2025Close99.938Apr 2, 2025Close100.469Apr 7, 2025Close100.938Apr 10, 2025Close98.844Apr 15, 2025Close99.344Apr 18, 2025Close99.406Apr 23, 2025Close98.969Apr 28, 2025Close100.281May 1, 2025Close100.188May 6, 2025Close99.594May 9, 2025Close99.094May 14, 2025Close97.906May 19, 2025Close98.500May 22, 2025Close97.844May 28, 2025Close98.375Jun 2, 2025Close98.563Jun 5, 2025Close99.000Jun 10, 2025Close98.469Jun 13, 2025Close98.875Jun 18, 2025Close99.156Jun 24, 2025Close99.875Jun 27, 2025Close99.938Jul 2, 2025Close99.875Jul 8, 2025Close98.969Jul 11, 2025Close98.875Jul 16, 2025Close98.688Jul 21, 2025Close99.281Jul 24, 2025Close98.969Jul 29, 2025Close99.656Aug 1, 2025Close100.500Aug 6, 2025Close100.500Aug 11, 2025Close100.156Aug 14, 2025Close100.094Aug 19, 2025Close100.000Aug 22, 2025Close100.375Aug 27, 2025Close100.531Sep 2, 2025Close100.250Sep 5, 2025Close101.656Sep 10, 2025Close102.063Sep 15, 2025Close102.063Sep 18, 2025Close101.531Sep 23, 2025Close101.469Sep 26, 2025Close100.844Oct 1, 2025Close101.469Oct 6, 2025Close101.000Oct 9, 2025Close101.188Oct 15, 2025Close101.969Oct 20, 2025Close102.375Oct 23, 2025Close102.313Oct 28, 2025Close102.406Oct 31, 2025Close101.531Nov 5, 2025Close101.063Nov 10, 2025Close101.406Nov 14, 2025Close101.250Nov 19, 2025Close101.406Nov 24, 2025Close102.125Nov 28, 2025Close102.281Dec 3, 2025Close102.000Dec 8, 2025Close101.125Dec 11, 2025Close101.344Dec 16, 2025Close101.344Dec 19, 2025Close101.313Dec 24, 2025Close101.313Dec 30, 2025Close101.438Jan 5, 2026Close101.219Jan 8, 2026Close101.063Jan 13, 2026Close101.125Jan 16, 2026Close100.656Jan 22, 2026Close100.500Jan 27, 2026Close100.625Jan 30, 2026Close100.563Feb 4, 2026Close100.313Feb 9, 2026Close100.906Feb 12, 2026Close101.656Feb 18, 2026Close101.781Feb 23, 2026Close102.219Feb 26, 2026Close102.313Mar 3, 2026Close102.000Mar 6, 2026Close101.344Mar 11, 2026Close100.875Mar 16, 2026Close100.813Mar 19, 2026Close100.500Mar 24, 2026Close99.469Mar 27, 2026Close99.125Apr 1, 2026Close99.875Apr 6, 2026Close99.844Apr 9, 2026Close100.219Apr 14, 2026Close100.500Apr 17, 2026Close100.594Apr 22, 2026Close100.219Apr 27, 2026Close99.906Apr 30, 2026Close99.531May 5, 2026Close99.281May 8, 2026Close99.688May 13, 2026Close99.000May 18, 2026Close98.000May 21, 2026Close98.219May 27, 2026Close98.844Jun 1, 2026Close98.875Jun 4, 2026Close98.875Jun 9, 2026Close98.469Jun 12, 2026Close98.781Jun 17, 2026Close98.656Jun 23, 2026Close98.625Jun 26, 2026Close99.500Jul 1, 2026Close98.781Jul 7, 2026Close98.406Jul 10, 2026Close98.250Jul 15, 2026Close98.438Jul 20, 2026Close98.094Jul 23, 2026Close97.281Jul 28, 2026Close97.969Jul 31, 2026Close97.125Aug 5, 2026Close97.938Aug 10, 2026Close97.375Aug 13, 2026Close97.906Aug 18, 2026Close97.469Aug 21, 2026Close97.250Aug 26, 2026Close97.719Aug 31, 2026Close97.063Sep 3, 2026Close96.969Sep 9, 2026Close96.469Sep 14, 2026Close95.469Sep 17, 2026Close95.656Sep 22, 2026Close95.500Sep 25, 2026Close94.219Sep 30, 2026Close93.469Oct 5, 2026Close93.406Oct 8, 2026Close93.938Oct 14, 2026Close94.094Oct 19, 2026Close94.406Oct 20, 2026Close94.563
The most recent 20 trading days of prices for 91282CLW9.
DateBidOfferClose
Oct 20, 202694.67294.65694.563
Oct 19, 202694.54794.53194.406
Oct 16, 202694.82894.81394.781
Oct 15, 202694.70394.68894.719
Oct 14, 202693.73493.71994.094
Oct 13, 202693.98493.96994.000
Oct 9, 202693.73493.71993.813
Oct 8, 202693.48493.46993.938
Oct 7, 202693.48493.46993.625
Oct 6, 202693.76693.75093.688
Oct 5, 202693.32893.31393.406
Oct 2, 202693.75093.71993.563
Oct 1, 202693.65693.62593.844
Sep 30, 202693.59493.56393.469
Sep 29, 202693.46993.43893.656
Sep 28, 202693.64193.62593.750
Sep 25, 202693.93893.90694.219
Sep 24, 202694.20394.18894.031
Sep 23, 202694.70394.68894.469
Sep 22, 202695.45395.43895.500

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.

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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.