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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 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, November 9, 2026

Yield to maturity
4.810%
Modified duration
6.547 yr
DV01
0.0644
Convexity
0.515
Dirty price
98.380

Where its rate sensitivity sits

0.01
0.04
0.08
0.18
0.34
4.11
1.94
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 6.702 years against a modified duration of 6.547.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 19.48 cents per 100 of face.

That is 1.02 standard deviations from its own typical residual.

Yield to maturity, 495 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Nov 15, 2024Nov 9, 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 21, 2025Yield to maturity4.403%Apr 24, 2025Yield to maturity4.306%Apr 29, 2025Yield to maturity4.166%May 2, 2025Yield to maturity4.306%May 7, 2025Yield to maturity4.258%May 12, 2025Yield to maturity4.445%May 15, 2025Yield to maturity4.437%May 20, 2025Yield to maturity4.470%May 23, 2025Yield to maturity4.499%May 29, 2025Yield to maturity4.413%Jun 3, 2025Yield to maturity4.446%Jun 6, 2025Yield to maturity4.496%Jun 11, 2025Yield to maturity4.397%Jun 16, 2025Yield to maturity4.434%Jun 20, 2025Yield to maturity4.356%Jun 25, 2025Yield to maturity4.258%Jun 30, 2025Yield to maturity4.201%Jul 3, 2025Yield to maturity4.319%Jul 9, 2025Yield to maturity4.311%Jul 14, 2025Yield to maturity4.398%Jul 17, 2025Yield to maturity4.431%Jul 22, 2025Yield to maturity4.307%Jul 25, 2025Yield to maturity4.352%Jul 30, 2025Yield to maturity4.340%Aug 4, 2025Yield to maturity4.167%Aug 7, 2025Yield to maturity4.200%Aug 12, 2025Yield to maturity4.241%Aug 15, 2025Yield to maturity4.274%Aug 20, 2025Yield to maturity4.237%Aug 25, 2025Yield to maturity4.225%Aug 28, 2025Yield to maturity4.150%Sep 3, 2025Yield to maturity4.154%Sep 8, 2025Yield to maturity3.991%Sep 11, 2025Yield to maturity3.951%Sep 16, 2025Yield to maturity3.970%Sep 19, 2025Yield to maturity4.072%Sep 24, 2025Yield to maturity4.092%Sep 29, 2025Yield to maturity4.092%Oct 2, 2025Yield to maturity4.035%Oct 7, 2025Yield to maturity4.076%Oct 10, 2025Yield to maturity4.001%Oct 16, 2025Yield to maturity3.920%Oct 21, 2025Yield to maturity3.907%Oct 24, 2025Yield to maturity3.948%Oct 29, 2025Yield to maturity4.017%Nov 3, 2025Yield to maturity4.062%Nov 6, 2025Yield to maturity4.041%Nov 12, 2025Yield to maturity4.016%Nov 17, 2025Yield to maturity4.066%Nov 20, 2025Yield to maturity4.032%Nov 25, 2025Yield to maturity3.933%Dec 1, 2025Yield to maturity4.019%Dec 4, 2025Yield to maturity4.032%Dec 9, 2025Yield to maturity4.111%Dec 12, 2025Yield to maturity4.114%Dec 17, 2025Yield to maturity4.072%Dec 22, 2025Yield to maturity4.089%Dec 26, 2025Yield to maturity4.059%Dec 31, 2025Yield to maturity4.097%Jan 6, 2026Yield to maturity4.097%Jan 9, 2026Yield to maturity4.101%Jan 14, 2026Yield to maturity4.067%Jan 20, 2026Yield to maturity4.219%Jan 23, 2026Yield to maturity4.168%Jan 28, 2026Yield to maturity4.185%Feb 2, 2026Yield to maturity4.206%Feb 5, 2026Yield to maturity4.125%Feb 10, 2026Yield to maturity4.070%Feb 13, 2026Yield to maturity3.968%Feb 19, 2026Yield to maturity3.993%Feb 24, 2026Yield to maturity3.959%Feb 27, 2026Yield to maturity3.878%Mar 4, 2026Yield to maturity4.005%Mar 9, 2026Yield to maturity4.034%Mar 12, 2026Yield to maturity4.193%Mar 17, 2026Yield to maturity4.115%Mar 20, 2026Yield to maturity4.319%Mar 25, 2026Yield to maturity4.258%Mar 30, 2026Yield to maturity4.276%Apr 2, 2026Yield to maturity4.236%Apr 7, 2026Yield to maturity4.254%Apr 10, 2026Yield to maturity4.241%Apr 15, 2026Yield to maturity4.206%Apr 20, 2026Yield to maturity4.171%Apr 23, 2026Yield to maturity4.258%Apr 28, 2026Yield to maturity4.281%May 1, 2026Yield to maturity4.307%May 6, 2026Yield to maturity4.281%May 11, 2026Yield to maturity4.339%May 14, 2026Yield to maturity4.392%May 19, 2026Yield to maturity4.596%May 22, 2026Yield to maturity4.501%May 28, 2026Yield to maturity4.388%Jun 2, 2026Yield to maturity4.393%Jun 5, 2026Yield to maturity4.492%Jun 10, 2026Yield to maturity4.488%Jun 15, 2026Yield to maturity4.407%Jun 18, 2026Yield to maturity4.407%Jun 24, 2026Yield to maturity4.357%Jun 29, 2026Yield to maturity4.321%Jul 2, 2026Yield to maturity4.430%Jul 8, 2026Yield to maturity4.503%Jul 13, 2026Yield to maturity4.558%Jul 16, 2026Yield to maturity4.499%Jul 21, 2026Yield to maturity4.568%Jul 24, 2026Yield to maturity4.620%Jul 29, 2026Yield to maturity4.592%Aug 3, 2026Yield to maturity4.621%Aug 6, 2026Yield to maturity4.607%Aug 11, 2026Yield to maturity4.621%Aug 14, 2026Yield to maturity4.603%Aug 19, 2026Yield to maturity4.566%Aug 24, 2026Yield to maturity4.627%Aug 27, 2026Yield to maturity4.600%Sep 1, 2026Yield to maturity4.732%Sep 4, 2026Yield to maturity4.718%Sep 10, 2026Yield to maturity4.900%Sep 15, 2026Yield to maturity4.954%Sep 18, 2026Yield to maturity4.975%Sep 23, 2026Yield to maturity5.087%Sep 28, 2026Yield to maturity5.202%Oct 1, 2026Yield to maturity5.188%Oct 6, 2026Yield to maturity5.214%Oct 9, 2026Yield to maturity5.196%Oct 15, 2026Yield to maturity5.054%Oct 20, 2026Yield to maturity5.079%Oct 23, 2026Yield to maturity4.953%Oct 28, 2026Yield to maturity4.998%Nov 2, 2026Yield to maturity4.847%Nov 5, 2026Yield to maturity4.756%Nov 9, 2026Yield to maturity4.810%

Price history

495 trading days to Nov 9, 2026

92949698100102104Nov 15, 2024Nov 9, 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 21, 2025Close98.813Apr 24, 2025Close99.563Apr 29, 2025Close100.656May 2, 2025Close99.563May 7, 2025Close99.938May 12, 2025Close98.500May 15, 2025Close98.563May 20, 2025Close98.313May 23, 2025Close98.094May 29, 2025Close98.750Jun 3, 2025Close98.500Jun 6, 2025Close98.125Jun 11, 2025Close98.875Jun 16, 2025Close98.594Jun 20, 2025Close99.188Jun 25, 2025Close99.938Jun 30, 2025Close100.375Jul 3, 2025Close99.469Jul 9, 2025Close99.531Jul 14, 2025Close98.875Jul 17, 2025Close98.625Jul 22, 2025Close99.563Jul 25, 2025Close99.219Jul 30, 2025Close99.313Aug 4, 2025Close100.625Aug 7, 2025Close100.375Aug 12, 2025Close100.063Aug 15, 2025Close99.813Aug 20, 2025Close100.094Aug 25, 2025Close100.188Aug 28, 2025Close100.750Sep 3, 2025Close100.719Sep 8, 2025Close101.969Sep 11, 2025Close102.281Sep 16, 2025Close102.125Sep 19, 2025Close101.344Sep 24, 2025Close101.188Sep 29, 2025Close101.188Oct 2, 2025Close101.625Oct 7, 2025Close101.313Oct 10, 2025Close101.875Oct 16, 2025Close102.500Oct 21, 2025Close102.594Oct 24, 2025Close102.281Oct 29, 2025Close101.750Nov 3, 2025Close101.406Nov 6, 2025Close101.563Nov 12, 2025Close101.750Nov 17, 2025Close101.375Nov 20, 2025Close101.625Nov 25, 2025Close102.375Dec 1, 2025Close101.719Dec 4, 2025Close101.625Dec 9, 2025Close101.031Dec 12, 2025Close101.000Dec 17, 2025Close101.313Dec 22, 2025Close101.188Dec 26, 2025Close101.406Dec 31, 2025Close101.125Jan 6, 2026Close101.125Jan 9, 2026Close101.094Jan 14, 2026Close101.344Jan 20, 2026Close100.219Jan 23, 2026Close100.594Jan 28, 2026Close100.469Feb 2, 2026Close100.313Feb 5, 2026Close100.906Feb 10, 2026Close101.313Feb 13, 2026Close102.063Feb 19, 2026Close101.875Feb 24, 2026Close102.125Feb 27, 2026Close102.719Mar 4, 2026Close101.781Mar 9, 2026Close101.563Mar 12, 2026Close100.406Mar 17, 2026Close100.969Mar 20, 2026Close99.500Mar 25, 2026Close99.938Mar 30, 2026Close99.813Apr 2, 2026Close100.094Apr 7, 2026Close99.969Apr 10, 2026Close100.063Apr 15, 2026Close100.313Apr 20, 2026Close100.563Apr 23, 2026Close99.938Apr 28, 2026Close99.781May 1, 2026Close99.594May 6, 2026Close99.781May 11, 2026Close99.375May 14, 2026Close99.000May 19, 2026Close97.594May 22, 2026Close98.250May 28, 2026Close99.031Jun 2, 2026Close99.000Jun 5, 2026Close98.313Jun 10, 2026Close98.344Jun 15, 2026Close98.906Jun 18, 2026Close98.906Jun 24, 2026Close99.250Jun 29, 2026Close99.500Jul 2, 2026Close98.750Jul 8, 2026Close98.250Jul 13, 2026Close97.875Jul 16, 2026Close98.281Jul 21, 2026Close97.813Jul 24, 2026Close97.469Jul 29, 2026Close97.656Aug 3, 2026Close97.469Aug 6, 2026Close97.563Aug 11, 2026Close97.469Aug 14, 2026Close97.594Aug 19, 2026Close97.844Aug 24, 2026Close97.438Aug 27, 2026Close97.625Sep 1, 2026Close96.750Sep 4, 2026Close96.844Sep 10, 2026Close95.656Sep 15, 2026Close95.313Sep 18, 2026Close95.188Sep 23, 2026Close94.469Sep 28, 2026Close93.750Oct 1, 2026Close93.844Oct 6, 2026Close93.688Oct 9, 2026Close93.813Oct 15, 2026Close94.719Oct 20, 2026Close94.563Oct 23, 2026Close95.375Oct 28, 2026Close95.094Nov 2, 2026Close96.063Nov 5, 2026Close96.656Nov 9, 2026Close96.313
The most recent 20 trading days of prices for 91282CLW9.
DateBidOfferClose
Nov 9, 202696.31396.32896.313
Nov 6, 202696.40696.42296.438
Nov 5, 202696.53196.54796.656
Nov 4, 202696.03196.04796.219
Nov 3, 202695.87595.89195.813
Nov 2, 202696.18896.20396.063
Oct 30, 202695.78195.79795.906
Oct 29, 202695.53195.56395.531
Oct 28, 202695.15695.17295.094
Oct 27, 202695.40695.42295.406
Oct 26, 202695.37595.39195.344
Oct 23, 202695.37595.39195.375
Oct 22, 202695.25095.26695.625
Oct 21, 202694.65694.67294.500
Oct 20, 202694.65694.67294.563
Oct 19, 202694.53194.54794.406
Oct 16, 202694.81394.82894.781
Oct 15, 202694.68894.70394.719
Oct 14, 202693.71993.73494.094
Oct 13, 202693.96993.98494.000

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.

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.