Treasury note

91282CLX7 · 4.125% due November 15, 2027

Original term
3-Year
Maturity
Nov 15, 2027
Coupon
4.125%
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
$70.88bn
Held stripped
$0.0m
Share stripped
0.00%

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
4.443%
Modified duration
0.962 yr
DV01
0.0098
Convexity
0.0142
Dirty price
101.694

Where its rate sensitivity sits

0.01
0.96
0.01
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 3 of twelve buckets, summing to 0.983 years against a modified duration of 0.962.

Against the fitted curve

Priced 0.9 bp cheap to the curve on that day, 0.89 cents per 100 of face.

That is 0.31 standard deviations from its own typical residual.

Yield to maturity, 495 observations

3.25%3.50%3.75%4.00%4.25%4.50%4.75%5.00%Nov 15, 2024Nov 9, 2026Nov 15, 2024Yield to maturity4.271%Nov 20, 2024Yield to maturity4.260%Nov 25, 2024Yield to maturity4.215%Nov 29, 2024Yield to maturity4.102%Dec 4, 2024Yield to maturity4.090%Dec 9, 2024Yield to maturity4.090%Dec 12, 2024Yield to maturity4.170%Dec 17, 2024Yield to maturity4.228%Dec 20, 2024Yield to maturity4.321%Dec 26, 2024Yield to maturity4.356%Dec 31, 2024Yield to maturity4.287%Jan 6, 2025Yield to maturity4.323%Jan 9, 2025Yield to maturity4.335%Jan 14, 2025Yield to maturity4.455%Jan 17, 2025Yield to maturity4.326%Jan 23, 2025Yield to maturity4.338%Jan 28, 2025Yield to maturity4.243%Jan 31, 2025Yield to maturity4.267%Feb 5, 2025Yield to maturity4.195%Feb 10, 2025Yield to maturity4.293%Feb 13, 2025Yield to maturity4.330%Feb 19, 2025Yield to maturity4.294%Feb 24, 2025Yield to maturity4.172%Feb 27, 2025Yield to maturity4.062%Mar 4, 2025Yield to maturity3.963%Mar 7, 2025Yield to maturity4.011%Mar 12, 2025Yield to maturity3.999%Mar 17, 2025Yield to maturity4.048%Mar 20, 2025Yield to maturity3.948%Mar 25, 2025Yield to maturity3.997%Mar 28, 2025Yield to maturity3.921%Apr 2, 2025Yield to maturity3.908%Apr 7, 2025Yield to maturity3.742%Apr 10, 2025Yield to maturity3.881%Apr 15, 2025Yield to maturity3.867%Apr 21, 2025Yield to maturity3.763%Apr 24, 2025Yield to maturity3.800%Apr 29, 2025Yield to maturity3.657%May 2, 2025Yield to maturity3.824%May 7, 2025Yield to maturity3.770%May 12, 2025Yield to maturity3.993%May 15, 2025Yield to maturity3.966%May 20, 2025Yield to maturity3.965%May 23, 2025Yield to maturity3.990%May 29, 2025Yield to maturity3.936%Jun 3, 2025Yield to maturity3.948%Jun 6, 2025Yield to maturity4.029%Jun 11, 2025Yield to maturity3.933%Jun 16, 2025Yield to maturity3.959%Jun 20, 2025Yield to maturity3.889%Jun 25, 2025Yield to maturity3.764%Jun 30, 2025Yield to maturity3.707%Jul 3, 2025Yield to maturity3.871%Jul 9, 2025Yield to maturity3.842%Jul 14, 2025Yield to maturity3.883%Jul 17, 2025Yield to maturity3.910%Jul 22, 2025Yield to maturity3.795%Jul 25, 2025Yield to maturity3.893%Jul 30, 2025Yield to maturity3.921%Aug 4, 2025Yield to maturity3.675%Aug 7, 2025Yield to maturity3.717%Aug 12, 2025Yield to maturity3.715%Aug 15, 2025Yield to maturity3.742%Aug 20, 2025Yield to maturity3.726%Aug 25, 2025Yield to maturity3.709%Aug 28, 2025Yield to maturity3.633%Sep 3, 2025Yield to maturity3.615%Sep 8, 2025Yield to maturity3.493%Sep 11, 2025Yield to maturity3.521%Sep 16, 2025Yield to maturity3.502%Sep 19, 2025Yield to maturity3.574%Sep 24, 2025Yield to maturity3.618%Sep 29, 2025Yield to maturity3.645%Oct 2, 2025Yield to maturity3.552%Oct 7, 2025Yield to maturity3.579%Oct 10, 2025Yield to maturity3.528%Oct 16, 2025Yield to maturity3.417%Oct 21, 2025Yield to maturity3.460%Oct 24, 2025Yield to maturity3.488%Oct 29, 2025Yield to maturity3.612%Nov 3, 2025Yield to maturity3.609%Nov 6, 2025Yield to maturity3.559%Nov 12, 2025Yield to maturity3.571%Nov 17, 2025Yield to maturity3.616%Nov 20, 2025Yield to maturity3.549%Nov 25, 2025Yield to maturity3.479%Dec 1, 2025Yield to maturity3.556%Dec 4, 2025Yield to maturity3.537%Dec 9, 2025Yield to maturity3.617%Dec 12, 2025Yield to maturity3.545%Dec 17, 2025Yield to maturity3.492%Dec 22, 2025Yield to maturity3.505%Dec 26, 2025Yield to maturity3.499%Dec 31, 2025Yield to maturity3.478%Jan 6, 2026Yield to maturity3.473%Jan 9, 2026Yield to maturity3.539%Jan 14, 2026Yield to maturity3.519%Jan 20, 2026Yield to maturity3.602%Jan 23, 2026Yield to maturity3.616%Jan 28, 2026Yield to maturity3.596%Feb 2, 2026Yield to maturity3.574%Feb 5, 2026Yield to maturity3.480%Feb 10, 2026Yield to maturity3.457%Feb 13, 2026Yield to maturity3.414%Feb 19, 2026Yield to maturity3.485%Feb 24, 2026Yield to maturity3.480%Feb 27, 2026Yield to maturity3.418%Mar 4, 2026Yield to maturity3.567%Mar 9, 2026Yield to maturity3.582%Mar 12, 2026Yield to maturity3.772%Mar 17, 2026Yield to maturity3.692%Mar 20, 2026Yield to maturity3.944%Mar 25, 2026Yield to maturity3.924%Mar 30, 2026Yield to maturity3.862%Apr 2, 2026Yield to maturity3.841%Apr 7, 2026Yield to maturity3.859%Apr 10, 2026Yield to maturity3.837%Apr 15, 2026Yield to maturity3.794%Apr 20, 2026Yield to maturity3.750%Apr 23, 2026Yield to maturity3.832%Apr 28, 2026Yield to maturity3.850%May 1, 2026Yield to maturity3.891%May 6, 2026Yield to maturity3.868%May 11, 2026Yield to maturity3.931%May 14, 2026Yield to maturity3.973%May 19, 2026Yield to maturity4.081%May 22, 2026Yield to maturity4.080%May 28, 2026Yield to maturity3.991%Jun 2, 2026Yield to maturity4.034%Jun 5, 2026Yield to maturity4.123%Jun 10, 2026Yield to maturity4.100%Jun 15, 2026Yield to maturity4.031%Jun 18, 2026Yield to maturity4.169%Jun 24, 2026Yield to maturity4.146%Jun 29, 2026Yield to maturity4.122%Jul 2, 2026Yield to maturity4.146%Jul 8, 2026Yield to maturity4.194%Jul 13, 2026Yield to maturity4.243%Jul 16, 2026Yield to maturity4.121%Jul 21, 2026Yield to maturity4.220%Jul 24, 2026Yield to maturity4.295%Jul 29, 2026Yield to maturity4.196%Aug 3, 2026Yield to maturity4.222%Aug 6, 2026Yield to maturity4.197%Aug 11, 2026Yield to maturity4.172%Aug 14, 2026Yield to maturity4.121%Aug 19, 2026Yield to maturity4.121%Aug 24, 2026Yield to maturity4.173%Aug 27, 2026Yield to maturity4.147%Sep 1, 2026Yield to maturity4.309%Sep 4, 2026Yield to maturity4.285%Sep 10, 2026Yield to maturity4.423%Sep 15, 2026Yield to maturity4.511%Sep 18, 2026Yield to maturity4.600%Sep 23, 2026Yield to maturity4.689%Sep 28, 2026Yield to maturity4.754%Oct 1, 2026Yield to maturity4.584%Oct 6, 2026Yield to maturity4.590%Oct 9, 2026Yield to maturity4.597%Oct 15, 2026Yield to maturity4.601%Oct 20, 2026Yield to maturity4.607%Oct 23, 2026Yield to maturity4.552%Oct 28, 2026Yield to maturity4.556%Nov 2, 2026Yield to maturity4.468%Nov 5, 2026Yield to maturity4.376%Nov 9, 2026Yield to maturity4.443%

Price history

495 trading days to Nov 9, 2026

99.099.5100.0100.5101.0101.5Nov 15, 2024Nov 9, 2026Nov 15, 2024Close99.594Nov 20, 2024Close99.625Nov 25, 2024Close99.750Nov 29, 2024Close100.063Dec 4, 2024Close100.094Dec 9, 2024Close100.094Dec 12, 2024Close99.875Dec 17, 2024Close99.719Dec 20, 2024Close99.469Dec 26, 2024Close99.375Dec 31, 2024Close99.563Jan 6, 2025Close99.469Jan 9, 2025Close99.438Jan 14, 2025Close99.125Jan 17, 2025Close99.469Jan 23, 2025Close99.438Jan 28, 2025Close99.688Jan 31, 2025Close99.625Feb 5, 2025Close99.813Feb 10, 2025Close99.563Feb 13, 2025Close99.469Feb 19, 2025Close99.563Feb 24, 2025Close99.875Feb 27, 2025Close100.156Mar 4, 2025Close100.406Mar 7, 2025Close100.281Mar 12, 2025Close100.313Mar 17, 2025Close100.188Mar 20, 2025Close100.438Mar 25, 2025Close100.313Mar 28, 2025Close100.500Apr 2, 2025Close100.531Apr 7, 2025Close100.938Apr 10, 2025Close100.594Apr 15, 2025Close100.625Apr 21, 2025Close100.875Apr 24, 2025Close100.781Apr 29, 2025Close101.125May 2, 2025Close100.719May 7, 2025Close100.844May 12, 2025Close100.313May 15, 2025Close100.375May 20, 2025Close100.375May 23, 2025Close100.313May 29, 2025Close100.438Jun 3, 2025Close100.406Jun 6, 2025Close100.219Jun 11, 2025Close100.438Jun 16, 2025Close100.375Jun 20, 2025Close100.531Jun 25, 2025Close100.813Jun 30, 2025Close100.938Jul 3, 2025Close100.563Jul 9, 2025Close100.625Jul 14, 2025Close100.531Jul 17, 2025Close100.469Jul 22, 2025Close100.719Jul 25, 2025Close100.500Jul 30, 2025Close100.438Aug 4, 2025Close100.969Aug 7, 2025Close100.875Aug 12, 2025Close100.875Aug 15, 2025Close100.813Aug 20, 2025Close100.844Aug 25, 2025Close100.875Aug 28, 2025Close101.031Sep 3, 2025Close101.063Sep 8, 2025Close101.313Sep 11, 2025Close101.250Sep 16, 2025Close101.281Sep 19, 2025Close101.125Sep 24, 2025Close101.031Sep 29, 2025Close100.969Oct 2, 2025Close101.156Oct 7, 2025Close101.094Oct 10, 2025Close101.188Oct 16, 2025Close101.406Oct 21, 2025Close101.313Oct 24, 2025Close101.250Oct 29, 2025Close101.000Nov 3, 2025Close101.000Nov 6, 2025Close101.094Nov 12, 2025Close101.063Nov 17, 2025Close100.969Nov 20, 2025Close101.094Nov 25, 2025Close101.219Dec 1, 2025Close101.063Dec 4, 2025Close101.094Dec 9, 2025Close100.938Dec 12, 2025Close101.063Dec 17, 2025Close101.156Dec 22, 2025Close101.125Dec 26, 2025Close101.125Dec 31, 2025Close101.156Jan 6, 2026Close101.156Jan 9, 2026Close101.031Jan 14, 2026Close101.063Jan 20, 2026Close100.906Jan 23, 2026Close100.875Jan 28, 2026Close100.906Feb 2, 2026Close100.938Feb 5, 2026Close101.094Feb 10, 2026Close101.125Feb 13, 2026Close101.188Feb 19, 2026Close101.063Feb 24, 2026Close101.063Feb 27, 2026Close101.156Mar 4, 2026Close100.906Mar 9, 2026Close100.875Mar 12, 2026Close100.563Mar 17, 2026Close100.688Mar 20, 2026Close100.281Mar 25, 2026Close100.313Mar 30, 2026Close100.406Apr 2, 2026Close100.438Apr 7, 2026Close100.406Apr 10, 2026Close100.438Apr 15, 2026Close100.500Apr 20, 2026Close100.563Apr 23, 2026Close100.438Apr 28, 2026Close100.406May 1, 2026Close100.344May 6, 2026Close100.375May 11, 2026Close100.281May 14, 2026Close100.219May 19, 2026Close100.063May 22, 2026Close100.063May 28, 2026Close100.188Jun 2, 2026Close100.125Jun 5, 2026Close100.000Jun 10, 2026Close100.031Jun 15, 2026Close100.125Jun 18, 2026Close99.938Jun 24, 2026Close99.969Jun 29, 2026Close100.000Jul 2, 2026Close99.969Jul 8, 2026Close99.906Jul 13, 2026Close99.844Jul 16, 2026Close100.000Jul 21, 2026Close99.875Jul 24, 2026Close99.781Jul 29, 2026Close99.906Aug 3, 2026Close99.875Aug 6, 2026Close99.906Aug 11, 2026Close99.938Aug 14, 2026Close100.000Aug 19, 2026Close100.000Aug 24, 2026Close99.938Aug 27, 2026Close99.969Sep 1, 2026Close99.781Sep 4, 2026Close99.813Sep 10, 2026Close99.656Sep 15, 2026Close99.563Sep 18, 2026Close99.469Sep 23, 2026Close99.375Sep 28, 2026Close99.313Oct 1, 2026Close99.500Oct 6, 2026Close99.500Oct 9, 2026Close99.500Oct 15, 2026Close99.500Oct 20, 2026Close99.500Oct 23, 2026Close99.563Oct 28, 2026Close99.563Nov 2, 2026Close99.656Nov 5, 2026Close99.750Nov 9, 2026Close99.688
The most recent 20 trading days of prices for 91282CLX7.
DateBidOfferClose
Nov 9, 202699.68899.70399.688
Nov 6, 202699.71999.73499.719
Nov 5, 202699.68899.70399.750
Nov 4, 202699.62599.64199.625
Nov 3, 202699.62599.64199.625
Nov 2, 202699.62599.64199.656
Oct 30, 202699.62599.64199.656
Oct 29, 202699.59499.60999.594
Oct 28, 202699.53199.54799.563
Oct 27, 202699.53199.54799.531
Oct 26, 202699.56399.57899.563
Oct 23, 202699.56399.59499.563
Oct 22, 202699.56399.57899.594
Oct 21, 202699.50099.51699.469
Oct 20, 202699.50099.51699.500
Oct 19, 202699.50099.51699.500
Oct 16, 202699.53199.54799.500
Oct 15, 202699.46999.50099.500
Oct 14, 202699.40699.42299.438
Oct 13, 202699.46999.48499.469

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 91282CLX7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 4, 2024Nov 15, 2024New issue$58.0bn$72.1bn2.60x4.152%

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.