Treasury note

91282CLY5 · 4.25% due November 30, 2026

Original term
2-Year
Maturity
Nov 30, 2026
Coupon
4.250%
Pays
Semi-Annual
Dated
Nov 30, 2024
First coupon
May 31, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$64.57bn
Held stripped
$64.8m
Share stripped
0.10%

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
3.915%
Modified duration
0.217 yr
DV01
0.0022
Convexity
0.094
Dirty price
101.259

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. All of it sits at 3M. For a security with a single remaining cashflow that is the true shape, not missing data.

Against the fitted curve

Priced 5.4 bp rich to the curve on that day, 1.19 cents per 100 of face.

That is -0.65 standard deviations from its own typical residual.

Yield to maturity, 445 observations

3.4%3.6%3.8%4.0%4.2%4.4%4.6%Dec 2, 2024Sep 10, 2026Dec 2, 2024Yield to maturity4.167%Dec 17, 2024Yield to maturity4.249%Jan 3, 2025Yield to maturity4.283%Jan 21, 2025Yield to maturity4.283%Feb 5, 2025Yield to maturity4.193%Feb 21, 2025Yield to maturity4.191%Mar 10, 2025Yield to maturity3.944%Mar 25, 2025Yield to maturity4.033%Apr 9, 2025Yield to maturity3.969%Apr 24, 2025Yield to maturity3.882%May 9, 2025Yield to maturity3.955%May 27, 2025Yield to maturity4.077%Jun 11, 2025Yield to maturity4.050%Jun 27, 2025Yield to maturity3.905%Jul 15, 2025Yield to maturity4.058%Jul 30, 2025Yield to maturity4.076%Aug 14, 2025Yield to maturity3.871%Aug 29, 2025Yield to maturity3.804%Sep 16, 2025Yield to maturity3.656%Oct 1, 2025Yield to maturity3.664%Oct 17, 2025Yield to maturity3.582%Nov 3, 2025Yield to maturity3.707%Nov 19, 2025Yield to maturity3.686%Dec 5, 2025Yield to maturity3.658%Dec 22, 2025Yield to maturity3.563%Jan 8, 2026Yield to maturity3.563%Jan 26, 2026Yield to maturity3.598%Feb 10, 2026Yield to maturity3.564%Feb 26, 2026Yield to maturity3.609%Mar 13, 2026Yield to maturity3.702%Mar 30, 2026Yield to maturity3.765%Apr 14, 2026Yield to maturity3.735%Apr 29, 2026Yield to maturity3.755%May 14, 2026Yield to maturity3.778%Jun 1, 2026Yield to maturity3.798%Jun 16, 2026Yield to maturity3.822%Jul 2, 2026Yield to maturity3.918%Jul 20, 2026Yield to maturity3.876%Aug 4, 2026Yield to maturity3.825%Aug 19, 2026Yield to maturity3.761%Sep 3, 2026Yield to maturity3.810%Sep 10, 2026Yield to maturity3.915%

Price history

445 trading days to Sep 10, 2026

99.699.8100.0100.2100.4100.6100.8101.0Dec 2, 2024Sep 10, 2026Dec 2, 2024Close100.156Dec 17, 2024Close100.000Jan 3, 2025Close99.938Jan 21, 2025Close99.938Feb 5, 2025Close100.094Feb 21, 2025Close100.094Mar 10, 2025Close100.500Mar 25, 2025Close100.344Apr 9, 2025Close100.438Apr 24, 2025Close100.563May 9, 2025Close100.438May 27, 2025Close100.250Jun 11, 2025Close100.281Jun 27, 2025Close100.469Jul 15, 2025Close100.250Jul 30, 2025Close100.219Aug 14, 2025Close100.469Aug 29, 2025Close100.531Sep 16, 2025Close100.688Oct 1, 2025Close100.656Oct 17, 2025Close100.719Nov 3, 2025Close100.563Nov 19, 2025Close100.563Dec 5, 2025Close100.563Dec 22, 2025Close100.625Jan 8, 2026Close100.594Jan 26, 2026Close100.531Feb 10, 2026Close100.531Feb 26, 2026Close100.469Mar 13, 2026Close100.375Mar 30, 2026Close100.313Apr 14, 2026Close100.313Apr 29, 2026Close100.281May 14, 2026Close100.250Jun 1, 2026Close100.219Jun 16, 2026Close100.188Jul 2, 2026Close100.125Jul 20, 2026Close100.125Aug 4, 2026Close100.125Aug 19, 2026Close100.125Sep 3, 2026Close100.094Sep 10, 2026Close100.063
The most recent 20 trading days of prices for 91282CLY5.
DateBidOfferClose
Sep 10, 2026–100.063100.063
Sep 9, 2026–100.063100.063
Sep 8, 2026–100.063100.063
Sep 4, 2026–100.063100.063
Sep 3, 2026–100.094100.094
Sep 2, 2026–100.094100.094
Sep 1, 2026–100.094100.094
Aug 31, 2026–100.094100.094
Aug 28, 2026–100.094100.094
Aug 27, 2026–100.094100.094
Aug 26, 2026–100.094100.094
Aug 25, 2026–100.094100.094
Aug 24, 2026–100.094100.094
Aug 21, 2026–100.094100.094
Aug 20, 2026–100.094100.094
Aug 19, 2026–100.125100.125
Aug 18, 2026–100.125100.125
Aug 17, 2026–100.094100.094
Aug 14, 2026–100.125100.094
Aug 13, 2026–100.125100.094

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 91282CLY5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 25, 2024Dec 2, 2024New issue$69.0bn$73.7bn2.77x4.274%

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.