Treasury note

91282CQL8 · 3.75% due April 30, 2028

Original term
2-Year
Maturity
Apr 30, 2028
Coupon
3.750%
Pays
Semi-Annual
Dated
Apr 30, 2026
First coupon
Oct 31, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$77.69bn
Held stripped
$0.3m
Share stripped
<0.01%

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
4.529%
Modified duration
1.546 yr
DV01
0.0155
Convexity
3.204
Dirty price
100.147

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 4 of twelve buckets, summing to 1.580 years against a modified duration of 1.546.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 2.61 cents per 100 of face.

That is 2.36 standard deviations from its own typical residual.

Yield to maturity, 92 observations

3.8%4.0%4.2%4.4%4.6%Apr 30, 2026Sep 10, 2026Apr 30, 2026Yield to maturity3.881%May 5, 2026Yield to maturity3.932%May 8, 2026Yield to maturity3.899%May 13, 2026Yield to maturity3.983%May 18, 2026Yield to maturity4.069%May 21, 2026Yield to maturity4.070%May 27, 2026Yield to maturity4.038%Jun 1, 2026Yield to maturity4.057%Jun 4, 2026Yield to maturity4.041%Jun 9, 2026Yield to maturity4.130%Jun 12, 2026Yield to maturity4.080%Jun 17, 2026Yield to maturity4.205%Jun 23, 2026Yield to maturity4.191%Jun 26, 2026Yield to maturity4.086%Jul 1, 2026Yield to maturity4.178%Jul 7, 2026Yield to maturity4.181%Jul 10, 2026Yield to maturity4.203%Jul 15, 2026Yield to maturity4.131%Jul 20, 2026Yield to maturity4.208%Jul 23, 2026Yield to maturity4.340%Jul 28, 2026Yield to maturity4.270%Jul 31, 2026Yield to maturity4.274%Aug 5, 2026Yield to maturity4.181%Aug 10, 2026Yield to maturity4.223%Aug 13, 2026Yield to maturity4.129%Aug 18, 2026Yield to maturity4.171%Aug 21, 2026Yield to maturity4.213%Aug 26, 2026Yield to maturity4.196%Aug 31, 2026Yield to maturity4.318%Sep 3, 2026Yield to maturity4.321%Sep 9, 2026Yield to maturity4.387%Sep 10, 2026Yield to maturity4.529%

Price history

92 trading days to Sep 10, 2026

98.698.899.099.299.499.699.8Apr 30, 2026Sep 10, 2026Apr 30, 2026Close99.750May 5, 2026Close99.656May 8, 2026Close99.719May 13, 2026Close99.563May 18, 2026Close99.406May 21, 2026Close99.406May 27, 2026Close99.469Jun 1, 2026Close99.438Jun 4, 2026Close99.469Jun 9, 2026Close99.313Jun 12, 2026Close99.406Jun 17, 2026Close99.188Jun 23, 2026Close99.219Jun 26, 2026Close99.406Jul 1, 2026Close99.250Jul 7, 2026Close99.250Jul 10, 2026Close99.219Jul 15, 2026Close99.344Jul 20, 2026Close99.219Jul 23, 2026Close99.000Jul 28, 2026Close99.125Jul 31, 2026Close99.125Aug 5, 2026Close99.281Aug 10, 2026Close99.219Aug 13, 2026Close99.375Aug 18, 2026Close99.313Aug 21, 2026Close99.250Aug 26, 2026Close99.281Aug 31, 2026Close99.094Sep 3, 2026Close99.094Sep 9, 2026Close99.000Sep 10, 2026Close98.781
The most recent 20 trading days of prices for 91282CQL8.
DateBidOfferClose
Sep 10, 202698.84498.84498.781
Sep 9, 202699.01699.00099.000
Sep 8, 202699.04799.03199.031
Sep 4, 202699.06399.06399.063
Sep 3, 202699.12599.12599.094
Sep 2, 202699.03199.03199.031
Sep 1, 202699.06399.06399.000
Aug 31, 202699.09499.09499.094
Aug 28, 202699.12599.12599.063
Aug 27, 202699.28199.28199.250
Aug 26, 202699.28199.28199.281
Aug 25, 202699.31399.31399.313
Aug 24, 202699.26699.25099.250
Aug 21, 202699.23499.21999.250
Aug 20, 202699.31399.31399.313
Aug 19, 202699.31399.31399.344
Aug 18, 202699.32899.31399.313
Aug 17, 202699.34499.34499.313
Aug 14, 202699.37599.37599.344
Aug 13, 202699.37599.37599.375

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 91282CQL8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 27, 2026Apr 30, 2026New issue$69.0bn$77.7bn2.65x3.812%

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.