Treasury note

91282CQZ7 · 4.125% due July 15, 2029

Original term
3-Year
Maturity
Jul 15, 2029
Coupon
4.125%
Pays
Semi-Annual
Dated
Jul 15, 2026
First coupon
Jan 15, 2027
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$64.03bn
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
4.599%
Modified duration
2.474 yr
DV01
0.0248
Convexity
0.0757
Dirty price
100.135

Where its rate sensitivity sits

<.01
0.01
0.03
0.84
1.64
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 5 of twelve buckets, summing to 2.528 years against a modified duration of 2.474.

Against the fitted curve

Priced 1.7 bp rich to the curve on that day, 4.27 cents per 100 of face.

That is -0.28 standard deviations from its own typical residual.

Yield to maturity, 82 observations

4.0%4.2%4.4%4.6%4.8%5.0%5.2%Jul 15, 2026Nov 9, 2026Jul 15, 2026Yield to maturity4.181%Jul 16, 2026Yield to maturity4.203%Jul 17, 2026Yield to maturity4.215%Jul 20, 2026Yield to maturity4.249%Jul 21, 2026Yield to maturity4.305%Jul 22, 2026Yield to maturity4.339%Jul 23, 2026Yield to maturity4.396%Jul 24, 2026Yield to maturity4.363%Jul 27, 2026Yield to maturity4.351%Jul 28, 2026Yield to maturity4.306%Jul 29, 2026Yield to maturity4.283%Jul 30, 2026Yield to maturity4.295%Jul 31, 2026Yield to maturity4.341%Aug 3, 2026Yield to maturity4.318%Aug 4, 2026Yield to maturity4.250%Aug 5, 2026Yield to maturity4.238%Aug 6, 2026Yield to maturity4.307%Aug 7, 2026Yield to maturity4.250%Aug 10, 2026Yield to maturity4.308%Aug 11, 2026Yield to maturity4.285%Aug 12, 2026Yield to maturity4.262%Aug 13, 2026Yield to maturity4.216%Aug 14, 2026Yield to maturity4.251%Aug 17, 2026Yield to maturity4.251%Aug 18, 2026Yield to maturity4.251%Aug 19, 2026Yield to maturity4.239%Aug 20, 2026Yield to maturity4.263%Aug 21, 2026Yield to maturity4.309%Aug 24, 2026Yield to maturity4.310%Aug 25, 2026Yield to maturity4.251%Aug 26, 2026Yield to maturity4.286%Aug 27, 2026Yield to maturity4.298%Aug 28, 2026Yield to maturity4.404%Aug 31, 2026Yield to maturity4.404%Sep 1, 2026Yield to maturity4.464%Sep 2, 2026Yield to maturity4.452%Sep 3, 2026Yield to maturity4.405%Sep 4, 2026Yield to maturity4.453%Sep 8, 2026Yield to maturity4.466%Sep 9, 2026Yield to maturity4.502%Sep 10, 2026Yield to maturity4.645%Sep 11, 2026Yield to maturity4.706%Sep 14, 2026Yield to maturity4.731%Sep 15, 2026Yield to maturity4.756%Sep 16, 2026Yield to maturity4.804%Sep 17, 2026Yield to maturity4.745%Sep 18, 2026Yield to maturity4.831%Sep 21, 2026Yield to maturity4.807%Sep 22, 2026Yield to maturity4.808%Sep 23, 2026Yield to maturity4.967%Sep 24, 2026Yield to maturity4.992%Sep 25, 2026Yield to maturity4.933%Sep 28, 2026Yield to maturity5.008%Sep 29, 2026Yield to maturity4.984%Sep 30, 2026Yield to maturity4.985%Oct 1, 2026Yield to maturity4.900%Oct 2, 2026Yield to maturity4.951%Oct 5, 2026Yield to maturity4.952%Oct 6, 2026Yield to maturity4.903%Oct 7, 2026Yield to maturity4.891%Oct 8, 2026Yield to maturity4.867%Oct 9, 2026Yield to maturity4.907%Oct 13, 2026Yield to maturity4.896%Oct 14, 2026Yield to maturity4.909%Oct 15, 2026Yield to maturity4.847%Oct 16, 2026Yield to maturity4.812%Oct 19, 2026Yield to maturity4.850%Oct 20, 2026Yield to maturity4.863%Oct 21, 2026Yield to maturity4.877%Oct 22, 2026Yield to maturity4.715%Oct 23, 2026Yield to maturity4.742%Oct 26, 2026Yield to maturity4.780%Oct 27, 2026Yield to maturity4.793%Oct 28, 2026Yield to maturity4.794%Oct 29, 2026Yield to maturity4.719%Oct 30, 2026Yield to maturity4.645%Nov 2, 2026Yield to maturity4.646%Nov 3, 2026Yield to maturity4.672%Nov 4, 2026Yield to maturity4.622%Nov 5, 2026Yield to maturity4.522%Nov 6, 2026Yield to maturity4.573%Nov 9, 2026Yield to maturity4.599%

Price history

82 trading days to Nov 9, 2026

97.598.098.599.099.5100.0Jul 15, 2026Nov 9, 2026Jul 15, 2026Close99.844Jul 16, 2026Close99.781Jul 17, 2026Close99.750Jul 20, 2026Close99.656Jul 21, 2026Close99.500Jul 22, 2026Close99.406Jul 23, 2026Close99.250Jul 24, 2026Close99.344Jul 27, 2026Close99.375Jul 28, 2026Close99.500Jul 29, 2026Close99.563Jul 30, 2026Close99.531Jul 31, 2026Close99.406Aug 3, 2026Close99.469Aug 4, 2026Close99.656Aug 5, 2026Close99.688Aug 6, 2026Close99.500Aug 7, 2026Close99.656Aug 10, 2026Close99.500Aug 11, 2026Close99.563Aug 12, 2026Close99.625Aug 13, 2026Close99.750Aug 14, 2026Close99.656Aug 17, 2026Close99.656Aug 18, 2026Close99.656Aug 19, 2026Close99.688Aug 20, 2026Close99.625Aug 21, 2026Close99.500Aug 24, 2026Close99.500Aug 25, 2026Close99.656Aug 26, 2026Close99.563Aug 27, 2026Close99.531Aug 28, 2026Close99.250Aug 31, 2026Close99.250Sep 1, 2026Close99.094Sep 2, 2026Close99.125Sep 3, 2026Close99.250Sep 4, 2026Close99.125Sep 8, 2026Close99.094Sep 9, 2026Close99.000Sep 10, 2026Close98.625Sep 11, 2026Close98.469Sep 14, 2026Close98.406Sep 15, 2026Close98.344Sep 16, 2026Close98.219Sep 17, 2026Close98.375Sep 18, 2026Close98.156Sep 21, 2026Close98.219Sep 22, 2026Close98.219Sep 23, 2026Close97.813Sep 24, 2026Close97.750Sep 25, 2026Close97.906Sep 28, 2026Close97.719Sep 29, 2026Close97.781Sep 30, 2026Close97.781Oct 1, 2026Close98.000Oct 2, 2026Close97.875Oct 5, 2026Close97.875Oct 6, 2026Close98.000Oct 7, 2026Close98.031Oct 8, 2026Close98.094Oct 9, 2026Close98.000Oct 13, 2026Close98.031Oct 14, 2026Close98.000Oct 15, 2026Close98.156Oct 16, 2026Close98.250Oct 19, 2026Close98.156Oct 20, 2026Close98.125Oct 21, 2026Close98.094Oct 22, 2026Close98.500Oct 23, 2026Close98.438Oct 26, 2026Close98.344Oct 27, 2026Close98.313Oct 28, 2026Close98.313Oct 29, 2026Close98.500Oct 30, 2026Close98.688Nov 2, 2026Close98.688Nov 3, 2026Close98.625Nov 4, 2026Close98.750Nov 5, 2026Close99.000Nov 6, 2026Close98.875Nov 9, 2026Close98.813
The most recent 20 trading days of prices for 91282CQZ7.
DateBidOfferClose
Nov 9, 202698.78198.79798.813
Nov 6, 202698.87598.87598.875
Nov 5, 202698.87598.89199.000
Nov 4, 202698.68898.70398.750
Nov 3, 202698.65698.65698.625
Nov 2, 202698.71998.73498.688
Oct 30, 202698.59498.60998.688
Oct 29, 202698.50098.51698.500
Oct 28, 202698.21998.23498.313
Oct 27, 202698.34498.34498.313
Oct 26, 202698.37598.37598.344
Oct 23, 202698.40698.42298.438
Oct 22, 202698.37598.37598.500
Oct 21, 202698.12598.14198.094
Oct 20, 202698.18898.18898.125
Oct 19, 202698.15698.17298.156
Oct 16, 202698.25098.26698.250
Oct 15, 202698.15698.15698.156
Oct 14, 202697.87597.87598.000
Oct 13, 202698.00098.00098.031

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 91282CQZ7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 7, 2026Jul 15, 2026New issue$58.0bn$64.0bn2.60x4.179%

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.