Treasury note

91282CRL7 · 4.375% due September 15, 2029

Original term
3-Year
Maturity
Sep 15, 2029
Coupon
4.375%
Pays
Semi-Annual
Dated
Sep 15, 2026
First coupon
Mar 15, 2027
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Risk, September 30, 2026

Yield to maturity
4.995%
Modified duration
2.730 yr
DV01
0.0269
Convexity
0.0904
Dirty price
98.506

Where its rate sensitivity sits

<.01
0.01
0.04
0.19
2.56
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 2.798 years against a modified duration of 2.730.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 4.77 cents per 100 of face.

Not scored against its own history. The z-score is written by a separate pass, and a security needs twenty observations before one is meaningful, so a new issue carries none for roughly its first month. An absent score is not evidence that a security is fairly priced.

Yield to maturity, 12 observations

4.70%4.75%4.80%4.85%4.90%4.95%5.00%5.05%Sep 15, 2026Sep 30, 2026Sep 15, 2026Yield to maturity4.760%Sep 16, 2026Yield to maturity4.817%Sep 17, 2026Yield to maturity4.749%Sep 18, 2026Yield to maturity4.830%Sep 21, 2026Yield to maturity4.818%Sep 22, 2026Yield to maturity4.807%Sep 23, 2026Yield to maturity4.969%Sep 24, 2026Yield to maturity4.992%Sep 25, 2026Yield to maturity4.936%Sep 28, 2026Yield to maturity5.006%Sep 29, 2026Yield to maturity4.983%Sep 30, 2026Yield to maturity4.995%

Price history

12 trading days to Sep 30, 2026

98.298.498.698.899.0Sep 15, 2026Sep 30, 2026Sep 15, 2026Close98.938Sep 16, 2026Close98.781Sep 17, 2026Close98.969Sep 18, 2026Close98.750Sep 21, 2026Close98.781Sep 22, 2026Close98.813Sep 23, 2026Close98.375Sep 24, 2026Close98.313Sep 25, 2026Close98.469Sep 28, 2026Close98.281Sep 29, 2026Close98.344Sep 30, 2026Close98.313
The most recent 12 trading days of prices for 91282CRL7.
DateBidOfferClose
Sep 30, 202698.37598.37598.313
Sep 29, 202698.18898.18898.344
Sep 28, 202698.23498.21998.281
Sep 25, 202698.37598.37598.469
Sep 24, 202698.32898.31398.313
Sep 23, 202698.46998.46998.375
Sep 22, 202698.78198.78198.813
Sep 21, 202698.81398.81398.781
Sep 18, 202698.76698.75098.750
Sep 17, 202698.95398.93898.969
Sep 16, 202699.07899.06398.781
Sep 15, 202698.96998.96998.938

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 91282CRL7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 8, 2026Sep 15, 2026New issue$58.0bn$58.0bn2.72x4.474%

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.