Treasury bill · Matured

912797PM3

Original term
52-Week
Maturity
Feb 19, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Feb 18, 2026
Analyzed through
Feb 17, 2026

Still priced, no longer analyzed. Risk numbers below are as of Feb 17, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, February 17, 2026

Yield to maturity
3.650%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.990

Where its rate sensitivity sits

All of it in one place. A bill pays a single cashflow at maturity, so its key rate profile is its modified duration of 0.003 years, sitting in the nearest bucket and nothing anywhere else. That is also why its duration equals its remaining term rather than being shorter: there are no coupons to pull the average payment date forward. A twelve-bucket chart of that would be eleven empty bars.

Against the money market curve

Priced 0.01 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 2 days from redemption, and inside a month the difference between its price and the curve annualizes into a number that looks like an enormous mispricing rather than the fraction of a cent it is: worst case across eighteen years, 1,435 basis points on a residual of four cents. Its yield above is unaffected and stands: a bill quotes on an investment-rate basis, which is the market's own convention rather than an annualized stub.

Yield to maturity, 248 observations

3.4%3.6%3.8%4.0%4.2%4.4%Feb 20, 2025Feb 17, 2026Feb 20, 2025Yield to maturity4.204%Feb 28, 2025Yield to maturity4.082%Mar 10, 2025Yield to maturity3.994%Mar 18, 2025Yield to maturity4.130%Mar 26, 2025Yield to maturity4.117%Apr 3, 2025Yield to maturity3.986%Apr 11, 2025Yield to maturity4.090%Apr 21, 2025Yield to maturity4.013%Apr 29, 2025Yield to maturity3.968%May 7, 2025Yield to maturity4.083%May 15, 2025Yield to maturity4.166%May 23, 2025Yield to maturity4.206%Jun 3, 2025Yield to maturity4.182%Jun 11, 2025Yield to maturity4.149%Jun 20, 2025Yield to maturity4.136%Jun 30, 2025Yield to maturity4.071%Jul 9, 2025Yield to maturity4.143%Jul 17, 2025Yield to maturity4.163%Jul 25, 2025Yield to maturity4.194%Aug 4, 2025Yield to maturity3.982%Aug 12, 2025Yield to maturity3.992%Aug 20, 2025Yield to maturity4.076%Aug 28, 2025Yield to maturity4.020%Sep 8, 2025Yield to maturity3.878%Sep 16, 2025Yield to maturity3.844%Sep 24, 2025Yield to maturity3.851%Oct 2, 2025Yield to maturity3.837%Oct 10, 2025Yield to maturity3.843%Oct 21, 2025Yield to maturity3.829%Oct 29, 2025Yield to maturity3.837%Nov 6, 2025Yield to maturity3.792%Nov 17, 2025Yield to maturity3.881%Nov 25, 2025Yield to maturity3.815%Dec 4, 2025Yield to maturity3.678%Dec 12, 2025Yield to maturity3.602%Dec 22, 2025Yield to maturity3.620%Dec 31, 2025Yield to maturity3.627%Jan 9, 2026Yield to maturity3.613%Jan 20, 2026Yield to maturity3.661%Jan 28, 2026Yield to maturity3.678%Feb 5, 2026Yield to maturity3.655%Feb 13, 2026Yield to maturity3.651%Feb 17, 2026Yield to maturity3.650%

Price history

249 trading days to Feb 18, 2026

9596979899100Feb 20, 2025Feb 18, 2026Feb 20, 2025Close95.947Feb 28, 2025Close96.166Mar 10, 2025Close96.330Mar 18, 2025Close96.293Mar 26, 2025Close96.390Apr 3, 2025Close96.585Apr 11, 2025Close96.605Apr 21, 2025Close96.751Apr 29, 2025Close96.870May 7, 2025Close96.867May 15, 2025Close96.892May 23, 2025Close96.985Jun 3, 2025Close97.089Jun 11, 2025Close97.200Jun 20, 2025Close97.329Jun 30, 2025Close97.456Jul 9, 2025Close97.511Jul 17, 2025Close97.588Jul 25, 2025Close97.683Aug 4, 2025Close97.882Aug 12, 2025Close97.963Aug 20, 2025Close98.008Aug 28, 2025Close98.120Sep 8, 2025Close98.298Sep 16, 2025Close98.394Sep 24, 2025Close98.473Oct 2, 2025Close98.560Oct 10, 2025Close98.670Oct 21, 2025Close98.757Oct 29, 2025Close98.836Nov 6, 2025Close98.931Nov 17, 2025Close99.021Nov 25, 2025Close99.119Dec 4, 2025Close99.240Dec 12, 2025Close99.353Dec 22, 2025Close99.428Dec 31, 2025Close99.525Jan 9, 2026Close99.625Jan 20, 2026Close99.710Jan 28, 2026Close99.789Feb 5, 2026Close99.870Feb 13, 2026Close99.980Feb 18, 2026Close100.000
The most recent 20 trading days of prices for 912797PM3.
DateBidOfferClose
Feb 18, 2026–99.990100.000
Feb 17, 2026–99.98099.990
Feb 13, 2026–99.94099.980
Feb 12, 202699.93099.93099.940
Feb 11, 202699.92099.92099.930
Feb 10, 202699.91199.91099.920
Feb 9, 202699.90199.90199.910
Feb 6, 202699.87099.87099.900
Feb 5, 202699.86099.86099.870
Feb 4, 202699.85099.84999.859
Feb 3, 202699.83999.83999.849
Feb 2, 202699.82999.82999.839
Jan 30, 202699.79999.79999.830
Jan 29, 202699.78999.78899.798
Jan 28, 202699.77999.77999.789
Jan 27, 202699.76999.76999.779
Jan 26, 202699.76099.75999.769
Jan 23, 202699.72999.72899.759
Jan 22, 202699.71999.71899.728
Jan 21, 202699.71099.70999.718

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.

4 auctions

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 912797PM3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 18, 2025Feb 20, 2025New issue$48.0bn$50.5bn3.03x–
Aug 18, 2025Aug 21, 2025Reopening$73.0bn$76.4bn2.95x–
Nov 17, 2025Nov 20, 2025Reopening$86.0bn$90.2bn2.79x–
Jan 6, 2026Jan 8, 2026Reopening$75.0bn$78.9bn2.89x–

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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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.