Treasury bill · Matured

912797RS8

Original term
52-Week
Maturity
Sep 3, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 2, 2026
Analyzed through
Sep 1, 2026

Statement of August 31, 2026

Amount outstanding
$326.00bn
Held stripped
not strippable
Share stripped
–

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. 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.

Still priced, no longer analyzed. Risk numbers below are as of Sep 1, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, September 1, 2026

Yield to maturity
3.661%
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, 249 observations

3.45%3.50%3.55%3.60%3.65%3.70%3.75%3.80%Sep 4, 2025Sep 1, 2026Sep 4, 2025Yield to maturity3.763%Sep 12, 2025Yield to maturity3.664%Sep 22, 2025Yield to maturity3.609%Sep 30, 2025Yield to maturity3.628%Oct 8, 2025Yield to maturity3.647%Oct 17, 2025Yield to maturity3.570%Oct 27, 2025Yield to maturity3.589%Nov 4, 2025Yield to maturity3.683%Nov 13, 2025Yield to maturity3.681%Nov 21, 2025Yield to maturity3.636%Dec 2, 2025Yield to maturity3.592%Dec 10, 2025Yield to maturity3.569%Dec 18, 2025Yield to maturity3.484%Dec 29, 2025Yield to maturity3.471%Jan 7, 2026Yield to maturity3.502%Jan 15, 2026Yield to maturity3.543%Jan 26, 2026Yield to maturity3.562%Feb 3, 2026Yield to maturity3.562%Feb 11, 2026Yield to maturity3.561%Feb 20, 2026Yield to maturity3.529%Mar 2, 2026Yield to maturity3.634%Mar 10, 2026Yield to maturity3.652%Mar 18, 2026Yield to maturity3.691%Mar 26, 2026Yield to maturity3.730%Apr 3, 2026Yield to maturity3.716%Apr 13, 2026Yield to maturity3.692%Apr 21, 2026Yield to maturity3.689%Apr 29, 2026Yield to maturity3.697%May 7, 2026Yield to maturity3.683%May 15, 2026Yield to maturity3.679%May 26, 2026Yield to maturity3.666%Jun 3, 2026Yield to maturity3.714%Jun 11, 2026Yield to maturity3.711%Jun 22, 2026Yield to maturity3.738%Jun 30, 2026Yield to maturity3.735%Jul 9, 2026Yield to maturity3.691%Jul 17, 2026Yield to maturity3.718%Jul 27, 2026Yield to maturity3.755%Aug 4, 2026Yield to maturity3.671%Aug 12, 2026Yield to maturity3.668%Aug 20, 2026Yield to maturity3.645%Aug 28, 2026Yield to maturity3.671%Sep 1, 2026Yield to maturity3.661%

Price history

250 trading days to Sep 2, 2026

96979899100Sep 4, 2025Sep 2, 2026Sep 4, 2025Close96.360Sep 12, 2025Close96.548Sep 22, 2025Close96.675Sep 30, 2025Close96.733Oct 8, 2025Close96.792Oct 17, 2025Close96.961Oct 27, 2025Close97.021Nov 4, 2025Close97.022Nov 13, 2025Close97.111Nov 21, 2025Close97.241Dec 2, 2025Close97.359Dec 10, 2025Close97.451Dec 18, 2025Close97.585Dec 29, 2025Close97.695Jan 7, 2026Close97.759Jan 15, 2026Close97.809Jan 26, 2026Close97.901Feb 3, 2026Close97.978Feb 11, 2026Close98.055Feb 20, 2026Close98.176Mar 2, 2026Close98.201Mar 10, 2026Close98.269Mar 18, 2026Close98.329Mar 26, 2026Close98.391Apr 3, 2026Close98.496Apr 13, 2026Close98.584Apr 21, 2026Close98.664Apr 29, 2026Close98.740May 7, 2026Close98.823May 15, 2026Close98.923May 26, 2026Close99.016Jun 3, 2026Close99.082Jun 11, 2026Close99.163Jun 22, 2026Close99.268Jun 30, 2026Close99.349Jul 9, 2026Close99.447Jul 17, 2026Close99.544Jul 27, 2026Close99.621Aug 4, 2026Close99.709Aug 12, 2026Close99.789Aug 20, 2026Close99.870Aug 28, 2026Close99.970Sep 2, 2026Close100.000
The most recent 20 trading days of prices for 912797RS8.
DateBidOfferClose
Sep 2, 2026–99.990100.000
Sep 1, 2026–99.98099.990
Aug 31, 2026–99.97099.980
Aug 28, 2026–99.93999.970
Aug 27, 202699.93099.92999.939
Aug 26, 202699.91999.91999.929
Aug 25, 202699.91099.90999.919
Aug 24, 202699.89999.89999.909
Aug 21, 202699.86999.86999.899
Aug 20, 202699.86199.86099.870
Aug 19, 202699.85099.85099.860
Aug 18, 202699.84099.84099.850
Aug 17, 202699.82999.82999.839
Aug 14, 202699.79999.79999.829
Aug 13, 202699.79199.79199.799
Aug 12, 202699.78099.77999.789
Aug 11, 202699.76999.76999.779
Aug 10, 202699.76099.75999.769
Aug 7, 202699.73099.73099.760
Aug 6, 202699.72099.71999.729

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 912797RS8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 2, 2025Sep 4, 2025New issue$50.0bn$51.0bn3.82x–
Mar 2, 2026Mar 5, 2026Reopening$77.0bn$79.6bn3.10x–
Jun 1, 2026Jun 4, 2026Reopening$89.0bn$94.6bn2.69x–
Jul 21, 2026Jul 23, 2026Reopening$95.0bn$100.8bn2.79x–

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.