Treasury bill · Matured

912797RV1

Original term
26-Week
Maturity
Mar 5, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Mar 4, 2026
Analyzed through
Mar 3, 2026

Still priced, no longer analyzed. Risk numbers below are as of Mar 3, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, March 3, 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, 122 observations

3.5%3.6%3.7%3.8%3.9%4.0%Sep 4, 2025Mar 3, 2026Sep 4, 2025Yield to maturity3.970%Sep 9, 2025Yield to maturity3.894%Sep 12, 2025Yield to maturity3.861%Sep 17, 2025Yield to maturity3.849%Sep 22, 2025Yield to maturity3.836%Sep 25, 2025Yield to maturity3.877%Sep 30, 2025Yield to maturity3.854%Oct 3, 2025Yield to maturity3.842%Oct 8, 2025Yield to maturity3.830%Oct 14, 2025Yield to maturity3.827%Oct 17, 2025Yield to maturity3.815%Oct 22, 2025Yield to maturity3.793%Oct 27, 2025Yield to maturity3.749%Oct 30, 2025Yield to maturity3.831%Nov 4, 2025Yield to maturity3.840%Nov 7, 2025Yield to maturity3.817%Nov 13, 2025Yield to maturity3.857%Nov 18, 2025Yield to maturity3.824%Nov 21, 2025Yield to maturity3.822%Nov 26, 2025Yield to maturity3.831%Dec 2, 2025Yield to maturity3.767%Dec 5, 2025Yield to maturity3.703%Dec 10, 2025Yield to maturity3.660%Dec 15, 2025Yield to maturity3.617%Dec 18, 2025Yield to maturity3.606%Dec 23, 2025Yield to maturity3.614%Dec 29, 2025Yield to maturity3.602%Jan 2, 2026Yield to maturity3.600%Jan 7, 2026Yield to maturity3.599%Jan 12, 2026Yield to maturity3.618%Jan 15, 2026Yield to maturity3.647%Jan 21, 2026Yield to maturity3.686%Jan 26, 2026Yield to maturity3.684%Jan 29, 2026Yield to maturity3.693%Feb 3, 2026Yield to maturity3.701%Feb 6, 2026Yield to maturity3.689%Feb 11, 2026Yield to maturity3.678%Feb 17, 2026Yield to maturity3.686%Feb 20, 2026Yield to maturity3.613%Feb 25, 2026Yield to maturity3.653%Mar 2, 2026Yield to maturity3.681%Mar 3, 2026Yield to maturity3.661%

Price history

123 trading days to Mar 4, 2026

98.0098.5099.0099.50100.00Sep 4, 2025Mar 4, 2026Sep 4, 2025Close98.069Sep 9, 2025Close98.157Sep 12, 2025Close98.224Sep 17, 2025Close98.259Sep 22, 2025Close98.316Sep 25, 2025Close98.329Sep 30, 2025Close98.390Oct 3, 2025Close98.446Oct 8, 2025Close98.481Oct 14, 2025Close98.543Oct 17, 2025Close98.598Oct 22, 2025Close98.637Oct 27, 2025Close98.702Oct 30, 2025Close98.705Nov 4, 2025Close98.753Nov 7, 2025Close98.812Nov 13, 2025Close98.841Nov 18, 2025Close98.902Nov 21, 2025Close98.954Nov 26, 2025Close98.992Dec 2, 2025Close99.060Dec 5, 2025Close99.125Dec 10, 2025Close99.165Dec 15, 2025Close99.223Dec 18, 2025Close99.255Dec 23, 2025Close99.302Dec 29, 2025Close99.363Jan 2, 2026Close99.421Jan 7, 2026Close99.451Jan 12, 2026Close99.497Jan 15, 2026Close99.523Jan 21, 2026Close99.578Jan 26, 2026Close99.628Jan 29, 2026Close99.657Feb 3, 2026Close99.707Feb 6, 2026Close99.758Feb 11, 2026Close99.789Feb 17, 2026Close99.849Feb 20, 2026Close99.901Feb 25, 2026Close99.930Mar 2, 2026Close99.980Mar 4, 2026Close100.000
The most recent 20 trading days of prices for 912797RV1.
DateBidOfferClose
Mar 4, 2026–99.990100.000
Mar 3, 2026–99.98099.990
Mar 2, 2026–99.97099.980
Feb 27, 2026–99.94099.970
Feb 26, 202699.93099.93099.940
Feb 25, 202699.92199.92099.930
Feb 24, 202699.91199.91099.920
Feb 23, 202699.90199.90199.911
Feb 20, 202699.87299.87199.901
Feb 19, 202699.86299.86299.871
Feb 18, 202699.85099.84999.860
Feb 17, 202699.83999.83899.849
Feb 13, 202699.79999.79899.838
Feb 12, 202699.78999.78899.798
Feb 11, 202699.77999.77999.789
Feb 10, 202699.76899.76899.778
Feb 9, 202699.75999.75999.769
Feb 6, 202699.72899.72899.758
Feb 5, 202699.71999.71899.728
Feb 4, 202699.70899.70899.718

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.

3 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 912797RV1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 2, 2025Sep 4, 2025New issue$73.0bn$74.5bn2.70x–
Dec 1, 2025Dec 4, 2025Reopening$86.0bn$88.3bn2.82x–
Jan 20, 2026Jan 22, 2026Reopening$85.0bn$88.7bn2.42x–

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.