Treasury bill
912797SK4
- Original term
- 52-Week
- Maturity
- Oct 29, 2026
- Coupon
- –
- Pays
- None
- Dated
- –
- First coupon
- –
- Priced through
- Sep 30, 2026
- Analyzed through
- Sep 30, 2026
Statement of August 31, 2026
- Amount outstanding
- $233.61bn
- 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.
Risk, September 30, 2026
- Yield to maturity
- 3.925%
- Modified duration
- 0.076 yr
- DV01
- 0.0008
- Convexity
- 0.000117
- Dirty price
- 99.700
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 0.076 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 0.13 cents per 100 of face rich to the curve on that day.
Shown as a price rather than a yield. This bill is 29 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, 230 observations
Price history
230 trading days to Sep 30, 2026
| Date | Bid | Offer | Close |
|---|---|---|---|
| Sep 30, 2026 | 99.690 | 99.689 | 99.700 |
| Sep 29, 2026 | 99.678 | 99.677 | 99.688 |
| Sep 28, 2026 | 99.665 | 99.665 | 99.677 |
| Sep 25, 2026 | 99.636 | 99.635 | 99.667 |
| Sep 24, 2026 | 99.628 | 99.627 | 99.638 |
| Sep 23, 2026 | 99.618 | 99.617 | 99.627 |
| Sep 22, 2026 | 99.607 | 99.606 | 99.618 |
| Sep 21, 2026 | 99.597 | 99.597 | 99.606 |
| Sep 18, 2026 | 99.565 | 99.565 | 99.598 |
| Sep 17, 2026 | 99.555 | 99.554 | 99.565 |
| Sep 16, 2026 | 99.544 | 99.543 | 99.552 |
| Sep 15, 2026 | 99.530 | 99.529 | 99.541 |
| Sep 14, 2026 | 99.521 | 99.520 | 99.531 |
| Sep 11, 2026 | 99.493 | 99.491 | 99.521 |
| Sep 10, 2026 | 99.487 | 99.486 | 99.496 |
| Sep 9, 2026 | 99.482 | 99.481 | 99.491 |
| Sep 8, 2026 | 99.474 | 99.473 | 99.483 |
| Sep 4, 2026 | 99.432 | 99.430 | 99.473 |
| Sep 3, 2026 | 99.420 | 99.418 | 99.433 |
| Sep 2, 2026 | 99.407 | 99.406 | 99.417 |
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 date | Issued | Type | Offered | Accepted | Bid to cover | High yield |
|---|---|---|---|---|---|---|
| Oct 28, 2025 | Oct 30, 2025 | New issue | $50.0bn | $52.8bn | 3.21x | – |
| Apr 27, 2026 | Apr 30, 2026 | Reopening | $77.0bn | $82.3bn | 2.95x | – |
| Jul 27, 2026 | Jul 30, 2026 | Reopening | $92.0bn | $98.5bn | 3.06x | – |
| Sep 15, 2026 | Sep 17, 2026 | Reopening | $75.0bn | $81.7bn | 3.16x | – |