Treasury bill

912797SK4

Original term
52-Week
Maturity
Oct 29, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 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 10, 2026

Yield to maturity
3.852%
Modified duration
0.131 yr
DV01
0.0013
Convexity
0.034
Dirty price
99.496

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 0.131 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 1.3 bp cheap to the curve on that day, 0.17 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, 216 observations

3.4%3.5%3.6%3.7%3.8%3.9%4.0%Oct 30, 2025Sep 10, 2026Oct 30, 2025Yield to maturity3.699%Nov 6, 2025Yield to maturity3.654%Nov 14, 2025Yield to maturity3.705%Nov 21, 2025Yield to maturity3.628%Dec 1, 2025Yield to maturity3.648%Dec 8, 2025Yield to maturity3.625%Dec 15, 2025Yield to maturity3.538%Dec 22, 2025Yield to maturity3.547%Dec 30, 2025Yield to maturity3.492%Jan 7, 2026Yield to maturity3.512%Jan 14, 2026Yield to maturity3.542%Jan 22, 2026Yield to maturity3.572%Jan 29, 2026Yield to maturity3.560%Feb 5, 2026Yield to maturity3.506%Feb 12, 2026Yield to maturity3.547%Feb 20, 2026Yield to maturity3.577%Feb 27, 2026Yield to maturity3.544%Mar 6, 2026Yield to maturity3.606%Mar 13, 2026Yield to maturity3.647%Mar 20, 2026Yield to maturity3.741%Mar 27, 2026Yield to maturity3.709%Apr 3, 2026Yield to maturity3.729%Apr 10, 2026Yield to maturity3.708%Apr 17, 2026Yield to maturity3.676%Apr 24, 2026Yield to maturity3.697%May 1, 2026Yield to maturity3.706%May 8, 2026Yield to maturity3.703%May 15, 2026Yield to maturity3.721%May 22, 2026Yield to maturity3.739%Jun 1, 2026Yield to maturity3.747%Jun 8, 2026Yield to maturity3.765%Jun 15, 2026Yield to maturity3.752%Jun 23, 2026Yield to maturity3.843%Jun 30, 2026Yield to maturity3.861%Jul 8, 2026Yield to maturity3.847%Jul 15, 2026Yield to maturity3.813%Jul 22, 2026Yield to maturity3.862%Jul 29, 2026Yield to maturity3.776%Aug 5, 2026Yield to maturity3.794%Aug 12, 2026Yield to maturity3.771%Aug 19, 2026Yield to maturity3.768%Aug 26, 2026Yield to maturity3.755%Sep 2, 2026Yield to maturity3.824%Sep 10, 2026Yield to maturity3.852%

Price history

216 trading days to Sep 10, 2026

96.0096.5097.0097.5098.0098.5099.0099.50Oct 30, 2025Sep 10, 2026Oct 30, 2025Close96.420Nov 6, 2025Close96.529Nov 14, 2025Close96.578Nov 21, 2025Close96.714Dec 1, 2025Close96.773Dec 8, 2025Close96.859Dec 15, 2025Close96.997Dec 22, 2025Close97.055Dec 30, 2025Close97.173Jan 7, 2026Close97.231Jan 14, 2026Close97.273Jan 22, 2026Close97.326Jan 29, 2026Close97.401Feb 5, 2026Close97.505Feb 12, 2026Close97.542Feb 20, 2026Close97.616Feb 27, 2026Close97.704Mar 6, 2026Close97.731Mar 13, 2026Close97.774Mar 20, 2026Close97.788Mar 27, 2026Close97.876Apr 3, 2026Close97.934Apr 10, 2026Close98.016Apr 17, 2026Close98.101Apr 24, 2026Close98.160May 1, 2026Close98.225May 8, 2026Close98.295May 15, 2026Close98.355May 22, 2026Close98.427Jun 1, 2026Close98.493Jun 8, 2026Close98.556Jun 15, 2026Close98.631Jun 23, 2026Close98.681Jun 30, 2026Close98.747Jul 8, 2026Close98.833Jul 15, 2026Close98.915Jul 22, 2026Close98.974Jul 29, 2026Close99.067Aug 5, 2026Close99.134Aug 12, 2026Close99.211Aug 19, 2026Close99.282Aug 26, 2026Close99.356Sep 2, 2026Close99.417Sep 10, 2026Close99.496
The most recent 20 trading days of prices for 912797SK4.
DateBidOfferClose
Sep 10, 202699.48799.48699.496
Sep 9, 202699.48299.48199.491
Sep 8, 202699.47499.47399.483
Sep 4, 202699.43299.43099.473
Sep 3, 202699.42099.41899.433
Sep 2, 202699.40799.40699.417
Sep 1, 202699.39799.39699.406
Aug 31, 202699.39099.38999.394
Aug 28, 202699.36299.35999.390
Aug 27, 202699.35899.35699.366
Aug 26, 202699.34799.34699.356
Aug 25, 202699.33699.33699.346
Aug 24, 202699.32599.32399.336
Aug 21, 202699.29699.29599.323
Aug 20, 202699.28399.28299.295
Aug 19, 202699.27399.27299.282
Aug 18, 202699.26399.26299.272
Aug 17, 202699.25399.25299.262
Aug 14, 202699.22299.22199.252
Aug 13, 202699.21499.21399.221

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 912797SK4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 28, 2025Oct 30, 2025New issue$50.0bn$52.8bn3.21x–
Apr 27, 2026Apr 30, 2026Reopening$77.0bn$82.3bn2.95x–
Jul 27, 2026Jul 30, 2026Reopening$92.0bn$98.5bn3.06x–

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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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.