Treasury bill · Matured

912797ST5

Original term
17-Week
Maturity
Mar 3, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Mar 2, 2026
Analyzed through
Feb 27, 2026

Still priced, no longer analyzed. Risk numbers below are as of Feb 27, 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 27, 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 4 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, 78 observations

3.55%3.60%3.65%3.70%3.75%3.80%3.85%3.90%Nov 4, 2025Feb 27, 2026Nov 4, 2025Yield to maturity3.881%Nov 6, 2025Yield to maturity3.838%Nov 10, 2025Yield to maturity3.857%Nov 13, 2025Yield to maturity3.877%Nov 17, 2025Yield to maturity3.875%Nov 19, 2025Yield to maturity3.864%Nov 21, 2025Yield to maturity3.821%Nov 25, 2025Yield to maturity3.810%Nov 28, 2025Yield to maturity3.808%Dec 2, 2025Yield to maturity3.755%Dec 4, 2025Yield to maturity3.703%Dec 8, 2025Yield to maturity3.712%Dec 10, 2025Yield to maturity3.680%Dec 12, 2025Yield to maturity3.607%Dec 16, 2025Yield to maturity3.616%Dec 18, 2025Yield to maturity3.595%Dec 22, 2025Yield to maturity3.614%Dec 24, 2025Yield to maturity3.634%Dec 29, 2025Yield to maturity3.612%Dec 31, 2025Yield to maturity3.621%Jan 5, 2026Yield to maturity3.630%Jan 7, 2026Yield to maturity3.588%Jan 9, 2026Yield to maturity3.607%Jan 13, 2026Yield to maturity3.637%Jan 15, 2026Yield to maturity3.657%Jan 20, 2026Yield to maturity3.675%Jan 22, 2026Yield to maturity3.685%Jan 26, 2026Yield to maturity3.673%Jan 28, 2026Yield to maturity3.682%Jan 30, 2026Yield to maturity3.691%Feb 3, 2026Yield to maturity3.690%Feb 5, 2026Yield to maturity3.680%Feb 9, 2026Yield to maturity3.688%Feb 11, 2026Yield to maturity3.687%Feb 13, 2026Yield to maturity3.696%Feb 18, 2026Yield to maturity3.665%Feb 20, 2026Yield to maturity3.643%Feb 24, 2026Yield to maturity3.622%Feb 26, 2026Yield to maturity3.662%Feb 27, 2026Yield to maturity3.650%

Price history

79 trading days to Mar 2, 2026

98.7599.0099.2599.5099.75100.00Nov 4, 2025Mar 2, 2026Nov 4, 2025Close98.761Nov 6, 2025Close98.795Nov 10, 2025Close98.841Nov 13, 2025Close98.856Nov 17, 2025Close98.897Nov 19, 2025Close98.921Nov 21, 2025Close98.974Nov 25, 2025Close98.998Nov 28, 2025Close99.049Dec 2, 2025Close99.082Dec 4, 2025Close99.115Dec 8, 2025Close99.153Dec 10, 2025Close99.180Dec 12, 2025Close99.235Dec 16, 2025Close99.253Dec 18, 2025Close99.276Dec 22, 2025Close99.312Dec 24, 2025Close99.337Dec 29, 2025Close99.380Dec 31, 2025Close99.408Jan 5, 2026Close99.446Jan 7, 2026Close99.472Jan 9, 2026Close99.508Jan 13, 2026Close99.524Jan 15, 2026Close99.541Jan 20, 2026Close99.589Jan 22, 2026Close99.608Jan 26, 2026Close99.649Jan 28, 2026Close99.668Jan 30, 2026Close99.708Feb 3, 2026Close99.728Feb 5, 2026Close99.749Feb 9, 2026Close99.788Feb 11, 2026Close99.808Feb 13, 2026Close99.858Feb 18, 2026Close99.880Feb 20, 2026Close99.920Feb 24, 2026Close99.941Feb 26, 2026Close99.960Mar 2, 2026Close100.000
The most recent 20 trading days of prices for 912797ST5.
DateBidOfferClose
Mar 2, 2026–99.990100.000
Feb 27, 2026–99.96099.990
Feb 26, 2026–99.95099.960
Feb 25, 2026–99.94199.950
Feb 24, 202699.93199.93199.941
Feb 23, 202699.92199.92099.931
Feb 20, 202699.89199.89099.920
Feb 19, 202699.88199.88199.890
Feb 18, 202699.86999.86999.880
Feb 17, 202699.85999.85999.869
Feb 13, 202699.81899.81899.858
Feb 12, 202699.80999.80899.818
Feb 11, 202699.79999.79899.808
Feb 10, 202699.78999.78899.798
Feb 9, 202699.77999.77899.788
Feb 6, 202699.74999.74999.779
Feb 5, 202699.73899.73899.749
Feb 4, 202699.72999.72899.738
Feb 3, 202699.71899.71899.728
Feb 2, 202699.70899.70899.717

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 912797ST5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2025Nov 4, 2025New issue$69.0bn$69.2bn2.94x–
Dec 31, 2025Jan 6, 2026Reopening$80.0bn$80.3bn2.83x–
Jan 29, 2026Feb 3, 2026Reopening$105.0bn$105.4bn2.86x–

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.