Treasury bill

912797SU2

Original term
52-Week
Maturity
Nov 27, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$228.40bn
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
3.895%
Modified duration
0.209 yr
DV01
0.0021
Convexity
0.088
Dirty price
99.185

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 0.209 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 1.5 bp rich to the curve on that day, 0.30 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, 197 observations

3.4%3.5%3.6%3.7%3.8%3.9%4.0%Nov 28, 2025Sep 10, 2026Nov 28, 2025Yield to maturity3.613%Dec 5, 2025Yield to maturity3.611%Dec 12, 2025Yield to maturity3.534%Dec 19, 2025Yield to maturity3.511%Dec 29, 2025Yield to maturity3.499%Jan 6, 2026Yield to maturity3.508%Jan 13, 2026Yield to maturity3.538%Jan 21, 2026Yield to maturity3.578%Jan 28, 2026Yield to maturity3.566%Feb 4, 2026Yield to maturity3.554%Feb 11, 2026Yield to maturity3.521%Feb 19, 2026Yield to maturity3.540%Feb 26, 2026Yield to maturity3.539%Mar 5, 2026Yield to maturity3.601%Mar 12, 2026Yield to maturity3.631%Mar 19, 2026Yield to maturity3.683%Mar 26, 2026Yield to maturity3.724%Apr 2, 2026Yield to maturity3.681%Apr 9, 2026Yield to maturity3.669%Apr 16, 2026Yield to maturity3.658%Apr 23, 2026Yield to maturity3.678%Apr 30, 2026Yield to maturity3.667%May 7, 2026Yield to maturity3.677%May 14, 2026Yield to maturity3.697%May 21, 2026Yield to maturity3.728%May 29, 2026Yield to maturity3.748%Jun 5, 2026Yield to maturity3.787%Jun 12, 2026Yield to maturity3.785%Jun 22, 2026Yield to maturity3.907%Jun 29, 2026Yield to maturity3.894%Jul 7, 2026Yield to maturity3.870%Jul 14, 2026Yield to maturity3.846%Jul 21, 2026Yield to maturity3.885%Jul 28, 2026Yield to maturity3.934%Aug 4, 2026Yield to maturity3.837%Aug 11, 2026Yield to maturity3.814%Aug 18, 2026Yield to maturity3.790%Aug 25, 2026Yield to maturity3.798%Sep 1, 2026Yield to maturity3.836%Sep 9, 2026Yield to maturity3.854%Sep 10, 2026Yield to maturity3.895%

Price history

197 trading days to Sep 10, 2026

96.5097.0097.5098.0098.5099.0099.50Nov 28, 2025Sep 10, 2026Nov 28, 2025Close96.520Dec 5, 2025Close96.588Dec 12, 2025Close96.723Dec 19, 2025Close96.808Dec 29, 2025Close96.892Jan 6, 2026Close96.958Jan 13, 2026Close96.997Jan 21, 2026Close97.039Jan 28, 2026Close97.114Feb 4, 2026Close97.189Feb 11, 2026Close97.280Feb 19, 2026Close97.340Feb 26, 2026Close97.406Mar 5, 2026Close97.429Mar 12, 2026Close97.475Mar 19, 2026Close97.508Mar 26, 2026Close97.550Apr 2, 2026Close97.646Apr 9, 2026Close97.722Apr 16, 2026Close97.797Apr 23, 2026Close97.854Apr 30, 2026Close97.929May 7, 2026Close97.993May 14, 2026Close98.051May 21, 2026Close98.105May 29, 2026Close98.195Jun 5, 2026Close98.247Jun 12, 2026Close98.318Jun 22, 2026Close98.347Jun 29, 2026Close98.425Jul 7, 2026Close98.517Jul 14, 2026Close98.597Jul 21, 2026Close98.656Jul 28, 2026Close98.713Aug 4, 2026Close98.816Aug 11, 2026Close98.894Aug 18, 2026Close98.972Aug 25, 2026Close99.042Sep 1, 2026Close99.104Sep 9, 2026Close99.183Sep 10, 2026Close99.185
The most recent 20 trading days of prices for 912797SU2.
DateBidOfferClose
Sep 10, 202699.17799.17499.185
Sep 9, 202699.18099.17999.183
Sep 8, 202699.17099.16999.175
Sep 4, 202699.13099.12799.169
Sep 3, 202699.12099.11999.130
Sep 2, 202699.10599.10499.115
Sep 1, 202699.09599.09499.104
Aug 31, 202699.08799.08699.096
Aug 28, 202699.05699.05599.086
Aug 27, 202699.05899.05799.067
Aug 26, 202699.04599.04499.054
Aug 25, 202699.03399.03199.042
Aug 24, 202699.01899.01699.031
Aug 21, 202698.98698.98299.016
Aug 20, 202698.98398.98098.990
Aug 19, 202698.97598.97298.983
Aug 18, 202698.96598.96298.972
Aug 17, 202698.95498.95298.959
Aug 14, 202698.92198.91898.952
Aug 13, 202698.91398.91198.921

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 912797SU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 25, 2025Nov 28, 2025New issue$50.0bn$52.3bn3.08x–
May 26, 2026May 28, 2026Reopening$77.0bn$80.0bn2.77x–
Aug 24, 2026Aug 27, 2026Reopening$92.0bn$96.1bn3.08x–

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.