Treasury bill · Matured

912797SW8

Original term
26-Week
Maturity
May 28, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 27, 2026
Analyzed through
May 26, 2026

Still priced, no longer analyzed. Risk numbers below are as of May 26, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, May 26, 2026

Yield to maturity
3.600%
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 0.02 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, 123 observations

3.50%3.55%3.60%3.65%3.70%3.75%3.80%Nov 28, 2025May 26, 2026Nov 28, 2025Yield to maturity3.779%Dec 3, 2025Yield to maturity3.705%Dec 8, 2025Yield to maturity3.703%Dec 11, 2025Yield to maturity3.628%Dec 16, 2025Yield to maturity3.584%Dec 19, 2025Yield to maturity3.593%Dec 24, 2025Yield to maturity3.623%Dec 30, 2025Yield to maturity3.600%Jan 5, 2026Yield to maturity3.588%Jan 8, 2026Yield to maturity3.587%Jan 13, 2026Yield to maturity3.616%Jan 16, 2026Yield to maturity3.635%Jan 22, 2026Yield to maturity3.644%Jan 27, 2026Yield to maturity3.653%Jan 30, 2026Yield to maturity3.661%Feb 4, 2026Yield to maturity3.671%Feb 9, 2026Yield to maturity3.679%Feb 12, 2026Yield to maturity3.668%Feb 18, 2026Yield to maturity3.676%Feb 23, 2026Yield to maturity3.674%Feb 26, 2026Yield to maturity3.683%Mar 3, 2026Yield to maturity3.671%Mar 6, 2026Yield to maturity3.649%Mar 11, 2026Yield to maturity3.678%Mar 16, 2026Yield to maturity3.687%Mar 19, 2026Yield to maturity3.686%Mar 24, 2026Yield to maturity3.704%Mar 27, 2026Yield to maturity3.702%Apr 1, 2026Yield to maturity3.701%Apr 6, 2026Yield to maturity3.689%Apr 9, 2026Yield to maturity3.647%Apr 14, 2026Yield to maturity3.696%Apr 17, 2026Yield to maturity3.674%Apr 22, 2026Yield to maturity3.653%Apr 27, 2026Yield to maturity3.661%Apr 30, 2026Yield to maturity3.629%May 5, 2026Yield to maturity3.617%May 8, 2026Yield to maturity3.616%May 13, 2026Yield to maturity3.625%May 18, 2026Yield to maturity3.562%May 21, 2026Yield to maturity3.520%May 26, 2026Yield to maturity3.600%

Price history

124 trading days to May 27, 2026

98.0098.5099.0099.50100.00Nov 28, 2025May 27, 2026Nov 28, 2025Close98.190Dec 3, 2025Close98.255Dec 8, 2025Close98.305Dec 11, 2025Close98.367Dec 16, 2025Close98.434Dec 19, 2025Close98.478Dec 24, 2025Close98.504Dec 30, 2025Close98.561Jan 5, 2026Close98.623Jan 8, 2026Close98.652Jan 13, 2026Close98.690Jan 16, 2026Close98.741Jan 22, 2026Close98.767Jan 27, 2026Close98.813Jan 30, 2026Close98.860Feb 4, 2026Close98.886Feb 9, 2026Close98.933Feb 12, 2026Close98.966Feb 18, 2026Close99.023Feb 23, 2026Close99.073Feb 26, 2026Close99.100Mar 3, 2026Close99.152Mar 6, 2026Close99.207Mar 11, 2026Close99.230Mar 16, 2026Close99.278Mar 19, 2026Close99.308Mar 24, 2026Close99.355Mar 27, 2026Close99.405Apr 1, 2026Close99.435Apr 6, 2026Close99.487Apr 9, 2026Close99.523Apr 14, 2026Close99.566Apr 17, 2026Close99.619Apr 22, 2026Close99.651Apr 27, 2026Close99.700Apr 30, 2026Close99.732May 5, 2026Close99.782May 8, 2026Close99.832May 13, 2026Close99.861May 18, 2026Close99.912May 21, 2026Close99.942May 27, 2026Close100.000
The most recent 20 trading days of prices for 912797SW8.
DateBidOfferClose
May 27, 2026–99.990100.000
May 26, 2026–99.98099.990
May 22, 2026–99.94299.981
May 21, 202699.93399.93399.942
May 20, 202699.92399.92399.933
May 19, 202699.91399.91399.923
May 18, 202699.90299.90299.912
May 15, 202699.87399.87299.901
May 14, 202699.86299.86299.871
May 13, 202699.85199.85199.861
May 12, 202699.84299.84199.851
May 11, 202699.83299.83299.842
May 8, 202699.80299.80299.832
May 7, 202699.79399.79399.802
May 6, 202699.78299.78299.792
May 5, 202699.77399.77399.782
May 4, 202699.76299.76299.773
May 1, 202699.73399.73299.761
Apr 30, 202699.72399.72299.732
Apr 29, 202699.71299.71299.722

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 912797SW8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 24, 2025Nov 28, 2025New issue$77.0bn$80.6bn2.77x–
Feb 23, 2026Feb 26, 2026Reopening$89.0bn$92.3bn3.30x–
Apr 14, 2026Apr 16, 2026Reopening$70.0bn$72.8bn3.04x–

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.