Treasury bill

912797TC1

Original term
52-Week
Maturity
Dec 24, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$134.57bn
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
3.968%
Modified duration
0.282 yr
DV01
0.0028
Convexity
0.159
Dirty price
98.882

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 0.282 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 0.4 bp cheap to the curve on that day, 0.10 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, 178 observations

3.4%3.5%3.6%3.7%3.8%3.9%4.0%4.1%Dec 26, 2025Sep 10, 2026Dec 26, 2025Yield to maturity3.484%Jan 5, 2026Yield to maturity3.472%Jan 12, 2026Yield to maturity3.523%Jan 20, 2026Yield to maturity3.532%Jan 27, 2026Yield to maturity3.530%Feb 3, 2026Yield to maturity3.529%Feb 10, 2026Yield to maturity3.453%Feb 18, 2026Yield to maturity3.515%Feb 25, 2026Yield to maturity3.545%Mar 4, 2026Yield to maturity3.586%Mar 11, 2026Yield to maturity3.595%Mar 18, 2026Yield to maturity3.678%Mar 25, 2026Yield to maturity3.729%Apr 1, 2026Yield to maturity3.654%Apr 8, 2026Yield to maturity3.674%Apr 15, 2026Yield to maturity3.651%Apr 22, 2026Yield to maturity3.650%Apr 29, 2026Yield to maturity3.691%May 6, 2026Yield to maturity3.648%May 13, 2026Yield to maturity3.700%May 20, 2026Yield to maturity3.678%May 28, 2026Yield to maturity3.709%Jun 4, 2026Yield to maturity3.740%Jun 11, 2026Yield to maturity3.781%Jun 18, 2026Yield to maturity3.907%Jun 26, 2026Yield to maturity3.927%Jul 6, 2026Yield to maturity3.913%Jul 13, 2026Yield to maturity3.962%Jul 20, 2026Yield to maturity3.907%Jul 27, 2026Yield to maturity4.030%Aug 3, 2026Yield to maturity3.932%Aug 10, 2026Yield to maturity3.898%Aug 17, 2026Yield to maturity3.853%Aug 24, 2026Yield to maturity3.851%Aug 31, 2026Yield to maturity3.900%Sep 8, 2026Yield to maturity3.886%Sep 10, 2026Yield to maturity3.968%

Price history

178 trading days to Sep 10, 2026

96.5097.0097.5098.0098.5099.00Dec 26, 2025Sep 10, 2026Dec 26, 2025Close96.650Jan 5, 2026Close96.734Jan 12, 2026Close96.751Jan 20, 2026Close96.817Jan 27, 2026Close96.883Feb 3, 2026Close96.949Feb 10, 2026Close97.077Feb 18, 2026Close97.100Feb 25, 2026Close97.141Mar 4, 2026Close97.174Mar 11, 2026Close97.234Mar 18, 2026Close97.239Mar 25, 2026Close97.270Apr 1, 2026Close97.392Apr 8, 2026Close97.446Apr 15, 2026Close97.529Apr 22, 2026Close97.598Apr 29, 2026Close97.640May 6, 2026Close97.735May 13, 2026Close97.772May 20, 2026Close97.854May 28, 2026Close97.916Jun 4, 2026Close97.969Jun 11, 2026Close98.017Jun 18, 2026Close98.058Jun 26, 2026Close98.121Jul 6, 2026Close98.210Jul 13, 2026Close98.261Jul 20, 2026Close98.358Jul 27, 2026Close98.382Aug 3, 2026Close98.493Aug 10, 2026Close98.579Aug 17, 2026Close98.667Aug 24, 2026Close98.740Aug 31, 2026Close98.797Sep 8, 2026Close98.884Sep 10, 2026Close98.882
The most recent 20 trading days of prices for 912797TC1.
DateBidOfferClose
Sep 10, 202698.87798.87498.882
Sep 9, 202698.88198.87898.886
Sep 8, 202698.87498.87198.884
Sep 4, 202698.82898.82598.871
Sep 3, 202698.82198.81898.831
Sep 2, 202698.80498.80198.815
Sep 1, 202698.79598.79398.801
Aug 31, 202698.78998.78698.797
Aug 28, 202698.76198.75498.789
Aug 27, 202698.76598.76498.774
Aug 26, 202698.75398.75098.764
Aug 25, 202698.74398.74098.750
Aug 24, 202698.72698.72298.740
Aug 21, 202698.69398.69198.726
Aug 20, 202698.68998.68898.698
Aug 19, 202698.68198.67798.688
Aug 18, 202698.67498.67098.677
Aug 17, 202698.65898.65698.667
Aug 14, 202698.62998.62598.653
Aug 13, 202698.61598.61198.625

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.

2 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 912797TC1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 23, 2025Dec 26, 2025New issue$50.0bn$52.3bn3.74x–
Jun 22, 2026Jun 25, 2026Reopening$77.0bn$82.3bn2.51x–

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.