Treasury bill · Matured

912797TL1

Original term
17-Week
Maturity
May 5, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 4, 2026
Analyzed through
May 1, 2026

Still priced, no longer analyzed. Risk numbers below are as of May 1, 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 1, 2026

Yield to maturity
3.640%
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 cheap 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, 82 observations

3.58%3.60%3.63%3.65%3.67%3.70%3.73%Jan 6, 2026May 1, 2026Jan 6, 2026Yield to maturity3.590%Jan 8, 2026Yield to maturity3.589%Jan 12, 2026Yield to maturity3.619%Jan 14, 2026Yield to maturity3.639%Jan 16, 2026Yield to maturity3.647%Jan 21, 2026Yield to maturity3.657%Jan 23, 2026Yield to maturity3.666%Jan 27, 2026Yield to maturity3.665%Jan 29, 2026Yield to maturity3.664%Feb 2, 2026Yield to maturity3.653%Feb 4, 2026Yield to maturity3.672%Feb 6, 2026Yield to maturity3.650%Feb 10, 2026Yield to maturity3.660%Feb 12, 2026Yield to maturity3.649%Feb 17, 2026Yield to maturity3.668%Feb 19, 2026Yield to maturity3.657%Feb 23, 2026Yield to maturity3.665%Feb 25, 2026Yield to maturity3.654%Feb 27, 2026Yield to maturity3.653%Mar 3, 2026Yield to maturity3.683%Mar 5, 2026Yield to maturity3.682%Mar 9, 2026Yield to maturity3.701%Mar 11, 2026Yield to maturity3.690%Mar 13, 2026Yield to maturity3.699%Mar 17, 2026Yield to maturity3.698%Mar 19, 2026Yield to maturity3.698%Mar 23, 2026Yield to maturity3.696%Mar 25, 2026Yield to maturity3.695%Mar 27, 2026Yield to maturity3.704%Mar 31, 2026Yield to maturity3.683%Apr 2, 2026Yield to maturity3.682%Apr 6, 2026Yield to maturity3.691%Apr 8, 2026Yield to maturity3.639%Apr 10, 2026Yield to maturity3.658%Apr 14, 2026Yield to maturity3.678%Apr 16, 2026Yield to maturity3.677%Apr 20, 2026Yield to maturity3.665%Apr 22, 2026Yield to maturity3.634%Apr 24, 2026Yield to maturity3.643%Apr 28, 2026Yield to maturity3.642%Apr 30, 2026Yield to maturity3.611%May 1, 2026Yield to maturity3.640%

Price history

83 trading days to May 4, 2026

98.7599.0099.2599.5099.75100.00Jan 6, 2026May 4, 2026Jan 6, 2026Close98.853Jan 8, 2026Close98.872Jan 12, 2026Close98.902Jan 14, 2026Close98.915Jan 16, 2026Close98.962Jan 21, 2026Close98.979Jan 23, 2026Close99.016Jan 27, 2026Close99.035Jan 29, 2026Close99.055Feb 2, 2026Close99.098Feb 4, 2026Close99.112Feb 6, 2026Close99.157Feb 10, 2026Close99.175Feb 12, 2026Close99.197Feb 17, 2026Close99.242Feb 19, 2026Close99.264Feb 23, 2026Close99.302Feb 25, 2026Close99.324Feb 27, 2026Close99.364Mar 3, 2026Close99.378Mar 5, 2026Close99.398Mar 9, 2026Close99.435Mar 11, 2026Close99.457Mar 13, 2026Close99.496Mar 17, 2026Close99.516Mar 19, 2026Close99.536Mar 23, 2026Close99.576Mar 25, 2026Close99.597Mar 27, 2026Close99.636Mar 31, 2026Close99.658Apr 2, 2026Close99.678Apr 6, 2026Close99.718Apr 8, 2026Close99.741Apr 10, 2026Close99.780Apr 14, 2026Close99.799Apr 16, 2026Close99.819Apr 20, 2026Close99.860Apr 22, 2026Close99.881Apr 24, 2026Close99.920Apr 28, 2026Close99.940Apr 30, 2026Close99.960May 4, 2026Close100.000
The most recent 20 trading days of prices for 912797TL1.
DateBidOfferClose
May 4, 2026–99.990100.000
May 1, 2026–99.96099.990
Apr 30, 2026–99.95099.960
Apr 29, 2026–99.94099.950
Apr 28, 202699.93199.93099.940
Apr 27, 202699.92099.92099.930
Apr 24, 202699.89199.89199.920
Apr 23, 202699.88199.88199.891
Apr 22, 202699.87199.87199.881
Apr 21, 202699.86199.86199.871
Apr 20, 202699.85099.85099.860
Apr 17, 202699.82099.81999.850
Apr 16, 202699.80999.80999.819
Apr 15, 202699.79999.79899.808
Apr 14, 202699.78999.78999.799
Apr 13, 202699.78099.77999.789
Apr 10, 202699.75199.75099.780
Apr 9, 202699.74299.74199.753
Apr 8, 202699.73299.73199.741
Apr 7, 202699.71999.71899.731

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 912797TL1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 31, 2025Jan 6, 2026New issue$69.0bn$69.2bn3.11x–
Mar 5, 2026Mar 10, 2026Reopening$95.0bn$95.3bn3.21x–
Apr 2, 2026Apr 7, 2026Reopening$80.0bn$80.4bn3.15x–

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.