Treasury bill

912797TM9

Original term
52-Week
Maturity
Jan 21, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$135.96bn
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
4.012%
Modified duration
0.356 yr
DV01
0.0035
Convexity
0.254
Dirty price
98.570

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 0.356 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 0.2 bp rich to the curve on that day, 0.06 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, 161 observations

3.4%3.5%3.6%3.7%3.8%3.9%4.0%4.1%Jan 22, 2026Sep 10, 2026Jan 22, 2026Yield to maturity3.538%Jan 28, 2026Yield to maturity3.516%Feb 3, 2026Yield to maturity3.493%Feb 9, 2026Yield to maturity3.427%Feb 13, 2026Yield to maturity3.426%Feb 20, 2026Yield to maturity3.520%Feb 26, 2026Yield to maturity3.519%Mar 4, 2026Yield to maturity3.571%Mar 10, 2026Yield to maturity3.548%Mar 16, 2026Yield to maturity3.621%Mar 20, 2026Yield to maturity3.683%Mar 26, 2026Yield to maturity3.757%Apr 1, 2026Yield to maturity3.649%Apr 7, 2026Yield to maturity3.637%Apr 13, 2026Yield to maturity3.657%Apr 17, 2026Yield to maturity3.624%Apr 23, 2026Yield to maturity3.645%Apr 29, 2026Yield to maturity3.696%May 5, 2026Yield to maturity3.663%May 11, 2026Yield to maturity3.683%May 15, 2026Yield to maturity3.693%May 21, 2026Yield to maturity3.703%May 28, 2026Yield to maturity3.712%Jun 3, 2026Yield to maturity3.743%Jun 9, 2026Yield to maturity3.784%Jun 15, 2026Yield to maturity3.710%Jun 22, 2026Yield to maturity3.899%Jun 26, 2026Yield to maturity3.814%Jul 2, 2026Yield to maturity3.782%Jul 9, 2026Yield to maturity3.802%Jul 15, 2026Yield to maturity3.771%Jul 21, 2026Yield to maturity3.960%Jul 27, 2026Yield to maturity4.042%Jul 31, 2026Yield to maturity3.945%Aug 6, 2026Yield to maturity3.932%Aug 12, 2026Yield to maturity3.888%Aug 18, 2026Yield to maturity3.864%Aug 24, 2026Yield to maturity3.872%Aug 28, 2026Yield to maturity3.922%Sep 3, 2026Yield to maturity3.910%Sep 10, 2026Yield to maturity4.012%

Price history

161 trading days to Sep 10, 2026

96.5097.0097.5098.0098.5099.00Jan 22, 2026Sep 10, 2026Jan 22, 2026Close96.572Jan 28, 2026Close96.648Feb 3, 2026Close96.724Feb 9, 2026Close96.838Feb 13, 2026Close96.902Feb 20, 2026Close96.874Feb 26, 2026Close96.911Mar 4, 2026Close96.923Mar 10, 2026Close96.998Mar 16, 2026Close96.995Mar 20, 2026Close97.002Mar 26, 2026Close96.983Apr 1, 2026Close97.125Apr 7, 2026Close97.192Apr 13, 2026Close97.235Apr 17, 2026Close97.317Apr 23, 2026Close97.340Apr 29, 2026Close97.362May 5, 2026Close97.443May 11, 2026Close97.488May 15, 2026Close97.541May 21, 2026Close97.574May 28, 2026Close97.637Jun 3, 2026Close97.677Jun 9, 2026Close97.713Jun 15, 2026Close97.816Jun 22, 2026Close97.780Jun 26, 2026Close97.888Jul 2, 2026Close97.977Jul 9, 2026Close98.007Jul 15, 2026Close98.084Jul 21, 2026Close98.053Jul 27, 2026Close98.078Jul 31, 2026Close98.186Aug 6, 2026Close98.233Aug 12, 2026Close98.314Aug 18, 2026Close98.385Aug 24, 2026Close98.444Aug 28, 2026Close98.487Sep 3, 2026Close98.533Sep 10, 2026Close98.570
The most recent 20 trading days of prices for 912797TM9.
DateBidOfferClose
Sep 10, 202698.56898.56398.570
Sep 9, 202698.57898.57498.581
Sep 8, 202698.57198.56798.574
Sep 4, 202698.52798.52598.567
Sep 3, 202698.52698.52298.533
Sep 2, 202698.50498.50098.511
Sep 1, 202698.49598.49398.500
Aug 31, 202698.49198.48798.493
Aug 28, 202698.46598.45998.487
Aug 27, 202698.47598.47398.483
Aug 26, 202698.46598.46298.477
Aug 25, 202698.45098.44898.458
Aug 24, 202698.43598.43398.444
Aug 21, 202698.40698.40298.433
Aug 20, 202698.40298.40098.410
Aug 19, 202698.38598.38198.396
Aug 18, 202698.37798.37598.385
Aug 17, 202698.37198.36998.379
Aug 14, 202698.34298.33898.369
Aug 13, 202698.32798.32398.329

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 912797TM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 20, 2026Jan 22, 2026New issue$50.0bn$52.2bn3.42x–
Jul 20, 2026Jul 23, 2026Reopening$79.0bn$83.8bn2.94x–

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.