Treasury bill

912797UD7

Original term
52-Week
Maturity
Mar 18, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$54.01bn
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
4.055%
Modified duration
0.505 yr
DV01
0.0049
Convexity
0.496
Dirty price
97.953

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 0.505 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 3.5 bp rich to the curve on that day, 1.75 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, 122 observations

3.6%3.7%3.8%3.9%4.0%4.1%Mar 19, 2026Sep 10, 2026Mar 19, 2026Yield to maturity3.731%Mar 24, 2026Yield to maturity3.805%Mar 27, 2026Yield to maturity3.760%Apr 1, 2026Yield to maturity3.674%Apr 6, 2026Yield to maturity3.705%Apr 9, 2026Yield to maturity3.682%Apr 14, 2026Yield to maturity3.692%Apr 17, 2026Yield to maturity3.616%Apr 22, 2026Yield to maturity3.668%Apr 27, 2026Yield to maturity3.656%Apr 30, 2026Yield to maturity3.698%May 5, 2026Yield to maturity3.718%May 8, 2026Yield to maturity3.717%May 13, 2026Yield to maturity3.738%May 18, 2026Yield to maturity3.758%May 21, 2026Yield to maturity3.767%May 27, 2026Yield to maturity3.734%Jun 1, 2026Yield to maturity3.754%Jun 4, 2026Yield to maturity3.753%Jun 9, 2026Yield to maturity3.805%Jun 12, 2026Yield to maturity3.762%Jun 17, 2026Yield to maturity3.899%Jun 23, 2026Yield to maturity3.919%Jun 26, 2026Yield to maturity3.854%Jul 1, 2026Yield to maturity3.885%Jul 7, 2026Yield to maturity3.884%Jul 10, 2026Yield to maturity3.883%Jul 15, 2026Yield to maturity3.819%Jul 20, 2026Yield to maturity3.882%Jul 23, 2026Yield to maturity4.018%Jul 28, 2026Yield to maturity3.954%Jul 31, 2026Yield to maturity3.890%Aug 5, 2026Yield to maturity3.858%Aug 10, 2026Yield to maturity3.878%Aug 13, 2026Yield to maturity3.815%Aug 18, 2026Yield to maturity3.793%Aug 21, 2026Yield to maturity3.824%Aug 26, 2026Yield to maturity3.845%Aug 31, 2026Yield to maturity3.897%Sep 3, 2026Yield to maturity3.897%Sep 9, 2026Yield to maturity3.960%Sep 10, 2026Yield to maturity4.055%

Price history

122 trading days to Sep 10, 2026

96.2596.5096.7597.0097.2597.5097.7598.00Mar 19, 2026Sep 10, 2026Mar 19, 2026Close96.390Mar 24, 2026Close96.370Mar 27, 2026Close96.460Apr 1, 2026Close96.568Apr 6, 2026Close96.588Apr 9, 2026Close96.637Apr 14, 2026Close96.677Apr 17, 2026Close96.791Apr 22, 2026Close96.774Apr 27, 2026Close96.832Apr 30, 2026Close96.826May 5, 2026Close96.858May 8, 2026Close96.907May 13, 2026Close96.920May 18, 2026Close96.953May 21, 2026Close96.975May 27, 2026Close97.060Jun 1, 2026Close97.094Jun 4, 2026Close97.124Jun 9, 2026Close97.135Jun 12, 2026Close97.217Jun 17, 2026Close97.149Jun 23, 2026Close97.197Jun 26, 2026Close97.293Jul 1, 2026Close97.302Jul 7, 2026Close97.365Jul 10, 2026Close97.417Jul 15, 2026Close97.489Jul 20, 2026Close97.500Jul 23, 2026Close97.446Jul 28, 2026Close97.538Jul 31, 2026Close97.629Aug 5, 2026Close97.679Aug 10, 2026Close97.719Aug 13, 2026Close97.786Aug 18, 2026Close97.849Aug 21, 2026Close97.883Aug 26, 2026Close97.902Aug 31, 2026Close97.927Sep 3, 2026Close97.958Sep 9, 2026Close97.989Sep 10, 2026Close97.953
The most recent 20 trading days of prices for 912797UD7.
DateBidOfferClose
Sep 10, 202697.96897.95897.953
Sep 9, 202697.99497.98497.989
Sep 8, 202697.99797.98497.994
Sep 4, 202697.95397.93697.995
Sep 3, 202697.96697.95397.958
Sep 2, 202697.93197.92197.931
Sep 1, 202697.92197.91097.921
Aug 31, 202697.92297.91097.927
Aug 28, 202697.87997.85797.899
Aug 27, 202697.92597.91497.930
Aug 26, 202697.90697.89297.902
Aug 25, 202697.89997.89397.903
Aug 24, 202697.88097.87197.882
Aug 21, 202697.85897.84697.883
Aug 20, 202697.85697.84297.858
Aug 19, 202697.84697.83197.847
Aug 18, 202697.83697.82197.849
Aug 17, 202697.82997.81197.821
Aug 14, 202697.80197.79297.817
Aug 13, 202697.80097.78897.786

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.

Auction

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 912797UD7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 17, 2026Mar 19, 2026New issue$50.0bn$54.0bn3.43x–

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.