Treasury bill

912797UE5

Original term
52-Week
Maturity
Apr 15, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$51.97bn
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
4.089%
Modified duration
0.581 yr
DV01
0.0057
Convexity
0.586
Dirty price
97.630

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 0.581 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 3.2 bp rich to the curve on that day, 1.82 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, 102 observations

3.6%3.7%3.8%3.9%4.0%4.1%Apr 16, 2026Sep 10, 2026Apr 16, 2026Yield to maturity3.688%Apr 21, 2026Yield to maturity3.687%Apr 24, 2026Yield to maturity3.664%Apr 29, 2026Yield to maturity3.749%May 4, 2026Yield to maturity3.769%May 7, 2026Yield to maturity3.747%May 12, 2026Yield to maturity3.788%May 15, 2026Yield to maturity3.797%May 20, 2026Yield to maturity3.775%May 26, 2026Yield to maturity3.816%May 29, 2026Yield to maturity3.772%Jun 3, 2026Yield to maturity3.803%Jun 8, 2026Yield to maturity3.855%Jun 11, 2026Yield to maturity3.812%Jun 16, 2026Yield to maturity3.800%Jun 22, 2026Yield to maturity3.979%Jun 25, 2026Yield to maturity3.904%Jun 30, 2026Yield to maturity3.924%Jul 6, 2026Yield to maturity3.890%Jul 9, 2026Yield to maturity3.922%Jul 14, 2026Yield to maturity3.910%Jul 17, 2026Yield to maturity3.877%Jul 22, 2026Yield to maturity4.003%Jul 27, 2026Yield to maturity4.034%Jul 30, 2026Yield to maturity3.949%Aug 4, 2026Yield to maturity3.937%Aug 7, 2026Yield to maturity3.915%Aug 12, 2026Yield to maturity3.904%Aug 17, 2026Yield to maturity3.860%Aug 20, 2026Yield to maturity3.892%Aug 25, 2026Yield to maturity3.901%Aug 28, 2026Yield to maturity3.996%Sep 2, 2026Yield to maturity4.006%Sep 8, 2026Yield to maturity4.005%Sep 10, 2026Yield to maturity4.089%

Price history

102 trading days to Sep 10, 2026

96.2596.5096.7597.0097.2597.5097.75Apr 16, 2026Sep 10, 2026Apr 16, 2026Close96.430Apr 21, 2026Close96.480Apr 24, 2026Close96.548Apr 29, 2026Close96.500May 4, 2026Close96.531May 7, 2026Close96.580May 12, 2026Close96.593May 15, 2026Close96.634May 20, 2026Close96.683May 26, 2026Close96.707May 29, 2026Close96.793Jun 3, 2026Close96.797Jun 8, 2026Close96.805Jun 11, 2026Close96.870Jun 16, 2026Close96.930Jun 22, 2026Close96.851Jun 25, 2026Close96.940Jun 30, 2026Close96.976Jul 6, 2026Close97.063Jul 9, 2026Close97.070Jul 14, 2026Close97.131Jul 17, 2026Close97.205Jul 22, 2026Close97.148Jul 27, 2026Close97.180Jul 30, 2026Close97.269Aug 4, 2026Close97.329Aug 7, 2026Close97.396Aug 12, 2026Close97.434Aug 17, 2026Close97.513Aug 20, 2026Close97.525Aug 25, 2026Close97.570Aug 28, 2026Close97.566Sep 2, 2026Close97.592Sep 8, 2026Close97.656Sep 10, 2026Close97.630
The most recent 20 trading days of prices for 912797UE5.
DateBidOfferClose
Sep 10, 202697.64997.63797.630
Sep 9, 202697.66397.65097.667
Sep 8, 202697.66197.64697.656
Sep 4, 202697.62197.60997.664
Sep 3, 202697.63997.62997.621
Sep 2, 202697.59497.58197.592
Sep 1, 202697.58697.57797.581
Aug 31, 202697.57997.57297.583
Aug 28, 202697.54397.52897.566
Aug 27, 202697.58497.56897.579
Aug 26, 202697.57497.55897.575
Aug 25, 202697.57097.55397.570
Aug 24, 202697.55397.53797.553
Aug 21, 202697.53197.51897.549
Aug 20, 202697.54497.53497.525
Aug 19, 202697.53797.53097.534
Aug 18, 202697.51397.50097.504
Aug 17, 202697.50097.48397.513
Aug 14, 202697.48597.47297.483
Aug 13, 202697.46597.44897.465

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 912797UE5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 14, 2026Apr 16, 2026New issue$50.0bn$52.0bn3.21x–

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.