Treasury bill

912797UH8

Original term
26-Week
Maturity
Sep 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
$276.68bn
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
3.675%
Modified duration
0.036 yr
DV01
0.0004
Convexity
0.003
Dirty price
99.869

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 0.036 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 0.22 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 14 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, 117 observations

3.65%3.70%3.75%3.80%3.85%Mar 26, 2026Sep 10, 2026Mar 26, 2026Yield to maturity3.738%Mar 31, 2026Yield to maturity3.694%Apr 3, 2026Yield to maturity3.714%Apr 8, 2026Yield to maturity3.691%Apr 13, 2026Yield to maturity3.710%Apr 16, 2026Yield to maturity3.688%Apr 21, 2026Yield to maturity3.697%Apr 24, 2026Yield to maturity3.685%Apr 29, 2026Yield to maturity3.704%May 4, 2026Yield to maturity3.713%May 7, 2026Yield to maturity3.691%May 12, 2026Yield to maturity3.700%May 15, 2026Yield to maturity3.698%May 20, 2026Yield to maturity3.676%May 26, 2026Yield to maturity3.705%May 29, 2026Yield to maturity3.713%Jun 3, 2026Yield to maturity3.722%Jun 8, 2026Yield to maturity3.731%Jun 11, 2026Yield to maturity3.719%Jun 16, 2026Yield to maturity3.707%Jun 22, 2026Yield to maturity3.777%Jun 25, 2026Yield to maturity3.776%Jun 30, 2026Yield to maturity3.743%Jul 6, 2026Yield to maturity3.720%Jul 9, 2026Yield to maturity3.699%Jul 14, 2026Yield to maturity3.717%Jul 17, 2026Yield to maturity3.715%Jul 22, 2026Yield to maturity3.735%Jul 27, 2026Yield to maturity3.835%Jul 30, 2026Yield to maturity3.732%Aug 4, 2026Yield to maturity3.750%Aug 7, 2026Yield to maturity3.718%Aug 12, 2026Yield to maturity3.706%Aug 17, 2026Yield to maturity3.704%Aug 20, 2026Yield to maturity3.683%Aug 25, 2026Yield to maturity3.691%Aug 28, 2026Yield to maturity3.700%Sep 2, 2026Yield to maturity3.709%Sep 8, 2026Yield to maturity3.666%Sep 10, 2026Yield to maturity3.675%

Price history

117 trading days to Sep 10, 2026

98.0098.5099.0099.50100.00Mar 26, 2026Sep 10, 2026Mar 26, 2026Close98.180Mar 31, 2026Close98.250Apr 3, 2026Close98.290Apr 8, 2026Close98.329Apr 13, 2026Close98.370Apr 16, 2026Close98.409Apr 21, 2026Close98.454Apr 24, 2026Close98.508Apr 29, 2026Close98.530May 4, 2026Close98.576May 7, 2026Close98.614May 12, 2026Close98.660May 15, 2026Close98.710May 20, 2026Close98.747May 26, 2026Close98.797May 29, 2026Close98.844Jun 3, 2026Close98.871Jun 8, 2026Close98.918Jun 11, 2026Close98.951Jun 16, 2026Close99.004Jun 22, 2026Close99.047Jun 25, 2026Close99.078Jun 30, 2026Close99.136Jul 6, 2026Close99.201Jul 9, 2026Close99.236Jul 14, 2026Close99.282Jul 17, 2026Close99.333Jul 22, 2026Close99.359Jul 27, 2026Close99.394Jul 30, 2026Close99.441Aug 4, 2026Close99.489Aug 7, 2026Close99.544Aug 12, 2026Close99.575Aug 17, 2026Close99.626Aug 20, 2026Close99.658Aug 25, 2026Close99.708Aug 28, 2026Close99.757Sep 2, 2026Close99.787Sep 8, 2026Close99.850Sep 10, 2026Close99.869
The most recent 20 trading days of prices for 912797UH8.
DateBidOfferClose
Sep 10, 202699.85999.85999.869
Sep 9, 202699.85099.85099.860
Sep 8, 202699.84099.84099.850
Sep 4, 202699.79999.79999.840
Sep 3, 202699.78999.78899.799
Sep 2, 202699.77799.77699.787
Sep 1, 202699.76799.76699.776
Aug 31, 202699.75799.75799.767
Aug 28, 202699.72699.72599.757
Aug 27, 202699.71899.71799.727
Aug 26, 202699.70999.70899.718
Aug 25, 202699.69999.69899.708
Aug 24, 202699.68999.68899.698
Aug 21, 202699.66099.65999.689
Aug 20, 202699.64999.64899.658
Aug 19, 202699.63899.63799.648
Aug 18, 202699.62799.62799.637
Aug 17, 202699.61699.61699.626
Aug 14, 202699.58699.58599.616
Aug 13, 202699.57699.57599.585

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 912797UH8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 23, 2026Mar 26, 2026New issue$77.0bn$80.8bn3.03x–
Jun 22, 2026Jun 25, 2026Reopening$89.0bn$95.1bn2.68x–
Aug 11, 2026Aug 13, 2026Reopening$95.0bn$100.8bn2.93x–

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.