Treasury bill

912797UJ4

Original term
26-Week
Maturity
Oct 8, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$278.78bn
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
3.772%
Modified duration
0.074 yr
DV01
0.0007
Convexity
0.011
Dirty price
99.722

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 0.074 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 0.06 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 28 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, 107 observations

3.65%3.70%3.75%3.80%3.85%3.90%Apr 9, 2026Sep 10, 2026Apr 9, 2026Yield to maturity3.696%Apr 14, 2026Yield to maturity3.715%Apr 17, 2026Yield to maturity3.672%Apr 22, 2026Yield to maturity3.702%Apr 27, 2026Yield to maturity3.700%Apr 30, 2026Yield to maturity3.688%May 5, 2026Yield to maturity3.707%May 8, 2026Yield to maturity3.685%May 13, 2026Yield to maturity3.694%May 18, 2026Yield to maturity3.692%May 21, 2026Yield to maturity3.691%May 27, 2026Yield to maturity3.710%Jun 1, 2026Yield to maturity3.729%Jun 4, 2026Yield to maturity3.707%Jun 9, 2026Yield to maturity3.736%Jun 12, 2026Yield to maturity3.724%Jun 17, 2026Yield to maturity3.774%Jun 23, 2026Yield to maturity3.793%Jun 26, 2026Yield to maturity3.770%Jul 1, 2026Yield to maturity3.779%Jul 7, 2026Yield to maturity3.798%Jul 10, 2026Yield to maturity3.796%Jul 15, 2026Yield to maturity3.763%Jul 20, 2026Yield to maturity3.782%Jul 23, 2026Yield to maturity3.853%Jul 28, 2026Yield to maturity3.810%Jul 31, 2026Yield to maturity3.756%Aug 5, 2026Yield to maturity3.745%Aug 10, 2026Yield to maturity3.743%Aug 13, 2026Yield to maturity3.711%Aug 18, 2026Yield to maturity3.720%Aug 21, 2026Yield to maturity3.718%Aug 26, 2026Yield to maturity3.717%Aug 31, 2026Yield to maturity3.786%Sep 3, 2026Yield to maturity3.744%Sep 9, 2026Yield to maturity3.732%Sep 10, 2026Yield to maturity3.772%

Price history

107 trading days to Sep 10, 2026

98.0098.2598.5098.7599.0099.2599.5099.75Apr 9, 2026Sep 10, 2026Apr 9, 2026Close98.200Apr 14, 2026Close98.240Apr 17, 2026Close98.309Apr 22, 2026Close98.325Apr 27, 2026Close98.375Apr 30, 2026Close98.409May 5, 2026Close98.450May 8, 2026Close98.508May 13, 2026Close98.534May 18, 2026Close98.584May 21, 2026Close98.614May 27, 2026Close98.666Jun 1, 2026Close98.709Jun 4, 2026Close98.747Jun 9, 2026Close98.787Jun 12, 2026Close98.840Jun 17, 2026Close98.855Jun 23, 2026Close98.911Jun 26, 2026Close98.968Jul 1, 2026Close98.996Jul 7, 2026Close99.052Jul 10, 2026Close99.103Jul 15, 2026Close99.141Jul 20, 2026Close99.188Jul 23, 2026Close99.204Jul 28, 2026Close99.264Jul 31, 2026Close99.325Aug 5, 2026Close99.358Aug 10, 2026Close99.409Aug 13, 2026Close99.444Aug 18, 2026Close99.493Aug 21, 2026Close99.544Aug 26, 2026Close99.574Aug 31, 2026Close99.618Sep 3, 2026Close99.652Sep 9, 2026Close99.715Sep 10, 2026Close99.722
The most recent 20 trading days of prices for 912797UJ4.
DateBidOfferClose
Sep 10, 202699.71399.71299.722
Sep 9, 202699.70699.70599.715
Sep 8, 202699.69599.69499.704
Sep 4, 202699.65399.65299.694
Sep 3, 202699.64399.64299.652
Sep 2, 202699.62999.62899.639
Sep 1, 202699.61799.61799.627
Aug 31, 202699.60999.60899.618
Aug 28, 202699.58099.57999.609
Aug 27, 202699.57499.57399.583
Aug 26, 202699.56399.56399.574
Aug 25, 202699.55599.55499.564
Aug 24, 202699.54599.54499.554
Aug 21, 202699.51499.51399.544
Aug 20, 202699.50599.50399.513
Aug 19, 202699.49499.49399.503
Aug 18, 202699.48499.48399.493
Aug 17, 202699.47499.47399.483
Aug 14, 202699.44499.44299.473
Aug 13, 202699.43599.43499.444

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 912797UJ4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 6, 2026Apr 9, 2026New issue$77.0bn$82.6bn3.06x–
Jul 6, 2026Jul 9, 2026Reopening$92.0bn$96.9bn2.58x–
Aug 25, 2026Aug 27, 2026Reopening$95.0bn$99.3bn2.71x–

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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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.