Treasury bill

912797UL9

Original term
26-Week
Maturity
Oct 22, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$180.13bn
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
3.849%
Modified duration
0.112 yr
DV01
0.0011
Convexity
0.025
Dirty price
99.570

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 0.112 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 2.9 bp cheap to the curve on that day, 0.32 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, 97 observations

3.70%3.75%3.80%3.85%3.90%3.95%Apr 23, 2026Sep 10, 2026Apr 23, 2026Yield to maturity3.717%Apr 28, 2026Yield to maturity3.715%May 1, 2026Yield to maturity3.703%May 6, 2026Yield to maturity3.702%May 11, 2026Yield to maturity3.731%May 14, 2026Yield to maturity3.720%May 19, 2026Yield to maturity3.718%May 22, 2026Yield to maturity3.737%May 28, 2026Yield to maturity3.746%Jun 2, 2026Yield to maturity3.733%Jun 5, 2026Yield to maturity3.752%Jun 10, 2026Yield to maturity3.762%Jun 15, 2026Yield to maturity3.749%Jun 18, 2026Yield to maturity3.799%Jun 24, 2026Yield to maturity3.829%Jun 29, 2026Yield to maturity3.848%Jul 2, 2026Yield to maturity3.814%Jul 8, 2026Yield to maturity3.834%Jul 13, 2026Yield to maturity3.852%Jul 16, 2026Yield to maturity3.800%Jul 21, 2026Yield to maturity3.818%Jul 24, 2026Yield to maturity3.899%Jul 29, 2026Yield to maturity3.763%Aug 3, 2026Yield to maturity3.782%Aug 6, 2026Yield to maturity3.781%Aug 11, 2026Yield to maturity3.769%Aug 14, 2026Yield to maturity3.767%Aug 19, 2026Yield to maturity3.735%Aug 24, 2026Yield to maturity3.733%Aug 27, 2026Yield to maturity3.732%Sep 1, 2026Yield to maturity3.812%Sep 4, 2026Yield to maturity3.779%Sep 10, 2026Yield to maturity3.849%

Price history

97 trading days to Sep 10, 2026

98.0098.2598.5098.7599.0099.2599.5099.75Apr 23, 2026Sep 10, 2026Apr 23, 2026Close98.190Apr 28, 2026Close98.240May 1, 2026Close98.295May 6, 2026Close98.325May 11, 2026Close98.361May 14, 2026Close98.396May 19, 2026Close98.446May 22, 2026Close98.498May 28, 2026Close98.524Jun 2, 2026Close98.578Jun 5, 2026Close98.621Jun 10, 2026Close98.648Jun 15, 2026Close98.702Jun 18, 2026Close98.746Jun 24, 2026Close98.767Jun 29, 2026Close98.813Jul 2, 2026Close98.884Jul 8, 2026Close98.909Jul 13, 2026Close98.956Jul 16, 2026Close99.000Jul 21, 2026Close99.047Jul 24, 2026Close99.079Jul 29, 2026Close99.141Aug 3, 2026Close99.188Aug 6, 2026Close99.219Aug 11, 2026Close99.272Aug 14, 2026Close99.323Aug 19, 2026Close99.359Aug 24, 2026Close99.410Aug 27, 2026Close99.441Sep 1, 2026Close99.481Sep 4, 2026Close99.547Sep 10, 2026Close99.570
The most recent 20 trading days of prices for 912797UL9.
DateBidOfferClose
Sep 10, 202699.56199.56099.570
Sep 9, 202699.55499.55399.564
Sep 8, 202699.54599.54499.553
Sep 4, 202699.50599.50499.547
Sep 3, 202699.49499.49299.504
Sep 2, 202699.48199.48199.491
Sep 1, 202699.47099.46999.481
Aug 31, 202699.46499.46399.472
Aug 28, 202699.43799.43599.463
Aug 27, 202699.43299.43199.441
Aug 26, 202699.42399.42299.432
Aug 25, 202699.41399.41299.422
Aug 24, 202699.40199.40099.410
Aug 21, 202699.37199.37099.400
Aug 20, 202699.35999.35899.370
Aug 19, 202699.35099.34999.359
Aug 18, 202699.33899.33799.348
Aug 17, 202699.32699.32599.336
Aug 14, 202699.29599.29399.323
Aug 13, 202699.28699.28499.293

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 912797UL9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 20, 2026Apr 23, 2026New issue$77.0bn$82.5bn2.89x–
Jul 20, 2026Jul 23, 2026Reopening$92.0bn$97.6bn3.00x–

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.