Treasury bill

912797UM7

Original term
26-Week
Maturity
Nov 5, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$181.17bn
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
3.875%
Modified duration
0.150 yr
DV01
0.0015
Convexity
0.045
Dirty price
99.419

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 0.150 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 1.8 bp cheap to the curve on that day, 0.27 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, 87 observations

3.70%3.75%3.80%3.85%3.90%3.95%May 7, 2026Sep 10, 2026May 7, 2026Yield to maturity3.707%May 11, 2026Yield to maturity3.737%May 13, 2026Yield to maturity3.736%May 15, 2026Yield to maturity3.724%May 19, 2026Yield to maturity3.723%May 21, 2026Yield to maturity3.733%May 26, 2026Yield to maturity3.742%May 28, 2026Yield to maturity3.751%Jun 1, 2026Yield to maturity3.750%Jun 3, 2026Yield to maturity3.749%Jun 5, 2026Yield to maturity3.768%Jun 9, 2026Yield to maturity3.768%Jun 11, 2026Yield to maturity3.767%Jun 15, 2026Yield to maturity3.765%Jun 17, 2026Yield to maturity3.827%Jun 22, 2026Yield to maturity3.856%Jun 24, 2026Yield to maturity3.866%Jun 26, 2026Yield to maturity3.854%Jun 30, 2026Yield to maturity3.863%Jul 2, 2026Yield to maturity3.841%Jul 7, 2026Yield to maturity3.861%Jul 9, 2026Yield to maturity3.818%Jul 13, 2026Yield to maturity3.858%Jul 15, 2026Yield to maturity3.805%Jul 17, 2026Yield to maturity3.814%Jul 21, 2026Yield to maturity3.834%Jul 23, 2026Yield to maturity3.906%Jul 27, 2026Yield to maturity3.915%Jul 29, 2026Yield to maturity3.769%Jul 31, 2026Yield to maturity3.798%Aug 4, 2026Yield to maturity3.808%Aug 6, 2026Yield to maturity3.828%Aug 10, 2026Yield to maturity3.816%Aug 12, 2026Yield to maturity3.794%Aug 14, 2026Yield to maturity3.793%Aug 18, 2026Yield to maturity3.782%Aug 20, 2026Yield to maturity3.771%Aug 24, 2026Yield to maturity3.779%Aug 26, 2026Yield to maturity3.768%Aug 28, 2026Yield to maturity3.818%Sep 1, 2026Yield to maturity3.828%Sep 3, 2026Yield to maturity3.806%Sep 8, 2026Yield to maturity3.815%Sep 10, 2026Yield to maturity3.875%

Price history

87 trading days to Sep 10, 2026

98.0098.2598.5098.7599.0099.2599.50May 7, 2026Sep 10, 2026May 7, 2026Close98.195May 11, 2026Close98.220May 13, 2026Close98.240May 15, 2026Close98.285May 19, 2026Close98.305May 21, 2026Close98.321May 26, 2026Close98.367May 28, 2026Close98.382Jun 1, 2026Close98.423Jun 3, 2026Close98.443Jun 5, 2026Close98.475Jun 9, 2026Close98.495Jun 11, 2026Close98.516Jun 15, 2026Close98.556Jun 17, 2026Close98.553Jun 22, 2026Close98.594Jun 24, 2026Close98.611Jun 26, 2026Close98.656Jun 30, 2026Close98.674Jul 2, 2026Close98.733Jul 7, 2026Close98.747Jul 9, 2026Close98.781Jul 13, 2026Close98.809Jul 15, 2026Close98.846Jul 17, 2026Close98.884Jul 21, 2026Close98.899Jul 23, 2026Close98.899Jul 27, 2026Close98.939Jul 29, 2026Close98.998Jul 31, 2026Close99.031Aug 4, 2026Close99.049Aug 6, 2026Close99.065Aug 10, 2026Close99.109Aug 12, 2026Close99.134Aug 14, 2026Close99.176Aug 18, 2026Close99.198Aug 20, 2026Close99.221Aug 24, 2026Close99.260Aug 26, 2026Close99.282Aug 28, 2026Close99.314Sep 1, 2026Close99.333Sep 3, 2026Close99.358Sep 8, 2026Close99.408Sep 10, 2026Close99.419
The most recent 20 trading days of prices for 912797UM7.
DateBidOfferClose
Sep 10, 202699.41099.40999.419
Sep 9, 202699.40999.40899.417
Sep 8, 202699.39999.39799.408
Sep 4, 202699.35699.35499.399
Sep 3, 202699.34699.34499.358
Sep 2, 202699.33699.33599.346
Sep 1, 202699.32699.32599.333
Aug 31, 202699.31899.31699.325
Aug 28, 202699.28799.28599.314
Aug 27, 202699.28499.28299.293
Aug 26, 202699.27399.27299.282
Aug 25, 202699.26199.26099.272
Aug 24, 202699.25199.25099.260
Aug 21, 202699.22099.21999.250
Aug 20, 202699.21299.21199.221
Aug 19, 202699.19999.19899.211
Aug 18, 202699.18999.18899.198
Aug 17, 202699.17899.17699.188
Aug 14, 202699.14899.14799.176
Aug 13, 202699.14099.13999.145

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 912797UM7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 4, 2026May 7, 2026New issue$77.0bn$81.9bn2.79x–
Aug 3, 2026Aug 6, 2026Reopening$92.0bn$99.3bn2.61x–

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.