Treasury bill · Matured

912797UW5

Original term
17-Week
Maturity
Sep 1, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Aug 31, 2026
Analyzed through
Aug 28, 2026

Statement of August 31, 2026

Amount outstanding
$275.18bn
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.

Still priced, no longer analyzed. Risk numbers below are as of Aug 28, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, August 28, 2026

Yield to maturity
3.681%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.990

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 0.003 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 0.00 cents per 100 of face cheap to the curve on that day.

Shown as a price rather than a yield. This bill is 4 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, 81 observations

3.65%3.67%3.70%3.73%3.75%3.77%3.80%May 5, 2026Aug 28, 2026May 5, 2026Yield to maturity3.694%May 7, 2026Yield to maturity3.693%May 11, 2026Yield to maturity3.691%May 13, 2026Yield to maturity3.711%May 15, 2026Yield to maturity3.679%May 19, 2026Yield to maturity3.668%May 21, 2026Yield to maturity3.657%May 26, 2026Yield to maturity3.686%May 28, 2026Yield to maturity3.685%Jun 1, 2026Yield to maturity3.704%Jun 3, 2026Yield to maturity3.703%Jun 5, 2026Yield to maturity3.712%Jun 9, 2026Yield to maturity3.701%Jun 11, 2026Yield to maturity3.700%Jun 15, 2026Yield to maturity3.699%Jun 17, 2026Yield to maturity3.729%Jun 22, 2026Yield to maturity3.727%Jun 24, 2026Yield to maturity3.706%Jun 26, 2026Yield to maturity3.725%Jun 30, 2026Yield to maturity3.714%Jul 2, 2026Yield to maturity3.712%Jul 7, 2026Yield to maturity3.721%Jul 9, 2026Yield to maturity3.700%Jul 13, 2026Yield to maturity3.719%Jul 15, 2026Yield to maturity3.718%Jul 17, 2026Yield to maturity3.707%Jul 21, 2026Yield to maturity3.706%Jul 23, 2026Yield to maturity3.777%Jul 27, 2026Yield to maturity3.755%Jul 29, 2026Yield to maturity3.703%Jul 31, 2026Yield to maturity3.691%Aug 4, 2026Yield to maturity3.680%Aug 6, 2026Yield to maturity3.690%Aug 10, 2026Yield to maturity3.688%Aug 12, 2026Yield to maturity3.657%Aug 14, 2026Yield to maturity3.696%Aug 18, 2026Yield to maturity3.685%Aug 20, 2026Yield to maturity3.664%Aug 24, 2026Yield to maturity3.683%Aug 26, 2026Yield to maturity3.672%Aug 28, 2026Yield to maturity3.681%

Price history

82 trading days to Aug 31, 2026

98.7599.0099.2599.5099.75100.00May 5, 2026Aug 31, 2026May 5, 2026Close98.820May 7, 2026Close98.840May 11, 2026Close98.880May 13, 2026Close98.894May 15, 2026Close98.943May 19, 2026Close98.966May 21, 2026Close98.989May 26, 2026Close99.030May 28, 2026Close99.050Jun 1, 2026Close99.085Jun 3, 2026Close99.105Jun 5, 2026Close99.143Jun 9, 2026Close99.165Jun 11, 2026Close99.186Jun 15, 2026Close99.226Jun 17, 2026Close99.240Jun 22, 2026Close99.290Jun 24, 2026Close99.314Jun 26, 2026Close99.351Jun 30, 2026Close99.373Jul 2, 2026Close99.424Jul 7, 2026Close99.442Jul 9, 2026Close99.466Jul 13, 2026Close99.503Jul 15, 2026Close99.523Jul 17, 2026Close99.565Jul 21, 2026Close99.585Jul 23, 2026Close99.598Jul 27, 2026Close99.641Jul 29, 2026Close99.666Jul 31, 2026Close99.708Aug 4, 2026Close99.728Aug 6, 2026Close99.748Aug 10, 2026Close99.788Aug 12, 2026Close99.810Aug 14, 2026Close99.848Aug 18, 2026Close99.869Aug 20, 2026Close99.890Aug 24, 2026Close99.929Aug 26, 2026Close99.950Aug 28, 2026Close99.990Aug 31, 2026Close100.000
The most recent 20 trading days of prices for 912797UW5.
DateBidOfferClose
Aug 31, 2026–99.990100.000
Aug 28, 2026–99.95999.990
Aug 27, 2026–99.94999.959
Aug 26, 2026–99.93999.950
Aug 25, 202699.93099.92999.939
Aug 24, 202699.92099.91999.929
Aug 21, 202699.89099.88999.919
Aug 20, 202699.88099.87999.890
Aug 19, 202699.86999.86999.879
Aug 18, 202699.85999.85999.869
Aug 17, 202699.84999.84899.858
Aug 14, 202699.81999.81999.848
Aug 13, 202699.81099.80999.819
Aug 12, 202699.79999.79999.810
Aug 11, 202699.78999.78899.798
Aug 10, 202699.77999.77999.788
Aug 7, 202699.74899.74799.779
Aug 6, 202699.73899.73899.748
Aug 5, 202699.72999.72899.739
Aug 4, 202699.71899.71899.728

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 912797UW5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 29, 2026May 5, 2026New issue$69.0bn$71.0bn2.78x–
Jul 2, 2026Jul 7, 2026Reopening$85.0bn$88.2bn2.70x–
Jul 30, 2026Aug 4, 2026Reopening$110.0bn$116.0bn2.80x–

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.