Treasury bill

912797VF1

Original term
52-Week
Maturity
Jun 10, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$53.21bn
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
4.132%
Modified duration
0.733 yr
DV01
0.0071
Convexity
0.836
Dirty price
96.993

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 0.733 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 3.9 bp rich to the curve on that day, 2.74 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, 63 observations

3.80%3.85%3.90%3.95%4.00%4.05%4.10%4.15%Jun 11, 2026Sep 10, 2026Jun 11, 2026Yield to maturity3.849%Jun 15, 2026Yield to maturity3.837%Jun 17, 2026Yield to maturity3.976%Jun 22, 2026Yield to maturity4.028%Jun 24, 2026Yield to maturity3.984%Jun 26, 2026Yield to maturity3.930%Jun 30, 2026Yield to maturity3.972%Jul 2, 2026Yield to maturity3.949%Jul 7, 2026Yield to maturity3.980%Jul 9, 2026Yield to maturity3.958%Jul 13, 2026Yield to maturity4.064%Jul 15, 2026Yield to maturity3.914%Jul 17, 2026Yield to maturity3.945%Jul 21, 2026Yield to maturity4.019%Jul 23, 2026Yield to maturity4.082%Jul 27, 2026Yield to maturity4.060%Jul 29, 2026Yield to maturity3.974%Jul 31, 2026Yield to maturity3.994%Aug 4, 2026Yield to maturity3.940%Aug 6, 2026Yield to maturity3.961%Aug 10, 2026Yield to maturity3.938%Aug 12, 2026Yield to maturity3.885%Aug 14, 2026Yield to maturity3.884%Aug 18, 2026Yield to maturity3.872%Aug 20, 2026Yield to maturity3.893%Aug 24, 2026Yield to maturity3.924%Aug 26, 2026Yield to maturity3.924%Aug 28, 2026Yield to maturity4.050%Sep 1, 2026Yield to maturity4.039%Sep 3, 2026Yield to maturity3.996%Sep 8, 2026Yield to maturity4.027%Sep 10, 2026Yield to maturity4.132%

Price history

63 trading days to Sep 10, 2026

96.296.496.696.897.097.2Jun 11, 2026Sep 10, 2026Jun 11, 2026Close96.279Jun 15, 2026Close96.330Jun 17, 2026Close96.222Jun 22, 2026Close96.226Jun 24, 2026Close96.286Jun 26, 2026Close96.377Jun 30, 2026Close96.359Jul 2, 2026Close96.431Jul 7, 2026Close96.424Jul 9, 2026Close96.464Jul 13, 2026Close96.414Jul 15, 2026Close96.564Jul 17, 2026Close96.578Jul 21, 2026Close96.537Jul 23, 2026Close96.505Jul 27, 2026Close96.566Jul 29, 2026Close96.657Jul 31, 2026Close96.683Aug 4, 2026Close96.747Aug 6, 2026Close96.751Aug 10, 2026Close96.810Aug 12, 2026Close96.873Aug 14, 2026Close96.915Aug 18, 2026Close96.943Aug 20, 2026Close96.948Aug 24, 2026Close96.966Aug 26, 2026Close96.987Aug 28, 2026Close96.934Sep 1, 2026Close96.964Sep 3, 2026Close97.016Sep 8, 2026Close97.047Sep 10, 2026Close96.993
The most recent 20 trading days of prices for 912797VF1.
DateBidOfferClose
Sep 10, 202697.02097.00596.993
Sep 9, 202697.05597.03997.043
Sep 8, 202697.06397.04497.047
Sep 4, 202697.01296.99397.044
Sep 3, 202697.02997.01397.016
Sep 2, 202696.97996.96496.974
Sep 1, 202696.95396.93796.964
Aug 31, 202696.95496.93496.945
Aug 28, 202696.94596.92596.934
Aug 27, 202696.99896.98796.997
Aug 26, 202696.98496.97696.987
Aug 25, 202696.98696.97496.992
Aug 24, 202696.96396.94796.966
Aug 21, 202696.93296.91596.963
Aug 20, 202696.94696.93896.948
Aug 19, 202696.95296.93596.946
Aug 18, 202696.94596.93396.943
Aug 17, 202696.93996.92396.933
Aug 14, 202696.92596.90896.915
Aug 13, 202696.90696.89096.892

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.

Auction

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 912797VF1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 9, 2026Jun 11, 2026New issue$50.0bn$53.2bn3.34x–

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.