Treasury bill

912797VM6

Original term
17-Week
Maturity
Oct 20, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$179.66bn
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
3.828%
Modified duration
0.106 yr
DV01
0.0011
Convexity
0.023
Dirty price
99.593

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 0.106 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 1.3 bp cheap to the curve on that day, 0.14 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, 56 observations

3.73%3.75%3.77%3.80%3.83%3.85%3.88%3.90%Jun 23, 2026Sep 10, 2026Jun 23, 2026Yield to maturity3.849%Jun 25, 2026Yield to maturity3.849%Jun 29, 2026Yield to maturity3.868%Jul 1, 2026Yield to maturity3.867%Jul 6, 2026Yield to maturity3.823%Jul 8, 2026Yield to maturity3.843%Jul 10, 2026Yield to maturity3.811%Jul 14, 2026Yield to maturity3.810%Jul 16, 2026Yield to maturity3.799%Jul 20, 2026Yield to maturity3.797%Jul 22, 2026Yield to maturity3.848%Jul 24, 2026Yield to maturity3.888%Jul 28, 2026Yield to maturity3.856%Jul 30, 2026Yield to maturity3.762%Aug 3, 2026Yield to maturity3.771%Aug 5, 2026Yield to maturity3.770%Aug 7, 2026Yield to maturity3.758%Aug 11, 2026Yield to maturity3.768%Aug 13, 2026Yield to maturity3.747%Aug 17, 2026Yield to maturity3.745%Aug 19, 2026Yield to maturity3.734%Aug 21, 2026Yield to maturity3.732%Aug 25, 2026Yield to maturity3.732%Aug 27, 2026Yield to maturity3.741%Aug 31, 2026Yield to maturity3.801%Sep 2, 2026Yield to maturity3.811%Sep 4, 2026Yield to maturity3.768%Sep 9, 2026Yield to maturity3.798%Sep 10, 2026Yield to maturity3.828%

Price history

56 trading days to Sep 10, 2026

98.698.899.099.299.499.6Jun 23, 2026Sep 10, 2026Jun 23, 2026Close98.771Jun 25, 2026Close98.792Jun 29, 2026Close98.827Jul 1, 2026Close98.848Jul 6, 2026Close98.912Jul 8, 2026Close98.927Jul 10, 2026Close98.977Jul 14, 2026Close98.998Jul 16, 2026Close99.021Jul 20, 2026Close99.062Jul 22, 2026Close99.070Jul 24, 2026Close99.103Jul 28, 2026Close99.131Jul 30, 2026Close99.172Aug 3, 2026Close99.211Aug 5, 2026Close99.231Aug 7, 2026Close99.274Aug 11, 2026Close99.293Aug 13, 2026Close99.317Aug 17, 2026Close99.358Aug 19, 2026Close99.380Aug 21, 2026Close99.421Aug 25, 2026Close99.441Aug 27, 2026Close99.460Aug 31, 2026Close99.492Sep 2, 2026Close99.512Sep 4, 2026Close99.568Sep 9, 2026Close99.586Sep 10, 2026Close99.593
The most recent 20 trading days of prices for 912797VM6.
DateBidOfferClose
Sep 10, 202699.58599.58399.593
Sep 9, 202699.57699.57599.586
Sep 8, 202699.56799.56699.576
Sep 4, 202699.52799.52699.568
Sep 3, 202699.51499.51399.526
Sep 2, 202699.50299.50199.512
Sep 1, 202699.49099.49099.500
Aug 31, 202699.48599.48599.492
Aug 28, 202699.45799.45599.486
Aug 27, 202699.45299.45199.460
Aug 26, 202699.44299.44199.451
Aug 25, 202699.43299.43199.441
Aug 24, 202699.42199.42199.431
Aug 21, 202699.39199.39099.421
Aug 20, 202699.38299.38099.390
Aug 19, 202699.37199.37099.380
Aug 18, 202699.35999.35899.368
Aug 17, 202699.34899.34899.358
Aug 14, 202699.31899.31799.346
Aug 13, 202699.30799.30599.317

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 912797VM6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 17, 2026Jun 23, 2026New issue$69.0bn$73.3bn2.87x–
Aug 20, 2026Aug 25, 2026Reopening$100.0bn$106.4bn3.06x–

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.