Treasury bill

912797VQ7

Original term
52-Week
Maturity
Jul 8, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$54.76bn
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
4.204%
Modified duration
0.807 yr
DV01
0.0078
Convexity
0.992
Dirty price
96.633

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 0.807 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, 1.03 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, 45 observations

3.90%3.95%4.00%4.05%4.10%4.15%4.20%4.25%Jul 9, 2026Sep 10, 2026Jul 9, 2026Yield to maturity4.021%Jul 13, 2026Yield to maturity4.116%Jul 15, 2026Yield to maturity3.965%Jul 17, 2026Yield to maturity3.996%Jul 21, 2026Yield to maturity4.071%Jul 23, 2026Yield to maturity4.135%Jul 27, 2026Yield to maturity4.122%Jul 29, 2026Yield to maturity4.025%Jul 31, 2026Yield to maturity4.056%Aug 4, 2026Yield to maturity4.002%Aug 6, 2026Yield to maturity4.023%Aug 10, 2026Yield to maturity4.000%Aug 12, 2026Yield to maturity3.957%Aug 14, 2026Yield to maturity3.923%Aug 18, 2026Yield to maturity3.944%Aug 20, 2026Yield to maturity3.943%Aug 24, 2026Yield to maturity3.974%Aug 26, 2026Yield to maturity3.974%Aug 28, 2026Yield to maturity4.101%Sep 1, 2026Yield to maturity4.100%Sep 3, 2026Yield to maturity4.035%Sep 8, 2026Yield to maturity4.098%Sep 10, 2026Yield to maturity4.204%

Price history

45 trading days to Sep 10, 2026

96.096.296.496.696.8Jul 9, 2026Sep 10, 2026Jul 9, 2026Close96.118Jul 13, 2026Close96.071Jul 15, 2026Close96.232Jul 17, 2026Close96.244Jul 21, 2026Close96.198Jul 23, 2026Close96.161Jul 27, 2026Close96.215Jul 29, 2026Close96.322Jul 31, 2026Close96.337Aug 4, 2026Close96.405Aug 6, 2026Close96.408Aug 10, 2026Close96.469Aug 12, 2026Close96.527Aug 14, 2026Close96.597Aug 18, 2026Close96.600Aug 20, 2026Close96.621Aug 24, 2026Close96.636Aug 26, 2026Close96.657Aug 28, 2026Close96.596Sep 1, 2026Close96.618Sep 3, 2026Close96.691Sep 8, 2026Close96.695Sep 10, 2026Close96.633
The most recent 20 trading days of prices for 912797VQ7.
DateBidOfferClose
Sep 10, 202696.66896.65696.633
Sep 9, 202696.70396.68696.706
Sep 8, 202696.71896.70996.695
Sep 4, 202696.66696.64996.701
Sep 3, 202696.68096.67296.691
Sep 2, 202696.62796.61896.638
Sep 1, 202696.60396.59096.618
Aug 31, 202696.61496.60596.599
Aug 28, 202696.59496.58196.596
Aug 27, 202696.66696.65796.659
Aug 26, 202696.65696.64796.657
Aug 25, 202696.65496.64596.647
Aug 24, 202696.62196.60896.636
Aug 21, 202696.59896.58596.617
Aug 20, 202696.61996.61096.621
Aug 19, 202696.60496.59196.610
Aug 18, 202696.60796.59896.600
Aug 17, 202696.59796.58896.598
Aug 14, 202696.58396.57496.597
Aug 13, 202696.55996.54696.556

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 912797VQ7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 7, 2026Jul 9, 2026New issue$52.0bn$54.8bn3.14x–

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.