Treasury bill

912797VR5

Original term
52-Week
Maturity
Aug 5, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$56.12bn
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
4.245%
Modified duration
0.882 yr
DV01
0.0085
Convexity
1.171
Dirty price
96.292

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 0.882 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 3.7 bp cheap to the curve on that day, 3.12 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, 25 observations

3.95%4.00%4.05%4.10%4.15%4.20%4.25%Aug 6, 2026Sep 10, 2026Aug 6, 2026Yield to maturity4.064%Aug 7, 2026Yield to maturity4.009%Aug 10, 2026Yield to maturity4.041%Aug 11, 2026Yield to maturity4.019%Aug 12, 2026Yield to maturity3.997%Aug 13, 2026Yield to maturity3.965%Aug 14, 2026Yield to maturity3.975%Aug 17, 2026Yield to maturity3.985%Aug 18, 2026Yield to maturity3.985%Aug 19, 2026Yield to maturity3.984%Aug 20, 2026Yield to maturity3.984%Aug 21, 2026Yield to maturity4.015%Aug 24, 2026Yield to maturity4.026%Aug 25, 2026Yield to maturity4.004%Aug 26, 2026Yield to maturity4.014%Aug 27, 2026Yield to maturity4.025%Aug 28, 2026Yield to maturity4.142%Aug 31, 2026Yield to maturity4.142%Sep 1, 2026Yield to maturity4.163%Sep 2, 2026Yield to maturity4.141%Sep 3, 2026Yield to maturity4.087%Sep 4, 2026Yield to maturity4.118%Sep 8, 2026Yield to maturity4.128%Sep 9, 2026Yield to maturity4.149%Sep 10, 2026Yield to maturity4.245%

Price history

25 trading days to Sep 10, 2026

96.0596.1096.1596.2096.2596.3096.3596.40Aug 6, 2026Sep 10, 2026Aug 6, 2026Close96.078Aug 7, 2026Close96.160Aug 10, 2026Close96.141Aug 11, 2026Close96.171Aug 12, 2026Close96.202Aug 13, 2026Close96.242Aug 14, 2026Close96.264Aug 17, 2026Close96.265Aug 18, 2026Close96.275Aug 19, 2026Close96.286Aug 20, 2026Close96.297Aug 21, 2026Close96.300Aug 24, 2026Close96.301Aug 25, 2026Close96.331Aug 26, 2026Close96.332Aug 27, 2026Close96.333Aug 28, 2026Close96.262Aug 31, 2026Close96.273Sep 1, 2026Close96.265Sep 2, 2026Close96.295Sep 3, 2026Close96.352Sep 4, 2026Close96.368Sep 8, 2026Close96.370Sep 9, 2026Close96.363Sep 10, 2026Close96.292
The most recent 20 trading days of prices for 912797VR5.
DateBidOfferClose
Sep 10, 202696.31296.29996.292
Sep 9, 202696.36196.35296.363
Sep 8, 202696.37796.36896.370
Sep 4, 202696.32996.32496.368
Sep 3, 202696.35196.34196.352
Sep 2, 202696.28896.28496.295
Sep 1, 202696.26896.26396.265
Aug 31, 202696.27696.27196.273
Aug 28, 202696.25296.24896.262
Aug 27, 202696.33796.33296.333
Aug 26, 202696.32696.32196.332
Aug 25, 202696.32596.32096.331
Aug 24, 202696.30096.29096.301
Aug 21, 202696.26896.25896.300
Aug 20, 202696.29696.28696.297
Aug 19, 202696.27196.26696.286
Aug 18, 202696.27096.26596.275
Aug 17, 202696.26996.26496.265
Aug 14, 202696.25296.24296.264
Aug 13, 202696.24296.23296.242

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 912797VR5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 4, 2026Aug 6, 2026New issue$52.0bn$56.1bn3.62x–

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.