Treasury bill

912797WN3

Original term
17-Week
Maturity
Jan 5, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Risk, September 30, 2026

Yield to maturity
4.151%
Modified duration
0.260 yr
DV01
0.0026
Convexity
0.00135
Dirty price
98.920

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 0.260 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 1.0 bp cheap to the curve on that day, 0.27 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, 17 observations

3.95%4.00%4.05%4.10%4.15%4.20%4.25%Sep 8, 2026Sep 30, 2026Sep 8, 2026Yield to maturity3.953%Sep 9, 2026Yield to maturity3.974%Sep 10, 2026Yield to maturity4.025%Sep 11, 2026Yield to maturity4.076%Sep 14, 2026Yield to maturity4.096%Sep 15, 2026Yield to maturity4.106%Sep 16, 2026Yield to maturity4.137%Sep 17, 2026Yield to maturity4.116%Sep 18, 2026Yield to maturity4.125%Sep 21, 2026Yield to maturity4.145%Sep 22, 2026Yield to maturity4.144%Sep 23, 2026Yield to maturity4.186%Sep 24, 2026Yield to maturity4.206%Sep 25, 2026Yield to maturity4.215%Sep 28, 2026Yield to maturity4.214%Sep 29, 2026Yield to maturity4.172%Sep 30, 2026Yield to maturity4.151%

Price history

17 trading days to Sep 30, 2026

98.7098.7598.8098.8598.9098.95Sep 8, 2026Sep 30, 2026Sep 8, 2026Close98.738Sep 9, 2026Close98.742Sep 10, 2026Close98.737Sep 11, 2026Close98.754Sep 14, 2026Close98.759Sep 15, 2026Close98.767Sep 16, 2026Close98.769Sep 17, 2026Close98.786Sep 18, 2026Close98.816Sep 21, 2026Close98.822Sep 22, 2026Close98.833Sep 23, 2026Close98.833Sep 24, 2026Close98.838Sep 25, 2026Close98.870Sep 28, 2026Close98.881Sep 29, 2026Close98.903Sep 30, 2026Close98.920
The most recent 17 trading days of prices for 912797WN3.
DateBidOfferClose
Sep 30, 202698.91498.91198.920
Sep 29, 202698.88598.88498.903
Sep 28, 202698.87098.86798.881
Sep 25, 202698.83598.83398.870
Sep 24, 202698.83098.82798.838
Sep 23, 202698.82398.82198.833
Sep 22, 202698.82398.82298.833
Sep 21, 202698.81298.81098.822
Sep 18, 202698.78498.78398.816
Sep 17, 202698.77698.77298.786
Sep 16, 202698.77198.77098.769
Sep 15, 202698.75798.75698.767
Sep 14, 202698.75298.75198.759
Sep 11, 202698.72798.72498.754
Sep 10, 202698.73198.72998.737
Sep 9, 202698.73698.73598.742
Sep 8, 202698.73298.73198.738

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 912797WN3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 2, 2026Sep 8, 2026New issue$72.0bn$76.3bn2.78x–

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.