Treasury bill

912797WP8

Original term
17-Week
Maturity
Jan 12, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Oct 22, 2026
Analyzed through
Oct 22, 2026

Statement of September 30, 2026

Amount outstanding
$77.65bn
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, October 22, 2026

Yield to maturity
4.123%
Modified duration
0.220 yr
DV01
0.0022
Convexity
0.000967
Dirty price
99.093

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 0.220 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 0.0 bp cheap to the curve on that day, 0.01 cents per 100 of face.

That is -0.41 standard deviations from its own typical residual.

Yield to maturity, 27 observations

4.100%4.125%4.150%4.175%4.200%4.225%4.250%Sep 15, 2026Oct 22, 2026Sep 15, 2026Yield to maturity4.120%Sep 16, 2026Yield to maturity4.140%Sep 17, 2026Yield to maturity4.129%Sep 18, 2026Yield to maturity4.138%Sep 21, 2026Yield to maturity4.159%Sep 22, 2026Yield to maturity4.158%Sep 23, 2026Yield to maturity4.199%Sep 24, 2026Yield to maturity4.209%Sep 25, 2026Yield to maturity4.218%Sep 28, 2026Yield to maturity4.238%Sep 29, 2026Yield to maturity4.196%Sep 30, 2026Yield to maturity4.144%Oct 1, 2026Yield to maturity4.112%Oct 2, 2026Yield to maturity4.111%Oct 5, 2026Yield to maturity4.121%Oct 6, 2026Yield to maturity4.120%Oct 7, 2026Yield to maturity4.130%Oct 8, 2026Yield to maturity4.140%Oct 9, 2026Yield to maturity4.138%Oct 13, 2026Yield to maturity4.159%Oct 14, 2026Yield to maturity4.168%Oct 15, 2026Yield to maturity4.168%Oct 16, 2026Yield to maturity4.167%Oct 19, 2026Yield to maturity4.166%Oct 20, 2026Yield to maturity4.155%Oct 21, 2026Yield to maturity4.155%Oct 22, 2026Yield to maturity4.123%

Price history

27 trading days to Oct 22, 2026

98.698.798.898.999.099.1Sep 15, 2026Oct 22, 2026Sep 15, 2026Close98.686Sep 16, 2026Close98.690Sep 17, 2026Close98.705Sep 18, 2026Close98.735Sep 21, 2026Close98.740Sep 22, 2026Close98.751Sep 23, 2026Close98.750Sep 24, 2026Close98.759Sep 25, 2026Close98.790Sep 28, 2026Close98.795Sep 29, 2026Close98.818Sep 30, 2026Close98.844Oct 1, 2026Close98.864Oct 2, 2026Close98.897Oct 5, 2026Close98.906Oct 6, 2026Close98.917Oct 7, 2026Close98.925Oct 8, 2026Close98.934Oct 9, 2026Close98.979Oct 13, 2026Close98.985Oct 14, 2026Close98.994Oct 15, 2026Close99.005Oct 16, 2026Close99.039Oct 19, 2026Close99.050Oct 20, 2026Close99.064Oct 21, 2026Close99.075Oct 22, 2026Close99.093
The most recent 20 trading days of prices for 912797WP8.
DateBidOfferClose
Oct 22, 202699.08399.08099.093
Oct 21, 202699.06599.06499.075
Oct 20, 202699.05599.05399.064
Oct 19, 202699.04099.03799.050
Oct 16, 202699.01099.00899.039
Oct 15, 202698.99898.99699.005
Oct 14, 202698.97698.97298.994
Oct 13, 202698.97698.97498.985
Oct 9, 202698.93498.93198.979
Oct 8, 202698.92198.92098.934
Oct 7, 202698.91798.91498.925
Oct 6, 202698.90798.90698.917
Oct 5, 202698.89998.89798.906
Oct 2, 202698.86798.86498.897
Oct 1, 202698.85098.84798.864
Sep 30, 202698.83498.83398.844
Sep 29, 202698.80398.80198.818
Sep 28, 202698.79098.78798.795
Sep 25, 202698.75998.75698.790
Sep 24, 202698.75298.74798.759

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 912797WP8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 9, 2026Sep 15, 2026New issue$72.0bn$77.6bn2.73x–

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.