Treasury bill

912797TM9

Original term
52-Week
Maturity
Jan 21, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$135.96bn
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 9, 2026

Yield to maturity
3.949%
Modified duration
0.359 yr
DV01
0.0035
Convexity
0.258
Dirty price
98.581

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 0.359 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 1.2 bp rich to the curve on that day, 0.42 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, 160 observations

3.4%3.5%3.6%3.7%3.8%3.9%4.0%4.1%Jan 22, 2026Sep 9, 2026Jan 22, 2026Yield to maturity3.538%Jan 23, 2026Yield to maturity3.527%Jan 26, 2026Yield to maturity3.516%Jan 27, 2026Yield to maturity3.505%Jan 28, 2026Yield to maturity3.516%Jan 29, 2026Yield to maturity3.494%Jan 30, 2026Yield to maturity3.483%Feb 2, 2026Yield to maturity3.493%Feb 3, 2026Yield to maturity3.493%Feb 4, 2026Yield to maturity3.493%Feb 5, 2026Yield to maturity3.439%Feb 6, 2026Yield to maturity3.449%Feb 9, 2026Yield to maturity3.427%Feb 10, 2026Yield to maturity3.406%Feb 11, 2026Yield to maturity3.470%Feb 12, 2026Yield to maturity3.459%Feb 13, 2026Yield to maturity3.426%Feb 17, 2026Yield to maturity3.479%Feb 18, 2026Yield to maturity3.489%Feb 19, 2026Yield to maturity3.500%Feb 20, 2026Yield to maturity3.520%Feb 23, 2026Yield to maturity3.509%Feb 24, 2026Yield to maturity3.509%Feb 25, 2026Yield to maturity3.519%Feb 26, 2026Yield to maturity3.519%Feb 27, 2026Yield to maturity3.476%Mar 2, 2026Yield to maturity3.539%Mar 3, 2026Yield to maturity3.560%Mar 4, 2026Yield to maturity3.571%Mar 5, 2026Yield to maturity3.592%Mar 6, 2026Yield to maturity3.549%Mar 9, 2026Yield to maturity3.548%Mar 10, 2026Yield to maturity3.548%Mar 11, 2026Yield to maturity3.580%Mar 12, 2026Yield to maturity3.643%Mar 13, 2026Yield to maturity3.632%Mar 16, 2026Yield to maturity3.621%Mar 17, 2026Yield to maturity3.610%Mar 18, 2026Yield to maturity3.621%Mar 19, 2026Yield to maturity3.642%Mar 20, 2026Yield to maturity3.683%Mar 23, 2026Yield to maturity3.598%Mar 24, 2026Yield to maturity3.715%Mar 25, 2026Yield to maturity3.725%Mar 26, 2026Yield to maturity3.757%Mar 27, 2026Yield to maturity3.703%Mar 30, 2026Yield to maturity3.682%Mar 31, 2026Yield to maturity3.628%Apr 1, 2026Yield to maturity3.649%Apr 2, 2026Yield to maturity3.638%Apr 3, 2026Yield to maturity3.670%Apr 6, 2026Yield to maturity3.669%Apr 7, 2026Yield to maturity3.637%Apr 8, 2026Yield to maturity3.648%Apr 9, 2026Yield to maturity3.647%Apr 10, 2026Yield to maturity3.657%Apr 13, 2026Yield to maturity3.657%Apr 14, 2026Yield to maturity3.657%Apr 15, 2026Yield to maturity3.646%Apr 16, 2026Yield to maturity3.635%Apr 17, 2026Yield to maturity3.624%Apr 20, 2026Yield to maturity3.603%Apr 21, 2026Yield to maturity3.645%Apr 22, 2026Yield to maturity3.634%Apr 23, 2026Yield to maturity3.645%Apr 24, 2026Yield to maturity3.623%Apr 27, 2026Yield to maturity3.633%Apr 28, 2026Yield to maturity3.644%Apr 29, 2026Yield to maturity3.696%Apr 30, 2026Yield to maturity3.664%May 1, 2026Yield to maturity3.653%May 4, 2026Yield to maturity3.674%May 5, 2026Yield to maturity3.663%May 6, 2026Yield to maturity3.642%May 7, 2026Yield to maturity3.663%May 8, 2026Yield to maturity3.662%May 11, 2026Yield to maturity3.683%May 12, 2026Yield to maturity3.694%May 13, 2026Yield to maturity3.683%May 14, 2026Yield to maturity3.672%May 15, 2026Yield to maturity3.693%May 18, 2026Yield to maturity3.672%May 19, 2026Yield to maturity3.692%May 20, 2026Yield to maturity3.671%May 21, 2026Yield to maturity3.703%May 22, 2026Yield to maturity3.723%May 26, 2026Yield to maturity3.702%May 27, 2026Yield to maturity3.712%May 28, 2026Yield to maturity3.712%May 29, 2026Yield to maturity3.712%Jun 1, 2026Yield to maturity3.722%Jun 2, 2026Yield to maturity3.722%Jun 3, 2026Yield to maturity3.743%Jun 4, 2026Yield to maturity3.722%Jun 5, 2026Yield to maturity3.763%Jun 8, 2026Yield to maturity3.763%Jun 9, 2026Yield to maturity3.784%Jun 10, 2026Yield to maturity3.784%Jun 11, 2026Yield to maturity3.763%Jun 12, 2026Yield to maturity3.731%Jun 15, 2026Yield to maturity3.710%Jun 16, 2026Yield to maturity3.731%Jun 17, 2026Yield to maturity3.825%Jun 18, 2026Yield to maturity3.825%Jun 22, 2026Yield to maturity3.899%Jun 23, 2026Yield to maturity3.877%Jun 24, 2026Yield to maturity3.846%Jun 25, 2026Yield to maturity3.835%Jun 26, 2026Yield to maturity3.814%Jun 29, 2026Yield to maturity3.814%Jun 30, 2026Yield to maturity3.803%Jul 1, 2026Yield to maturity3.792%Jul 2, 2026Yield to maturity3.782%Jul 6, 2026Yield to maturity3.771%Jul 7, 2026Yield to maturity3.792%Jul 8, 2026Yield to maturity3.823%Jul 9, 2026Yield to maturity3.802%Jul 10, 2026Yield to maturity3.792%Jul 13, 2026Yield to maturity3.813%Jul 14, 2026Yield to maturity3.781%Jul 15, 2026Yield to maturity3.771%Jul 16, 2026Yield to maturity3.802%Jul 17, 2026Yield to maturity3.876%Jul 20, 2026Yield to maturity3.928%Jul 21, 2026Yield to maturity3.960%Jul 22, 2026Yield to maturity4.013%Jul 23, 2026Yield to maturity4.054%Jul 24, 2026Yield to maturity4.042%Jul 27, 2026Yield to maturity4.042%Jul 28, 2026Yield to maturity4.010%Jul 29, 2026Yield to maturity3.936%Jul 30, 2026Yield to maturity3.935%Jul 31, 2026Yield to maturity3.945%Aug 3, 2026Yield to maturity3.955%Aug 4, 2026Yield to maturity3.923%Aug 5, 2026Yield to maturity3.922%Aug 6, 2026Yield to maturity3.932%Aug 7, 2026Yield to maturity3.900%Aug 10, 2026Yield to maturity3.920%Aug 11, 2026Yield to maturity3.920%Aug 12, 2026Yield to maturity3.888%Aug 13, 2026Yield to maturity3.877%Aug 14, 2026Yield to maturity3.855%Aug 17, 2026Yield to maturity3.854%Aug 18, 2026Yield to maturity3.864%Aug 19, 2026Yield to maturity3.864%Aug 20, 2026Yield to maturity3.853%Aug 21, 2026Yield to maturity3.873%Aug 24, 2026Yield to maturity3.872%Aug 25, 2026Yield to maturity3.862%Aug 26, 2026Yield to maturity3.840%Aug 27, 2026Yield to maturity3.850%Aug 28, 2026Yield to maturity3.922%Aug 31, 2026Yield to maturity3.932%Sep 1, 2026Yield to maturity3.942%Sep 2, 2026Yield to maturity3.942%Sep 3, 2026Yield to maturity3.910%Sep 4, 2026Yield to maturity3.929%Sep 8, 2026Yield to maturity3.939%Sep 9, 2026Yield to maturity3.949%

Price history

160 trading days to Sep 9, 2026

96.5097.0097.5098.0098.5099.00Jan 22, 2026Sep 9, 2026Jan 22, 2026Close96.572Jan 23, 2026Close96.610Jan 26, 2026Close96.629Jan 27, 2026Close96.649Jan 28, 2026Close96.648Jan 29, 2026Close96.677Jan 30, 2026Close96.715Feb 2, 2026Close96.715Feb 3, 2026Close96.724Feb 4, 2026Close96.733Feb 5, 2026Close96.791Feb 6, 2026Close96.809Feb 9, 2026Close96.838Feb 10, 2026Close96.866Feb 11, 2026Close96.818Feb 12, 2026Close96.837Feb 13, 2026Close96.902Feb 17, 2026Close96.864Feb 18, 2026Close96.864Feb 19, 2026Close96.864Feb 20, 2026Close96.874Feb 23, 2026Close96.892Feb 24, 2026Close96.902Feb 25, 2026Close96.902Feb 26, 2026Close96.911Feb 27, 2026Close96.976Mar 2, 2026Close96.931Mar 3, 2026Close96.923Mar 4, 2026Close96.923Mar 5, 2026Close96.915Mar 6, 2026Close96.979Mar 9, 2026Close96.989Mar 10, 2026Close96.998Mar 11, 2026Close96.981Mar 12, 2026Close96.939Mar 13, 2026Close96.976Mar 16, 2026Close96.995Mar 17, 2026Close97.013Mar 18, 2026Close97.014Mar 19, 2026Close97.007Mar 20, 2026Close97.002Mar 23, 2026Close97.079Mar 24, 2026Close96.997Mar 25, 2026Close96.998Mar 26, 2026Close96.983Mar 27, 2026Close97.055Mar 30, 2026Close97.081Mar 31, 2026Close97.132Apr 1, 2026Close97.125Apr 2, 2026Close97.143Apr 3, 2026Close97.148Apr 6, 2026Close97.158Apr 7, 2026Close97.192Apr 8, 2026Close97.194Apr 9, 2026Close97.204Apr 10, 2026Close97.225Apr 13, 2026Close97.235Apr 14, 2026Close97.245Apr 15, 2026Close97.262Apr 16, 2026Close97.280Apr 17, 2026Close97.317Apr 20, 2026Close97.342Apr 21, 2026Close97.321Apr 22, 2026Close97.338Apr 23, 2026Close97.340Apr 24, 2026Close97.385Apr 27, 2026Close97.387Apr 28, 2026Close97.389Apr 29, 2026Close97.362Apr 30, 2026Close97.394May 1, 2026Close97.431May 4, 2026Close97.426May 5, 2026Close97.443May 6, 2026Close97.468May 7, 2026Close97.463May 8, 2026Close97.493May 11, 2026Close97.488May 12, 2026Close97.491May 13, 2026Close97.508May 14, 2026Close97.525May 15, 2026Close97.541May 18, 2026Close97.564May 19, 2026Close97.561May 20, 2026Close97.584May 21, 2026Close97.574May 22, 2026Close97.600May 26, 2026Close97.623May 27, 2026Close97.627May 28, 2026Close97.637May 29, 2026Close97.666Jun 1, 2026Close97.670Jun 2, 2026Close97.680Jun 3, 2026Close97.677Jun 4, 2026Close97.700Jun 5, 2026Close97.705Jun 8, 2026Close97.715Jun 9, 2026Close97.713Jun 10, 2026Close97.723Jun 11, 2026Close97.745Jun 12, 2026Close97.794Jun 15, 2026Close97.816Jun 16, 2026Close97.814Jun 17, 2026Close97.770Jun 18, 2026Close97.811Jun 22, 2026Close97.780Jun 23, 2026Close97.802Jun 24, 2026Close97.830Jun 25, 2026Close97.846Jun 26, 2026Close97.888Jun 29, 2026Close97.899Jun 30, 2026Close97.915Jul 1, 2026Close97.931Jul 2, 2026Close97.977Jul 6, 2026Close97.993Jul 7, 2026Close97.992Jul 8, 2026Close97.986Jul 9, 2026Close98.007Jul 10, 2026Close98.043Jul 13, 2026Close98.042Jul 14, 2026Close98.068Jul 15, 2026Close98.084Jul 16, 2026Close98.078Jul 17, 2026Close98.073Jul 20, 2026Close98.058Jul 21, 2026Close98.053Jul 22, 2026Close98.038Jul 23, 2026Close98.029Jul 24, 2026Close98.067Jul 27, 2026Close98.078Jul 28, 2026Close98.103Jul 29, 2026Close98.148Jul 30, 2026Close98.159Jul 31, 2026Close98.186Aug 3, 2026Close98.191Aug 4, 2026Close98.216Aug 5, 2026Close98.227Aug 6, 2026Close98.233Aug 7, 2026Close98.278Aug 10, 2026Close98.279Aug 11, 2026Close98.290Aug 12, 2026Close98.314Aug 13, 2026Close98.329Aug 14, 2026Close98.369Aug 17, 2026Close98.379Aug 18, 2026Close98.385Aug 19, 2026Close98.396Aug 20, 2026Close98.410Aug 21, 2026Close98.433Aug 24, 2026Close98.444Aug 25, 2026Close98.458Aug 26, 2026Close98.477Aug 27, 2026Close98.483Aug 28, 2026Close98.487Aug 31, 2026Close98.493Sep 1, 2026Close98.500Sep 2, 2026Close98.511Sep 3, 2026Close98.533Sep 4, 2026Close98.567Sep 8, 2026Close98.574Sep 9, 2026Close98.581
The most recent 20 trading days of prices for 912797TM9.
DateBidOfferClose
Sep 9, 202698.57898.57498.581
Sep 8, 202698.57198.56798.574
Sep 4, 202698.52798.52598.567
Sep 3, 202698.52698.52298.533
Sep 2, 202698.50498.50098.511
Sep 1, 202698.49598.49398.500
Aug 31, 202698.49198.48798.493
Aug 28, 202698.46598.45998.487
Aug 27, 202698.47598.47398.483
Aug 26, 202698.46598.46298.477
Aug 25, 202698.45098.44898.458
Aug 24, 202698.43598.43398.444
Aug 21, 202698.40698.40298.433
Aug 20, 202698.40298.40098.410
Aug 19, 202698.38598.38198.396
Aug 18, 202698.37798.37598.385
Aug 17, 202698.37198.36998.379
Aug 14, 202698.34298.33898.369
Aug 13, 202698.32798.32398.329
Aug 12, 202698.30698.30398.314

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 912797TM9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 20, 2026Jan 22, 2026New issue$50.0bn$52.2bn3.42x–
Jul 20, 2026Jul 23, 2026Reopening$79.0bn$83.8bn2.94x–

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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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.