Treasury bill

912797UD7

Original term
52-Week
Maturity
Mar 18, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$54.01bn
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
3.960%
Modified duration
0.508 yr
DV01
0.0050
Convexity
0.499
Dirty price
97.989

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 0.508 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 6.1 bp rich to the curve on that day, 3.06 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, 121 observations

3.6%3.7%3.8%3.9%4.0%4.1%Mar 19, 2026Sep 9, 2026Mar 19, 2026Yield to maturity3.731%Mar 20, 2026Yield to maturity3.805%Mar 23, 2026Yield to maturity3.751%Mar 24, 2026Yield to maturity3.805%Mar 25, 2026Yield to maturity3.772%Mar 26, 2026Yield to maturity3.825%Mar 27, 2026Yield to maturity3.760%Mar 30, 2026Yield to maturity3.707%Mar 31, 2026Yield to maturity3.674%Apr 1, 2026Yield to maturity3.674%Apr 2, 2026Yield to maturity3.674%Apr 3, 2026Yield to maturity3.716%Apr 6, 2026Yield to maturity3.705%Apr 7, 2026Yield to maturity3.672%Apr 8, 2026Yield to maturity3.683%Apr 9, 2026Yield to maturity3.682%Apr 10, 2026Yield to maturity3.703%Apr 13, 2026Yield to maturity3.692%Apr 14, 2026Yield to maturity3.692%Apr 15, 2026Yield to maturity3.681%Apr 16, 2026Yield to maturity3.659%Apr 17, 2026Yield to maturity3.616%Apr 20, 2026Yield to maturity3.626%Apr 21, 2026Yield to maturity3.658%Apr 22, 2026Yield to maturity3.668%Apr 23, 2026Yield to maturity3.668%Apr 24, 2026Yield to maturity3.646%Apr 27, 2026Yield to maturity3.656%Apr 28, 2026Yield to maturity3.688%Apr 29, 2026Yield to maturity3.730%Apr 30, 2026Yield to maturity3.698%May 1, 2026Yield to maturity3.698%May 4, 2026Yield to maturity3.740%May 5, 2026Yield to maturity3.718%May 6, 2026Yield to maturity3.697%May 7, 2026Yield to maturity3.728%May 8, 2026Yield to maturity3.717%May 11, 2026Yield to maturity3.738%May 12, 2026Yield to maturity3.759%May 13, 2026Yield to maturity3.738%May 14, 2026Yield to maturity3.737%May 15, 2026Yield to maturity3.758%May 18, 2026Yield to maturity3.758%May 19, 2026Yield to maturity3.779%May 20, 2026Yield to maturity3.725%May 21, 2026Yield to maturity3.767%May 22, 2026Yield to maturity3.777%May 26, 2026Yield to maturity3.766%May 27, 2026Yield to maturity3.734%May 28, 2026Yield to maturity3.723%May 29, 2026Yield to maturity3.723%Jun 1, 2026Yield to maturity3.754%Jun 2, 2026Yield to maturity3.733%Jun 3, 2026Yield to maturity3.764%Jun 4, 2026Yield to maturity3.753%Jun 5, 2026Yield to maturity3.816%Jun 8, 2026Yield to maturity3.806%Jun 9, 2026Yield to maturity3.805%Jun 10, 2026Yield to maturity3.794%Jun 11, 2026Yield to maturity3.752%Jun 12, 2026Yield to maturity3.762%Jun 15, 2026Yield to maturity3.762%Jun 16, 2026Yield to maturity3.761%Jun 17, 2026Yield to maturity3.899%Jun 18, 2026Yield to maturity3.887%Jun 22, 2026Yield to maturity3.940%Jun 23, 2026Yield to maturity3.919%Jun 24, 2026Yield to maturity3.897%Jun 25, 2026Yield to maturity3.876%Jun 26, 2026Yield to maturity3.854%Jun 29, 2026Yield to maturity3.864%Jun 30, 2026Yield to maturity3.896%Jul 1, 2026Yield to maturity3.885%Jul 2, 2026Yield to maturity3.842%Jul 6, 2026Yield to maturity3.852%Jul 7, 2026Yield to maturity3.884%Jul 8, 2026Yield to maturity3.905%Jul 9, 2026Yield to maturity3.873%Jul 10, 2026Yield to maturity3.883%Jul 13, 2026Yield to maturity3.957%Jul 14, 2026Yield to maturity3.883%Jul 15, 2026Yield to maturity3.819%Jul 16, 2026Yield to maturity3.851%Jul 17, 2026Yield to maturity3.871%Jul 20, 2026Yield to maturity3.882%Jul 21, 2026Yield to maturity3.934%Jul 22, 2026Yield to maturity3.966%Jul 23, 2026Yield to maturity4.018%Jul 24, 2026Yield to maturity3.986%Jul 27, 2026Yield to maturity3.997%Jul 28, 2026Yield to maturity3.954%Jul 29, 2026Yield to maturity3.901%Jul 30, 2026Yield to maturity3.869%Jul 31, 2026Yield to maturity3.890%Aug 3, 2026Yield to maturity3.921%Aug 4, 2026Yield to maturity3.879%Aug 5, 2026Yield to maturity3.858%Aug 6, 2026Yield to maturity3.858%Aug 7, 2026Yield to maturity3.826%Aug 10, 2026Yield to maturity3.878%Aug 11, 2026Yield to maturity3.847%Aug 12, 2026Yield to maturity3.846%Aug 13, 2026Yield to maturity3.815%Aug 14, 2026Yield to maturity3.814%Aug 17, 2026Yield to maturity3.825%Aug 18, 2026Yield to maturity3.793%Aug 19, 2026Yield to maturity3.814%Aug 20, 2026Yield to maturity3.814%Aug 21, 2026Yield to maturity3.824%Aug 24, 2026Yield to maturity3.845%Aug 25, 2026Yield to maturity3.824%Aug 26, 2026Yield to maturity3.845%Aug 27, 2026Yield to maturity3.813%Aug 28, 2026Yield to maturity3.929%Aug 31, 2026Yield to maturity3.897%Sep 1, 2026Yield to maturity3.929%Sep 2, 2026Yield to maturity3.929%Sep 3, 2026Yield to maturity3.897%Sep 4, 2026Yield to maturity3.908%Sep 8, 2026Yield to maturity3.929%Sep 9, 2026Yield to maturity3.960%

Price history

121 trading days to Sep 9, 2026

96.2596.5096.7597.0097.2597.5097.7598.00Mar 19, 2026Sep 9, 2026Mar 19, 2026Close96.390Mar 20, 2026Close96.350Mar 23, 2026Close96.410Mar 24, 2026Close96.370Mar 25, 2026Close96.410Mar 26, 2026Close96.371Mar 27, 2026Close96.460Mar 30, 2026Close96.519Mar 31, 2026Close96.558Apr 1, 2026Close96.568Apr 2, 2026Close96.578Apr 3, 2026Close96.569Apr 6, 2026Close96.588Apr 7, 2026Close96.627Apr 8, 2026Close96.627Apr 9, 2026Close96.637Apr 10, 2026Close96.648Apr 13, 2026Close96.667Apr 14, 2026Close96.677Apr 15, 2026Close96.696Apr 16, 2026Close96.724Apr 17, 2026Close96.791Apr 20, 2026Close96.791Apr 21, 2026Close96.773Apr 22, 2026Close96.774Apr 23, 2026Close96.784Apr 24, 2026Close96.831Apr 27, 2026Close96.832Apr 28, 2026Close96.815Apr 29, 2026Close96.789Apr 30, 2026Close96.826May 1, 2026Close96.855May 4, 2026Close96.830May 5, 2026Close96.858May 6, 2026Close96.885May 7, 2026Close96.869May 8, 2026Close96.907May 11, 2026Close96.900May 12, 2026Close96.893May 13, 2026Close96.920May 14, 2026Close96.930May 15, 2026Close96.943May 18, 2026Close96.953May 19, 2026Close96.946May 20, 2026Close96.998May 21, 2026Close96.975May 22, 2026Close97.007May 26, 2026Close97.025May 27, 2026Close97.060May 28, 2026Close97.078May 29, 2026Close97.108Jun 1, 2026Close97.094Jun 2, 2026Close97.120Jun 3, 2026Close97.106Jun 4, 2026Close97.124Jun 5, 2026Close97.107Jun 8, 2026Close97.125Jun 9, 2026Close97.135Jun 10, 2026Close97.153Jun 11, 2026Close97.195Jun 12, 2026Close97.217Jun 15, 2026Close97.227Jun 16, 2026Close97.237Jun 17, 2026Close97.149Jun 18, 2026Close97.198Jun 22, 2026Close97.171Jun 23, 2026Close97.197Jun 24, 2026Close97.222Jun 25, 2026Close97.247Jun 26, 2026Close97.293Jun 29, 2026Close97.296Jun 30, 2026Close97.284Jul 1, 2026Close97.302Jul 2, 2026Close97.372Jul 6, 2026Close97.375Jul 7, 2026Close97.365Jul 8, 2026Close97.361Jul 9, 2026Close97.392Jul 10, 2026Close97.417Jul 13, 2026Close97.379Jul 14, 2026Close97.438Jul 15, 2026Close97.489Jul 16, 2026Close97.479Jul 17, 2026Close97.496Jul 20, 2026Close97.500Jul 21, 2026Close97.477Jul 22, 2026Close97.468Jul 23, 2026Close97.446Jul 24, 2026Close97.498Jul 27, 2026Close97.502Jul 28, 2026Close97.538Jul 29, 2026Close97.581Jul 30, 2026Close97.611Jul 31, 2026Close97.629Aug 3, 2026Close97.621Aug 4, 2026Close97.656Aug 5, 2026Close97.679Aug 6, 2026Close97.689Aug 7, 2026Close97.739Aug 10, 2026Close97.719Aug 11, 2026Close97.747Aug 12, 2026Close97.758Aug 13, 2026Close97.786Aug 14, 2026Close97.817Aug 17, 2026Close97.821Aug 18, 2026Close97.849Aug 19, 2026Close97.847Aug 20, 2026Close97.858Aug 21, 2026Close97.883Aug 24, 2026Close97.882Aug 25, 2026Close97.903Aug 26, 2026Close97.902Aug 27, 2026Close97.930Aug 28, 2026Close97.899Aug 31, 2026Close97.927Sep 1, 2026Close97.921Sep 2, 2026Close97.931Sep 3, 2026Close97.958Sep 4, 2026Close97.995Sep 8, 2026Close97.994Sep 9, 2026Close97.989
The most recent 20 trading days of prices for 912797UD7.
DateBidOfferClose
Sep 9, 202697.99497.98497.989
Sep 8, 202697.99797.98497.994
Sep 4, 202697.95397.93697.995
Sep 3, 202697.96697.95397.958
Sep 2, 202697.93197.92197.931
Sep 1, 202697.92197.91097.921
Aug 31, 202697.92297.91097.927
Aug 28, 202697.87997.85797.899
Aug 27, 202697.92597.91497.930
Aug 26, 202697.90697.89297.902
Aug 25, 202697.89997.89397.903
Aug 24, 202697.88097.87197.882
Aug 21, 202697.85897.84697.883
Aug 20, 202697.85697.84297.858
Aug 19, 202697.84697.83197.847
Aug 18, 202697.83697.82197.849
Aug 17, 202697.82997.81197.821
Aug 14, 202697.80197.79297.817
Aug 13, 202697.80097.78897.786
Aug 12, 202697.76697.74797.758

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 912797UD7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 17, 2026Mar 19, 2026New issue$50.0bn$54.0bn3.43x–

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.