diff -r 617104a6b759 Lib/test/test_threading.py
--- a/Lib/test/test_threading.py	Wed Aug 17 19:56:17 2016 -0400
+++ b/Lib/test/test_threading.py	Thu Aug 18 12:12:35 2016 +0800
@@ -1043,6 +1043,24 @@
         self.assertEqual(out, b'')
         self.assertNotIn("Unhandled exception", err.decode())
 
+    def test_bare_raise_in_brand_new_thread(self):
+        def foo():
+            raise
+
+        class Issue27558(threading.Thread):
+            exc = None
+
+            def run(self):
+                try:
+                    foo()
+                except Exception as exc:
+                    self.exc = exc
+
+        thread = Issue27558()
+        thread.start()
+        thread.join()
+        self.assertIsNotNone(thread.exc)
+        self.assertIsInstance(thread.exc, RuntimeError)
 
 class TimerTests(BaseTestCase):
 
diff -r 617104a6b759 Python/ceval.c
--- a/Python/ceval.c	Wed Aug 17 19:56:17 2016 -0400
+++ b/Python/ceval.c	Thu Aug 18 12:12:35 2016 +0800
@@ -4154,7 +4154,7 @@
         type = tstate->exc_type;
         value = tstate->exc_value;
         tb = tstate->exc_traceback;
-        if (type == Py_None) {
+        if (type == Py_None || type == NULL) {
             PyErr_SetString(PyExc_RuntimeError,
                             "No active exception to reraise");
             return 0;