Treasury bill · Matured

912796PK9

Original term: 52-Week
Maturity: Jan 3, 2019
Coupon: –
Pays: None
Dated: –
First coupon: –
Priced through: Jan 2, 2019
Analyzed through: Dec 31, 2018

Still priced, no longer analyzed. Risk numbers below are as of Dec 31, 2018, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, December 31, 2018

Yield to maturity: 2.231%
Modified duration: 0.003 yr
DV01: 0.0000
Convexity: 0.000
Dirty price: 99.994

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 0.003 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 0.03 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 3 days from redemption, and inside a month the difference between its price and the curve annualizes into a number that looks like an enormous mispricing rather than the fraction of a cent it is: worst case across eighteen years, 1,435 basis points on a residual of four cents. Its yield above is unaffected and stands: a bill quotes on an investment-rate basis, which is the market's own convention rather than an annualized stub.

Yield to maturity, 247 observations

Price history

248 trading days to Jan 2, 2019

The most recent 20 trading days of prices for 912796PK9.
Date	Bid	Offer	Close
Jan 2, 2019	–	99.994	100.000
Dec 31, 2018	–	99.982	99.994
Dec 28, 2018	–	99.965	99.981
Dec 27, 2018	99.957	99.957	99.963
Dec 26, 2018	99.949	99.949	99.956
Dec 24, 2018	99.937	99.936	99.949
Dec 21, 2018	99.917	99.917	99.936
Dec 20, 2018	99.911	99.911	99.916
Dec 19, 2018	99.904	99.904	99.911
Dec 18, 2018	99.900	99.900	99.905
Dec 17, 2018	99.893	99.893	99.900
Dec 14, 2018	99.874	99.874	99.891
Dec 13, 2018	99.869	99.869	99.875
Dec 12, 2018	99.863	99.863	99.869
Dec 11, 2018	99.858	99.858	99.862
Dec 10, 2018	99.852	99.851	99.858
Dec 7, 2018	99.832	99.832	99.851
Dec 6, 2018	99.822	99.822	99.832
Dec 4, 2018	99.810	99.809	99.822
Dec 3, 2018	99.806	99.805	99.810

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.

3 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 912796PK9.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Jan 2, 2018	Jan 4, 2018	New issue	$20.0bn	$20.0bn	2.91x	–
Jul 2, 2018	Jul 5, 2018	Reopening	$42.0bn	$42.0bn	2.83x	–
Oct 1, 2018	Oct 4, 2018	Reopening	$48.0bn	$48.0bn	2.93x	–

The curve this was priced against →