Treasury bill · Matured

912796PN3

Original term: 26-Week
Maturity: Jul 5, 2018
Coupon: –
Pays: None
Dated: –
First coupon: –
Priced through: Jul 3, 2018
Analyzed through: Jul 2, 2018

Still priced, no longer analyzed. Risk numbers below are as of Jul 2, 2018, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, July 2, 2018

Yield to maturity: 1.886%
Modified duration: 0.005 yr
DV01: 0.0001
Convexity: 0.000
Dirty price: 99.990

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 0.005 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 0.00 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, 124 observations

Price history

125 trading days to Jul 3, 2018

The most recent 20 trading days of prices for 912796PN3.
Date	Bid	Offer	Close
Jul 3, 2018	–	99.990	100.000
Jul 2, 2018	–	99.985	99.990
Jun 29, 2018	–	99.974	99.986
Jun 28, 2018	99.969	99.969	99.973
Jun 27, 2018	99.963	99.963	99.969
Jun 26, 2018	99.958	99.957	99.962
Jun 25, 2018	99.951	99.951	99.956
Jun 22, 2018	99.937	99.936	99.951
Jun 21, 2018	99.932	99.932	99.937
Jun 20, 2018	99.926	99.926	99.932
Jun 19, 2018	99.921	99.920	99.926
Jun 18, 2018	99.916	99.916	99.920
Jun 15, 2018	99.903	99.903	99.917
Jun 14, 2018	99.898	99.898	99.903
Jun 13, 2018	99.892	99.891	99.896
Jun 12, 2018	99.887	99.886	99.892
Jun 11, 2018	99.881	99.881	99.886
Jun 8, 2018	99.870	99.870	99.883
Jun 7, 2018	99.863	99.862	99.869
Jun 6, 2018	99.856	99.856	99.862

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 912796PN3.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Jan 2, 2018	Jan 4, 2018	New issue	$42.0bn	$42.0bn	3.05x	–
Apr 2, 2018	Apr 5, 2018	Reopening	$48.0bn	$48.0bn	2.88x	–
Jun 5, 2018	Jun 7, 2018	Reopening	$35.0bn	$35.0bn	3.04x	–

The curve this was priced against →