Treasury bill · Matured

912796QQ5

Original term: 26-Week
Maturity: Dec 27, 2018
Coupon: –
Pays: None
Dated: –
First coupon: –
Priced through: Dec 26, 2018
Analyzed through: Dec 24, 2018

Still priced, no longer analyzed. Risk numbers below are as of Dec 24, 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 24, 2018

Yield to maturity: 2.292%
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 0.02 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, 122 observations

Price history

123 trading days to Dec 26, 2018

The most recent 20 trading days of prices for 912796QQ5.
Date	Bid	Offer	Close
Dec 26, 2018	–	99.994	100.000
Dec 24, 2018	–	99.981	99.994
Dec 21, 2018	–	99.962	99.981
Dec 20, 2018	99.957	99.957	99.963
Dec 19, 2018	99.950	99.950	99.956
Dec 18, 2018	99.944	99.944	99.950
Dec 17, 2018	99.937	99.937	99.944
Dec 14, 2018	99.919	99.919	99.937
Dec 13, 2018	99.914	99.913	99.918
Dec 12, 2018	99.909	99.908	99.914
Dec 11, 2018	99.902	99.902	99.908
Dec 10, 2018	99.896	99.896	99.901
Dec 7, 2018	99.877	99.876	99.895
Dec 6, 2018	99.868	99.868	99.876
Dec 4, 2018	99.855	99.855	99.868
Dec 3, 2018	99.851	99.851	99.857
Nov 30, 2018	99.835	99.835	99.853
Nov 29, 2018	99.829	99.829	99.835
Nov 28, 2018	99.820	99.820	99.827
Nov 27, 2018	99.816	99.816	99.820

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 912796QQ5.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Jun 25, 2018	Jun 28, 2018	New issue	$42.0bn	$42.0bn	3.00x	–
Sep 24, 2018	Sep 27, 2018	Reopening	$48.0bn	$48.0bn	3.01x	–

The curve this was priced against →