Treasury bill · Matured

912796QT9

Original term: 26-Week
Maturity: Jan 17, 2019
Coupon: –
Pays: None
Dated: –
First coupon: –
Priced through: Jan 16, 2019
Analyzed through: Jan 15, 2019

Still priced, no longer analyzed. Risk numbers below are as of Jan 15, 2019, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, January 15, 2019

Yield to maturity: 2.332%
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 2 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 Jan 16, 2019

The most recent 20 trading days of prices for 912796QT9.
Date	Bid	Offer	Close
Jan 16, 2019	–	99.994	100.000
Jan 15, 2019	–	99.987	99.994
Jan 14, 2019	–	99.981	99.987
Jan 11, 2019	–	99.962	99.981
Jan 10, 2019	99.956	99.955	99.962
Jan 9, 2019	99.949	99.949	99.955
Jan 8, 2019	99.943	99.943	99.949
Jan 7, 2019	99.937	99.937	99.943
Jan 4, 2019	99.917	99.917	99.937
Jan 3, 2019	99.912	99.911	99.918
Jan 2, 2019	99.904	99.904	99.910
Dec 31, 2018	99.892	99.892	99.905
Dec 28, 2018	99.874	99.874	99.894
Dec 27, 2018	99.868	99.867	99.874
Dec 26, 2018	99.858	99.858	99.864
Dec 24, 2018	99.846	99.845	99.859
Dec 21, 2018	99.826	99.825	99.845
Dec 20, 2018	99.822	99.822	99.825
Dec 19, 2018	99.814	99.814	99.821
Dec 18, 2018	99.810	99.809	99.817

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 912796QT9.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Jul 16, 2018	Jul 19, 2018	New issue	$45.0bn	$45.0bn	2.98x	–
Oct 15, 2018	Oct 18, 2018	Reopening	$45.0bn	$45.0bn	2.96x	–

The curve this was priced against →