Treasury bill · Matured

912796VC0

Original term: 8-Week
Maturity: May 21, 2019
Coupon: –
Pays: None
Dated: –
First coupon: –
Priced through: May 20, 2019
Analyzed through: May 17, 2019

Still priced, no longer analyzed. Risk numbers below are as of May 17, 2019, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, May 17, 2019

Yield to maturity: 2.349%
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 0.00 cents per 100 of face cheap to the curve on that day.

Shown as a price rather than a yield. This bill is 4 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, 38 observations

Price history

39 trading days to May 20, 2019

The most recent 20 trading days of prices for 912796VC0.
Date	Bid	Offer	Close
May 20, 2019	–	99.994	100.000
May 17, 2019	–	99.974	99.994
May 16, 2019	–	99.968	99.974
May 15, 2019	–	99.961	99.968
May 14, 2019	99.954	99.954	99.961
May 13, 2019	99.948	99.948	99.954
May 10, 2019	99.928	99.928	99.948
May 9, 2019	99.921	99.921	99.928
May 8, 2019	99.915	99.914	99.921
May 7, 2019	99.908	99.908	99.914
May 6, 2019	99.902	99.902	99.908
May 3, 2019	99.883	99.882	99.902
May 2, 2019	99.876	99.875	99.881
May 1, 2019	99.868	99.867	99.874
Apr 30, 2019	99.861	99.861	99.867
Apr 29, 2019	99.854	99.853	99.859
Apr 26, 2019	99.835	99.835	99.855
Apr 25, 2019	99.829	99.829	99.834
Apr 24, 2019	99.822	99.822	99.828
Apr 23, 2019	99.814	99.814	99.821

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 912796VC0.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Mar 21, 2019	Mar 26, 2019	New issue	$35.0bn	$35.0bn	2.89x	–
Apr 18, 2019	Apr 23, 2019	Reopening	$50.0bn	$50.0bn	2.61x	–

The curve this was priced against →