Treasury bill · Matured

912797LB1

Original term
52-Week
Maturity
May 15, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 14, 2025
Analyzed through
May 13, 2025

Still priced, no longer analyzed. Risk numbers below are as of May 13, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, May 13, 2025

Yield to maturity
4.289%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.988

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 cheap 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, 248 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%May 16, 2024May 13, 2025May 16, 2024Yield to maturity5.127%May 24, 2024Yield to maturity5.209%Jun 4, 2024Yield to maturity5.128%Jun 12, 2024Yield to maturity5.146%Jun 21, 2024Yield to maturity5.129%Jul 1, 2024Yield to maturity5.147%Jul 10, 2024Yield to maturity5.056%Jul 18, 2024Yield to maturity4.945%Jul 26, 2024Yield to maturity4.876%Aug 5, 2024Yield to maturity4.498%Aug 13, 2024Yield to maturity4.570%Aug 21, 2024Yield to maturity4.535%Aug 29, 2024Yield to maturity4.522%Sep 9, 2024Yield to maturity4.339%Sep 17, 2024Yield to maturity4.220%Sep 25, 2024Yield to maturity4.102%Oct 3, 2024Yield to maturity4.111%Oct 11, 2024Yield to maturity4.321%Oct 22, 2024Yield to maturity4.416%Oct 30, 2024Yield to maturity4.394%Nov 7, 2024Yield to maturity4.404%Nov 18, 2024Yield to maturity4.475%Nov 26, 2024Yield to maturity4.492%Dec 5, 2024Yield to maturity4.392%Dec 13, 2024Yield to maturity4.334%Dec 23, 2024Yield to maturity4.299%Jan 2, 2025Yield to maturity4.273%Jan 10, 2025Yield to maturity4.309%Jan 21, 2025Yield to maturity4.315%Jan 29, 2025Yield to maturity4.311%Feb 6, 2025Yield to maturity4.317%Feb 14, 2025Yield to maturity4.322%Feb 25, 2025Yield to maturity4.287%Mar 5, 2025Yield to maturity4.314%Mar 13, 2025Yield to maturity4.289%Mar 21, 2025Yield to maturity4.295%Mar 31, 2025Yield to maturity4.321%Apr 8, 2025Yield to maturity4.338%Apr 16, 2025Yield to maturity4.313%Apr 24, 2025Yield to maturity4.268%May 2, 2025Yield to maturity4.294%May 12, 2025Yield to maturity4.290%May 13, 2025Yield to maturity4.289%

Price history

249 trading days to May 14, 2025

9596979899100May 16, 2024May 14, 2025May 16, 2024Close95.089May 24, 2024Close95.160Jun 4, 2024Close95.337Jun 12, 2024Close95.427Jun 21, 2024Close95.585Jul 1, 2024Close95.676Jul 10, 2024Close95.868Jul 18, 2024Close96.058Jul 26, 2024Close96.238Aug 5, 2024Close96.616Aug 13, 2024Close96.659Aug 21, 2024Close96.778Aug 29, 2024Close96.882Sep 9, 2024Close97.132Sep 17, 2024Close97.298Sep 25, 2024Close97.459Oct 3, 2024Close97.541Oct 11, 2024Close97.544Oct 22, 2024Close97.586Oct 30, 2024Close97.692Nov 7, 2024Close97.781Nov 18, 2024Close97.876Nov 26, 2024Close97.963Dec 5, 2024Close98.111Dec 13, 2024Close98.250Dec 23, 2024Close98.355Jan 2, 2025Close98.478Jan 10, 2025Close98.580Jan 21, 2025Close98.682Jan 29, 2025Close98.775Feb 6, 2025Close98.866Feb 14, 2025Close98.992Feb 25, 2025Close99.092Mar 5, 2025Close99.179Mar 13, 2025Close99.277Mar 21, 2025Close99.392Mar 31, 2025Close99.482Apr 8, 2025Close99.574Apr 16, 2025Close99.670Apr 24, 2025Close99.767May 2, 2025Close99.882May 12, 2025Close99.977May 14, 2025Close100.000
The most recent 20 trading days of prices for 912797LB1.
DateBidOfferClose
May 14, 2025–99.988100.000
May 13, 2025–99.97799.988
May 12, 2025–99.96599.977
May 9, 2025–99.93099.965
May 8, 202599.91999.91999.930
May 7, 202599.90799.90799.919
May 6, 202599.89599.89599.907
May 5, 202599.88399.88299.895
May 2, 202599.84899.84799.882
May 1, 202599.83699.83599.847
Apr 30, 202599.82499.82499.836
Apr 29, 202599.81299.81299.824
Apr 28, 202599.80199.80099.812
Apr 25, 202599.76699.76699.801
Apr 24, 202599.75799.75699.767
Apr 23, 202599.74399.74399.754
Apr 22, 202599.73299.73099.739
Apr 21, 202599.71999.71699.728
Apr 18, 2025––99.718
Apr 17, 202599.67299.67099.718

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.

4 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 912797LB1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 14, 2024May 16, 2024New issue$46.0bn$50.6bn3.00x–
Nov 12, 2024Nov 14, 2024Reopening$72.0bn$78.5bn2.73x–
Feb 10, 2025Feb 13, 2025Reopening$84.0bn$91.4bn3.01x–
Apr 1, 2025Apr 3, 2025Reopening$70.0bn$74.5bn2.88x–

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.