Treasury bill · Matured

912797LN5

Original term
52-Week
Maturity
Jun 12, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jun 11, 2025
Analyzed through
Jun 10, 2025

Still priced, no longer analyzed. Risk numbers below are as of Jun 10, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, June 10, 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 0.04 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%Jun 13, 2024Jun 10, 2025Jun 13, 2024Yield to maturity5.073%Jun 24, 2024Yield to maturity5.110%Jul 2, 2024Yield to maturity5.095%Jul 11, 2024Yield to maturity4.939%Jul 19, 2024Yield to maturity4.912%Jul 29, 2024Yield to maturity4.855%Aug 6, 2024Yield to maturity4.561%Aug 14, 2024Yield to maturity4.536%Aug 22, 2024Yield to maturity4.555%Aug 30, 2024Yield to maturity4.498%Sep 10, 2024Yield to maturity4.229%Sep 18, 2024Yield to maturity4.099%Sep 26, 2024Yield to maturity4.023%Oct 4, 2024Yield to maturity4.211%Oct 15, 2024Yield to maturity4.231%Oct 23, 2024Yield to maturity4.346%Oct 31, 2024Yield to maturity4.344%Nov 8, 2024Yield to maturity4.353%Nov 19, 2024Yield to maturity4.416%Nov 27, 2024Yield to maturity4.394%Dec 6, 2024Yield to maturity4.330%Dec 16, 2024Yield to maturity4.327%Dec 24, 2024Yield to maturity4.333%Jan 3, 2025Yield to maturity4.275%Jan 13, 2025Yield to maturity4.323%Jan 22, 2025Yield to maturity4.308%Jan 30, 2025Yield to maturity4.304%Feb 7, 2025Yield to maturity4.320%Feb 18, 2025Yield to maturity4.326%Feb 26, 2025Yield to maturity4.301%Mar 6, 2025Yield to maturity4.286%Mar 14, 2025Yield to maturity4.302%Mar 24, 2025Yield to maturity4.298%Apr 1, 2025Yield to maturity4.294%Apr 9, 2025Yield to maturity4.341%Apr 17, 2025Yield to maturity4.080%Apr 25, 2025Yield to maturity4.312%May 5, 2025Yield to maturity4.307%May 13, 2025Yield to maturity4.303%May 21, 2025Yield to maturity4.289%May 30, 2025Yield to maturity4.304%Jun 9, 2025Yield to maturity4.290%Jun 10, 2025Yield to maturity4.289%

Price history

249 trading days to Jun 11, 2025

9596979899100Jun 13, 2024Jun 11, 2025Jun 13, 2024Close95.140Jun 24, 2024Close95.248Jul 2, 2024Close95.366Jul 11, 2024Close95.617Jul 19, 2024Close95.766Jul 29, 2024Close95.914Aug 6, 2024Close96.249Aug 14, 2024Close96.363Aug 22, 2024Close96.443Aug 30, 2024Close96.616Sep 10, 2024Close96.902Sep 18, 2024Close97.081Sep 26, 2024Close97.219Oct 4, 2024Close97.203Oct 15, 2024Close97.291Oct 23, 2024Close97.311Oct 31, 2024Close97.405Nov 8, 2024Close97.527Nov 19, 2024Close97.586Nov 27, 2024Close97.703Dec 6, 2024Close97.852Dec 16, 2024Close97.945Dec 24, 2024Close98.045Jan 3, 2025Close98.195Jan 13, 2025Close98.266Jan 22, 2025Close98.374Jan 30, 2025Close98.467Feb 7, 2025Close98.577Feb 18, 2025Close98.679Feb 26, 2025Close98.778Mar 6, 2025Close98.874Mar 14, 2025Close98.985Mar 24, 2025Close99.078Apr 1, 2025Close99.172Apr 9, 2025Close99.256Apr 17, 2025Close99.389Apr 25, 2025Close99.471May 5, 2025Close99.565May 13, 2025Close99.659May 21, 2025Close99.754May 30, 2025Close99.882Jun 9, 2025Close99.977Jun 11, 2025Close100.000
The most recent 20 trading days of prices for 912797LN5.
DateBidOfferClose
Jun 11, 2025–99.988100.000
Jun 10, 2025–99.97799.988
Jun 9, 2025–99.96599.977
Jun 6, 2025–99.93099.965
Jun 5, 202599.91999.91899.930
Jun 4, 202599.90799.90699.918
Jun 3, 202599.89599.89499.906
Jun 2, 202599.88399.88299.894
May 30, 202599.84799.84799.882
May 29, 202599.83699.83599.847
May 28, 202599.82599.82499.836
May 27, 202599.81499.81399.824
May 23, 202599.76699.76699.813
May 22, 202599.75599.75499.767
May 21, 202599.74299.74299.754
May 20, 202599.73099.73099.742
May 19, 202599.71999.71899.730
May 16, 202599.68399.68299.719
May 15, 202599.67199.67099.683
May 14, 202599.66099.65999.670

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 912797LN5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 11, 2024Jun 13, 2024New issue$46.0bn$47.0bn2.87x–
Dec 9, 2024Dec 12, 2024Reopening$72.0bn$73.2bn2.90x–
Mar 10, 2025Mar 13, 2025Reopening$76.0bn$76.8bn2.82x–
Apr 29, 2025May 1, 2025Reopening$70.0bn$75.2bn3.14x–

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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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

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.