Treasury bill · Matured

912797MG9

Original term
52-Week
Maturity
Aug 7, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Aug 6, 2025
Analyzed through
Aug 5, 2025

Still priced, no longer analyzed. Risk numbers below are as of Aug 5, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, August 5, 2025

Yield to maturity
4.320%
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 0.00 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, 248 observations

3.9%4.0%4.1%4.2%4.3%4.4%4.5%4.6%Aug 8, 2024Aug 5, 2025Aug 8, 2024Yield to maturity4.485%Aug 16, 2024Yield to maturity4.503%Aug 26, 2024Yield to maturity4.413%Sep 4, 2024Yield to maturity4.259%Sep 12, 2024Yield to maturity4.149%Sep 20, 2024Yield to maturity3.985%Sep 30, 2024Yield to maturity4.036%Oct 8, 2024Yield to maturity4.237%Oct 17, 2024Yield to maturity4.245%Oct 25, 2024Yield to maturity4.338%Nov 4, 2024Yield to maturity4.293%Nov 13, 2024Yield to maturity4.344%Nov 21, 2024Yield to maturity4.405%Dec 2, 2024Yield to maturity4.339%Dec 10, 2024Yield to maturity4.273%Dec 18, 2024Yield to maturity4.261%Dec 27, 2024Yield to maturity4.248%Jan 7, 2025Yield to maturity4.247%Jan 15, 2025Yield to maturity4.289%Jan 24, 2025Yield to maturity4.267%Feb 3, 2025Yield to maturity4.319%Feb 11, 2025Yield to maturity4.348%Feb 20, 2025Yield to maturity4.353%Feb 28, 2025Yield to maturity4.296%Mar 10, 2025Yield to maturity4.260%Mar 18, 2025Yield to maturity4.277%Mar 26, 2025Yield to maturity4.273%Apr 3, 2025Yield to maturity4.269%Apr 11, 2025Yield to maturity4.368%Apr 21, 2025Yield to maturity4.333%Apr 29, 2025Yield to maturity4.298%May 7, 2025Yield to maturity4.325%May 15, 2025Yield to maturity4.362%May 23, 2025Yield to maturity4.346%Jun 3, 2025Yield to maturity4.321%Jun 11, 2025Yield to maturity4.327%Jun 20, 2025Yield to maturity4.435%Jun 30, 2025Yield to maturity4.328%Jul 9, 2025Yield to maturity4.323%Jul 17, 2025Yield to maturity4.309%Jul 25, 2025Yield to maturity4.294%Aug 4, 2025Yield to maturity4.330%Aug 5, 2025Yield to maturity4.320%

Price history

249 trading days to Aug 6, 2025

9596979899100Aug 8, 2024Aug 6, 2025Aug 8, 2024Close95.684Aug 16, 2024Close95.784Aug 26, 2024Close95.956Sep 4, 2024Close96.192Sep 12, 2024Close96.374Sep 20, 2024Close96.617Sep 30, 2024Close96.659Oct 8, 2024Close96.586Oct 17, 2024Close96.679Oct 25, 2024Close96.722Nov 4, 2024Close96.845Nov 13, 2024Close96.911Nov 21, 2024Close96.961Dec 2, 2024Close97.132Dec 10, 2024Close97.265Dec 18, 2024Close97.363Dec 27, 2024Close97.494Jan 7, 2025Close97.597Jan 15, 2025Close97.665Jan 24, 2025Close97.803Feb 3, 2025Close97.869Feb 11, 2025Close97.947Feb 20, 2025Close98.047Feb 28, 2025Close98.186Mar 10, 2025Close98.291Mar 18, 2025Close98.375Mar 26, 2025Close98.467Apr 3, 2025Close98.559Apr 11, 2025Close98.642Apr 21, 2025Close98.746Apr 29, 2025Close98.848May 7, 2025Close98.933May 15, 2025Close99.018May 23, 2025Close99.150Jun 3, 2025Close99.248Jun 11, 2025Close99.340Jun 20, 2025Close99.456Jun 30, 2025Close99.563Jul 9, 2025Close99.669Jul 17, 2025Close99.764Jul 25, 2025Close99.882Aug 4, 2025Close99.976Aug 6, 2025Close100.000
The most recent 20 trading days of prices for 912797MG9.
DateBidOfferClose
Aug 6, 2025–99.988100.000
Aug 5, 2025–99.97699.988
Aug 4, 2025–99.96499.976
Aug 1, 2025–99.92999.965
Jul 31, 202599.91799.91799.929
Jul 30, 202599.90699.90599.917
Jul 29, 202599.89499.89499.906
Jul 28, 202599.88299.88299.894
Jul 25, 202599.84899.84799.882
Jul 24, 202599.83699.83599.847
Jul 23, 202599.82499.82499.836
Jul 22, 202599.81399.81299.824
Jul 21, 202599.80099.80099.812
Jul 18, 202599.76599.76499.800
Jul 17, 202599.75399.75399.764
Jul 16, 202599.74299.74299.753
Jul 15, 202599.73099.72999.741
Jul 14, 202599.71899.71799.730
Jul 11, 202599.68299.68199.717
Jul 10, 202599.67099.66999.682

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 912797MG9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 6, 2024Aug 8, 2024New issue$46.0bn$49.7bn2.93x–
Feb 3, 2025Feb 6, 2025Reopening$72.0bn$77.5bn3.04x–
May 5, 2025May 8, 2025Reopening$76.0bn$80.6bn2.74x–
Jun 24, 2025Jun 26, 2025Reopening$55.0bn$57.3bn3.11x–

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.