Treasury bill · Matured

912797MJ3

Original term
26-Week
Maturity
Feb 6, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Feb 5, 2025
Analyzed through
Feb 4, 2025

Still priced, no longer analyzed. Risk numbers below are as of Feb 4, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, February 4, 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 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, 122 observations

4.2%4.4%4.6%4.8%5.0%5.2%Aug 8, 2024Feb 4, 2025Aug 8, 2024Yield to maturity4.976%Aug 13, 2024Yield to maturity4.941%Aug 16, 2024Yield to maturity4.991%Aug 21, 2024Yield to maturity4.893%Aug 26, 2024Yield to maturity4.901%Aug 29, 2024Yield to maturity4.888%Sep 4, 2024Yield to maturity4.863%Sep 9, 2024Yield to maturity4.828%Sep 12, 2024Yield to maturity4.826%Sep 17, 2024Yield to maturity4.718%Sep 20, 2024Yield to maturity4.568%Sep 25, 2024Yield to maturity4.503%Sep 30, 2024Yield to maturity4.522%Oct 3, 2024Yield to maturity4.509%Oct 8, 2024Yield to maturity4.580%Oct 11, 2024Yield to maturity4.576%Oct 17, 2024Yield to maturity4.585%Oct 22, 2024Yield to maturity4.603%Oct 25, 2024Yield to maturity4.621%Oct 30, 2024Yield to maturity4.557%Nov 4, 2024Yield to maturity4.533%Nov 7, 2024Yield to maturity4.542%Nov 13, 2024Yield to maturity4.518%Nov 18, 2024Yield to maturity4.515%Nov 21, 2024Yield to maturity4.524%Nov 26, 2024Yield to maturity4.521%Dec 2, 2024Yield to maturity4.507%Dec 5, 2024Yield to maturity4.423%Dec 10, 2024Yield to maturity4.400%Dec 13, 2024Yield to maturity4.325%Dec 18, 2024Yield to maturity4.334%Dec 23, 2024Yield to maturity4.342%Dec 27, 2024Yield to maturity4.328%Jan 2, 2025Yield to maturity4.326%Jan 7, 2025Yield to maturity4.303%Jan 10, 2025Yield to maturity4.301%Jan 15, 2025Yield to maturity4.299%Jan 21, 2025Yield to maturity4.307%Jan 24, 2025Yield to maturity4.314%Jan 29, 2025Yield to maturity4.343%Feb 3, 2025Yield to maturity4.320%Feb 4, 2025Yield to maturity4.320%

Price history

123 trading days to Feb 5, 2025

97.5098.0098.5099.0099.50100.00Aug 8, 2024Feb 5, 2025Aug 8, 2024Close97.592Aug 13, 2024Close97.673Aug 16, 2024Close97.715Aug 21, 2024Close97.797Aug 26, 2024Close97.858Aug 29, 2024Close97.902Sep 4, 2024Close97.989Sep 9, 2024Close98.067Sep 12, 2024Close98.106Sep 17, 2024Close98.210Sep 20, 2024Close98.326Sep 25, 2024Close98.386Sep 30, 2024Close98.439Oct 3, 2024Close98.479Oct 8, 2024Close98.517Oct 11, 2024Close98.591Oct 17, 2024Close98.625Oct 22, 2024Close98.681Oct 25, 2024Close98.737Oct 30, 2024Close98.791Nov 4, 2024Close98.858Nov 7, 2024Close98.892Nov 13, 2024Close98.971Nov 18, 2024Close99.032Nov 21, 2024Close99.067Nov 26, 2024Close99.128Dec 2, 2024Close99.204Dec 5, 2024Close99.254Dec 10, 2024Close99.318Dec 13, 2024Close99.388Dec 18, 2024Close99.422Dec 23, 2024Close99.479Dec 27, 2024Close99.551Jan 2, 2025Close99.599Jan 7, 2025Close99.659Jan 10, 2025Close99.718Jan 15, 2025Close99.753Jan 21, 2025Close99.823Jan 24, 2025Close99.882Jan 29, 2025Close99.917Feb 3, 2025Close99.976Feb 5, 2025Close100.000
The most recent 20 trading days of prices for 912797MJ3.
DateBidOfferClose
Feb 5, 2025–99.988100.000
Feb 4, 2025–99.97699.988
Feb 3, 2025–99.96599.976
Jan 31, 2025–99.92999.965
Jan 30, 202599.91799.91799.929
Jan 29, 202599.90599.90599.917
Jan 28, 202599.89399.89399.905
Jan 27, 202599.88299.88299.894
Jan 24, 202599.84799.84699.882
Jan 23, 202599.83599.83599.846
Jan 22, 202599.82499.82399.835
Jan 21, 202599.81299.81299.823
Jan 17, 202599.76599.76499.812
Jan 16, 202599.75399.75399.764
Jan 15, 202599.74199.74099.753
Jan 14, 202599.73099.73099.741
Jan 13, 202599.71899.71899.729
Jan 10, 202599.68399.68399.718
Jan 9, 202599.67199.67199.683
Jan 8, 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.

3 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 912797MJ3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 5, 2024Aug 8, 2024New issue$70.0bn$75.6bn2.67x–
Nov 4, 2024Nov 7, 2024Reopening$81.0bn$87.4bn2.44x–
Dec 23, 2024Dec 26, 2024Reopening$65.0bn$65.0bn2.68x–

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.