Treasury bill · Matured

912797MT1

Original term
26-Week
Maturity
Mar 13, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Mar 12, 2025
Analyzed through
Mar 11, 2025

Still priced, no longer analyzed. Risk numbers below are as of Mar 11, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, March 11, 2025

Yield to maturity
4.310%
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 0.01 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%4.3%4.4%4.5%4.6%4.7%4.8%Sep 12, 2024Mar 11, 2025Sep 12, 2024Yield to maturity4.711%Sep 17, 2024Yield to maturity4.623%Sep 20, 2024Yield to maturity4.472%Sep 25, 2024Yield to maturity4.428%Sep 30, 2024Yield to maturity4.446%Oct 3, 2024Yield to maturity4.434%Oct 8, 2024Yield to maturity4.505%Oct 11, 2024Yield to maturity4.470%Oct 17, 2024Yield to maturity4.500%Oct 22, 2024Yield to maturity4.529%Oct 25, 2024Yield to maturity4.557%Oct 30, 2024Yield to maturity4.535%Nov 4, 2024Yield to maturity4.490%Nov 7, 2024Yield to maturity4.499%Nov 13, 2024Yield to maturity4.485%Nov 18, 2024Yield to maturity4.493%Nov 21, 2024Yield to maturity4.502%Nov 26, 2024Yield to maturity4.499%Dec 2, 2024Yield to maturity4.485%Dec 5, 2024Yield to maturity4.432%Dec 10, 2024Yield to maturity4.398%Dec 13, 2024Yield to maturity4.333%Dec 18, 2024Yield to maturity4.332%Dec 23, 2024Yield to maturity4.308%Dec 27, 2024Yield to maturity4.295%Jan 2, 2025Yield to maturity4.293%Jan 7, 2025Yield to maturity4.290%Jan 10, 2025Yield to maturity4.308%Jan 15, 2025Yield to maturity4.286%Jan 21, 2025Yield to maturity4.314%Jan 24, 2025Yield to maturity4.322%Jan 29, 2025Yield to maturity4.341%Feb 3, 2025Yield to maturity4.318%Feb 6, 2025Yield to maturity4.326%Feb 11, 2025Yield to maturity4.334%Feb 14, 2025Yield to maturity4.331%Feb 20, 2025Yield to maturity4.329%Feb 25, 2025Yield to maturity4.307%Feb 28, 2025Yield to maturity4.324%Mar 5, 2025Yield to maturity4.313%Mar 10, 2025Yield to maturity4.320%Mar 11, 2025Yield to maturity4.310%

Price history

123 trading days to Mar 12, 2025

97.5098.0098.5099.0099.50100.00Sep 12, 2024Mar 12, 2025Sep 12, 2024Close97.717Sep 17, 2024Close97.820Sep 20, 2024Close97.948Sep 25, 2024Close98.003Sep 30, 2024Close98.053Oct 3, 2024Close98.093Oct 8, 2024Close98.123Oct 11, 2024Close98.208Oct 17, 2024Close98.232Oct 22, 2024Close98.281Oct 25, 2024Close98.330Oct 30, 2024Close98.374Nov 4, 2024Close98.450Nov 7, 2024Close98.483Nov 13, 2024Close98.559Nov 18, 2024Close98.616Nov 21, 2024Close98.650Nov 26, 2024Close98.710Dec 2, 2024Close98.786Dec 5, 2024Close98.836Dec 10, 2024Close98.904Dec 13, 2024Close98.978Dec 18, 2024Close99.013Dec 23, 2024Close99.076Dec 27, 2024Close99.148Jan 2, 2025Close99.195Jan 7, 2025Close99.253Jan 10, 2025Close99.308Jan 15, 2025Close99.347Jan 21, 2025Close99.412Jan 24, 2025Close99.470Jan 29, 2025Close99.503Feb 3, 2025Close99.564Feb 6, 2025Close99.599Feb 11, 2025Close99.657Feb 14, 2025Close99.728Feb 20, 2025Close99.763Feb 25, 2025Close99.823Feb 28, 2025Close99.882Mar 5, 2025Close99.917Mar 10, 2025Close99.976Mar 12, 2025Close100.000
The most recent 20 trading days of prices for 912797MT1.
DateBidOfferClose
Mar 12, 2025–99.988100.000
Mar 11, 2025–99.97699.988
Mar 10, 2025–99.96599.976
Mar 7, 2025–99.92999.965
Mar 6, 202599.91899.91899.929
Mar 5, 202599.90699.90699.917
Mar 4, 202599.89499.89499.906
Mar 3, 202599.88299.88299.894
Feb 28, 202599.84799.84799.882
Feb 27, 202599.83599.83499.847
Feb 26, 202599.82499.82499.835
Feb 25, 202599.81299.81299.823
Feb 24, 202599.79999.79999.811
Feb 21, 202599.76499.76499.799
Feb 20, 202599.75299.75199.763
Feb 19, 202599.74099.74099.751
Feb 18, 202599.72899.72899.739
Feb 14, 202599.68199.68099.728
Feb 13, 202599.67099.66999.681
Feb 12, 202599.65899.65899.669

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 912797MT1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 9, 2024Sep 12, 2024New issue$70.0bn$70.9bn2.98x–
Dec 9, 2024Dec 12, 2024Reopening$81.0bn$82.3bn2.89x–
Jan 28, 2025Jan 30, 2025Reopening$85.0bn$85.0bn2.71x–

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.