Treasury bill · Matured

912797MU8

Original term
26-Week
Maturity
Mar 27, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Mar 26, 2025
Analyzed through
Mar 25, 2025

Still priced, no longer analyzed. Risk numbers below are as of Mar 25, 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 25, 2025

Yield to maturity
4.198%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.989

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 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, 122 observations

4.1%4.2%4.3%4.4%4.5%4.6%Sep 26, 2024Mar 25, 2025Sep 26, 2024Yield to maturity4.414%Oct 1, 2024Yield to maturity4.411%Oct 4, 2024Yield to maturity4.493%Oct 9, 2024Yield to maturity4.470%Oct 15, 2024Yield to maturity4.467%Oct 18, 2024Yield to maturity4.464%Oct 23, 2024Yield to maturity4.515%Oct 28, 2024Yield to maturity4.533%Oct 31, 2024Yield to maturity4.511%Nov 5, 2024Yield to maturity4.476%Nov 8, 2024Yield to maturity4.473%Nov 14, 2024Yield to maturity4.450%Nov 19, 2024Yield to maturity4.458%Nov 22, 2024Yield to maturity4.476%Nov 27, 2024Yield to maturity4.485%Dec 3, 2024Yield to maturity4.451%Dec 6, 2024Yield to maturity4.385%Dec 11, 2024Yield to maturity4.363%Dec 16, 2024Yield to maturity4.329%Dec 19, 2024Yield to maturity4.317%Dec 24, 2024Yield to maturity4.335%Dec 30, 2024Yield to maturity4.291%Jan 3, 2025Yield to maturity4.298%Jan 8, 2025Yield to maturity4.307%Jan 13, 2025Yield to maturity4.315%Jan 16, 2025Yield to maturity4.324%Jan 22, 2025Yield to maturity4.300%Jan 27, 2025Yield to maturity4.298%Jan 30, 2025Yield to maturity4.327%Feb 4, 2025Yield to maturity4.314%Feb 7, 2025Yield to maturity4.332%Feb 12, 2025Yield to maturity4.341%Feb 18, 2025Yield to maturity4.338%Feb 21, 2025Yield to maturity4.325%Feb 26, 2025Yield to maturity4.303%Mar 3, 2025Yield to maturity4.300%Mar 6, 2025Yield to maturity4.309%Mar 11, 2025Yield to maturity4.307%Mar 14, 2025Yield to maturity4.304%Mar 19, 2025Yield to maturity4.262%Mar 24, 2025Yield to maturity4.219%Mar 25, 2025Yield to maturity4.198%

Price history

123 trading days to Mar 26, 2025

97.5098.0098.5099.0099.50100.00Sep 26, 2024Mar 26, 2025Sep 26, 2024Close97.858Oct 1, 2024Close97.917Oct 4, 2024Close97.939Oct 9, 2024Close97.984Oct 15, 2024Close98.056Oct 18, 2024Close98.116Oct 23, 2024Close98.131Oct 28, 2024Close98.183Oct 31, 2024Close98.228Nov 5, 2024Close98.300Nov 8, 2024Close98.373Nov 14, 2024Close98.416Nov 19, 2024Close98.472Nov 22, 2024Close98.526Nov 27, 2024Close98.571Dec 3, 2024Close98.641Dec 6, 2024Close98.719Dec 11, 2024Close98.760Dec 16, 2024Close98.828Dec 19, 2024Close98.866Dec 24, 2024Close98.931Dec 30, 2024Close98.999Jan 3, 2025Close99.067Jan 8, 2025Close99.100Jan 13, 2025Close99.156Jan 16, 2025Close99.189Jan 22, 2025Close99.263Jan 27, 2025Close99.322Jan 30, 2025Close99.352Feb 4, 2025Close99.412Feb 7, 2025Close99.469Feb 12, 2025Close99.503Feb 18, 2025Close99.574Feb 21, 2025Close99.634Feb 26, 2025Close99.671Mar 3, 2025Close99.730Mar 6, 2025Close99.764Mar 11, 2025Close99.823Mar 14, 2025Close99.882Mar 19, 2025Close99.918Mar 24, 2025Close99.977Mar 26, 2025Close100.000
The most recent 20 trading days of prices for 912797MU8.
DateBidOfferClose
Mar 26, 2025–99.988100.000
Mar 25, 2025–99.97799.989
Mar 24, 2025–99.96599.977
Mar 21, 2025–99.93099.965
Mar 20, 202599.91999.91999.930
Mar 19, 202599.90799.90799.918
Mar 18, 202599.89499.89499.906
Mar 17, 202599.88399.88299.894
Mar 14, 202599.84899.84799.882
Mar 13, 202599.83699.83599.847
Mar 12, 202599.82499.82399.835
Mar 11, 202599.81299.81299.823
Mar 10, 202599.80099.80099.812
Mar 7, 202599.76599.76499.799
Mar 6, 202599.75499.75399.764
Mar 5, 202599.74299.74299.752
Mar 4, 202599.73199.73099.742
Mar 3, 202599.71999.71899.730
Feb 28, 202599.68499.68399.719
Feb 27, 202599.67199.67199.683

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 912797MU8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 23, 2024Sep 26, 2024New issue$70.0bn$70.9bn3.42x–
Dec 23, 2024Dec 26, 2024Reopening$81.0bn$82.6bn2.86x–
Feb 11, 2025Feb 13, 2025Reopening$85.0bn$85.0bn2.91x–

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.