Treasury bill · Matured

912797MW4

Original term
17-Week
Maturity
Jan 7, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jan 6, 2025
Analyzed through
Jan 3, 2025

Still priced, no longer analyzed. Risk numbers below are as of Jan 3, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, January 3, 2025

Yield to maturity
4.279%
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 rich to the curve on that day.

Shown as a price rather than a yield. This bill is 4 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, 79 observations

4.0%4.2%4.4%4.6%4.8%5.0%Sep 10, 2024Jan 3, 2025Sep 10, 2024Yield to maturity4.850%Sep 12, 2024Yield to maturity4.891%Sep 16, 2024Yield to maturity4.805%Sep 18, 2024Yield to maturity4.699%Sep 20, 2024Yield to maturity4.624%Sep 24, 2024Yield to maturity4.560%Sep 26, 2024Yield to maturity4.590%Sep 30, 2024Yield to maturity4.588%Oct 2, 2024Yield to maturity4.566%Oct 4, 2024Yield to maturity4.636%Oct 8, 2024Yield to maturity4.635%Oct 10, 2024Yield to maturity4.644%Oct 15, 2024Yield to maturity4.631%Oct 17, 2024Yield to maturity4.661%Oct 21, 2024Yield to maturity4.648%Oct 23, 2024Yield to maturity4.637%Oct 25, 2024Yield to maturity4.634%Oct 29, 2024Yield to maturity4.633%Oct 31, 2024Yield to maturity4.580%Nov 4, 2024Yield to maturity4.558%Nov 6, 2024Yield to maturity4.556%Nov 8, 2024Yield to maturity4.584%Nov 13, 2024Yield to maturity4.573%Nov 15, 2024Yield to maturity4.550%Nov 19, 2024Yield to maturity4.539%Nov 21, 2024Yield to maturity4.558%Nov 25, 2024Yield to maturity4.566%Nov 27, 2024Yield to maturity4.605%Dec 2, 2024Yield to maturity4.531%Dec 4, 2024Yield to maturity4.459%Dec 6, 2024Yield to maturity4.436%Dec 10, 2024Yield to maturity4.415%Dec 12, 2024Yield to maturity4.332%Dec 16, 2024Yield to maturity4.340%Dec 18, 2024Yield to maturity4.309%Dec 20, 2024Yield to maturity4.317%Dec 24, 2024Yield to maturity4.305%Dec 27, 2024Yield to maturity4.252%Dec 31, 2024Yield to maturity4.200%Jan 3, 2025Yield to maturity4.279%

Price history

80 trading days to Jan 6, 2025

98.2598.5098.7599.0099.2599.5099.75100.00Sep 10, 2024Jan 6, 2025Sep 10, 2024Close98.456Sep 12, 2024Close98.469Sep 16, 2024Close98.547Sep 18, 2024Close98.604Sep 20, 2024Close98.675Sep 24, 2024Close98.717Sep 26, 2024Close98.734Sep 30, 2024Close98.783Oct 2, 2024Close98.813Oct 4, 2024Close98.845Oct 8, 2024Close98.870Oct 10, 2024Close98.893Oct 15, 2024Close98.958Oct 17, 2024Close98.976Oct 21, 2024Close99.029Oct 23, 2024Close99.056Oct 25, 2024Close99.107Oct 29, 2024Close99.132Oct 31, 2024Close99.166Nov 4, 2024Close99.219Nov 6, 2024Close99.244Nov 8, 2024Close99.302Nov 13, 2024Close99.328Nov 15, 2024Close99.381Nov 19, 2024Close99.407Nov 21, 2024Close99.429Nov 25, 2024Close99.477Nov 27, 2024Close99.510Dec 2, 2024Close99.567Dec 4, 2024Close99.599Dec 6, 2024Close99.649Dec 10, 2024Close99.674Dec 12, 2024Close99.704Dec 16, 2024Close99.751Dec 18, 2024Close99.776Dec 20, 2024Close99.823Dec 24, 2024Close99.859Dec 27, 2024Close99.907Dec 31, 2024Close99.942Jan 3, 2025Close99.988Jan 6, 2025Close100.000
The most recent 20 trading days of prices for 912797MW4.
DateBidOfferClose
Jan 6, 2025–99.988100.000
Jan 3, 2025–99.95299.988
Jan 2, 2025–99.94299.952
Dec 31, 202499.92199.92099.942
Dec 30, 202499.90899.90899.919
Dec 27, 202499.87499.87499.907
Dec 26, 202499.86299.86199.873
Dec 24, 202499.83799.83699.859
Dec 23, 202499.82499.82399.836
Dec 20, 202499.78899.78799.823
Dec 19, 202499.77799.77799.788
Dec 18, 202499.76599.76499.776
Dec 17, 202499.75299.75199.763
Dec 16, 202499.74099.74099.751
Dec 13, 202499.70499.70399.739
Dec 12, 202499.69199.69199.704
Dec 11, 202499.67799.67799.689
Dec 10, 202499.66399.66299.674
Dec 9, 202499.64899.64899.660
Dec 6, 202499.61399.61399.649

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 912797MW4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 4, 2024Sep 10, 2024New issue$60.0bn$60.2bn3.21x–
Nov 7, 2024Nov 12, 2024Reopening$90.0bn$90.3bn2.59x–
Dec 5, 2024Dec 10, 2024Reopening$85.0bn$85.3bn2.74x–

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.