Treasury bill · Matured

912797MY0

Original term
17-Week
Maturity
Jan 21, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jan 17, 2025
Analyzed through
Jan 16, 2025

Still priced, no longer analyzed. Risk numbers below are as of Jan 16, 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 16, 2025

Yield to maturity
4.291%
Modified duration
0.011 yr
DV01
0.0001
Convexity
0.000
Dirty price
99.953

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 0.011 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 5 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, 78 observations

4.2%4.3%4.4%4.5%4.6%4.7%Sep 24, 2024Jan 16, 2025Sep 24, 2024Yield to maturity4.568%Sep 26, 2024Yield to maturity4.577%Sep 30, 2024Yield to maturity4.586%Oct 2, 2024Yield to maturity4.553%Oct 4, 2024Yield to maturity4.603%Oct 8, 2024Yield to maturity4.612%Oct 10, 2024Yield to maturity4.590%Oct 15, 2024Yield to maturity4.587%Oct 17, 2024Yield to maturity4.597%Oct 21, 2024Yield to maturity4.615%Oct 23, 2024Yield to maturity4.635%Oct 25, 2024Yield to maturity4.632%Oct 29, 2024Yield to maturity4.600%Oct 31, 2024Yield to maturity4.557%Nov 4, 2024Yield to maturity4.545%Nov 6, 2024Yield to maturity4.544%Nov 8, 2024Yield to maturity4.531%Nov 13, 2024Yield to maturity4.519%Nov 15, 2024Yield to maturity4.517%Nov 19, 2024Yield to maturity4.495%Nov 21, 2024Yield to maturity4.535%Nov 25, 2024Yield to maturity4.564%Nov 27, 2024Yield to maturity4.572%Dec 2, 2024Yield to maturity4.539%Dec 4, 2024Yield to maturity4.456%Dec 6, 2024Yield to maturity4.413%Dec 10, 2024Yield to maturity4.391%Dec 12, 2024Yield to maturity4.329%Dec 16, 2024Yield to maturity4.327%Dec 18, 2024Yield to maturity4.295%Dec 20, 2024Yield to maturity4.293%Dec 24, 2024Yield to maturity4.322%Dec 27, 2024Yield to maturity4.300%Dec 31, 2024Yield to maturity4.359%Jan 3, 2025Yield to maturity4.317%Jan 7, 2025Yield to maturity4.305%Jan 9, 2025Yield to maturity4.304%Jan 13, 2025Yield to maturity4.292%Jan 15, 2025Yield to maturity4.281%Jan 16, 2025Yield to maturity4.291%

Price history

79 trading days to Jan 17, 2025

98.5098.7599.0099.2599.5099.75100.00Sep 24, 2024Jan 17, 2025Sep 24, 2024Close98.545Sep 26, 2024Close98.566Sep 30, 2024Close98.612Oct 2, 2024Close98.646Oct 4, 2024Close98.681Oct 8, 2024Close98.703Oct 10, 2024Close98.734Oct 15, 2024Close98.796Oct 17, 2024Close98.818Oct 21, 2024Close98.862Oct 23, 2024Close98.883Oct 25, 2024Close98.933Oct 29, 2024Close98.965Oct 31, 2024Close98.999Nov 4, 2024Close99.050Nov 6, 2024Close99.075Nov 8, 2024Close99.139Nov 13, 2024Close99.165Nov 15, 2024Close99.214Nov 19, 2024Close99.242Nov 21, 2024Close99.260Nov 25, 2024Close99.305Nov 27, 2024Close99.340Dec 2, 2024Close99.394Dec 4, 2024Close99.429Dec 6, 2024Close99.483Dec 10, 2024Close99.509Dec 12, 2024Close99.540Dec 16, 2024Close99.587Dec 18, 2024Close99.613Dec 20, 2024Close99.660Dec 24, 2024Close99.693Dec 27, 2024Close99.742Dec 31, 2024Close99.774Jan 3, 2025Close99.823Jan 7, 2025Close99.847Jan 9, 2025Close99.870Jan 13, 2025Close99.918Jan 15, 2025Close99.941Jan 17, 2025Close100.000
The most recent 20 trading days of prices for 912797MY0.
DateBidOfferClose
Jan 17, 2025–99.953100.000
Jan 16, 2025–99.94199.953
Jan 15, 2025–99.93099.941
Jan 14, 202599.91899.91899.930
Jan 13, 202599.90699.90699.918
Jan 10, 202599.87199.87099.906
Jan 9, 202599.85999.85999.870
Jan 8, 202599.84899.84899.859
Jan 7, 202599.83699.83599.847
Jan 6, 202599.82499.82499.835
Jan 3, 202599.78899.78799.823
Jan 2, 202599.77699.77599.787
Dec 31, 202499.75499.75399.774
Dec 30, 202499.74299.74299.753
Dec 27, 202499.70799.70799.742
Dec 26, 202499.69499.69499.706
Dec 24, 202499.67199.67099.693
Dec 23, 202499.65999.65899.669
Dec 20, 202499.62499.62499.660
Dec 19, 202499.61499.61399.625

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 912797MY0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Sep 18, 2024Sep 24, 2024New issue$60.0bn$60.2bn3.05x–
Nov 21, 2024Nov 26, 2024Reopening$90.0bn$90.3bn2.52x–
Dec 19, 2024Dec 24, 2024Reopening$80.0bn$80.3bn2.93x–

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.