Treasury bill · Matured

912797NA1

Original term
52-Week
Maturity
Oct 30, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Oct 29, 2025
Analyzed through
Oct 28, 2025

Still priced, no longer analyzed. Risk numbers below are as of Oct 28, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, October 28, 2025

Yield to maturity
4.066%
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 0.01 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, 248 observations

4.0%4.1%4.2%4.3%4.4%4.5%Oct 31, 2024Oct 28, 2025Oct 31, 2024Yield to maturity4.269%Nov 8, 2024Yield to maturity4.319%Nov 19, 2024Yield to maturity4.348%Nov 27, 2024Yield to maturity4.345%Dec 6, 2024Yield to maturity4.191%Dec 16, 2024Yield to maturity4.242%Dec 24, 2024Yield to maturity4.260%Jan 3, 2025Yield to maturity4.203%Jan 13, 2025Yield to maturity4.265%Jan 22, 2025Yield to maturity4.220%Jan 30, 2025Yield to maturity4.185%Feb 7, 2025Yield to maturity4.247%Feb 18, 2025Yield to maturity4.244%Feb 26, 2025Yield to maturity4.200%Mar 6, 2025Yield to maturity4.103%Mar 14, 2025Yield to maturity4.154%Mar 24, 2025Yield to maturity4.174%Apr 1, 2025Yield to maturity4.120%Apr 9, 2025Yield to maturity4.183%Apr 17, 2025Yield to maturity4.106%Apr 25, 2025Yield to maturity4.203%May 5, 2025Yield to maturity4.242%May 13, 2025Yield to maturity4.270%May 21, 2025Yield to maturity4.308%May 30, 2025Yield to maturity4.324%Jun 9, 2025Yield to maturity4.288%Jun 17, 2025Yield to maturity4.305%Jun 26, 2025Yield to maturity4.311%Jul 7, 2025Yield to maturity4.326%Jul 15, 2025Yield to maturity4.343%Jul 23, 2025Yield to maturity4.339%Jul 31, 2025Yield to maturity4.345%Aug 8, 2025Yield to maturity4.216%Aug 18, 2025Yield to maturity4.222%Aug 26, 2025Yield to maturity4.218%Sep 4, 2025Yield to maturity4.173%Sep 12, 2025Yield to maturity4.137%Sep 22, 2025Yield to maturity4.072%Sep 30, 2025Yield to maturity4.130%Oct 8, 2025Yield to maturity4.106%Oct 17, 2025Yield to maturity4.131%Oct 27, 2025Yield to maturity4.067%Oct 28, 2025Yield to maturity4.066%

Price history

249 trading days to Oct 29, 2025

9596979899100Oct 31, 2024Oct 29, 2025Oct 31, 2024Close95.886Nov 8, 2024Close95.962Nov 19, 2024Close96.025Nov 27, 2024Close96.129Dec 6, 2024Close96.371Dec 16, 2024Close96.416Dec 24, 2024Close96.501Jan 3, 2025Close96.667Jan 13, 2025Close96.709Jan 22, 2025Close96.842Jan 30, 2025Close96.955Feb 7, 2025Close97.023Feb 18, 2025Close97.126Feb 26, 2025Close97.244Mar 6, 2025Close97.393Mar 14, 2025Close97.471Mar 24, 2025Close97.548Apr 1, 2025Close97.667Apr 9, 2025Close97.722Apr 17, 2025Close97.851Apr 25, 2025Close97.914May 5, 2025Close97.984May 13, 2025Close98.061May 21, 2025Close98.135May 30, 2025Close98.254Jun 9, 2025Close98.359Jun 17, 2025Close98.444Jun 26, 2025Close98.545Jul 7, 2025Close98.667Jul 15, 2025Close98.754Jul 23, 2025Close98.849Jul 31, 2025Close98.940Aug 8, 2025Close99.084Aug 18, 2025Close99.174Aug 26, 2025Close99.266Sep 4, 2025Close99.375Sep 12, 2025Close99.493Sep 22, 2025Close99.589Sep 30, 2025Close99.673Oct 8, 2025Close99.764Oct 17, 2025Close99.887Oct 27, 2025Close99.978Oct 29, 2025Close100.000
The most recent 20 trading days of prices for 912797NA1.
DateBidOfferClose
Oct 29, 2025–99.989100.000
Oct 28, 2025–99.97899.989
Oct 27, 2025–99.96699.978
Oct 24, 2025–99.93399.966
Oct 23, 202599.92199.92199.933
Oct 22, 202599.91099.91099.921
Oct 21, 202599.89899.89899.909
Oct 20, 202599.88899.88799.898
Oct 17, 202599.85499.85399.887
Oct 16, 202599.84299.84199.853
Oct 15, 202599.83199.83099.841
Oct 14, 202599.82199.82199.831
Oct 10, 202599.77699.77699.820
Oct 9, 202599.76599.76599.776
Oct 8, 202599.75499.75399.764
Oct 7, 202599.74399.74299.754
Oct 6, 202599.73199.73099.741
Oct 3, 202599.69899.69899.731
Oct 2, 202599.68799.68699.698
Oct 1, 202599.67699.67599.687

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.

4 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 912797NA1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 29, 2024Oct 31, 2024New issue$48.0bn$52.9bn3.05x–
Apr 28, 2025May 1, 2025Reopening$68.0bn$73.0bn2.80x–
Jul 28, 2025Jul 31, 2025Reopening$82.0bn$86.9bn3.21x–
Sep 16, 2025Sep 18, 2025Reopening$85.0bn$87.4bn2.82x–

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.