Treasury bill · Matured

912797NB9

Original term
26-Week
Maturity
Apr 10, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Apr 9, 2025
Analyzed through
Apr 8, 2025

Still priced, no longer analyzed. Risk numbers below are as of Apr 8, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, April 8, 2025

Yield to maturity
4.370%
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 0.02 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

4.25%4.30%4.35%4.40%4.45%4.50%4.55%Oct 10, 2024Apr 8, 2025Oct 10, 2024Yield to maturity4.467%Oct 16, 2024Yield to maturity4.453%Oct 21, 2024Yield to maturity4.492%Oct 24, 2024Yield to maturity4.491%Oct 29, 2024Yield to maturity4.509%Nov 1, 2024Yield to maturity4.454%Nov 6, 2024Yield to maturity4.441%Nov 12, 2024Yield to maturity4.480%Nov 15, 2024Yield to maturity4.456%Nov 20, 2024Yield to maturity4.465%Nov 25, 2024Yield to maturity4.484%Nov 29, 2024Yield to maturity4.459%Dec 4, 2024Yield to maturity4.426%Dec 9, 2024Yield to maturity4.392%Dec 12, 2024Yield to maturity4.339%Dec 17, 2024Yield to maturity4.336%Dec 20, 2024Yield to maturity4.313%Dec 26, 2024Yield to maturity4.331%Dec 31, 2024Yield to maturity4.297%Jan 6, 2025Yield to maturity4.305%Jan 9, 2025Yield to maturity4.314%Jan 14, 2025Yield to maturity4.322%Jan 17, 2025Yield to maturity4.308%Jan 23, 2025Yield to maturity4.307%Jan 28, 2025Yield to maturity4.304%Jan 31, 2025Yield to maturity4.302%Feb 5, 2025Yield to maturity4.310%Feb 10, 2025Yield to maturity4.328%Feb 13, 2025Yield to maturity4.337%Feb 19, 2025Yield to maturity4.324%Feb 24, 2025Yield to maturity4.321%Feb 27, 2025Yield to maturity4.320%Mar 4, 2025Yield to maturity4.317%Mar 7, 2025Yield to maturity4.294%Mar 12, 2025Yield to maturity4.303%Mar 17, 2025Yield to maturity4.300%Mar 20, 2025Yield to maturity4.309%Mar 25, 2025Yield to maturity4.296%Mar 28, 2025Yield to maturity4.334%Apr 2, 2025Yield to maturity4.313%Apr 7, 2025Yield to maturity4.361%Apr 8, 2025Yield to maturity4.370%

Price history

123 trading days to Apr 9, 2025

97.5098.0098.5099.0099.50100.00Oct 10, 2024Apr 9, 2025Oct 10, 2024Close97.833Oct 16, 2024Close97.910Oct 21, 2024Close97.951Oct 24, 2024Close97.987Oct 29, 2024Close98.038Nov 1, 2024Close98.120Nov 6, 2024Close98.161Nov 12, 2024Close98.216Nov 15, 2024Close98.284Nov 20, 2024Close98.316Nov 25, 2024Close98.369Nov 29, 2024Close98.448Dec 4, 2024Close98.495Dec 9, 2024Close98.565Dec 12, 2024Close98.617Dec 17, 2024Close98.675Dec 20, 2024Close98.740Dec 26, 2024Close98.781Dec 31, 2024Close98.859Jan 6, 2025Close98.915Jan 9, 2025Close98.948Jan 14, 2025Close99.004Jan 17, 2025Close99.076Jan 23, 2025Close99.111Jan 28, 2025Close99.170Jan 31, 2025Close99.228Feb 5, 2025Close99.261Feb 10, 2025Close99.317Feb 13, 2025Close99.351Feb 19, 2025Close99.423Feb 24, 2025Close99.482Feb 27, 2025Close99.517Mar 4, 2025Close99.576Mar 7, 2025Close99.637Mar 12, 2025Close99.671Mar 17, 2025Close99.730Mar 20, 2025Close99.764Mar 25, 2025Close99.824Mar 28, 2025Close99.881Apr 2, 2025Close99.917Apr 7, 2025Close99.976Apr 9, 2025Close100.000
The most recent 20 trading days of prices for 912797NB9.
DateBidOfferClose
Apr 9, 2025–99.988100.000
Apr 8, 2025–99.97699.988
Apr 7, 2025–99.96499.976
Apr 4, 2025–99.92999.965
Apr 3, 202599.91799.91799.929
Apr 2, 202599.90699.90699.917
Apr 1, 202599.89499.89499.905
Mar 31, 202599.88299.88299.894
Mar 28, 202599.84699.84699.881
Mar 27, 202599.83599.83599.847
Mar 26, 202599.82499.82499.835
Mar 25, 202599.81399.81299.824
Mar 24, 202599.80199.80099.812
Mar 21, 202599.76599.76499.801
Mar 20, 202599.75399.75399.764
Mar 19, 202599.74299.74299.753
Mar 18, 202599.73099.72999.741
Mar 17, 202599.71899.71799.730
Mar 14, 202599.68499.68399.717
Mar 13, 202599.67299.67299.683

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 912797NB9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 7, 2024Oct 10, 2024New issue$72.0bn$75.9bn3.38x–
Jan 6, 2025Jan 9, 2025Reopening$84.0bn$88.5bn3.01x–
Feb 25, 2025Feb 27, 2025Reopening$75.0bn$78.6bn3.05x–

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.