Treasury bill · Matured

912797NL7

Original term
52-Week
Maturity
Nov 28, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Nov 26, 2025
Analyzed through
Nov 25, 2025

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

Yield to maturity
3.985%
Modified duration
0.005 yr
DV01
0.0001
Convexity
0.000
Dirty price
99.978

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 0.005 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 0.00 cents per 100 of face cheap to the curve on that day.

Shown as a price rather than a yield. This bill is 3 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

3.8%3.9%4.0%4.1%4.2%4.3%4.4%Nov 29, 2024Nov 25, 2025Nov 29, 2024Yield to maturity4.300%Dec 9, 2024Yield to maturity4.200%Dec 17, 2024Yield to maturity4.251%Dec 26, 2024Yield to maturity4.216%Jan 6, 2025Yield to maturity4.169%Jan 14, 2025Yield to maturity4.242%Jan 23, 2025Yield to maturity4.207%Jan 31, 2025Yield to maturity4.204%Feb 10, 2025Yield to maturity4.244%Feb 19, 2025Yield to maturity4.220%Feb 27, 2025Yield to maturity4.154%Mar 7, 2025Yield to maturity4.088%Mar 17, 2025Yield to maturity4.107%Mar 25, 2025Yield to maturity4.126%Apr 2, 2025Yield to maturity4.040%Apr 10, 2025Yield to maturity4.028%Apr 18, 2025Yield to maturity4.090%Apr 28, 2025Yield to maturity4.068%May 6, 2025Yield to maturity4.088%May 14, 2025Yield to maturity4.214%May 22, 2025Yield to maturity4.288%Jun 2, 2025Yield to maturity4.306%Jun 10, 2025Yield to maturity4.302%Jun 18, 2025Yield to maturity4.308%Jun 27, 2025Yield to maturity4.272%Jul 8, 2025Yield to maturity4.309%Jul 16, 2025Yield to maturity4.295%Jul 24, 2025Yield to maturity4.332%Aug 1, 2025Yield to maturity4.265%Aug 11, 2025Yield to maturity4.219%Aug 19, 2025Yield to maturity4.194%Aug 27, 2025Yield to maturity4.180%Sep 5, 2025Yield to maturity4.010%Sep 15, 2025Yield to maturity4.017%Sep 23, 2025Yield to maturity4.003%Oct 1, 2025Yield to maturity4.061%Oct 9, 2025Yield to maturity4.057%Oct 20, 2025Yield to maturity4.032%Oct 28, 2025Yield to maturity3.967%Nov 5, 2025Yield to maturity3.902%Nov 14, 2025Yield to maturity3.928%Nov 24, 2025Yield to maturity3.976%Nov 25, 2025Yield to maturity3.985%

Price history

249 trading days to Nov 26, 2025

9596979899100Nov 29, 2024Nov 26, 2025Nov 29, 2024Close95.879Dec 9, 2024Close96.058Dec 17, 2024Close96.100Dec 26, 2024Close96.229Jan 6, 2025Close96.389Jan 14, 2025Close96.416Jan 23, 2025Close96.544Jan 31, 2025Close96.656Feb 10, 2025Close96.713Feb 19, 2025Close96.831Feb 27, 2025Close96.967Mar 7, 2025Close97.122Mar 17, 2025Close97.195Mar 25, 2025Close97.269Apr 2, 2025Close97.411Apr 10, 2025Close97.504Apr 18, 2025Close97.575Apr 28, 2025Close97.675May 6, 2025Close97.751May 14, 2025Close97.773May 22, 2025Close97.826Jun 2, 2025Close97.943Jun 10, 2025Close98.036Jun 18, 2025Close98.135Jun 27, 2025Close98.263Jul 8, 2025Close98.351Jul 16, 2025Close98.448Jul 24, 2025Close98.526Aug 1, 2025Close98.663Aug 11, 2025Close98.767Aug 19, 2025Close98.864Aug 27, 2025Close98.957Sep 5, 2025Close99.118Sep 15, 2025Close99.203Sep 23, 2025Close99.292Oct 1, 2025Close99.370Oct 9, 2025Close99.458Oct 20, 2025Close99.582Oct 28, 2025Close99.675Nov 5, 2025Close99.765Nov 14, 2025Close99.882Nov 24, 2025Close99.967Nov 26, 2025Close100.000
The most recent 20 trading days of prices for 912797NL7.
DateBidOfferClose
Nov 26, 2025–99.978100.000
Nov 25, 2025–99.96799.978
Nov 24, 2025–99.95699.967
Nov 21, 202599.92499.92499.957
Nov 20, 202599.91499.91499.924
Nov 19, 202599.90399.90399.914
Nov 18, 202599.89399.89299.903
Nov 17, 202599.88299.88199.892
Nov 14, 202599.85099.85099.882
Nov 13, 202599.83999.83999.850
Nov 12, 202599.82999.82899.840
Nov 10, 202599.81199.81099.828
Nov 7, 202599.78099.77999.810
Nov 6, 202599.76899.76899.778
Nov 5, 202599.75499.75399.765
Nov 4, 202599.74499.74399.753
Nov 3, 202599.73199.73099.740
Oct 31, 202599.70099.69999.731
Oct 30, 202599.68999.68899.699
Oct 29, 202599.67799.67799.687

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 912797NL7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 26, 2024Nov 29, 2024New issue$48.0bn$51.3bn3.26x–
May 27, 2025May 29, 2025Reopening$68.0bn$71.8bn2.95x–
Aug 25, 2025Aug 28, 2025Reopening$82.0bn$85.6bn3.07x–
Oct 14, 2025Oct 16, 2025Reopening$95.0bn$98.1bn2.62x–

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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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.