Treasury bill · Matured

912797NM5

Original term
26-Week
Maturity
May 22, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 21, 2025
Analyzed through
May 20, 2025

Still priced, no longer analyzed. Risk numbers below are as of May 20, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, May 20, 2025

Yield to maturity
4.310%
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, 124 observations

3.9%4.0%4.1%4.2%4.3%4.4%4.5%Nov 21, 2024May 20, 2025Nov 21, 2024Yield to maturity4.488%Nov 26, 2024Yield to maturity4.485%Dec 2, 2024Yield to maturity4.450%Dec 5, 2024Yield to maturity4.385%Dec 10, 2024Yield to maturity4.372%Dec 13, 2024Yield to maturity4.327%Dec 18, 2024Yield to maturity4.315%Dec 23, 2024Yield to maturity4.281%Dec 27, 2024Yield to maturity4.289%Jan 2, 2025Yield to maturity4.276%Jan 7, 2025Yield to maturity4.284%Jan 10, 2025Yield to maturity4.302%Jan 15, 2025Yield to maturity4.291%Jan 21, 2025Yield to maturity4.308%Jan 24, 2025Yield to maturity4.306%Jan 29, 2025Yield to maturity4.304%Feb 3, 2025Yield to maturity4.312%Feb 6, 2025Yield to maturity4.311%Feb 11, 2025Yield to maturity4.339%Feb 14, 2025Yield to maturity4.326%Feb 20, 2025Yield to maturity4.314%Feb 25, 2025Yield to maturity4.280%Feb 28, 2025Yield to maturity4.298%Mar 5, 2025Yield to maturity4.307%Mar 10, 2025Yield to maturity4.294%Mar 13, 2025Yield to maturity4.293%Mar 18, 2025Yield to maturity4.280%Mar 21, 2025Yield to maturity4.288%Mar 26, 2025Yield to maturity4.286%Mar 31, 2025Yield to maturity4.315%Apr 3, 2025Yield to maturity4.323%Apr 8, 2025Yield to maturity4.352%Apr 11, 2025Yield to maturity4.308%Apr 16, 2025Yield to maturity4.327%Apr 21, 2025Yield to maturity4.283%Apr 24, 2025Yield to maturity4.272%Apr 29, 2025Yield to maturity4.320%May 2, 2025Yield to maturity4.287%May 7, 2025Yield to maturity4.255%May 12, 2025Yield to maturity4.293%May 15, 2025Yield to maturity4.302%May 20, 2025Yield to maturity4.310%

Price history

125 trading days to May 21, 2025

97.5098.0098.5099.0099.50100.00Nov 21, 2024May 21, 2025Nov 21, 2024Close97.823Nov 26, 2024Close97.883Dec 2, 2024Close97.969Dec 5, 2024Close98.033Dec 10, 2024Close98.097Dec 13, 2024Close98.173Dec 18, 2024Close98.212Dec 23, 2024Close98.282Dec 27, 2024Close98.348Jan 2, 2025Close98.398Jan 7, 2025Close98.452Jan 10, 2025Close98.502Jan 15, 2025Close98.540Jan 21, 2025Close98.603Jan 24, 2025Close98.662Jan 29, 2025Close98.696Feb 3, 2025Close98.752Feb 6, 2025Close98.787Feb 11, 2025Close98.837Feb 14, 2025Close98.910Feb 20, 2025Close98.948Feb 25, 2025Close99.013Feb 28, 2025Close99.067Mar 5, 2025Close99.100Mar 10, 2025Close99.160Mar 13, 2025Close99.195Mar 18, 2025Close99.255Mar 21, 2025Close99.312Mar 26, 2025Close99.347Mar 31, 2025Close99.401Apr 3, 2025Close99.435Apr 8, 2025Close99.490Apr 11, 2025Close99.553Apr 16, 2025Close99.587Apr 21, 2025Close99.649Apr 24, 2025Close99.685Apr 29, 2025Close99.740May 2, 2025Close99.801May 7, 2025Close99.837May 12, 2025Close99.894May 15, 2025Close99.929May 20, 2025Close99.988May 21, 2025Close100.000
The most recent 20 trading days of prices for 912797NM5.
DateBidOfferClose
May 21, 2025–99.988100.000
May 20, 2025–99.97799.988
May 19, 2025–99.96599.977
May 16, 2025–99.92999.965
May 15, 202599.91899.91899.929
May 14, 202599.90699.90699.917
May 13, 202599.89499.89499.906
May 12, 202599.88499.88399.894
May 9, 202599.84999.84899.883
May 8, 202599.83899.83799.849
May 7, 202599.82699.82599.837
May 6, 202599.81499.81399.825
May 5, 202599.80199.80199.813
May 2, 202599.76699.76599.801
May 1, 202599.75499.75399.766
Apr 30, 202599.74299.74199.753
Apr 29, 202599.73099.73099.740
Apr 28, 202599.71999.71899.730
Apr 25, 202599.68499.68399.719
Apr 24, 202599.67599.67499.685

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 912797NM5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 18, 2024Nov 21, 2024New issue$72.0bn$77.3bn2.87x–
Feb 18, 2025Feb 20, 2025Reopening$80.0bn$84.2bn2.81x–
Apr 8, 2025Apr 10, 2025Reopening$70.0bn$73.9bn2.83x–

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.