Treasury bill · Matured

912797NS2

Original term
17-Week
Maturity
Mar 25, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Mar 24, 2025
Analyzed through
Mar 21, 2025

Still priced, no longer analyzed. Risk numbers below are as of Mar 21, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, March 21, 2025

Yield to maturity
4.299%
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 0.01 cents per 100 of face cheap to the curve on that day.

Shown as a price rather than a yield. This bill is 4 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, 79 observations

4.25%4.30%4.35%4.40%4.45%4.50%4.55%Nov 26, 2024Mar 21, 2025Nov 26, 2024Yield to maturity4.526%Nov 29, 2024Yield to maturity4.503%Dec 3, 2024Yield to maturity4.460%Dec 5, 2024Yield to maturity4.428%Dec 9, 2024Yield to maturity4.394%Dec 11, 2024Yield to maturity4.362%Dec 13, 2024Yield to maturity4.329%Dec 17, 2024Yield to maturity4.328%Dec 19, 2024Yield to maturity4.306%Dec 23, 2024Yield to maturity4.314%Dec 26, 2024Yield to maturity4.334%Dec 30, 2024Yield to maturity4.290%Jan 2, 2025Yield to maturity4.309%Jan 6, 2025Yield to maturity4.297%Jan 8, 2025Yield to maturity4.306%Jan 10, 2025Yield to maturity4.315%Jan 14, 2025Yield to maturity4.303%Jan 16, 2025Yield to maturity4.302%Jan 21, 2025Yield to maturity4.300%Jan 23, 2025Yield to maturity4.309%Jan 27, 2025Yield to maturity4.338%Jan 29, 2025Yield to maturity4.316%Jan 31, 2025Yield to maturity4.314%Feb 4, 2025Yield to maturity4.313%Feb 6, 2025Yield to maturity4.322%Feb 10, 2025Yield to maturity4.320%Feb 12, 2025Yield to maturity4.340%Feb 14, 2025Yield to maturity4.327%Feb 19, 2025Yield to maturity4.336%Feb 21, 2025Yield to maturity4.324%Feb 25, 2025Yield to maturity4.302%Feb 27, 2025Yield to maturity4.322%Mar 3, 2025Yield to maturity4.320%Mar 5, 2025Yield to maturity4.319%Mar 7, 2025Yield to maturity4.307%Mar 11, 2025Yield to maturity4.316%Mar 13, 2025Yield to maturity4.284%Mar 17, 2025Yield to maturity4.313%Mar 19, 2025Yield to maturity4.281%Mar 21, 2025Yield to maturity4.299%

Price history

80 trading days to Mar 24, 2025

98.5098.7599.0099.2599.5099.75100.00Nov 26, 2024Mar 24, 2025Nov 26, 2024Close98.558Nov 29, 2024Close98.625Dec 3, 2024Close98.662Dec 5, 2024Close98.695Dec 9, 2024Close98.752Dec 11, 2024Close98.784Dec 13, 2024Close98.840Dec 17, 2024Close98.863Dec 19, 2024Close98.892Dec 23, 2024Close98.936Dec 26, 2024Close98.966Dec 30, 2024Close99.022Jan 2, 2025Close99.053Jan 6, 2025Close99.102Jan 8, 2025Close99.123Jan 10, 2025Close99.168Jan 14, 2025Close99.193Jan 16, 2025Close99.216Jan 21, 2025Close99.275Jan 23, 2025Close99.297Jan 27, 2025Close99.339Jan 29, 2025Close99.365Jan 31, 2025Close99.412Feb 4, 2025Close99.436Feb 6, 2025Close99.458Feb 10, 2025Close99.505Feb 12, 2025Close99.527Feb 14, 2025Close99.587Feb 19, 2025Close99.609Feb 21, 2025Close99.658Feb 25, 2025Close99.683Feb 27, 2025Close99.705Mar 3, 2025Close99.752Mar 5, 2025Close99.776Mar 7, 2025Close99.823Mar 11, 2025Close99.847Mar 13, 2025Close99.871Mar 17, 2025Close99.917Mar 19, 2025Close99.941Mar 21, 2025Close99.988Mar 24, 2025Close100.000
The most recent 20 trading days of prices for 912797NS2.
DateBidOfferClose
Mar 24, 2025–99.988100.000
Mar 21, 2025–99.95399.988
Mar 20, 2025–99.94199.953
Mar 19, 2025–99.93099.941
Mar 18, 202599.91899.91899.930
Mar 17, 202599.90699.90699.917
Mar 14, 202599.87199.87099.906
Mar 13, 202599.85999.85999.871
Mar 12, 202599.84799.84799.859
Mar 11, 202599.83599.83599.847
Mar 10, 202599.82499.82399.835
Mar 7, 202599.78899.78799.823
Mar 6, 202599.77699.77699.788
Mar 5, 202599.76599.76499.776
Mar 4, 202599.75399.75399.764
Mar 3, 202599.74199.74099.752
Feb 28, 202599.70699.70699.741
Feb 27, 202599.69399.69399.705
Feb 26, 202599.68399.68399.695
Feb 25, 202599.67199.67099.683

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 912797NS2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 20, 2024Nov 26, 2024New issue$64.0bn$64.2bn3.14x–
Jan 23, 2025Jan 28, 2025Reopening$90.0bn$90.3bn2.75x–
Feb 20, 2025Feb 25, 2025Reopening$85.0bn$85.3bn2.92x–

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.