Treasury bill · Matured

912797NZ6

Original term
17-Week
Maturity
Apr 15, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Apr 14, 2025
Analyzed through
Apr 11, 2025

Still priced, no longer analyzed. Risk numbers below are as of Apr 11, 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 11, 2025

Yield to maturity
4.381%
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 0.03 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, 80 observations

4.26%4.28%4.30%4.32%4.34%4.36%4.38%4.40%Dec 17, 2024Apr 11, 2025Dec 17, 2024Yield to maturity4.339%Dec 19, 2024Yield to maturity4.338%Dec 23, 2024Yield to maturity4.325%Dec 26, 2024Yield to maturity4.334%Dec 30, 2024Yield to maturity4.301%Jan 2, 2025Yield to maturity4.299%Jan 6, 2025Yield to maturity4.297%Jan 8, 2025Yield to maturity4.307%Jan 10, 2025Yield to maturity4.305%Jan 14, 2025Yield to maturity4.304%Jan 16, 2025Yield to maturity4.303%Jan 21, 2025Yield to maturity4.300%Jan 23, 2025Yield to maturity4.309%Jan 27, 2025Yield to maturity4.287%Jan 29, 2025Yield to maturity4.286%Jan 31, 2025Yield to maturity4.284%Feb 4, 2025Yield to maturity4.293%Feb 6, 2025Yield to maturity4.302%Feb 10, 2025Yield to maturity4.321%Feb 12, 2025Yield to maturity4.320%Feb 14, 2025Yield to maturity4.327%Feb 19, 2025Yield to maturity4.326%Feb 21, 2025Yield to maturity4.324%Feb 25, 2025Yield to maturity4.313%Feb 27, 2025Yield to maturity4.312%Mar 3, 2025Yield to maturity4.320%Mar 5, 2025Yield to maturity4.319%Mar 7, 2025Yield to maturity4.307%Mar 11, 2025Yield to maturity4.306%Mar 13, 2025Yield to maturity4.295%Mar 17, 2025Yield to maturity4.313%Mar 19, 2025Yield to maturity4.302%Mar 21, 2025Yield to maturity4.290%Mar 25, 2025Yield to maturity4.299%Mar 27, 2025Yield to maturity4.318%Mar 31, 2025Yield to maturity4.316%Apr 2, 2025Yield to maturity4.325%Apr 4, 2025Yield to maturity4.333%Apr 8, 2025Yield to maturity4.363%Apr 10, 2025Yield to maturity4.372%Apr 11, 2025Yield to maturity4.381%

Price history

81 trading days to Apr 14, 2025

98.5098.7599.0099.2599.5099.75100.00Dec 17, 2024Apr 14, 2025Dec 17, 2024Close98.617Dec 19, 2024Close98.640Dec 23, 2024Close98.690Dec 26, 2024Close98.722Dec 30, 2024Close98.778Jan 2, 2025Close98.813Jan 6, 2025Close98.859Jan 8, 2025Close98.880Jan 10, 2025Close98.927Jan 14, 2025Close98.950Jan 16, 2025Close98.973Jan 21, 2025Close99.032Jan 23, 2025Close99.053Jan 27, 2025Close99.104Jan 29, 2025Close99.127Jan 31, 2025Close99.174Feb 4, 2025Close99.195Feb 6, 2025Close99.216Feb 10, 2025Close99.260Feb 12, 2025Close99.283Feb 14, 2025Close99.340Feb 19, 2025Close99.364Feb 21, 2025Close99.411Feb 25, 2025Close99.436Feb 27, 2025Close99.460Mar 3, 2025Close99.505Mar 5, 2025Close99.529Mar 7, 2025Close99.577Mar 11, 2025Close99.600Mar 13, 2025Close99.625Mar 17, 2025Close99.670Mar 19, 2025Close99.695Mar 21, 2025Close99.742Mar 25, 2025Close99.765Mar 27, 2025Close99.787Mar 31, 2025Close99.835Apr 2, 2025Close99.858Apr 4, 2025Close99.905Apr 8, 2025Close99.928Apr 10, 2025Close99.952Apr 14, 2025Close100.000
The most recent 20 trading days of prices for 912797NZ6.
DateBidOfferClose
Apr 14, 2025–99.988100.000
Apr 11, 2025–99.95299.988
Apr 10, 2025–99.94099.952
Apr 9, 2025–99.92899.940
Apr 8, 202599.91699.91699.928
Apr 7, 202599.90599.90499.917
Apr 4, 202599.87099.87099.905
Apr 3, 202599.85899.85899.870
Apr 2, 202599.84799.84699.858
Apr 1, 202599.83599.83499.846
Mar 31, 202599.82399.82399.835
Mar 28, 202599.78799.78799.823
Mar 27, 202599.77699.77699.787
Mar 26, 202599.76599.76599.777
Mar 25, 202599.75499.75499.765
Mar 24, 202599.74299.74299.754
Mar 21, 202599.70799.70799.742
Mar 20, 202599.69599.69599.707
Mar 19, 202599.68399.68399.695
Mar 18, 202599.67199.67199.682

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 912797NZ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 11, 2024Dec 17, 2024New issue$64.0bn$64.2bn2.83x–
Feb 13, 2025Feb 18, 2025Reopening$85.0bn$85.3bn2.94x–
Mar 13, 2025Mar 18, 2025Reopening$75.0bn$75.3bn3.05x–

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.