Treasury bill · Matured

912797PA9

Original term
17-Week
Maturity
Apr 22, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Apr 21, 2025
Analyzed through
Apr 18, 2025

Still priced, no longer analyzed. Risk numbers below are as of Apr 18, 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 18, 2025

Yield to maturity
4.320%
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

1.00%1.50%2.00%2.50%3.00%3.50%4.00%4.50%Dec 24, 2024Apr 18, 2025Dec 24, 2024Yield to maturity4.359%Dec 27, 2024Yield to maturity4.326%Dec 31, 2024Yield to maturity4.303%Jan 3, 2025Yield to maturity4.301%Jan 7, 2025Yield to maturity4.300%Jan 9, 2025Yield to maturity4.299%Jan 13, 2025Yield to maturity4.328%Jan 15, 2025Yield to maturity4.317%Jan 17, 2025Yield to maturity4.314%Jan 22, 2025Yield to maturity4.313%Jan 24, 2025Yield to maturity4.301%Jan 28, 2025Yield to maturity4.290%Jan 30, 2025Yield to maturity4.289%Feb 3, 2025Yield to maturity4.297%Feb 5, 2025Yield to maturity4.296%Feb 7, 2025Yield to maturity4.315%Feb 11, 2025Yield to maturity4.324%Feb 13, 2025Yield to maturity4.333%Feb 18, 2025Yield to maturity4.331%Feb 20, 2025Yield to maturity4.329%Feb 24, 2025Yield to maturity4.327%Feb 26, 2025Yield to maturity4.326%Feb 28, 2025Yield to maturity4.324%Mar 4, 2025Yield to maturity4.334%Mar 6, 2025Yield to maturity4.312%Mar 10, 2025Yield to maturity4.310%Mar 12, 2025Yield to maturity4.309%Mar 14, 2025Yield to maturity4.317%Mar 18, 2025Yield to maturity4.306%Mar 20, 2025Yield to maturity4.295%Mar 24, 2025Yield to maturity4.293%Mar 26, 2025Yield to maturity4.292%Mar 28, 2025Yield to maturity4.320%Apr 1, 2025Yield to maturity4.329%Apr 3, 2025Yield to maturity4.328%Apr 7, 2025Yield to maturity4.367%Apr 9, 2025Yield to maturity4.366%Apr 11, 2025Yield to maturity4.344%Apr 15, 2025Yield to maturity4.353%Apr 17, 2025Yield to maturity1.080%Apr 18, 2025Yield to maturity4.320%

Price history

81 trading days to Apr 21, 2025

98.5098.7599.0099.2599.5099.75100.00Dec 24, 2024Apr 21, 2025Dec 24, 2024Close98.622Dec 27, 2024Close98.679Dec 31, 2024Close98.720Jan 3, 2025Close98.766Jan 7, 2025Close98.790Jan 9, 2025Close98.813Jan 13, 2025Close98.851Jan 15, 2025Close98.877Jan 17, 2025Close98.936Jan 22, 2025Close98.959Jan 24, 2025Close99.008Jan 28, 2025Close99.034Jan 30, 2025Close99.057Feb 3, 2025Close99.102Feb 5, 2025Close99.125Feb 7, 2025Close99.168Feb 11, 2025Close99.189Feb 13, 2025Close99.211Feb 18, 2025Close99.270Feb 20, 2025Close99.293Feb 24, 2025Close99.340Feb 26, 2025Close99.364Feb 28, 2025Close99.411Mar 4, 2025Close99.433Mar 6, 2025Close99.460Mar 10, 2025Close99.507Mar 12, 2025Close99.530Mar 14, 2025Close99.576Mar 18, 2025Close99.600Mar 20, 2025Close99.625Mar 24, 2025Close99.672Mar 26, 2025Close99.695Mar 28, 2025Close99.740Apr 1, 2025Close99.763Apr 3, 2025Close99.787Apr 7, 2025Close99.833Apr 9, 2025Close99.857Apr 11, 2025Close99.905Apr 15, 2025Close99.928Apr 17, 2025Close99.988Apr 21, 2025Close100.000
The most recent 20 trading days of prices for 912797PA9.
DateBidOfferClose
Apr 21, 2025–99.988100.000
Apr 18, 2025––99.988
Apr 17, 2025–99.94199.988
Apr 16, 2025–99.92999.941
Apr 15, 202599.91799.91799.928
Apr 14, 202599.90599.90599.917
Apr 11, 202599.87099.86999.905
Apr 10, 202599.85899.85799.869
Apr 9, 202599.84599.84499.857
Apr 8, 202599.83399.83299.844
Apr 7, 202599.82299.82299.833
Apr 4, 202599.78799.78599.823
Apr 3, 202599.77699.77599.787
Apr 2, 202599.76499.76499.776
Apr 1, 202599.75399.75299.763
Mar 31, 202599.74199.74099.752
Mar 28, 202599.70599.70599.740
Mar 27, 202599.69599.69599.706
Mar 26, 202599.68499.68399.695
Mar 25, 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.

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 912797PA9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Dec 18, 2024Dec 24, 2024New issue$64.0bn$64.2bn2.97x–
Feb 20, 2025Feb 25, 2025Reopening$80.0bn$80.2bn2.88x–
Mar 20, 2025Mar 25, 2025Reopening$75.0bn$75.3bn3.21x–
Apr 7, 2025Apr 8, 2025Reopening$50.0bn$50.0bn2.65x–

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.