Treasury bill · Matured

912797PD3

Original term
52-Week
Maturity
Jan 22, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jan 21, 2026
Analyzed through
Jan 20, 2026

Still priced, no longer analyzed. Risk numbers below are as of Jan 20, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, January 20, 2026

Yield to maturity
3.620%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.990

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 0.00 cents per 100 of face rich 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, 248 observations

3.4%3.6%3.8%4.0%4.2%4.4%Jan 23, 2025Jan 20, 2026Jan 23, 2025Yield to maturity4.183%Jan 31, 2025Yield to maturity4.168%Feb 10, 2025Yield to maturity4.241%Feb 19, 2025Yield to maturity4.205%Feb 27, 2025Yield to maturity4.138%Mar 7, 2025Yield to maturity4.049%Mar 17, 2025Yield to maturity4.132%Mar 25, 2025Yield to maturity4.098%Apr 2, 2025Yield to maturity4.085%Apr 10, 2025Yield to maturity4.019%Apr 18, 2025Yield to maturity4.070%Apr 28, 2025Yield to maturity4.014%May 6, 2025Yield to maturity4.066%May 14, 2025Yield to maturity4.202%May 22, 2025Yield to maturity4.179%Jun 2, 2025Yield to maturity4.176%Jun 10, 2025Yield to maturity4.175%Jun 18, 2025Yield to maturity4.205%Jun 27, 2025Yield to maturity4.130%Jul 8, 2025Yield to maturity4.235%Jul 16, 2025Yield to maturity4.214%Jul 24, 2025Yield to maturity4.287%Aug 1, 2025Yield to maturity4.145%Aug 11, 2025Yield to maturity4.130%Aug 19, 2025Yield to maturity4.074%Aug 27, 2025Yield to maturity4.060%Sep 5, 2025Yield to maturity3.909%Sep 15, 2025Yield to maturity3.895%Sep 23, 2025Yield to maturity3.892%Oct 1, 2025Yield to maturity3.888%Oct 9, 2025Yield to maturity3.906%Oct 20, 2025Yield to maturity3.891%Oct 28, 2025Yield to maturity3.815%Nov 5, 2025Yield to maturity3.864%Nov 14, 2025Yield to maturity3.870%Nov 24, 2025Yield to maturity3.887%Dec 3, 2025Yield to maturity3.709%Dec 11, 2025Yield to maturity3.685%Dec 19, 2025Yield to maturity3.621%Dec 30, 2025Yield to maturity3.566%Jan 8, 2026Yield to maturity3.604%Jan 16, 2026Yield to maturity3.630%Jan 20, 2026Yield to maturity3.620%

Price history

249 trading days to Jan 21, 2026

9596979899100Jan 23, 2025Jan 21, 2026Jan 23, 2025Close95.967Jan 31, 2025Close96.088Feb 10, 2025Close96.109Feb 19, 2025Close96.239Feb 27, 2025Close96.383Mar 7, 2025Close96.564Mar 17, 2025Close96.581Mar 25, 2025Close96.695Apr 2, 2025Close96.790Apr 10, 2025Close96.925Apr 18, 2025Close96.995Apr 28, 2025Close97.119May 6, 2025Close97.169May 14, 2025Close97.165May 22, 2025Close97.269Jun 2, 2025Close97.392Jun 10, 2025Close97.481Jun 18, 2025Close97.564Jun 27, 2025Close97.717Jul 8, 2025Close97.762Jul 16, 2025Close97.863Jul 24, 2025Close97.918Aug 1, 2025Close98.095Aug 11, 2025Close98.189Aug 19, 2025Close98.299Aug 27, 2025Close98.391Sep 5, 2025Close98.564Sep 15, 2025Close98.652Sep 23, 2025Close98.737Oct 1, 2025Close98.821Oct 9, 2025Close98.899Oct 20, 2025Close99.018Oct 28, 2025Close99.119Nov 5, 2025Close99.192Nov 14, 2025Close99.305Nov 24, 2025Close99.386Dec 3, 2025Close99.505Dec 11, 2025Close99.588Dec 19, 2025Close99.693Dec 30, 2025Close99.785Jan 8, 2026Close99.872Jan 16, 2026Close99.980Jan 21, 2026Close100.000
The most recent 20 trading days of prices for 912797PD3.
DateBidOfferClose
Jan 21, 2026–99.990100.000
Jan 20, 2026–99.98099.990
Jan 16, 2026–99.94199.980
Jan 15, 202699.93199.93199.941
Jan 14, 202699.92199.92199.931
Jan 13, 202699.91199.91199.921
Jan 12, 202699.90299.90199.911
Jan 9, 202699.87299.87299.901
Jan 8, 202699.86299.86299.872
Jan 7, 202699.85399.85299.861
Jan 6, 202699.84399.84399.853
Jan 5, 202699.83399.83399.843
Jan 2, 202699.80499.80399.832
Dec 31, 202599.78399.78399.801
Dec 30, 202599.77699.77699.785
Dec 29, 202599.76599.76499.774
Dec 26, 202599.73599.73499.765
Dec 24, 202599.71399.71299.732
Dec 23, 202599.70499.70399.714
Dec 22, 202599.69499.69399.703

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 912797PD3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 21, 2025Jan 23, 2025New issue$48.0bn$50.6bn3.14x–
Jul 21, 2025Jul 24, 2025Reopening$73.0bn$75.8bn3.06x–
Oct 20, 2025Oct 23, 2025Reopening$86.0bn$89.0bn3.01x–
Dec 9, 2025Dec 11, 2025Reopening$75.0bn$78.2bn2.89x–

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.