Treasury bill · Matured

912797PJ0

Original term
17-Week
Maturity
May 20, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 19, 2025
Analyzed through
May 16, 2025

Still priced, no longer analyzed. Risk numbers below are as of May 16, 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 16, 2025

Yield to maturity
4.289%
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 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, 83 observations

3.9%4.0%4.1%4.2%4.3%4.4%Jan 21, 2025May 16, 2025Jan 21, 2025Yield to maturity4.339%Jan 23, 2025Yield to maturity4.327%Jan 27, 2025Yield to maturity4.315%Jan 29, 2025Yield to maturity4.314%Jan 31, 2025Yield to maturity4.301%Feb 4, 2025Yield to maturity4.311%Feb 6, 2025Yield to maturity4.310%Feb 10, 2025Yield to maturity4.328%Feb 12, 2025Yield to maturity4.348%Feb 14, 2025Yield to maturity4.325%Feb 19, 2025Yield to maturity4.324%Feb 21, 2025Yield to maturity4.311%Feb 25, 2025Yield to maturity4.279%Feb 27, 2025Yield to maturity4.289%Mar 3, 2025Yield to maturity4.297%Mar 5, 2025Yield to maturity4.306%Mar 7, 2025Yield to maturity4.294%Mar 11, 2025Yield to maturity4.293%Mar 13, 2025Yield to maturity4.282%Mar 17, 2025Yield to maturity4.290%Mar 19, 2025Yield to maturity4.289%Mar 21, 2025Yield to maturity4.297%Mar 25, 2025Yield to maturity4.306%Mar 27, 2025Yield to maturity4.316%Mar 31, 2025Yield to maturity4.314%Apr 2, 2025Yield to maturity4.323%Apr 4, 2025Yield to maturity4.321%Apr 8, 2025Yield to maturity4.361%Apr 10, 2025Yield to maturity4.339%Apr 14, 2025Yield to maturity4.327%Apr 16, 2025Yield to maturity4.326%Apr 18, 2025Yield to maturity4.334%Apr 22, 2025Yield to maturity4.282%Apr 24, 2025Yield to maturity4.271%Apr 28, 2025Yield to maturity4.310%Apr 30, 2025Yield to maturity4.298%May 2, 2025Yield to maturity4.276%May 6, 2025Yield to maturity4.275%May 8, 2025Yield to maturity4.233%May 12, 2025Yield to maturity4.272%May 14, 2025Yield to maturity4.301%May 16, 2025Yield to maturity4.289%

Price history

84 trading days to May 19, 2025

98.5098.7599.0099.2599.5099.75100.00Jan 21, 2025May 19, 2025Jan 21, 2025Close98.617Jan 23, 2025Close98.643Jan 27, 2025Close98.693Jan 29, 2025Close98.717Jan 31, 2025Close98.766Feb 4, 2025Close98.787Feb 6, 2025Close98.810Feb 10, 2025Close98.851Feb 12, 2025Close98.869Feb 14, 2025Close98.933Feb 19, 2025Close98.957Feb 21, 2025Close99.006Feb 25, 2025Close99.036Feb 27, 2025Close99.057Mar 3, 2025Close99.102Mar 5, 2025Close99.123Mar 7, 2025Close99.172Mar 11, 2025Close99.195Mar 13, 2025Close99.220Mar 17, 2025Close99.265Mar 19, 2025Close99.288Mar 21, 2025Close99.333Mar 25, 2025Close99.355Mar 27, 2025Close99.377Mar 31, 2025Close99.424Apr 2, 2025Close99.446Apr 4, 2025Close99.494Apr 8, 2025Close99.513Apr 10, 2025Close99.538Apr 14, 2025Close99.587Apr 16, 2025Close99.610Apr 18, 2025Close99.657Apr 22, 2025Close99.684Apr 24, 2025Close99.708Apr 28, 2025Close99.753Apr 30, 2025Close99.777May 2, 2025Close99.825May 6, 2025Close99.848May 8, 2025Close99.873May 12, 2025Close99.918May 14, 2025Close99.941May 16, 2025Close99.988May 19, 2025Close100.000
The most recent 20 trading days of prices for 912797PJ0.
DateBidOfferClose
May 19, 2025–99.988100.000
May 16, 2025–99.95399.988
May 15, 2025–99.94199.953
May 14, 2025–99.93099.941
May 13, 202599.91899.91899.930
May 12, 202599.90799.90699.918
May 9, 202599.87399.87299.907
May 8, 202599.86199.86199.873
May 7, 202599.84999.84999.861
May 6, 202599.83799.83699.848
May 5, 202599.82599.82599.836
May 2, 202599.78999.78899.825
May 1, 202599.77799.77799.789
Apr 30, 202599.76599.76499.777
Apr 29, 202599.75499.75399.765
Apr 28, 202599.74299.74299.753
Apr 25, 202599.70899.70899.742
Apr 24, 202599.69799.69799.708
Apr 23, 202599.68599.68499.696
Apr 22, 202599.67299.67299.684

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 912797PJ0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 15, 2025Jan 21, 2025New issue$64.0bn$64.2bn3.19x–
Mar 20, 2025Mar 25, 2025Reopening$75.0bn$75.3bn2.74x–
Apr 17, 2025Apr 22, 2025Reopening$85.0bn$85.3bn2.91x–

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.