Treasury bill · Matured

912797PS0

Original term
17-Week
Maturity
Jun 17, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jun 16, 2025
Analyzed through
Jun 13, 2025

Still priced, no longer analyzed. Risk numbers below are as of Jun 13, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, June 13, 2025

Yield to maturity
4.330%
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 0.07 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

4.10%4.15%4.20%4.25%4.30%4.35%Feb 18, 2025Jun 13, 2025Feb 18, 2025Yield to maturity4.349%Feb 20, 2025Yield to maturity4.327%Feb 24, 2025Yield to maturity4.315%Feb 26, 2025Yield to maturity4.324%Feb 28, 2025Yield to maturity4.312%Mar 4, 2025Yield to maturity4.321%Mar 6, 2025Yield to maturity4.299%Mar 10, 2025Yield to maturity4.276%Mar 12, 2025Yield to maturity4.296%Mar 14, 2025Yield to maturity4.294%Mar 18, 2025Yield to maturity4.293%Mar 20, 2025Yield to maturity4.292%Mar 24, 2025Yield to maturity4.290%Mar 26, 2025Yield to maturity4.279%Mar 28, 2025Yield to maturity4.277%Apr 1, 2025Yield to maturity4.286%Apr 3, 2025Yield to maturity4.275%Apr 7, 2025Yield to maturity4.262%Apr 9, 2025Yield to maturity4.334%Apr 11, 2025Yield to maturity4.311%Apr 15, 2025Yield to maturity4.310%Apr 17, 2025Yield to maturity4.112%Apr 21, 2025Yield to maturity4.317%Apr 23, 2025Yield to maturity4.296%Apr 25, 2025Yield to maturity4.304%Apr 29, 2025Yield to maturity4.323%May 1, 2025Yield to maturity4.312%May 5, 2025Yield to maturity4.310%May 7, 2025Yield to maturity4.299%May 9, 2025Yield to maturity4.287%May 13, 2025Yield to maturity4.306%May 15, 2025Yield to maturity4.305%May 19, 2025Yield to maturity4.303%May 21, 2025Yield to maturity4.281%May 23, 2025Yield to maturity4.289%May 28, 2025Yield to maturity4.288%May 30, 2025Yield to maturity4.317%Jun 3, 2025Yield to maturity4.275%Jun 5, 2025Yield to maturity4.243%Jun 9, 2025Yield to maturity4.231%Jun 11, 2025Yield to maturity4.281%Jun 13, 2025Yield to maturity4.330%

Price history

84 trading days to Jun 16, 2025

98.5098.7599.0099.2599.5099.75100.00Feb 18, 2025Jun 16, 2025Feb 18, 2025Close98.614Feb 20, 2025Close98.643Feb 24, 2025Close98.693Feb 26, 2025Close98.714Feb 28, 2025Close98.763Mar 4, 2025Close98.784Mar 6, 2025Close98.813Mar 10, 2025Close98.865Mar 12, 2025Close98.883Mar 14, 2025Close98.929Mar 18, 2025Close98.953Mar 20, 2025Close98.976Mar 24, 2025Close99.022Mar 26, 2025Close99.048Mar 28, 2025Close99.094Apr 1, 2025Close99.115Apr 3, 2025Close99.141Apr 7, 2025Close99.189Apr 9, 2025Close99.199Apr 11, 2025Close99.250Apr 15, 2025Close99.273Apr 17, 2025Close99.329Apr 21, 2025Close99.342Apr 23, 2025Close99.368Apr 25, 2025Close99.414Apr 29, 2025Close99.435May 1, 2025Close99.460May 5, 2025Close99.507May 7, 2025Close99.531May 9, 2025Close99.579May 13, 2025Close99.600May 15, 2025Close99.624May 19, 2025Close99.671May 21, 2025Close99.696May 23, 2025Close99.754May 28, 2025Close99.777May 30, 2025Close99.823Jun 3, 2025Close99.848Jun 5, 2025Close99.872Jun 9, 2025Close99.919Jun 11, 2025Close99.941Jun 13, 2025Close99.988Jun 16, 2025Close100.000
The most recent 20 trading days of prices for 912797PS0.
DateBidOfferClose
Jun 16, 2025–99.988100.000
Jun 13, 2025–99.95399.988
Jun 12, 2025–99.94199.953
Jun 11, 2025–99.93099.941
Jun 10, 202599.91999.91999.930
Jun 9, 202599.90799.90799.919
Jun 6, 202599.87299.87299.907
Jun 5, 202599.86199.86199.872
Jun 4, 202599.84999.84899.860
Jun 3, 202599.83699.83699.848
Jun 2, 202599.82499.82499.836
May 30, 202599.78899.78899.823
May 29, 202599.77799.77799.788
May 28, 202599.76699.76699.777
May 27, 202599.75599.75499.766
May 23, 202599.70899.70799.754
May 22, 202599.69799.69799.708
May 21, 202599.68499.68399.696
May 20, 202599.67299.67299.683
May 19, 202599.65999.65999.671

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 912797PS0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 12, 2025Feb 18, 2025New issue$62.0bn$62.2bn3.38x–
Apr 17, 2025Apr 22, 2025Reopening$75.0bn$75.2bn2.94x–
May 15, 2025May 20, 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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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.