Treasury bill · Matured

912797QA8

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

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

Yield to maturity
4.239%
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 0.00 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, 81 observations

4.10%4.15%4.20%4.25%4.30%4.35%4.40%Mar 18, 2025Jul 11, 2025Mar 18, 2025Yield to maturity4.297%Mar 20, 2025Yield to maturity4.296%Mar 24, 2025Yield to maturity4.304%Mar 26, 2025Yield to maturity4.303%Mar 28, 2025Yield to maturity4.301%Apr 1, 2025Yield to maturity4.300%Apr 3, 2025Yield to maturity4.299%Apr 7, 2025Yield to maturity4.287%Apr 9, 2025Yield to maturity4.348%Apr 11, 2025Yield to maturity4.356%Apr 15, 2025Yield to maturity4.345%Apr 17, 2025Yield to maturity4.184%Apr 21, 2025Yield to maturity4.321%Apr 23, 2025Yield to maturity4.310%Apr 25, 2025Yield to maturity4.308%Apr 29, 2025Yield to maturity4.296%May 1, 2025Yield to maturity4.295%May 5, 2025Yield to maturity4.314%May 7, 2025Yield to maturity4.313%May 9, 2025Yield to maturity4.311%May 13, 2025Yield to maturity4.320%May 15, 2025Yield to maturity4.319%May 19, 2025Yield to maturity4.317%May 21, 2025Yield to maturity4.316%May 23, 2025Yield to maturity4.314%May 28, 2025Yield to maturity4.313%May 30, 2025Yield to maturity4.311%Jun 3, 2025Yield to maturity4.299%Jun 5, 2025Yield to maturity4.278%Jun 9, 2025Yield to maturity4.266%Jun 11, 2025Yield to maturity4.234%Jun 13, 2025Yield to maturity4.201%Jun 17, 2025Yield to maturity4.190%Jun 20, 2025Yield to maturity4.188%Jun 24, 2025Yield to maturity4.126%Jun 26, 2025Yield to maturity4.104%Jun 30, 2025Yield to maturity4.225%Jul 2, 2025Yield to maturity4.244%Jul 7, 2025Yield to maturity4.252%Jul 9, 2025Yield to maturity4.230%Jul 11, 2025Yield to maturity4.239%

Price history

82 trading days to Jul 14, 2025

98.5098.7599.0099.2599.5099.75100.00Mar 18, 2025Jul 14, 2025Mar 18, 2025Close98.630Mar 20, 2025Close98.653Mar 24, 2025Close98.696Mar 26, 2025Close98.720Mar 28, 2025Close98.766Apr 1, 2025Close98.790Apr 3, 2025Close98.813Apr 7, 2025Close98.862Apr 9, 2025Close98.869Apr 11, 2025Close98.914Apr 15, 2025Close98.940Apr 17, 2025Close99.001Apr 21, 2025Close99.015Apr 23, 2025Close99.041Apr 25, 2025Close99.088Apr 29, 2025Close99.113May 1, 2025Close99.137May 5, 2025Close99.179May 7, 2025Close99.203May 9, 2025Close99.250May 13, 2025Close99.272May 15, 2025Close99.295May 19, 2025Close99.342May 21, 2025Close99.365May 23, 2025Close99.424May 28, 2025Close99.448May 30, 2025Close99.495Jun 3, 2025Close99.519Jun 5, 2025Close99.545Jun 9, 2025Close99.593Jun 11, 2025Close99.619Jun 13, 2025Close99.667Jun 17, 2025Close99.691Jun 20, 2025Close99.748Jun 24, 2025Close99.774Jun 26, 2025Close99.798Jun 30, 2025Close99.838Jul 2, 2025Close99.861Jul 7, 2025Close99.919Jul 9, 2025Close99.942Jul 11, 2025Close99.988Jul 14, 2025Close100.000
The most recent 20 trading days of prices for 912797QA8.
DateBidOfferClose
Jul 14, 2025–99.988100.000
Jul 11, 2025–99.95499.988
Jul 10, 2025–99.94299.953
Jul 9, 2025–99.93099.942
Jul 8, 202599.91999.91999.931
Jul 7, 202599.90799.90799.919
Jul 3, 202599.86199.86199.907
Jul 2, 202599.85099.84999.861
Jul 1, 202599.83899.83799.849
Jun 30, 202599.82899.82799.838
Jun 27, 202599.79699.79599.828
Jun 26, 202599.78699.78699.798
Jun 25, 202599.77499.77399.785
Jun 24, 202599.76399.76299.774
Jun 23, 202599.75099.75099.762
Jun 20, 202599.71599.71499.748
Jun 18, 202599.69299.69299.715
Jun 17, 202599.68199.68099.691
Jun 16, 202599.66899.66799.678
Jun 13, 202599.63599.63499.667

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 912797QA8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 12, 2025Mar 18, 2025New issue$60.0bn$60.2bn3.29x–
May 15, 2025May 20, 2025Reopening$75.0bn$75.2bn2.85x–
Jun 12, 2025Jun 17, 2025Reopening$65.0bn$65.3bn3.22x–

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.