Treasury bill · Matured

912797QC4

Original term
17-Week
Maturity
Jul 29, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Jul 28, 2025
Analyzed through
Jul 25, 2025

Still priced, no longer analyzed. Risk numbers below are as of Jul 25, 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 25, 2025

Yield to maturity
4.269%
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 0.01 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%Apr 1, 2025Jul 25, 2025Apr 1, 2025Yield to maturity4.307%Apr 3, 2025Yield to maturity4.306%Apr 7, 2025Yield to maturity4.283%Apr 9, 2025Yield to maturity4.366%Apr 11, 2025Yield to maturity4.374%Apr 15, 2025Yield to maturity4.331%Apr 17, 2025Yield to maturity4.212%Apr 21, 2025Yield to maturity4.349%Apr 23, 2025Yield to maturity4.327%Apr 25, 2025Yield to maturity4.315%Apr 29, 2025Yield to maturity4.293%May 1, 2025Yield to maturity4.292%May 5, 2025Yield to maturity4.321%May 7, 2025Yield to maturity4.310%May 9, 2025Yield to maturity4.308%May 13, 2025Yield to maturity4.348%May 15, 2025Yield to maturity4.337%May 19, 2025Yield to maturity4.324%May 21, 2025Yield to maturity4.313%May 23, 2025Yield to maturity4.331%May 28, 2025Yield to maturity4.320%May 30, 2025Yield to maturity4.318%Jun 3, 2025Yield to maturity4.317%Jun 5, 2025Yield to maturity4.295%Jun 9, 2025Yield to maturity4.303%Jun 11, 2025Yield to maturity4.282%Jun 13, 2025Yield to maturity4.259%Jun 17, 2025Yield to maturity4.258%Jun 20, 2025Yield to maturity4.225%Jun 24, 2025Yield to maturity4.163%Jun 26, 2025Yield to maturity4.101%Jun 30, 2025Yield to maturity4.221%Jul 2, 2025Yield to maturity4.241%Jul 7, 2025Yield to maturity4.248%Jul 9, 2025Yield to maturity4.268%Jul 11, 2025Yield to maturity4.296%Jul 15, 2025Yield to maturity4.285%Jul 17, 2025Yield to maturity4.284%Jul 21, 2025Yield to maturity4.262%Jul 23, 2025Yield to maturity4.291%Jul 25, 2025Yield to maturity4.269%

Price history

82 trading days to Jul 28, 2025

98.5098.7599.0099.2599.5099.75100.00Apr 1, 2025Jul 28, 2025Apr 1, 2025Close98.627Apr 3, 2025Close98.650Apr 7, 2025Close98.703Apr 9, 2025Close98.701Apr 11, 2025Close98.746Apr 15, 2025Close98.781Apr 17, 2025Close98.837Apr 21, 2025Close98.846Apr 23, 2025Close98.875Apr 25, 2025Close98.924Apr 29, 2025Close98.953May 1, 2025Close98.976May 5, 2025Close99.015May 7, 2025Close99.041May 9, 2025Close99.088May 13, 2025Close99.103May 15, 2025Close99.128May 19, 2025Close99.177May 21, 2025Close99.203May 23, 2025Close99.258May 28, 2025Close99.283May 30, 2025Close99.330Jun 3, 2025Close99.354Jun 5, 2025Close99.380Jun 9, 2025Close99.426Jun 11, 2025Close99.452Jun 13, 2025Close99.501Jun 17, 2025Close99.524Jun 20, 2025Close99.585Jun 24, 2025Close99.614Jun 26, 2025Close99.642Jun 30, 2025Close99.677Jul 2, 2025Close99.699Jul 7, 2025Close99.756Jul 9, 2025Close99.778Jul 11, 2025Close99.824Jul 15, 2025Close99.848Jul 17, 2025Close99.871Jul 21, 2025Close99.918Jul 23, 2025Close99.941Jul 25, 2025Close99.988Jul 28, 2025Close100.000
The most recent 20 trading days of prices for 912797QC4.
DateBidOfferClose
Jul 28, 2025–99.988100.000
Jul 25, 2025–99.95399.988
Jul 24, 2025–99.94199.953
Jul 23, 2025–99.93099.941
Jul 22, 202599.91999.91999.930
Jul 21, 202599.90799.90699.918
Jul 18, 202599.87199.87199.906
Jul 17, 202599.86099.85999.871
Jul 16, 202599.84899.84799.859
Jul 15, 202599.83699.83599.848
Jul 14, 202599.82599.82499.835
Jul 11, 202599.79099.79099.824
Jul 10, 202599.77899.77799.790
Jul 9, 202599.76799.76799.778
Jul 8, 202599.75599.75499.767
Jul 7, 202599.74699.74599.756
Jul 3, 202599.70099.69999.745
Jul 2, 202599.68699.68699.699
Jul 1, 202599.67599.67599.686
Jun 30, 202599.66899.66899.677

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 912797QC4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Mar 26, 2025Apr 1, 2025New issue$60.0bn$60.2bn2.78x–
May 29, 2025Jun 3, 2025Reopening$65.0bn$65.2bn3.07x–
Jun 26, 2025Jul 1, 2025Reopening$60.0bn$60.3bn3.06x–

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.