Treasury bill · Matured

912797QM2

Original term
17-Week
Maturity
Sep 2, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Aug 29, 2025
Analyzed through
Aug 28, 2025

Still priced, no longer analyzed. Risk numbers below are as of Aug 28, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, August 28, 2025

Yield to maturity
4.311%
Modified duration
0.011 yr
DV01
0.0001
Convexity
0.000
Dirty price
99.953

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 0.011 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 0.06 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 5 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, 80 observations

4.28%4.30%4.32%4.34%4.36%4.38%4.40%May 6, 2025Aug 28, 2025May 6, 2025Yield to maturity4.318%May 8, 2025Yield to maturity4.327%May 12, 2025Yield to maturity4.388%May 14, 2025Yield to maturity4.376%May 16, 2025Yield to maturity4.364%May 20, 2025Yield to maturity4.352%May 22, 2025Yield to maturity4.351%May 27, 2025Yield to maturity4.338%May 29, 2025Yield to maturity4.348%Jun 2, 2025Yield to maturity4.356%Jun 4, 2025Yield to maturity4.344%Jun 6, 2025Yield to maturity4.342%Jun 10, 2025Yield to maturity4.341%Jun 12, 2025Yield to maturity4.371%Jun 16, 2025Yield to maturity4.369%Jun 18, 2025Yield to maturity4.388%Jun 23, 2025Yield to maturity4.376%Jun 25, 2025Yield to maturity4.375%Jun 27, 2025Yield to maturity4.373%Jul 1, 2025Yield to maturity4.361%Jul 3, 2025Yield to maturity4.379%Jul 8, 2025Yield to maturity4.368%Jul 10, 2025Yield to maturity4.346%Jul 14, 2025Yield to maturity4.334%Jul 16, 2025Yield to maturity4.343%Jul 18, 2025Yield to maturity4.341%Jul 22, 2025Yield to maturity4.320%Jul 24, 2025Yield to maturity4.319%Jul 28, 2025Yield to maturity4.327%Jul 30, 2025Yield to maturity4.336%Aug 1, 2025Yield to maturity4.334%Aug 5, 2025Yield to maturity4.364%Aug 7, 2025Yield to maturity4.342%Aug 11, 2025Yield to maturity4.330%Aug 13, 2025Yield to maturity4.309%Aug 15, 2025Yield to maturity4.317%Aug 19, 2025Yield to maturity4.305%Aug 21, 2025Yield to maturity4.315%Aug 25, 2025Yield to maturity4.313%Aug 27, 2025Yield to maturity4.312%Aug 28, 2025Yield to maturity4.311%

Price history

81 trading days to Aug 29, 2025

98.5098.7599.0099.2599.5099.75100.00May 6, 2025Aug 29, 2025May 6, 2025Close98.623May 8, 2025Close98.643May 12, 2025Close98.672May 14, 2025Close98.698May 16, 2025Close98.749May 20, 2025Close98.775May 22, 2025Close98.799May 27, 2025Close98.860May 29, 2025Close98.881Jun 2, 2025Close98.926Jun 4, 2025Close98.952Jun 6, 2025Close98.999Jun 10, 2025Close99.022Jun 12, 2025Close99.039Jun 16, 2025Close99.087Jun 18, 2025Close99.118Jun 23, 2025Close99.168Jun 25, 2025Close99.192Jun 27, 2025Close99.239Jul 1, 2025Close99.265Jul 3, 2025Close99.321Jul 8, 2025Close99.346Jul 10, 2025Close99.373Jul 14, 2025Close99.422Jul 16, 2025Close99.444Jul 18, 2025Close99.491Jul 22, 2025Close99.517Jul 24, 2025Close99.541Jul 28, 2025Close99.587Jul 30, 2025Close99.609Aug 1, 2025Close99.657Aug 5, 2025Close99.678Aug 7, 2025Close99.703Aug 11, 2025Close99.751Aug 13, 2025Close99.776Aug 15, 2025Close99.823Aug 19, 2025Close99.847Aug 21, 2025Close99.870Aug 25, 2025Close99.917Aug 27, 2025Close99.941Aug 29, 2025Close100.000
The most recent 20 trading days of prices for 912797QM2.
DateBidOfferClose
Aug 29, 2025–99.954100.000
Aug 28, 2025–99.94199.953
Aug 27, 2025–99.92999.941
Aug 26, 202599.91799.91799.929
Aug 25, 202599.90699.90699.917
Aug 22, 202599.87199.87099.906
Aug 21, 202599.85999.85999.870
Aug 20, 202599.84799.84799.859
Aug 19, 202599.83699.83599.847
Aug 18, 202599.82499.82399.835
Aug 15, 202599.78899.78799.823
Aug 14, 202599.77699.77699.788
Aug 13, 202599.76599.76499.776
Aug 12, 202599.75399.75399.764
Aug 11, 202599.74099.74099.751
Aug 8, 202599.70599.70499.740
Aug 7, 202599.69199.69099.703
Aug 6, 202599.67999.67899.690
Aug 5, 202599.66799.66699.678
Aug 4, 202599.65499.65499.666

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 912797QM2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 30, 2025May 6, 2025New issue$60.0bn$60.2bn3.08x–
Jul 3, 2025Jul 8, 2025Reopening$45.0bn$45.2bn3.10x–
Jul 31, 2025Aug 5, 2025Reopening$95.0bn$95.3bn2.63x–

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.