Treasury bill · Matured

912797QN0

Original term
52-Week
Maturity
May 14, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
May 13, 2026
Analyzed through
May 12, 2026

Still priced, no longer analyzed. Risk numbers below are as of May 12, 2026, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, May 12, 2026

Yield to maturity
3.620%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.990

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 rich to the curve on that day.

Shown as a price rather than a yield. This bill is 2 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, 248 observations

3.5%3.6%3.7%3.8%3.9%4.0%4.1%4.2%May 15, 2025May 12, 2026May 15, 2025Yield to maturity4.096%May 23, 2025Yield to maturity4.146%Jun 3, 2025Yield to maturity4.133%Jun 11, 2025Yield to maturity4.087%Jun 20, 2025Yield to maturity4.084%Jun 30, 2025Yield to maturity4.006%Jul 9, 2025Yield to maturity4.100%Jul 17, 2025Yield to maturity4.140%Jul 25, 2025Yield to maturity4.148%Aug 4, 2025Yield to maturity3.901%Aug 12, 2025Yield to maturity3.931%Aug 20, 2025Yield to maturity3.940%Aug 28, 2025Yield to maturity3.874%Sep 8, 2025Yield to maturity3.693%Sep 16, 2025Yield to maturity3.691%Sep 24, 2025Yield to maturity3.711%Oct 2, 2025Yield to maturity3.710%Oct 10, 2025Yield to maturity3.709%Oct 21, 2025Yield to maturity3.698%Oct 29, 2025Yield to maturity3.781%Nov 6, 2025Yield to maturity3.707%Nov 17, 2025Yield to maturity3.842%Nov 25, 2025Yield to maturity3.776%Dec 4, 2025Yield to maturity3.699%Dec 12, 2025Yield to maturity3.580%Dec 22, 2025Yield to maturity3.598%Dec 31, 2025Yield to maturity3.605%Jan 9, 2026Yield to maturity3.591%Jan 20, 2026Yield to maturity3.640%Jan 28, 2026Yield to maturity3.658%Feb 5, 2026Yield to maturity3.655%Feb 13, 2026Yield to maturity3.682%Feb 24, 2026Yield to maturity3.679%Mar 4, 2026Yield to maturity3.676%Mar 12, 2026Yield to maturity3.693%Mar 20, 2026Yield to maturity3.700%Mar 30, 2026Yield to maturity3.697%Apr 7, 2026Yield to maturity3.663%Apr 15, 2026Yield to maturity3.681%Apr 23, 2026Yield to maturity3.647%May 1, 2026Yield to maturity3.643%May 11, 2026Yield to maturity3.620%May 12, 2026Yield to maturity3.620%

Price history

249 trading days to May 13, 2026

96979899100May 15, 2025May 13, 2026May 15, 2025Close96.047May 23, 2025Close96.118Jun 3, 2025Close96.216Jun 11, 2025Close96.341Jun 20, 2025Close96.461Jun 30, 2025Close96.610Jul 9, 2025Close96.629Jul 17, 2025Close96.683Jul 25, 2025Close96.786Aug 4, 2025Close97.055Aug 12, 2025Close97.115Aug 20, 2025Close97.192Aug 28, 2025Close97.320Sep 8, 2025Close97.551Sep 16, 2025Close97.630Sep 24, 2025Close97.696Oct 2, 2025Close97.776Oct 10, 2025Close97.886Oct 21, 2025Close97.971Oct 29, 2025Close98.007Nov 6, 2025Close98.125Nov 17, 2025Close98.171Nov 25, 2025Close98.282Dec 4, 2025Close98.404Dec 12, 2025Close98.550Dec 22, 2025Close98.619Dec 31, 2025Close98.713Jan 9, 2026Close98.814Jan 20, 2026Close98.886Jan 28, 2026Close98.959Feb 5, 2026Close99.038Feb 13, 2026Close99.140Feb 24, 2026Close99.220Mar 4, 2026Close99.300Mar 12, 2026Close99.377Mar 20, 2026Close99.476Mar 30, 2026Close99.556Apr 7, 2026Close99.640Apr 15, 2026Close99.718Apr 23, 2026Close99.801May 1, 2026Close99.900May 11, 2026Close99.980May 13, 2026Close100.000
The most recent 20 trading days of prices for 912797QN0.
DateBidOfferClose
May 13, 2026–99.990100.000
May 12, 2026–99.98099.990
May 11, 2026–99.97099.980
May 8, 2026–99.94199.970
May 7, 202699.93199.93199.941
May 6, 202699.92199.92199.931
May 5, 202699.91199.91199.921
May 4, 202699.90199.90099.910
May 1, 202699.87199.87099.900
Apr 30, 202699.86199.86099.870
Apr 29, 202699.85199.85099.860
Apr 28, 202699.84199.84099.850
Apr 27, 202699.83199.83099.840
Apr 24, 202699.80199.80199.831
Apr 23, 202699.79199.79199.801
Apr 22, 202699.78299.78199.791
Apr 21, 202699.77299.77199.781
Apr 20, 202699.76099.75999.769
Apr 17, 202699.73199.73099.760
Apr 16, 202699.72099.71999.730

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.

4 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 912797QN0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 13, 2025May 15, 2025New issue$48.0bn$52.2bn3.31x–
Nov 10, 2025Nov 13, 2025Reopening$77.0bn$81.9bn2.95x–
Feb 9, 2026Feb 12, 2026Reopening$89.0bn$94.2bn2.76x–
Mar 31, 2026Apr 2, 2026Reopening$75.0bn$79.3bn2.89x–

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.