Treasury bill · Matured

912797QP5

Original term
26-Week
Maturity
Nov 6, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Nov 5, 2025
Analyzed through
Nov 4, 2025

Still priced, no longer analyzed. Risk numbers below are as of Nov 4, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, November 4, 2025

Yield to maturity
3.833%
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 0.03 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, 124 observations

3.8%3.9%4.0%4.1%4.2%4.3%4.4%May 8, 2025Nov 4, 2025May 8, 2025Yield to maturity4.255%May 13, 2025Yield to maturity4.263%May 16, 2025Yield to maturity4.261%May 21, 2025Yield to maturity4.291%May 27, 2025Yield to maturity4.298%May 30, 2025Yield to maturity4.317%Jun 4, 2025Yield to maturity4.273%Jun 9, 2025Yield to maturity4.281%Jun 12, 2025Yield to maturity4.269%Jun 17, 2025Yield to maturity4.267%Jun 23, 2025Yield to maturity4.253%Jun 26, 2025Yield to maturity4.252%Jul 1, 2025Yield to maturity4.249%Jul 7, 2025Yield to maturity4.298%Jul 10, 2025Yield to maturity4.297%Jul 15, 2025Yield to maturity4.305%Jul 18, 2025Yield to maturity4.302%Jul 23, 2025Yield to maturity4.311%Jul 28, 2025Yield to maturity4.298%Jul 31, 2025Yield to maturity4.328%Aug 5, 2025Yield to maturity4.242%Aug 8, 2025Yield to maturity4.240%Aug 13, 2025Yield to maturity4.218%Aug 18, 2025Yield to maturity4.226%Aug 21, 2025Yield to maturity4.235%Aug 26, 2025Yield to maturity4.191%Aug 29, 2025Yield to maturity4.188%Sep 4, 2025Yield to maturity4.145%Sep 9, 2025Yield to maturity4.112%Sep 12, 2025Yield to maturity4.100%Sep 17, 2025Yield to maturity4.047%Sep 22, 2025Yield to maturity4.055%Sep 25, 2025Yield to maturity4.105%Sep 30, 2025Yield to maturity4.092%Oct 3, 2025Yield to maturity4.090%Oct 8, 2025Yield to maturity4.099%Oct 14, 2025Yield to maturity4.086%Oct 17, 2025Yield to maturity4.073%Oct 22, 2025Yield to maturity4.062%Oct 27, 2025Yield to maturity4.009%Oct 30, 2025Yield to maturity3.926%Nov 4, 2025Yield to maturity3.833%

Price history

125 trading days to Nov 5, 2025

97.5098.0098.5099.0099.50100.00May 8, 2025Nov 5, 2025May 8, 2025Close97.934May 13, 2025Close97.986May 16, 2025Close98.043May 21, 2025Close98.063May 27, 2025Close98.128May 30, 2025Close98.177Jun 4, 2025Close98.229Jun 9, 2025Close98.282Jun 12, 2025Close98.321Jun 17, 2025Close98.379Jun 23, 2025Close98.451Jun 26, 2025Close98.486Jul 1, 2025Close98.543Jul 7, 2025Close98.595Jul 10, 2025Close98.630Jul 15, 2025Close98.685Jul 18, 2025Close98.743Jul 23, 2025Close98.775Jul 28, 2025Close98.836Jul 31, 2025Close98.863Aug 5, 2025Close98.942Aug 8, 2025Close98.999Aug 13, 2025Close99.039Aug 18, 2025Close99.094Aug 21, 2025Close99.126Aug 26, 2025Close99.191Aug 29, 2025Close99.260Sep 4, 2025Close99.301Sep 9, 2025Close99.362Sep 12, 2025Close99.419Sep 17, 2025Close99.460Sep 22, 2025Close99.514Sep 25, 2025Close99.541Sep 30, 2025Close99.598Oct 3, 2025Close99.654Oct 8, 2025Close99.687Oct 14, 2025Close99.754Oct 17, 2025Close99.811Oct 22, 2025Close99.844Oct 27, 2025Close99.901Oct 30, 2025Close99.936Nov 4, 2025Close99.990Nov 5, 2025Close100.000
The most recent 20 trading days of prices for 912797QP5.
DateBidOfferClose
Nov 5, 2025–99.989100.000
Nov 4, 2025–99.97999.990
Nov 3, 2025–99.96899.978
Oct 31, 2025–99.93599.968
Oct 30, 202599.92599.92599.936
Oct 29, 202599.91499.91499.924
Oct 28, 202599.90299.90199.913
Oct 27, 202599.88999.88999.901
Oct 24, 202599.85699.85699.889
Oct 23, 202599.84599.84499.856
Oct 22, 202599.83399.83399.844
Oct 21, 202599.82299.82299.832
Oct 20, 202599.81199.81099.821
Oct 17, 202599.77799.77799.811
Oct 16, 202599.76699.76599.776
Oct 15, 202599.75499.75499.765
Oct 14, 202599.74399.74399.754
Oct 10, 202599.69999.69899.743
Oct 9, 202599.68799.68799.698
Oct 8, 202599.67799.67699.687

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 912797QP5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 5, 2025May 8, 2025New issue$68.0bn$72.1bn3.52x–
Aug 4, 2025Aug 7, 2025Reopening$82.0bn$86.6bn3.17x–
Sep 23, 2025Sep 25, 2025Reopening$85.0bn$88.5bn2.51x–

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.