Treasury bill · Matured

912797QR1

Original term
26-Week
Maturity
Nov 20, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Nov 19, 2025
Analyzed through
Nov 18, 2025

Still priced, no longer analyzed. Risk numbers below are as of Nov 18, 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 18, 2025

Yield to maturity
3.873%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.989

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 0.02 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, 123 observations

3.8%3.9%4.0%4.1%4.2%4.3%4.4%May 22, 2025Nov 18, 2025May 22, 2025Yield to maturity4.308%May 28, 2025Yield to maturity4.326%Jun 2, 2025Yield to maturity4.313%Jun 5, 2025Yield to maturity4.280%Jun 10, 2025Yield to maturity4.298%Jun 13, 2025Yield to maturity4.296%Jun 18, 2025Yield to maturity4.315%Jun 24, 2025Yield to maturity4.270%Jun 27, 2025Yield to maturity4.257%Jul 2, 2025Yield to maturity4.235%Jul 8, 2025Yield to maturity4.305%Jul 11, 2025Yield to maturity4.313%Jul 16, 2025Yield to maturity4.311%Jul 21, 2025Yield to maturity4.319%Jul 24, 2025Yield to maturity4.328%Jul 29, 2025Yield to maturity4.326%Aug 1, 2025Yield to maturity4.261%Aug 6, 2025Yield to maturity4.238%Aug 11, 2025Yield to maturity4.226%Aug 14, 2025Yield to maturity4.193%Aug 19, 2025Yield to maturity4.211%Aug 22, 2025Yield to maturity4.199%Aug 27, 2025Yield to maturity4.176%Sep 2, 2025Yield to maturity4.143%Sep 5, 2025Yield to maturity4.027%Sep 10, 2025Yield to maturity4.036%Sep 15, 2025Yield to maturity4.023%Sep 18, 2025Yield to maturity4.001%Sep 23, 2025Yield to maturity4.020%Sep 26, 2025Yield to maturity4.069%Oct 1, 2025Yield to maturity4.047%Oct 6, 2025Yield to maturity4.065%Oct 9, 2025Yield to maturity4.084%Oct 15, 2025Yield to maturity4.092%Oct 20, 2025Yield to maturity4.028%Oct 23, 2025Yield to maturity4.007%Oct 28, 2025Yield to maturity3.984%Oct 31, 2025Yield to maturity3.951%Nov 5, 2025Yield to maturity3.899%Nov 10, 2025Yield to maturity3.897%Nov 14, 2025Yield to maturity3.895%Nov 18, 2025Yield to maturity3.873%

Price history

124 trading days to Nov 19, 2025

97.5098.0098.5099.0099.50100.00May 22, 2025Nov 19, 2025May 22, 2025Close97.908May 28, 2025Close97.968Jun 2, 2025Close98.031Jun 5, 2025Close98.079Jun 10, 2025Close98.128Jun 13, 2025Close98.186Jun 18, 2025Close98.224Jun 24, 2025Close98.298Jun 27, 2025Close98.359Jul 2, 2025Close98.402Jul 8, 2025Close98.444Jul 11, 2025Close98.499Jul 16, 2025Close98.534Jul 21, 2025Close98.588Jul 24, 2025Close98.620Jul 29, 2025Close98.679Aug 1, 2025Close98.755Aug 6, 2025Close98.795Aug 11, 2025Close98.856Aug 14, 2025Close98.898Aug 19, 2025Close98.950Aug 22, 2025Close99.009Aug 27, 2025Close99.048Sep 2, 2025Close99.123Sep 5, 2025Close99.201Sep 10, 2025Close99.232Sep 15, 2025Close99.289Sep 18, 2025Close99.325Sep 23, 2025Close99.376Sep 26, 2025Close99.424Oct 1, 2025Close99.460Oct 6, 2025Close99.512Oct 9, 2025Close99.543Oct 15, 2025Close99.609Oct 20, 2025Close99.670Oct 23, 2025Close99.704Oct 28, 2025Close99.760Oct 31, 2025Close99.816Nov 5, 2025Close99.851Nov 10, 2025Close99.915Nov 14, 2025Close99.968Nov 19, 2025Close100.000
The most recent 20 trading days of prices for 912797QR1.
DateBidOfferClose
Nov 19, 2025–99.989100.000
Nov 18, 2025–99.97999.989
Nov 17, 2025–99.96899.979
Nov 14, 2025–99.93799.968
Nov 13, 202599.92699.92699.937
Nov 12, 202599.91699.91699.927
Nov 10, 202599.89599.89599.915
Nov 7, 202599.86599.86599.895
Nov 6, 202599.85399.85399.864
Nov 5, 202599.84199.84099.851
Nov 4, 202599.82999.82899.840
Nov 3, 202599.81799.81799.828
Oct 31, 202599.78599.78499.816
Oct 30, 202599.77599.77499.784
Oct 29, 202599.76399.76399.772
Oct 28, 202599.75099.75099.760
Oct 27, 202599.73899.73799.748
Oct 24, 202599.70599.70499.737
Oct 23, 202599.69499.69499.704
Oct 22, 202599.68399.68399.694

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 912797QR1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 19, 2025May 22, 2025New issue$68.0bn$72.3bn2.59x–
Aug 18, 2025Aug 21, 2025Reopening$82.0bn$85.9bn2.70x–
Oct 7, 2025Oct 9, 2025Reopening$90.0bn$94.4bn2.69x–

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.