Treasury bill · Matured

912797QS9

Original term
26-Week
Maturity
Dec 4, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Dec 3, 2025
Analyzed through
Dec 2, 2025

Still priced, no longer analyzed. Risk numbers below are as of Dec 2, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, December 2, 2025

Yield to maturity
3.803%
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 0.00 cents per 100 of face cheap 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%Jun 5, 2025Dec 2, 2025Jun 5, 2025Yield to maturity4.276%Jun 10, 2025Yield to maturity4.305%Jun 13, 2025Yield to maturity4.303%Jun 18, 2025Yield to maturity4.301%Jun 24, 2025Yield to maturity4.256%Jun 27, 2025Yield to maturity4.254%Jul 2, 2025Yield to maturity4.242%Jul 8, 2025Yield to maturity4.291%Jul 11, 2025Yield to maturity4.278%Jul 16, 2025Yield to maturity4.277%Jul 21, 2025Yield to maturity4.295%Jul 24, 2025Yield to maturity4.304%Jul 29, 2025Yield to maturity4.301%Aug 1, 2025Yield to maturity4.247%Aug 6, 2025Yield to maturity4.193%Aug 11, 2025Yield to maturity4.212%Aug 14, 2025Yield to maturity4.179%Aug 19, 2025Yield to maturity4.197%Aug 22, 2025Yield to maturity4.133%Aug 27, 2025Yield to maturity4.131%Sep 2, 2025Yield to maturity4.128%Sep 5, 2025Yield to maturity4.012%Sep 10, 2025Yield to maturity4.021%Sep 15, 2025Yield to maturity4.009%Sep 18, 2025Yield to maturity3.977%Sep 23, 2025Yield to maturity3.954%Sep 26, 2025Yield to maturity3.962%Oct 1, 2025Yield to maturity3.961%Oct 6, 2025Yield to maturity4.010%Oct 9, 2025Yield to maturity4.009%Oct 15, 2025Yield to maturity4.047%Oct 20, 2025Yield to maturity4.035%Oct 23, 2025Yield to maturity4.013%Oct 28, 2025Yield to maturity3.949%Oct 31, 2025Yield to maturity3.947%Nov 5, 2025Yield to maturity3.905%Nov 10, 2025Yield to maturity3.913%Nov 14, 2025Yield to maturity3.931%Nov 19, 2025Yield to maturity3.919%Nov 24, 2025Yield to maturity3.928%Nov 28, 2025Yield to maturity3.955%Dec 2, 2025Yield to maturity3.803%

Price history

124 trading days to Dec 3, 2025

97.5098.0098.5099.0099.50100.00Jun 5, 2025Dec 3, 2025Jun 5, 2025Close97.924Jun 10, 2025Close97.966Jun 13, 2025Close98.024Jun 18, 2025Close98.070Jun 24, 2025Close98.146Jun 27, 2025Close98.203Jul 2, 2025Close98.242Jul 8, 2025Close98.290Jul 11, 2025Close98.352Jul 16, 2025Close98.386Jul 21, 2025Close98.436Jul 24, 2025Close98.467Jul 29, 2025Close98.525Aug 1, 2025Close98.600Aug 6, 2025Close98.651Aug 11, 2025Close98.702Aug 14, 2025Close98.745Aug 19, 2025Close98.796Aug 22, 2025Close98.869Aug 27, 2025Close98.903Sep 2, 2025Close98.970Sep 5, 2025Close99.053Sep 10, 2025Close99.083Sep 15, 2025Close99.140Sep 18, 2025Close99.179Sep 23, 2025Close99.237Sep 26, 2025Close99.289Oct 1, 2025Close99.321Oct 6, 2025Close99.367Oct 9, 2025Close99.400Oct 15, 2025Close99.460Oct 20, 2025Close99.516Oct 23, 2025Close99.551Oct 28, 2025Close99.612Oct 31, 2025Close99.666Nov 5, 2025Close99.701Nov 10, 2025Close99.765Nov 14, 2025Close99.817Nov 19, 2025Close99.850Nov 24, 2025Close99.903Nov 28, 2025Close99.968Dec 3, 2025Close100.000
The most recent 20 trading days of prices for 912797QS9.
DateBidOfferClose
Dec 3, 2025–99.990100.000
Dec 2, 2025–99.97999.990
Dec 1, 2025–99.96899.979
Nov 28, 202599.93599.93599.968
Nov 26, 202599.91399.91399.934
Nov 25, 202599.90399.90399.913
Nov 24, 202599.89399.89399.903
Nov 21, 202599.86199.86099.893
Nov 20, 202599.85099.85099.860
Nov 19, 202599.83999.83999.850
Nov 18, 202599.82899.82899.839
Nov 17, 202599.81899.81799.828
Nov 14, 202599.78699.78699.817
Nov 13, 202599.77699.77699.786
Nov 12, 202599.76599.76599.776
Nov 10, 202599.74599.74599.765
Nov 7, 202599.71599.71499.747
Nov 6, 202599.70499.70399.713
Nov 5, 202599.69099.68999.701
Nov 4, 202599.68099.67999.689

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 912797QS9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 2, 2025Jun 5, 2025New issue$68.0bn$69.5bn3.13x–
Sep 2, 2025Sep 4, 2025Reopening$82.0bn$83.7bn2.96x–
Oct 21, 2025Oct 23, 2025Reopening$95.0bn$98.3bn2.93x–

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.