Treasury bill · Matured

912797QU4

Original term
17-Week
Maturity
Sep 16, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 15, 2025
Analyzed through
Sep 12, 2025

Still priced, no longer analyzed. Risk numbers below are as of Sep 12, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, September 12, 2025

Yield to maturity
4.462%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.988

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 0.05 cents per 100 of face cheap to the curve on that day.

Shown as a price rather than a yield. This bill is 4 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

4.25%4.30%4.35%4.40%4.45%4.50%May 20, 2025Sep 12, 2025May 20, 2025Yield to maturity4.349%May 22, 2025Yield to maturity4.338%May 27, 2025Yield to maturity4.345%May 29, 2025Yield to maturity4.344%Jun 2, 2025Yield to maturity4.332%Jun 4, 2025Yield to maturity4.321%Jun 6, 2025Yield to maturity4.329%Jun 10, 2025Yield to maturity4.328%Jun 12, 2025Yield to maturity4.327%Jun 16, 2025Yield to maturity4.335%Jun 18, 2025Yield to maturity4.334%Jun 23, 2025Yield to maturity4.280%Jun 25, 2025Yield to maturity4.289%Jun 27, 2025Yield to maturity4.339%Jul 1, 2025Yield to maturity4.358%Jul 3, 2025Yield to maturity4.387%Jul 8, 2025Yield to maturity4.365%Jul 10, 2025Yield to maturity4.354%Jul 14, 2025Yield to maturity4.352%Jul 16, 2025Yield to maturity4.351%Jul 18, 2025Yield to maturity4.359%Jul 22, 2025Yield to maturity4.358%Jul 24, 2025Yield to maturity4.357%Jul 28, 2025Yield to maturity4.344%Jul 30, 2025Yield to maturity4.343%Aug 1, 2025Yield to maturity4.352%Aug 5, 2025Yield to maturity4.350%Aug 7, 2025Yield to maturity4.339%Aug 11, 2025Yield to maturity4.327%Aug 13, 2025Yield to maturity4.326%Aug 15, 2025Yield to maturity4.334%Aug 19, 2025Yield to maturity4.343%Aug 21, 2025Yield to maturity4.342%Aug 25, 2025Yield to maturity4.330%Aug 27, 2025Yield to maturity4.339%Aug 29, 2025Yield to maturity4.337%Sep 3, 2025Yield to maturity4.325%Sep 5, 2025Yield to maturity4.313%Sep 9, 2025Yield to maturity4.292%Sep 11, 2025Yield to maturity4.342%Sep 12, 2025Yield to maturity4.462%

Price history

81 trading days to Sep 15, 2025

98.5098.7599.0099.2599.5099.75100.00May 20, 2025Sep 15, 2025May 20, 2025Close98.614May 22, 2025Close98.640May 27, 2025Close98.696May 29, 2025Close98.719Jun 2, 2025Close98.769Jun 4, 2025Close98.795Jun 6, 2025Close98.840Jun 10, 2025Close98.863Jun 12, 2025Close98.886Jun 16, 2025Close98.931Jun 18, 2025Close98.966Jun 23, 2025Close99.025Jun 25, 2025Close99.046Jun 27, 2025Close99.081Jul 1, 2025Close99.101Jul 3, 2025Close99.154Jul 8, 2025Close99.182Jul 10, 2025Close99.207Jul 14, 2025Close99.254Jul 16, 2025Close99.278Jul 18, 2025Close99.324Jul 22, 2025Close99.348Jul 24, 2025Close99.371Jul 28, 2025Close99.420Jul 30, 2025Close99.444Aug 1, 2025Close99.490Aug 5, 2025Close99.514Aug 7, 2025Close99.538Aug 11, 2025Close99.587Aug 13, 2025Close99.610Aug 15, 2025Close99.657Aug 19, 2025Close99.680Aug 21, 2025Close99.703Aug 25, 2025Close99.751Aug 27, 2025Close99.775Aug 29, 2025Close99.834Sep 3, 2025Close99.858Sep 5, 2025Close99.906Sep 9, 2025Close99.930Sep 11, 2025Close99.952Sep 15, 2025Close100.000
The most recent 20 trading days of prices for 912797QU4.
DateBidOfferClose
Sep 15, 2025–99.988100.000
Sep 12, 2025–99.95299.988
Sep 11, 2025–99.94199.952
Sep 10, 2025–99.92999.941
Sep 9, 202599.91899.91899.930
Sep 8, 202599.90699.90699.917
Sep 5, 202599.87099.87099.906
Sep 4, 202599.85899.85899.870
Sep 3, 202599.84799.84699.858
Sep 2, 202599.83599.83499.846
Aug 29, 202599.78799.78799.834
Aug 28, 202599.77599.77599.787
Aug 27, 202599.76399.76399.775
Aug 26, 202599.75299.75199.764
Aug 25, 202599.74099.74099.751
Aug 22, 202599.70499.70399.739
Aug 21, 202599.69299.69299.703
Aug 20, 202599.68099.68099.692
Aug 19, 202599.66899.66899.680
Aug 18, 202599.65699.65599.667

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 912797QU4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 14, 2025May 20, 2025New issue$60.0bn$60.2bn3.28x–
Jun 26, 2025Jul 1, 2025Reopening$60.0bn$60.0bn2.46x–
Jul 17, 2025Jul 22, 2025Reopening$80.0bn$80.2bn2.60x–
Aug 14, 2025Aug 19, 2025Reopening$100.0bn$100.3bn2.67x–

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.