Treasury bill · Matured

912797QV2

Original term
17-Week
Maturity
Sep 23, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Sep 22, 2025
Analyzed through
Sep 19, 2025

Still priced, no longer analyzed. Risk numbers below are as of Sep 19, 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 19, 2025

Yield to maturity
4.015%
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 0.03 cents per 100 of face rich 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, 81 observations

4.0%4.1%4.2%4.3%4.4%May 27, 2025Sep 19, 2025May 27, 2025Yield to maturity4.359%May 29, 2025Yield to maturity4.348%Jun 2, 2025Yield to maturity4.336%Jun 4, 2025Yield to maturity4.324%Jun 6, 2025Yield to maturity4.332%Jun 10, 2025Yield to maturity4.321%Jun 12, 2025Yield to maturity4.330%Jun 16, 2025Yield to maturity4.339%Jun 18, 2025Yield to maturity4.358%Jun 23, 2025Yield to maturity4.294%Jun 25, 2025Yield to maturity4.293%Jun 27, 2025Yield to maturity4.322%Jul 1, 2025Yield to maturity4.352%Jul 3, 2025Yield to maturity4.380%Jul 8, 2025Yield to maturity4.379%Jul 10, 2025Yield to maturity4.357%Jul 14, 2025Yield to maturity4.355%Jul 16, 2025Yield to maturity4.354%Jul 18, 2025Yield to maturity4.352%Jul 22, 2025Yield to maturity4.341%Jul 24, 2025Yield to maturity4.350%Jul 28, 2025Yield to maturity4.358%Jul 30, 2025Yield to maturity4.357%Aug 1, 2025Yield to maturity4.365%Aug 5, 2025Yield to maturity4.344%Aug 7, 2025Yield to maturity4.343%Aug 11, 2025Yield to maturity4.310%Aug 13, 2025Yield to maturity4.319%Aug 15, 2025Yield to maturity4.338%Aug 19, 2025Yield to maturity4.316%Aug 21, 2025Yield to maturity4.325%Aug 25, 2025Yield to maturity4.354%Aug 27, 2025Yield to maturity4.312%Aug 29, 2025Yield to maturity4.320%Sep 3, 2025Yield to maturity4.298%Sep 5, 2025Yield to maturity4.256%Sep 9, 2025Yield to maturity4.255%Sep 11, 2025Yield to maturity4.284%Sep 15, 2025Yield to maturity4.272%Sep 17, 2025Yield to maturity4.058%Sep 19, 2025Yield to maturity4.015%

Price history

82 trading days to Sep 22, 2025

98.5098.7599.0099.2599.5099.75100.00May 27, 2025Sep 22, 2025May 27, 2025Close98.610May 29, 2025Close98.637Jun 2, 2025Close98.687Jun 4, 2025Close98.714Jun 6, 2025Close98.757Jun 10, 2025Close98.784Jun 12, 2025Close98.804Jun 16, 2025Close98.849Jun 18, 2025Close98.878Jun 23, 2025Close98.941Jun 25, 2025Close98.964Jun 27, 2025Close99.004Jul 1, 2025Close99.020Jul 3, 2025Close99.073Jul 8, 2025Close99.096Jul 10, 2025Close99.124Jul 14, 2025Close99.172Jul 16, 2025Close99.195Jul 18, 2025Close99.243Jul 22, 2025Close99.268Jul 24, 2025Close99.290Jul 28, 2025Close99.336Jul 30, 2025Close99.359Aug 1, 2025Close99.406Aug 5, 2025Close99.432Aug 7, 2025Close99.456Aug 11, 2025Close99.507Aug 13, 2025Close99.529Aug 15, 2025Close99.574Aug 19, 2025Close99.600Aug 21, 2025Close99.622Aug 25, 2025Close99.667Aug 27, 2025Close99.694Aug 29, 2025Close99.752Sep 3, 2025Close99.777Sep 5, 2025Close99.825Sep 9, 2025Close99.849Sep 11, 2025Close99.871Sep 15, 2025Close99.918Sep 17, 2025Close99.944Sep 19, 2025Close99.989Sep 22, 2025Close100.000
The most recent 20 trading days of prices for 912797QV2.
DateBidOfferClose
Sep 22, 2025–99.989100.000
Sep 19, 2025–99.95699.989
Sep 18, 2025–99.94599.956
Sep 17, 2025–99.93399.944
Sep 16, 202599.92099.91999.932
Sep 15, 202599.90899.90799.918
Sep 12, 202599.87199.87099.906
Sep 11, 202599.86199.86099.871
Sep 10, 202599.84999.84899.859
Sep 9, 202599.83899.83799.849
Sep 8, 202599.82699.82599.837
Sep 5, 202599.79199.79099.825
Sep 4, 202599.77899.77799.789
Sep 3, 202599.76699.76599.777
Sep 2, 202599.75399.75399.764
Aug 29, 202599.70499.70399.752
Aug 28, 202599.69599.69599.706
Aug 27, 202599.68299.68199.694
Aug 26, 202599.66999.66999.682
Aug 25, 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 912797QV2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 21, 2025May 27, 2025New issue$60.0bn$60.2bn3.21x–
Jul 3, 2025Jul 8, 2025Reopening$60.0bn$60.0bn2.90x–
Jul 24, 2025Jul 29, 2025Reopening$85.0bn$85.2bn2.63x–
Aug 21, 2025Aug 26, 2025Reopening$100.0bn$100.3bn2.61x–

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.