Treasury bill · Matured

912797QY6

Original term
26-Week
Maturity
Dec 11, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Dec 10, 2025
Analyzed through
Dec 9, 2025

Still priced, no longer analyzed. Risk numbers below are as of Dec 9, 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 9, 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 0.02 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

3.7%3.8%3.9%4.0%4.1%4.2%4.3%4.4%Jun 12, 2025Dec 9, 2025Jun 12, 2025Yield to maturity4.276%Jun 17, 2025Yield to maturity4.305%Jun 23, 2025Yield to maturity4.260%Jun 26, 2025Yield to maturity4.248%Jul 1, 2025Yield to maturity4.246%Jul 7, 2025Yield to maturity4.285%Jul 10, 2025Yield to maturity4.283%Jul 15, 2025Yield to maturity4.291%Jul 18, 2025Yield to maturity4.278%Jul 23, 2025Yield to maturity4.298%Jul 28, 2025Yield to maturity4.285%Jul 31, 2025Yield to maturity4.294%Aug 5, 2025Yield to maturity4.218%Aug 8, 2025Yield to maturity4.195%Aug 13, 2025Yield to maturity4.152%Aug 18, 2025Yield to maturity4.097%Aug 21, 2025Yield to maturity4.158%Aug 26, 2025Yield to maturity4.135%Aug 29, 2025Yield to maturity4.111%Sep 4, 2025Yield to maturity4.048%Sep 9, 2025Yield to maturity4.035%Sep 12, 2025Yield to maturity4.033%Sep 17, 2025Yield to maturity3.970%Sep 22, 2025Yield to maturity3.947%Sep 25, 2025Yield to maturity3.977%Sep 30, 2025Yield to maturity3.933%Oct 3, 2025Yield to maturity3.942%Oct 8, 2025Yield to maturity3.951%Oct 14, 2025Yield to maturity3.989%Oct 17, 2025Yield to maturity4.018%Oct 22, 2025Yield to maturity3.986%Oct 27, 2025Yield to maturity3.963%Oct 30, 2025Yield to maturity3.941%Nov 4, 2025Yield to maturity3.939%Nov 7, 2025Yield to maturity3.886%Nov 13, 2025Yield to maturity3.905%Nov 18, 2025Yield to maturity3.923%Nov 21, 2025Yield to maturity3.931%Nov 26, 2025Yield to maturity4.031%Dec 2, 2025Yield to maturity3.846%Dec 5, 2025Yield to maturity3.793%Dec 9, 2025Yield to maturity3.803%

Price history

124 trading days to Dec 10, 2025

97.5098.0098.5099.0099.50100.00Jun 12, 2025Dec 10, 2025Jun 12, 2025Close97.924Jun 17, 2025Close97.966Jun 23, 2025Close98.054Jun 26, 2025Close98.093Jul 1, 2025Close98.150Jul 7, 2025Close98.202Jul 10, 2025Close98.236Jul 15, 2025Close98.290Jul 18, 2025Close98.352Jul 23, 2025Close98.378Jul 28, 2025Close98.440Jul 31, 2025Close98.471Aug 5, 2025Close98.554Aug 8, 2025Close98.617Aug 13, 2025Close98.665Aug 18, 2025Close98.737Aug 21, 2025Close98.751Aug 26, 2025Close98.813Aug 29, 2025Close98.886Sep 4, 2025Close98.936Sep 9, 2025Close98.993Sep 12, 2025Close99.048Sep 17, 2025Close99.095Sep 22, 2025Close99.153Sep 25, 2025Close99.179Sep 30, 2025Close99.241Oct 3, 2025Close99.292Oct 8, 2025Close99.323Oct 14, 2025Close99.381Oct 17, 2025Close99.431Oct 22, 2025Close99.468Oct 27, 2025Close99.525Oct 30, 2025Close99.559Nov 4, 2025Close99.613Nov 7, 2025Close99.671Nov 13, 2025Close99.712Nov 18, 2025Close99.764Nov 21, 2025Close99.817Nov 26, 2025Close99.857Dec 2, 2025Close99.916Dec 5, 2025Close99.969Dec 10, 2025Close100.000
The most recent 20 trading days of prices for 912797QY6.
DateBidOfferClose
Dec 10, 2025–99.990100.000
Dec 9, 2025–99.97999.990
Dec 8, 2025–99.96999.979
Dec 5, 2025–99.93899.969
Dec 4, 202599.92899.92899.938
Dec 3, 202599.91899.91899.928
Dec 2, 202599.90599.90499.916
Dec 1, 202599.89299.89299.903
Nov 28, 202599.85999.85999.891
Nov 26, 202599.83599.83599.857
Nov 25, 202599.82899.82899.838
Nov 24, 202599.81799.81799.828
Nov 21, 202599.78599.78499.817
Nov 20, 202599.77599.77499.786
Nov 19, 202599.76599.76499.775
Nov 18, 202599.75499.75399.764
Nov 17, 202599.74399.74399.753
Nov 14, 202599.71299.71199.742
Nov 13, 202599.70299.70199.712
Nov 12, 202599.69199.69099.701

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 912797QY6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 9, 2025Jun 12, 2025New issue$68.0bn$70.2bn2.74x–
Sep 8, 2025Sep 11, 2025Reopening$82.0bn$84.7bn2.81x–
Oct 28, 2025Oct 30, 2025Reopening$95.0bn$100.3bn2.87x–

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.