Treasury bill · Matured

912797RA7

Original term
26-Week
Maturity
Jan 2, 2026
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Dec 31, 2025
Analyzed through
Dec 30, 2025

Still priced, no longer analyzed. Risk numbers below are as of Dec 30, 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 30, 2025

Yield to maturity
3.488%
Modified duration
0.005 yr
DV01
0.0001
Convexity
0.000
Dirty price
99.981

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 0.005 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 3 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

3.4%3.6%3.8%4.0%4.2%4.4%Jul 3, 2025Dec 30, 2025Jul 3, 2025Yield to maturity4.307%Jul 9, 2025Yield to maturity4.274%Jul 14, 2025Yield to maturity4.271%Jul 17, 2025Yield to maturity4.270%Jul 22, 2025Yield to maturity4.267%Jul 25, 2025Yield to maturity4.265%Jul 30, 2025Yield to maturity4.284%Aug 4, 2025Yield to maturity4.145%Aug 7, 2025Yield to maturity4.133%Aug 12, 2025Yield to maturity4.110%Aug 15, 2025Yield to maturity4.097%Aug 20, 2025Yield to maturity4.096%Aug 25, 2025Yield to maturity4.094%Aug 28, 2025Yield to maturity4.082%Sep 3, 2025Yield to maturity4.048%Sep 8, 2025Yield to maturity3.973%Sep 11, 2025Yield to maturity3.972%Sep 16, 2025Yield to maturity3.949%Sep 19, 2025Yield to maturity3.936%Sep 24, 2025Yield to maturity3.925%Sep 29, 2025Yield to maturity3.953%Oct 2, 2025Yield to maturity3.952%Oct 7, 2025Yield to maturity3.950%Oct 10, 2025Yield to maturity3.958%Oct 16, 2025Yield to maturity3.956%Oct 21, 2025Yield to maturity3.913%Oct 24, 2025Yield to maturity3.880%Oct 29, 2025Yield to maturity3.848%Nov 3, 2025Yield to maturity3.928%Nov 6, 2025Yield to maturity3.865%Nov 12, 2025Yield to maturity3.904%Nov 17, 2025Yield to maturity3.933%Nov 20, 2025Yield to maturity3.931%Nov 25, 2025Yield to maturity3.899%Dec 1, 2025Yield to maturity3.845%Dec 4, 2025Yield to maturity3.711%Dec 9, 2025Yield to maturity3.720%Dec 12, 2025Yield to maturity3.677%Dec 17, 2025Yield to maturity3.635%Dec 22, 2025Yield to maturity3.593%Dec 26, 2025Yield to maturity3.550%Dec 30, 2025Yield to maturity3.488%

Price history

124 trading days to Dec 31, 2025

97.5098.0098.5099.0099.50100.00Jul 3, 2025Dec 31, 2025Jul 3, 2025Close97.932Jul 9, 2025Close97.981Jul 14, 2025Close98.038Jul 17, 2025Close98.073Jul 22, 2025Close98.130Jul 25, 2025Close98.187Jul 30, 2025Close98.213Aug 4, 2025Close98.325Aug 7, 2025Close98.363Aug 12, 2025Close98.426Aug 15, 2025Close98.485Aug 20, 2025Close98.519Aug 25, 2025Close98.574Aug 28, 2025Close98.611Sep 3, 2025Close98.687Sep 8, 2025Close98.764Sep 11, 2025Close98.796Sep 16, 2025Close98.856Sep 19, 2025Close98.912Sep 24, 2025Close98.947Sep 29, 2025Close98.992Oct 2, 2025Close99.024Oct 7, 2025Close99.078Oct 10, 2025Close99.140Oct 16, 2025Close99.172Oct 21, 2025Close99.234Oct 24, 2025Close99.293Oct 29, 2025Close99.330Nov 3, 2025Close99.369Nov 6, 2025Close99.410Nov 12, 2025Close99.468Nov 17, 2025Close99.517Nov 20, 2025Close99.550Nov 25, 2025Close99.606Dec 1, 2025Close99.674Dec 4, 2025Close99.716Dec 9, 2025Close99.766Dec 12, 2025Close99.819Dec 17, 2025Close99.851Dec 22, 2025Close99.902Dec 26, 2025Close99.961Dec 31, 2025Close100.000
The most recent 20 trading days of prices for 912797RA7.
DateBidOfferClose
Dec 31, 2025–99.981100.000
Dec 30, 2025–99.97199.981
Dec 29, 2025–99.96199.971
Dec 26, 202599.93299.93299.961
Dec 24, 202599.91199.91199.931
Dec 23, 202599.90299.90299.911
Dec 22, 202599.89299.89299.902
Dec 19, 202599.86399.86299.892
Dec 18, 202599.85299.85299.862
Dec 17, 202599.84099.84099.851
Dec 16, 202599.82999.82999.839
Dec 15, 202599.82099.81999.829
Dec 12, 202599.79099.78999.819
Dec 11, 202599.77999.77899.788
Dec 10, 202599.76799.76799.778
Dec 9, 202599.75899.75799.766
Dec 8, 202599.74799.74799.756
Dec 5, 202599.71799.71699.747
Dec 4, 202599.70799.70699.716
Dec 3, 202599.69699.69699.705

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 912797RA7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 30, 2025Jul 3, 2025New issue$71.0bn$75.8bn2.77x–
Sep 29, 2025Oct 2, 2025Reopening$82.0bn$86.7bn2.74x–
Nov 18, 2025Nov 20, 2025Reopening$95.0bn$99.6bn2.80x–

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.