Treasury bill · Matured

912797RD1

Original term
17-Week
Maturity
Oct 21, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Oct 20, 2025
Analyzed through
Oct 17, 2025

Still priced, no longer analyzed. Risk numbers below are as of Oct 17, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, October 17, 2025

Yield to maturity
4.107%
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 0.01 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%Jun 24, 2025Oct 17, 2025Jun 24, 2025Yield to maturity4.328%Jun 26, 2025Yield to maturity4.317%Jun 30, 2025Yield to maturity4.315%Jul 2, 2025Yield to maturity4.303%Jul 7, 2025Yield to maturity4.342%Jul 9, 2025Yield to maturity4.352%Jul 11, 2025Yield to maturity4.350%Jul 15, 2025Yield to maturity4.349%Jul 17, 2025Yield to maturity4.337%Jul 21, 2025Yield to maturity4.335%Jul 23, 2025Yield to maturity4.334%Jul 25, 2025Yield to maturity4.332%Jul 29, 2025Yield to maturity4.341%Jul 31, 2025Yield to maturity4.351%Aug 4, 2025Yield to maturity4.256%Aug 6, 2025Yield to maturity4.265%Aug 8, 2025Yield to maturity4.242%Aug 12, 2025Yield to maturity4.231%Aug 14, 2025Yield to maturity4.220%Aug 18, 2025Yield to maturity4.218%Aug 20, 2025Yield to maturity4.227%Aug 22, 2025Yield to maturity4.256%Aug 26, 2025Yield to maturity4.276%Aug 28, 2025Yield to maturity4.223%Sep 2, 2025Yield to maturity4.241%Sep 4, 2025Yield to maturity4.210%Sep 8, 2025Yield to maturity4.156%Sep 10, 2025Yield to maturity4.156%Sep 12, 2025Yield to maturity4.164%Sep 16, 2025Yield to maturity4.102%Sep 18, 2025Yield to maturity4.060%Sep 22, 2025Yield to maturity4.089%Sep 24, 2025Yield to maturity4.088%Sep 26, 2025Yield to maturity4.106%Sep 30, 2025Yield to maturity4.105%Oct 2, 2025Yield to maturity4.094%Oct 6, 2025Yield to maturity4.113%Oct 8, 2025Yield to maturity4.091%Oct 10, 2025Yield to maturity4.089%Oct 15, 2025Yield to maturity4.159%Oct 17, 2025Yield to maturity4.107%

Price history

82 trading days to Oct 20, 2025

98.5098.7599.0099.2599.5099.75100.00Jun 24, 2025Oct 20, 2025Jun 24, 2025Close98.620Jun 26, 2025Close98.647Jun 30, 2025Close98.693Jul 2, 2025Close98.720Jul 7, 2025Close98.766Jul 9, 2025Close98.787Jul 11, 2025Close98.834Jul 15, 2025Close98.858Jul 17, 2025Close98.884Jul 21, 2025Close98.931Jul 23, 2025Close98.954Jul 25, 2025Close99.001Jul 29, 2025Close99.022Jul 31, 2025Close99.044Aug 4, 2025Close99.110Aug 6, 2025Close99.131Aug 8, 2025Close99.182Aug 12, 2025Close99.207Aug 14, 2025Close99.231Aug 18, 2025Close99.277Aug 20, 2025Close99.299Aug 22, 2025Close99.340Aug 26, 2025Close99.360Aug 28, 2025Close99.391Sep 2, 2025Close99.445Sep 4, 2025Close99.472Sep 8, 2025Close99.524Sep 10, 2025Close99.547Sep 12, 2025Close99.591Sep 16, 2025Close99.619Sep 18, 2025Close99.645Sep 22, 2025Close99.687Sep 24, 2025Close99.710Sep 26, 2025Close99.753Sep 30, 2025Close99.776Oct 2, 2025Close99.799Oct 6, 2025Close99.843Oct 8, 2025Close99.866Oct 10, 2025Close99.922Oct 15, 2025Close99.943Oct 17, 2025Close99.989Oct 20, 2025Close100.000
The most recent 20 trading days of prices for 912797RD1.
DateBidOfferClose
Oct 20, 2025–99.989100.000
Oct 17, 2025–99.95599.989
Oct 16, 2025–99.94399.955
Oct 15, 2025–99.93299.943
Oct 14, 202599.92299.92299.933
Oct 10, 202599.87799.87799.922
Oct 9, 202599.86699.86699.877
Oct 8, 202599.85599.85499.866
Oct 7, 202599.84499.84399.854
Oct 6, 202599.83299.83199.843
Oct 3, 202599.79999.79999.831
Oct 2, 202599.78799.78699.799
Oct 1, 202599.77699.77699.788
Sep 30, 202599.76599.76499.776
Sep 29, 202599.75399.75299.763
Sep 26, 202599.72099.71999.753
Sep 25, 202599.70999.70999.719
Sep 24, 202599.69999.69899.710
Sep 23, 202599.68999.68899.699
Sep 22, 202599.67699.67599.687

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 912797RD1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 18, 2025Jun 24, 2025New issue$60.0bn$60.2bn2.88x–
Aug 21, 2025Aug 26, 2025Reopening$85.0bn$85.2bn2.71x–
Sep 18, 2025Sep 23, 2025Reopening$100.0bn$100.3bn2.71x–

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.