Treasury bill · Matured

912797RE9

Original term
17-Week
Maturity
Oct 28, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Oct 27, 2025
Analyzed through
Oct 24, 2025

Still priced, no longer analyzed. Risk numbers below are as of Oct 24, 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 24, 2025

Yield to maturity
4.127%
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 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, 81 observations

4.05%4.10%4.15%4.20%4.25%4.30%4.35%4.40%Jul 1, 2025Oct 24, 2025Jul 1, 2025Yield to maturity4.307%Jul 3, 2025Yield to maturity4.336%Jul 8, 2025Yield to maturity4.345%Jul 10, 2025Yield to maturity4.344%Jul 14, 2025Yield to maturity4.342%Jul 16, 2025Yield to maturity4.341%Jul 18, 2025Yield to maturity4.339%Jul 22, 2025Yield to maturity4.338%Jul 24, 2025Yield to maturity4.348%Jul 28, 2025Yield to maturity4.345%Jul 30, 2025Yield to maturity4.355%Aug 1, 2025Yield to maturity4.301%Aug 5, 2025Yield to maturity4.248%Aug 7, 2025Yield to maturity4.247%Aug 11, 2025Yield to maturity4.245%Aug 13, 2025Yield to maturity4.213%Aug 15, 2025Yield to maturity4.242%Aug 19, 2025Yield to maturity4.231%Aug 21, 2025Yield to maturity4.251%Aug 25, 2025Yield to maturity4.218%Aug 27, 2025Yield to maturity4.207%Aug 29, 2025Yield to maturity4.235%Sep 3, 2025Yield to maturity4.213%Sep 5, 2025Yield to maturity4.160%Sep 9, 2025Yield to maturity4.159%Sep 11, 2025Yield to maturity4.138%Sep 15, 2025Yield to maturity4.146%Sep 17, 2025Yield to maturity4.074%Sep 19, 2025Yield to maturity4.092%Sep 23, 2025Yield to maturity4.081%Sep 25, 2025Yield to maturity4.121%Sep 29, 2025Yield to maturity4.140%Oct 1, 2025Yield to maturity4.088%Oct 3, 2025Yield to maturity4.106%Oct 7, 2025Yield to maturity4.105%Oct 9, 2025Yield to maturity4.104%Oct 14, 2025Yield to maturity4.112%Oct 16, 2025Yield to maturity4.152%Oct 20, 2025Yield to maturity4.120%Oct 22, 2025Yield to maturity4.129%Oct 24, 2025Yield to maturity4.127%

Price history

82 trading days to Oct 27, 2025

98.5098.7599.0099.2599.5099.75100.00Jul 1, 2025Oct 27, 2025Jul 1, 2025Close98.627Jul 3, 2025Close98.675Jul 8, 2025Close98.696Jul 10, 2025Close98.719Jul 14, 2025Close98.766Jul 16, 2025Close98.790Jul 18, 2025Close98.837Jul 22, 2025Close98.860Jul 24, 2025Close98.881Jul 28, 2025Close98.928Jul 30, 2025Close98.949Aug 1, 2025Close99.008Aug 5, 2025Close99.043Aug 7, 2025Close99.066Aug 11, 2025Close99.112Aug 13, 2025Close99.142Aug 15, 2025Close99.182Aug 19, 2025Close99.207Aug 21, 2025Close99.226Aug 25, 2025Close99.277Aug 27, 2025Close99.302Aug 29, 2025Close99.354Sep 3, 2025Close99.380Sep 5, 2025Close99.433Sep 9, 2025Close99.456Sep 11, 2025Close99.481Sep 15, 2025Close99.525Sep 17, 2025Close99.556Sep 19, 2025Close99.598Sep 23, 2025Close99.621Sep 25, 2025Close99.640Sep 29, 2025Close99.683Oct 1, 2025Close99.710Oct 3, 2025Close99.753Oct 7, 2025Close99.776Oct 9, 2025Close99.798Oct 14, 2025Close99.854Oct 16, 2025Close99.875Oct 20, 2025Close99.921Oct 22, 2025Close99.943Oct 24, 2025Close99.989Oct 27, 2025Close100.000
The most recent 20 trading days of prices for 912797RE9.
DateBidOfferClose
Oct 27, 2025–99.989100.000
Oct 24, 2025–99.95599.989
Oct 23, 2025–99.94499.955
Oct 22, 2025–99.93399.943
Oct 21, 202599.92199.92199.932
Oct 20, 202599.91099.91099.921
Oct 17, 202599.87599.87599.910
Oct 16, 202599.86499.86499.875
Oct 15, 202599.85399.85399.864
Oct 14, 202599.84399.84399.854
Oct 10, 202599.79999.79999.843
Oct 9, 202599.78799.78799.798
Oct 8, 202599.77699.77599.786
Oct 7, 202599.76499.76499.776
Oct 6, 202599.75399.75299.764
Oct 3, 202599.72099.71999.753
Oct 2, 202599.70999.70899.719
Oct 1, 202599.69999.69899.710
Sep 30, 202599.68699.68599.696
Sep 29, 202599.67399.67399.683

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 912797RE9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jun 25, 2025Jul 1, 2025New issue$63.0bn$63.3bn3.13x–
Aug 28, 2025Sep 2, 2025Reopening$85.0bn$85.2bn2.92x–
Sep 25, 2025Sep 30, 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.