Treasury bill · Matured

912797RN9

Original term
17-Week
Maturity
Nov 12, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Nov 10, 2025
Analyzed through
Nov 7, 2025

Still priced, no longer analyzed. Risk numbers below are as of Nov 7, 2025, analytics stop about three months before maturity, because a security with one cashflow left does not have a meaningful yield curve exposure.

Risk, November 7, 2025

Yield to maturity
3.773%
Modified duration
0.005 yr
DV01
0.0001
Convexity
0.000
Dirty price
99.979

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 0.05 cents per 100 of face rich to the curve on that day.

Shown as a price rather than a yield. This bill is 5 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, 82 observations

3.7%3.8%3.9%4.0%4.1%4.2%4.3%4.4%Jul 15, 2025Nov 7, 2025Jul 15, 2025Yield to maturity4.360%Jul 17, 2025Yield to maturity4.349%Jul 21, 2025Yield to maturity4.346%Jul 23, 2025Yield to maturity4.345%Jul 25, 2025Yield to maturity4.354%Jul 29, 2025Yield to maturity4.342%Jul 31, 2025Yield to maturity4.352%Aug 4, 2025Yield to maturity4.267%Aug 6, 2025Yield to maturity4.245%Aug 8, 2025Yield to maturity4.243%Aug 12, 2025Yield to maturity4.232%Aug 14, 2025Yield to maturity4.189%Aug 18, 2025Yield to maturity4.177%Aug 20, 2025Yield to maturity4.197%Aug 22, 2025Yield to maturity4.184%Aug 26, 2025Yield to maturity4.183%Aug 28, 2025Yield to maturity4.141%Sep 2, 2025Yield to maturity4.139%Sep 4, 2025Yield to maturity4.086%Sep 8, 2025Yield to maturity4.023%Sep 10, 2025Yield to maturity4.043%Sep 12, 2025Yield to maturity4.061%Sep 16, 2025Yield to maturity4.071%Sep 18, 2025Yield to maturity4.039%Sep 22, 2025Yield to maturity4.047%Sep 24, 2025Yield to maturity4.067%Sep 26, 2025Yield to maturity4.075%Sep 30, 2025Yield to maturity4.075%Oct 2, 2025Yield to maturity4.074%Oct 6, 2025Yield to maturity4.082%Oct 8, 2025Yield to maturity4.081%Oct 10, 2025Yield to maturity4.089%Oct 15, 2025Yield to maturity4.098%Oct 17, 2025Yield to maturity4.066%Oct 21, 2025Yield to maturity4.055%Oct 23, 2025Yield to maturity4.064%Oct 27, 2025Yield to maturity4.022%Oct 29, 2025Yield to maturity3.950%Oct 31, 2025Yield to maturity3.907%Nov 4, 2025Yield to maturity3.835%Nov 6, 2025Yield to maturity3.763%Nov 7, 2025Yield to maturity3.773%

Price history

83 trading days to Nov 10, 2025

98.5098.7599.0099.2599.5099.75100.00Jul 15, 2025Nov 10, 2025Jul 15, 2025Close98.598Jul 17, 2025Close98.625Jul 21, 2025Close98.672Jul 23, 2025Close98.696Jul 25, 2025Close98.740Jul 29, 2025Close98.766Jul 31, 2025Close98.787Aug 4, 2025Close98.856Aug 6, 2025Close98.885Aug 8, 2025Close98.930Aug 12, 2025Close98.956Aug 14, 2025Close98.989Aug 18, 2025Close99.037Aug 20, 2025Close99.055Aug 22, 2025Close99.102Aug 26, 2025Close99.125Aug 28, 2025Close99.156Sep 2, 2025Close99.213Sep 4, 2025Close99.244Sep 8, 2025Close99.300Sep 10, 2025Close99.318Sep 12, 2025Close99.359Sep 16, 2025Close99.379Sep 18, 2025Close99.406Sep 22, 2025Close99.449Sep 24, 2025Close99.468Sep 26, 2025Close99.511Sep 30, 2025Close99.533Oct 2, 2025Close99.556Oct 6, 2025Close99.599Oct 8, 2025Close99.621Oct 10, 2025Close99.676Oct 15, 2025Close99.698Oct 17, 2025Close99.744Oct 21, 2025Close99.767Oct 23, 2025Close99.789Oct 27, 2025Close99.835Oct 29, 2025Close99.860Oct 31, 2025Close99.904Nov 4, 2025Close99.927Nov 6, 2025Close99.948Nov 10, 2025Close100.000
The most recent 20 trading days of prices for 912797RN9.
DateBidOfferClose
Nov 10, 2025–99.979100.000
Nov 7, 2025–99.94899.979
Nov 6, 2025–99.93799.948
Nov 5, 202599.92699.92699.937
Nov 4, 202599.91699.91599.927
Nov 3, 202599.90399.90399.914
Oct 31, 202599.87199.87199.904
Oct 30, 202599.86299.86199.871
Oct 29, 202599.85099.85099.860
Oct 28, 202599.83799.83699.848
Oct 27, 202599.82499.82399.835
Oct 24, 202599.79199.79099.823
Oct 23, 202599.77999.77899.789
Oct 22, 202599.76999.76899.778
Oct 21, 202599.75799.75799.767
Oct 20, 202599.74499.74499.756
Oct 17, 202599.71199.71099.744
Oct 16, 202599.69899.69899.710
Oct 15, 202599.68799.68799.698
Oct 14, 202599.67799.67699.687

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 912797RN9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 9, 2025Jul 15, 2025New issue$65.0bn$65.2bn3.03x–
Sep 11, 2025Sep 16, 2025Reopening$85.0bn$85.2bn2.81x–
Oct 9, 2025Oct 14, 2025Reopening$110.0bn$110.3bn2.92x–

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.