Treasury bill · Matured

912797RQ2

Original term
17-Week
Maturity
Nov 25, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Nov 24, 2025
Analyzed through
Nov 21, 2025

Still priced, no longer analyzed. Risk numbers below are as of Nov 21, 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 21, 2025

Yield to maturity
3.945%
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

3.8%3.9%4.0%4.1%4.2%4.3%4.4%Jul 29, 2025Nov 21, 2025Jul 29, 2025Yield to maturity4.339%Jul 31, 2025Yield to maturity4.358%Aug 4, 2025Yield to maturity4.252%Aug 6, 2025Yield to maturity4.241%Aug 8, 2025Yield to maturity4.239%Aug 12, 2025Yield to maturity4.228%Aug 14, 2025Yield to maturity4.185%Aug 18, 2025Yield to maturity4.183%Aug 20, 2025Yield to maturity4.193%Aug 22, 2025Yield to maturity4.160%Aug 26, 2025Yield to maturity4.179%Aug 28, 2025Yield to maturity4.147%Sep 2, 2025Yield to maturity4.093%Sep 4, 2025Yield to maturity4.051%Sep 8, 2025Yield to maturity3.998%Sep 10, 2025Yield to maturity3.976%Sep 12, 2025Yield to maturity3.964%Sep 16, 2025Yield to maturity3.922%Sep 18, 2025Yield to maturity3.901%Sep 22, 2025Yield to maturity3.951%Sep 24, 2025Yield to maturity3.991%Sep 26, 2025Yield to maturity4.030%Sep 30, 2025Yield to maturity4.080%Oct 2, 2025Yield to maturity4.039%Oct 6, 2025Yield to maturity4.047%Oct 8, 2025Yield to maturity4.046%Oct 10, 2025Yield to maturity4.054%Oct 15, 2025Yield to maturity4.094%Oct 17, 2025Yield to maturity4.062%Oct 21, 2025Yield to maturity4.010%Oct 23, 2025Yield to maturity4.009%Oct 27, 2025Yield to maturity4.007%Oct 29, 2025Yield to maturity3.935%Oct 31, 2025Yield to maturity3.943%Nov 4, 2025Yield to maturity3.922%Nov 6, 2025Yield to maturity3.860%Nov 10, 2025Yield to maturity3.929%Nov 13, 2025Yield to maturity3.918%Nov 17, 2025Yield to maturity3.917%Nov 19, 2025Yield to maturity3.926%Nov 21, 2025Yield to maturity3.945%

Price history

82 trading days to Nov 24, 2025

98.5098.7599.0099.2599.5099.75100.00Jul 29, 2025Nov 24, 2025Jul 29, 2025Close98.617Jul 31, 2025Close98.634Aug 4, 2025Close98.712Aug 6, 2025Close98.738Aug 8, 2025Close98.784Aug 12, 2025Close98.810Aug 14, 2025Close98.844Aug 18, 2025Close98.889Aug 20, 2025Close98.909Aug 22, 2025Close98.962Aug 26, 2025Close98.980Aug 28, 2025Close99.010Sep 2, 2025Close99.078Sep 4, 2025Close99.109Sep 8, 2025Close99.164Sep 10, 2025Close99.190Sep 12, 2025Close99.235Sep 16, 2025Close99.264Sep 18, 2025Close99.289Sep 22, 2025Close99.323Sep 24, 2025Close99.337Sep 26, 2025Close99.375Sep 30, 2025Close99.389Oct 2, 2025Close99.417Oct 6, 2025Close99.460Oct 8, 2025Close99.482Oct 10, 2025Close99.536Oct 15, 2025Close99.553Oct 17, 2025Close99.601Oct 21, 2025Close99.628Oct 23, 2025Close99.650Oct 27, 2025Close99.694Oct 29, 2025Close99.721Oct 31, 2025Close99.763Nov 4, 2025Close99.786Nov 6, 2025Close99.810Nov 10, 2025Close99.860Nov 13, 2025Close99.882Nov 17, 2025Close99.925Nov 19, 2025Close99.946Nov 21, 2025Close99.989Nov 24, 2025Close100.000
The most recent 20 trading days of prices for 912797RQ2.
DateBidOfferClose
Nov 24, 2025–99.989100.000
Nov 21, 2025–99.95799.989
Nov 20, 2025–99.94699.957
Nov 19, 2025–99.93699.946
Nov 18, 202599.92599.92599.935
Nov 17, 202599.91499.91499.925
Nov 14, 202599.88299.88299.914
Nov 13, 202599.87199.87199.882
Nov 12, 202599.86199.86199.871
Nov 10, 202599.84199.84199.860
Nov 7, 202599.81199.81199.842
Nov 6, 202599.80099.79999.810
Nov 5, 202599.78699.78599.797
Nov 4, 202599.77699.77599.786
Nov 3, 202599.76399.76299.774
Oct 31, 202599.73099.73099.763
Oct 30, 202599.72199.72199.731
Oct 29, 202599.71099.71099.721
Oct 28, 202599.69599.69599.707
Oct 27, 202599.68299.68299.694

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 912797RQ2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 23, 2025Jul 29, 2025New issue$65.0bn$65.2bn3.55x–
Sep 25, 2025Sep 30, 2025Reopening$85.0bn$85.2bn2.65x–
Oct 23, 2025Oct 28, 2025Reopening$110.0bn$110.3bn2.73x–

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.