Treasury bill · Matured

912797RY5

Original term
17-Week
Maturity
Dec 23, 2025
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Dec 22, 2025
Analyzed through
Dec 19, 2025

Still priced, no longer analyzed. Risk numbers below are as of Dec 19, 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 19, 2025

Yield to maturity
3.600%
Modified duration
0.003 yr
DV01
0.0000
Convexity
0.000
Dirty price
99.990

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 0.00 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, 80 observations

3.5%3.6%3.7%3.8%3.9%4.0%4.1%4.2%Aug 26, 2025Dec 19, 2025Aug 26, 2025Yield to maturity4.161%Aug 28, 2025Yield to maturity4.140%Sep 2, 2025Yield to maturity4.127%Sep 4, 2025Yield to maturity4.074%Sep 8, 2025Yield to maturity3.989%Sep 10, 2025Yield to maturity3.988%Sep 12, 2025Yield to maturity3.987%Sep 16, 2025Yield to maturity3.965%Sep 18, 2025Yield to maturity3.964%Sep 22, 2025Yield to maturity3.942%Sep 24, 2025Yield to maturity3.962%Sep 26, 2025Yield to maturity3.960%Sep 30, 2025Yield to maturity3.969%Oct 2, 2025Yield to maturity3.948%Oct 6, 2025Yield to maturity3.956%Oct 8, 2025Yield to maturity3.956%Oct 10, 2025Yield to maturity3.964%Oct 15, 2025Yield to maturity3.963%Oct 17, 2025Yield to maturity3.951%Oct 21, 2025Yield to maturity3.960%Oct 23, 2025Yield to maturity3.959%Oct 27, 2025Yield to maturity3.948%Oct 29, 2025Yield to maturity3.926%Oct 31, 2025Yield to maturity3.955%Nov 4, 2025Yield to maturity3.954%Nov 6, 2025Yield to maturity3.902%Nov 10, 2025Yield to maturity3.941%Nov 13, 2025Yield to maturity3.930%Nov 17, 2025Yield to maturity3.928%Nov 19, 2025Yield to maturity3.928%Nov 21, 2025Yield to maturity3.946%Nov 25, 2025Yield to maturity3.966%Nov 28, 2025Yield to maturity3.953%Dec 2, 2025Yield to maturity3.841%Dec 4, 2025Yield to maturity3.748%Dec 8, 2025Yield to maturity3.777%Dec 10, 2025Yield to maturity3.756%Dec 12, 2025Yield to maturity3.734%Dec 16, 2025Yield to maturity3.683%Dec 18, 2025Yield to maturity3.570%Dec 19, 2025Yield to maturity3.600%

Price history

81 trading days to Dec 22, 2025

98.5098.7599.0099.2599.5099.75100.00Aug 26, 2025Dec 22, 2025Aug 26, 2025Close98.672Aug 28, 2025Close98.701Sep 2, 2025Close98.760Sep 4, 2025Close98.798Sep 8, 2025Close98.865Sep 10, 2025Close98.887Sep 12, 2025Close98.930Sep 16, 2025Close98.957Sep 18, 2025Close98.979Sep 22, 2025Close99.027Sep 24, 2025Close99.043Sep 26, 2025Close99.086Sep 30, 2025Close99.105Oct 2, 2025Close99.132Oct 6, 2025Close99.172Oct 8, 2025Close99.194Oct 10, 2025Close99.246Oct 15, 2025Close99.267Oct 17, 2025Close99.312Oct 21, 2025Close99.332Oct 23, 2025Close99.353Oct 27, 2025Close99.398Oct 29, 2025Close99.422Oct 31, 2025Close99.461Nov 4, 2025Close99.483Nov 6, 2025Close99.511Nov 10, 2025Close99.559Nov 13, 2025Close99.582Nov 17, 2025Close99.625Nov 19, 2025Close99.646Nov 21, 2025Close99.687Nov 25, 2025Close99.707Nov 28, 2025Close99.762Dec 2, 2025Close99.790Dec 4, 2025Close99.816Dec 8, 2025Close99.855Dec 10, 2025Close99.877Dec 12, 2025Close99.918Dec 16, 2025Close99.939Dec 18, 2025Close99.961Dec 22, 2025Close100.000
The most recent 20 trading days of prices for 912797RY5.
DateBidOfferClose
Dec 22, 2025–99.990100.000
Dec 19, 2025–99.96199.990
Dec 18, 2025–99.95199.961
Dec 17, 2025–99.94199.951
Dec 16, 202599.92999.92999.939
Dec 15, 202599.91899.91899.928
Dec 12, 202599.88999.88899.918
Dec 11, 202599.87899.87799.888
Dec 10, 202599.86699.86699.877
Dec 9, 202599.85699.85599.866
Dec 8, 202599.84599.84599.855
Dec 5, 202599.81599.81499.845
Dec 4, 202599.80599.80499.816
Dec 3, 202599.79499.79399.804
Dec 2, 202599.77999.77899.790
Dec 1, 202599.76399.76299.775
Nov 28, 202599.73099.72999.762
Nov 26, 202599.70699.70599.726
Nov 25, 202599.69799.69799.707
Nov 24, 202599.68799.68799.697

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 912797RY5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 20, 2025Aug 26, 2025New issue$65.0bn$65.2bn3.14x–
Oct 23, 2025Oct 28, 2025Reopening$95.0bn$95.3bn2.77x–
Nov 20, 2025Nov 25, 2025Reopening$110.0bn$110.3bn2.75x–

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.