Treasury Bills, Bonds and Notes:
The purpose of this post is to provide the reader with a description of the investment terms “Treasury Bills, Treasury Bonds and Treasury Notes.” Please keep in mind that this post is being provided for educational purposes only. Consequently, it is not designed to be complete in all material respects. Thus, it is should not be relied upon as legal or investment advice. If the reader has any questions relative to this post, please contact a qualified professional.
Treasury bonds, bills and notes are negotiable debt obligations of the U.S. government, secured by the full faith and credit and issued at various schedules and maturities.
Treasury Bills are short-term securities with maturities of one year or less issued at a discount from face value. Auctions of 91-day and 182-day bills take place weekly, and the yields are watched closely in the money markets for signs of interest rate trends. Many floating-rate loans and variable-rate mortgages have interest rates tied to these bills. The Treasury also auctions 52-week bills once every four weeks. At times it also issues very short-term cash management bills, tax anticipation bills and treasury certificates of indebtedness.
Treasury bonds are long-term debt instruments, with maturities of 10 years or longer issued in minimum denominations of $1,000.
Treasury notes are intermediate securities with maturities of 1 to 10 years. The notes are sold by cash subscription, in exchange for outstanding or maturing government issues, or at auction.
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