Treasury Notes and Bonds
Treasury notes are coupon bonds having a maturity ranging from 2 to 10 years. They are issued in denominations of $100 to $5 million and pay interest semiannually. Treasury notes are non-callable, guaranteeing the holder the stated yield to maturity.
Treasury bonds are coupon securities having maturities from 10 to 30 years. They are issued in denominations that range from $100 to $5 million and pay interest semiannually. Unlike Treasury notes, Treasury bonds may have a call feature. Prior to 1985 the Treasury issued bonds with a 5- or 10-year call feature, and while it has not done so since, it is not precluded from doing so in the future.
The 30-year bond is often called the “long bond” by traders, because it has the longest maturity of government bonds. It serves as a benchmark of long-term financing in the U.S. and an indicator of the direction of interest rates.
Basic Types of Treasury Securities
Type
Maturity
Purchase Size
Interest Paid
Quotes
Treasury bills
One year or less
$100 up to $5 million
None
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