2.11.2. Treasury Notes and BondsTreasury notes are coupon bonds with maturities that range from 2 to 10 years. They are issued in denominations of $100 to $5 million and pay interest semiannually (twice a year). Treasury notes are non-callable, guaranteeing the holder the stated yield to maturity.
Treasury bonds are coupon-paying securities with maturities that range from 10 to 30 years. Like Treasury notes, they are issued in denominations that range from $100 to $5 million and pay interest semiannually. Unlike Treasury notes, however, 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 issued any more of these 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 any government bond. It serves as a benchmark of long-term financing in the U.S. and an indicator of the direction of interest rates.
SUMMARY TABLE
Basic Types of Treasury Securities
Type
Maturity
Purchase Size
Interest Paid
Quotes
Treasury bills
One year or less
$100 up to $5 million
None; price is discount to par
Yield
Treasury notes
Two to ten years
$100 up to $5 million
Semiannually
Bond points in 32nds
Treasury bonds
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