Treasury Bills vs Notes vs Bonds
Redacția Financial World News · Explicație educațională · Cum preluăm randamentele
T-bills: ≤1 year, discount. Notes: 2–10 years, coupon. Bonds: 20–30 years, coupon. Duration and income differ sharply.
Briefingul complet al acestui ghid este în engleză. Titlul, rezumatul și navigarea sunt în limba dvs., ca să decideți dacă citiți mai departe.
Treasury Bills vs Notes vs Bonds — the mechanics
The naming is US-specific. A ‘Treasury bond’ in casual speech often means any Treasury; legally, bonds are the longest coupon securities. Match the tenor to your cash date.
Bills: ≤12 months, sold at a discount, no coupon, quoted on a discount or investment-rate basis depending on the screen. Notes: 2, 3, 5, 7, 10-year coupons, semi-annual. Bonds: 20- and 30-year coupons.
A 26-week bill is a cash-management tool. A 30-year bond is a duration tool. Calling both ‘Treasuries’ is accurate and unhelpful if you skip the tenors.
TIPS and FRNs sit beside this grid. TIPS protect CPI surprise; FRNs protect a rising bill rate. Neither is a 10-year note.
Official sources (US Treasuries)
Primary statistics and prospectuses for US Treasuries are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Concluzii cheie
- Bills: ≤12 months, sold at a discount, no coupon, quoted on a discount or investment-rate basis depending on the screen.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
Întrebări frecvente
- Do notes and bonds both pay coupons?
- Yes, typically semi-annually. Bills do not; you earn the difference between purchase price and par.