Treasury Note

A Treasury note, sometimes called a T-note, is a marketable U.S. government debt security with a fixed interest rate and a maturity between one and 10 years.

Treasury notes are available from the government with either a competitive or noncompetitive bid. With a competitive bid, investors specify the yield they want, at the risk that their bid may not be approved; with a noncompetitive bid, investors accept whatever yield is determined at auction.

Issued in maturities of two, three, five, seven and 10 years, Treasury notes are extremely popular investments, because there is a big secondary market that adds to liquidity. Interest payments are made every six months until maturity. The income for interest payments is federally taxed, similar to a Treasury bond or a Treasury bill.

Treasury notes, bonds, and bills are all types of debt obligations issued by the U.S. Treasury. The key difference between them is their length of maturity. For example, a Treasury bond’s maturity exceeds 10 years and goes up to 30 years, making Treasury bonds the longest-dated, sovereign fixed-income security.

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