Abstract
This chapter describes the market in US Treasuries, their method of issue, and market structure and conventions. The US Department of the Treasury, which is responsible for revenue collection, funding central government expenditure, and borrowing on behalf of the federal government, issues United States government bonds. Each month the US Treasury publishes data for general circulation on the federal debt, including the terms of each bond issue. This is known as the Monthly Statement of the Public Debt. The US Treasury issues both coupon and discount securities. Coupon securities are conventional coupon bonds of between one and 30 years' maturity that pay on a semi-annual interest basis and repay principal on maturity. Coupon bonds issued with between two and 10 years to maturity are known as Treasury notes, and those issued with original maturities of between 10 and 30 years are known as Treasury bonds.
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