Source
Source Direct source Direct source Data Characteristics Data Characteristics Other data characteristics Other data characteristics1. Introduction
2. Description of debt instruments
2.1 Marketable debt
2.1.1 Money market instruments
2.1.1.1 Treasury bills
The US Treasury issues bills on a regular weekly basis. Regular Treasury bill offerings are available in 4-, 13-, 26-week maturities. Cash management bills are issued as needed and may vary in maturity from one day to as long as a year. Treasury bills are sold at discount and do not pay interest at intervals. The 52-week bill was re-introduced in June 2008. The bills are offered every four weeks, concurrently with the 4-week bill.
2.1.1.2 Commercial papers
None.
2.1.1.3 Other
None.
2.1.2 Bonds
2.1.2.1 Fixed rate income instruments
2.1.2.1.1 Short-term bonds
None.
2.1.2.1.2 Medium-term bonds
Securities with maturities from 2 to 5 years are referred to as "notes"; 2-, 3- and 5-year maturities are currently offered monthly. All Treasury notes and bonds pay interest at 6-month intervals. The interest rate is determined in the auction of the security. Marketable Treasury securities are offered in single price auctions.
2.1.2.1.3 Long-term bonds
For this survey, long-term securities have a maturity greater than 5 years. Treasury currently offers monthly 7- and 10-year notes, and 30-year bonds. These securities also pay interest in 6- month intervals based on the rate determined in the auction.
2.1.2.2 Index-linked bonds
Treasury began offering Treasury Inflation Protected Securities (TIPS) in January 1997, and currently offers maturities of 5-, and 10-year notes, and 30-year bonds. These securities pay interest at 6-month intervals. As announced in the November 2009 Quarterly Refunding policy statement, Treasury re-introduced the 30-year TIPS bond and eliminated the 20-year TIPS bond. The interest payment and principal adjusts in value with a 3-month lag; tracking changes in the consumer price index calculated by the US Labor Department. The inflation adjustments are added to the principal of the notes and are payable at maturity.
2.1.2.3 Variable-rate notes
None.
2.1.2.4 Other
None.
2.2 Non-marketable debt
2.2.1 Savings bonds
The gross issuance amount is the Y-O-Y change in net issuance plus accruals. Currently savings bonds are offered with both fixed and inflation-linked rates. They may be purchased in USD 50, USD 75, USD 100, USD 200, USD 500, USD 1000, USD 5000 and USD 10000 denominations. The maximum purchase amount in a given calendar year is USD 5000. Savings bonds may also be purchased and held electronically in Treasury Direct. Beginning May 2005, newly issued Series EE bonds will earn fixed rates. The new fixed rate will apply for the 30-year life of each bond, which includes a 10-year extended maturity period; unless a different rate or rate structure is announced and applied at the start of the extension period. Series EE bonds issued prior to 1 May, 2005, will continue to be governed by the terms in effect when they were issued. If redemption of EE/E Bonds occurs in the first 5 years, the 3 most-recent months' interest has to be forfeited. Series I bonds earnings are added to the bond each month and interest is compounded semi-annually. The earnings rate of I Bonds is a combination of two separate rates: a fixed rate of return and a semi-annual inflation rate. A fixed rate applies to all bonds to be issued during the 6 months from the date of the announcement. The semi-annual inflation rate is also announced every May and November and is based on changes in the Consumer Price Index for all urban consumers (October through March, April through September). The semi-annual inflation rate is then combined with the fixed rate of an I Bond to determine the bond's earnings rate for the next 6 months. I Bonds earn interest for up to 30 years.
2.2.2 Other
SLGS--The State and Local Government Series (SLGS) securities program was established in 1972 as the result of federal legislation enacted in 1969 which restricted state and local governments from earning arbitrage profits by investing bond proceeds in higher yielding investments. SLGS securities are offered for sale to issuers of state and local government tax-exempt debt to assist with compliance of yield restriction or arbitrage rebate provisions of the Internal Revenue Code. Subscribers may invest in time deposit or demand deposit types of securities.
3. Selling techniques
Marketable securities are offered in single price auctions. There is a minimum amount required, currently USD 100, and maximum amounts that any one participant may take of an auction, details of the process appear in the Offering Circular. Savings bonds are sold to U.S. citizens, residents, and workers of any age with a valid US social security number.
4. Other information
4.1 Valuation of debt instruments
At nominal value.
4.2 Fiscal year
Ends on 30 September.
4.3 Estimates
None.
4.4 Maturity structure
The average term to maturity is the average maturity of interest bearing total marketable debt outstanding as of the end of the fiscal year.
4.5 Duration
1. Introduction
2. Description of debt instruments
2.1 Marketable debt
2.1.1 Money market instruments
2.1.1.1 Treasury bills
The US Treasury issues bills on a regular weekly basis. Regular Treasury bill offerings are available in 4-, 13-, 26-week maturities. Cash management bills are issued as needed and may vary in maturity from one day to as long as a year. Treasury bills are sold at discount and do not pay interest at intervals. The 52-week bill was re-introduced in June 2008. The bills are offered every four weeks, concurrently with the 4-week bill.
2.1.1.2 Commercial papers
None.
2.1.1.3 Other
None.
2.1.2 Bonds
2.1.2.1 Fixed rate income instruments
2.1.2.1.1 Short-term bonds
None.
2.1.2.1.2 Medium-term bonds
Securities with maturities from 2 to 5 years are referred to as "notes"; 2-, 3- and 5-year maturities are currently offered monthly. All Treasury notes and bonds pay interest at 6-month intervals. The interest rate is determined in the auction of the security. Marketable Treasury securities are offered in single price auctions.
2.1.2.1.3 Long-term bonds
For this survey, long-term securities have a maturity greater than 5 years. Treasury currently offers monthly 7- and 10-year notes, and 30-year bonds. These securities also pay interest in 6- month intervals based on the rate determined in the auction.
2.1.2.2 Index-linked bonds
Treasury began offering Treasury Inflation Protected Securities (TIPS) in January 1997, and currently offers maturities of 5-, and 10-year notes, and 30-year bonds. These securities pay interest at 6-month intervals. As announced in the November 2009 Quarterly Refunding policy statement, Treasury re-introduced the 30-year TIPS bond and eliminated the 20-year TIPS bond. The interest payment and principal adjusts in value with a 3-month lag; tracking changes in the consumer price index calculated by the US Labor Department. The inflation adjustments are added to the principal of the notes and are payable at maturity.
2.1.2.3 Variable-rate notes
None.
2.1.2.4 Other
None.
2.2 Non-marketable debt
2.2.1 Savings bonds
The gross issuance amount is the Y-O-Y change in net issuance plus accruals. Currently savings bonds are offered with both fixed and inflation-linked rates. They may be purchased in USD 50, USD 75, USD 100, USD 200, USD 500, USD 1000, USD 5000 and USD 10000 denominations. The maximum purchase amount in a given calendar year is USD 5000. Savings bonds may also be purchased and held electronically in Treasury Direct. Beginning May 2005, newly issued Series EE bonds will earn fixed rates. The new fixed rate will apply for the 30-year life of each bond, which includes a 10-year extended maturity period; unless a different rate or rate structure is announced and applied at the start of the extension period. Series EE bonds issued prior to 1 May, 2005, will continue to be governed by the terms in effect when they were issued. If redemption of EE/E Bonds occurs in the first 5 years, the 3 most-recent months' interest has to be forfeited. Series I bonds earnings are added to the bond each month and interest is compounded semi-annually. The earnings rate of I Bonds is a combination of two separate rates: a fixed rate of return and a semi-annual inflation rate. A fixed rate applies to all bonds to be issued during the 6 months from the date of the announcement. The semi-annual inflation rate is also announced every May and November and is based on changes in the Consumer Price Index for all urban consumers (October through March, April through September). The semi-annual inflation rate is then combined with the fixed rate of an I Bond to determine the bond's earnings rate for the next 6 months. I Bonds earn interest for up to 30 years.
2.2.2 Other
SLGS--The State and Local Government Series (SLGS) securities program was established in 1972 as the result of federal legislation enacted in 1969 which restricted state and local governments from earning arbitrage profits by investing bond proceeds in higher yielding investments. SLGS securities are offered for sale to issuers of state and local government tax-exempt debt to assist with compliance of yield restriction or arbitrage rebate provisions of the Internal Revenue Code. Subscribers may invest in time deposit or demand deposit types of securities.
3. Selling techniques
Marketable securities are offered in single price auctions. There is a minimum amount required, currently USD 100, and maximum amounts that any one participant may take of an auction, details of the process appear in the Offering Circular. Savings bonds are sold to U.S. citizens, residents, and workers of any age with a valid US social security number.
4. Other information
4.1 Valuation of debt instruments
At nominal value.
4.2 Fiscal year
Ends on 30 September.
4.3 Estimates
None.
4.4 Maturity structure
The average term to maturity is the average maturity of interest bearing total marketable debt outstanding as of the end of the fiscal year.