Will I receive semiannual interest payments if I own a Treasury bill?
No. The only payment to you occurs when your bill matures. At that time, you are paid the face value of the bill. (Bills are sold at a discount from their face value.)
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How do I know when bills will be auctioned?
Typically, auctions for 13-week and 26-week bills occur on Monday and 4-week bills on Tuesday. Cash management bills aren't auctioned according to a schedule.
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How do I know when notes will be auctioned?
2-year notes every month, 3-year notes every quarter, 5-year notes every month, and 10-year notes eight times a year.
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How do I know when TIPS will be auctioned?
5-year TIPS are auctioned in April and October, 10-year TIPS in January, April, July, and October, and 20-year TIPS in January and July.
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Where do I find the auction calendar?
For specific dates, see the Tentative Auction Calendar, which shows auction dates months in advance, or "Upcoming Treasury Marketable Securities Auctions," which shows auctions that have been officially scheduled. (Auctions are officially scheduled only days before they are conducted.)
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Are Treasuries issued in paper form?
No. All Treasuries are now issued and held electronically. Paper Treasuries were issued in the past, but all of them have matured.
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How can I place a competitive bid for?
To place a competitive bid, see the Treasury Auction section.
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What are the maturity terms for Treasury bills?
Among bills auctioned on a regular schedule, there are three terms: 4 weeks, 13 weeks, and 26 weeks. Another bill, the cash management bill, isn't auctioned on a regular schedule. It is issued in variable terms, usually of only a matter of days.
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What are the maturity terms for Treasury notes?
Treasury notes are issued in terms of 2 years, 3 years, 5 years, and 10 years.
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What are the maturity terms for Treasury bonds?
We sell Treasury bonds in a term of 30 years.
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What are the maturity terms for TIPS?
The maturity terms for TIPS are 5 years, 10 years and 20 years
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What are reopenings, premiums and accrued interest?
In a reopening, additional amounts of a previously issued security are auctioned. Reopened securities have the same maturity date and interest rate as the original securities, but a different issue date and usually a different price.When you buy a reopened security, you have to pay a premium if the price of the security at reopening is greater than the face value of the security. The price of the reopened security will be determined at auction. Because the security is being auctioned at two separate times, market conditions probably won't be the same and, therefore, the prices likely won't be the same either.
Also, when you buy a reopened security, regardless of its price, you may have to pay accrued interest - interest the security earns from the original issue date of the security until the date the security is issued to you. However, the accrued interest is paid back to you in your first semiannual interest payment.
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What are TIPS?
TIPS -- Treasury Inflation-Protected Securities -- are marketable Treasury securities whose principal is adjusted according to changes in the Consumer Price Index. With inflation, the principal increases. With deflation, it decreases.
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What happens to TIPS if deflation occurs?
The principal is adjusted downward, and your interest payments are less than they would be if inflation occurred or if the Consumer Price Index remained the same. You have this safeguard: at maturity, if the adjusted principal is less than the security's original principal, you are paid the original principal.
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How can I calculate the inflation adjustment to my principal?
Treasury provides TIPS Inflation Index Ratios to allow you to easily calculate the change to principal resulting from changes in the Consumer Price Index. To determine
your inflation-adjusted semi-annual interest payment, simply follow this three step process:
1. Locate your TIPS on the TIPS Inflation Index Ratios page. Follow the link and locate the Index Ratio that corresponds to the interest payment date for your security.
2. Multiply your original principal amount by the Index Ratio. This is your inflation-adjusted principal.
3. Multiply your inflation-adjusted principal by half the stated Coupon rate on your security (i.e., 2%). The resulting number is your semi-annual interest payment.
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Can I be taxed for TIPS earnings before I receive payment for those earnings?
Yes. If the principal of your TIPS grows in a given year, that growth will be taxed as income in that year, even if your security hasn't matured and, therefore, you haven't received payment of the principal.
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How do I know when Treasury bonds will be auctioned?
We auction Treasury bonds twice a year, in February and August.
For specific dates, see our Tentative Auction Calendar, which shows auction dates months in advance, or "Upcoming Treasury Marketable Securities Auctions," which shows auctions that we have officially scheduled. (Auctions are officially scheduled only days before they are conducted.)
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Do some Treasury bonds still exist in paper form?
Yes. These are Treasury bonds that were issued in paper form and haven't matured. If you own one of these, you can convert it to electronic form and hold it in an account, or keep it in paper form. For information on paper Treasury bonds, contact:
- Call 304-480-7537
- Write to:
Definitives Section
Bureau of the Public Debt
P.O. Box 426
Parkersburg, WV 26106-0426