About Treasury Marketable Securities

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<main id="main"> <section class="jumbo-stage"> <div class="background text-center" style="background-image: url('/images/content/stage-marketables.jpg');"> <div class="container-xxl"> <img src="/images/content-icons/icon-circle-graph.svg" alt=""> <h1>About Treasury Marketable Securities</h1> </div> </div> <div class="container-xxl"> <div class="content"> <div class="content-inner"> <p>The federal government finances its operation in part by selling various types of securities. All these securities are backed by the full faith and credit of the United States government.</p> </div> </div> </div> </section> <section> <div class="section-container container-xxl"> <div class="grid-row-container row "> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="body-copy"> <h2>Quick Links</h2> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/buying-a-marketable-security/">Buying a Treasury Marketable Security</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/redeeming-marketable-securities/">Redeeming a Treasury Marketable Security</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/selling-marketable-securities/">Selling a Treasury Marketable Security</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/tax-forms-and-withholding/">Taxes & 1099 Forms</a></p> </div> </div> </div> </div> <div class="media iconandtext"> <img class="w-line-height h-line-height mr-2" src="/images/content-icons/icon-chevron-orange.svg" alt="" > <div class="media-body"> <div class="negate"> <div class="consume"> <p><a href="/marketable-securities/understanding-pricing/">Understanding Pricing</a></p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="body-copy"> <h2 class="h1">What Does "Marketable" Mean?</h2> </div> <div class="card-deck dual-boxes-group"> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Marketable Securities</h3> <p>"Marketable" means that you can transfer the security to someone else and you can sell the security before it matures (reaches the end of its term). </p> <p>The United States Treasury offers five types of Treasury marketable securities: <a href="/marketable-securities/treasury-bills/">Treasury Bills</a>, <a href="/marketable-securities/treasury-notes/">Treasury Notes</a>, <a href="/marketable-securities/treasury-bonds/">Treasury Bonds</a>, <a href="/marketable-securities/tips/">Treasury Inflation-Protected Securities (TIPS)</a>, and <a href="/marketable-securities/floating-rate-notes/">Floating Rate Notes (FRNs)</a>.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/help-center/glossary/glossary-for-marketable-securities/">Glossary of Treasury Marketable Securities Terms</a> <p></p> </div> </div> </div> </div> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Non-marketable Securities</h3> <p>You can also buy non-marketable U.S. savings bonds from the United States Treasury. They are not marketable because each is registered to one person's social security number. You cannot sell them or transfer them to someone else.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/savings-bonds/">More About U.S. Savings Bonds</a> <p></p> </div> </div> </div> </div> </div> </div> </section> <section class="colored gray"> <div class="section-container container-xxl"> <div class="body-copy"> <h2 class="h1">Types of Treasury Marketable Securities</h2> </div> <div class="card-deck dual-boxes-group"> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Bills</h3> <p>Treasury Bills are short-term securities with five term options, from 4 weeks up to 52 weeks. Bills are sold at face value or at a discount from the face value. When they mature, you're paid the face value. </p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/treasury-bills/">More About Treasury Bills</a> <p></p> </div> </div> </div> </div> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Notes</h3> <p>Treasury Notes are government securities which are issued with maturities of 2, 3, 5, 7, and 10 years. Notes pay interest every six months.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/treasury-notes/">More About Treasury Notes</a> <p></p> </div> </div> </div> </div> </div> <div class="card-deck dual-boxes-group"> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Bonds</h3> <p>Treasury Bonds (different from <a href="/savings-bonds/">U.S. Savings Bonds</a>) pay interest every six months. Historically a 30-year investment, Treasury Bonds are now offered in 20-year terms, as well.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/treasury-bonds/">More About Treasury Bonds</a> <p></p> </div> </div> </div> </div> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Floating Rate Notes (FRNs)</h3> <p>Interest payments on an FRN rise and fall based on the discount rates for 13-week Treasury bills. FRNs are only issued for a term of two years and pay interest quarterly (every three months).</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/floating-rate-notes/">More About Floating Rate Notes</a> <p></p> </div> </div> </div> </div> </div> <div class="card-deck dual-boxes-group"> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Treasury Inflation-Protected Securities (TIPS)</h3> <p>TIPS are Treasury marketable securities whose principal is adjusted by changes in the Consumer Price Index. TIPS pay interest every six months and are issued in terms of 5, 10, and 30 years.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/tips/">More About TIPS</a> <p></p> </div> </div> </div> </div> <div class="dual-box card"> <div class="card-body"> <div class="negate"> <div class="consume"> <h3 class="h2">Separate Trading of Registered Interest and Principal of Securities (STRIPS)</h3> <p>STRIPS let investors hold and trade the individual interest and principal components of eligible Treasury Notes, Bonds, and TIPS separately. STRIPS are popular with investors who want to receive a known payment on a specific future date. They are held and sold only through brokers, dealers, or financial institutions.</p> <a class="d-inline-block mt-4 mb-0 font-large icon-angle-right-solid-red" href="/marketable-securities/strips/">More About STRIPS</a> <p></p> </div> </div> </div> </div> </div> <div class="body-copy"> <h2 class="h1">Past and discontinued securities</h2> <h3><a href="/marketable-securities/historical-information/beccs-cubes/">BECCS & CUBES</a></h3> <p>This program ended in 2006. These U.S. Treasury programs convert stripped bearer securities into book-entry securities that can be held in commercial book-entry accounts with brokers and financial institutions.</p> </div> </div> </section> <section> <div class="section-container container-xxl"> <div class="body-copy"> <h2 class="h1">Auctions & Results</h2> </div> <div class="card-deck"> <div class="subpage-box card"> <a href="/research-center/history-of-marketable-securities/"> <div class="card-body"> <p class="card-text">History of Treasury Marketable Securities</p> </div> </a> </div> <div class="subpage-box card"> <a href="/auctions/upcoming/"> <div class="card-body"> <p class="card-text">Upcoming Auctions</p> </div> </a> </div> <div class="subpage-box card"> <a href="/auctions/results/"> <div class="card-body"> <p class="card-text">Recent Results</p> </div> </a> </div> <div class="subpage-box card"> <a href="/auctions/auction-query/"> <div class="card-body"> <p class="card-text">Historical Auction Search</p> </div> </a> </div> <div class="subpage-box card"> <a href="/laws-and-regulations/marketable-securities-laws-and-regulations/"> <div class="card-body"> <p class="card-text">Treasury Marketable Securities Regulations</p> </div> </a> </div> </div> <div class="body-copy"> <h3 class="h2">How Do I....?</h3> </div> <div class="grid-row-container row "> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="quick-links"> <h3 class="h2">Buying and Selling</h3> <p> <a href="/marketable-securities/buying-a-marketable-security/" target="" rel="">Bid in an Auction <span class="icon-angle-right-solid-blue"></span></a> </p> <p> <a href="/marketable-securities/redeeming-marketable-securities/" target="" rel="">Redeem <span class="icon-angle-right-solid-blue"></span></a> </p> <p> <a href="/marketable-securities/reinvesting-a-marketable-security/" target="" rel="">Reinvesting <span class="icon-angle-right-solid-blue"></span></a> </p> <p> <a href="/marketable-securities/selling-marketable-securities/" target="" rel="">Sell a Security <span class="icon-angle-right-solid-blue"></span></a> </p> </div> </div> </div> </div> <div class="grid-column-container col-md"> <div class="negate"> <div class="consume"> <div class="quick-links"> <h3 class="h2">Managing a Security</h3> <p> <a href="/marketable-securities/transferring-between-systems/" target="" rel="">Transfer a Security <span class="icon-angle-right-solid-blue"></span></a> </p> <p> <a href="/marketable-securities/tax-forms-and-withholding/" target="" rel="">Tracking for Taxes <span class="icon-angle-right-solid-blue"></span></a> </p> </div> </div> </div> </div> </div> </div> </section> <section> <div class="section-container container-xxl"> <div class="body-copy"> <h4 class="h1">We're Here to Help</h4> </div> <div class="row"> <div class="col-md d-flex align-items-center"> <div class="contact-icon mr-3"> <span class="icon-email"></span> </div> <div class="contact-content"> <div class="contact-heading h2"><a href="/contact-us/"" class="no-icon" >Contact Us</a></div> <p class="contact-text"> </p> </div> </div> </div> </div> </section> <button type="button" class="btn btn-td-blue scrollButton d-print-none" onclick="topFunction()" id="myBtn" title="Back to Top" style="display: none; 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