Treasury Bonds (T-Bonds)
Long-term U.S. government debt securities with 20- or 30-year maturities, paying semiannual fixed interest.
What is Treasury Bonds (T-Bonds)?
Auctioned quarterly, T-bonds have minimum denominations of $100, with a 30-year bond issued in August 2025 at 4.625% coupon yielding 4.4%. Outstanding amount is $8 trillion in 2025, used for funding deficits exceeding $1.8 trillion annually. They are callable after 25 years for 30-year bonds.
Yields influence long-term borrowing; the 30-year yield at 4.5% in October 2025 affects corporate bonds (AAA at 4.8%). During inflation spikes, yields rose to 5.0% in 2023, causing price drops of 20% for existing bonds. Foreign holders own 30%, with Japan at $1.1 trillion.
Institutional investors favor them for duration; insurance companies allocate 40% of portfolios to T-bonds.
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