Treasury Bonds: FAQs

What are the maturity terms for Treasury bonds?

We sell Treasury bonds in a term of 20 years or 30 years.

How do I know when Treasury bonds will be auctioned?

We auction Treasury bonds monthly. We auction bonds at original issue in February, May, August, and November, and we auction them as reopenings in the other eight months. (For an explanation of reopenings, see the question below.)

For specific dates, see our Tentative Auction Schedule, which shows auction dates months in advance, or "Upcoming Auctions," which shows auctions that we have officially scheduled. (Auctions are officially scheduled only days before they are conducted.)

Also, you can sign up for e-mail notification of auctions.

What are reopenings, premiums, and accrued interest?

In a reopening, we auction additional amounts of a previously issued security. 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 we issue the security to you. However, we pay the accrued interest back to you in your first semiannual interest payment.

These bonds are reopenings: the ones we auction in January, March, April, June, July, September, October, and December.

Do you still issue Treasury bonds in paper form?

No. All Treasury bonds are now issued electronically.

Do some Treasury bonds still exist in paper form?

The last Treasury bonds issued in paper form matured in 2016. For information on paper Treasury bonds, contact us:

  • Send an e-mail
  • Call 844-284-2676 (toll free)
  • Write to:
    Treasury Retail Securities Services
    P.O. Box 9150
    Minneapolis, MN 55480-9150

What was a "called" bond?

For certain Treasury bonds issued before 1985, we reserved the right to stop paying interest before the bonds matured. When we "called" a bond, the bond stopped paying interest on the date of the call, before the maturity date. The final bond call occurred in 2009. No more bonds are eligible to be called.

How can I place a competitive bid for a Treasury bond?

By using a bank, broker, or dealer. (Our system, TreasuryDirect, accepts only noncompetitive bids.)

How do I transfer a Treasury bond from Legacy Treasury Direct* to TreasuryDirect?

Take these steps:

  1. Open an account in TreasuryDirect. (If you already have an account, you may skip this step.)
  2. Complete the form "Security Transfer Request" (FS Form 5179). In the form's section 3, check the box for "Transfer to an Established Online TreasuryDirect Account Number." Your signature on this form must be certified. Your bank may provide this service.
  3. Mail the form to the address shown on the form.

*Legacy Treasury Direct is being phased out.