A T-Bill is not a bond.

  • issued by the federal government for terms of 91 or 182 days
  • in bearer form (nearly always)
  • denominations: $1000, $5,000, $25,000, $100,000, $1 million
  • pay no interest: sold at a discount (below par/face value) and mature at par
  • return = yield = different than issue price and par
  • return taxed as income (not capital gains)

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