Treasury security

자료: http://en.wikipedia.org/wiki/Treasury_security#Nonmarketable_Securities

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Treasury securities are government bonds issued by the United States Department of the Treasury through the Bureau of the Public Debt. They are the debt financing instruments of the U.S. Federal government, and they are often referred to simply asTreasuries or Treasurys. 

(1) There are four types of marketable treasury securities: 

• Treasury bills, 
• Treasury notes, 
• Treasury bonds, and 
• Treasury Inflation Protected Securities (TIPS). 
  

(2) There are several types of non-marketable treasury securities including:

• State and Local Government Series (SLGS) (debt issued to government-managed trust funds), 
• Government Account Series debt issued to government-managed trust funds, and
• savings bonds. 

All of the marketable Treasury securities are very liquid and are heavily traded on the secondary market. The non-marketable securities (such as savings bonds) are issued to subscribers and cannot be transferred through market sales.

Contents  [hide] 1 Marketable Secs 1.1 Directly issued by the US Government 1.1.1 Treasury bill 1.1.2 Treasury note 1.1.3 Treasury bond 1.1.4 TIPS 1.2 Created by the Financial Industry 1.2.1 STRIPS 2 Nonmarketable Securities 2.1 Zero-Percent Certificate of Indebtedness 2.2 U.S. Savings Bonds 2.2.1 Series EE 2.2.2 Series I Savings Bonds 3 See also 4 References 5 External links

Nonmarketable Securities

[edit]Zero-Percent Certificate of Indebtedness

The "Certificate of Indebtedness" is a Treasury security that does not earn any interest and has no fixed maturity. It can only be held in a TreasuryDirect account and bought or sold directly through the Treasury. It is intended to be used as a source of funds for traditional Treasury security purchases. Purchases and redemptions can be made at any time.

[edit]U.S. Savings Bonds

[edit]Series EE

Series EE bonds are issued at 50% of their face value and reach final maturity 30 years from issuance. Interest is paid semiannually and added to the current value of the bond. They are designed to reach face value in approximately 17 years although an investor can hold them for up to 30 years and continue to accrue interest. For bonds issued before May of 2005 the rate of interest is recomputed every six months at 90% of the average five-year Treasury yield for the preceding six months. Bonds issued in May of 2005 or later pay a fixed interest rate for the life of the bond, although the Treasury does guarantee that the bond will reach face value after 20 years. In the space of a decade, interest dropped from well over 5% to 1.4% for new bonds in 2008.^[1]

Interest is taxable at the federal level only. Investors can elect to defer taxation until the bond ceases to pay interest (30 years after issuance) or until it is redeemed.

[edit]Series I Savings Bonds

Series I bonds are issued at face value and have a variable yield based on inflation. The interest rate consists of two components: the first is a fixed rate which will remain constant over the life of the bond and the second is a variable rate reset every six months from the time the bond is purchased based on the current inflation rate. New rates go into effect on May 1 and November 1 of every year.^[2] The fixed rate is determined by the Treasury Department; the variable component is based on the Consumer Price Index from a six month period ending one month prior to the reset time. Like EE bonds, I bonds are issued to individuals with a limit of $5,000 per person (by Social Security Number) per year. A person may purchase the limit of both paper and electronic bonds for a total of $10,000 per year. Selling the bonds before five years will incur a penalty of three months of interest.^[3] As of mid-2008, the fixed component had declined over a decade from more than 3% to nothing—0% for new bonds.^[4]