Editorial Note on Subchapter A of Chapter II
Editorial Note: Nomenclature changes to subchapter A appear at 78 FR 60697, Oct. 2, 2013.

Editorial Note on Part 356
Editorial Note: Nomenclature changes to part 356 appear at 70 FR 57439, Sept. 30, 2005.

§ 356.5 What types of securities does the Treasury auction? We offer securities under this part exclusively in book-entry form and as direct obligations of the United States issued under Chapter 31 of Title 31 of the United States Code. When we issue additional securities with the same CUSIP number as outstanding securities, we consider them to be the same securities as the outstanding securities. ( a ) *Treasury bills.* ( 1 ) Are issued at a discount or at par, depending upon the auction results;
( 2 ) Are redeemed at their par amount at maturity; and
( 3 ) Have maturities of not more than one year.
( b ) *Treasury notes* — ( 1 ) Treasury non-indexed[1] notes. ( i ) Are issued with a stated rate of interest to be applied to the par amount;
( ii ) Have interest payable semiannually;
( iii ) Are redeemed at their par amount at maturity;
( iv ) Are sold at discount, par, or premium, depending upon the auction results; and
( v ) Have maturities of at least one year, but of not more than ten years.
( 2 ) *Treasury inflation-protected notes.* ( i ) Are issued with a stated rate of interest to be applied to the inflation-adjusted principal on each interest payment date;
( ii ) Have interest payable semiannually;
( iii ) Are redeemed at maturity at their inflation-adjusted principal, or at their par amount, whichever is greater;
( iv ) Are sold at discount, par, or premium, depending on the auction results (See appendix B for price and interest payment calculations and appendix C for Investment Considerations.); and
( v ) Have maturities of at least one year, but not more than ten years.
( vi ) Are only reopened as scheduled or announced.
( 3 ) *Treasury floating rate notes.* ( i ) Are issued with a stated spread to be added to the index rate for daily interest accrual throughout each interest payment period;
( ii ) Have a zero-percent minimum daily interest accrual rate;
( iii ) Have interest payable quarterly;
( iv ) Are redeemed at their par amount at maturity;
( v ) Are sold at discount, par, or premium depending on the auction results (See appendix B for price and interest payment calculations and appendix C for Investment Considerations.); and
( vi ) Have maturities of at least one year, but not more than ten years.
( c ) *Treasury bonds* — ( 1 ) Treasury non-indexed bonds. ( i ) Are issued with a stated rate of interest to be applied to the par amount;
( ii ) Have interest payable semiannually;
( iii ) Are redeemed at their par amount at maturity;
( iv ) Are sold at discount, par, or premium, depending on the auction results; and
( v ) Have maturities of more than ten years.
( 2 ) *Treasury inflation-protected bonds.* ( i ) Are issued with a stated rate of interest to be applied to the inflation-adjusted principal on each interest payment date;
( ii ) Have interest payable semiannually;
( iii ) Are redeemed at maturity at their inflation-adjusted principal, or at their par amount, whichever is greater;
( iv ) Are sold at discount, par, or premium, depending on the auction results; and
( v ) Have maturities of more than ten years. (See appendix B for price and interest payment calculations and appendix C for Investment Considerations.)
( vi ) Are only reopened as scheduled or announced.
[69 FR 45202, July 28, 2004, as amended at 70 FR 57439, Sept. 30, 2005; 74 FR 26086, June 1, 2009; 78 FR 46428, 46429, July 31, 2013; 87 FR 40439, July 7, 2022] Footnotes -
356.5
[1] We use the term “non-indexed” in this part to distinguish such notes and bonds from “inflation-protected securities” and “floating rate notes.” We refer to non-indexed notes and non-indexed bonds as “notes” and “bonds” in official Treasury publications, such as auction announcements and auction results, as well as in auction systems.