Treasury bills are negotiable and in the UK are, at issue, wholly taken up by the discount houses .
Treasury bills always change hands at a discount , the implicit rate of interest not being paid. Apart from issue at the Treasury bill tender , the bills are also sold through the tap but only to foreign government and overseas banks and as special deposits for banks that undertake not to release them to the open market. Treasury bills were first issued, in the UK, in 1877. The Penguin International Dictionary of Finance 2. The Penguin International Dictionary of Finance 3. instrument The Penguin International Dictionary of Finance 4.