T-bills are short-term government debt instruments with maturities of one year or less, and they are sold at a discount without paying a coupon. T-Notes represent the medium-term maturities of 2, 3, 5, 7, and 10 years. These are issued at par ($100) and pay semi-annual interest. T-Bonds are otherwise identical to T-notes but have maturities of 30 years (or longer in some cases).