A "Treasury bond" or "T-bond" is a debt obligation issued by the U.S. government, having a maturity of more than 10 years. They exist either as paper certificates or as electronic entries in an account.

T-bonds are issued with a minimum denomination of $1,000. The price and interest rate is determined at auction and the price may be greater than, less than, or equal to the bond's par amount, i.e., face value. Interest is paid semi-annually and the income that the bondholders receive is exempt from state and local taxes. T-bonds have the longest maturity of any bond issued by the U.S. Treasury, from 10 to 30 years. The 30-year bonds are also called "long bonds." Individuals may purchase T-bonds through a broker or directly from the U.S. government at www.treasurydirect.gov.