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 (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.