[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR356.5]

[Page 370]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 356_SALE AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, 
AND BONDS (DEPARTMENT OF THE TREASURY CIRCULAR, PUBLIC DEBT SERIES NO. 
1-93)--Table of Contents
 
                      Subpart A_General Information
 
Sec.  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. The securities are subject to the 
terms and conditions in this part, the regulations in 31 CFR part 363 
(for securities held in TreasuryDirect), the regulations in 31 CFR part 
357 (for securities held in the commercial book-entry system and Legacy 
Treasury Direct), and the auction announcements. 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;
    (2) Are redeemed at their par amount at maturity; and
    (3) Have maturities of not more than one year.
    (b) Treasury notes--(1) Treasury fixed-principal\1\ notes.
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    \1\ We use the term ``fixed-principal'' in this part to distinguish 
such securities from ``inflation-protected'' securities. We refer to 
fixed-principal notes and fixed-principal bonds as ``notes'' and 
``bonds'' in official Treasury publications, such as auction 
announcements and auction results press releases, as well as in auction 
systems.
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    (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.
    (c) Treasury bonds--(1) Treasury fixed-principal 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.)

[69 FR 45202, July 28, 2004, as amended at 70 FR 57439, Sept. 30, 2005]

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