Treasuries are the grouping of fixed income assets that are issued by the US Government.
Treasuries are classified into Bills, Notes, and Bonds, depending upon the preset maturity date of the issuance. Bills are the shortest duration, and have maturity dates from 30 days to one year. Notes have maturity dates from 2 years to 5 years, and Bonds have maturity dates of 10 years or 30 years. These US Government debt instruments are introduced into the market periodically in what is called an Auction Placement. After the initial placement of the debt instruments, they are then either traded by bond traders worldwide, or held in inventory as an investment.