国库券 (美国)
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美国的国库券是美国财政部通过公债局（Bureau of the Public Debt）发行的政府债券（Government bond）。其中有四種有價證券（可轉讓證券）：T-Bills、T-Notes、T-Bonds、通漲保值債券（Treasury Inflation Protected Securities，TIPS），還有數種不可轉讓證券，例如：州和地方政府系列債（State and Local Government Series，SLGS）、對政府管理的信託基金發行的政府帳戶債券（Government Account Series debt）、儲蓄債券。可轉讓證券流通性非常高，在二級市場的交易非常活絡，而不可轉讓證券一經購買就不能在市場上交易。
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[编辑] 有价证券
[编辑] T-Bills
是Treasury Bills的简写，美国财政部发行的短期债券，期限不超过一年. 像是零息票債券, 在到期前皆不用付利息; instead they are sold at a discount of the par value to create a positive yield to maturity. Many regard Treasury bills as the least risky investment available to U.S. investors .
Regular weekly T-bills are commonly issued with maturity dates of 28 days (or 4 weeks, about a month), 91 days (或13週, 接近3個月), 182天 (或26週, 接近6 個月), and 364 days (or 52 weeks, about 1 year). Treasury bills are sold by single price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction, usually at 1:00 pm, on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week bills are 星期一公告星期二拍賣, 通常是1:00 pm開始, 並於星期四發行. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday, usually at 1:00 pm, and issuance on Thursday. Purchase orders at TreasuryDirect must be entered before 11:30 on the Monday of the auction. The minimum purchase - 2008/4/7 - 是$100. (相當於以前的 $1,000.) 到期的T-bill 也會溢價回收. 銀行和財政體系, especially primary dealers, are the largest purchasers of T-bills.
Like other securities, individual issues of T-bills are identified with a unique CUSIP number. The 13-week bill issued three months after a 26週bill is considered a re-opening of the 26-week bill and is given the 同樣的CUSIP號碼. The 4週 bill issued two months after that and maturing on the same day is also considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, and maturing on September 20, 2007, has the same CUSIP number (912795A27) as the 13-week bill issued on June 21, 2007, 於2007/9/20到期, and as the 4週国库券於2007/8/23發出直到2007/9/20到期.
當財政嚴重不平衡時, 國庫會發行現金管理債券(或稱 CMBs). 是有折扣並以拍賣方式賣出的国库券就像多週期的国库券. 但差異在於總量並不固定, 期間通常都於21天以下, 並發行、拍賣、到期都在一週中的某一天. 當CMB在不成文規定的慣例日子發行, 通常是星期四, 這種常規性的被稱為循環內CMB會搭上其他公債一起發行並有相同的CUSIP. 當有CMBs 於其他日子到期就被稱為循環外 並且有不同的CUSIP號碼.
Treasury bills are quoted for purchase and sale in the secondary market on an annualized percentage yield to maturity, 或成本基準.
With the advent of TreasuryDirect, individuals can now purchase T-Bills online and have funds withdrawn from and deposited directly to their personal bank account and earn higher interest rates on their savings.
通常公債貼現計算公式如下
[编辑] T-Notes
是Treasury Note的简写，美国财政部发行的中期债券，期限一般为二至十年。
[编辑] T-Bonds
是Treasury Bonds的简写，美国财政部发行的长期债券，期限十年以上。
[编辑] TIPS
Treasury Inflation Protected Securities 又叫通涨保值债券，1997年1月15日由美国财政部首次发行，规模为70亿美元。除了拥有一般国债的固定利率息票外，TIPS的面值会定期按照CPI指数加以调整，以确保投资者本金与利息的真实购买力。
[编辑] STRIPS
拆开债券，又叫分割债券，中国大陆一般称为本息分离债券，是债券的一个品种。
