Treasury notes, or T-notes, are issued in terms of 2, 3, 5, 7, and 10 years, and pay interest every six months until they mature. The price of a note may be greater than, less than, or equal to the face value of the note. For a full discussion of the price of a note, see Treasury Notes: Rates and Terms. Daily Treasury Bill Rates: These rates are the daily secondary market quotation on the most recently auctioned Treasury Bills for each maturity tranche (4-week, 8-week, 13-week, 26-week, and 52-week) for which Treasury currently issues new Bills. Market quotations are obtained at approximately 3:30 PM each business day by the Federal Reserve Bank of New York. T-bills do not pay any coupon they are floated as a zero-coupon bond to the investors, they are issued at discounts and the investors receive the face value at the end of the tenure which is the return on their investment. Bonds pay interest in the form of a coupon to the investors quarterly or semi-annually.