Treasury notes, are similar to T-bonds but are offered in a wide range of terms they mature in two, three, five, or ten years.
T-notes make semiannual interest payments at fixed coupon rates.
The notes usually have $1,000 face values, although those with two- or three-year maturities have $5,000 face values.
Treasury notes are extremely popular investments, as there is a large secondary market that adds to their liquidity.
The 10-year T-note is the most widely tracked government debt instrument in finance, and its yield is often used as a benchmark for other interest rates, such as mortgage rates.