Finance Investing

Treasury Bills, Notes, and Bonds

A practical guide to U.S. Treasury securities, pricing, yields, auctions, and portfolio use

Treasury Bills, Notes, and Bonds logo
Quick Course Facts
18
Self-paced, Online, Lessons
18
Videos and/or Narrated Presentations
6.1
Approximate Hours of Course Media
About the Treasury Bills, Notes, and Bonds Course

Treasury Bills, Notes, and Bonds is a practical Finance course for investors, professionals, and students who want to understand how U.S. Treasury securities work in real markets. This course explains pricing, yields, auctions, risks, and portfolio use so you can evaluate Treasuries with more confidence and make better-informed fixed income decisions.

Build Practical Finance Skills With Treasury Bills, Notes, And Bonds

  • Learn how Treasury Bills, Notes, and Bonds fit into modern Finance, government borrowing, and the broader fixed income market.
  • Understand a practical guide to U.S. Treasury securities, pricing, yields, auctions, and portfolio use through clear examples and investor-focused explanations.
  • Compare bills, notes, bonds, TIPS, STRIPS, funds, ETFs, CDs, and corporate bonds for income, liquidity, tax treatment, and risk control.
  • Develop skills for reading Treasury quotes, interpreting the yield curve, managing duration, and building Treasury ladders for cash flow and stability.

A practical guide to U.S. Treasury securities, pricing, yields, auctions, and portfolio use.

This course begins with the foundations of the Treasury market, showing how Treasuries support modern Finance and why they are widely used as benchmarks for safety, liquidity, and interest rates. You will compare Treasury Bills, Notes, and Bonds with TIPS and STRIPS, then see how government borrowing and the Treasury issuance cycle shape the securities available to investors.

You will then study how Treasury cash flows work, including the differences between discount instruments, coupon-bearing securities, maturity dates, par value, and accrued interest. The course also covers how to buy and sell Treasuries through auctions, direct purchases, dealers, secondary markets, settlement processes, and liquid market venues.

As the course moves into pricing and yield analysis, you will learn how to read Treasury quotes, connect discount rates to bond prices, calculate yield to maturity, and interpret the Treasury yield curve. These Finance concepts are paired with practical risk lessons on duration, convexity, interest rate risk, reinvestment risk, inflation risk, real returns, and inflation-protected Treasury strategies.

Finally, you will apply Treasury knowledge to investor decisions, including tax treatment, after-tax returns, Treasury ladders, income planning, liquidity management, retirement portfolios, and risk control. After taking this course, you will be able to evaluate Treasury Bills, Notes, and Bonds with a practical framework and use them more effectively in personal, professional, or portfolio Finance decisions.

Course Lessons

Full lesson breakdown

Lessons are organized by topic area and each includes descriptive copy for search visibility and student clarity.

Foundations of the Treasury Market

3 lessons

This lesson explains why U.S. Treasury securities sit at the center of modern finance. Treasuries are not just government borrowing instruments; they are benchmark assets used for pricing, liquidity m…

Lesson 2: Bills, Notes, Bonds, TIPS, and STRIPS Compared

20 min
This lesson compares the main types of marketable U.S. Treasury securities: Treasury bills, notes, bonds, TIPS, and STRIPS. It explains how they differ by maturity, cash-flow structure, inflation prot…

Lesson 3: Government Borrowing and the Treasury Issuance Cycle

18 min
This lesson explains why the U.S. government borrows, how borrowing needs turn into Treasury securities, and how the regular issuance cycle keeps the Treasury market supplied with bills, notes, bonds,…

Cash Flows and Instruments

3 lessons

Lesson 4: How Treasury Bills Work

19 min
This lesson explains how U.S. Treasury bills work as short-term government securities. Students learn why bills are sold at a discount, why they do not pay coupons, and how the investor’s return comes…

Lesson 5: How Treasury Notes and Bonds Work

20 min
This lesson explains how Treasury notes and bonds work as coupon-bearing U.S. government securities. Learners will distinguish notes from bonds by maturity, understand their semiannual coupon payments…

Lesson 6: Coupons, Maturity, Par Value, and Accrued Interest

18 min
This lesson explains the core cash-flow terms used for marketable U.S. Treasury securities: coupon, maturity date, par value, and accrued interest. Students learn how Treasury notes and bonds pay semi…

Buying and Selling Treasuries

2 lessons

Lesson 7: Treasury Auctions and Direct Purchases

21 min
This lesson explains how U.S. Treasury auctions work and how individual investors can buy Treasury bills, notes, and bonds directly or through a brokerage platform. It focuses on practical decisions: …

Lesson 8: Secondary Markets, Dealers, Settlement, and Liquidity

19 min
This lesson explains how Treasury bills, notes, and bonds trade after issuance in the secondary market. Learners will see why the Treasury market is often described as highly liquid, while also learni…

Pricing and Yield Analysis

3 lessons

Lesson 9: Reading Treasury Quotes and Market Screens

18 min
This lesson teaches students how to read Treasury market quotes on broker platforms, financial news sites, and institutional screens. It focuses on the fields investors actually need: coupon, maturity…

Lesson 10: Discount Rates, Bond Prices, and Yield to Maturity

22 min
This lesson connects the main Treasury price and yield concepts investors use every day: discount rates for Treasury bills, clean and dirty prices for coupon securities, and yield to maturity for note…

Lesson 11: The Treasury Yield Curve and What It Signals

21 min
This lesson explains how the U.S. Treasury yield curve organizes Treasury yields by maturity and why its shape matters for investors, borrowers, and policymakers. Learners will distinguish normal, fla…

Risk and Return

3 lessons

Lesson 12: Duration, Convexity, and Interest Rate Risk

23 min
This lesson explains how Treasury prices respond to changing interest rates using duration and convexity. Students learn why longer-maturity and lower-coupon Treasuries usually carry more price risk, …

Lesson 13: Reinvestment Risk, Inflation Risk, and Real Returns

20 min
This lesson explains three risks that affect Treasury investors even when default risk is extremely low: reinvestment risk, inflation risk, and the gap between nominal and real returns. Students learn…

Lesson 14: TIPS and Inflation-Protected Treasury Strategies

21 min
This lesson explains how Treasury Inflation-Protected Securities, or TIPS, change the risk and return profile of a Treasury portfolio. It focuses on the mechanics that matter to investors: CPI-based p…

Practical Investor Decisions

2 lessons

Lesson 15: Tax Treatment and After-Tax Treasury Returns

18 min
This lesson turns Treasury tax rules into practical investor decisions. Students learn how Treasury bill discount income, note and bond coupon income, and secondary-market gains or losses affect after…

Lesson 16: Building Treasury Ladders for Income and Liquidity

23 min
This lesson shows how Treasury ladders can turn individual bills, notes, and bonds into a practical system for recurring cash flow, planned liquidity, and disciplined reinvestment. Students learn how …

Portfolio Construction

2 lessons

Lesson 17: Treasuries Versus Funds, ETFs, CDs, and Corporate Bonds

22 min
This lesson compares owning individual Treasury securities with using Treasury funds, Treasury ETFs, CDs, and corporate bonds inside a portfolio. The focus is not on finding a universally “best” instr…

Lesson 18: Using Treasuries in Retirement, Cash Management, and Risk Control

24 min
This lesson shows how U.S. Treasury bills, notes, and bonds can be used inside real portfolios for retirement income, cash reserves, liquidity planning, and risk control. The focus is practical portfo…
About Your Instructor
Professor Christina Ross

Professor Christina Ross

Professor Christina Ross guides this AI-built Virversity course with a clear, practical teaching style.