Glossary: FI Module 05 — Government Issuers
| Term | Definition |
|---|---|
| Sovereign bond | A bond issued by a national government, denominated in domestic or foreign currency |
| Treasury bill (T-bill) | A short-term (≤1 year) zero-coupon government security sold at a discount |
| Treasury note (T-note) | A US government coupon-bearing security with maturity of 2–10 years |
| Treasury bond (T-bond) | A US government coupon-bearing security with maturity >10 years (typically 20–30 years) |
| On-the-run | The most recently issued government security of a given maturity; most liquid |
| Off-the-run | Previously issued government securities; less liquid than on-the-run |
| Municipal bond (muni) | A bond issued by a state, city, or local government entity |
| General obligation (GO) bond | A municipal bond backed by the full faith, credit, and taxing power of the issuer |
| Revenue bond | A municipal bond backed only by the revenue from a specific project or source |
| Supranational bond | A bond issued by a supranational organization (e.g., World Bank, EIB, ADB) |
See also: Credit Risk