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US Treasury Bills

Treasury Bills* are obligations of the U.S. Treasury that pay the investor a fixed sum at the bills' maturity date. They generally provide the lowest yield of any of the short-term money market instruments, but provide the investor the highest degree of security and liquidity.

Terms and Structures

Maturity
One month, three months, and six months
Issued
Offered at a regular auction schedule and on a continuing basis in the secondary market
Form
Treasury Bills are purchased in book entry form and can be held in Wachovia's Institutional Trust Services Custody Department or delivered per instruction
Quoted
On a discount yield basis
Rate Structure
Yields are determined by current interest rates and vary with market conditions, maturities, and transaction size
Interest
The return to the investor is the difference between the discounted purchase price and the face or par value of the bill
Denominations
Available in minimum amounts of $10,000, with $1,000 increments thereafter
Security
As a direct obligation of the U.S. Government, Treasury Bills are generally considered to be the most secure investment vehicle available, although the valuation before maturity will vary with general interest rate levels
Tax Status
Interest from Treasury Bills is subject to federal income tax, but is exempt from state income tax

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* Products and services are offered by Wachovia Capital Markets, LLC ("WCM").

Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member FINRA/SIPC.

Debt and equity underwriting, trading, research and sales, loan syndications agent services, and corporate finance and M&A advisory services are offered by WCM.

Mezzanine capital, private equity, municipal securities trading and sales, cash management, credit, international, leasing and risk management products and services are offered by various non-broker dealer subsidiaries of Wachovia Corporation.

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US Treasury Bills

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