1, with different properties:
Treasury bill is a kind of government bond issued by the national financial organ to make up for the imbalance of national treasury revenue and expenditure;
Short-term national debt is a kind of short-term government bonds issued by the central government to raise financial funds.
2. Different deadlines:
The term of national debt is generally below 1 year;
The term of short-term national debt is generally above 1 year.
3. Different forms:
National debt is a physical bond;
Short-term treasury bonds are book-entry bonds and voucher bonds.
2. Short-term Treasury bills:
1. Short-term treasury bonds are short-term bonds issued by government departments, which are mainly used to make up the fiscal deficit and provide financing for maturing treasury bonds. Because of the guarantee of government credit, there is almost no default risk of short-term treasury bills; At the same time, because of the short term, there is an active secondary market for trading, and short-term treasury bonds are highly liquid. It is precisely because of these characteristics that short-term treasury bills are welcomed by investors and are the most important money market tools.
2. It also refers to debt securities issued by the US government with a maturity of less than one year. Short-term treasury bonds are sold through bidding procedures, and the price is discounted relative to the face value, so they will not pay fixed interest like most other bonds. Short-term treasury bills, referred to as bills, are a kind of treasury bills. It is one of the most important and active credit tools in the money market. The government promises to pay a certain amount of debt securities to the holders after a certain period (usually not more than one year) from the date of issuance.
This kind of securities is sold at a discount by the Ministry of Finance by auction, and the difference between the face value and the issue price is the reward of investment. It can be divided into three months, six months, nine months and one year, but three months account for the vast majority. National debt has the characteristics of no credit risk, high liquidity and easy transfer.
3. Long-term national debt:
Long-term treasury bonds refer to all kinds of interest rate futures with futures contracts ranging from 10 to 30 years, including treasury bonds futures and municipal bond index futures, which have the advantages of timely repayment of principal and interest and high market liquidity.