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Treasury Coupon Issues
“Coupon issues” are Treasury securities that pay periodic interest (coupons), such as notes and bonds. Coupon issuance is usually discussed alongside auction schedules, demand measures, and the role of coupons in benchmark yield curves.
What People Mean by “Coupon”
- Coupon payment: the interest payment made on a schedule (often semiannual).
- Coupon rate: the stated annual interest rate on the security.
- Price and yield: the market yield changes as prices change.
Auction and Issuance Concepts
- New issue vs re-opening: creating a new security versus adding to an existing one.
- Benchmarks: large, liquid issues used as references for pricing.
- Demand indicators: bid-to-cover and tails help summarize auction outcomes.