A U.S. Treasury security with a maturity greater than 10 years. Treasury bonds are usually issued with maturities of 30 years and pay interest every six months. At maturity, the investor is paid the face value of the bond. The price and yield of a T-bond are determined at auction. The price may be greater than, less than, or equal to the face value. The bonds are sold through TreasuryDirect and by banks, brokers and dealers.