A type of treasury security that constitutes a mid-term debt obligation in the form of a uniform security (fixed income security) issued and backed by a treasury department in a country. T-notes (treasury notes) have a a maturity of more than one year and up to 10 years, i.e., usually for standard terms such as 2, 3, 5, 7, or 10 (from the issue date). Treasury notes (or simply, notes) are sold at a discount or at par (face value).

For holders (investors), treasury notes (T-notes) are a secure, mid-term investment, offering returns on a relatively mid-range commitment of funds (the securitized loan extended by the holders, collectively, to the issuer, i.e., issuing treasury department that acts on behalf of a government at large).

Treasury notes bear lower interest payments than treasury bonds (T-bonds), and higher than treasury bills (T-bills).

T-notes make interest payment twice a year. Principal (principal amount) is paid back at the end of maturity.