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Treasury Bonds have the longest maturity period of US treasuries. Coupon payments occur every 6 months.
For decades, the 30 year treasury bond was used as proxy for long term interest rates in the economy. During the 1990s, the US government used budget surpluses to pay down government debt. The practical effect of this pay down was to shift the proxy from the 30 year treasury bond to the 10 year treasury note. On October 31, 2001, the US government stopped issuing 30 year bonds. By February 2006, pent up demand from large and institional investors and a flat yield curve pushed the US government to reintroduce 30 year bonds.
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