# Maturity

Source: https://www.yieldcurve.pro/learn/maturity

**Maturity** is the date on which a bond's issuer repays the face value (principal) to the bondholder. It defines the time horizon of the investment and determines where a security sits on the yield curve.

U.S. Treasury securities are categorized by their original maturity at issuance:

- **Bills**: 4-week, 8-week, 13-week, 17-week, 26-week, and 52-week (sold at a discount, no coupons)
- **Notes**: 2-year, 3-year, 5-year, 7-year, and 10-year (semiannual coupons)
- **Bonds**: 20-year and 30-year (semiannual coupons)

Maturity is related to but distinct from [duration](https://www.yieldcurve.pro/learn/duration). Maturity is a fixed date; duration measures price sensitivity to interest rate changes and depends on coupon rate, yield, and payment frequency. A 30-year zero-coupon bond has a duration equal to its maturity (30 years), but a 30-year coupon bond has a duration of roughly 16-17 years because the intermediate coupon payments reduce the effective time to receive cash flows.

The yield curve plots yields against maturity, with the convention that "the 10-year" refers to the most recently issued 10-year note (the [on-the-run](https://www.yieldcurve.pro/learn/on-the-run) issue). As time passes and the bond ages, its remaining maturity shortens, and it [rolls down](https://www.yieldcurve.pro/learn/roll-down) the curve.