Treasury bond futures and Treasury note futures traded on the CBOT have the following standard features:

T-bonds deliverable grade

• US Treasury bonds with maturity (or call date) atleast 15 years from delivery date, with an 8% coupon
• Other T-bonds delivered are converted to the equivalent of the above

T-notes deliverable grade

US Treasury notes with a maturity of between 6-1/2 to 10 years from delivery date, with an 8% coupon.

Again, an equivalent amount of other T-notes may be delivered.

Other specifications

Other contract specifications which are the same for T-bond and T-note futures are:

Size: Size is $100,000 face value.