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National Treasury Bill. Prefixed federal government securities whose pay is calculated based on the discount over the nominal value (R$1,000.00) obtained in the sale of the security by National Treasury Secretariat (STN) – through public offer or direct issuance.

It does not pay coupon interest. Interest is received by the investor only at maturity of the security.

It is a security issued by the National Treasury Secretariat for budget deficit coverage exclusively in book-entry form, with custody in the Selic (Special System for Settlement and Custody).

To learn more, see the Frequently Asked Questions about Public Debt Management, Open Market Operations and FX Swap (in English).