These are short term debt instruments with maturity of twelve months or less. They are issued/ sold at a discount at auctions. As a result, the investor pays the discounted amount at issuance and receives the face value (nominal) amount at maturity of the T- Bill. They offer no interest payment during tenure. Locally, the Government issues T- bills of 3- months, 6-months and 12-months maturities. The 3 and 6-months T-bills are issued monthly while the 12-months T-bills are issued quarterly, per fiscal year.