Technically, a T-Bill is only Bonds of 1 year duration or less. After 1 year they are classed as either coupon bonds, which means they pay interest annually, or Strip Bonds, which means their purchase price is discounted to today's present value, and the Bond goes up in value as it gets closer to maturity. So if you bought a 10,000 bond with a 10% yield, a coupon bond would cost 10,000 and pay you $1,000 a year interest. Very similar to how a GIC works. If you bought a strip bond you would pay 5,000 today and get 10,000 5 years from now. That isn't the exact calculation but close enough for illustrating a point.
If you have a Royal Bank Direct Trading account, under the Trade and Transfer Heading go to place order, then choose Fixed Income. The search screen pops up.The purchase screen it has all of the inventory listed that you can search yourself. It lists T-Bills, Fed Gov Bonds, Provincial/Municipal Gov and Commercial Bonds etc. All bonds show the credit rating of the entity offering them.This is what the results look like. You can scroll down to whatever maturity you want.
These are all Coupon Type bonds but the coupons are not high enough to yield today's interest rates so they are also discounted like a strip bond to get to today's yield, so the price is what you pay per $100 today to get $100 at maturity, plus the coupon. It also shows you the calculated yield based on the coupon plus the discount to PV..
This is what pure strip bond pricing looks like with no coupon. As you will notice some of these have equal credit ratings to Fed Gov Bonds and some are Fed Gov long maturity. So forthe first bond listed you pay 52.02/100 to get 100 at maturity 15 years later.
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