Short- and medium-term debt certificates issued in bill or note form by a government. In Switzerland, the Federal Government issues Treasury notes with maturities of 1 to 2 years, occasionally also bills with shorter maturities (3 months). Other short- and medium-term debt instruments issued by the Confederation, the cantons and the municipalities are now usually called rescriptions. Treasury notes can be discounted at the Swiss National Bank if their remaining term to maturity is less than 3 months. In the USA, a distinction is made between treasury bills (short-term, 3-12 months) and treasury notes (medium-term, 1-5 years).