A T-bill, or Treasury bill, is a short-term debt security issued by the U.S. Department of the Treasury with a maturity of one year or less. Investors purchase T-bills at a discount to their face value and earn a return when the bills mature. The forward value refers to the anticipated future value of an asset, such as a T-bill, based on agreed-upon terms in a forward contract, which allows parties to lock in a future transaction at a predetermined price.
