Funds invest in different maturities of bonds. Central bank liquidity swaps have maturities ranging from overnight to three months. These bonds are inherently risky, generally BB, and usually have maturities less than 3 years. The U.S.Treasury offered severals types of bonds with various maturities. To solve this problem, the Treasury refinanced the debt with variable short and medium-term maturities. TIPS are currently offered in 5-year, 10-year and 30-year maturities. The instruments bear differing maturities, currencies, credit risks, and structures. Most interbank loans are for maturities of one week or less, the majority being overnight. For options of different maturities, we also see characteristic differences in implied volatility. The central bank did not effectively curtail the prevalence of short term loan maturities. Fastow never implemented procedures for tracking the company's cash or debt maturities. Shorter maturities trade on the Singapore Exchange ( time zone). Another explanation is that longer maturities entail greater risks for the investor (i.e. the lender). In most cases, underwriters will communicate and sell their maturities through multiple brokers. A spot rate "curve" displays these rates over various maturities.