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These notes have a rate  determined at auction which in turn determines the yield.

Once auctioned, the notes can be held by the buyer or  resold in the secondary market to individual investors and  businesses. The selling price at auction and in the  secondary market is a function of the par value or face value  of the note plus the revenue stream from the bond over the  term until maturity.

T-notes are quoted in 1/32nds as a  percentage of their face value as well. These notes are not  necessarily issued or traded in the secondary market at a  discount; they are often traded at a premium to the face  value because of the value of the revenue stream from the  coupon rate.