Debt securities that mature in 12 years are referred to as:

Debt securities that mature in 12 years are known as bonds. Bonds are long-term debt instruments that represent a loan made by an investor to a borrower, commonly a corporation or government. The maturity period for bonds typically exceeds ten years, making them distinct from other forms of debt securities.

In finance, securities are categorized by their maturities. For instance, bills usually have short maturities of less than one year, such as Treasury bills which are issued for terms like 4, 8, 13, 26, or 52 weeks. Notes, on the other hand, generally refer to securities with maturities ranging from one to ten years, often used for mid-term borrowing needs.

Equities, which represent ownership in a company, are different from debt securities as they do not entail a repayment obligation. Therefore, in the context of a debt security with a 12-year maturity, the classification as a bond is accurate, as it falls within the common range for bond definitions in financial markets.