Abstract: This invention relates to threaded fasteners, an apparatus for making such threaded fasteners and methods of fastening parts. The tip of the shank of a threaded fastener has at least one thread coated with a lubricating or masking material to reduce the drive torque necessary for fastening as well as provide a protective coating for the fastener during subsequent processing operations. The drill tip of the disclosed self-drilling fasteners is coated with a lubricating material to reduce drive torque and to eliminate binding when drilling through fibrous material. The present invention also prevents the build-up of corrosion inhibiting materials on threaded fasteners attached to parts to be fastened together. A masking and/or insulating material is first applied to the threaded fasteners attached to the parts to substantially prevent applied corrosion inhibitor from adhering to the threads of the fastener.