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Beyond thirty: Treasury issuance of long-term bonds from 1953 to 1965

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  • Kenneth D. Garbade

Abstract

Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term, were issued between 1955 and 1963. This paper examines the circumstances that led to the issuance of these seven bonds.

Suggested Citation

  • Kenneth D. Garbade, 2017. "Beyond thirty: Treasury issuance of long-term bonds from 1953 to 1965," Staff Reports 806, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednsr:806
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    References listed on IDEAS

    as
    1. Garbade, Kenneth D., 2012. "Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262016370, December.
    2. Kenneth D. Garbade, 2004. "The institutionalization of treasury note and bond auctions, 1970-75," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 29-45.
    3. Bryan, William R., 1972. "Treasury Advanced Refundings: An Empirical Investigation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 7(5), pages 2139-2150, December.
    4. Kenneth D. Garbade, 2007. "The emergence of \\"regular and predictable\\" as a Treasury debt management strategy," Economic Policy Review, Federal Reserve Bank of New York, vol. 13(Mar), pages 53-71.
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    More about this item

    Keywords

    long-term bonds; U.S. Treasury; Treasury debt management;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-

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