Treasury brings back the 20-year bond to pay for the ballooning deficit [CNBC]
ROYAL BANK of SCOTLAND (RBS)
US:NYSE Investor Relations:
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Source: CNBC
The Treasury Department is issuing a 20-year bond for the first time in 34 years to help pay for the ballooning $1 trillion dollar budget deficit. The Treasury announced the new issue Thursday, and strategists said it could start trading as early as May. Treasury will announce more details Feb. 5, but strategists say the new bond should see good demand though it may trade at a discount initially as the market adjusts to it. On Friday, news of the 20-year triggered a so-called "steepening" trade where Treasury yields on the long end of the curve rose, like 10-year 30-year 2-year, "You've got more supply coming at the back end, and people think implicitly Treasury won't take all of the 20-year supply out of the 10-years and 30-years, so there's more long issuance coming and there will be less front end," said Michael Schumacher, director, rates at Wells Fargo. Strategists expect the Treasury to trim back some of its 10-year and 30-year bond issuance to make room for the 20-year and Schu
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