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How Liquid Is the New 20-Year Treasury Bond?

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Abstract

On May 20, the U.S. Department of the Treasury sold a 20-year bond for the first time since 1986. In announcing the reintroduction, Treasury said it would issue the bond in a regular and predictable manner and in benchmark size, thereby creating an additional liquidity point along the Treasury yield curve. But just how liquid is the new bond? In this post, we take a first look at the bond’s behavior, evaluating its trading activity and liquidity using a short sample of data since the bond’s introduction.

Suggested Citation

  • Michael J. Fleming & Francisco Ruela, 2020. "How Liquid Is the New 20-Year Treasury Bond?," Liberty Street Economics 20200701, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:88271
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    More about this item

    Keywords

    treasury security; liquidity; 20-year bond;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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