Investors are likely to snap up 20-year bonds when the U.S. Treasury sells them on Wednesday for the first time in more than three decades, pulling out all the financing stops to mitigate the economic havoc from the coronavirus pandemic.
FILE PHOTO: Morning commuters are seen on Wall St. outside the New York Stock Exchange in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson
Treasury will initially offer $20 billion 20-year bonds and will sell a total of $54 billion over the next three months. The last 20-year was sold in 1986. Solid demand at last week’s auction of U.S. three-year and 10-year notes, as well as 30-year bonds augured well for the 20-year bond sale.All three auctions showed higher participation from indirect bidders including foreign central banks.
Prohibitive hedging costs had deterred some foreign investors in Europe and Japan from buying U.S. assets because returns eroded as dollars were converted back to their home currencies.
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