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History of Marketable Securities Products and Programs

Year Event
1963 Competitive bidding by syndicates of securities dealers and banks was introduced for Treasury bonds. Only 2 such syndicate sales were conducted, both in 1963.
1971 Congress provided $10 billion of relief from 4 -1/40 interest rate ceiling on bonds maturing in more than 7 years. For the first time since 1965, when longer-term market interest rates rose above 4-1/4%, Treasury issued a bond maturing in more than 7 years. Since then, the bond authority has been increased several times, and an issue of bonds has been a regular feature of Treasury mid-quarter coupon refunding.
1974 25-year area bond issues (callable after 20 years) became a regular feature of mid-quarter Treasury refunding operations.
1977 30-year area bonds (callable after 25 years) became a regular feature of mid-quarter refunding operations, replacing 25-year area bonds.
1978 15-year, 1-month bond issues began at the beginning of each calendar quarter to mature on regular mid-quarter refunding dates as an alternate for regular quarterly issues of 5-year notes. Depending on market conditions, a 5-year or a 15-year issue was sold.
1979 15-year, 1-month bond auctions were regularized for settlement early in the first month of each calendar quarter, to mature on a regular mid-quarter refunding date.
1981 20-year, 1-month bond issues replaced regular issues of 15-year bonds for settlement early in the first month of each calendar quarter, to mature on mid-quarter refunding dates.
1981 Bidders in note and bond auctions were required to report on the tender form the amount of any net long position in excess of $200 million in the securities being offered. Any such reported positions were to be considered in calculating the 25 percent limit on any one bidder.
1981 Mid-quarter refunding operations were standardized to regular issues of 3, 10, and 30-year area maturities. The 30-year bonds were callable after 25 years.
1982 Bearer form was eliminated for new Treasury notes and bonds in connection with 1982 changes in the tax law.
1985 Noncallable 30-year bonds, which are more attractive for stripping than callable bonds, became a regular feature of mid-quarter refunding operations.
1986 Regular quarterly issues of 20-year Treasury bonds were eliminated.
1986 The TREASURY DIRECT book-entry securities system was implemented. All new issues of marketable notes and bonds were henceforward issued exclusively in book-entry form.
1988 Congressional restrictions on the par amount of Treasury bonds held by the public with interest rates exceeding 4-1/4% were eliminated.
1991 The noncompetitive award limit for Treasury notes and bonds was increased to $5 million from $1 million.
1993 May 3, 1993: Offerings of 30-year bonds were pared back to semi-annually from quarterly, with offerings in August and February, but not in May or November.
1998 April 1998: Begin offering of 30-year inflation indexed bond.
1999 August 4, 1999: Treasury announced that the 30-year bond will no longer be issued in November, but will continue to be issued in February and August.
2000 30-year bond issuance was changed. Original issues were offered in February and then later reopened in August.
2000 30-year inflation indexed bond was reduced to one issuance a year in October.
2001 October 2001: Treasury announces discontinuance of 30-year bonds—both nominal and inflation-adjusted.
2006 February 2006: 30-year bond re-introduced.
2006 August 2006: Treasury announced a change in the 30-year bond issuance from semi annually to quarterly. An OI 30-year bond would be issued in February and reopened in May. An OI 29-year ¾ month bond (back-dated to May) would be issued in August and re-opened in November.
2009 March 2009: Reopening of the 30-year bond announced at February quarterly with the first auction taking place in March.
2009 July 2009: Additional reopening of the 30-year bond announced during the May quarterly. 30 year bonds were now issued quarterly with one reopening taking place one month after the original issue and the second reopening taking place two months after the original issue.
2020 May 2020: 20-year bond re-introduced.