The 10% Treasury That's Older Than a Lot of Traders Matures Tomorrow
End of an era
Rates were a little bit higher back then
Photographer: Doug Mills/AP PhotoThis article is for subscribers only.
The last Treasury bond with a coupon above 10 percent is older than some government-debt traders. It turns 30 tomorrow.
The bond was issued on Aug. 15, 1985, and is one of just five Treasury bonds left with coupons of 9 percent or higher. All of them mature in the next three years. And as the ranks of high-coupon government bonds have gotten smaller, so has the number of traders and analysts who were on Wall Street desks when high yields and worries about rising prices were the norm.