Treasury to Increase Auction Sizes of Longer-Dated Securities

WASHINGTON—The Treasury Department said Wednesday it plans to ramp up auction sizes of longer-dated securities and will issue a new 20-year bond at an initial offering of $20 billion, much larger than Wall Street analysts were expecting.

The government’s borrowing needs have increased substantially as Congress authorizes trillions in new spending to combat the coronavirus pandemic. The Treasury officials estimated Monday they would borrow a record $2.99 trillion in the second quarter, more than five times as much as quarterly…

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