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Long Bond
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In the US, is the thirty-year Treasury bond is often called the long bond. The US Treasury stopped issuing the long bond in 2001, a decision that was criticized by many bond market participants. The long bond was the most heavily traded, and therefore the most important benchmark of long-term interest rates. In 2005 the Treasury Department announced that it was resurrecting the long bond, resuming new issues in 2006. The long bond is particularly useful to pension funds, which need to match the duration of their long-term liabilities with long-term assets. Other countries have bonds with maturities even greater than the US long bond. For example, France has a fifty-year maturity long bond. The UK government has in the past even issued perpetual bonds, some of which still trade more than a century after being issued.
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