Treasury Secretary Brings New Longterm Bond to Auction: Friendship Bond
By Lorna Blotfarrow / July 10, 2025
Secretary of the Treasury, Scott Bessent, is introducing a new kind of long-term bond to bidders at the Treasury auction this afternoon: The Friendship Bond.
Following news of Trump’s megabill passing—and the subsequent debt ceiling hike—the Treasury is rolling out a heavier slate of bond issuances at this week’s auction. Bidders weighing yields on 30-year bonds Thursday will also have a unique opportunity to purchase Bessent’s F-Bond—the Treasury’s longest-term bond yet.
The F-Bond has a maturity date of TBAD–To Be Determined at Death, meaning the bond matures when either the investor or Bessent himself passes away. When asked about the creation of the bond, Bessent expressed that he feels “sad and lonely about the world” and that “people often forget I’m also just a regular dude who likes to hang and have beers. I’m making myself liquid.”
The F-Bond comes with a curiously high coupon—a set rate of 100%. Bessent’s explanation of the remarkable Yield is simple: “The Yield is a hundredfold of my platonic affection. You can’t put a price on that.”
Jack Bjornsen, an Associate at JP Morgan’s U.S. Government Bond Desk, indicated confusion at the announcement of the F-Bond, saying: “I mean, what the hell does it even mean?” Colby McBlath, Vice President of the U.S. Rates Trading at Morgan Stanley conveyed sincere empathy for the Treasury Secretary, going as far as to link the F-Bond issuance to the burgeoning male loneliness epidemic.
Others closer with Bessent, such as Fed Chair Jay Powell, revealed familiarity with the issue: “God, he’s texted me about making plans maybe a billion times now. Seriously, I do not want to hang out with that guy.”
The birth of the F-Bond may signal a lot of things, chief among them: the growing emotional gap between institutional actors like Bessent and the public they serve. On the emotional narrative surrounding the bond, Bessent said: “There are T-Bonds, I Bonds, EE Bonds, but no kind of Bond beats a brotherly bond.”