What's old is new again in the US bond market.

The US Treasury has a solution to the deficit, other than just printing more money.

It is bringing back a bond it hasn't issued since 1986.

The US Treasury has announced it will issue a new 20-year bond in the first half of 2020.

Treasury Secretary Steven Mnuchin surprised investors with the announcement last week.

The US deficit surpassed $1 trillion in 2019 for the first time since 2012.

Mnuchin says bonds are a way to finance the government at the least possible cost to taxpayers over time.

The new 20-year bond is likely to appeal to pension funds or insurance companies.

Industry analytics say the treasury needs a new source of financing to meet future deficit needs.