has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years …

corporate bond issuers for the 1991-2011 period and establish a number of novel findings. First, there is substantial variation … opportunities implemented more dispersed maturity structures. Finally, granularity plays an important role for bond issuances …, because we document that newly issued corporate bond maturities complement pre-existing bond maturity profiles. …