TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

April 30, 1985 

Today we are announcing the terms of our regular May 

quarterly refunding. I will also discuss the Treasury's 

financing requirements for the balance of the current quarter 

and our estimated cash needs for the July-September quarter. 

1. We are offering $20.5 billion of securities to refund 

$10.6 billion of publicly-held coupon securities maturing 

on May 15 and raise approximately $9.9 billion of new 

cash. 

The three securities are: 

--First, a 3-year note in the amount of $8.0 billion 

maturing on May 15, 1988. This note will be auctioned 

on a yield basis on Tuesday, May 7. The minimum 

denomination will be $5,000. 

--Second, a 10-year note in the amount of $6.5 billion 

maturing on May 15, 1995. This note will be auctioned 

on a yield basis on Wednesday, May 8. The minimum 

denomination will be $1,000. 

--Third, a 29-3/4 year bond in the amount of $6.0 

billion maturing on February 15, 2015. This will be a 

reopening of the 30-year bond issued on February 15. 

This bond will be auctioned on a yield basis on Thursday, 

May 9. The minimum denomination will be $1,000. 
On each of the three issues, we will accept noncompetitive 

tenders of up to $1,000,000. The size of the 3-year issue 

is $3/4 billion higher than the amount announced in the 

February refunding; the 10-year issue is $1/2 billion 

higher and the 29-3/4 year issue is $1/4 billion higher than 

the comparable issues in February. 

2. For the current April-June quarter, we estimate a net 

market borrowing of $30.6 billion, assuming a $15 billion 

cash balance at the end of June. 

3. Including this refunding, we will have raised $26.4 billion 

in marketable borrowing. This was accomplished as follows: 

--$4.4 billion of new cash from the 2-year and 4-year notes 

which settled on April 1. 

--$5.9 billion of new cash from the 7-year note which 

settled on April 2. 

--$4.3 billion of new cash from the 20-year bond which 

settled on April 2. 

--$1.3 billion of new cash from 2-year note which settles 

today. 

--$.6 billion of new cash in weekly bills, including the 

bills announced today. 

--$.l billion of new cash from the 52-week bill which 

settled on April 18. 
--$9.9 billion of new cash from the May refunding. 

The remaining net financing requirement of $4.2 billion 

could be accomplished through sales of regular weekly 

and monthly bills, a 2-year note at the end of May, 

and a note in early June in the 5-year maturity range. 

Cash management bills may be required to avoid a negative 

cash balance in early June. We may wish to have a somewhat higher cash balance than the $15 billion amount 

we have assumed for June 30, depending upon our assessment 

of cash needs and market conditions at the time. 

4. Our net market borrowing need in the July-September quarter 

is currently estimated in the range of $55 to $60 billion, 

assuming a $20 billion cash balance at the end of September. 

The 10-year note and the 29-3/4 year bond being offered 

today will be eligible for conversion to STRIPS (Separate 

Trading of Registered Interest and Principal of Securities) 

and will have separate CUSIP numbers for each of their Principal 

and Interest Components. The 29-3/4 year bond is a reopening 

of the February 15 issue for which CUSIP numbers have already 

been assigned. Since the 10-year note is a new issue, its 

CUSIP numbers will be different from the CUSIP numbers on 

the outstanding securities already eligible for STRIPS. 

The Department has concluded, however, that it will soon 

be able to assign one CUSIP number for each interest payment 

date. A generic CUSIP number will be assigned to all Interest 

Components of STRIPS paying interest on the same date, including 
interest payments on securities already issued under the STRIPS 

Program and interest payments on future issues under the Program. 

Separate CUSIP numbers will continue to be assigned to each 

Principal Component, and there will be no change in the CUSIP 

number assigned to the callable portion of the 30-year bond 

of November 15, 2009-14. System changes are currently underway 

which will enable the Department to implement the generic CUSIP 

approach by the August Quarterly Financing. Prior to moving 

to generic CUSIP numbers the Department will provide specific 

information on how and when the transition will occur. 

Also, effective May 17, 1985, the 11-5/8 percent 20-year 

bond of November 15, 2004, will be eligible to be held in STRIPS 

form. Treasury's plan to include this bond in the STRIPS program 

was announced on J 5. The minimum amount of this 

bond required for exchange in STRIPS form is $1,600,000. 

Larger amounts must be a multiple of the minimum required. 

The Department is very pleased with the success of the 

STRIPS Program thus far. The movement to generic CUSIP numbers 

will significantly reduce transaction costs and add to the 

liquidity of STRIPS, thus providing further savings to the 

Treasury in financing the public debt. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

July 31, 1985 

Today we are announcing the terms of our regular August 

quarterly refunding. I will also discuss the Treasury's financing 

requirements for the balance of the current quarter and our 

estimated cash needs for the October-December quarter. 

1. We are offering $21.75 billion of securities to refund 

$12.3 billion of publicly-held coupon securities maturing 

on August 15 and raise approximately $9.4 billion of new 

cash. 

The three securities are: 

--First, a 3-year note in the amount of $8.5 billion 

maturing on August 15, 1988. This note will be auctioned 

on a yield basis on Tuesday, August 6. The minimum 

denomination will be $5,000. 

--Second, a 10-year note in the amount of $6.75 billion 

maturing on August 15, 1995. This note will be auctioned 

on a yield basis on Wednesday, August 7. The minimum 

denomination will be $1,000. 

--Third, a 30-year bond in the amount of $6.5 billion 

maturing on August 15, 2015. This bond will be auctioned 

on a yield basis on Thursday, August 8. The minimum 

denomination will be $1,000. 
On each of the three issues, we will accept noncompetitive 

tenders of up to $1,000,000. The size of the 3-year issue 

is $1/2 billion higher than the amount announced in the 

May refunding; the 10-year issue is $1/4 billion higher and 

the 30-year issue is $1/2 billion higher than the comparable 

issues in May. 

2. For the current July-September quarter, we estimate a net 

market borrowing of $43.3 billion, assuming a $20 billion 

cash balance at the end of September. 

3. Including this refunding, we will have raised $30.7 billion 

in marketable borrowing. This was accomplished as follows: 

--$5.7 billion of new cash from the 2-year and 4-year notes 

which settled on July 1. 

--$6.3 billion of new cash from the 7-year note which settled 

on July 2. 

--$4.5 billion of new cash from the 20-year bond which 

settled on July 2. 

--$1.2 billion of new cash from the 2-year note which settles 

today. 

--$3.2 billion of new cash in weekly bills, including the 

bills announced yesterday. 

--$.4 billion of new cash from the 52-week bills, including 

the bills settling on August 8. 

--$9.4 billion of new cash from the August refunding. 
The remaining net financing requirement of $12.6 billion 

could be accomplished through sales of regular weekly 

and monthly bills, monthly 2-year notes, a 4-year note 

at the end of September, and a note in early September in the 

5-year maturlty range, Cash management bills may be required 

to avoid a negative cash balance in early September. We may 

wish to have a somewhat higher cash balance than the $20 billion 

amount we have assumed for September 30, depending upon our 

assessment of cash needs and market conditions at the time. 

4. Our net market borrowing need in the October-December quarter 

is currently estimated in the range of $55 to $60 billion, 

assuming a $15 billion cash balance at the end of December. 

The 10-year note and the 30-year 

be eligible for conversion to STRIPS 

Interest and Principal of Securities) 

numbers for each of their Principal a 

bond being offered today will 

(Separate Trading of Registered 

and will have separate CUSIP 

nd Interest Components. As we 

announced earlier, effective this week generic CUSIP numbers have been 

assigned to all Interest Components of STRIPS paying interest on the 

same date. Thus the CUSIP numbers for the new 10 and 30-year issues 

announced today will be the same as the CUSIP numbers on other issues 

eligible for STRIPS with interest payments on February 15 and August 15. 
November 27, 1985 

FOR IMMEDIATE RELEASE 

TREASURY ANNOUNCES MARKET BORROWING REQUIREMENTS 

The Treasury Department announced today its estimates 

of Treasury borrowing needs for the current quarter and 

January-March 1986. This announcement was delayed from the 

usual late October announcement date because of the delay 

in Congressional action on the debt limit. 

Treasury net borrowing in the form of marketable bills, 

notes and bonds is estimated to total $61.3 billion in the 

October-December 1985 quarter, assuming a cash balance of 

$15.0 billion on December 31. Of this amount, $55.9 billion 

has been issued or announced to date, including the weekly 

bill auctions announced yesterday. The remaining $5.4 

billion could be raised by additions to regular weekly 

and monthly bills and to the 2-year and 4-year notes settling 

December 31. The regular weekly bill auctions on December 9 

will not be held unless there is assurance of Congressional 

action on the debt limit. 

In the January-March 1986 quarter, Treasury market 

borrowing is estimated to be in a range of $60 to $65 billion, 

assuming a $10 billion cash balance on March 31.