TALKING PC INTS 

FOR THE 

FINPNCIWG PRESS CONFERFVCE 

January 27, 1988 

Today we are announcing the terms of our regular February 

quarterly refunding. I will also discuss the Treasury's 

financing reauirements for the balance of the current quarter 

and our estimated cash needs for the April-June 1988 quarter. 

1. We are offering $27 billion of notes and bonds to refund 

$12.1 billion of publicly-held coupon securities maturing on 

February 15 and to raise approximately $14.9 billion of new 

cash. 

The three securities are: 

--First, a 3-year note in the amount of $9.25 billion 

maturing on February 15, 1991. This note will be auctioned 

on a yield basis on Tuesday, February 2. The minimum denomination will be $5,000. 

--Second, a 10-year note in the amount of $9.0 billion maturing 

on February 15, 1998. This note will be auctioned on a yield 

basis on Wednesday, February 3. The minimum denomination 

will be $1,000. 

--Third, a 29-1/4 year bond in the amount of $8.75 billion. 

This bond will be a reopening of the 8-3/4% bond of May 15, 

2017, and will be auctioned on a yield basis on Thursday, 

February 4. The minimum denomination will be $1,000. 

On each of the three issues we will accept noncompetitive tenders 

up to $1,000,000. The size of the 3-year issue is $1/2 billion less 

and the size of the 10-year issue is $1/4 billion less than those 

offered in the November refunding. 
The 29-1/4 year bond is $1/4 billion less than the bond offered in 

August 1987. 

2. For the current January-Harch Quarter, we estimate a net 

market borrowing need of $26.7 billion, assuming a $10 billion 

cash balance at the end of March. 

3. Including this refunding, we will have raised $19.6 billion 

in marketable borrowing. This was accomplished as follows: 

--$4.6 billion of new cash from the 7-year note which 

settled January 15. 

--$0.2 billion of new cash from the 2-year note which settles 

on February 1. 

--$0.1 billion paydown in bills, including the bills announced 

yesterday. 

--$14.9 billion of new cash from the February refundina issues. 

The remaining $7.1 billion requirement could be accomplished through 

sales of regular weekly and monthly bills, monthly 2-year notes, 

a 4-year note at the end of March, a note in early March in the 5- 

year maturity range and a cash management bill to cover the low point 

in cash in March. 

4. Our net market borrowing need in the April-June 1988 quarter 

is currently estimated in the range of $7-12 billion, assuming 

a $15 billion cash balance at the end of June. We may wish to 

have a somewhat higher cash balance than the $15 billion we have 

announced for the end of June depending on our assessment of cash 

needs and market conditions at the time. 
5. The longer term securities announced today will be eligible 

for conversion to STRIPS (Separate Trading of Registered 

Interest and Principal of Securities) and, accordingly, 

may be divided into their separate interest and principal 

components. 

6. The announcement and press conference for the regular May 15, 

1988 mid-quarter refunding will be on May 4, 1988. For the 

foreseeable future, we expect that the announcement and press 

conference for the mid-quarter refundings will be on the first 

Wednesday of each mid-quarter refunding month. 
TPLRXtTG POIKTS 

FOR THF 

FIR&NCIW PRFSS CCWTL'QF"CF 

Yay 4, 1988 

Today we are announcing the terirs of our regular May 

quarterly refunding. I will also discuss t5e Treasury's 

financinq renuirements for tke halance of the current quarter 

and our estimated cash needs for the July-September 1988 quarter 

1. We are ofEerina $26.0 billion of notes and bonds to refund 

$16.5 billion of publicly-held coupon securities maturing on 

May 15 and to raise approximately $9.5 billion of new cash. 

The three securities are: 

--First, a 3-year note in the amount of $8.75 billion 

maturing on May 15, 1991. This note will be auctioned 

on a yield basis on Tuesday, Pay 10. The minimum denomination will be $5,000. 

--Second, a 13-vear note in t'.e amount of $9.75 billion maturing 

on May 15, 1998. ?;?is note will be auctioned on a yield 

basis on Wednesdav, Pay 11. The minimum de~o~ination will 

be $1,000. 

--Third, a 30-year bond in the mount of $8.50 billion maturing 

on May 15, 2018. This bond will be auctioned on a yield 

basis on Thursday May 12. The minimum denomination will 

be $1,000. 

On each of the three issues we will accept noncompetitive tenders 

up to $1,000,000. The size of the 3-year note is $1/2 billion less 

and the sizes of the 10-year note and the 30-year bond are both 

$1/4 billion less than those offered in February 1988. 
2. For the current Fpril-June quarter, we estimate a paydown in 

marketable securities of $1.5 billion, assuming a $30 billion cash 

balance at the end of June. 

3. Including this refunding, we will have raised $4.4 billion 

in marketable borrowing. This was accomplished as follows: 

--54.0 billion of new cash from the 7-year note which settled 

April 15. 

--$0.1 billion paydown from the 2-year note which settled on 

May 2. 

--$4.9 billion paydown in regular weekly and 52 week bills, 

including the bills announced yesterday. 

--$4.1 billion paydown in cash managerent bills. 

--$9.5 billion of new cash from the May refundina issues. 

The repaining $4.9 billion caydown coul-l be ~cromplisbeC7 throilgh 

sales of regular 13-, 26-, and 52-week bills, 2-year notes 

in Clay and June, a 4-year note at the end of June, and a note in 

early June in the 5-year maturity range. A cash %anagepent bill 

may be necessary to cover the cash lot? noj nt i~ early Tune. 

4. Our net market borrowing need in the July-September 1988 quarter 

is currently estimated in the range of $30-35 billion, assuming a 

$20 billion cash balance at the end of September. We may wish to 

have a somewhat higher cash balance than the $20 billion we have 

announced for the end of September depending on our assessment of 

cash needs and market conditions at the tine. This figure is the 

same estimate used in the FY 1988 Budget for the end of the year 

cash balance. 
5. The announcement and press conference for the regular 

Pugust 15, 19?8 mid-auarter refunding will be on Pugust 3, 

1988. For the foreseeable future, we expect that the announcement 

and press conference for the mid-quarter refunc'ing will continue to 

be on the first Wednesday of each mid-quarter refunding month. 

6. The longer term securities announced today will be eligible 

for conversion to STRIPS (Separate Trading of Registered Interest 

and Principal of Securities) and, accordingly, may be divided into 

their separate interest and principal components. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

AUGUST 3, 1988 

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 1988 quarter. 

Treasury has used practically all of its authority to issue 

long bonds, so that the quarterly financing we are announcing 

today does not include a bond issue. We are hopeful the 

Congress will act soon to permit the Treasury to resume issuance 

of long-term bonds. When bond authority legislation is enacted, 

we expect to return to our regular schedule of issuing a 30-year 

bond In the mid-quarter refunding. 

1. we are offering $22.0 billion of notes to refund $14.8 

billion of publicly-held coupon securities maturing on August 15 

and to raise approximately $7.2 billion of new cash. 

The two securities are: 

--First, a 3-year note in the amount of $11.0 billion 

maturing on August 15, 1991. This note will be auctioned 

on a yiela basis on Tuesday, August 9. The minimum 

denomination will be $5,000. 

--Second, a 10-year note in the amount of $11.0 billion 

maturing on August 15, 1998. This note will be auctioned 

on a yield basis on Wednesday, August 10. The minimum 

denomination will be $1,000. 
-2- 

We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. 

2. We are also offering a 248-day cash management bill to settle 

on August 15 in the amount of $7.0 billion to mature on April 20, 

1989, This bill will be auctioned ox a yield basis on Thursday 

August 11. The minimum issue amount will be $10,000 and any 

additional amounts will be issued in $5,000 multiples. 

Noncompetitive tenders will be accepted up to $1,000,000. 

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

market borrowing need of $25-1/4 billion in marketable 

securities, assuming a $30 billion cash balance at the end of 

September. We may want to have a higher balance, depending on 

our assessment of cash needs and market conditions at the time. 

4. Including the 3- and 10-year notes and cash management bills, 

we will have raised $17.8 billion in marketable borrowing. This 

was accomplished as follows: 

--$3.3 billion of new cash from the 7-year note which 

settled July 15. 

--$0.9 billion paydown from the 2-year note which settled on 

nugust 1. 

--$1.2 billion of new cash in regular weekly and 52-week 

bills, including the bills announced yesterday. 

--$7.2 billion of new cash from the August 3- and 10-year 

notes. 

--$7.0 billion of new cash from the cash management bill to 

be issued August 15. 
-3- 

The remaining net financing requirements of $7.5 billion could 

be accomplished through sales of regular 13-, 26-, and 52-week 

bills, 2-year notes in August and September, a 4-year note at 

the end of September, and a 5-year, 2-month note in early 

September. An additional short-term cash management bill may be 

necessary to cover the cash low point in early September. 

5. Our net market borrowing need in the October-December 1988 

quarter is currently estimated in the range of $40-45 billion, 

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

We may wish to have a somewhat higher end-of-quarter cash balance 

than the $20 billion. 

6. The 10-year term security announced today will be eligible 

for conversion to STRIPS (Separate Trading of Registered Interest 

and Principal of Securities) and, accordingly, may be divided 

into separate interest and principal components. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

NOVEMBER 2, 1988 

Today we are announcing the terms of our regular November 

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 January-March 1989 quarter. 

The Treasury has used practically all of its authority to 

issue bonds. In the absence of sufficient bond authority, the 

Treasury is announcing a November 15 refunding that includes 3- 

and 10-year notes and a 37-day cash management bill, all settling 

on November 15. 

1. We are offering $19.0 billion of notes to refund $16.8 

billion of publicly-held coupon securities maturing on November 

15 and to raise approximately $2.2 billion of cash. 

- The two securities are: 

--First, a 3-year note in the amount of $9.5 billion 

maturing on November 15, 1991. This note will be 

auctioned on a yield basis on Tuesday, November 8. 

The minimum denomination will be $5,000. 

--Second, a 10-year note in the amount of $9.5 billion 

maturing on November 15, 1998. This note will be 

auctioned on a yield basis on Wednesday, November 9. The 

minimum denomination will be $1,000. 

We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. 
-2- 

2. We are also offering a 37-day cash management bill to settle 

on November 15 in the amount of $11.0 billion to mature on 

December 22, 1988. This bill will be auctioned on a yield basis 

on Thursday, November 10. The minimum issue amount will be 

$1,000,000 and any additional amounts will be issued in 

$1,000,000 multiples. Noncompetitive tenders will not be 

accepted. 

3. For the current October-December quarter, we estimate a net 

market borrowing need of $28.3 billion in marketable securities, 

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

may want to have a higher balance, depending on our assessment of 

cash needs and market conditions at the time. 

4. Including the 3- and 10- year notes and the cash management 

bill, which matures before the end of the quarter, we will have 

raised $12.4 billion in marketable borrowing. This was 

accomplished as follows: 

--$3.7 billion of cash from the 7-year note which settled 

October 17. 

--$0.9 billion paydown from the 2-year note which settled 

on October 31. 

--$7.4 billion of cash in regular weekly and 52-week 

bills, including the bills announced yesterday. 

--$2.2 billion of cash from the November 3- and 10-year 

notes. 
- 3 - 

The remaining net financing requirement of $15.9 billion would 

be accomplished in part through a $9.0 billion bond later in 

November or in early December to mature November 15, ?018, if 

Treasury has sufficient bond authority, or in the absence of such 

authority an additional cash management bill. Regular 13-, 26- 

and 52-week bills, 2-year notes in November and a 5-year, 2-month 

note in early December would account for the rest. The regular 

December 2- and 4-year notes will settle on January 3 and 

therefore are not included in the October-December quarter. 

5. Our net market borrowing need in the January-March 1989 

quarter is currently estimated in the range of $40-45 billion, 

assuming a $10 billion cash balance at the end of March. 

We may wish to have a somewhat higher end-of-quarter cash balance 

than the $10 billion. 

6. The 10-year note announced today will be eligible for 

conversion to STRIPS (Separate Trading of Registered Interest and 

Principal of Securities) and, accordingly, may be divided into 

separate interest and principal components.