TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

January 28, 1987 

Today we are announcing the terms of our regular February 

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 April-June quarter. 

1. We are offering $29.0 billion securities to refund $14.7 

billion of publicly-held coupon securities maturing on 

February 15 and to raise approximately $14.3 billion of 

new cash. 

The three securities are: 

--First, a 3-year note in the amount of $10.0 billion 

maturing on February 15, 1990. This note will be 

auctioned on a yield basis on Tuesday, February 3. 

The minimum denomination will be $5,000. 

--Second, a 9-3/4 year note in the amount of $9.75 billion. 

This is a reopening of the 7-l/4 percent note maturing 

November 15, 1996. This note will be auctioned on a 

yield basis on Wednesday, February 4. The minimum 

denomination will be $1,000. 

--Third, a 29-3/4 year bond in the amount of $9.25 billion. 

This is a reopening of the 7-L/2 percent bond maturing 

November 15, 2016. This bond will be auctioned on a yield 

basis on Thursday, February 5. The minimum denomination 

will be $1,000. 
-2- 

On each of the three issues. we will accept noncompetitive 

tenders of up to $1,000,000. The size of each of these issues 

is the same as those offered in the November refunding. While 

we will be seeking additional long bond authority during this 

fiscal year, we should have sufficient room under the ceiling 

to make it through the August refunding. 

2. For the current January-March quarter, we estimate a net 

market borrowing of $23.9 billion, assuming a $10 billion 

cash balance at the end of March. 

3. Including this refunding, we will have raised $17.6 billion 

in marketable borrowing. This was accomplished as follows: 

--$7.3 billion of new cash from the 7-year note which settled 

January 5. 

--$1.5 billion of new cash from the 2-year note which settles 

on February 2. 

--$.7 billion of new cash from the 52-week bills. 

--$4.0 billion paydown from the cash management bill 

which matured January 22. 

--$2.2 billion paydown in weekly bills including the bills 

announced yesterday. 

--$14.3 billion of new cash from the February refunding issues 

The remaining net financing requirement of $6.3 billion could be 

accomplished through sales of regular weekly and monthly bills, 

a March cash management bill, monthly 2-year notes, a 4-year 

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

5-year maturity range. 
-3- 

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

currently estimated in the range of $20-$25 billion, assuming 

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

to have a somewhat higher June 30 cash balance, depending 

upon 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. 

We have become aware of several unintended consequences of 

new certification requirements for exemption from the foreign 

withholding tax released on December 16, 1986. It was and 

remains our intention that U.S. Government obligations qualify 

for exemption from these requirements. A modification of the 

regulation, retroactive to the January 20, 1987 effective date, 

is expected to be issued in the near future. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

April 29, 1987 

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 $29.0 billion securities to refund $12.6 

billion of publicly-held coupon securities maturing on 

May 15 and to raise approximately $16.4 billion of 

new cash. 

The three securities are: 

--First, a 3-year note in the amount of $10.0 billion 

maturing on May 15, 1990. This note will be auctioned 

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

--Second, a 10-year note in the amount of $9.75 billion 

maturing on May 15, 1997. This note will be auctioned 

on a yield basis on Wednesday, May 6. The minimum 

denomination will be $1,000. 

--Third, a 30-year bond in the amount of $9.25 billion 

maturing on May 15, 2017. This bond will be auctioned 

on a yield basis on Thursday, May 7. 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 each of these issues 

is the same as those offered in the February refunding. While 

we will be seeking additional long bond authority during this 

fiscal year, we should have sufficient room under the ceiling 

to make it through the August 1987 refunding. 

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

borrowing of $20.4 billion, assuming a $15 billion cash 

balance at the end of June. 

3. Including this refunding, we will have raised $18.0 billion 

in marketable borrowing. This was accomplished as follows: 

--$7.3 billion of new cash from the 7-year note which 

settled April 1. 

--$1.6 billion of new cash from the 2-year note which 

settles on April 30. 

--$7.3 billion paydown in bills, including the bills 

announced yesterday. 

--$16.4 billion of new cash from the May refunding issues. 

The remaining net financing requirement of $2.4 billion could 

be accomplished through sales of regular weekly and monthly 

bills, a cash management bill in early June, monthly 2-year 

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

June in the 5-year maturity range. 

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

is currently estimated in the range of $35-40 billion, 

assuming a $20 billion cash balance at the end of September. 
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. 
August 10, 1987 

FOR IMMEDIATE RELEASE 

TREASURY ANNOUNCES MARKET BORROWING REQUIREMENTS 

The Treasury Department announced today its estimates of 

Treasury borrowing needs for the current quarter and OctoberDecember 1987. This announcement and the terms of the August 

refunding were delayed from their usual late July 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 $27.4 billion in the 

July-September 1987 quarter, assuming a cash balance of 

$40.0 billion on September 30. Of this amount, $23.6 billion has 

been issued or announced to date, including the securities 

announced today. The remaining $3.8 billion could be raised by 

regular weekly and monthly bills, 2-year notes settling on 

August 31, 5-year notes settling early in September and the 

2- and 4-year notes settling on September 30. 

In the October-December 1987 quarter, Treasury market 

borrowing is estimated to be in a range of $45 to $50 billion, 

assuming a $15 billion cash balance on December 31. 
Today we are 

TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

October 28, 1987 

announcing the terms of our regul ar 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 1988 quarter. 

1. We are offering $23.75 billion of notes and bonds to refund 

$13.3 billion of publicly-held coupon securities maturing on 

November 15 and to raise approximately $10.4 billion of new 

cash. 

The three securities are: 

--First, a 3-year note in the amount of $9.75 billion 

maturing on November 15, 1990. This note will be auctioned 

on a yield basis on Tuesday, November 3. The minimum denmination will be $5,000. 

--Second, a 10-year note in the amount of $9.25 billion maturing 

on November 15, 1997. This note will be auctioned on a yield 

basis on Wednesday, November 4. The minimum denomination .. . will be $1,000. . . 

--Third, a lons-term bond in t&e:amount of $4.75 billion. 

This bond will be a reopening o'f an existing Treasury bond 

that had 30 years to original maturity and that is eligible 

for the STRIPS (Separate Trading of Registered Interest and 

Principal of Securities) program. The specific bond to be 

>eopened will be announced at 4:30 p.m. on Honday, November 2, 

and will be auctioned on a yield basis on Thursday, 

November 5. The minimum denomination will be $1,000. 
On each of the three issues, the Treasury will accept noncompetitive 

tenders of up to $1,000,500. The sizes of the 3- and 10-year 

issues are the same as those in the August refunding. The 30-~ear 

bond has been reduced to $4-3/4 billion, because the Congress has 

not enacted legislation to change the current $250 billion exception 

to the 4-1/48 interest rate ceiling on Treasury bonds. Treasury 

currently has $245,023 million ~f bonds outstanding under the 

statutory exception. Additional amounts of 3- and 10-year notes 

may be awarded through the Federal Reserve Banks as agents for 

foreign and international monetary authorities; additional amounts 

of the bonds will not be awarded. 

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

aarket borroving of no more than $51.6 billion, assuming a 

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

reduction from the $58.6 billion in the slide package you 

have been given, reflecting expected issues of State and 

Local Government Series securities. We may wish to have a 

somewhat higher cash balance than the $15 billion amount we 

have assumed for December 31, depending upon our assessment 

of cash needs and market conditions at the time. 

3. Including this refunding, we will have raised $36.4 billion 

in marketable borrowing. This was accomplished as follows: . --$7.1 billion of new cash from the ?-year note which 

settled October 15. 

--$7.6 billion of new cash from the 4-year note which 

settled on October 15. 
--$ .5 billion of new cash from the 2-year note which settles 

on November 2, 0 

--$10.8 billion in bills, including the bills announced 

yesterday. 

--$10.4 billion of new cash from the November refunding issues. 

SLGS account for about $7 billion. The remaining $15.2 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 December, a note in early December in the 5-year maturity 

range and a cash management bill to cover the low point in cash 

in early December. The SLGS inflow reflects orders received by 

the Treasury for purchases of SLGS to benefit from a rnisalig~rnent 

last week between the interest rates on SLGS and market rates. 

We have corrected the problem prospectively so as to protect the 

general taxpayer, and are working on further refinements to be 

included in revised regulations that were already in process. 

4. Our net market borrowing need in the January-March 1988 quarter 

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

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

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.