TREASURY NEWS 

OFFICE OF PUBLIC AFFAIRS 1500 PENNSYLVANIA AGUE, N.W. WASHINGTON, D.C. 20220 (202) 622-2960 

FOR IMMEDIATE RELEASE 

August 2, 1995 

REMARKS BY DARCY BRADBURY 

DEPUTY ASSISTANT SECRETARY (FEDERAL FINANCE) 

TREASURY QUARTERLY REFUNDING PRESS CONFERENCE 

Today, we are announcing the terms of the regular Treasury 

August midquarter refunding. I will also discuss Treasury 

financing requirements for the balance of the current calendar 

quarter and our estimated cash needs for the October-December 

1995 quarter. 

1. We are offering $42.5 billion of notes and bonds to 

refund $30.0 billion of privately held notes maturing on August 

15 and to raise approximately $12.5 billion of cash. 

The three securities are: 

-- First, a 3-year note in the amount of $18.0 billion, 

- maturing on August 15, 1998. This note is scheduled to 

be auctioned on a yield basis at 1:00 p.m. Eastern time 

on Tuesday, August 8, 1995. The minimum purchase 

amount will be $5,000 and purchases above $5,000 may be 

made in multiples of $1,000. 

For pess releases, speeches, public schedules and oficial biographies, call our 24hour fax line at (202) 622-2040 

fB 
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Second, a 10-year note in the amount of $13.0 billion, 

maturing on August 15, 2005. This note is scheduled to 

be auctioned on a yield basis at 1:00 p.m. Eastern time 

on Wednesday, August 9. The minimum purchase amount 

will be $1,000. 

Third, a 30-year bond in the amount of $11.5 billion, 

maturing on August 15, 2025. This bond will be 

auctioned on a yield basis at 1:00 p.m. Eastern time on 

Thursday August 10. The minimum purchase amount will 

be $1,000. 

On April 11, 1995, the Treasury announced that on 

August 15 it would call the 8 3/8% bond of 1995-2000. This bond, 

of which approximately $2.4 billion is privately held, will be 

repaid from available funds. We estimate that the Treasury is 

saving about $150-200 million by exercising the call. 

3. We announced on Monday, July 31, 1995, that we estimate 

a net market borrowing need of $26.0 billion for the JulySeptember 1995 quarter. The estimate assumes a $30 billion cash 

balance at the end of September. Including the notes and bonds 

in this refunding, we have raised $29.0 billion of cash from the 

sale of marketable securities. This was accomplished as follows: 

-- raised $2.0 billion from the 2-year note that settled 

July 31; 
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raised $12.1 billion from the 5-year note that settled 

July 31; 

raised $1.4 billion from the 52-week bills; 

raised $7.8 billion new cash in the regular weekly 

bills including those announced yesterday, August 1; 

paid down $6.8 billion in the 7-year note that 

matured July 15; and 

raised $12.5 billion of cash from the securities 

announced for the refunding today. 

The Treasury will need to pay down $3.0 billion in 

market borrowing during the rest of the July-September quarter. 

This financing can be accomplished through regular sales of 13-, 

26-, and 52-week bills and 2-year and 5-year notes in August: We 

may need to sell cash management bills to cover the low point in 

the cash balance in early September. 

5. We estimate Treasury net market borrowing to be in a 

range of $60 to $65 billion for the October-December 1995 

quarter, assuming a $20 billion cash balance on December 31. The 

September 2- and 5-year notes will be issued on October 2 and the 

December 2- and 5-year notes will be issued on January 2. 

6. We will accept noncompetitive tenders up to $5 million 

for each of the notes and bonds. 
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7. The 10-year note and the bond being announced today are 

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. 

8. Please note that tentative auction calendars for 

August, September, and October are included in the chart package 

which was distributed today. This package also includes a table 

that displays information on foreign ownership of Treasury 

securities. This information was not included in the chart 

package that was made available on July 31. 

9. The November midquarter refunding press conference will 

be held on Wednesday, November 1, 1995.