OFFICE OF PUBLIC AFFAIRS el500 PENNSYLVANIA A=, N.W. WASHINGTON, D.C. 20220 (205) 652-9960 

FOR IMMEDIATE RELEASE 

November 1, 1995 

REMARKS BY DARCY BRADBURY 

DEPUTY ASSISTANT SECRETARY (FEDERAL FINANCE) 

TREASURY QUARTERLY REFUNDING PRESS CONFERENCE 

Good afternoon. Since Congress has not completed action on legislation to increase the 

debt ceiling, today, I am only able to announce a tentative schedule of the auctions and terms 

of the regular Treasury November midquarter refunding. We will announce the find auction 

schedule as soon as there is assurance of enactment of legislation to raise the statutory debt 

limit. We are hopeful that an increase in the debt ceiling will be enacted in a timely manner. 

We are also announcing the terms of cash management bills to be auctioned tomorrow. 

This cash management bill announcement is definite and not contingent on legislation raising 

the debt limit. I will also discuss Treasury financing requirements for the balance of the 

current calendar quarter and our estimated cash needs for the January-March 1996 quarter. 

1. We intend to offer $3 1.5 billion of notes to refund $32.8 billion of privately 

held notes and bonds maturing on November 15. 

The two securities are: 

-- First, a 3-year note in the amount of $18.0 billion, maturing on November 15, 

1998. This note is scheduled to be auctioned on a yield basis at 1:00 p.m. 

Eastern time on Tuesday, November 7, 1995. The minimum purchase amount 

will be $5,000 and purchases above $5,000 may be made in multiples of 

$1,000. 

-- Second, a 10-year note in the amount of $13.5 billion, maturing on November 

15, 2005. This note is scheduled to be auctioned on a yield basis at 1:00 p.m. 

Eastern time on Wednesday, November 8. The minimum purchase amount 

will be $1,000. 

For press releases, speeches, public schedules and oficial biographies, call our 24hour fm line at (202) 622-2040 
2. We are also offering $14.0 billion of cash management bills for issuance 

November 3 as follows: $6.0 billion maturing December 21, 1995 and $8.0 billion maturing 

on January 25, 1996. The cash management bills are scheduled to be auctioned on a discount 

basis on Thursday, November 2, 1995. The minimum purchase amount will be $1,000,000 

and neither noncompetitive tenders nor foreign add-ons will be accepted. 

3. It will be necessary to change the note auction schedule, if the Treasury does 

not have assurance of final action on the debt limit by November 6. November 13 is the last 

day that Congressional action could occur in time for the Treasury to auction securities on 

November 14 and settle them on November 15. If Congress does wait until November 13 to 

act, Treasury's financing options will be limited and costly. 

4. We announced on Monday, October 30, 1995, that we estimate a net market 

borrowing need of $61.5 billion for the October-December 1995 quarter. The estimate 

assumes a $20 billion cash balance at the end of December. Including the notes in this 

refunding, we have raised $31.0 billion of cash from the sale of marketable securities. This 

was accomplished as follows: 

-- raised $2.7 billion from the 2-year notes that settled October 2 and tomorrow, 

October 31; 

-- raised $1 1.6 billion from the 5-year note that settled October 2; 

-- raised $1 1.5 billion from the 5-year note that settled October 31; 

-- raised $1.2 billion from the 52-week bills that settled October 19; 

-- paid down $1.5 billion cash in the regular weekly bills including those 

announced yesterday, October 3 1 ; 

-- paid down $7.2 billion in the 7-year note that 

matured October 15; 

-- paid down $1.3 billion from the securities announced for the refunding today; 

and 

-- raised $14.0 billion from the cash management bills announced today. 

5. The Treasury will need to raise $30.5 billion in market borrowing during the 

rest of the October-December quarter. This financing can be accomplished through regular 

sales of 13-, 26, and 52-week bills in November and December and 2-year and 5-year notes 

in November. Further cash management bills will be needed to cover the low points in the 

cash balance in both November and December. Congressional action on the debt limit will be 

necessary for those auctions to proceed. 

6. We estimate Treasury net market borrowing to be in a range of $70 to $75 

billion for the January-March 199$quarter, assuming a $20 billion cash balance on March 

31. These estimates do not include cash from the March two and five-year notes to be issued 

April 1. 
7. We will accept noncompetitive tenders up to $5 million for each of the notes 

offered in the refunding. 

8. The tentative auction calendars for November, December, and January 1996 

are included in the chart package which was distributed today. 

9. The February midquarter refunding press conference is scheduled to be held on 

Wednesday, January 3 1, 1996.