TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

August 5, 1992 

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 

1992 quarter. 

1. We are offering $36.0 billion of notes and bonds to 

refund $20.8 billion of privately held notes and bonds maturing 

on August 

The three 

15 and to raise approximately $15.2 billion of cash. 

securities are: 

First, a 3-year note in the amount of $15.0 billion, 

maturing on August 15, 1995. This note is scheduled to 

be auctioned on a yield basis on Tuesday, August 11, 

1992. The minimum purchase amount will be $5,000. 

Purchases may be made in any multiples of $5,000. 

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

maturing August 15, 2002. This note is scheduled to be 

auctioned on a yield basis on Wednesday, August 12, 

1992. The minimum purchase amount will be $1,000, 

Third, a 30-year bond in the amount of $10.0 billion 

maturing on August 15, 2022. This bond is scheduled to 

be auctioned on a yield basis on Thursday, August 13, 

1992. The minimum purchase amount will be $1,000, 
2. We will accept noncompetitive tenders up to $5,000,000 

for each of the note and bond auctions. 

3. As announced on Monday, August 3, 1992, we estimate a 

net market borrowing need of $75 billion for the July-September 

quarter. The estimate assumes a $35 billion cash balance at the 

end of September. We may want to have a higher balance, 

depending upon our assessment of cash needs at the time. 

Including this refunding, we will have raised $49.4 billion 

of the $75.0 billion in net market borrowing needed this JulySeptember 

follows: 

quarter. This net borrowing was accomplished as 

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

July 15; 

$3.2 billion of cash from the 2-year note that 

settled July 31; 

$11.8 billion of cash from the 5-year note that 

settled July 31; 

$4.4 billion of cash in the 52-week bills; 

$11.1 billion of cash in the sales of the regular 

weekly bills, including the bills announced yesterday. 

and 

$15.2 billion of cash from the refunding issues 

announced today. 
The $25.6 billion to be raised in the rest of the JulySeptember quarter could be accomplished through sales of regular 

13-, 26-, and 52-week bills, and 2-year and 5-year notes at the 

end of August and September. Short-dated cash management bills 

may be necessary in September to cover the low point in the cash 

balance. 

4. We estimate Treasury net market borrowing needs to be 

in the range of $115 to $120 billion for the October-December 

quarter, assuming a $30 billion cash balance on December 31. The 

borrowing estimate for the October-December 1992 quarter includes 

an allowance for Resolution Trust corporation operations. 

5. The 10-year notes and 30-year bonds being announced 

today are eligible for conversion to STRIPS (Separate ~rading of 

Registered Interest and principal of Securities) and, 

accordingly, may be divided into separate interest and principal 

components. 

6. The November midquarter refunding press conference will 

be held on Tuesday, November 3, 1992.