TALKING POINTS 

FOR THE - 

FINANCING PRESS CONFERENCE 

February 1, 1984 

Today we are announcing the terns 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 $16.25 billion of securities to refund 

$4.5 billion of publicly-held coupon securities maturing 

on Novenber 15 and raise approximately $11.7 billion of 

new cash. 

The three securities are: 

--First, a 3-year note in the amount of $6.5 billion maturing 

on February 15, 1987. This note will be auctioned on a 

yield basis on Tuesday, February 7. The minimum denomination 

will be $5,000. 

--Second, a 9-3/4-year note in the amount of $5.25 billion. 

This is a reopening of the 11-3/4 percent note maturing on 

November 15, 1993, and will be auctioned on a yield 

basis on Wednesday, February 8. The minimum denomination 

will be $1,000. 

--Third, a 29-1/2-year bond in the amount of $4.50 billion. 

This is a reopening of the 12 percent bond maturing 

on August 15, 2013, and callable on August 15, 2008. 

This bond will be auctioned on a yield basis on Thursday, 

February 9. The minimum denomination will be $1,000. 
On each of the three issues, we will accept noncompetitive # 

tenders of up to S1,000,000. The size of the 3 and 9-3/4 

year issues is the sane as in the November refunding; the 

long bond is $1/4 billion higher than the $4.25 billion 

issue in November. 

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

market borrowing of $52.3 billion assuming a $10 billion 

cash balance at the end of March. 

3. Including this refunding, we will have raised $35.4 billion 

in marketable borrowing. This was accomplished as follows: 

--$3.8 billion of new cash from the 20-year bond which 

settled on January 4. 

--$5.5 billion of new cash from the 7-year note which settled 

on January 4. 

--$3.8 billion new cash from the 4-year note which settled 

January 3. 

--$3.7 billion of new cash from the 2-year note which 

settled January 3. 

--$3.0 billion of new cash from the 2-year note which settled 

January 31. 

--$1.0 billion of new cash from the 52-week bill which 

settled January 26. 

--$2.9 billion from weekly bills, including the bills 

announced yesterday, and 

--$11.7 billion of new cash from the February refunding. 

The remaining net financing requirement of about $16.9 

billion could be accomplished through sales of regular 
weekly and monthly bills and a note in early MarFh 

in the 5-year maturity range. Cash management bills 

may be required to bridge the low point in our cash 

balance in March. 

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

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

assuming a $15 billion cash balance at the end of June. 
T4LKISG POIhTS 

FOR THE. - 

FItGANCIYG PRESS CONk.ERENCE 

May 2, 1984 

Today we are announcing the terms of our regular Yay 

quarterly refunding. I will also discuss the Treasury's 

financing requirements for the balance of the current q,~iirter 

and our est.imated cash needs for the July-Sectenher quarter. 

I. We are offering $16.50 billion of securities to ref~jnd 

59.3 billion of publicly-held coupon securities maturing 

on May 15 and raise ap2roximately S7.Z billion of ?e-; casq. 

The three securities are: 

--First, a 3-year note in the amount of $6.5 >illion 3aturing 

on May 15, 1987. This note will be auctior7ed or a yield 

basis on T~it>stiiy, May 8. The iliniinn denorinatizn will 

he S5,000. 

--Second, a 10-year note in the amount of $5.25 hillion 

naturinij on ?.%.lay 13, 1994. This note will be a:ic~i?rii-i-i 

on a yield basis on Wedne,$day, May Y. The minintir 

denomination will he S1,UUO. 

--Third, a 30-year bond in the amount of S4.75 tillinn 

on May 15, 2014, and callable on May 15, 2009. Tnis 

hone will be auctioned on a yield basis on Tn:lrsday, 

May 10. the minimum denomination will be S1,000. 
On each of the three issues, we will accept noncompetitive 

tenders of up to Sl,OOU,000. The size of the 3-and 10-year 

issues is the same as in the February refunding; the long 

bond is S1/4 billion nigher than the $4.50 billion issue 

in February. 

2. For the current. April-June quarter, we esti7at.e a net 

market borro.wing of S31.8 billion assuning a $15 billion 

cash balance at the end of June. 

3. Including this refunding, we will have raised $12.5 cillion 

in marketable borrowing. This .&as accomplished as :ol.lo~~s: 

--53.8 billion of new cash from the 20-year bond which 

settled on A2ril 5. 

--$5.4 billion of new cash trom the 7-year note which settied 

on April 4. 

--$3.9 billion new cash fron the 4-year note which settled 

April 2. 

--$3.1 billion of new cash from the 2-year note which 

settled April 2. 

--$3.3 hillion of new cash fron the 2-year note whicn 

settled April 30. 

--S.5 billion of new cash fron the 52-week hill which 

settled April 13. 

--$14.7 billion paydown in weekly hills, including the 

Sills announced yesterday, and 

--$7.2 billion of new cash from tile Nay refunding. 

The remaining net financing requirement of about 

$19.3 billion could he accomplished through sales 
of regular weekly and monthly hrlls a?d a note 

in early June in the 5-year maturity range. Cash 

management hills will be required t.o avoid a negative 

cash balance in late May 

4. Our net market borrowing need in the July-Sei)tesber quarter 

is currently estimated in the range o 

assurnins a $20 billion cash balance a 

I would also like to note that sone dealers recently 

have purchased Treasury securities on a when-lssuco basls, 

between the period of announcenent and auction of the security, 

with the intent of transforming their purchase into a zerocoupnn security. Effective immediately, the total par amount 

urchases will he taken into account by , . ...... .- . ,...... -- -- 

Treasdry when apglying the 35 percent maxinun award ii7,itatton. 

didders are required to re2ort on the tender form the par 

arount of s~ch *hen-issued positions. 
TALKING POIN'l'S 

FOR THE 

FINANCING PRESS CONFERENCE 

August 1, 1984 

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 quarter. 

1. We are offering $16.75 billion of securities to refund 

$7.2 billion of publicly-held coupon securities maturing 

on August 15 and raise approximately $9.6 billion of new 

cash. 

The three securities are: 

--first, a 3-year note in the amount of $6.5 billion maturing 

on August 15, 1987. This note will be auctioned on a yield 

basis on Tuesday, August 7. The minimum denomination will 

be $5,000. 

--Second, a 10-year note in the amount of 55.5 billion 

maturing on August 15, 1994. This note will be auctioned 

on a yield basis on Wednesday, August 8. The minimum 

denomination will be $1,000. 

--Third, a 30-year bond in the amount of $4.75 billion 

maturing on August 15, 2014, and callable on August 15, 

2009. This bond will be auctioned on a yield basis on 

Thursday, August 9. 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 sizes 

of the 3-year and 30-year issues are the same as in the 

May refunding; the 10-year issue is S1/4 billion higher 

than the 10-year issue in May. 
2. For the current July-September quarter, we estimate a net 

market borrowing of $44.6 billion assuming a $20 billion 

cash balance at the end of September. 

3, Including this refunding, we will have raised $34.6 billion 

in marketable borrowing. This was accomplished as tollows: 

--$4.0 billion of new cash from the 20-year bond which 

settled on July 10. 

--$5.5 billion of new cash from the 7-year note which settled 

on July 9. 

--$3.0 billion new cash from the 4-year note which settled 

July 2. 

--$3.6 billion of new cash from the 2-year note which 

settled July 2. 

--$2.9 billion of new cash from the 2-year note which 

settled July 31. 

--$1.0 billion of new cash from the 52-week bills including 

the bills announced for auction August 2. 

--$5.0 billion in weekly bills, including the bills announced 

yesterday, and 

--$9.6 billion of new cash from the August refunding. 

The remaining net financing requirement of about $10.0 

billion could be accomplished through sales of regular 

weekly and monthly bills and a note in early September 

in the 5-year maturity range. Cash management bills 

will be required to avoid a negative cash balance in 

late August and early September. 
4. Our net market borrowing need in the October-December quarter 

is currently estimated in the range of $55 to $60 billion, 

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

I would also like to note that we have been considering 

a number of alternative Treasury financing techniques, because 

of recent changes in the law as well as in market conditions 

which offer the possibility that new financing techniques 

might help to reduce the interest cost on the public debt. 

This is part of our continued review of possible improvements 

in debt management policies. 

As Secretary Regan said in his June 28 address before the 

SEC Major Issues Conference, the creativity of financial 

markets is evidenced by the constant emergence of new financing 

techniques. 

We are still in the process of information gathering, 

and we are not yet prepared to discuss alternative financing 

techniques, or to speculate on what decisions the Secretary 

may reach about these issues. However, we expect to complete 

our analyses of these new markets in the near future. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

October 31, 1984 

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 quarter. 

1. We are offering $17.5 billion of securities to refund 

$9.2 billion of publicly-held coupon securities maturing 

on November 15 and raise approximately $8.3 billion of new 

cash. 

The three securities are: 

--First, a 3-year note in the amount of $6.5 billion maturing 

on November 15, 1987. This note will be auctioned on a yield 

basis on Monday, November 5, which is a day earlier than the 

usual Tuesday auction date for 3-year notes, because of the 

partial holiday on Election Day. The auction will be at 

1:30 p.m. We announced yesterday our weekly 3- and 6-month 

bill auctions for November 5, end we are now changing the 

hour of those auctions from 1:00 p.m. to 12:30 p.m. The 

minimum denomination of the 3-year note will be $5,000. 

--Second, a 10-year note in the amount of $5.75 billion 

maturing on November 15, 1994. This note will be auctioned 

on a yield basis on Wednesday, November 7. The minimum 

denomination will be $1,000. 

--Third, a 30-year bond in the amount of $5.25 billion maturing 

on November 15, 2014, and callable on November 15, 2009. This 
bond will be auctioned on a yield basis on Thursday, November 8. 

The iinimum 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 the 3-year issue is the same as 

the amount announced in the August refunding; the 10-year 

issue is $1/4 billion higher and the 30-year issue is $1/2 

billion higher than the comparable issues in August. 

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

market borrowing of $49 billion plus an additional $6 billion 

for the financing of public housing notes by the Treasury, 

as prescribed by Congress in the Continuing Appropriations 

Act of October 12, 1984. Thus the total net market borrowing 

will be $55 billion, assuming a $15 billion cash balance 

at the end of December. 

3. Including this refunding, we will have raised $30.1 billion 

in marketable borrowing. This was accomplished as follows: 

--$4.0 billion of new cash from the 20-year bond which 

settled on October 30. 

--$5.7 billion of new cash from the 7-year note which settled 

on October 23. 

--$7.2 billion new cash from the 3-year 11-month notes which 

settle October 31, including $1 billion from the foreigntargeted issue. 

--A paydown of $1.1 billion in the 2-year note which settled 

October 

--$1.8 billion of new cash from the 2-year note which 

settles October 31. 
--$1.0 billion of new cash from the 52-week bills including 

the bills settling November 1. 

" - --$3.2 billion of new cash in weekly bills, including 

the bills announced yesterday, and 

--$8.3 billion of new cash from the November refunding. 

The remaining net financing requirement of about $24.9 

billion could be accomplished through sales of regular 

weekly and monthly bills and a note in early December 

in the 5-year maturity range. Cash management bills 

will be required to avoid a negative cash balance at 

the end of November or in early December. 

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

is currently estimated in the range of $45 to $50 billion, 

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

I would also like to note that we expect to complete our 

planning within the next two months for the new system of 

facilitating trading of Treasury interest payments on the bookentry system. Secretary Regan announced this, on August 16, 

as a way of increasing the efficiency of the zero-coupon 

market for Treasury securities and thus lowering the cost 

of financing the public debt. We do not anticipate any 

serious difficulties in making the operational changes necessary 

to broaden the book-entry system to accommodate this new 

market. When the new system is in place, sometime around 
the end of this year, we expect to make it available for the 

securities which we announced today, at least for the larger 

denominations. 

Finally, as you know, Secretary Regan was very pleased 

with the results of the auction last Wednesday of the Treasury's 

first foreign targeted issde. We expect to do a second 

targeted issue soon, but we will not announce it until we 

assess the distribution of the first issue, which settles today.