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

FOR IMMEDIATE 

RELEASE 

January 31, 1996

REMARKS BY DARCY BRADBURY 

ASSISTANT SECRETARY FOR FINANCIAL 

MARKETS TREASURY QUARTERLY REFUNDING 

PRESS CONFERENCE 

Good afternoon. Today we are announcing the terms of the regular Treasury 

February midquarter refunding. I will also discuss Treasury financing requirements for 

the balance of the current calendar quarter and our estimated cash needs for the AprilJune quarter. 

1. We are offering $44.5 billion of notes and bonds to refund $31.3 

billion of privately held notes and bonds maturing on February 15 and to raise 

approximately $13.2 billion new cash.

The three securities are: 

First, a 3-year note in the amount of $18.5 billion, maturing on February 15, 

1999. This note is scheduled to be auctioned on a yield basis at 1:00 p.m. 

Eastern time on Tuesday, February 6, 1996. 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 $14.0 billion, maturing on February 

15, 2006. This note is scheduled to be auctioned on a yield basis at 1:00 p.m. 

Eastern time on Wednesday, February 7. The minimum purchase amount will 

be $1,000. 

Third, a 30-year bond in the amount of $12.0 billion, maturing on February 

15,2026. This bond is scheduled to be auctioned on a yield basis at 1:00 p.m. 

Eastern time on Thursday, February 8. The minimum purchase amount will 

be $1,000. 

2. We are also offering $8.0 billion of cash management bills to be 

issued February 15. These bills will mature on February 22, 1996. The cash 
management bills are scheduled to be auctioned on a discount basis at 11:30 a.m. 

Eastern time on Thursday, February 8, 1996. The minimum purchase amount will be 

$10,000. 

3. Due to the Treasury's need to avoid exceeding the debt limit, none of the 

securities that I am announcing today will be issued to Federal Reserve Banks as agents for 

foreign and international monetary authorities. Maturing notes held by Federal Reserve Banks 

as agents for such accounts may be rolled over on a noncompetitive basis within the public 

offering amounts of the notes and bonds. 

4. As announced on Monday, January 29, 1996, we estimate a net market 

borrowing need of $85.3 billion for the January-March quarter. The estimate assumes a $20 

billion cash balance at the end of March. Including the securities in this refunding, we have 

raised $26.8 billion of cash from the sale of marketable securities. This was accomplished as 

follows: 

-- raised $0.8 billion from the 2-year notes that settled January 2 and today; 

-- raised $15.8 billion from the 5-year notes that settled January 2 and January 

31;

-- raised $2.9 billion from the 52-week bills with settlement dates of January

11 and February 8;

-- raised $9.6 billion in cash in the regular weekly bills including those 

announced yesterday;

-- paid down $7.4 billion in the 7-year note that 

matured January 15;

-- paid down $8.1 billion in the cash management bills that matured January 25; 

and

-- raised $13.2 billion from the notes and bonds that I am announcing today.

5. The Treasury will need to raise $58.5 billion in market borrowing during the 

rest of the January-March quarter. This financing can be accomplished through regular sales 

of 13-, 26-, and 52-week bills in February and March and 2-year and 5-year notes in 

February. Additional cash management bills will be needed to cover the low points in the 

cash balance in early March. Since the cash management bill being announced today will 

mature February 22, it will not effect the total borrowing need for the quarter. These 

estimates do not include cash from the March two and five-year notes to be issued April l, 

1996. 

6. We estimate Treasury net market borrowing to be in a range of $0 to $5 billion 

for the April-June 1996 quarter, assuming a $35 billion cash balance on June 30. These 

estimates do not include cash from the June two and five-year notes to be issued July 1, 1996. 

7. The tentative auction calendars for February, March and April 1996 are 

included in the chart package which was distributed today. 

8. The May midquarter refunding press conference is scheduled to be held on 

Wednesday, May 1, 1996. 
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