TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

FEBRUARY 1, 1989 

Today we are announcing the terms 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 1989 quarter. 

1. We are offering $28.75 billion of notes and bonds to refund 

$15.1 billion of publicly-held coupon securities maturing on 

February 15 and to raise approximately $13.7 billion of cash. 

The three securities are: 

-- First, a 3-year note in the amount of $9.75 

billion maturing on February 15, 1992. This 

note will be auctioned on a yield basis on 

Tuesday, February 7. The minimum denomination 

will be $5,000. 

-- Second, a 10-year note in the amount of $9.50 

billion maturing on February 15, 1999. This 

note will be auctioned on a yield basis on 

Wednesday, February 8. The minimum denomination 

will be $1,000. 

-- Third, a 30-year bond in the amount of $9.50 

billion maturing on February 15, 2019. This 

bond will be auctioned on a yield basis on 

Thursday, February 9. The minimum denomination 

will be $1,000. 
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We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. The total is $3/4 billion larger than offered 

in the last refunding, reflecting increases of $1/4 billion in 

the 3-year note and $1/2 billion in the 30-year bond. 

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

market borrowing need of $36.8 billion in marketable securities, 

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

want to have a higher balance, depending on our assessment of 

cash needs and market conditions at the time. 

3. Including the 3- and 10-year notes and the 30-year bond, we 

will have raised $19.5 billion in marketable borrowing. This 

was accomplished as follows: 

- - $3.9 billion of cash from the 7-year note which 

settled January 17. 

-- $0.8 billion of cash from the 2-year and 4-year 

notes which settled on January 3. 

-- $0.8 billion paydown in the 2-year note issued 

yesterday. 

-- $1.9 billion of cash in regular weekly and 52- 

week bills, including the weekly bills announced 

yesterday. 

-- $13.7 billion of cash from the February 3- and 

LO-year notes, and 30-year bond. 
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The remaining net financing requirement of $17.3 billion could 

be accomplished through the sale of regular 13-, 26- and 52-week 

bills, a 2-year note in February, a 5-year, 2-month note in 

early March, and 2-year and 4-year notes at the end of March. 

4. Our net market borrowing need in the April - June 1989 

quarter is currently estimated in the range of $5-10 billion, 

assuming a $20 billion cash balance at the end of June. 

5. The 10-year note and 30-year bond announced today will be 

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. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

MAY 3, 1989 

Today we are announcing the terms of our regular May 

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 July-September 1989 quarter. 

1. We are offering $28.75 billion of notes and bonds to refund 

$17.3 billion of privately-held notes maturing on May 15 and to 

raise approximately $11.5 billion of cash. The three securities 

are: 

-- First, a 3-year note in the amount of $9.75 billion 

maturing on May 15, 1992. This note will be auctioned 

on a yield basis on Tuesday, May 9. The minimum 

denomination will be $5,000. 

-- Second, a 10-year note in the amount of $9.5 billion 

maturing on May 15, 1999. This note will be auctioned 

on a yield basis on Wednesday, May 10, 1989. The 

minimum denomination will be $1,000. 

-- Third, a reopening of the 8-7/8% bond maturing February 

15, 2019 in the amount of $9.5 billion. This 29-3/4 

year bond will be auctioned on a yield basis on 

Thursday, May 11, 1989. The minimum denomination will 

be $1,000. 

We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. 
2. For the current April-June quarter, we estimate a borrowing 

need of $2 billion in marketable securities, assuming a 

$30 billion cash balance at the end of June. We may want to 

have a higher balance, depending upon our assessment of cash 

needs and market conditions at the time. 

3. Including this refunding, we will have raised $7.5 billion in 

marketable borrowing. This was accomplished as follows: 

--$4.4 billion of new cash from the 7-year note which 

settled April 17. 

--$0.4 billion paydown from the 2-year note which settled on 

May 1. 

--$1.2 billion paydown in regular weekly bills including 

the bills announced yesterday. 

--$0.2 billion of new cash in the 52-week bills to be 

auctioned tomorrow. 

--$11.5 billion of new cash from the refunding issues 

announced today. 

--$7.0 billion paydown in the cash management bills which 

matured on April 20. 

The remaining $5.5 billion paydown could be accomplished 

through sales of regular 13-, 26-, and 52-week bills, 2-year 

notes in May and June, a 4-year note at the end of June, and a 

5-year, 2-month note in early June. 
Our net market borrowing need in the July-September 1989 

quarter is currently estimated in the range of $30-$35 

billion, assuming a $30 billion cash balance at the end of 

September. 

4. In connection with thrift legislation that is proceeding 

through the Congress, the Treasury will make zero-coupon, 

nonmarketable Treasury securities available directly to the 

Resolution Funding Corporation. Such zeros will facilitate 

REFCORP's ability to fulfill the requirement in the legislation 

that the principal portion of REFCORP bonds be defeased with 

noninterest-bearing securities. 

5. The notes and bonds announced today will be 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. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

AUGUST 2, 1989 

Today we are announcing the terms of our regul ar August 

quarterly refunding. However, since the Congress has not 

completed action on legislation to increase the debt ceiling, I 

am only able to announce a tentative schedule of the auctions 

and settlement of the refunding issues. We will announce the 

final 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. 

I will also discuss the Treasury's financing requirements 

for the balance of the current calendar quarter and our estimated 

cash needs for the October-December 1989 quarter. 

1. We are offering $29.5 billion of notes and bonds to 

refund $15.9 billion of privately-held notes maturing on 

August 15 and to raise approximately $13.6 billion of cash. The 

three securities are: 

-- First, a 3-year note in the amount of $10.0 billion 

maturing on August 15, 1992. This note is scheduled to 

be auctioned on a yield basis on Tuesday, August 8. 

The minimum denomination will be $5,000. 

-- Second, a 10-year note in the amount of $9.75 billion 

maturing on August 15, 1999. This note is scheduled to 

be auctioned on a yield basis on Wednesday, August 9. 

The minimum denomination will be $1,000. 
-2- 

-- Third, a 30-year bond in the amount of $9.75 billion 

maturing on August 15, 2019. This bond is scheduled to 

be auctioned on a yield basis on Thursday, August 10. 

The minimum denomination will be $1,000. 

We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. 

2. We are offering $10.0 billion of 247-day cash management 

bills maturing on April 19, 1990. The cash management bills are 

scheduled to be auctioned on a discount basis on Thursday, 

August 10 at 12:00 noon for settlement Tuesday, August 15. The 

minimum denomination will be $10,000. Noncompetitive tenders up 

to $1,000,000 will be accepted. 

3. For the current July-September quarter, we estimate a 

net borrowing need of $22 billion in marketable securities, 

assuming a $30 billion cash balance at the end of September. We 

may want to have a higher balance, depending upon our assessment 

of cash needs and market conditions at the time. 

Including this refunding, we will have raised $16.4 billion 

in marketable borrowing in the July-September quarter. This was 

accomplished as follows: 

-- $3.0 billion of new cash from the 7-year note that 

settled July 17; 

-- $1.5 billion paydown from the 2-year note that settled 

on July 31; 

-- $8.2 billion paydown in regular weekly bills including 

the bills announced yesterday; 
-- $0.5 billion paydown in 52-week bills including those 

to be issued tomorrow; 

-- $13.6 billion of cash from the refunding issues 

announced today; and 

-- $10.0 billion of cash from the 247-day cash management 

bills announced today. 

In addition to the issues listed above, $5.0 billion in cash 

management bills will be issued on August 7 and will mature on 

September 21. 

The $5.6 billion to be raised in the rest of the JulySeptember quarter could be accomplished through sales of regular 

13-, 26-, and 52-week bills, 2-year notes in August and a 5-year, 

2-month note in early September. Additional cash management 

bills may be necessary in September. 

4. Our net market borrowing need in the October-December 

1989 quarter is currently estimated in the range of $50 to $55 

billion, assuming a $20 billion cash balance at the end of 

December. 

5. In connection with thrift legislation that is proceeding 

through the Congress, it is possible that as much as $15 billion 

will be needed to fund the activities of the Resolution Trust 

Corporation before September 30. Since the Congress has not 

completed action on this bill, we are uncertain whether the 

funding will be included in the budget, and thus financed through 

the Treasury. If the funding is included in the budget, 
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Treasury's net market borrowing requirement in the July-September 

quarter will be greater than the $22 billion estimate that I have 

just announced. 

6. The notes and bonds announced today will be 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. 
TALKING POINTS 

FOR THE 

FINANCING PRESS CONFERENCE 

NOVEMBER 1, 1989 

Today we are announcing the terms of our regular November 

quarterly refunding. I am able only to announce a tentative 

schedule of the auctions and settlement of the refunding issues, 

however because the Congress has not completed action on 

legislation to increase the debt ceiling. The announcement of 

these securities is being made in anticipation that an increase 

in the debt ceiling will be enacted in a timely manner. 

I will also discuss the Treasury's financing requirements 

for the balance of the current calendar quarter and our estimated 

cash needs for the January-March 1990 quarter. 

1. We are offering $30.0 billion of notes and bonds to 

refund $20.0 billion of privately-held notes maturing on 

November 15 and to raise approximately $10.0 billion of cash. 

The three securities are: 

-- First, a 3-year note in the amount of $10.0 billion 

maturing on November 15, 1992. This note is scheduled 

to be auctioned on a yield basis on Tuesday, 

November 7. The minimum denomination will be $5,000. 

-- Second, a 10-year note in the amount of $10.0 billion 

maturing on November 15, 1999. This note is scheduled 

to be auctioned on a yield basis on Wednesday, 

November 8. The minimum denomination will be $1,000. 
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-- Third, a 29 3/4-year bond, a reopening of the 8 1/8 

percent bond maturing on August 15, 2019 in the amount 

of $10.0 billion. This bond is scheduled to be 

auctioned on a yield basis on Thursday, 

November 9. The minimum denomination will be $1,000. 

We will accept noncompetitive tenders up to $1,000,000 for each 

of these issues. 

2. We are also offering $10.0 billion of 36-day cash 

management bills maturing on December 21. The cash management 

bills are scheduled to be auctioned on a discount basis on 

Thursday, November 9 at 12:00 noon for settlement Wednesday, 

November 15. The minimum tender amount will be $1,000,000. No 

noncompetitive tenders will be accepted. 

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

net market borrowing need of $47.5 billion, assuming a $20 

billion cash balance at the end of December. We may want to have 

a higher balance, depending upon our assessment of cash needs and 

market conditions at the time. 

Including this refunding, with the exception of the $10.0 

billion cash management bills to be issued November 15 and 

maturing before the quarter ends, we will have raised $25.6 

billion of the $47.5 billion in marketable borrowing in the 

October-December quarter. This was accomplished as follows: 

-- $2.2 billion of new cash from the 2- and 4-year notes 

which settled October 2; 

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

settled October 16; 
$1.5 billion of new cash from the 2-year note that 

settled on October 31; 

$7.7 billion of new cash in regular weekly bills 

including the bills announced yesterday; 

$0.5 billion of cash in 52-week bills issued 

October 26; and 

$10.0 billion of cash from the refunding issues 

announced today. 

In addition to the issues listed above, $2.0 billion in cash 

management bills were issued on October 31 and will mature on 

December 21 and $10.0 billion of cash management bills will be 

issued on November 15 to mature on December 21. 

The $21.9 billion to be raised in the rest of the OctoberDecember quarter could be accomplished through sales of regular 

13-, 26-, and 52-week bills, 2-year notes in November and a 5- 

year, 2-month note in early December. Additional cash 

management bills may be necessary. 

4. Our net market borrowing need in the January-March 1990 

quarter is currently estimated in the range of $45 to $50 

billion, assuming a $10 billion cash balance at the end of March. - 5. The notes and bonds announced today will be eligible for 

conversion to STRIPS (Separate Trading of Registered Interest 

and Principal of Securities) and, accordingly, may be divided 

into separate interest principal components.