$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

July — September 1986

Increase in

Cash Balance

Uses

Coupon Maturities ^

Foreign

Nonmarketables

Deficit y

105V4

Sources

^Coupon Refunding

Savings Bonds

3%

4

State and Local

Net Market v

Borrowing m

-"Includes budget deficit, changes in checks outstanding, and minor

miscellaneous debt transactions.

$Bil.

100

80

60

40

20

0

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-19
$Bil

120-

100

80

60

40

TREASURY FINANCING REQUIREMENTS

October — December 1986

Uses

Coupon Maturities^

State and Local

Va

3/4

Foreign

Nonmarketables

| DeficitJ/

124V2

Sources

^Coupon Refunding

Savings Bonds

33/4

Net Market 571/2/

Borrowing \

To Be

Done

$Bil.

120

100

80

60

40

20

0

20 Done^

0

Department of the Treasury

Office of Government Finance & Market Analysis

Decrease in •

Cash Balance^1

u Includes budget deficit, changes in checks outstanding,

and minor miscellaneous debt transactions.

& Issued or announced through October 24, 1986.

^Assumes a $15 billion cash balance December 31, 1986. October 28, 1986-20
TREASURY OPERATING CASH BALANCE

Semi-Monthly

4 Total Operating Balance

Tax and Loan

'k Accounts Balance

Federal Reserve Account

'fr^***

.Without New.

Borrowingy

%••%

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1985 1986

Department of the Treasury

Office of Government Finance & Market Analysis

1/ Assumes refunding of maturing issues.

October 28, 1986-24
1»^M«^

r-= o o O O o o

m n- CD tf> ^ 00 CM

«e

05

00

^~

in c

oo o

o>

o

o

o

3

c

CO

c

(0

CO

o

>

CD

c

<

— •<* c

oo d>

0> o

—

to

a>

CO

c

>

T3

CD

a!

DC

~

CO ID

u.

00 en

o> a)

•n

o

D

LU

_ =1

= CM

O)

oo

OO

E o

CO

21
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. — — i$Bil30

25

20

15

10

5

0

—5

CD Savings Bonds

EZ9 State & Local Series

^M Foreign Nonmarketables

5.9

4.1 4-6

££ ii 1.5 Id 2-21 2.9

a zm

-2.0 -2.5

-.6

10.7

1.7

&

1

6.2

2.6

mst

II III IV I II III IV I II III IV I II III IV I II III IVe

1982 1983 1984 1985 1986

e estimate

30

25

20

15

10

5

0

—5

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-9
STATE AND LOCAL GOVERNMENT SERIES

$Bil.

100

90

80

70

60

50

1976 1977 1978 1979

Department of the Treasury

Office of Government Finance & Market Analysis

i. J_

1980 1981 1982

December 31

J.

October 31, 1986' estimate

-20

10

0

1983 1984 1985 1986

October 28, 1986-15
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

15

10

0

-5

-10

Nonmarketable Marketable

1 032 Add-ons^

•1 Other Transactions

I

-.5

u

I-6.5

II III IV I II III IV I II III IV I II III IV

1982 1983 1984 1985

U F.R.B. purchases of marketable issues as agents for foreign and international

monetary authorities which are added to the announced amount of the issue.

^ Preliminary. * Lessthan $50 million.

I II lll^

1986

$Bil.

15

10

0

-5

•10

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-10
SHORT TERM INTEREST RATES

Quarterly Averages

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-12
%

8

Commercial Paper\

••—••••••

6

SHORT TERM INTEREST RATES

Weekly Averages

Federal Funds

•"•"...X

Through

week ending

October 22

Prime Rate 1

%

8

-6

....»••—"*"w„..-

3 Month Treasury Bill

'••••••••••###.#

-5

1 I I I 11 I I I I I ll I I I 1 I 1 I II I I I

Jan Feb Mar Apr May Jun

1986

Department of the Treasury

Office of Government Finance & Market Analysis

I I ll

Jul

!_L

Aug Sep Oct

October 28, 1986-13
%

17

16

15

14

13

12

11

10

9

8

7

•••••v#

_L_L

, ••«,.•»*

LONG TERM MARKET RATES

Quarterly Averages

New Aa ''••

f /Corporatesi

New // \J

Conventional//

Mortgages//

1/1

%

1976 1977 1978 1979 1980 1981 1982 1983

1/ The 30 year Treasury series was initiated in March 1977.

2/ The 30 year Bond Buyer Index was started September 21, 1979

1984 1985 1986

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-5
%

10

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Treasury 5-Year **>*/

Through

week ending

October 24

%

10

8

Jan Feb Mar Apr May Jun

1986

Jul Aug Sep Oct

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-14
MARKET YIELDS ON GOVERNMENTS

Bid Yields

%

g

L"'"" Jul

%

9

8

7

^^\ "" %

10

9

8

7

^^^^m

1%

-10

-9 —

-8

8

7

'

^^^^^± ^ | | I I I I I I

6

October 27, 1986 —

6

—

5 1 0 12 14 16 18 20 22 24 26 28 30 - 6

9 10

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8

October 28, 1986-25
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

Department of the Treasury

Office of Government Finance & Market Analysis

As of December 31 October 28, 1986-7
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

100%

Coupons H Over 10 years

a 2-10 years

1-2 years Bills

1 year & under

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Sep'86

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-8
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85

Department of the Treasury

Office of Government Finance & Market Analysts October 28, 1986-6
$Bil.

140

120

100

80

60

STRIPS PROGRAM

^ Eligible Issues

-—Amount Stripped

J J A S O N

1985

*as of October 22, 1986

Department of the Treasury

Office of Government Finance & Market Analysis

M A M J J A

1986

0

S O*

October 28,1986-22
STRIPS PROGRAM

Security Issue Date Total Issued Amount Stripped

$ Millions as of 10/22/86

11 5/8% 11 / 15/94 11 / 15/84 6,659 1,421

11 1/4% 2/15/95 2/15/85 6,934 1,260

11 1/4% 5/15/95 5/15/85 7,127 2,152

10 1/2% 8/15/95 8/15/85 7,956 1,026

9 1/2% 11/15/95 11 /15/85 7,318 535

8 7/8% 2/15/96 2/15/86 8,471 34

7 3/8% 5/15/96 5/15/86 20,085 0

11 5/8% 11 / 15/04 10 / 30 / 84 8,302 6,026

12% 5/15/05 4/ 2/85 4,261 2,058

10 3/4% 8/15/05 7/ 2/85 9,270 819

9 3/8% 2/15/06 1/15/86 4,756 0

11 3/4% 11/15/ 14 11 / 15/84 6,006 3,422

11 1/4% 2/15/15 2/15/85 12,668 8,470

10 5/8% 8/15/15 8/15/85 7,150 3,754

9 7/8% 11/15/15 11 /15/85 6,900 251

9 1/4% 2/15/16 2/15/86 7,267 11

7 1/4% 5/15/16 5/15/86 18,823 0

149,953 31,239

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-23
MATURING COUPON ISSUES

November 1986 — March 1987

(In millions of dollars)

Maturing Issues

September 30, 1986

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors J/

13 7/8% Note 11/15/86

16 1/8% Note 11/15/86

11% Note 11/15/86

6 1/8% Bond 11/15/86

10 3/8% Note 11/30/86

9 7/8% Note 12/31/86

10% Note 12/31/86

9 3/4% Note 1/31/87

9% Note 2/15/87

12 3/4% Note 2/15/87

10 7/8% Note 2/15/87

10% Note 2/28/87

10 3/4% Note 3/31/87

10 1/4% Note 3/31/87

3,206

3,469

7,650

1,196

10,052

10,112

5,908

10,212

6,238

3,437

9,166

10,087

10,349

6,522

97

277

1,126

614

559

600

342

724

1,669

47

2,415

645

836

315

3,109

3,192

6,524

582

9,493

9,512

5,566

9,488

4,569

3,390

6,751

9,442

9,513

6,207

792

171

463

28

1,284

743

310

1,325

534

37

635

734

713

1,080

Totals 97,604 10,266 87,338 8,849

u F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis October 28, 1986-18
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. p

16

14

12

10

8

6

4

2

0

20 h

18

16p14

12

10

8

6

4

2

0

18

16h

14

12

10

8

6

4

2

0

12

10

8h

6

4

2

0

14.7

12.4

7^10.0

15.7 1987

I 12.6 ^16°

9-5 K39.4 % 9.5 Ki9-8 ill J

15.6 15.8

„.. 13.7 ^

108„, 1 88TM |

is.a J. IS? ^ 19'8?B5 *TM16.5 149

^ TM

9.9^10.1 10.3%10 6 1°-8.l

2

6.4

-2.7 I 03.1

VM I

_3.3

-4.8

155 rTM 1989 16.2

6.6 '% 7.0

I III III 8.3

I 7.5 7 .J

1990 io-8

I42

I

10.3

6.9 H« 7.3

7.6 B3 7-9 |

12.8

I I

50 ^ 14.9 % 15.0 ^

ll ill 1 • I

JFMAMJJASOND

^| Securities issued prior to 1984

£222 New issues calendar year 1984

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

10

8

6

4

2

0

8

6

4

2

0

121-

10

5.5

5.7

tl

7.5

2.6

Si 1991 ^9.9

5.4 M I 5.2

8 5 1992

I 6.3

i i

1993

10.7

5.7

6.3

V/ 4.1

1 I

• 12.0

8 -6.5 6.4

et°l 6.5

4.7

6.8 7.6

I 7.0

4

2

0

6

4

2

0

*: i

0'

18r

16

14

12

10

8

6

4

2

0

2.9

8.2

53 1994 ss72

9.1 1995 t|

i

1861996

7.2

8.6

JFMAMJJASOND

New issues calendar year 1985

Issued or announced through October 24, 1986

October 28, 1986-2
$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

2

0

2

0

2

0

.2.2

1.5

1.7

2.9

4.8

.2.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

1997

1998

1999

2000 • 2.5

2.4 li 2001 m

3.2

3.6

Vs.

6.3

2002

2003

2004

2005

2006

2007

2008

•39 2009

3.5

4.0

9.3

1

1.4

1.6

• 2.6

17.2

8.3

1

1.2

.3.6

.3.4

2

0

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

1.8

511.8

70

1.9 2010

I37 2011

2012

2013

4.8 2014

2015

180 2016

• 4.0

14.4

• 10.3

,12.6

r r

6.5 6.8

FMAMJ JASOND

•I Securities issued prior to 1984

E£2 New issues calendar year 1984

Department of the Treasury

Office of Government Finance & Market Analysis

L

JFMAMJJASOND

New issues calendar year 1985

SH Issued or announced through October 24, 1986

October 28, 19
$Bil.

2

0

-2

-4

24

22

20

18

16

14

12

10

8

6

4

2

0

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

_l_ FFCB

• • •"• F

I II III IV I II III IV I II ill IV I ll III IV I II III6 IV

1982 1983 1984 1985 1986

*Less than $50 million.

14

12

10

8

6

4

2

0

FNMA

I

I II III IV I II III IV I II III IV I II III IV

1982 1983 1984 1985

e Partly estimated.

II llleIV

1986

Department of the Treasury -1/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,

office of Government Finance &Market Analysis certificates, mortgage-backed bonds, and mortgage participation certificates. October 28, 1986-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 1986^

Monday Tuesday Wednesday Thursday Friday

3 Auction

3 year-^

Auction

10 year-?/

6 A ♦■ Auction

30 year 11

7

10 11

Holiday

12

Announce

2 year

13 14

Announce

52 week

17 18

Announce

5 year

19

Auction

2 year 3/

Auction

52 week 4/

21

24 25 26

Auction

5 year 5/

27

Holiday

28

Department of the Treasury

Office of Government Finance & Market Analysis

J_/ Does not include weekly bills

2/ For settlement November 17

3/ For settlement December 1

AJ For settlement November 28

5J For settlement in early December

October 28, 1986-16
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 19861

Monday Tuesday Wednesday Thursday Friday

1 2 3 4 5

8 9 10 Announce

2 year

4 year

11 12

Announce

52 week

15 16 Announce A

7 year

17 A ♦• Auction

2 year^

18 . . Auction

4 year-27

19

22 23 » • Auction

52 week^

24 25

Holiday

26

29 30

Auction

7 year47

31

Department of the Treasury

Office of Government Finance & Market Analysis

\J Does not include weekly bills

2J For settlement December 31

3/ For settlement December 26

AJ For settlement in early January

October 28, 1986-27