BORROWING FROM THE PUBLIC UNDER FEDERAL AUSPICES17

Fiscal Years 1978 — 1989

50

Government-Sponsored Enterprises y

Guaranteed

Federal ^1 276.8

199.5

142.1 w& 123.5

93.9 80.7 yzffi n I

'////A

W.

246.4

374.1

327.1

244.7

236.0

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988e 1989e

Source: Budget of the U.S. Government for FY 1989.

y Excludes holdings of U.S. Government accounts.

2/ Excludes holdings of Treasury and guaranteed debt and debt of other GSEs.

e estimate

50

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-29
$Bil.

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

January - March 1988

Uses 92V2 Sources

Coupon Maturities ^ ^Coupon Refunding

Deficit ^^

Increase in

Cash Balance

1/2

Foreign

Nonmarketables

State

and Local 3V2||

2V4 i^ Savings

!f2% Bonds

Net Market Borrowing ^

1/ Includes budget deficit, changes in checks outstanding, and minor

miscellaneous debt transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

80

60

40

20

0

May 3, 1988-20
$Bil.

60

40

20

0

Increase in

Cash Balance^

TREASURY FINANCING REQUIREMENTS

April - June 1988 J/

Uses

Coupon Maturities^

Foreign

Nonmarketables

Marketables ^

1V2

• mmi" 3/4^ State &Local

Sources

4 Coupon Refunding

Savings Bonds

2% Cash Surplus

1/ Includes budget deficit, changes in checks outstanding and minor

miscellaneous debt transactions.

2/ Assumes $30 billion cash balance June 30, 1988.

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

60

40

20

0

May 3, 1988-21
r

NET MARKET BORROWING

April — June 1988

(Billions of Dollars)

Total -11/2

Donei/

7 Year Note 4

2 Year Note - Va

Regular Bills -41/4

Cash Management Bills -4

Total

To Be Done

•^Issued or announced through April 29, 1988.

-41/2

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-22
$Bil.

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Total Operating Balance

Apr May Jun Jul

Department of the Treasury

Office of Government Finance & Market Analysis

Tax and Loan

Accounts Balance

Aug Sep

1987

'* Federal Reserve Account

Oct Nov Dec Jan Feb

J/Assumes refunding of maturing issues.

.Without New.

Borrowing •!/

Mar Apr

1988

May Jun

May 3, 1988-27
TREASURY NET MARKET BORROWING^

Coupons

Over 10 yrs.

0-10 yrs.

$Bil.

70

--10

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

1984 1985 1986 1987 1988

11Excludes Federal Reserve and Government Account Transactions.

-20

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-5
$Bil.

USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER AVa PERCENT

March 31, 1988

250

200

150

100

50

$10 billion

authority

enacted

March 17, 1971

$10 billion ceiling

applied only

to private holdings

July 1, 1973

Amount

Outstanding

o

1971 1973

Department of the Treasury

Office of Government Finance & Market Analysis

1975 1977 1979 1981

As of December 31

Ceiling increased •

to $270 billion

December 22, 1987

y /WPrivately S / Held

1983 1985

250

200

150

100

50

1987

0

May 3, 1988-9
HOLDINGS OF TREASURY SECURITIES IN STRIPPED FORM

$Bil.

50

45

40

35

Apr May Jun

Department of the Treasury

Office of Government Finance & Market Analysis

Jul Aug Sep Oct

1987

Nov

End of Month

Dec Jan Feb Mar Apr 22

1988

$Bil.

50

45

40

35

May 3, 1988-8
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil.

30

-5

IV I

1984

Department of the Treasury

Office of Government Finance & Market Analysis

27.2 r~l Savings Bonds

K2 State & Local Series

• Foreign Nonmarketables

_L

II III IV I II III IV

1985 1986

e estimate

I II III IV I lle

1987 1988

May 3, 1988-4

30

25

-5
STATE AND LOCAL GOVERNMENT SERIES

$Bil. $Bil.

140

120

100

80

60

40

20

i i i I 1 \ i \ I i I

1982 1983 1984

Department of the Treasury

Office of Government Finance & Market Analysis

i i ...i.

1985

March 31, 1988*

tiuMMMjttMmtdmmMLmmtiimmmimmmiM

1986 1987 1988,0

May 3, 1988-7
STATE AND LOCAL MATURITIES 1988—1990

Department of the Treasury

Office of Government Finance & Market Analysis

II III IV

1990

May 3, 1988-6
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

-10

Nonmarketable

-1.5

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

1984 1985 1986 1987

-^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. *Less than $50 million

Department of the Treasury

Office of Government Finance & Market Analysis

IV \v

1988

$Bil.

-10

May 3, 1988-25
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

1800-

1600

1400

1200

1000

800

600

400

200

0

COUPONS

I IOver 10 years

2-10 years

March 31, 1988.. 1522.7

•1-2 year.

H year &under

BILLS

1977 1978 1979 1980

Department of the Treasury

Office of Government Finance & Market Analysis

1981 1982 1983 1984 1985

As of December 31

1986 1987

May 3, 1988-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

100%

90

80

70

60

50

40

30

20

10

0

Coupons m Over 10 years

II 2-10 years

1-2 years Bills

1 year & under

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis

1987 Mar'88

May 3, 1988-3
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 87

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-1
%

20

18

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

>..»..•••

••.—••••

I I I I I I J_J_ I I I I I l I

Through

April 29

••••••

%

20

18

16

14

12

10

8

6

I I I I I

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-10
%

8

SHORT TERM INTEREST RATES

Weekly Averages

%

8

—

Prime Rate Through — •^- week ending

April 27 I

•*••»£

/ Commercial Paper _ ^^r —

/ \ A,

M ^^ •*•••* ^

_ Federal Funds /j \ V'""" V _

.-.••##* \ * * •• • .•• • 3 Month Treasury Bill

»• •• 1 »* •• J • ••• M. •••••••

MM II II 1 MM

•

•

II 1 1 MM 1 1 1 1 MM 1 1 II MM

-7

Jul Aug Sep Oct

1987

Department of the Treasury

Office of Government Finance & Market Analysis

Nov Dec Jan Feb Mar Apr

1988

May 3, 1988-11
LONG TERM MARKET RATES

Quarterly Averages

// // New Aa \

/ /Corporates

1 .*. .-

New J/XJ

Conventional//

_Mortgages//

30-Year y /

JTreasury

^

Through

April 29

%

17

16

15

14

13

12

11

10

9

8

7 ••^

%

17

16

15

14

13

12

11

10

9

8

7

1 6

1978 1979

J_L

1980 1981 1982 1983 1984 1985 1986

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

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

Department of the Treasury

Office of Government Finance & Market Analysis

1987 1988

May 3, 1988-26
%

11

10

8

Municipal Bonds 30-Year

INTERMEDIATE AND LONG MARKET RATES

Weekly Averges

*♦•«».

y*

Sep Oct

1987

New Aa Corporates

Through

week ending

April 29

Feb Mar

1988

%

11

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-19
%

9

8

MARKET YIELDS ON GOVERNMENTS

Bid Yields

•^8.6

10 12 14 16 18 20 22 24 26 28 30

0 1

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8

-6

10

May 3, 1988-28
MATURING COUPON ISSUES

May 1988- September 1988

(In millions of dollars)

Maturing Issues

March 31, 1988

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors ^

8 1/4% Note 5/15/88

9 7/8% Note 5/15/88

10% Note 5/15/88

7 1/8% Note 5/31/88

13 5/8% Note 6/30/88

7% Note 6/30/88

14% Note 7/15/88

6 5/8% Note 7/31/88

10 1/2% Note 8/15/88

9 1/2% Note 8/15/88

6 1/8% Note 8/31/88

113/8% Note 9/30/88

113/8% Note 9/30/88

6 3/8% Note 9/30/88

4,148

5,955

9,987

10,905

6,723

11,397

3,469

11,881

5,783

10,928

11,435

6,947

628

11,544

1,799

96

1,658

736

592

1,209

87

1,430

14

1,891

864

520

0

1,081

2,349

5,859

8,329

10,169

6,131

10,188

3,382

10,451

5,769

9,037

10,571

6,427

628

10,463

5

892

2,476

1,182

151

1,291

70

1,077

541

1,328

893

1,456

628

923

Totals 111,730 11,977 99,753 12,913

J/ F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis May 3, 1988-17
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

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

Department of the Treasury

Office of Government Finance & Market Analysis

Securities issued prior to 1986

New issues calendar year 1986

May 3, 1988-12
$Bil

22

20

18

16

14

12

10

8

6

4

2

0

24

22

20

18

16

14

12

10

8

6

4

2

0

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

103 <^101

-4.8

180

| 1989 i 2o.o

1§? W H 160 H? if 1? I 1J£§310-5 ^ 10.6^10.6 I 93^97 I

ill if iill iiilil

1990

17.2 18.4 20.3

23.7

1

98p1 8 I iill iil• %• •

1991

8.2 9.5 9.9 10.6

-5.2 • ^ 5.3

=• I l

8.0

I51

1

7.7

j 5.5

16.9 1992

11.1 10.1

12.5

"5.5

1

6.3 I II

6.2

8.0 • 8.2

34.7

7.3

JFMAMJJASOND

Bl Securites issued prior to 1986

323 New issues calendar year 1986

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil

22

20

18

16

14

12

10

8

6

4

2

0

10

8

6

4

2

0

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14.6

la I

"7.2

2.9

-7.3 7.7

8.1

90

1993

131

6.5 6.7 7.7

73 1994/2 7 1

RTq 5.2

6.8

91 1995

18.4 1!

s

996

97 1997

1998

6.9

JFMAMJJAS

New issues calendar year 1987

Issued or announced through April 29, 1988

6.9

11.9

I 7.1 7.2

8.6

19.6

9.5

1

O N D

May 3, 1988-13
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

14

12

10

8

6

4

2

0

6

4

2

0

14

12

10

8

6

4

2

22"

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

-

.* 1999

- 2.1 2000 m23

|_ 13 ie_ 2001 =23 1.6

~ 1.7 2002 2.6

I 2.9 32 2003 34

• • 1

-

3.6 2004I i£40

• I •

m8.3

=

63 20

•

05 g

E 0" 2006i

F «27 I 2007 1.2

2008 „ 3.6

•

3j8 2009 •

3.3

•

1.7 i* 2010 3.8

•

,

£1 2011

•

4.3

Bl

=

2012 10.2

1

11.8

I

7.0

2013 1TM

I

46 2014 47

2015

6.5

17.9 2016

18.0 2017 13.8

2018

5.2

6.7

18.5

I

$Bil. 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

4

2

0

4

2

0

4

2

0

4

2

0

10

8

6

4

2

0

JFMAMJJASOND JFMAMJJASOND

••Securities issued prior to 1986

SOS New issues calendar year 1986

Department of the Treasury

Office of Government Finance & Market Analysis

New issues calendar year 1987

Issued or announced through April 29, 1988

May 3, 1988-14
$Bil.

6

4

2

0

-2

14

12

10

8

6

4

2

0

-2

NEW MONEY IN AGENCY FINANCE

Non-mortgage-backed Securities, Quarterly y

$Bil.i

SLMA FNMA

-I •In . I

FHLB

FFCB

.1

In i

•"" I' I"

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

1985 1986 1987 1988 1985

*Less than $50 million.

Department of the Treasury J/ Prjvatelv Hplfi Office of Government Finance &Market Analysis aioiy iciu

I

4

2

0

-2

-4

-6

4

2

0

-2

-4

-6

-8

II III IV I II III IV I II III IV

1986 1987 1988

May 3, 1988-23
$Bil.

26

24

22

20

18

16

14

12

10

8

6

4

2

0

NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIES

Privately Held, Quarterly

FHLMC

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

1985 1986 1987 1988

Department of the Treasury

Office of Government Finance & Market Analysis

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

1985 1986 1987 1988

e partly estimated

II III IV I II IIIIV I II III IV le II III IV

1985 1986 1987 1988

May 3, 1988-24
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1988^

Monday Tuesday Wednesday Thursday Friday

2 3 4 5

Auction

52 week27

6

9 Auction

3 year 3/

11 A ♦• Auction

10 year^/

12 Auction A ♦•

30 year 3/

13

16 17 18 Announce

2 year

5 year

19 20

23 24 Auction

2 year ^

9fi

Auction

5 year 5/

27

Announce

52 week-*7

30

Holiday

31

.

Al Does not include weekly bills

_27For settlement May 12

U For settlement May 16

Al For settlement May 31

_5/ For settlement in early June

Department of the Treasury ±] For auction June 2 and settlement June 9

Office of Government Finance & Market Analysis

May 3,1988-18
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1988^

Monday Tuesday Wednesday Thursday Friday

1 2

Auction

52 week-2/

3

6 7 8 9 10

13 14 15 Announce

2 year

4 year

16 17

20 21 22

Auction

2 year $

23

Auction

4 year &

Announce

52 week

27 28 29 30

Auction

52 week -*/

Department of the Treasury

Office of Government Finance & Market Analysis

_U Does not include weekly bills

21 For settlement June 9

_3J For settlement June 30

Al For settlement July 7

May 3, 1968-15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JULY198817

Monday Tuesday Wednesday Thursday Friday

1

4

Holiday Announce

7 year

8 9 10

11 12

Auction

7 year-?/

13 14 15

18 19 20 A

Announce

2 year

21

Announce

52 week

25 26 27

Auction

2 year &

28

Auction

52 week ^

29

Department of the Treasury

Office of Government Finance & Market Analysis

_l/ Does not include weekly bills

_2/ For settlement July 15

.3/ For settlement August 1

Al For settlement August 4

May 3, 1988-16