30

20

10

TREASURY FINANCING REQUIREMENTS

January-March 1977 y

Sources

Gov't Account

Salesv Savings Bonds

Uses

Increase in

Operating Cash^

Va

-32--,

VA

and Other f

VA '\

Redemptions

of Special D Issues*

Maturities

.Cash Deficit

Refundings ^^k

Net New

Cash 22V2

Office of the Secretary of the Treasury

Office of Government Financing

1/Assumes $12 billion March 31 cash balance.

* Includes maturing marketable securities of $ Vz billion.

•J" Issued or announced through January 21,1977.

Done"*"

To be

Done

January 19, 1977-22
TREASURY OPERATING CASH BALANCE

May June July Aug Sept. Oct. Nov. Dec. Jan.

1976

* Daily

Office of the Secretary of the Treasury

Office of Government Financing

1/ Includes 2 year note to be issued February 3,1977.

Feb. Mar.

1977

January 19. 1977-29
$Bil.

TREASURY NET NEW MONEY BORROWING1

Calendar Year Quarters

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

247

223

Coupons:

Over 10 yrs.

7-10 yrs.

2-7 yrs.

2 yrs. and under

Bills

17.1

83

m

1975

IV

1976

\]Excludes Federal Reserve and Government Account transactions.

2/Issued or announced through January 21,1977.

14.2

•

IV

5.5

m

11/

1977

January 19, 1977-9
$Bil.

GROSS MARKET BORROWING 1975 - TO DATE1"

Calendar Year Quarters

35 h

30

25

20

15

10

225

Office of the Secretary of the Treasury

Office of Government Financing

30.7

26.8

28.5

m,

1975

IV

Coupons:

Over 10 yrs.

7-10 yrs.

2-7 yrs.

2 yrs. and under

Bills

223

1976

230

IV

-J^Gross public offeringsof coupon issues and cash management bills; net offerings of regular bills

Excludes Federal Reserve and Government Account transactions.

-Vlssued or announced through January 21,1977.

5.5

|1/

1977

January 19, 1977-8
PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

Office of the Secretary o( the Treasury

Office of Government Financing

Jun. Sep,

1975

Jun. Sep.

1976

January 19, 1977-7
MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

l^j-l Bills

200

150

100

50

0

150

100

50

122.5

121.5

100 h 83.3

50 h

I

Officeof the Secretaryof the Treasury

Office of Government Financing

2 year cycle notes All other

Jan 31,1977*

25.5

12.0

Jan 31,1976

13.6 17.0

Jan 31,1975

3.4 14.6

* Estimated

Total

160.0

152.1

1013

I
OWNERSHIP OF THE MATURING ISSUES

FEBRUARY 1977 — JANUARY 1978*

(In millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Corpora

tions Foreign

Other

Private Maturing Issues Longterm

Intermediateterm

Investors!/ Investors^ Funds Holders

8% Nt. Feb. 1977 2,071 930 5 120 165 20 85 746

6% Nt. Feb. 1977 1,518 610 15 150 280 80 150 233

6%%Nt. Mar. 1977 2,076 985 5 190 335 80 325 156

7%% Nt. Apr. 1977 1,495 840 5 180 280 35 75 80

6%% Nt. May 1977 1,980 1,130 30 190 165 190 40 235

9% Nt. May 1977 2,336 975 10 55 30 5 35 1,226

6%% Nt. May 1977 1,967 1,025 15 275 315 130 125 82

6%% Nt. June 1977 1,911 875 25 245 250 190 25 301

714% Nt. July 1977 1,457 820 15 210 280 5 80 47

7%% Nt. Aug. 1977 3,243 1,655 55 195 290 60 140 848

8%% Nt. Aug. 1977 1,902 1,180 25 160 50 40 90 357

8%% Nt. Sept. 1977 3,181 1,530 75 270 85 50 175 996

7V4%Nt. Oct. 1977 2,990 1,610 60 385 185 250 230 270

656% Nt. Nov. 1977 2,541 1,345 70 315 165 185 255 206

7%%Nt. Nov. 1977 2,395 1,560 65 160 140 210 30 230

7V4% Nt. Dec. 1977 2,502 1,405 35 300 140 155 170 297

6%%Nt. Jan. 1978 2,261 1,085 15 330 275 285 165 106

Total 37,826 19,560 525 3,730 3,430 1,970 2,195 6,416

'Based on November 1976 survey of ownership.

-> Includes State and local pension fundsand life insurance companies.

^Includes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and corporate pension funds.

Office of the Secretary of the Treasury

Office of Government Financing January 19, 1977-23
3V2,-

3 -

2V2

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

2 years

10 months

y

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Officeof the Secretary of the Treasury Office of Government Financing January 19, 7977-1
EFFECT OF MID-QUARTER FINANCINGS

ON DEBT EXTENSION

$Bil.

20

10

0

Average Length of.

Marketable Debt*

2 years

5 months

Long

Qr- Bond

y0// 7-10 year t 7.8

M Note .8r—

M

r %

l&X

M M J J

1976

Office of the Secretary of the Treasury

Office of Government Financing * Privately Held

wA

2 years

9 months

December 31, 1976

6.6

1.0

m7>

^2.3^

1

0 N

Months

-34

32

-30

28

2

0

January 19, 1977-16
%

12

10

8

•..*

SHORT TERM RATES

Monthly Averages

Federal Funds

^Rate

t* Prime Rate

^3 Month

Treasury Bill Rate Commercial Paper

*•.:..,\...Jf ^••\«^Rate s\

i i I i i i i i i I i i i I

Week Ending

January 19, 1977

i i i i i

JMMJSNJMMJSN JMMJ SNJMM

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing January 19, 1977-12
SHORT TERM INTEREST RATES

Weekly Averages

Prime RateCommercial

Paper Rate.

V .„«»•""", :•»•••• "H....7. •"•••...7. ..••" ""•••>.„

J I L I I 1

July

Ofllea ot tha Sacratjry cXtht Traaiury

Office of Oovtrnmant Financing

Aug.

I I I ll I

Sept Oct

1976

..••"%.

Week Ending

January 19,1977

Federal Funds

/•i _^ Rate H5

3 Month \ ^—"* — x- . Treasury Bill Rate *••... >• •••••••••••

1 I I I I l ll 1 I I L

Jan

1977

Nov. Dec.

January 19. 197713
INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

JMMJSNJMMJSNJMMJSNJMM

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

January 19, 1977-14
8

INTERMEDIATE & LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages*^

*- New Aa Corporates •••............•""•"••• ......mio„„„.„TM.....„,o

Week Ending

January 21,1977

I

..^Treasury 20-Year "a -"-^ ^

'* ia.. '"aatajeaVa* 'a»» «<$•''

Treasury 10-Year^^-v^^--^ \ ♦♦!-

T -,w„~\ •••••-•--•>f/ Treasury 7-Year -*\

6- New 20-Year

Municipal Bonds

%

8

i i ii i i I l li I I I L±L

Nov. Dec.

Ill i i I I5

Jan.

1977

July

Office of the Secretary of the Treasury

Office of Government Financing

Aug Sept. Oct.

1976

♦Monthly, weekly data not available.

January 19, 1977-15
I •

MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

8

7

October 22,1976'N^

^^0^%

^

6

4

/<anuary 2 1,1977 8

5 ^gft*rm

7

10 12 14 16 18 20 22 24 26 28 30

1 1 1 1

0 12 3

Office of the Secretary of the Treasury

Office of Government Financing

4 5 6

Years to Maturity

7 8 9 10

January 19, 1977-30
TREASURY FINANCING REQUIREMENTS

October-December 1976

$Bil.

30

20

10

Office of the Secretary of the Treasury

Office of Government Financing

Uses

f^— 33%

i ^

Gov't Account

Investment

^H"

Maturities

•Cash Deficit

Special

Issues

Sources

Decrease in

'Operating Cash

—f^^TSavings Bonds ^^M &Other

RefundingS'

Net New

Cash

January 19,1977-27
TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1976

$Bil.

10

8

6

4

2

0

6

4

2

0

4

ihi n ii Ml ill! I

1975

•••IB • !•• la • 111 ll ll I

1974

I I

Jan. Feb. Mar. Apr. May June July Aug Sept Oct. Nov. Dec.

Office of the Secretary of the Treasury

Office of Government Financing

• 2 year Cycle Note

H 4 year Cycle Note

E2 5 year Cycle Note

Hi Long Bond

M Intermediate Note

• Short Note January 19.1977-28
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

i$Bil.r 1977

y- - 2X) uK? u9 up-9

3.2 3.2 2.9,

4.2

13.2

li i mI Ig mI III

.425 2.5

"|2.1 m«•!• p, ill 1 ill

2.830

5.9 1978

4.4 4-6

2.6 2.8023 2.7 2.8(2.8 || I 2-2§j2-4

1979

4.9 5.5

1.8 17 1.9

1980

ifi 20 17 1-9 16 t4?

• • • • • • a 5.1

2.0

1

1981 51

2.8

53

1.9

1

2.7

4

2

0

6

4

2

0

2

0

2

0

8^

6

4

2

0

2

0

43

5.9

13

0

1982

1.9

1983

1.1

1984 1.0

1.3 1985

1986 7.7

45

1987

2.3

2.1

1

.3

$Bil.

4

2

0

6

4

2

0

6

4

2

0

4

2

0

4

2

0

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

•i Securities issued prior to 1975.

B9 New Issues calendar year 1975.

M New issues calendar year 1976.

K?3 Issued or announced through January 21,1977. January 19, 1977-20
SBil

4

2

0

4

2

0

6h

4

2

0

2

0

6

4

2

0

4

2

0

4

2h

0

22

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1988

1989

1990

1.0

1991

1992

1.9

1993

1994

$Bil

2

0

2-

oL

2

<>

2

t>

2

2

o2

0^

2

<>

2-

t>

2

oL

2

5

1995

-

1996

-

1997

-

1998

—

1.5

•

-

1999 .9

23

" 1

2000,3

1 v

-

2001 1 .9 1 P?£1

-

2002

-

2003

-

2004

-

2005 1.0 1

S3 \

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

•I Securities issued prior to 1975.

K New issues calendar year 1975.

EH New issues calendar year 1976.

January 19, 1977-21
AGENCY MATURITIES^

Privately Held

$Bil. 1985

1

0

1

0

1

0

1

0

1

0

1.5

.1

1989

1993

1997

.8

• _ .5

2001

2005

1-

3 2

1986

.8

.5 .4 • .5

• •••

1990

1994

1998

.1 2 2 .1

2002

2006

2 2

1987 1988

.6

1^-

1991 1992

.2 2

1995 1996

1 2±

1999 2000

2003 2004

2007 2008

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

Calendar Years Quarterly

Office of the Secretary of the Treasury

Office of Government Financing

^Issued or announced through January 11,1977.

* Less than $50 million.
NET N.EW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

ill.

FCA

nihil.

FHLB

I IP

Ill•

P"

$Bil.

-2

2

1

0

-1

•all

• FNMA

all.

I

Federally Owned Agencies1

•i

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

1973 1974 1975 1976

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

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Financing

-^Includes Ex-lm Bank, TVA, Postal Service, GNMA PCs, FHA debentures,

and Defense Family Housing mortgages.

Less than $50 million.
%

8

4

$Bil.

3.0

2.0

1.0

0

NONCOMP.ETITIVE TENDERS IN TR.EASURY

COUPON AUCTIONS UNDER FIVE YEARS17

• • •••

• •

• • . •

Average Yield

i 11111 i i mi in in in in in i

JFM AMJJAS

1975

I

i

•Total Accepted

Tenders

i _ Noncompetitive Tenders:

j> Over $500,000

|>$500,000 and Under

i mi i 1111111 i 11111 mi mi

ODJF MAM J JAS

1976

,1ill

• •

I I I I I

N D

ill

Office of the Secretary of the Treasury

Office of Government Financing

1/ Excludes accepted tenders from Federal Reserve,Government Accounts and foreign.

* Beginning with the Nov. 15,1976 issues, the limit on noncompetitive tenders was

raised from $500,000 to $1,000,000. Amounts shown for tenders over $500,000

are partially estimated. .,,„,.„ 191877.24
7o

9

8

7

6

$Bil.

2.0

1.0

NONCOMPETITIVE TENDERS IN TREASURY

COUPON AUCTIONS FIVE YEARS AND OVER1/

Feb.

Average Yield

I I 1 I I L_Lj L_L l I l I l

Mar. Apr. May

1975

INote

S3 Bond

Aug

| • lli

I I I I I

Nov. Jan. Feb. May July Aug. Oct

1976

ll !•!•

J L _L

Nov. Jan.

1977

• ;

•Accepted

Tenders

Noncompetitive

-♦-Tenders:

^-Over

$500,000

$500,000 111*-& Under

Office of the Secretary of the Treasury

Office of Government Financing

-!/ Excludes accepted tendersfrom Federal Reserve, Government Accounts andforeign.

* Beginning with the Nov. 15,1976 issues, the limit on noncompetitive tenders was

raised from $500,000 to $1,000,000. Amounts shown for tenders over $500,000

are partially estimated. January 19. 1977-25