$Bil.

125 —

100

75

50

25

TREASURY FINANCING REQUIREMENTS

July-September 1993

Uses

Coupon Maturities^

State and Local

3y2

137

Foreign Nonmarketables

^ Deficit^

Sources

4 Coupon Refunding

Savings Bonds

2%

Net Market Borrowing A

J/ Includes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

Decrease in

Cash Balance

$Bil.

125

100

75

50

25

0

Departmentof the Treasury Office of Market Finance November 1,1993-19
$Bil

200 H

175

150

125

100

75

50

25

0

TREASURY FINANCING REQUIREMENTS

October - December 1993

Uses

Coupon Maturities ^

State and Local

1%

%

195%

Foreign Nonmarketables

^Deficit

Sources

14 Coupon Refunding

Savings Bonds

Net Market ^ 851 J

Borrowing r '* l

J/ Includes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

y Issued or announced through October 29,1993.

2/ Assumes a $35 billion cash balance December 31,1993.

Decrease in

Cash -

Balance^

$Bil.

200

175

150

125

100

75

50

25

Department of the Treasury Office of Market Finance November 1,1993-18
$Bil.

60

40

20

0

-20 I—

-40

-60

TREASURY OPERATING CASH BALANCE

Semi- Monthly

Tax and Loan

\ Accounts Balance Total Operating Balance A A

L i JLaA

Without

*— New •

Borrowing 1/

VIMLJWwAAi •

Federal Reserve Account i

t

•

—

i

i

\

\

\ *

% i

* «

% *

Oct Nov Dec

1992

Jan Feb Mar Apr May Jun Jul

1993

JtAssumes refunding of maturing issues.

Aug Sep Oct Nov Dec

Department of the Treasury

Office of Market Finance November 1,1993-28
$Bil.

100

80 -

60

40 -

20

0

-20

TREASURY NET MARKET BORROWING

Coupons

V,2J Over 10yrs.

10yrs.2/

^ 2 - under 5 yrs

103.5

-40

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

1990 1991 1992

1/ Excludes Federal Reserve and Government Account Transactions.

2J 7 year note discontinued after April 1993.

2/ 4 year note discontinued after December1990.

1989

Department of the Treasury

Office of Market Finance

i/

II III IV

1993

$Bil.

100

-40

November 1,1993-5
NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

ONDJFMAMJJASONDJ FMAMJJASO*

1991 1992 1993

Department of the Treasury

Office of Market Finance

Through October 22, 1993

By period to maturity on original issue.

Novemberl, 1993-12
%

SECURITIES HELD IN STRIPS FORM

Percent of Privately Held, 1991-1993

Strippable Stripped

50

• As of October 31,1991: $520.9 billion, $129.8 billion

• As of October 31,1992 $609.3 billion, $156.9 billion

As of October 22,1993: $686.4 billion, $200.4 billion

40 —

Less than 5 years

Departmentof the Treasury

Office of Market Finance

5-10 years 10-15 years 15-20 years 20-25 years

Years Remaining to Maturity

Note: TheSTRIPS program was announced January15,1985.

%

50

40

30

20

10

25-30 years

0

November 1,1993-16
-200

-300

-400

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS v ———— Discount Rate %

Nov Dec

1992

Net New Cash (left scale) Discount Rate (right scale)

• 26 week ...... 26week

• 13week i^— 13week

in'-'l i1'" i||i

i ill i i i I i i i il i i i i li

Jan Feb Mar Apr May Jun Jul Aug Sep

1993

1/ Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.

OctP

3.5

3.0

2.5

Department of the Treasury

Office of Market Finance

p Preliminary

Novemberl, 1993-14
o

z

o

O

Q.

UJ

UJ

H

111

z

Q

LU

oc

0)

cc

UJ

<

rx

>-

LU

<

Z

Q

ffl

CQ

t^^m^WKM^aaK^^^^i^s

Kvvmvmmm^^^^^

t^KKmmV^m^mK»^KaS^

-3 f* in

r

CO

2^ 0.

"s

E

>

z

S

<D

E

Q.

<

o

c

0)

<S

2>

w

1

kVVVV^V\\\\\\\V\\^^^^

k^^^^m^^^

kmvvvmvv^^^^^^^

^^,k' ••.••".•"•••• i i1-"—^n •r •= r»

O :|

CO K^mmvvwm^

k^^^wmvv^^^^^^

k^^^sa^^^^^^

fcW^^v^^^^^^^

CD

tj I

CD

c

o

b

^ CD o

c to o

c

U CD ffl o o

n c to

F *"F, o E-2

a

F

Q.

a

>

a>

10

S

CVJ o

E

c

o

"•s 9- O) c

CO 8 1° o O o c

o o

TJ

T3

CO F

E

CO

if

CD

m

C

3 CVJ o O) >

CD b OS

-CD

ri *- Q.

t- E

CD

co ®

•o cd

5 g

X

U

3

c

o

U..-E

UJ fr

^ (0

(0

Si

s*

° £•

h-

=

I?O

E3

c\i

if)

K^v^v^^^^^^^^ <(

Kvmmmvvvv^^^^^^ 2 * |

c\i

o

im^^^^^^^ u

kmmmmmmmmmmmmm^ Q

immm^VVV^^^^^^

kmmmmmmmm^M q

m m
* >

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil

10

0

[3 Savings Bonds

£2 Domestic Series

| State and Local Series

• Foreign Series 7-8

$Bil.

10

0

" I II III

1989

IV I II III

1990

IV I

e

II III

1991

estimate

IV I II III

1992

IV I II III IVe

1993

Department of the Treasury

Office of Market Finance November 1,1993-29
$Bil.

0 -L-L-L

SALES OF UNITED STATES SAVINGS BONDS

1980-1993

JJLL 111 -L_L J_L -L_L_L J-L-L -U. J-J-L J-L -LJ_L 111111

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993e

Department of the Treasury

Office of Market Finance

End of Quarter

e estimate

November 1,1993-15
$Bil

10

1989

Department of the Treasury Office of Market Finance

STATE & LOCAL GOVERNMENT SERIES

IV I

Gross Issues

Redemptions

II III

1990

IV I III IV I II II

1991 1992

IV I

$Bil.

1993

November 1,1993-27
STATE AND LOCAL MATURITIES 1993 -1995

Department of the Treasury

Office of Market Finance November 1, 1993-26
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil

Department of the Treasury

Office of Market Finance

Nonmarketable

$Bil.

II III IV I II III2/

1989 1990 1991 1992 1993

±/ Auction awards toforeign custody purchasers netted against holdings of maturing securities.

2/ Preliminary

November 1,1993-24
$Bil.

8

6

4

-8

NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS v

3.8 2.2

Notes

V////A 5 years and over

Wsss\ 2-4 years ^

Bills

-0.7 -0.7

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

1989 1990 1991 1992

Quarterly Totals

1/ Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

excess of foreign custody account holdings of maturing securities.

1/ 4 year notes not issued after December 31,1990.

Department of the Treasury 3/ Through October 29, 1993. * Less than $50 million. Office of Market Finance

i ii in iv^

1993

$Bil.

8

6

4

2

0

-2

-4

-6

-8

November 1,1993-25
%

Commercial

Paper

i i i

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

3 Month

Treasury Bill

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

%

12

— 10

Through

October 27

8

IiiiI2

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance November 1,1993-22
SHORT TERM INTEREST RATES

Weekly Averages

4 —

— 5

Prime Rate

Through

October 27

—

1

—

Commercial

—

Federal Funds Paper

i i i i

3 Month

Treasury Bill

i i i i i i i i i i i i i i i 1 i i i

Jan

Department of the Treasury

Office of Market Finance

Feb Mar Apr May Jun

1993

Jul Aug Sep Oct

November 1, 1993-23
LONG TERM MARKET RATES

Quarterly Averages

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance November 1,1993-20
%

INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

GNMA 7% Pass-Through

Through

October 22

\

%

AA 10-Year Industrial

— 5

Treasury 5-Year

Jan Feb Mar Apr May Jun

1993

* Salomon 10-yr. AA Industrial is a Thursday rate. All rates are offer side

Jul Aug Sep Oct

Department of the Treasury

Office of Market Finance

November 1,1993-21
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

4 5 6

Years to Maturity

November 2,1993,17
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1983 1984 1985 1986 1987 1988 1989 1990 1991

As of December 31

Department of the Treasury

Office of Market Finance November 1,1993-1
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons (23 Over 10 years

2-10 years

1-2 years

1 year & under

Bills

100%

80 -

60 -

1982

Department of the Treasury

Office of Market Finance

1983 1984 1985 1986 1987 1988 1989 1990 1991

As of December 31

• 16 =;

mmai

1992 Sep'93

November 1, 1993-2
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 89 91 93

Department of the Treasury

Office of Market Finance November 1,1993-3
MATURING COUPON ISSUES

November 1993 - March 1994

(in millions of dollars)

Maturing Coupons

September 30,1993

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign.!/

Investors

11 3/4% Note 11/15/93

9 % Note 11/15/93

7 3/4% Note 11/15/93

8 5/8% Bond 11/15/93

5 1/2% Note 11/30/93

7 5/8% Note 12/31/93

5 % Note 12/31/93

7 % Note 1/15/94

4 7/8% Note 1/31/94

8 7/8% Note 2/15/94

6 7/8% Note 2/15/94

9 % Bond 2/15/94

5 3/8% Note 2/28/94

8 1/2% Note 3/31/94

5 3/4% Note 3/31/94

12,478

7,518

17,211

1,509

15,629

8,974

16,539

7,295

15,132

7,806

15,557

3,010

15,952

9,220

17,817

2,223

272

3,776

224

1,146

778

2,133

616

639

225

1,867

176

763

1,055

2,550

10,255

7,246

13,435

1,285

14,483

8,196

14,406

6,679

14,493

7,581

13,690

2,834

15,189

8,165

15,267

1,078

426

1,356

35

1,359

452

1,426

566

717

1,282

1,839

231

1,038

1,126

1,309

Totals 171,647 18,442 153,205 14,241

\J F.R.B. custody accountsfor foreign official institutions; included inPrivate Investors.

Department of the Treasury

Office of Market Finance November 1,1993-4
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

JFMAMJJASOND

^B Securities issued prior to 1991

Department of the Treasury HH New issUeS Calendar year 1991 Office of Market Finance

F M A M J J A

New issues calendar year 1992

Issued or announced through October 29,

S 0 N D

1993

November 1,1993-6
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

20

18

16

14

12

10

8

6

4

2

0

8

6

4

2

0

24.6

10.9

3.1

3.6

6.3

2002

2003

2004

2005

22.2

15.1

4.0

8.8

1

2.5

7.1

18.0

I

$Bil

4.7 2006

F M

Department of the Treasury

Office of Market Finance

2007 1.2

MJJASOND

^H Securities issued prior to 1991

New issues calendar year 1991

2008

M. 2009

1.6 1.8 2010

3.6 2011

2012

2013

4.6 2014

11.6 2015

17.9 2016

6.8

F M A M J J

New issues calendar year 1992

Issued or announced through October 29, 1993

1.3

I

4.5

6.4

1

3.6

3.2

JL

3.5,

4.1

9.5—

4.9

1

6.6

I

18.0

A S O N

November 1,1993-7
$Bil.

24

22

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

28

26

24

22

20

18

16

14

12

10

0

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

-

18.0

2017

-

I 13.6

I

! 8.5

1

2018 8.9

1 18.9

1

2019 19.3

1

I2020

-

21.0

1

1 9.91

F M

Department of the Treasury

Office of Market Finance

M J A S O N D

| Securities issued prior to 1991

New issues calendar year 1991

36

34

32

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

30 I—

28 -

26 -

24 -

22 -

20 -

18 -

16 -

14 _

12 -

10 -

8 -

6 -

4 —

2 —

ol_

301

28 -

26~

24 ^

22 -

20-

18 -

16 -

14 -

12 -

10 —

8-

6-

4-

2-

2021

10.9 11.6 11.9

2022

10.0 10.3

\i 1

2023

17.6

11.0

FMAMJJASOND

New issues calendar year 1992

Issued or announced through October 29, 1993

Novemberl, 1993-8
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN NOVEMBER 1993^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4 5

Announce

52 week

8 9

Auction

3 year?/

10

Auction

10 year2/

11

Holiday

12

15 16

Auction

52 week3''

•7 Announce

2 year

5 year

18 19

22

Auction

2 year*/

23

Auction

5 year^/

24 25

Holiday

26

29 30

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

2/For settlement November 15

3/For settlement November 18

4/For settlement November 30 November 3.1993-9
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN DECEMBER 19931/

Monday Tuesday Wednesday Thursday Friday

1 2 3

Announce

52 week

6 7 8 9

Auction

52 week^/

10

13 14

Announce

2 year

5 year

16 17

20 21

Auction

2 year3/

22

Auction

5 year?/

23 24

Holiday

27 28 29 30

Announce

52 week^/

31

Holiday

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

£/For settlement December 16

3/For settlement December 31

A/For auction January 6 and settlement January 13 November 3, 1993-10
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JANUARY 1994 "J

Monday Tuesday Wednesday Thursday Friday

3 4 5 6

Auction

52 week?/

7

10 11 12 13 14

17

Holiday

18 1Q

* Announce

2 year

5 year

20 21

24 25

Auction

2 year5/

26

Auction

5 year3-/

27 28

Announce

52 week^/

31

Department of the Treasury

Office of Market Finance

1/Does not include weekly bills

2/For settlement January 13

3/For settlement January 31

4/For auction February 3 and settlement February 10 November 3,1992-11