MATURING COUPON ISSUES
May - September 1996
(in millions of dollars)

March 31, 1996
Held by
Maturing Coupons Federal Reserve
Total & Government | Private | Foreign1/
Accounts _| Investors | Investors

7.318% Note 05/15/96 20,086 2,074 18,012 275
4 1/4% Note 05/15/96 19,264 2,228 17,036 1,904
7 518% Note 05/31/96 9.617 393 91224 697
5 7/8% Note 05/31/96 18,927 753 18,174 2,628
7 718% Note 06/30/96 9.770 412 9,358 207
6 % Note 06/30/96 19,859 1,765 18,094 3,603
7 7/8% Note 07/15/96 7,725 721 7,004 170
7 718% Note 07/31/96 91869 270 91599 260
6 1/8% Note 07/31/96 19.416 1,247 18,169 3,006
43/8% Note 08/15/96 20,670 3,074 17,596 2,257
8 % Bond 08/15/96 -012/ 1,485 758 727 0
7 14% Note 08/31/96 9,825 499 9,326 685
6 1/4% Note 08/31/96 19,292 810 18,482 4,088
7% Note 09/30/96 10,088 381 9,707 395
6 1/2% Note 09/30/96 19,639 1,200 18,439 3,151

Totals 215,532 16,585 198,947 23,324

Y/ FRB. custody accounts for foreign official institutions; included in Private Investors.

2/ On Apri 11, Treasury announced the call for redemption at par on August 15, 1996, the 8%
1996-01, dated August 16, 1996, due August 15, 2001

eparmont ofthe Trossuy
Oca ot Marat Panes ‘or 28, 1006-25

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

35.0 1996 ea
/
27.4 27.5

TTTTTITTTTTT

1997
|

28.8 57 28.9 292

i

Bil
38
36
34
32
30
2
26
2
22
20
18
16
14
12
10
8
6
4
2
0
38
36
34
32
30
28
26
24
22
20

TTTTTTTTTT

J F M A M J J A s O° N Dd
IMME Securitios issued prior to 1994 [2] New issues calendar year 1995
EBB New issues calendar year 1994 —_f=.4j Issued or announced through April 26, 1996

Deparmectt te Tnamzy
(fea of Maret Pare 73,1008 76


SECURITIES HELD IN STRIPS FORM 1994-1996

Privately Held

$Bil $Bil
i Strippable Stripped =
BB 4s of Aprit 30, 1994: $721.1 billion, $221.2 billion
[7] As of April 30, 1995: $777.1 billion, $227.1 billion
80 |- —| 80
As of April 19, 1996: $823.9 billion, $227.0 billion
60 60
40 40
20 20
° j Ge
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity
Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligible security to mature.
cepa Paseay
Emir A Att, 007
SECURITIES HELD IN STRIPS FORM 1994-1996
Percent of Privately Held
% %
ole BB 4s of Apri 30, 1994 : | 60

As of April 30, 1995

[By 46 of Aprit 19, 1996

Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity

Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-cligible security to mature.

Dapertrant of Trnatey
(Often of Marka France ort 29. 10968


%

10

SHORT TERM INTEREST RATES

Quarterly Averages

Yo

Prime Rate Through
April 24
—{10
Federal
y), Funds
<i
+8
6l- +6
3 Month
— Treasury Bill +4
pesto tt

1985 1986 1987 1988 1989 1990

Often ot Marat France

SHORT TERM INTEREST RATES

1991

1992 1993

Weekly Averages

1994

1995

1996

anuary 20, 1096-17

% %
9 a 49
Prime Rate
8y- +8
Through
7 Aprii24 |

Commercial

Treasury Bill

i | i 1
biti iis L per hiiiis

Federal Funds

Jul Aug Sep Oct Nov
1995

‘Deparment ete Tnesury
ten of Maret nance

Apr

‘29, 1096-18


STATE & LOCAL GOVERNMENT SERIES

il, Bil.
$Bil. *, S$Bil
oy “A : %s,
,
10h. , ey ~, {10
? Ye *.
5p == Gross Issues 5
Redemptions
0 ji L 0
‘$Bil. $Bil.
O i)
5 45
= Net SLGs
10 I a ee ee 10
| nod Wot wou Woot vom Ww ot Hom woot
1992 1993 1994 1995 1996
Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.
Depart ot Trmmry
‘Oe ot Maat Pace ont, 190611
STATE AND LOCAL MATURITIES 1996-1998
SBil. $Bil.

Deparment Testy
Once of Maret Fann

7.3

1998

1996

ort 2, 1006-12


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
$Bil. SBil.

8 +8
6 46
4 4
ok 2
0) — - 0)
| 2
| wee
7 | | fee
| Savings Bonds “4.7 | [| jie
8f- ] | +3
| State and Local Series | 67 ES -70
10 |- rr 73 | -10
Foreign Series °
ep ME Fees saz
ay i 1 | 1 14
t Wo Moot Wom wot tou woot om Woot ue
1992 1993 1994 1995 1996
e estimate
Depart Tony
Of otMaret Praree ort 9, 0088
SALES OF UNITED STATES SAVINGS BONDS
1980 - 1996
S$Bil.
6
BL
4h
ak
2k
Payroll Sales
1
7] Aon oon oe eee ee oe ee ee ee ee ee ee ee ee ee
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 199596°
End of Quarter
@ estimate

Deparonant cf th Tomsry
ot acat Fracon ‘pe 28, 1000-10


MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

Sober Ts Boca 8 Fanny
7 Tawa sof [Asa at Taaa tot Asawa? aoa cot Ava ot
| sinone | “rei” | emai lis eitione | “roi” | “rein” || eiione | “teen” (“abe

Country I [Foreign | Private | Foreign | Private | Foreign | Private

Japan || $175.7 25.5% 5.5% if $219.9 25.5% 6.7% | $242.5 26.4% 7.2%

United Kingdom | 91.0 13.2% 2.9% 123.6 14.3% 3. 8% 127.5 13.9% 3.8%

Germany | 54.4 7.9% 1.7% Hf 53.7 62% 1.6% 58.2 6.3% 1.7%

Netherland Antilles | 27.6 4.0% 0.9%; 50.9 5.9% 1.5% | 38.7 42% 1.2%

Switzerland H 32.4 47% 1.0% 37.0 4.3% 1.1% 35.4 3.9% 1.1%

‘Singapore i 21.9 3.2% 0.7% 29.7 3.4% 0.9% 39.3 4.3% 1.2%

Mainland China 20.5 3.0% 0.6% 34.9 4.0% = 1.1% | 22.9 2.5% 0.7%

OPEC 25.6 3.7% 0.8% } 28.0 3.2% 0.8% | 26.1 3.1% 0.8%

Canada 24.6 3.6% 0.8% 25.1 29% 0.8% | 29.0 3.2% 0.9%

Taiwan 25.8 3.7% 0.8% 24.0 2.8% 0.7% 36.0 3.9% 1.1%

Spain 27.9 4.1% 0.9% 19.3 22% 0.6% 216 2.4% 0.6%

Hong Kong 13.8 2.0% 0.4% 18.8 22% 0.6% 217 2.4% 0.6%

Mexico 79 1.1% 0.2% 16.4 1.9% 0.5% 17.3 1.9% 0.5%

Belgium 13.1 1.9% 0.4% 12.7 15% 0.4% 12.8 14% 0.4%

France 97 1.4% 0.3% + 9.2 1.1% = 0.3% 11.0 1.2% 0.3%

Other 116.7 16.9% 3.7% 158.6 18.4% 4.8% | 175.9 19.2% 5.3%

Estimated i

Foreign Total 688.6 100.0% — 21.7% 861.8 100.0% 26.2% 917.9 100.0% 27.4%
Note: RP's are included in ‘other’. Detail may not add to totals due to rounding.

Source: Treasury Foreign Portfolio investment Survey benchmark as of end-year 1989
znd monty da coleted sao be Treasy etalon Capt oporng
am on trite

NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS “

$Bil. oF sBil,
10 61 8.864 a +10
. \ 3.9
6.0 r (718462 39°9
ie 6/4 Omir j
5 a5
0 iY)
5
-10 -10
15 AS
Notes | :
“20 |~ (7775 years and over 186 20
EES 2-3 years :
25 | Bills ~ 4-25
25 = 23.7
“30 | ! ! | { -30
Tou ill iv tou Wi ton mW ov to iv tol Ww te
1991 1992 1993 1994 1995 1996

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 secunties. Foreign add-ons prohibited
from October 18, 1895 to March 28, 1996 to avoid exceeding the debt limit
Cncrceuerattnane” —2/ Through April 26, 1996, orb 29,105.16


TREASURY FINANCING REQUIREMENTS

January - March 1996

$Bil. = $Bil.
Uses 21%, Sources
200 200
150 ,
Coupon Maturities > 133% ESB @1 Coupon Refunding 29
State and Savings
400 |_ Local . 400
ee =
- -
50} Increase 50
in Cash 4, ig) Net Market
Balance CVE @ Deticit” Borrowing
4
0 1%
1, Includes budget deficit, changes in accrued interest and chacks
outstanding and minor miscellaneous debt transactions
Super t Tany
Entity sect, woe
TREASURY FINANCING REQUIREMENTS
; April - June 1996
$Bil, T $Bil.
Uses 157% Sources
150} 4150
100 Coupon Maturities » 121% 121’  ] Coupon Refunding 400
Net State and Savings
Market Local at
50 Paydown 5 » ~150
Increase 2 4A
in Cash sa a= ~
Balance *
4 Cash ,
Bs | “
oO 0)

1/ Assumes a $35 billion cash balance June 30, 1996.

2/ Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.

Deparment fhe Treasury
(Oren of acct Faunce

Aeet20, 19962


MARKET YIELDS ON GOVERNMENTS

%

6.5 >-
April 29, 1996

oe
6.0;- a 78°

coven mnenen
5.5|- oomapeneee ye 56
%
= To
Sa permane pin 150
5.0;—- °
° a
65
January 29, 1996
ast dal. peop retasenemtanl o-| 45
Lowe
$10 12014 16 18 20 22 [% 26 28 307°
4.0 . : 4.0

0 1 2 3 4 5 6 7 8 9 10
Years to Maturity

oparmont ofthe Treasury
(feast Market Finan ‘or 29, 1006.21

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

fat BY MATURITY
it.
2000 |- [7] over 10 years March 31, 1996 ——> 2980.7]
[1] 210 years 426.7
2500 |~
1-2 years
2000}- [7] 1 year & under | 981.4

i)
1985 1986 1987 1988 1989 1990 1991 1992 ©1993 1994 1995
As of December 31

Deparment of he Tossry
Ofc of Mart Fanon ert 29, 1008-22


%

LONG TERM MARKET RATES

Quarterly Averages

%
12
New Aa Corporates "
os
10
Through
Apni2e
9
i
fal
" ae 8
"sua,
nH,
7 30-vear aoteer “iu, ’
- yt
Treasury Municipal Bonds wy ht od,
6 “al Null 18
Noni!
| | | i { | | |
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Dnpara h Teay
Seiler Rnnce sont 28086
INTERMEDIATE TERM INTEREST RATES
Weekly Averages”
% Through %
April 24
FHLMC 30-Year 7
8 ~ Conventional ;. 8
Pe -
, . ise
yy meen !
‘ Sem se . ol
5 ~es
7 AA 10-Year Industrial Sennen, / 7
("un
snitgpasury 10-Year 6
ff
‘ay ,
Treasury 5-Year at
5
Jul-Aug Sep Oct. Nov Dec. Jan Feb. Mar Apr ©
1995 1996

Deparment fhe Treasury

* Salomon 10-yr. AA Industrial is a Thursday rate

‘Aer 28, 1008.20


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil, ,
i ea) SB.
Nonmarketable a
70 | 7
o 64.0
Marketable :
60 }—- 60
[1 Net Auction Awards to Foreign +/
50 I Other Transactions 50
40}— 31.6 40
30 30

20 20

| nom wood Wot wood wot wood nom Mw Ley
1992 1993, 1994 1995, 1996

1/ Auction awards to foreign official purchasers netted against holdings of maturing securities.
2/ Data through February 29, 1996.

-20

Deparment oft Tnssry
nin cramer Farce Ase 28, 1006-19,

FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT

Percent Percent

PEPE
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 96

Quarterly

cs

apart oh Try
(ten of Maret ance


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

‘SBil, ‘SBil.
3.5; [2 & 5 Year 43.5
G33, 10 & 30 Year
3.0}- 413.0
25 _ fi {25
20 —|2.0
Hi i
15 nM 15
1.0 1.0
7
05 05
AMJJASONDJFMAMJJAS OND J FM AP
1994 1995 1996
Excludes foreign add-ons from noncompetitive tenders. From October 18, 1995 to April 1, 1996, foreign add-ons were prohibited
tb avod exceeding the Seb Imi foreign rollovers wore excluded from noncompentve ders p etminary
Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 milion effective November 5, 1991
fective February 11, 1982, a nencompetive bidder may not hold a position n Wi trading, futures, oF forward contracts,
nor submit bot competitive and noncompetive bss for fe own account
Deseret the Teaney
Ensen ier pt, oe
NET STRIPS OUTSTANDING (1985-1996)*
$Bil,
200}—
150}—
100}—
50}—
fll

i)
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 96
End of Quarter
“Strips program began February 15, 1985.
Reconstitution began May 1, 1987.

Depart af ha Treasury
Oren of Maret Fras ‘wt 20, 1006-64


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills
Bil =

2002

—

| 2003

127

= 275
Fae
® E
H
é
: / | ss
° = = - 30 |
% 120 gap 2000 4c 4 115 M159 ,!20 120) 2f— i fi
% Neel. ; Z
H f / / 1 | / F 2004
: ai Zi |e ALL E
2 2001 2h E 206
e 157 164
;
:
H

ES |

rt t jo
JJ AS ON D J oF MAM J J AS ON D

Nn
3
o

TTTTT

| {
JAS ON D J oF MAM J J A S ON D

jecurities issued prior to 1994 [77] New issues calendar year 1995
Issued or announced through April 26, 1996

¢
2
6

IMB Securities issued prior to 1994 (ZZ) New issues calendar year 1995
putts ey Hil Now issues calendar year 1994 [EJ Issued or announced through April 26, 1996
Estria Ben soa, sn627

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills
sie ry 7] SB g 2014 5 i
aE 2005 se | a
aE se og | 2015
z 7 H i | 62 6a
5 | f= u I i
i BE vom 2016 } 7
af ge 2006 BE |
BE

ae ao]
Be fe
BE se |
a °
3 | "7m 2017 |
2 ae ge
ome 2007 a ®
2E 2008 MS |
26 [392009 Lag é -
‘Ewe |g 2010 a aiei= i 2018 | |
A Lg 2017 gee u |
¢ 2012 * AS | 2019
é } ab oe ‘gs
2 1 Use
3
8 |
i
i
3

jew issues calendar year 1994

Deparment fw Tassury
Ofea ot Maret Finance ‘or 28, 1996-28


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN JUNE 1996”

Monday Tuesday Wednesday Thursday Friday
3 4 5 6 7
10 W 12 13 14
Announce
52 week
17 18 19 20 at
sence Auction
5 year 52 week
24 26 26 27 26
Auction Auction
2yearY 5 yearY

-, Does not include weekly bills
2/For settlement June 27
8/For settiement July 1

Deparment ot Tessury
Often ofMarct Finance May 109631

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN JULY 1996”

Monday Tuesday Wednesday Thursday Friday
1 2 3 4 5
Announce Holiday
10 year
8 9 10 "1 12
Auction Announce
10 year” 52 week
15 16 7 a 18 19
Dvear Auction
year 52 week
5 year
22 23 24 25 26
Auction Auction
2yearY 5 yearY
29 30 31

Does not include weekly bills
2 For settiement July 15
‘For settiement July 25
4/For settiement July 31



NET MARKET BORROWING
April - June 1996
(Billions of Dollars)

Total -20.0
Done” -35.0
Bills
Regular weekly -5.9
52 week 2.9
Cash management -38.3
Notes
2 year notes 49
5 year notes 9.1
7 year note 78
To Be Done 15.0

issued or announced through April 26, 1995.

Deparment of Treasury

fee ot Maret nance

Aon 20, 606-46

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS “

$Mil,

200

100

-200

-300

-400

Net New Cash {lett scale)
[5 26 week
WH 13 week

sewers 26 week
"13 week

odie ih po bil

Discount Rate (right scale)

Discount Rate %
6.0

55

‘Apr

Deparment otis Treasury

May = Jun Jul Nov Dec Jan Feb

1996
41/ Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
P Preliminary

Mar Apr

oe 29,8055


TREASURY OPERATING CASH BALANCE

Semi- Monthly
SBil 7
60 }— leita >
Borrowing 1/

\ Bale
40 |- Tax and Loan
Accounts Balance
° WN Nt bo vel
.

Total Operating

O
Federal Reserve Account . i
. .
So4
-20}- ra
.
.
.
-40 |~ 5
60 1 L 1 i | ! i
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1995 1996
Yassumes refunding of maturing issues.
Depart ot Trani
‘fe ot Maha Fanon pert, 10969
P TREASURY NET MARKET BORROWING ¥
Bil. $Bil.
Coupons
[) over 10 yrs.
100) EE] 5-10 yrs. 2/ 100
84.6 2-under 5 yrs
80 80
60 60
40 40
20 20
0 0
-20 4-20
!
a '-40
o 1 toi Woot Wool Wot noi Wot Tn
1992 1993 1994 1995 1996
1/ Excludes Federal Reserve and Govemment Account Transactions.
2/ 7 year note discontinued atter ApH 1983.
poet 0964

Depart tte Treasury
Parco

hen of acct


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Clover toyears [1 1-2 years Bois
0 2-10 years J 1 year & under
100% -—
14
80 f- [|
33
sok
Al 16
40 -
16
20
o 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Mar '96
a As of December 31
te thane ance At 0, 109028
AVERAGE LENGTH OF THE MARKETABLE DEBT
Privately Held
Years
June 1947
1 10 Years Months
° pions March 31, 1996

5 Years, 2 Months

December 1975

an 2 Years
5 Months

4h

3H

Litt LitttTi tii titi
69 71 73 75 77 79 81 83 85 87 89 91 93 95

elit
194547 49 5)

alt
Bi
a
&
Q
ale
Bi
ie
at
Bie
2
&
ol
SE

Deparerant ts Trey
(Once ot Manet Fares ‘aot 20, 000-24


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

8

IM Securities issued prior to 1994

New issues calendar year 1994

2020 x7 2023 |
74 |
26 a7
sc
| | i | |
2021 wo Be 2024
iE |
A
te
é
a 2025
wor as ns 8 |
| cr)
| i
: L |
T
2022 2026
100 102 ne Be
ee
of
| | gE |
| | iE |
FMAM JJ AS ON OD JF MAM J J AS ON D

(72 New issues calendar year 1995
EJ lesued or announced through Apri 26, 1996

Depart i resi
tice ot are Fnanen
TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN MAY 1996”
Monday Tuesday Wednesday Thursday Friday
1 2 3
6 . 10
Auction Auction Auction
3 year®/ 10 year?/ cuMByY
13 14 15 16 17
Announce
52 week
20. at 22 23 24
Announce ‘Auction
2 year 52 week¥
5 year
27 28 29 . 30 31
Auction Auction
Holiday 2 year 5 year?/

Deparment he Troseury
Often of Maret Finance

4/ Does not inciude weekiy bills
2/For settiement May 15
'3/For settlement May 30
4/For settlement May 31

May 1, 199620

‘Aw 20, 1006-28