$Bil.

125

TREASURY FINANCING REQUIREMENTS

April-June 1993

Uses 135!* Sources

$Bil.

125

100 Coupon Maturities ^ 4 Coupon Refunding 100

75

50

25

0

Increase

in Cash

Balance

Department of The Treasury

Office of Market Finance

Deficit^

Savings Bonds

11/4

State and Local

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

outstanding and minor miscellaneous debt transactions.

Net

Market

Borrowing

75

50

25

August 2,1993-27
TREASURY FINANCING REQUIREMENTS

July - September 1993

Uses

Coupon Maturities ^

State and Local

4

4 Deficit'

T

1631/« Sources

^ Coupon Refunding

Savings Bonds

2%

7

Foreign Nonmarketables

Net Market

$Bil.

175

150

125

100

75

50

25

$Bil.

175

150

125

100

75

50

25

0

Decrease in Cash Balance5' t

0

Department of the Treasury

Office of Market Finance

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

outstanding and minor miscellaneous debt transactions.

1/Issued orannounced through July 30,1993.

^/Assumes a $40 billlion cash balance September 30,1993.

August 2, 1993-28
TREASURY OPERATING CASH BALANCE

Semi- Monthly

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

1992 1993

Department of the Treasury

Office of Market Finance

V,Assumes refunding of maturing issues.

August 2, 1993-29
CO

oo

COo

CDo

O

C\J o

04o

'Si o

«

s'

0

«o

£5

K& <D iT a 2

1°
13-WEEK BILL AWARDS TO PRIVATE INVESTORS, FEDERAL

RESERVE SYSTEM, AND OFFICIAL FOREIGN CUSTODY ACCOUNTS

Quarterly Averages, 1989 through 111-1993*

$Bil.

Private • Foreign Official

8

0

Department of the Treasury

Office of Market Finance

1989

II

1990

Federal Reserve System

III

1991

Calendar Quarter

* Latest bill settled July 29, 1993

III

1992

II

1993

August2,1993-5
26-WEEK BILL AWARDS TO PRIVATE INVESTORS, FEDERAL

RESERVE SYSTEM, AND OFFICIAL FOREIGN CUSTODY ACCOUNTS

Quarterly Averages, 1989 through 111-1993*

Department of the Treasury

Office of Market Finance

Private • Foreign Official US Federal Reserve System

IV I

1989

II III

1990

IV I II III

1991

IV I

Calendar Quarter

* Latest bill settled July 29,1993

II III IV I II

1992 1993

August 2.1993-6
52-WEEK BILL AWARDS TO PRIVATE INVESTORS, FEDERAL

RESERVE SYSTEM, AND OFFICIAL FOREIGN CUSTODY ACCOUNTS

Quarterly Averages, 1989 through 111-1993*

$Bil.

10

8

0

Department of the Treasury

Office of Market Finance

Private • Foreign Official Hi! Federal Reserve System

II III IV

1989 1990 1991

Calendar Quarter

* Latest bill settled July 29,1993

August 2,1993-7
$Bil.

NET STRIPS

Privately Held, 1991-1993

100

80

60

40

20

0

• As of July 31,1991

• As of July 31,1992

^1 As of July 23,1993

Less than 5 years 5-10 years

Department of the Treasury

Office of Market Finance

Strippable

$500.6 billion,

$589.5 billion,

$657.1 billion,

Stripped

$130.0 billion

$146.8 billion

$196.1 billion

10-15 years 15-20 years

Years Remaining to Maturity

20-25 years 25-30 years

August 3, 1993-12
$Bil.

180

160

140

120

100

80

60

40

20

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in STRIPS Form

(IPitSCdlPl

: j 30 Year

MM 20 Year

10 Year

Percent

(Huiht Sr.ilo)

^— 30 Year

i20 Year

10 Year

Y//,A W/A W//A V//A Y///A V//A Y/A/i t 1 I 'AAA YAAAA Y///A V//A Y//A ',...', I...<\ V//A Y///A V//A Y//A

JASONDJ FMAMJ JASONDJ F

1991 1992

'Through July 23, 1993

M A M J

1993

%

70

60

50

40

30

20

10

0

Department of the Treasury

Oflice of Market Finance August 2, 1993-13
$Mil.

-300

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS v • Discount Rate %

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

rJQQ'l I I ll I I I Ill I I I 1I I I ll I I I Ill I I I ll I I I ill I I ll I I I I I I I I ll I I I Ill I I I

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

1992 1993

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

Department of the Treasury P Preliminary

Office of Market Finance Auguust 2,1993-14

i i i i
z

o

o

o

LU

LU

H

LU

Z

Q

LU

QC

CO

LU

<

CO

Z

O

H

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Z

Q

CD

kmmmmm^mmmmmm^

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5 05

c

a.

|

»- oj

P 0)Z to

^mmmm^mmm^mm^^s^

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•a

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a>

c

c o

s M" O <D

</»

11

o>

o £

•a *-

I f s o a) s

g- '» s E o| imssmsssmsmmms^ TO (_»

= = 8

« 5 o

S K

%!»

a

««s-a a

» > £ a. s a

coo

o o c

c E o

Iff

k^^^V^^^^^^^

2

~3

o

E

c

o

c

o

o

E

a.

0)

cvi

to

iK\VVVVVVV^V\V\\\\\\\\\^^^^

k^^^m^^ <

kVW^^m^^^^^^^

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kmmmmmmmvwMM

k^mwtt^^^^^

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o

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cvi

o to to

T3

*

(0

£ =

= •£•§ (0 « ^

O

a

w

0)

o

°

ffl 2
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

0

1989

Department of the Treasury

Office of Market Finance

IV I

|3 Savings Bonds

£2 Domestic Series

• State and Local Series

• Foreign Nonmarketables 7-8 3.5

1990

IV I

1991

e estimate

IV I II III IV

1992

$Bil.

10

1993

August 2, 1993-33
$Bil.

SALES OF UNITED STATES SAVINGS BONDS

1980-1993

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

End of Quarter

Department of the Treasury

Office of Market Finance

e estimate

August 2,1993-17
$Bil

10

0

1989

Department of the Treasury

Office of Market Finance

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

Redemptions

II III IV

1990

III IV I

1991 1992

$Bil.

10

0

IV I

1993

August 2,1993-18
$Bil.

STATE AND LOCAL MATURITIES 1993 - 1995

12

10 — 9.8

6.9

9.3

5.2

7.4

5.8

J

10.9

5.6

12.8

8.9

—

8

2 —

0

III IV

1993

I II III IV

1994

I II III IV

1995

$Bil.

12

10

8

0

Department of the Treasury

Office of Market Finance August 2, 1993-30
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

35

30

25

20

15

10

5

0

Department of the Treasury

Office of Market Finance

25.8

Nonmarketable

m

Marketable

H Net Auction Awards to Foreign^ • Other Transactions

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

1989 1990 1991 1992

l/ Auction awards toforeign custody purchasers netted against holdings ofmaturing securities.

.2/ Preliminary

$Bil.

35

30

25

20

i W

1993

August 2,1993-16
$Bil.

8

6

4

2

-8

NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS "J

Notes

5 years and over

2-4 years^

6.1

ll"

ii iii iv i ii iii iv i ii hi iv i ii in iv i n m^

1989 1990 1991 1992 1993

Quarterly Totals

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

excess of foreign custody account holdings of maturing securities.

.?/ 4 year notes not issued after December31,1990.

$Bil.

8

6

4

2

-8

Department of the Treasury & Through July 30, 1993. Office of Market Finance August 2,1991-31
%

12

10

8

n

Commercial

Paper

4 —

SHORT TERM INTEREST RATES

Quarterly Averages

Federal Funds

Prime Rate

3 Month

Treasury Bill

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

Through

July 28

%

12

10

8

±-U2

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance August 2,1993-23
i i i i

SHORT TERM INTEREST RATES

Weekly Averages

Commercial

Paper

i '

Prime Rate

Federal Funds

3 Month

Treasury Bill

i i i i _I_L i I I I i i i i

Oct Nov

1992

Dec Jan Feb Mar Apr May Jun

1993

Department of the Treasury

Office of Market Finance

Through

July 28

— 5

L-±Lj2

Jul

August 2,1993-24
%

14

13

12

11

10

9

8

_L

LONG TERM MARKET RATES

Quarterly Averages

30-Year ^|

Treasury

New Aa Corporates

30-Year

Municipal Bonds

Through

July 28

V. I

%

14

13

12

11

10

9

8

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance August 2, 1993-25
/o

Oct

Department of the Treasury

Office of Market Finance

INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

\<> N -»

FNMA 7% Pass-Through

Treasury 5-Year

i !

Through

July 23

°//o

6

Nov Dec Jan Feb Mar Apr May

1992 1993

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

Jun Jul

August 2, 1993-26
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

4 5 6

Years to Maturity

August 3, 1993,32
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Department ofthe Treasury

Office of Market Finance

1983 1984 1985 1986 1987 1988 1989

As of December 31

June 30,1993

1990 1991 1992

2515.5

407.4

903.8

354.7

342.6

507.0

August 2, 1993-1
100%

80

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons OU

t*t*<.w«

Over 10 years

2-10 years

innuu'i'Fi

1982 1983 1984 1985

1-2 years

1 year & under

trteitntii't I AI.fcl.hJ.ti

Bills

16

''•'•'•'A'•'•i

1361

1989 1990 1991 1992 Jun'93

Department of the Treasury

Office of Market Finance

1986 1987 1988

As of December 31

August2,1993-2
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

194547 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 Mattel Finance August 2,1993-3
MATURING COUPON ISSUES

August - December 1993

(in millions of dollars)

Maturing Coupons

June 30,1993

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

ForeignJ/

Investors

117/8% Note 08/15/93

8 3/4% Note 08/15/93

8 % Note 08/15/93

8 5/8% Bond 08/15/93

6 3/8% Note 08/31/93

8 1/4% Note 09/30/93

61/8% Note 09/30/93

7 1/8% Note 10/15/93

6 % Note 10/31/93

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

6,593

7,370

15,499

1,768

14,087

8,745

15,373

7,013

15,716

12,478

7,518

17,211

1,509

15,628

8,974

16,539

1,606

68

2,686

164

967

341

1,521

468

1,567

2,223

272

3,776

224

1,146

778

2,133

4,987

7,302

12,813

1,604

13,120

8,404

13,852

6,545

14,149

10,255

7,246

13,435

1,285

14,482

8,196

14,406

313

1,407

2,665

50

1,055

1,225

1,755

558

2,857

1,996

1,354

2,271

73

1,906

673

1,534

Totals 172,021 19,940 152,081 21,692

1/ F.R.B. custody accounts for foreign official institutions; included in Private Investors.

Department of the Treasury

Office of Market Finance August 2, 1993-11
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J A S O N D

| Securities issued prior to 1991

New issues calendar year 1991

SBll

14

12

10

8

6

0'

20

18

16

14

12

10

8

6

4

2

0

16

14

12

10

0,

20

18

16

14

12

10

8

6

4

2

0'

32

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0'

li

1997,,

or, qc 10-9 10.7-,.10.8 10.7 9.3 9.6 rm YTx 9.5

U.6l 1 W

_

Itfl

1 u 7.9

1

1998

8.9

- Ha" 113 Ha1 1L9 117 116 114107

85189H 18-51a71 BaoBI

i r

106 U7 ii-i !i? 1H

841! 9.3

i 1

9.4 96

I

S^ 9-2

m

1999

).7 1°-4 I0.4 I 9.8 9.5 I 9.8 9.5 10 1 10.2

i In I Iii ll

9.7

2000 13.0 12.0

I II I I I I I

2001

12.2 13.4 14.1

F M A M J J A

New issues calendar year 1992

Issued or announced through July 30, 1993

25.0

I

S O N D

August 2,1993-8
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

$BH.

22

20

18

16

14

12

10

8

6

4

2

0'

28

26

24

22

20

18

16

14

12

10

8

1.7

24.7

11.0

i

3.1

JL

3.6

6.3

2002

2003

2004

2005

22.3

3.3

4.0

8.8

1

2.5

7.1

1"BIT

1

A.i 2006 ! 2.7 2007 1.2

FMAMJ J A S O N D

| Securitiesissued prior to 1991

New issues calendar year 1991 Department of the Treasury

Office of Market Finance

2008 1.3

3.5

-

1 2009 3.2

•

I 1.7 I* 2010 3.5 _

3.6 2011

2012

2013 7ZT

1

4.1

9.5.

6 4.6 2014 4.5 4.9

2

1 1 1 12

10

11.7

• 2015

8 • 6.4 6.7

0> l 1 1 20

18 17.9 2016 18.2

16 I • 14 • • 12 • • 10 • • 8 6.8 I • 6 • • 4 • • 2

l •

F M A M J J A

New issues calendar year 1992

Issued or announced through July 30, 1993

S O N D

August 2.1993-9
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

18.9

18.0

8.5

1

2017

2018

2019

13.6

1

19.3

8.9

1

l$Bil.

36

34

32

30

28

26

24

22

20

18

16

14

12

10

4

2

O

30

28

26

24

22

20

18 -

16

14

12

10

8

6

4

2

0,

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

a

28

26

24

22

20

18

16

14

12

10

8

: 2020

~

21.0

1

9.9

•

10.0

1

1 1 1

2021

10.9 11.7

2022

2023

17.6

m

11.9

10.0

I

10.3

FMAMJJASOND

H Securities issued prior to 1991

New issues calendar year 1991

F M MJJASOND

Department of the Treasury

Office of Market Finance

New issues calendar year 1992

Issued or announced through July 30, 1993

August 2, 1993-10
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN AUGUST 1993 "J

Monday Tuesday Wednesday Thursday Friday

2 3 4 5 6

9 10

Auction

3 year&

11

Auction

10 year?/

12

Auction

30 year?/

13

Announce

52 week

16 17 1** Announce

2 year

5 year

19

Auction

52 week3/

20

23 24

Auction

2 year&

25

Auction

5 year*/

26 27

30 31

Department of the Treasury

Office of Market Finance

J/Does not include weekly bills

2/For settlement August 16

3/For settlement August 26

4/For settlement August 31 August 3,1993-19
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN SEPTEMBER 1993 v

Monday Tuesday Wednesday Thursday Friday

1 2 3

6

Holiday

7 8 9 10

Announce

52 week

13 14

Announce

2 year

5 year

16

Auction

52 week?/

17

20 21

Auction

2 year3/

22

Auction

5 year3-/

23 24

27 28 29 30

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

2/For settlement September 23

2/ For settlement September 30

August 3. 1993-20
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN OCTOBER 1993^

Monday Tuesday Wednesday Thursday Friday

1

4 5 6 7 9

Announce

52 week?7

11

Holiday

12 13 14

Auction

52 week?/

15

18 19 2^ Announce

2 year

5 year

21 22

25 26

Auction

2 year3^

27

Auction

5 year3-/

28 29

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/For settlement October 21

3/ For settlement November 1

August 3.1992-21