S. Treasury Borrowing
0510152025

 in Cash

nce

Market

ydown

Surplus

State and Local

16

4

TREASURY FINANCING REQUIREMENTS

July — September 1999

November 1, 1999-1

1

Uses Sources

23

23

4

3

$Bil.

1 Includes budget results, direct loan activity, changes in accrued interest

and checks outstanding and minor miscellaneous debt transactions.

2

1

4 

4

3
02040

Increase in Cash

Balance

Deficit

Net Market

Borrowing

State and Local

35

TREASURY FINANCING REQUIREMENTS

October — December 1999

November 1, 1999-2

1

Uses Sources

50

50

2

4

3

$Bil.

1 Includes budget results, direct loan activity, changes in accrued interest

and checks outstanding and minor miscellaneous debt transactions.

 Assumes a $70 billion cash balance, December 31, 1999.

4

3

2

2

4

1

2

1
 (Billions of Dollars)

NET MARKET BORROWING

October – December 1999

easury

Finance November 1, 1999-3

* Issued or announced through October 29, 1999.

Total 50.7Done* -22.0

Bills

Regular weekly 12.052 week 0.1

Coupons

7 year note -10.32 year note 0.75 year note -31.929 year 6 month inflation-indexed bond 7.4

To Be Done 72.7
TREASURY OPERATING CASH BALANCE

Daily

November1, 1999-4

1

Without

New

Borrowin

g

1 Data points are semi-monthly.

Federal Reserve Account

Tax and Loan

Accounts Balance

otal Operating

Balance

8 1999

v Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
III IV I II III IV I II III IV I II III IV I II III IV I II III 

-140-120-100-80-60-40-200

20

406080

40.6

61.2

74.5

25.3

25.7

48.1

77.2

-25.7

40.3

41.3

44.6

-71.5

6.5

17.0

10.3

-97.9

-38.8

24.0

5.8

-113.8

-15.9

TREASURY NET MARKET BORROWING

$Bil.

1

November 1,1999-5

1 Excludes Federal Reserve and Government Account Transactions.

994 1995 1996 1997 1998 1999

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Bills
TRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

November 1, 1999-6

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

10-Year Fixed Rate

February, May & August 1999

Auctions

79%

6%

10%

47%

3%

flation-Indexed

ber 1998, &

uly 1999 Auctions

*

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.

5%
STRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY BONDS

November 1, 1999-7

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

30-Year Fixed Rate

 November 1998 &

February & August 1999 Auctions

67%

13%

13%

44%

8%

flation-Indexed

ly 1998 &

ober 1999 Auctions

1%

2%

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.

4%
November 1, 1999-8

1 Real Price for inflation-indexed note

Correlation: 86.7% STD IIN/STD Nominal = 0.24

888990919293949596979899100101

Price $

1999

3-7/8% IIN of 1/15/09

4-3/4% of 11/15/08

R 10-YEAR 3-7/8% IIN AND 10-YEAR 4-3/4% FIXED-RATE NOTE

Daily Data: 1/4/99 through 10/27/99

1

Feb Mar Apr May Jun Jul Aug Sep Oct
November 1, 1999-9

8486889092949698100

1 Real Price for inflation-indexed note

Correlation: 85.1% STD IIN/STD Nominal = 0.47

Price $

1999

3-7/8% IIB of 4/15/29

5-1/4% of 02/15/29

 30-YEAR 3-7/8% IIB AND 30-YEAR 5-1/4% FIXED-RATE BOND

Daily Data: 4/9/99 through 10/27/99

1

May Jun Jul Aug Sep Oct
86 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

NET STRIPS OUTSTANDING (1985-1999)* 

End of Quarter

y

November 1, 1999-10

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of October 22, 1999.
III IV I II III IV I II III IV I II III IV I II III IV

-15-10-5051015

-6.7

-7.3 -7.6

-0.5 -2.2

5.7

2.5 1.5 3.3

13.8

15.3 15.3

8.4

0.8 1.3

2.4

-4.7

0.3

Foreign SeriesState and Local SeriesSavings Bonds

e estimate

$Bil.

Y NET BORROWING FROM NONMARKETABLE ISSUES

November 1, 1999-11

e

95 1996 1997 1998 1999
05101520

Gross Issues 25Redemptions

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

-10-50510

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

Net SLGs

November 1, 1999-12

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

95 1996 1997 1998 1999
II III IV I II III IV I II III IV I II III IV I II III IV

024681012

6 6.6

7.7

6.2

7.3 7.5

11.3

8.9

7.6 7.4

10.7

9.4

4.6

3.5

4.3

3.5

4.1

4.5

5.2

4.7

$Bil.

STATE AND LOCAL MATURITIES 1999-2004

November 1, 1999-13

2000 2001 2002 2003 2004
TERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

-40-20020406080100

57.9

14.9

72.9

21.6

63.7

108.9

55.5

25.1

47.8

11.1 8.9 5.5

-34.1

51.4

-2.5

-13.4

25.9

November 1, 1999-14

$Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

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

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

2

2 Data through August 31, 1999.

995 1996 1997 1998 1999

1

Marketable

Net Auction Awards to Foreign

Other Transactions

Nonmarketable
989 1990 1991 1992 1993 1994 1995 1996 1997 1998 '99 

1416182022242628303234363840

REIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

November 1, 1999-15

Percent
JOR FOREIGN HOLDERS OF TREASURY SECURITIES

August 31, 1999 December 31, 1998 December 31, 1997

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Foreign Private Foreign Private Foreign Private

$305.4 23.8% 9.5% $276.1 21.6% 8.3% $277.6 22.4% 8.2%

gdom 242.5 18.9% 7.5% 264.0 20.6% 7.9% 251.3 20.2% 7.4%

96.4 7.5% 3.0% 95.1 7.4% 2.9% 93.9 7.6% 2.8%

China 50.1 3.9% 1.6% 46.4 3.6% 1.4% 47.9 3.9% 1.4%

49.2 3.8% 1.5% 42.9 3.4% 1.3% 58.4 4.7% 1.7%

g 45.9 3.6% 1.4% 44.2 3.5% 1.3% 35.0 2.8% 1.0%

37.6 2.9% 1.2% 37.4 2.9% 1.1% 35.9 2.9% 1.1%

32.1 2.5% 1.0% 30.0 2.3% 0.9% 13.3 1.1% 0.4%

uxemburg 31.4 2.4% 1.0% 31.5 2.5% 0.9% 26.0 2.1% 0.8%

31.1 2.4% 1.0% 43.1 3.4% 1.3% 35.2 2.8% 1.0%

29.0 2.3% 0.9% 31.3 2.4% 0.9% 33.2 2.7% 1.0%26.8 2.1% 0.8% 41.2 3.2% 1.2% 51.7 4.2% 1.5%

d 26.7 2.1% 0.8% 33.7 2.6% 1.0% 28.0 2.3% 0.8%

d Antilles 26.7 2.1% 0.8% 21.7 1.7% 0.7% 35.7 2.9% 1.1%

18.0 1.4% 0.6% 12.4 1.0% 0.4% 11.5 0.9% 0.3%

234.3 18.3% 7.3% 227.7 17.8% 6.8% 207.0 16.7% 6.1%

otal $1,283.2 100.0% 39.8% $1,278.7 100.0% 38.4% $1,241.6 100.0% 36.6%

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1994

and monthly data collected under the Treasury International Capital reportingsystem.

 Treasury November 1, 1999-16

nance
989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

246810

SHORT TERM INTEREST RATES

Quarterly Averages

%

November 1, 1999-17

Federal

Funds

Prime Rate

3 Month

Treasury Bill Paper

Commercial

Through

October 27
November 1, 1999-18

SHORT TERM INTEREST RATES

Weekly Averages

%

345678

Through

October 27

Federal Funds

Prime Rate

Commercial

Paper

3 Month

Treasury Bill

Feb Mar Apr May Jun Jul Aug Sep Oct

1999
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

45678910

New Aa

Corporates

0-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

%

Through

October 27

November 1, 1999-19
345678

INTERMEDIATE TERM INTEREST RATES

Weekly Averages 

%

Treasury 5-Year

12

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

The first 10-year inflation-indexed note settled on February 6, 1997.

November 1, 1999-20

October 27

Through

1 AA 10-Year Industrial

Treasury

10-Year

2

10-Year InflationIndexed Note

FHLMC 30-Year

Conventional

1999

Feb Mar Apr May Jun Jul Aug Sep Oct
2 3 4 5 6 7 8 9 10

4.55.05.56.0

MARKET YIELDS ON GOVERNMENTS

%

Years to Maturity

November 1, 1999

November 2, 1999-21 

10 12 14 16 18 20 22 24 26 28 30

5.56.06.5

5.56.06.5

%

%

August 2, 1999
456.0

459.1

437.3

903.5

472.1

TE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

November 1, 1999-22

June 30, 1994

9 1990 1991 1992 1993 1994 1995 1996 1997 1998

Bills

 year & under-2 years

2-10 yearsOver 10 years

2,728.0

September 30, 1999
TE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Sep'99

Percent Distribution By Maturity

November 1, 1999-23

upons Over 10 years

2-10 years

1-2 years1 year & under

Bills

17

33

17

17

16
VERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 19475 Months10 Years

5 Months2 YearsDecember 1975

November 1, 1999-24

y

1

J FMAMJ J ASOND 64

666870

Months

September 30, 1999

5 Years, 9 Months

51 53 55 57 59 67 69 73 61 63 65 71 79 75 77 81 83 85 87 89 91 93 95 97 99

1 Excludes inflation-indexed securities; including IIS the average length was 6 years

 as of September 30, 1999.
Foreign

Investors

Total 

ing Coupons

Federal Reserve Private

Investors

September 30, 1999

MATURING COUPON ISSUES

November 1999 — March 2000

(in millions of dollars)

Held by

Totals

sury

e November 1, 1999-25

1

10,77422,87011,93417,05112,52316,74710,10412,22917,50210,67320,42112,49617,77613,18817,026

223,314

125

4,097

812

2,6451,1552,263

984

1,5952,822

200

5,3231,8454,0682,8653,822

34,621

9,472

19,84710,33715,50511,14315,951

9,414

10,63115,596

9,369

18,25510,91816,27911,78615,028

199,531

1,3023,0231,5971,5461,380

796690

1,5981,9061,3042,1661,5781,4971,4021,998

23,783

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

NoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNote

11/15/9911/15/9911/30/9911/30/9912/31/9912/31/9901/15/0001/31/0001/31/0002/15/0002/15/0002/29/0002/29/0003/31/0003/31/00

⁄

⁄
29.3

25.8 27.1

MAMJ J ASOND

27.2 27.0

10.1

24.2

29.9

25.5 25.1 27.625.127.7 28.0 28.924.328.6 28.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills 

November 1, 1999-26

1999

2000

Securities issued prior to 1997

New issues calendar year 1997 Issued or announced through October 29, 1999

New issues calendar year 1998
0

2468

10121416182022

18.1 17.5

19.6 19.4

3.9

AMJ J ASOND 

10.9

2.8

11.9 11.8

45.6

27.0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

02468

101214161820222426283032343638

28.1

35.4 32.4

22.9

30.4

22.8

29.1 29.5 29.6

12.2

29.6 29.7 30.2

22.5

13.3 12.9

02468

10121416182022

14.0

18.1

21.1

16.7

J FMAMJ J ASOND 0

2468

10121416182022

15.6

12.1 12.1

22.1

9.4

2007

$Bil.

2006

2005

Novemer 1, 1999-27

2001 2004

12.5

10.2

11.9 12.0

16.6

11.4

20.7

11.7 12.1 10.9

3.5

10.8 11.2

2003

2002

New issues calendar year 1997 Issued or announced through October 29, 1999

Securities issued prior to 1997 New issues calendar year 1998
AMJ J ASOND 

17.7 17.5

23.1

11.7

22.6

J FMAMJ J ASOND 0

2468

101214161820222426283032

10.3 10.7 10.7

30.3

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

November 1, 1999-28

2008

16.9 17.7

4.8

2009

2010

2011

2012

2013

2014

02468

101214

15.8 2017 12.2

02468 7.6 8.6 2018

02468

1012141618 17.6 18.4 2019

02468

1012141618

8.9 8.8

19.9

2021

2020

2016

2015 6.0 6.0

New issues calendar year 1997 Issued or announced through October 29, 1999

Securities issued prior to 1997 New issues calendar year 1998
J FMAMJ J ASOND 0

2468

1012141618202224

10.0

14.5

10.1

21.4

MJ J ASOND 

10.9

9.5 9.4

02468

1012141618202224

16.5

10.0 10.0

2028

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

November 1, 1999-29

02468

10121416

11.9

9.6 10.0

2026

02468

101214161820222426

9.8 9.6

19.8

2027

2023

2022

2025

2029 

10.3

2024

Issued or announced through October 29, 1999

Securities issued prior to 1997

New issues calendar year 1997

New issues calendar year 1998