$Bil

160-

120

80

TREASURY FINANCING REQUIREMENTS

July-September 1991

Uses

Coupon .

Maturities W

State and Local

3

Vz

Foreign

Nonmarketables

189V4

Sources

xCoupon

• Refunding

Savings Bonds

.__ 2V4

$Bil.

160

120

80

1041/2 { Deficit 1/

Net Market

Borrowing

40

0

Department of the Treasury Office of Market Finance

Decrease

in Cash

Balance

1/ Includes budget deficit, changes in accrued interest and checks outstanding

and minor miscellaneous debt transactions.

40

October 28, 1991-23
$Bii.

150-

125

100

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

October-December 1991

Uses

Coupon

Maturities

VA

Foreign

Nonmarketables

^ Deficit 1/

1571/2 Sources

• Coupon

Refunding

Savings Bonds

2V2

V/2

State and Local

Net Market

Borrowing ^753/<

To Be

Done

37 y2

Done i/

381/4

Decrease

in Cash

Balance 37

1/Includes budget deficit, changes in accured interest and checks outstanding

and minor miscellaneous debt transactions.

2/Issued or announced through October 25, 1991.

3/Assumes a $30 billion cash balance December 31, 1991.

$Bil

150

125

100

75

50

25

0

October 28, 1991-24
$Bil.

60

-20

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts (•

Balance

#•*"•»«*

•*

Total Operating

Balance

'•f -v ^ V" "-

Federal Reserve Account

lWM*wwiMrt*ww*w*f*a„ mmiikiifriiVfi

1 1

.Without New,

Borrowing^

I

V

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

1990 1991

J/ Assumes refunding of maturing issues.

Department of the Treasury

Office of Market Finance October 28,1991-19
$Bil

TREASURY NET MARKET BORROWING^

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

1987 1988 1989 1990

^Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance

n$Bil.

I III IV

1991

-30

October 28, 1991-6
CHANGES IN SIZES OF MAXIMUM NONCOMPETITIVE AWARDS

Size of

Offerings

$Bil.

$000's -//-

1,000 -

500

400

300

200 ¥M

100

1.3

0

£

m'fK

Department of the Treasury

Office of Market Finance

7A VA

(Left (Right

Scale) Scale)

• ••

91 day bills

182 day bills

Notes

Bonds

Maximum award applied to both

182 day bills and 91 day bills

.. \ ,t Jm^

Maximum award applied

to both notes and bonds

••••••#

...... .....J

2.0 2.3 2.0

2.8 3.0 I

1.7 *"JB+ 8

^A

^

#

#

•//• ^ ^ # #

^ £

m

J0.61.0 E

&> # > a? >

<o ^ <V£

Issue Dates

October 28, 1991-5
NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

o

»Sji55iTM<55ML"SJL"Jl!i^J!l!SA"HJS",S!"Jl5••••••••••••••••••••••••••••••••••••<!«

O N D J

1989

FMAMJ JASONDJ F M

1990

Through October 18, 1991.

Note: Reconstitution began May 1, 1987

A M J J

1991

A S O*

Department of the Treasury

Office of Market Finance October 28, 1991-11
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

15

10

0

-5

12.5

J Savings Bonds

Domestic Series

State & Local Series

Foreign Nonmarketables

$Bil.

15

10

0

-5

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

1987 1988 1989

e estimate

1990 1991

Department of the Treasury

Office of Market Finance October 28, 1991-21
$Bil.

STATE & LOCAL GOVERNMENT SERIES

a ""Gross Issues

•^h #\ ••• Redemptions #•

>- j^

,b—••••♦%#^##*N% ^mmmmmm■■■■■■♦

i i i i i i i i i i i i i i i i i i

5-

0

II IV I

1987

II III IV

1988

II III IV I

1989

II III IV

1990

I II III

1991

$Bil

10

Department of the Treasury

Office of Market Finance October 28, 1991-22
STATE AND LOCAL MATURITIES 1991 — 1993

$Bil.

11

10

$Bil.

11

10

9

8

6

5

4

3

2

1

0

5.8

IV

1991

Department of the Treasury

Office of Market Finance

8.8

1^4

Is* **

10.5

' **.*•

4.7

*'s1

4%^

<&"

1992

7.0

7.4 7.3

ilk**

4.5

\> *

IV

1993

5.3

IV

9

8

7

6

5

4

3

2

-11

0

October 28, 1991-18
$Bil.

-20

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

I II III IV I II III IV I

1987 1988 1989

Nonmarketable

Marketable

^ Add-ons-^

JtM Other Transactions

IV I III IV I

1990

II III*/

1991

$Bil.

35

30

25

20

15

10

Department of the Treasury

Office of Market Finance

-^F.R.B. purchases of marketable issues as agents for foreign and international

monetary authorities which are added to the announced amount of the issue.

-^ Preliminary. October 28, 1991-20
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

I II III IV

1987

Department of the Treasury

Office of Market Finance

III

1988 1989 1990

Quarterly Totals

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

2/ Through October 24, 1991.

II III N*

1991

October 28, 1991-4
SHORT TERM INTEREST RATES

Quarterly Averages

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Department of the Treasury

Office of Market Finance October 28, 1991-25
%

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

4 Federal Funds

Jan Feb Mar Apr May Jun Jul Aug Sep

Department of the Treasury Office of Market Finance

1991

Through

October 23

Oct

%

8

October 28, 1991-15
LONG TERM MARKET RATES

Quarterly Averages

Through

October 23

••••••.

••-..

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

%

16

15

14

13

12

11

10

9

8

7

6

Department of the Treasury

Office of Market Finance October 28, 1991-26
%

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

Through

October 23

7'T\ " /"'' '''""'"'v''"y

V 7.50

7.25

7.00

6.75 Li

Jan Feb

Treasury 5-Year

Mar Apr May Jun

1991

>»*'

Vs

\jJ_L

Jul Aug Sep Oct

%

8.50

8.25

8.00

7.75

7.50

7.25

7.00

6.75

Department of the Treasury

Office of Market Finance October 28, 1991-16
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

4 5 6

Years to Maturity

October 28, 1991-27
$Bil.

2000

1800

1600

1400

1200

1000

800

600

400

200

0

1980 1981 1982 1983

Department of the Treasury

Office of Market Finance

PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

COUPONS

Over 10 years

3 2-10 years

^ 1-2 years

gggg 1 year & under

BILLS

1984 1985 1986 1987

As of December 31

September 30, 1991-

1988 1989 1990

2113.8

October 28, 1991-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

100% -

1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

Department of the Treasury

Office of Market Finance

1988 1989 1990 Sep '91

October 28, 1991-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Months76-

September 30, 1991

6 Years

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91

Department of the Treasury

Office of Market Finance October 28, 1991-1
MATURING COUPON ISSUES

November 1991 - March 1992

(in millions of dollars)

Maturing Coupons

September 30,1991

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign y

Investors-^

14 1/4% Note 11/15/91

8 1/2% Note 11/15/91

6 1/2% Note 11/15/91

7 3/4% Note 11/30/91

8 1/4% Note 12/31/91

7 5/8% Note 12/31/91

11 5/8% Note 1/15/92

8 1/8% Note 1/31/92

14 5/8% Note 2/15/92

6 5/8% Note 2/15/92

9 1/8% Note 2/15/92

7 1/2% Bond 2/15/92 2/

8 1/2% Note 2/29/92

7 7/8% Note 3/31/92

8 1/2% Note 3/31/92

2,886

11,542

8,346

12,583

8,083

12,002

5,759

11,311

2,813

8,537

11,512

1,814

11,841

8,140

12,626

635

1,721

229

1,272

1,091

1,200

450

539

215

454

1,011

891

912

762

1,750

2,251

9,821

8,117

11,311

6,992

10,802

5,309

10,772

2,598

8,083

10,501

923

10,929

7,378

10,876

30

505

441

844

294

715

813

659

40

314

1,130

3

1,782

740

1,320

Totals 129,795 13,132 116,663 9,630

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

2/ Treasury announced on October 9, 1991 that the 7 1/2% Treasury Bond of 1988-93 will

be called for redemption at par on February 15, 1992.

Department of the Treasury

Office of Market Finance October 28, 1991-7
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

25.5

I 13.3

-6.2

1993I 26.9

21.8 1 2i7 24.0

* 13.0%h2.8 1 i 13.1 || 13.4

$Bil.

26

24

22

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

28

26

24

22

20

18

16

14

12

10

Is6.2 I g* 6.5 M • SS jii£ 6.5

fag li _ 24 4

=7.0 • "7.0 Kg ^7.0 K

• ! li 1 il

\- 15.5

17.1

28 6

i

17.2„

1994

1995

30 1

5« 1

15.8

m

6.7 |

I I

J FMAMJ J A

(Securities issued prior to 1989 __

New issues calendar year 1989IH

Department of the Treasury

Office of Market Finance

6.9

i

I

9.2

1 17.5

SON D

$Bil.

22

20

18

16

14 —

17.1

1

18.3

3.87.79.3fB9.4

1996 19.5

14 - //y 12 - 9.1 % 9.3 1010 —-7 n 'yy

8

6

4

2 -

0

7.0m

111

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ill 9.5 9.7 9.6

K*7.4i!5-a is**

9.9

79mB

-7.7

18.7 9.0

7.6

8.6

9.6

I

9.2

I

1997 90

8.1 90

I

1998 ,,

I

8.6 9.4

I

9.9 9.7

I 14 -

12 -

10

9.5 10.8 1999 9.8 10.4

2 -

16 -

14 - 12.2

2000 13.3

0

2 1 18 —

16 —

14 •

12

10

125

n

10.2

m

136 2001 143

11.1

1

1.6

J F M A M J J A S O N D

New issues calendar year 1990

Issued or announced through October 25, 1991

October 28, 1991-13
$Bil.

2 —

0»

6 —

4 —

2 -

8

6 _

4

2

0

8

6

4 —

2

0

4

2 -

0

2 -

0

2

0

2

0

1.7

2.9

• 4.8

,2.7

- 1.7 2 -

0

2

0

I

11.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

3.2

3.6

6.3

2002

2003

2004

2005

2006

"2007

3.3

4.0

• 9.0

2008 I3.

3.81 2009

1* 2010

3.7. 2011

2012

2013 H12.4

4.61 2014 14.6

2015 6.5

.2.6

17.1

.8.2

1.2

13.6

I 3.2

,3.8

14.2

WO.O

5.2

6.7

$Bil.

16

14

12

10

8

6

4

2

0 ^ 16

14

12

10 -

8 —

6 —

4 —

2

0

6

4

2

0

vS

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

4

2

20 -

18 -

16 —

14

12

10

8

6

4 —

2

0

7.0

1

19.0

10.0

1

110

17.9

I

2016

18.0 2017

s.s • 2018

10.0

m

m

11.8

2019

2020

2021

13.8

I

I

19.8

21.0

7A

12.0

18.5

I

9.01

J FMAMJ J A S O N D

|Securities issued prior to 1989

J FMAMJ J

New issues calendar year 1990

A S O N D

Department of the Treasury

Office of Market Finance

New issues calendar year 1989 LJ Issued or announced through October 25, 1991

October 28, 1991-14
Revised October 30, 1991

SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 1991^

Monday Tuesday Wednesday Thursday Friday

4 5

Auction

3 year^

6

Auction

10 year 2/

7

Auction

30 year 2/

8

Announce

52 week

11

Holiday

12 13 14

Auction

52 week^

15

18 19 20

Announce

2 year

5 year

21 22

25

Auction

2 year 4/

26

Auction

5 year*/

27 28

Holiday

29

Department of the Treasury

Office of Market Finance

XJ Does not include weekly bills

2/ For settlement November 15

3/ For settlement November 21

4/ For settlement December 2

October 28. 1991 8a
Revised October 30, 1991

SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1991^

Monday Tuesday Wednesday Thursday Friday

2 3 4 5 6

Announce

52 week

9 10 11 12

Auction

52 week^'

13

Announce

2 year

5 year

16 17 18

Auction

2 year-^

19

Auction

5 year^

20

23 24 25

Holiday

26 27

30 31

Announce

7 year!/

Department of the Treasury

Office of Market Finance

\J Does not include weekly bills

2J For settlement December 19

3/ For settlement December 31

4j For auction January 8 and

settlement January 15 October 28. 1991-9a
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 19921/

Monday Tuesday Wednesday Thursday Friday

1

Holiday

2 3

Announce

52 week

6 7 8

Auction

7 year^/

9

Auction

52 week 5/

10

13 14 15

Announce

2 year

5 year

16 17

20

Holiday

21 22

Auction

2 year!/

23

Auction

5 year-3/

24

27 28 29 30 31

Department of the Treasury

Office of Market Finance

\j Does not include weekly bills

2/ For settlement January 15

3/ For settlement January 16

4/ For settlement January 31 October 28, 1991-10