$Bil.

TREASURY FINANCING REQUIREMENTS

July-September 1977

Uses

Increase in.

Cash Balance 333/«

Sources

*—FRB Borrowing

30

Gov't Account,

Investment

Special Issues*

State & Local

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

Maturities

'Cash Deficit

^•4

Net

Nonmarketable

Issues

Savings Bonds

& Other

r*

Refundings

Net Markets

Issues

*Net of exchanges for maturing marketable securities of $3A billion.

October 20. 1977-22
$Bil.

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

October - December 1977*/

Uses

Repayment of FRB^*

Borrowing

Va

Maturities

\ -AT)-

Gov't Account

Investment

Sources

Decrease in Cash Balance

^Special Issues

Refundings

State and Local

26V2 •Cash Deficit

Net ^*ow

Nonmarketable Issues

Savings Bonds and Other

Net Market Issues

Va A

183/4<

143/4

Donef"

To be

done

Officeof the Secretary of the Treasury

Officeof Government Financing

1/Assumes $12 billion December 31 cash balance.

•f Issued or announced through October 19, 1977. OciobLT 20, 1977-23
NET NEW MONEY FROM NONMARKETABLE ISSUES TO

PRIVATE INVESTORS AND FROM MARKETABLE

COUPON ISSUES TO FOREIGNERS

$Bil.

0

IForeign Marketables

Other

IState & Local Series

E & H Savings Bonds

Foreign Nonmarketables

1.0

W&

1.3

-0.6

II III IV

1975

1.8

m.

Office of the Secretary of the Treasury

Office of Government Financing

1.7

1.8

II III

1976

IV

4.8

&

III IV

1977

October 20, 1977 5
GROSS MARKET BORROWING 1975 - TO DATE1/

Calendar Year Quarters

Office of the Secretary of the Treasury

Office of Government Financing

1975 1976 1977

l/Gross public offerings of coupon issues and cash management bills; net offerings of regular bills.

Excludes Federal Reserve and Government Account transactions.

2/Issued or announced through October 19,1977. October 20, 197713
TREASURY NET NEW MONEY BORROWING '

Calendar Year Quarters

$Bil.

20

10

0

-10

Office of the Secretary of the Treasury

Office of Government Financing

23.9 24.7

17.1

14.2 JM

I

IV I IV

1975 1976

\J Excludes Federal Reserve and Government Account transactions.

2/ Issued or announced through October 19,1977.

Coupons:

111 Over 10 yrs.

EM3 7-10 yrs.

VZ&2-1 yrs.

EQQQ 2 yrs. and under

•• Bills: 183/4

To be done «—*

13.3

143/*

• i

IV1/

1977

October 20, 1977-3
$Bil.

TREASURY OPERATING CASH BALANCE, C.Y. 1977

Total Operating

Balance

Accounts'*}

Balance f3

e^Wv\j usj WSJ

-10-

*v

*— Without—*

New Borrowing

/1,

\/

i _l _l

V

Jan. Feb. Mar. Apr. May June July Aug. Sept Oct Nov. Dec

Office of the Secretary of the Treasury

Office of Government FinancMf

Daily October 20. 1977-19
%

12 ^r

10

8

SHORT TERM INTEREST RATES

Monthly Averages

Federal Funds

^Rate

#*Prime Rate

• \ ** ^*

3 Month

Treasury Bill Rate

I I I I I 1 I I

Commercial Paper

Y«».\ rune ,.♦* r^*..—

Week Ending

October 19,1977

33*r

%

12

10

8

-4

i i i 1 I 1 I 1 I I

J S N

1974

J M M J S

1975

N J M M J S

1976

N J M M J S N

1977

Office of the Secretary of the Treasury

Office of Government Financing October 20. 1977-9
SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

N

Commercial Paper ^

Rate >»

Federal Funds

Rate N

Week Ending

October 19,1977

..» •.•.•-».

y ........... ^ 3Month

Treasury Bill Rate .•••^•••^•••e.{

V *••«••

/| 1i i m li i i i h i i i il i i i il i i i i li i i i 11 i i i i h i i i 1 i i i il i i i i

Jan. Feb. Mar. Apr. May June July Aug.

1977

Sept. Oct.

Officeof the Secretary of the Treasury

Office of Government Financing

October 20, 1977-8
%

10 i

/♦4

ia

8

LONG MARKET RATES

Monthly Averages

New Aa Corporates

&?

* ♦♦—♦.,%

New Conventional

Mortgages

W^*""*" H^•••^c—•«

'Treasury 20 Year

-10

Week Ending

Oct 14,1977

,»«•••••

8

_L_L

J S NJMMJ SN JMMJ SNJMMJSN

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing October 20, 1977-11
9

8

INTERMEDIATE & LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages!/

\

- /'" ^ Treasury 20-Year

/-^..-...^*,"t'*,"1-,"^.^*^'*'-'-'^.,-„l.1.1.l.-..-'%/ minmiS

/

*%Treasury 7-Year

New 20-Year /

Municipal Bonds

I I I il I i I

/

New Aa Corporates

Treasury 10-Year

Week Ending

October 14,1977

Jan. Feb. Mar.

I I l I ll I I I il I I I ill i

Apr. May Jun. July

1977

J/ Monthly, weekly data not available

I I I 11 I I I I

Aug. Sept. Oct.

Office of the Secretary of the Treasury

Office of Government Financing

%

8

October 20, 1977-10
MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

July 22,1977 N ^—-'J.*

>•

/ /*- April 22,1977

1 2 3

Office of the Secretary of the Treasury

Office of Government Financing

ji*^^—

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8 9 10

Ociober 20, 1977-18
$Bil.

70

60

50

40

30

20

10-

CUMULATIVE CHANGES IN NET SAVINGS

INFLOWS TO THRIFT INSTITUTIONS

Office of the Secretary of the Treasury Office of Government Financing

5 6 7

Month of Year

11 12

October 20.1977-20
NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY

BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil.

160

120

80

40

0

-40

-80

Average Auction Yields u

6 Month Bill ^

s3 Month Bill

J I I I I I L

New Money &

6 Months

V777A -^^, —

3 Months

July

J L

22

^

J L

** «••*•''

•-•**

J L

f^^^

J L

Oct.

Office of the Secretary of the Treasury

Office of Government Financing

Aug. Sept

1977 Auction Dates

1/Discount basis

2/New money is the difference between noncompetitive bids on the new

issues and maturing bills previously bid noncompetitively.

$Mil.

160

120

80

40

0

-40

-80

October 20. 1977-21
ALLOTMENTS TO SELECTED INVESTOR GROUPS

Noncompetitive Bids

SBil.

t^ *-;

j

yzvm

i

EZU Competitive

mother

I2Z3 Individuals

BZComm. Banks

• Dealers

n

^

^•syAa'/

^5

I

gzz

A'

]fW"w

wry

;/»/^ I "^

^

i Hgg

6*4% 7% 77/a%

Nt. Nt. Bd.

6'/2% 7%% 75/e%

Nt. Nt. Bd.

7V4% 7%%

Nt. Bd.

63/4% 7%% 75/8%

Nt. Nt Bd.

Nov. 1976 Feb. 1977 May 1977 Aug 1977 Office of the Secretary of the Treasury

Office of Government Financing

October 20. 1977-15
ALLOTMENTS TO SELECTED INVESTOR GROUPS

Competitive Bids

$BiL

0

Q Noncompetitive

• Other

K3 Individuals

E^Comm. Banks

•I Dealers

6V*% 7% 7Ve%

Nt Nt Bd.

Nov. 1976 ONict of the Secretary of the Treasury

Officeof Government Financing

6'/2% 7Va% 7%%

Nt Nt Bd.

Feb. 1977

M

7V*% 7V»%

Nt Bd.

May 1977

63/4% 7V*% 7V»%

Nt Nt Bd.

Aug 1977October 20. 1977 14
$Bil.

1.5

ALLOTMENTS TO SELECTED INVESTOR GROUPS

IN TREASURY BOND AUCTIONS

(dollar amounts)

Other

Insurance Cos.

Corporations

Pension Funds

V77A Individuals

^aCom'l Banks

laaal Dealers

7'/.% 8V*%* 8'/4% 83/.% 8'/.% 8»/4% 7V,% 8% 77/.«

1975

7K% 7s/. % 7»/4%* 7'/.'

1977

Office of the Secretary of the Treasury

Office of Government Financing

1976

* 15 Year Bonds

October 20. 1977-6
100%-

0

ALLOTMENTS TO SELECTED INVESTOR GROUPS

IN TREASURY BOND AUCTIONS

(Percent Allotments)

7s/.% 8l/4%* 8»/4% 8J/.% 83/.% 8Vi% 77/.% 8% 7'/.% 7%% 7s/.% 7V*%* 7s/.%

1976 *15 Year Bonds

Wm Pension Funds

V77A Individuals

Z^Com! Banks

1975 1977

Other

ill!!Insurance Cos.

ICorporations

IDealers

October 20, 1977-7

Office of the Secretary of the Treasury

Office of Government Financing
USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER 4% PERCENT

$Bil.

25

20

15

10

/

$10 billion

authority enacted

March 17, 1971

Total New Bonds

OutstandingN

$10 billion ceiling

applied only

to private holdings

July 1, 1973

I

^Privately Held

J I 0

II III IV I II III IV I

1971 1972

II III IV I II III IV I

1973 1974

II III IV I II in IV

1975 1976

Officeof the Secretary of the Treasury

Office of Government Financing

I I I

Ceiling

increased

to $27 billion

Oct 5,1977

J I

II III IV I II III IV

1977 1978

October 14. 1977 14
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1967

5 years

1 month

Months

36

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Office of fhe Secretary of the Treasury

Office of Government Financing October 20. 1977 17
$Bil.

EFFECT OF MID-QUARTER FINANCINGS

ON DEBT EXTENSION

20 - Average Length of

Marketable Debti

10

2 years

5 months

.4

Long

9.5 Bond

6-10

year

^Note

2-3

year

7.8

.8

1.0

6.6

6.0 8.0 minimi

2.3

1.0

6.1

Yj

3.1^Note

22Z _i i_

4.7

2.3

0

J F M A M

Office of the Secretary of the Treasury

Office of Government Financing

2.3

YX£l J L

3.3

J J A S 0 N

1976

^ Privately Held

2.0

0

3.3

m

D J F M

Months

36

34

32

30

2 years

11 months

September 30, 1977

1 28

7.3 K

1.0

H4

2

3.9

11.0

A M J

1977

2.6

I

3.7

0

J A S

Ociob.M 20. 1077 16
PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

1966

Office of the Secretary of the Treasury

Office of Government Financing

1968 1970 1972

December 31

1974 1976 1977

October 14, 1977-10
$Bil.

200

150

100

50

0

150

100

50

0

150

100

50

0

MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

Bills

113.6

119.9

109.1

I

2 year cycle notes All other

Oct 1977^

29.5

17.6

Oct 1976

21.7 13.6

Oct 1975

113 153

-^Estimated

Total

160.7

155.2

1362

October 14. 1B77-7
OWNERSHIP OF THE MATURING ISSUES

NOVEMBER 1977 — OCTOBER 1978*

(In millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings nstitutions State &

Local

General

Funds

Corpora

tions Foreign

Other

Private

Holders

Maturing Issues Longterm

Investors^/

Intermediateterm

Investors^

7%%Nt. Nov. 1977 2,363 1,338 59 98 105 456 255 52

6%%Nt. Nov. 1977 2,516 1,169 92 288 230 224 81 432

7n/4%Nt. Dec. 1977 2,428 1,219 16 200 208 134 276 375

6%%Nt. Jan. 1978 2,239 785 44 207 233 114 555 301

6%%Nt. Feb. 1978 5,032 1,932 114 500 245 158 631 1,452

8% Nt. Feb. 1978 2,062 718 24 77 48 224 213 758

6%%Nt. Mar. 1978 2,869 1,308 91 390 212 304 332 232

6y2%Nt. Apr. 1978 2,194 873 11 296 107 8 472 427

7y8% Nt. May 1978 2,904 1,662 71 364 93 190 349 175

77/8%Nt. May 1978 2,385 1,276 51 300 97 202 205 254

714% Nt. May 1978 2,893 1,299 4 192 60 530 375 433

67/8%Nt. June 1978 2,562 1,208 8 250 203 310 360 223

67/8%Nt. July 1978 2,616 1,460 4 345 208 171 353 75

7%%Nt. Aug. 1978 2,602 1,528 45 345 43 244 89 308

8%%Nt. Aug. 1978 1,827 810 7 119 70 2 64 755

6%%Nt. Aug. 1978 2,776 1,168 43 396 80 340 659 90

6%%Nt. Sept. 1978 2,770 1,107 8 394 247 205 726 83

57/s%Nt. Oct. 1978 2,265 803 7 245 200 94 858 58

Total 47,303 21,663 699 5,006 2,689 3,910 6,853 6,890

* Amounts for investor classes are based on the August 1977 Treasury ownership survey.

U Includes State and local pensionfunds and life insurance companies.

2_/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and corporate pension trust funds.

Office of the Secretary of the Treasury

Office of Government Financing October 20, 1977-24
TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1977

•III I IP ill I I

1976

$Bil.

8

4

0

8

4

0

4

g 0• H11 i I la I I • alB IS II I

|g hill I

1974

m

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. Dec.

Office of the Secretary of the Treasury

Office of Government Financing

• 2 year Cycle Note

Z3 4 year Cycle Note

ZZZ 5 year Cycle Note

H3 Long Bond

B Intermediate Note

B Short Note October 20, 1977-4
$Bil.

4

2

0

6

4

2

0

6

4

2

0

4

2

0

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.r 1977

2.9,!.42J5 2.4

1 5.8 1978

4.4 4.6

5.2 5.0

24|2.0 2.9

2.2c 2.4 25 2.60|8 27 27B27

1979

4.9

2.8212.6 25 3.7

191.719

111

33

4.7

5.1

0

1980

1.9 17 1.9

l i 1

2.8

1.8

1

1981

23 2.8

5.5 54

4.0|

8

2.0

1 -5.1

2.8

H

1.9

2.7

JFMAMJJASOND

• Securities issued prior to 1975.

ess o,a^^sr* M New issues calendar year 1975-

4

2

0

6

4

2

0

6

4

2

0

2

0

8

6

4

2

0

0

4.3 3.9 1982 4.9

1.8

2

5.8 1983

2.2

1.0

4.8 1984

35

1.3 1985

1986 7-6

4.4

1987

JFMAMJJASOND

EH New issues calendar year 1976.

E2 Issued or announced through Oct. 19, 1977. October 20, 19771
2.0

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1988

1989

1990 .9

1991

1992 33

1993

1994

1995

1996

1997

1998 1.4

$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2-

0

2

0

2

0

2

0

2

0

2.2

1

2.7

.9

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

1.3

.8

F3

$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

J FMAMJJASOND JFMAMJJASOND

Hi New issues calendar year 1976.

EZ3 Issued or announced through Oct. 19, 1977 Oc,ob,,2o ,9772 Office of the Secretary of the Treasury

Office of Government Financing

•i Securities issued prior to 1975.

i^H New issues calendar year 1975.
$Bil

8

7

6

5

4

3

2

1

0

AGENCY MATURITIES^

Privately Held

1977 "$Bil.

7.2

1981

1978

8.5

1982 3.6

"ls

II.

1979 1980

3.4 3.4

1983 1984

1.5 j|

III II.

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

Calendar Years Quarterly

^Issued or announced through Oct. 12,1977

1

0

1

0

1

0

1

0

1

0

1

0

19851.8

ill

1989

.2 .4

1993

.3

1997

i.i

I- •

2001

2005

3 .2

1986

• -I.

1990

1994

1998

.1 2 2 .1

2002

2

2006

2 2

Officeof the Secretary of the Treasury g, , ,, e-cr\ 'iiOffice ofGovernment Financing ^ LCSS 111311 $0(J ITlllllOn.

1987

1.0 1.0 o

Hi*

1991

.3 -4

1995

1999

2003

2007

.4

1988

I...

1992

.2 * *

1996

.2

2000

2004

2008

October 14, 1977 6
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

1

0

4

3

2

1

0

-1

HI

FCA

• 11.111

FHLB

• ' •

III

$Bil.

1

0

-1

II.

2h

1

0

-1

-2

Federally Owned Agencies17

i •I

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

1974 1975 1976 1977

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

1974 1975 1976 1977

Office of the Secretary of the Treasury Office of Government Financing

^Includes Ex-lm BanK TVA, Postal Service, GNMA PCs, FHA debentures,

and Defense Family Housing mortgages.

♦Less than $50 million. October 14, 1977 20