PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

ssn BY MATURITY sau
al over 10 year March 31, 1993 “be
ml anes an
1600 + 1 year & under ")
_ i | Bills -_—t
1000 eb
m° wy yy ee
400 PY T

As of December 31

Department ofthe Treasury

fica of Markat Finance

May 3, 1993-3


FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil. $Bil.
qa Notes 12
Wy 5 years and over _
Wilma 2-4 years’/
| 10.010.0 Bills _
YN aS 10
NN f
A 8
6;—- oo —16
5.0 5A ea
NS /
4b 4
3.1
N 2.4
2 N
0!
Io om wv Ion om ow Ion om wv tou oi Ww 1 owes
1989 1990 1991 1992 1993
Quarterly Totals
1/4 year notes not issued after December 31, 1990.
<stne tae 2/ Through April 30, 1993.

Office of Market Finance, May 3, 1983-4


MATURING COUPON ISSUES
May - September 1993
(in millions of dollars)

March 31, 1993
Held by
Maturing Coupons Total Federal Reserve
& Government Private Foreign_/
Accounts Investors | Investors

10 1/8% Note 05/15/93 5,100 657 4,443 584
7 5/8% Note 05/15/93 8,096 200 7,896 970
85/8% Note 05/15/93 13,251 1,712 11,539 2,618

41/8% Bond 05/15/93 2/ 403 330 73 _

7 % Bond 05/15/93 2/ 692 230 462 _
6 3/4% Note 05/31/93 14,101 1,445 12,656 1,641
8 1/8% Note 06/30/93 8,393 500 7,893 830
7 % Note 06/30/93 15,349 1,652 13,697 1,392
71/4% Note 07/15/93 6,757 298 6,459 965
6 7/8% Note 07/31/93 13,701 712 12,989 1,322
11 7/8% Note 08/15/93 6,593 1,606 4,987 601
83/4% Note 08/15/93 7,370 68 7,302 1,261
8 % Note 08/15/93 15,499 2,686 12,813 3,317
85/8% Bond 08/15/93 1,768 164 1,604 70
6 3/8% Note 08/31/93 14,087 967 13,120 867
81/4% Note 09/30/93 8,745 391 8,354 1,231
6 1/8% Note 09/30/93 15,373 1,521 13,852 1,761
Totals 155,278 15,139 140,139 19,430

1/ FRB. custody accounts for foreign official institutions; included in Private Investors.
2/ Treasury announced January 13, 1993 the call of the 4 1/8% 89-94 and 7% 93-98
bonds for redemption at par on May 15, 1993.
Department of te Treasury

Office of Market Finance

May 3, 1993-8


$Bil.

TREASURY NET MARKET BORROWING Y

100 |-

Coupons
Over 10 yrs.

2-10 yrs.

103.5

S$Bil.

-| 100

howd

1989

i of the Treasury
Office of Market Finance

1/exciudes Federal Reserve and Government Account Transactions.

Ml
1990

Iv

"ool
1991

IV

oot
1992

IV

!
1993

May 3,1993-5


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Over 10 years 1-2 years Bills
2-10 years 1 year & under
100%F- 5 |
80
60 }-
40
20

1982 1985 1986 1987 1988 1989 1990 1991 1992 Mar'93
As of December 31
Department of the Treasury

Office of Market Finance May 3, 1993-2


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

aE 2002 2 eS 7 2010 3
af | |i FA

ee | iE [ge 2011 oo
L 110 y aL _ f —
SF J He | 2012 =
t 17 y | 25 Lae |

— ~ mot
“ee 2003 8 2013,
‘oP | TA of |

SE 34 3.3 I | 6

ok a | i éE |

T by Be

; 36 ain pad i | He 46 20! 4 45 5.0
2 ab |
“ 2005 4 : —!__4 a
et 63 He WD? 2015 |
iL H eh | 64 | 67
1 i 2006 i oe j
2 ‘a 2007 EZ wel 179 ae 183 |
8 14 |

af 2008 13 36 | uf 7 | |
6 ee

f T 32 9009 i ‘f a | | | |

JFMAMJJASOND

Department of the Treasury
Office of Market Finance

MI Securities issued prior to 1991
#888 New issues calendar year 1991

J FM AM J J AS ON D

{ZZ New issues calendar year 1992

{HM} Issued or announced through April 30, 1993

May 3, 1993-11


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held
Years
‘ June 1947 Months
10 10 Years
5 Months us
74 March 31, 1993

5 Years, 10 Months
72

8
7
6
5b December 1975
2 Years
5 Months
4b
3b
aLLLIIIi titi titi tt 1 Lit
194547 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 Markat Finance May 3, 1990-1


INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages
% %
Through
Treasury 30-Year April 28
S |
7 17
Treasury 10-Year
6 rs 6
Treasury 5-Year
| | | | |
DELI PILE Lit ME 5
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
1992 1993

Department of the Treasuty

Office of Market Finance May 3, 1993-27


SALES OF UNITED STATES SAVINGS BONDS
1980 - 1993

$Bil.

4 Total Sales

Payroll Sales

fe) fara reeves Oar OO OP OT
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 19921993

Department of the Treasury
Office of Market Finance May 3, 1999-16


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JUNE 1993 ”
Monday Tuesday Wednesday Thursday Friday
1 2 3 4
7 8 9 10 1
14 15 6 17 18
Aprounee Announce
5 year 52 week
21 22 23 24 25
Auction Auction Auction
2 year/ 5 year 52 weekY
28 29 30
1/Does not include weekly bills
2/For settlement June 30
Department of the Treasury 3 For settlement July 1
Office of Market Finance May 4, 1993-22


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS’

$Mil. Discount Rate %
Net New Cash (left scale) Discount Rate (right scale)
HM 26 week woccee 26 week 140
SOO PR ees. fr Phe,
\ a224 =. Wl 13 week ——— 13 week
43.5
07 aos,
200/- meses. ook wor = oot,
= ? pa teeteen sc oeesy,
“ eee *05} 3-0
re,
100 Y
42.5

=

-400 iat is Lt ih tit im ian ib Ji | Lit i J fan iat i jit nm jut cht iat ih Li im Jott
Apr May = Jun Jul Aug Sep Oct Nov’ Dec Jan Feb Mar Apr?
1992 1993

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

Department of the Treasury p Preliminary
Office of Market Finance May 3, 1993-14


NET STRIPS AS A PERCENT OF PRIVATELY HELD

sei STRIPPABLE SECURITIES y
il. fo
elally i) 1 Strippable Form Percent
(Left Scal (Right Scale)
160 | 8 30 Year wees 30 Year —l70
WH 20 Year ==3 20 Year
10 Year we 10 Year
140 }-
120 |-
100 }~
80 }-
60 |-
ot CORB eee eee ae
20 |-
DAA AAA GGGAGAFAG' AY NGA |
9 AMJJASONDJFEMAMJJASONDJFMA ©

1991 1992 1993

*Through April 23, 1993

Department of the Treasury
Office of Market Finance

May 3, 1993-6


MARKET YIELDS ON GOVERNMENTS

% %
6l—
5]
%
4b 7.0) 17.0 14
6.5 65
3 6.0 60 13
55 ; - 5.5
10 12 14 16 18 20 22 24 26 28 30
| |
; | | >
1 2 3 4 5 6 7 8 9 10
Years to Maturity
Department ofthe Treasury
Office of Market Finance May 4, 1993, 20


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
SBil Savings Bonds ae

— Domestic Series
10 |- {10
[0] State and Local Series

7A I Foreign Nonmarketables 70 3.4

5 | I | = 5
| tom wot Wom wot tom wot tom woot we
1989 1990 1991 1992 1993

e estimate
Department of the Treasury

Office of Market Finance May 3, 1993-17


Privately held, Excluding Bills

TREASURY MARKETABLE MATURITIES

$Bil.—

32 f-
30 f-
28 ;—-
26 |-
24;
22 ;-
20 f-
18 F—
16 |—-
14 |—
12 }-

ON FD OW
T
i

24.4

12.7

Department of the Treasury
Office of Market Finance

M

1993

|

J J A

MER Securities issued prior to 1991

lew issues calendar year 1991

|
|
|
|

May 3, 1993-9


$Bil.
160

120

80

40

TREASURY FINANCING REQUIREMENTS

January - March 1993

| $Bil.
Uses Sources —1160
1464,
—1120
Coupon Maturities > INA) TEE @ Coupon Refunding
State and Local
4 Savings Bonds —l80
2 i 4
*
Foreign Nonmarketables
Net Market 53 Decrease —40
@ Deficit” Borrowing > in Cash
Balance

_ vo
a |,

0
J/ Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
Department of the Treasury
‘Office of Market Finance

May 9, 1999-18


STATE AND LOCAL MATURITIES 1993 - 1995

$Bil. S$Bil.
12.6

Department of the Treasury

Office of Market Finance May 3, 1993-28


STATE & LOCAL GOVERNMENT SERIES sei
Bil. il.
sei == Gross Issues

waa Redemptions
10 |- ff {10
va a-INNY
- ~~ F ts

$Bil. $Bil.
=e Net SLGs

1989 1990 1991 1992 1993

Department of the Treasury
Office of Market Finance May 3, 1993-7


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JULY 1993°/
Monday Tuesday Wednesday Thursday Friday
1 2
5 6 7 8 9
Holiday
12 13 14 15 16
Announce
52 week
19 20 21 22 23
Announce Auction
5 year 52 week2/
26 27 ; 28 , 29 30
Auction Auction
2 yearY 5 yearY

Department of the Treasury
Office of Market Finance

1/ Does not include weekly bills

2/For settlement July 29
3/ For settlement August 2

May 4, 1992-23


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS //

$Bil. $Bil.
mug 7 Year
2&5 Year
25 GG 3, 10 & 30 Year 25
4 y
2.0f- /] 4 12.0
g g) A y /
1.5)7— 41.5
r 11 4 Z| 7
Ld MY AW
Ld Ld a
1.0 -—- 4 4 MH 1771.0
Uy H j
4 i
5} 5
ul AE

AMJJASONDJFMAMJIJASONOD J FM AP
1991 1992 1993
_1/Excludes foreign add-ons from noncompetitive tenders. p Preliminary
‘Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 million effective November 5, 1991.
Effective February 11, 1992 a noncompetitive bidder may not hold a position in WI trading, futures, or forward contracts,
nor submit both competitive and noncompetitive bids for its own account.

Department of the Treasury
Office of Market Finance: May 3, 1993-13


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons [] Over 10 years 1-2 years @ Bills
2-10 years 1 year & under

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 Mar'93
As of December 31

Department of the Treasury

Office of Market Finance May 3, 1993-2


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills
i

‘$BH.
24 F
ae 2017 bod i 2021
2 18.0 32]- ;
ish »
by 13.6 2
raf PAS
10f- Ae
af 20
6} 4
af 16}
ar 4
° raf
‘a 1of-
tof- es 2018 89 E
ef | iE
6- { 7 -
yo
2b | Sr
0 26 |-
22 24 fF
zo} 189 2019 94 22 [-
ref 2of-
18 |
16} wef
ube we
ref L
10 /- Re 10.0 10.3
L aE B
tf Hs )
ae 2b Uy |
o - a
7 oo
af 2020 2a 2023
i. oi
7 . 21.0 22y-
20)- 20F-
1e- AB
18 ie
uP a
2} he
sk ge too ap
a}- et
e- é-
ae > i
ab af i
oO! i
J FM AM JJA S ON D J FM AM J J AS ON D
MMB Securities issued prior to 1991 New issues calendar year 1992
Department of the Treasury {8884 New issues calendar year 1991 {MM Issued or announced through April 30, 1993

Ofice of Market Finance

May 3, 1993-12


TREASURY OPERATING CASH BALANCE

A Semi- Monthly
SBil Without
—— New
60 }—- Borrowing 1/

Tax and Loan
Accounts Balance

Total Operating Balance
4

40

20

Federal Reserve Account

-40 | | | | | | | | | | | |
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1992 1993

y; Assumes refunding of maturing issues.

Department of the Treasury
Office ot Market Finance May 3, 1999-20


SHORT TERM INTEREST RATES

Quarterly Averages

%

%
Prime Rate
12 Federal Funds — 12
10 —; 10
Through
April 28
8 | ts
Commercial
Paper
6 46
4ie Treasury Bill +4
2 Petititiiitiiitiritdiiitiiitiiitiiitiiitiiits
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
Office of market Panes,” May 3, 1993-24


%
14

13

12

11

10

LONG TERM MARKET RATES

Quarterly Averages

%

»*” Aa Corporates

30-Year

Treasury 30-Year

Municipal Bonds

Through
April 28

Leet a

+14

13

—412

11

1983 1984 1985 1986 1987 1988 1989 1990 1991

Department of he Treasury
Office of Market Finance

1992

1993

May 3, 1903-26


NET MARKET BORROWING
April —- June 1993
(Billions of Dollars)

Total

Done¥
2 Year Note 3 ys
5 Year Note Wy
7 Year Note 4
Regular Bills -9
Cash Management Bills -
Total

To Be Done

37

37%

-V Issued or announced through April 30, 1993.

Department of Treasury
Office of Market Finance

May 3, 1993-29


TREASURY MARKETABLE MATURITIES
Privately held, Excluding Bills

BREBBBRES on aoeSSESSSRERRSK EB

SH RS B!

SRE RBER LE onaoe

16

2

30)

| 28)
| |] 26
| 24)
| | 22)
| 20

18.1 108 18

16)

one med 8
TTTTTTTITT11. YT
rs
Pd

pone:

6
4 “
zi -_: = ES
J FM AM J JS AS ON D J FM AM J J AS ON D
MB Securities issued prior to 1991 ZA New issues calendar year 1992
Department of the Treasury HEB New issues calendar year 1991 MM Issued or announced through April 30, 1993

Office of Market Finance May 3, 1993-10


TREASURY FINANCING REQUIREMENTS

April - June 1993

$Bil. 1 $Bil.
125 | - Uses 118% Sources —~ 125
100 }-- —; 100
Coupon Maturities @ Coupon Refunding
75 |— . 475
A Net
Deficit” Savings Bonds ya rket
50 |— Be 4 Borrowing ~] 50
2%, .
Increase a
in Cash , %
25} Balance2 ‘ —| 25
. 4 State and Local
| a

1 Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
#/ Assumes a $35 billion cash balance June 30, 1993.

Department of The Treasury
Office of Market Finance May 3, 1983-19


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN MAY 1993 ”
Monday Tuesday Wednesday Thursday Friday
3 4 5 6 7
10 1 12 13 ; 14
Auction Auction Auction
3 year2/ 10 year” 30 year2/
17 18 19 announce | 20 21
2 year Announce
5 year 52 week
24 25 26 27 28
Auction Auction Auction
2 yearY 5 yearY 52 week’
31
Holiday
1/ Does not include weekly bills
2/For settlement May 17
3/For settlement June 1
Department of the Treasury

Office of Market Finance

4/For settlement June 3

May 4, 1999-21


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

a HOLDINGS OF PUBLIC DEBT SECURITIES oth

Nonmarketable
35/

it
oO
a

30} Marketable 430
25.8 {A Add-ons
25+ F 4 25

J Other Transactions

20
15} 14
10

-10
“15

75 | | i |
-20 -20
room wor oh om vor onom ow oy on om we
1989 1990 1991 1992 1993

VY 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.
2/ Preliminary

Department of the Treasury

Office of Market Finance May 3, 1983-15,


SHORT TERM INTEREST RATES

Weekly Averages
% %
Prime Rate

6 6
Through
April 28

5} 5

Commercial
Paper

Ps
3 Month
Treasury Bill
2 ooh hi ld, moto hh witli 2
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
1992 1993
Department ofthe Treasury May 3, 1993-25

Office of Market Finance