Il I

$Bil

40 —

30

TREASURY FINANCING REQUIREMENTS

OCTOBER • DECEMBER 1977

USES Repayment of

FRB Borrowing

y*

Redemptions of

Special Issues

M Maturities

,..403/4.

I

SOURCES

4 Decrease in Cash Balance

Gov't Account

Sales

11 State & Local Series

J4Savings Bonds and Other

MCash Deficit

20

10

Office of the Secretary of the Treasury

Office of Government Financing

Refundings ^

Net Market Issues ^

January 24, 1978-15
$Bil

TREASURY FINANCING REQUIREMENTS

JANUARY - MARCH 1978

USES

40

Maturities m

30

20

14Cash Deficit

10

Office of the Secretary of the Treasury

Office of Government Financing

4 Decrease in Cash Balance^/

...413/4_-

Redemptions of

Special Issues!/

SOURCES

Gov't Acct

Sales

4 State &Local Series

Savings Bonds

and Other

1/ Assumes $8 billion March 31 cash balance

1/ Includes maturing marketable securities of $ % billion

4 Refundings

Net Market

Issues <

191/2

14 Done

January 24, 1978-26
$Bil

30

TREASURY FINANCING REQUIREMENTS

APRIL - JUNE 1978

USES SOURCES

•331/4-

Gov't Acct. Investment m |4Special Issues

4 State &Local Series

Increase in Cash Balance V^

20

10

Office of the Secretary of the Treasury

Office of Government Financing

4 Maturities

4 Net Cash Paydown

Cash Surplus^r^H

.1/ Assumes $16 billion June 30 cash balance

January 24, 1978-25
$Bil.

50

40

30

20

TREASURY FINANCING REQUIREMENTS

JANUARY - JUNE 1978

USES SOURCES

—52...

Govt. Account Investment >) N Special Issues 1/

4 Increase in

Cash U m State & Local Series

4 Refundings

10

MCash Deficit

Net Market

Issues

14% <

l^^^H^Done

• TO

4 Be

Done

Office of the Secretary of the Treasury

Office of Government Financing

1/ Assumes $16 biion June 30 cash balance

1/ Net of exchanges for maturing marketable securities of $% billion

January 24,1978-24
$Bil.

NET NEW MONEY FROM NONMARKETABLE ISSUES TO

PRIVATE INVESTORS AND FROM MARKETABLE

COUPON ISSUES TO FOREIGNERS

1977

Office of the Secretary of the Treasury

Office of Government Financing

1975 1976

l/F.R.B. purchases of marketable issues as agents for foreign

and international monetary authorities for new cash. January 24, 1978-5
Officeof the Secretary of the Treasury

Officeof Government Financing

TREASURY NET NEW MONEY BORROWING ^

CALENDAR YEAR QUARTERS

COUPONS:

[US Over 10yrs.

7-10 yrs.

V77X 2-7 yrs.

fiQQQ 2 yrs. and under

BILLS:

19.4 19V:

1975 1976

1/ Excludes Federal Reserve and Government Account transactions.

2/ Issued or announced through January 20, 1978.

133

1977

IV

1978

January 24, 1978-7
$Bil

20

15

TREASURY OPERATING CASH BALANCE

SEMI-MONTHLY JANUARY 1977 - MARCH 1978

10-

» Total Operating A

A Balance 11 « Without New*

Borrowing

—

\i • • *

V• •

—

\ / Tax and Loan N \ /\/ / •

•

/\ \/ Accounts Balance *% \/*TM'

—^/\-^v/ \^z. --—/ V-x / V

t

1 1

—

1 1 1 1 1 1 1 1 1 1 1

5-

0

•10

Jan Feb Mar Apr May Jun Jul

1977

Office of the Secretary of the Treasury

Office of Government Financing

Aug Sept Oct Nov Dec Jan Feb Mar

1978

January 24, 1978-11
%

12

8

SHORT TERM INTEREST RATES

Monthly Averages

Federal Funds

t» Prime Rate

3 Month

Treasury Bill

i i i i i 1 i i

Commercial Paper

••••••••• ^SJJ

••******« •*••

Week

Ending

Jan 20,1978

i i i i i i i i i i i

%

12

10

8

i i i i i i i i i

J SNJMMJSNJMMJSNJMMJSNJ

1974 1975 1976 1977

Office of the Secretary ot the Treasury

Office of Government financing

January 24, 197810
%

8

SHORT TERM INTEREST RATES

WEEKLY AVERAGES

Prime Rate

/

Federal Funds

r

Week Ending

January 18, 1978

••••„••••••

3 Month Treasury Bill

Commercial Paper

/| I I I I I II I I I I ll I I

Apr. May Jun Jul

I I I I I I I li I I I I II I I I II I I I I I I

Aug

1977

Sept Oct Nov Dec Jan

Office of the Secretary of the Treasury

Office of Government Financing

1978

January 24, 1978 4
10

8

* f

.<&'*.

LONG MARKET RATES

Monthly Averages

New Aa Corporates

/^t J*\ #

#"%\ ****w \ & NewConventu Conventional

/ \% / M **% Mortgages

Week

Ending

Jan 20, 1978

•*■■♦' i. \r-^KT ••••••••

w««/ %

10

8

-\7

New 20 Year

Municipal Bonds

JSNJMMJSNJMMJSNJMMJSNJ

1974 1975 1976 1977
%r

9-

8-

INTERMEDIATE & LONG MARKET RATES

WEEKLY AVERAGES

New Conventional Mortgages u

New Aa Corporates

Treasury 10-Year „..„, •••h. •.••—•—•—....... treasury iu-rear

Apr

Office of the Secretary of ihe Treasury

0ff.ee of Government Financing

May

Treasury 7-Year

New 20 - Year Municipal Bonds

Jun Jul Aug

1977

Sept

_JL/ Monthly, weekly data not available

Oct Nov

Week

Ending

January 20, 1978

,.»*

•!---""

Dec

I I

Jan

1978

%

January 24, 1978-6
Office of the Secretary of the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

BID YIELDS

4 5 6

Years to Maturity

January 24, 1978-3
CUMULATIVE OF NET SAVINGS INFLOWS

(LESS INTEREST) TO THRIFT INSTITUTIONS*

M J J

Month of Year

Savings & Loan Assns. & Mutual Savings Banks

Office of the Secretary of the Treasury

Office of Government Financing January 24, 1978 27
%

8

7

6

5

$Mil

180

150

120

90

60

30

-30 —

-60

NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY

BILL AUCTIONS AND AVERAGE AUCTION YIELDS

AVERAGE AUCTION YIELDS U

—— 6 Month Bill

"~3 Month Bill

J L

NEW MONEY 11

HU 6 Months

13 Months

J L

U n

J L J L J L J I I L J L

-5

$Mil

180

J L J I 1 I L I 1 I J I I I I I I I -60

August

Office of the Secretary of the Treasury

Office of Government Financing

September October

1977 Auction Dates

November December

1/ Discount basis

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

issues and maturing bills previously bid noncompetitively

January

1978

January 24,1978-21
$Bil

ALLOTMENTS TO SELECTED INVESTOR GROUPS

msm Other

| ]Individuals

| Comm. Banks

I Dealers

vm

61/2 % 7Y«% 75/e% 71/4% 75/e% 63/4% 7V<% 75/a% 7V„% 7%% 77/8%

Nt. Nt. Bd. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd.

Feb 1977 May 1977 Aug 1977 Nov 1977

Office of the Secretary of the Treasury

Office of Government Financing January 24, 1978-22
AVERAGE LENGTH OF THE MARKETABLE DEBT

1967 1968

Office of theSecretary oftheTreasury Office ofGovernment Financing

1969 1970

PRIVATELY HELD

1971 1972 1973 1974 1975 1976 1977

January 24, 1978-1
$ Bil.

800

700

600-

500

400

300

200-

100

OWNERSHIP OF THE PUBLIC DEBT

j Federal Reserve

3Gov't Acc'ts

PRIVATE:

|flg;:i:iNonmarketable

nili Marketable

1> 1 i

•* * *•• Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec

1970 1971 1972 1973 1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing January 24, 1978-13
OWNERSHIP OF THE PUBLIC DEBT BY

SELECTED INVESTOR CLASSES EXCLUDING FEDERAL RESERVE AND GOV'T ACCT'S

"Jun Dec Jun Dec

1970 1971

Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Decv

1972 1973 1974

U Partly Estimated

1975 1976 1977

January 24, 1978-14 Office of the Secretary of the Treasury

Office of Government Financing
Q_

>

<

ILU

X

O

-J

Q

CD

CO

LU<

<

LU

<

CD

LU

Q

CD O
MARKETABLE MATURITIES WITHIN 1 YEAR

PRIVATELY HELD

BILLS 2 YEAR CYCLE NOTES ALL OTHER TOTAL

$Bil.

200 rJANUARY 1978 J/

150 •Bjj^H|172.6

100 ^^^H119.0 ^H 50 ^^H ^^H 0 .^IH H^HH31-3 • 22.3 HH

150

100

50

0

150

100

50 -

0

Office of the Secretary of the Treasury

Office of Government Financing

124.9

121.5

JANUARY 1977

125.7

JANUARY 1976

.13.6

V Estimated

162.6

.12.0

152.1

117.0

January 24, 1978-2
OWNERSHIP OF THE MATURING ISSUES

FEBRUARY 1978 - JANUARY 1979*

(In Millions of dollars)

lg Issues

Total

Privately

Held

Commercial

Banks

Savings 1nstitutions State &

Local

General

Funds

Corpora

tions Foreign

Other

Maturir Longterm

Investors^/

Intermediateterm

Investors^

Private

Holders

6^4% Nt 2-15-1978 5,031 1,897 116 449 290 89 611 1,579

8% Nt 2-28-1978 2,062 621 20 85 78 62 283 913

63/4% Nt 3-31-1978 2,850 1,149 76 383 162 227 342 511

6v2%Nt 4-30-1978 2,183 826 3 280 112 6 487 469

7v8%Nt 5-15-1978 3,003 1,760 78 340 100 56 354 315

77/8%Nt 5-15-1978 2,884 1,512 42 326 130 151 225 498

7V8%Nt. 5-31-1978 2,393 1,192 6 216 75 332 390 182

67/8%Nt 6-30-1978 2,560 1,018 7 255 232 191 400 457

67/8 % Nt 7-31-1978 2,596 1,371 4 416 152 96 408 149

83/4% Nt 8-15-1978 1,826 800 7 108 80 3 66 762

75/8% Nt 8-15-1978 2,584 1,487 40 342 68 123 99 425

65/8% Nt 8-31-1978 2,777 1,228 35 306 82 121 680 325

6v4%Nt 9-30-1978 2,766 1,178 7 356 160 29 771 265

57/8% Nt 10-31-1978 2,721 1,150 1 291 173 109 872 125

6% Nt 11-15-1978 4,617 1,803 168 488 328 48 597 1,185

53/4% Nt 11-30-1978 2,697 887 15 296 185 195 970 149

8ve%Nt 12-31-1978 2,340 1,365 28 226 112, 64 281 264

5v4%Nt 12-31-1978 2,925 926 19 399 173 304 834 270

574%Nt 1-31-1979 2,767 1,314 18 231 272 108 692 132

Total 53,582 23,484 690 5,793 2,964 2,314 9,362 8,975

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

l/ Includes State and local pension funds and life insurance companies.

27 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 January 24,1978-19
$Bil.

8

4

0

8

o

0

0

TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1977

lilil In hi i in

1976

2 :1 1^1 lilil III! lilil

nil

1975

10

1974

hi! I

sig

i I r

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

Offici: of !hc Secretary of the Treasury

Office of Government Financing

• 2 year Cycle Note

B9 4 year Cycle Note

22 5 year Cycle Note

131 Long Bond

HI Intermediate Note

tBB Short Note

January 24. 1978 12
$Bil

6r4

2

0

6r4

2

0

6

4

2

0

5.0

ll

TREASURY MARKETABLE MATURITIES

PRIVATELY HELD, EXCLUDING BILLS AND EXCHANGE NOTES

5.9

I 1978 4.4 | ||

6B28 28 2.7H2.7

Innili 1 n 22WA n M

i n nln n n

5.3

1979 A3 |f ||45 ^

6- §£

4h

2

0

1.0

1983

1984

2-85^2.5 2S

37 PI M Rgl 4J, 3.iH3^ || i 4.8

3.5

4.7 1980 fe3

1.9 1.7 1.9

5.1

2H 1 5.5

3.6 4r

2-

1985

61-

4

2

0

2.0

I i • • 1 •

4.3 3.9

1982

1.8

I

4.9

8-

6

4

2

0

4

2-

0

1.2

44

1986 76

1987

2.2

1.9

J FMAMJ JASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

[Securities issued prior to 1976 New issues calendar year 1977

EM New issues calendar year 1976 \SSi Issued or announced through January 20, 1978. January 24. 1978-18
$Bil

2

0

2

0

2 -

2 -

oL.

2.0

I

2.1

TREASURY MARKETABLE MATURITIES

PRIVATELY HELD, EXCLUDING BILLS AND EXCHANGE NOTES

1988

1989

1990

1991

1992 3.2

1993

1994

1995

1996

1997

1998

1.3

$Bil

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2 -

0

1999

2.2 2000

2001

2002

2003

2004

2005

2006

2.7 2007

2008

2009

2010

1.3

.8

Fl3

2 -

ol—

MAM N D MAM

Office of the Secretary of the Treasury

Office of Government Financing

I Securities issued prior to 1976

INew issues calendar year 1976

fc<V)J New issues calendar year 1977

fiffl Issued or announced through January 20, 1978

1.3

O N D

January 24, 1978-17
$Bil

9

8

7

6

5

4

3

2

1

0

4

3

2

1

0

AGENCY MATURITIES^

PRIVATELY HELD

$BII

1978 1979 1980 1981

8.2

7.2

I 14.0

ill

| 34

• 3.2 M

1 2.6 1 1

3.5

I

2.3 1 23 1

3.2

1 26

lliil ill III! 1982

2.9 3.0

1983

1.7

1.4 H

I.I

1984

lil 1-0 8

III

1985

1.5 1.5

ill

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

1986

.!7

I.

1987

III

1988

.8 8

III

1989

1990

.4

• -1

1991

.3 -4

1992

— *. J.

1993

.3

1994 19S5 1996 1997

1.1

1998 1999 2000 2001

±££,± .1

2002 2003 2004 2005

.2 • 2

2006 2007 2008 2009

2 2

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

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

1/ Issued or announced through January 17, 1978

# Less than $50 million

January 24. 1978 23
$Bil

-2

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

PRIVATELY HELD

$Bil

IFCA

llll.llllllll FHLB

..I

I •' • •"•

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

1974 1975 1976 1977

.ll.

FNMA

1

-1

4 -

GNMA

Mortgage Backed

Securities

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

£ Less than $50 milSon

January 24, 1978-20