$Bil.

80

60

40-

20-

TREASURY FINANCING REQUIREMENTS

April - June 1986

Increase in

Cash Balance

Uses

Coupon Maturities^

Foreign

Nonmarketables

V/2

4 Deficit u

91 % Sources

4 Coupon Refunding

Savings Bonds

2V4

State and Local

Net Market a

Borrowing w

-^Includes budget deficit, changes in checks outstanding, and minor

miscellaneous debt transactions.

Office of the Secretary of the Treasury

Offica of Government Finance & Market Analysis

$Bil.

80

60

40

-20

July 29, 1986-20
$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

July - September 1986

Uses

Coupon Maturities }

11/2

Foreign

Nonmarketables

4 Deficits

99V4 Sources

^Coupon Refunding

Savings Bonds

2%

2 /

State and Local

Net Market

Borrowing 431/2<

To be

done

30 Vi

•!/ Includes budget deficit, changes in checks outstanding,

and minor miscellaneous debt transactions.

^Issued or announced through July 25, 1986.

^Assumes a $20 billion cash balance September 30, 1986.

Decrease in -

Cash Balance-2/

43/4

$Bil.

100

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysts July 29, 1986-21
$Bil.

40

30

20

10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan ^«

Accounts Balance *

[^ Total Operating Balance

'•»'».,„,w«imii>rt»"',"'"''"v,l',<% t'*«»ii»rt»",v

0

Federal Reserve Account

-10-

-20

•Without New

Borrowing^

-30

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

1985 1986

1/ Assumes refunding of maturing issues.

Jul Aug Sep

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-4
0>

00

CO

c

^z lO o

CO o

o>

o

o

3

r

fCO

c

co

CO

>

c

e

CD

c

~"

^ (11

co n

>

o> O

^~

CD

co

d)

I.

>

CD

ca

c

rr

> •co

(1)

:= 00 Li.

00 CD

05

CJ

>1

LU

=

CO

CM

CD C
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil., .$Bil.

30-

25-

20

15

10

5

Savings Bonds

State & Local Series

Foreign Nonmarketables

5.9

4 1 4-6

n

27.2

I

0.7

I

-30

-25

-20

-15

-10

5

2.9 ££ H 1.5 M 2.2 i 1.7

2.8

—5

-2.0 -2.5

I II III IV

1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-.6

I II III IV

1983

I II III

1984

IV I II III

1985

IV I II III6

1986

e estimate

July 29, 1986-12
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

1982 1983 1984 1985

1/ F.R.B. purchases of marketable issues as agents forforeign and international

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

37 Preliminary. * Less than $50 million.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

I 11^

1986

July 29, 1986-17
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

%

20

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

Office of the Secretary of the Treasury

Office of Government Finance& Market Analysis July 29, 1986-7
LONG TERM MARKET RATES

Quarterly Averages

New

• ••••••>•••*

.-—

/ N

Conventional // New Aa

Corporates

An

J_±

%

17

16

15

14

13

12

11

10

9

8

7

6

5

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

%

17

16

15

14

13

12

11

10

9

8

7

6

5

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-8
SHORT TERM INTEREST RATES

Weekly Averages

%

8

Commercial Paper

3 Month Treasury Bill

Oct Nov

1985

Dec

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Jan Feb Mar Apr

1986

Prime Rate

May Jun

Through

week ending

July 23

••«

Jul

%

8

July 29, 1986-5
%

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Treasury 5-Year

Through

week ending

July 25

%

11

10

Oct Nov

1985

Dec Jan Feb Mar Apr

1986

May Jun Jul

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-6
%

MARKET YIELDS ON GOVERNMENTS

Bid Yields

8

>-

,."•••

April 28, 19

July 28, 1986

86

% 1%

10

9

8

7

to

—

s^^^^ 10

9

8

7

-II1 i L I J I f -

—

•

1 0 12 14 16 18 20 22 24 26 28 2

6

%

8

6

4 5 6

Years to Maturity

8 9 10

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-15
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

1400

1300

1200

1100

1000

900

800

700

600

500

400

300

200

100

COUPONS

3Over 10 years

I 2-10 years

jggi 1-2 years

1 year & under

BILLS

1975 1976 1977 1978 1979 1980 1981 1982

Office of the Secretary of the Treasury As of December 31 Office of Government Finance & Market Analysis

June 30, 1986^^09.8

1983 1984 1985

July 29, 1986-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

100%

Coupons HIOver 10 years

H 2-10 years

1-2 years Bills

1 year & under

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Jun'86

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

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

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-1
MATURING COUPON ISSUES

August - December 1986

(In millions of dollars)

Maturing Issues

June 30, 1986

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors J/

8% Note 8/15/86

11 3/8% Note 8/15/86

12 3/8% Note 8/31/86

12 1/4% Note 9/30/86

11 7/8% Note 9/30/86

11 5/8% Note 10/31 / 86

13 7/8% Note 11/15/86

16 1/8% Note 11/15/86

11% Note 11 / 15/86

6 1/8% Bond 11/15/86

10 3/8% Note 11/30/86

9 7/8% Note 12 / 31 / 86

10% Note 12/31 / 86

9,515

8,862

9,859

5,813

9,612

9,801

3,206

3,469

7,650

1,196

10,052

10,112

5,908

1,987

2,100

859

244

790

529

97

277

1,126

864

559

600

343

7,528

6,762

9,000

5,569

8,822

9,272

3,109

3,192

6,524

332

9,493

9,512

5,565

112

299

1,003

450

821

626

814

111

363

3

1,014

814

330

Totals 95,055 10,375 84,680 6,760

F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29, 1986-19
TREASURY MARKETABLE MATURITIES

• a ii

Privately Held, Excluding Bills

$Bil.

10

8-

6-4

n

8.4 7.5 L2

115.0

1990 1°*

111 I

li

10.3

6.9 KM 7.3

^4.2

-4.8

101-

.5.5

5.8

7.7

1

4 -^ 2.6

-6.5 6.4

2.9

7.9

1

82

1

II 1991

5.4 • | 5.3

10.1

5.9

6.5

se1992

I 6.3

1 ^

1993

4.7

6.8 7.6

5.3 1994 7.2

^9-1 1995 7.2

1 I

10.0 1996

12.9

ii

5.7

2.3

6.3

4.1

.12.1

7.2

J FMAMJ JASOND

•I Securities issued prior to 1984

S82S New issues calendar year 1984

Office of the Secretary of the Treasury

Office of Government Finance& Market Analysis

10

8

6

4

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

JFMAMJ JASOND

£%3 New issues calendar year 1985

ill Issued or announced through July 25, 1986

July 29, 1986-9
TREASURY MARKETABLE MATURITIES

$Bil.._

01—

01—

01—

2h

oi—

2

0

2-

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

Privately Held, Excluding Bills

r—i $Bil.

8-

6-

4

2

0

2-

oi—

2

0

i 2.2

1.5

1.7

2.9

4.8

2.7

* —9 1999

2000

1.7 2001

2002

2003

3.2

2004

3.6

2005

6.3

2006

2007

2008

i2.5

.2.4

3.5

4.0

9.3

I

1.4

J. 3

1.6

i2.6

I7.2

8.3

I

1.2

.3.6

XJ

JFMAMJ JASOND

HI Securities issued prior to 1984

ISSS New issues calendar year 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

2 -

oL.

2

0

2

0

8

6

4-

2

0

12

10

8

6

4-

2-

0

4

2 -

0

10

8

6

4

2

0

8

6

4

2

0

1.8

11.8

I

t I7.0

,3.9 2009

1.9 2010

• 3.7 2011

2012

2013

4.8 2014

2015

39 0 2016

3.4

14.0

14.4

• 10.3

112.6

4.7

I

6.5

6.8

1

JFMAMJ JASOND

New issues calendar year 1985

Issued or announced through July 25, 1986

July 29, 1986-10
STRIPS PROGRAM

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

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1985

*asof July 23, 1986

1986

July 29, 1986-16
STRIPS PROGRAM

Security Issue Date Total Issued Amount Stripped

$ Millions as of 7 / 23 / 86

11 5/8% 11/15/ 94 11 / 15 / 84 6,659 1,272

11 1/4% 2/15/95 2/15/85 6,934 1,131

11 1/4% 5/15/95 5/15/85 7,127 2,134

10 1/2% 8/15/95 8/15/85 7,956 983

9 1/2% 11/15/95 11 / 15/85 7,318 524

8 7/8% 2/15/96 2/15/86 8,213 34

7 3/8% 5/15/96 5/15/86 9,527 0

11 5/8% 11/15/ 04 10 / 30 / 84 8,302 5,821

12% 5/15/05 4/2/85 4,261 1,960

10 3/4% 8/15/05 7/2/85 9,270 682

9 3/8% 2/15/06 1/15/86 4,756 *

11 3/4% 11/15/ 14 11 / 15/85 6,006 2,872

11 1/4% 2/15/15 2/15/85 12,668 8,447

10 5/8% 8/15/15 8/15/85 7,150 2,542

9 7/8% 11/15/ 15 11 / 15/85 6,900 27

9 1/4% 2/15/16 2/15/86 7,267 11

7 1/4% 5/15/16 5/15/86 9,318 0

129,632 28,440

* Eligible for STRIPS August 18, 1986

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis July 29. 1986-24
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

>bll.

2

n J_

FFCB

_ *

-2

1 •1" 'l»

18

16

FHLB^

14

12

10 .1

8 ~ I 1 I II

6

.III II 1

4

2

0 111..II•III ll

I II III IV I II III IV I II III IV I 11 III IV I ll@ III |V

1982 1983 1984 1985 1986

*Less than $50 million.

12

10

8

6

4

2H

0 ml

I II III IV

1982

GNMA

Mortgage-Backed

Securities

II III IV

1983

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

1984 1985 1986

Partly estimated.

1/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,

off!"o! GowmmenTFTna^e^Set Analysis certificates, mortgage-backed bonds, andmortgage participation certificates. July 29, 1986-13
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN AUGUST 1986^

Monday Tuesday Wednesday Thursday Friday

1

4 5

Auction

3 yearly

6

Auction

10 yearly

7

Auction

30 yearly

8

11 12 13

Announce

2 year

14 15

18 19

Announce

5 year

20

Auction

2 yearly

21 22

Announce

52 week

25 26 27

Auction

5 year A'

28

Auction

52 week 1/

29

Office of the Secretary of the Treasury

Office ol Government Finance & Market Analysis

J7 Does not include weekly bills

2/ For settlement August 15

3/ For settlement September 2

4/ For settlement in early September

5/ For settlement September 4

July 29. 1986-22
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN SEPTEMBER 1986^

Monday Tuesday Wednesday Thursday Friday

1

Holiday

2 3 4 5

8 9 10 11 12

15 16 Announce

2 year

4 year

7 year

17 18

Announce

52 week

22 23

Auction

2 yearly

24

Auction

4 yearly

25

Auction

7 year-2y

26

29 30

Auction

52 weeki/

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

\J Does not include weekly bills

2J For settlement September 30

_3/ For settlement in early October

_4/ For settlement October 2

July 29. 1986-25