$Bil.

80

TREASURY FINANCING REQUIREMENTS

April-June 1989

Uses

883/4

Sources

60 Coupon Maturities^ ^Coupon Refunding

40

20

0

Department of the Treasury

Office of Market Finance

Foreign

Nonmarketables

Vz

Increase in

Cash Balance

Savings

Bonds

1V2

Net Market

2 Borrowing

State and

Local Surplus 1/}

J/Includes budget surplus, changes in checks outstanding

and minor miscellaneous debt transactions.

$Bil

80

60

-40

20

August 1, 1989-16
$Bil.

80

TREASURY FINANCING REQUIREMENTS

July-September 1989

Uses 96V4 Sources

Coupon Maturities) ^Coupon Refunding

60

40-

20

Department of the Treasury

Office of Market Finance

State and Local

4 Deficit y

Savings

Bonds Agency

Net Market .

Borrowing w

Decrease in

Cash Balance 21

J/lncludes budget deficit, changes in checks outstanding

and minor miscellaneous debt transactions.

2/Assumes a $30 billion cash balance September 30, 1989.

$Bil.

80

-60

-40

20

August 1,1989-17
NET MARKET BORROWING

July — September 1989

(Billions of Dollars)

Total 22

Done^

7 Year Note

2 Year Note

Regular Bills

3

-1 y2

-7 y2

Total -6

To Be Done 28

_1_/ Issued or announced through July 28, 1989.

Department of the Treasury

Office of Market Finance August 1, 1989-28
-10

-20

-30-

TREASURY OPERATING CASH BALANCE

Semi-Monthly

A

\...../ N

•Federal Reserve Account

Without New

"Borrowing-^"

•••»

:.-\

\#

± 1 1 ± ± _L I ±

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

1988 1989

1/ Assumes refunding of maturing issues

Department of the Treasury

Office of Market Finance August 1, 1989-24
$Bil.

70

-20

TREASURY NET MARKET BORROWING^

63.4

Coupons

HOver 10yrs.

0-10 yrs.

I II III IV I II

1985 1986

IV I II III IV I II III IV

1987 1988

Department of the Treasury

Office of Market Finance

-*/ Excludes Federal Reserve and Government Account Transactions.

I II

1989

$Bil.

70

August 1, 1989-6
NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS1

$Mil.

700

600

500

400

300

200

100

0

-100

-200

-300

-400

Net New Cash (Left scale)

1H 26 Week

• 13 Week

Discount Rate (Right Scale)

— 26 Week

— 13 Week

Aug Sep

Department of the Treasury

Office of Market Finance

Oct Nov Dec Jan Feb Mar Apr

1988 1989

y Excludes nomcompetitive tenders from foreign official accounts.

* Preliminary

Discount Rate %

9.0

8.0

7.0

May Jun Jul

6.0

August 1, 1989-4
ZDQ

o="

o

o

Ou

LU

LU

H

LU

Z

Q

LU

CC

CO

CC

LU

<

CO

3

CC

>-

LU

CO

CO

CO

10

ES&SsSS

Es^^^^^y^s^^^

K\\\\\\\\\\\\\\\\\\\\\\\\^^^^^

l^^\\^\\\\\\\\\\\\\\\\\\\\^^^^

00

05

k\\\\\\\\\\v\\\\\\\\\\\\\\^^^^

ssssaaaas

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>-

SCO

*

*• >• * « s u> n n

CO

O

c\i c\i

o

X m:

KBBBBBKSSOT

i\\\\\\\\\\\\\\\\\\\^^^^^ co

••• ^ CO

I^W^^sW^W

t^m^j^^^^^^

u_

i^»y?^»^^^^^

5^^^^\k\\\\\\\\\\\\\\\\\^^^^^

z

Q

""•'-'T::::::::::::::::r:::r.

f^ss^^^m

^ms^s

k\\\\\\\\\\\\\\\\^^^^

ssss

<

CO

o

°° ^^^^^^^^^^^^

^$s^^^^^j$^^^$$sm

in LO

X

o

«

co

c

o

c

E

Q.

>

o

E

g>

C

~%

T3

9

c

m

LU

E

H2

o

QO
NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

MJ JASONDJ FMAMJ J ASONDJ FMAMJJ*

1987 1988 1989

* Through July 21, 1989

Note: Reconstitution began May 1, 1987 Department of the Treasury

Office of Market Finance August 1, 1989-29
• I

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.| 1$Bil.

27.2

-5 -5

1 II III IV I II III IV I II III IV I II III IV I II III8

1985 1986 1987

e estimate

1988 1989

Department of the Treasury

Office of Market Finance August 1, 1989-13
CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

1985

Department of the Treasury

Office of Market Finance

III IV I

1986

I 1New Issues

H Refunding

TM» Changes in SLGS

II III IV

1987

I II III IV I II

1988 1989

$Bil.

110

100

50

40

30

20

10

August 1, 1989-12
STATE AND LOCAL MATURITIES 1989-1991

1989

Department of the Treasury

Office of Market Finance

1990 1991

August 1, 1989-23
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

II III IV I

1985

II III IV I

1986

I III IV I

1987

Department of the Treasury

Office of Market Finance

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

monetary authorities which are added to the announcedamount of the issue.

2/ Preliminary.

III IV I II *

1988 1989

August 1, 1989-14
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil. i $Bj|.

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

1985 1986 1987 1988

Quarterly Totals

Department of the Treasury 1/ThrOUah Julv 28 1 989 Office of Market Finance -^ ' "uuy" July *°, ' SOS*.

1989

August 1, 1989-7
%

20

3 Month

Treasury Bill

SHORT TERM INTEREST RATES

Quarterly Averages

Commercial

Paper

••....•••••

_L_L I I I I l I 1 l l l I l I J_L I I I 1 I I I 1 I I 1

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

%

20

Department of the Treasury

Office of Market Finance August 1, 1989-19
%

11

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Commercial Paper

Through

week ending

July 26 I

^ ^-Z^S^ ••• * ••• .• ••

•^Shw**5^^^ .••••••••*•* 3Month Treasury Bill ** *•••..

••••

Oct Nov

1988

Dec

I l l I

Jan

I I I I I I l I I

Feb Mar Apr

1989

MM

May

MM MM

June July

%

11

8

Department of the Treasury

Office of Market Finance August 1, 1989-20
%

1979 1980

Department of the Treasury

Office of Market Finance

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

%

16

15

14

13

12

11

10

9

8

7

Through _

July 26

/V^xf

1 I I J_L

30-YearV

Treasury

J_L

1981 1982 1983 1984 1985 1986 1987

J/ The 30-Year Bond Buyer Index was started September 21, 1979.

_LL 6

1988 1989

August 1, 1989-21
%

9.5

7.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

A

Treasury 5-Year yTM"%/»*\Vv

-*- ^- A V««lYTreasury 10-Year

%

9.5

9.0

8.5

Jk Through week

TM*\ ending July 28

I MM I Mil I I III M III I I I

Oct Nov

1988

Dec Jan Feb

I I I I I ll I I I I II I I I I I

Mar Apr

1989

May Jun Jul

-8.0

1^7.5

Department of the Treasury

Office of Market Finance August 1, 1989-22
%

9.5

9.0

8.5

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

May 1, 1989

%

8.8

8.4

8.0

70

8.8 —

8.4 —

8.0 —

^^^m

4 5 6

Years to Maturity

%

9.5

9.0

8.5

August 1, 1989-30
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1978 1979 1980 1981

Department of the Treasury

Office of Market Finance

1982 1983 1984 1985 1986

As of December 31

1987 1988

August 1, 1989-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years ^1-2 years Bills

Q 2-10 years ^ 1 year & under

1978 1979 1980 1981 1982 1983 1984 1985

As of December 31

Department of the Treasury

Office of Market Finance

1986 1987 1988 Jun'89

August 1, 1989-3
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 87 89

Department of the Treasury

Office of Market Finance August 1, 1989-1
MATURING COUPON ISSUES

August - December 1989

(In millions of dollars)

Maturing Coupons

June 30, 1989

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors^

13 7/8% Note 8/15/89

6 5/8% Note 8/15/89

7 3/4% Note 8/31/89

9 3/8% Note 9/30/89

8 1/2% Note 9/30/89

11 7/8% Note 10/15/89

7 7/8% Note 10/31/89

10 3/4% Note 11/15/89

12 3/4% Note 11/15/89

6 3/8% Note 11/15/89

7 3/4% Note 11/30/89

8 3/8% Note 12/31/89

7 7/8% Note 12/31/89

6,283

12,755

11,511

7,302

10,693

4,237

10,874

5,779

6,552

11,909

10,678

7,490

10,645

469

2,665

892

407

1,059

126

1,587

2,034

666

1,530

1,116

470

1,365

5,814

10,090

10,619

6,895

9,634

4,111

9,287

3,745

5,886

10,379

9,562

7,020

9,280

462

1,387

964

1,185

955

520

978

174

682

939

1,998

471

1,592

Total 116,708 14,386 102,322 12,307

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

Department of the Treasury

Office of Market Finance August 1, 1989-15
16.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

18.3

1990 I 20.0

17.3 17.1

123.5

18.1 13.6

1994 us

10.7

$Bil.

24

22

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

26

24

22

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

18.1

I - 10.2 {J 9.9 ^ 9.8

HI I. !

95 I i°a

$Bil.

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14

12

10

8

II 7.3 7.1 7.0 7.1

ill

17.4 18° m

1 106 % 10"

II

1991 21.7 20.5

W?.8 ^

10.4 10.1

_5.1 fc$ g52 In « Si " i

- 111! li 1

7.3

21.5

: I

.5.3 •

I s

- 14.5

-6.2

279F

7.5

5.4

I

84

12.6

6.4 |

J F M A M

Department of the Treasury

Office of Market Finance

1992

7.3 6.1

1993

7.9 6.7

II

10.0

12.5

7.4 6.2 7.6

14.9

J J A S 0 N D

H Securities issued prior to 1987

New issues calendar year 1987

.7.3 7.4

_7.2 8.1

I

9.0

1

9.5

6.8

7.6

8.9 1995

6.7 6.9

I

is_3 1996

74

9.6 1997

9.2 1998

108 1999

9.2

11.0

I

6.9

JFMAMJJASO

New issues calendar year 1988

Issued or announced through July 28, 1989

8.5

I

19.5

9.4

a.a

i

N D

August 1, 1989-11
2 -

0

4

2

6 -

4 -

2

0

12

10

8

6

4

2

0

2.1

1.3

1.7

2.9

14.8

12.7

1.7

J F M A

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills Bil

4

2

0

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

2000 2.5

2.3 IS 2001 -

2002

3.2 2003 3.3

3.6

2004 4.0

6.3 2005 • 9.0

2006

2007

2008 1.3

I3.8 2009

12 2010

13.7 2011

2012

2013 • 12.4

1.6

.2.6

7.1

I

•8.2

1.2

13.6

13.2

13.8

14.2

• 10.0

11.8

I

7.0

19.0

PS

4.61

17.9

I

2014

2015

2016

iao 2017

8.5

1

2018

2019

,4.6

6.5

13.8

I

I 5.2

6.7

18.5

9.0

I

M J J A S O N

••Securities issued prior to 1987

6229New issues calendar year 1987

D J FMAMJ JASOND

INew issues calendar year 1988

IIssued or announced through July 28, 1989

August 1, 1989-8
II III IV

1986

Department of the Treasury

Office of Market Finance

NEW MONEY IN AGENCY FINANCE

Debt Securities, Privately Held

$Bil

6

4

2

0

-2

-4

4

2

0

-2

-4

-61-

!•

FNMA

.1iI.

FFCB

r

II III IV

1987

I II III IV

1988

Up III IV

1989

I II III IV I II III IV

1986 1987

II III IV I II III IV

1988 1989

p Preliminary

August 1, 1989-10
$Bil.

26

24

22

20

18

16

14

12

10

8

6

4

2

0

NEW MONEY IN AGENCY MORTGAGE - BACKED SECURITIES

Privately Held

FHLMC

I

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

Department of the Treasury

Office of Market Finance

FNMA

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

GN MA

il

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

August 1, 1989-9
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN AUGUST 1989^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

7

Auction

3 yeari/

Auction

10 year1/

Auction

30 year 2/

11

14 15 16

Announce

2 year

5 year

17 18

Announce

52 week

21 22

Auction

2 year-3/

23

Auction

5 yeari/

24

Auction

52 week^/

25

28 29 30 31

Department of the Treasury

Office of Market Finance

_!/ Does not include weekly bills

2/ For settlement August 15

_3_/ For settlement August 31

Al For settlement in early September

August 1, 1989-25
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN SEPTEMBER 1989^

Monday Tuesday Wednesday Thursday Friday

1

4

Holiday

5 6 7 8

11 12 13 14 15

Announce

52 week

18 19 20

Announce

2 year 4 year

21

Auction

52 weekly

22

25 26

Auction

2 yeari/

27

Auction

4 yearU

28 29

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement September 28

3/ For settlement October 2

August 1, 1989-26
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN OCTOBER 1989^

Monday Tuesday Wednesday Thursday Friday

2 3 4

Announce

7 year

5 6

9

Holiday

10 11

Auction

7 year 2/

12 13

Announce

52 week

16 17 18

Announce

2 year

19

Auction

52 week 5/

20

23 24 25

Auction

2 year 4/

26 27

30 31

Department of the Treasury

Office of Market Finance

J/ Does not include weekly bills

2/ For settlement October 16

3/ For settlement October 26

AJ For settlement October 31

August 1, 1989-27