i

$Bil

TREASURY FINANCING REQUIREMENTS

October - December 1987

Uses Sources

—

12:Vh

—

Coupon Maturities t^^^H ^^^^k h Coupon Refunding —

—

| ^^^H Savings Bonds

State &Local ^^| ^^^H Nonmarketables

^^^| •MH^Net Market

^^M{Deficit 1/ KjjU9^ Borrowing —

1 Decrease in • MfflH

Cash Balance tBiiSi

$Bil.

120

100

80

60-

40-

20

0

J/ Includes budget deficit, changes in checks outstanding and minor miscellaneous debt transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

— 120

100

80

60

40

20

0

January 26, 1988-8
$Bil.

80

60

40

20

TREASURY FINANCING REQUIREMENTS

January - March 1988

Uses

Coupon Maturities ^

Foreign

Nonmarketables

913/4 Sources

4 Coupon Refunding

Savings Bonds

Net Market

Borrowing

26%

To Be

Done

$Bil.

-80

60

40

-20

||3% Done 2/

0

Department of the Treasury

Office of Government Finance & Market Analysis

Decrease in .

Cash Balance^'

1/ Includes budget deficit changes in checks outstanding,and minor

miscellaneous debt transactions.

2/ Issued or announced through January 22, 1988.

3/ Assumes $10 billion cash balance March 31, 1988.

0

January 26, 1988-24
USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER 41/4 PERCENT

$Bil.

250

200

150

100

50

$10 billion

authority

enacted

March 17, 1971

$10 billion ceiling

applied only

to private holdings

July 1, 1973

Amount

Outstanding

0

1971 1973

Department of the Treasury

Office of Government Finance & Market Analysis

1975 1977 1979 1981

As of December 31

December 31,1987

Ceiling increased

to $270 billion

December 22, 1987

/w Privately

Held

IJ250

200

150

100

50

1983 1985

0

1987

January 26, 1988-10
$Bil.

50

40

20

10

0

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Without New

Borrowing V

Total Operating >I \ Balance W\ \ Tax and Loan

Accounts Balance

r**\ «•

V \i \/\

^v f - \ / \

\ \ i \ \ t \ >

* \ if \

* * \ /* \ A

J y

\ / \ / V / \ \ •

•

•

•

•^^- •

Federal Reserve Account •

•

•

•

•

•

i i i i i i i 1 1 1 1 1

•

•

i i

-10-

-20 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar

1987 1988

Department of the Treasury

Office of Government Finance & Market Analysis

-^Assumes refunding of maturing issues.

January 26, 1988-20
TREASURY NET MARKET BORROWING^

Coupons

IOver 10 yrs.

|0-10 yrs.

IBills

48.3

$Bil.

70

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

1984 1985 1986 1987 1988

^Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-9
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.| . $Bil.

30

I II III IV

1984

Department of the Treasury

Office of Government Finance & Market Analysis

27.2 EZ3 Savings Bonds

EZ9 State & Local Series

• Foreign Nonmarketables

II III IV I II III IV

1985 1986

e estimate

II III IV le

1987 1988

30

January 26, 1988-16
STATE AND LOCAL GOVERNMENT SERIES

$Bil.

140 -

120

100

80

60

40

20

0 I I i I L

1982 1983

Department of the Treasury

Office of Government Finance & Market Analysis

1984 1985

December 31, 1987x

$Bil.

140

120

100

80

-**•< 60

40

20

I I L f I i 0

1986 1987

January 26, 1988-12
STATE AND LOCAL MATURITIES 1988—1990

$Bil. $Bi

3.3

0

2.6

2.2

2.1

II III IV

1988

Department of the Treasury

Office of Government Finance & Market Analysis

2.3

2.1

1.9

1.6

III IV

1989 1990

January 28, 1988-11
$Bil

-10

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Nonmarketable

Marketable ggg

Kg Add-ons" gg

• Other Transactions

17.3

I ii in IV I II III IV I II III IV I II III IV

1983 1984 1985 1986

y 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.

i/Preliminary.

II III \\J*J

1987

Department of the Treasury

Office of Government Finance& MarketAnalysis

* Less than $50 million.

$Bil.

January 26, 1988-25
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1976 1977 1978 1979 1980 1981 1982 1983

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis

1984 1985 1986 1987

January 26, 1986-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons HOver 10 years ^1-2 years Bills

• 2-10 years gg 1 year & under

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-3
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

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-1
MARKET YIELDS ON GOVERNMENTS

Bid Yields

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

-10

January 26, 1988-26
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

Through

January 22

%

20

18

16

14

12

10

8

6

4

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-4
SHORT TERM INTEREST RATES

Weekly Averages

% %

9 Prime Rate

8- H

Federal Funds

— 3 Month Treasury Bill «* ♦>•*

I I I I I I 11 I I I ll I I I I I I II I

Apr May Jun Jul Aug Sep

1987

Department of the Treasury

Office of Government Finance & Market Analysis

,...«s

Through

week ending

January 20

A

- • • ••

:/ v

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

-8

Oct Nov Dec Jan

1988

January 26, 1988-5
%

17

16

15

14

13

12

11

10

9

8

7

New

Conventional # /

^Mortgages//

~y/

30-Year v

-Treasury

I I I _U_

1978 1979

/\

LONG TERM MARKET RATES

Quarterly Averages

^\

,//New Aa\i

/ /Corporates'u

/ / #w '• *

Through

January 22

A\

/7 *

-•••

I I I I I I I I I I I I I I I I I I I I I I I I I I I I

1980 1981 1982 1983 1984 1985 1986

1/ The 30 year Treasury series was initiated in March 1977.

2/ The 30 year Bond Buyer Index was started September 21, 1979.

1987 1988

%

17

16

15

14

13

12

11

10

9

8

7

6

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-6
%

11

10

8-

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

>-•<

.."'"

New Aa Corporates

I I I ll I l I ll I I I ll I I I I I I I I I ll _L

Through

week ending

January 22

Apr May Jun Jul Aug Sept Oct Nov Dec Jan

1987 1988

%

11

10

- 9

-8

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-7
MATURING COUPON ISSUES

February 1988- June 1988

(In millions of dollars)

Maturing Issues

December 31, 1987

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors a

10 1/8% Note 2/15/88

10 3/8% Note 2/15/88

8% Note 2/29/88

12% Note 3/31/88

7 1/8% Note 3/31/88

13 1/4% Note 4/15/88

6 5/8% Note 4/30/88

8 1/4% Note 5/15/88

9 7/8% Note 5/15/88

10% Note 5/15/88

7 1/8% Note 5/31/88

13 5/8% Note 6/30/88

7% Note 6/30/88

5,040

8,489

10,640

6,837

10,878

2,972

11,305

4,148

5,955

9,987

10,905

6,723

11,397

193

1,215

712

957

1,152

118

1,380

1,799

96

1,663

716

592

1,209

4,847

7,274

9,928

5,880

9,726

2,854

9,925

2,349

5,859

8,324

10,189

6,131

10,188

359

976

1,663

372

721

237

983

5

972

2,101

1,140

151

1,371

Totals 105,276 11,802 93,474 11,051

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

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis January 26, 1988-17
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Jan Feb Mar

Department of the Treasury

Office of Government Finance & Market Analysis

Securities issued prior to 1986

New issues calendar year 1986

January 26, 1988-13
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

J J A S O N D

Securites issued prior to 1986

ggg New issues calendar year 1986 JH Issued or announced through January 22, 1988

Department of the Treasury

Office of Government Finance & Market Analysis

J FMAMJ J ASOND

New issues calendar year 1987

January 26, 1988-14
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

14

12

10

8

6

4

2

0

6

4

2

0

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

-

_i 1999 I

Z 2.1 2000 M

- I— 1_ 2001 —2.3 | 1_ |

Z 1.7 2002 _•

Z 2.9 32 2003 34

• ] • 1 E

-

2004 An

3.6 _0

• • 1 -

63 20

•

05 ^

E a" 20

|

06

Z _2.7 2007 1.2

2008 .A 3.6

•

= as 2009

•

3.3

Z 1.7 _e 2010 3.8

•

E Si 2011 • i

4.3

•

2012 10.2

1

11.8

I

7.0

4.6

17.7

2013 1^5

2014 47

2015

6.5

2016

2017 13.7

^

2018

5.2

6.7

18.5

$Bil.

2

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

2

0

4

2

0

4

2

0

4

2

0

4

2

0

10

8

6

4

2

0

J FMAMJ JASOND

^HSecurities issued prior to 1986 I

g&2 New issues calendar year 1986

Department of the Treasury

Office of Government Finance & Market Analysis

JFMAMJJ ASON D

New issues calendar year 1987

Issued or announced through January 22, 1988

January 26, 1988-15
$Bil.

6

4

2

0

-2

12

10

8

6

4

2

0

-2-

-4

NEW MONEY IN AGENCY FINANCE

Non-mortgage-backed Securities, QuarterlyV

SLMA

FHLB

In

-ll

$Bil.

6

4

2

0

-2

-4

-6

4

2

0

-2

-4

-6

-8

FNMA

III III! .1

FFCB

I1 I

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

1984 1985 1986 1987 1984 1985

* Less than $50 million.

Department of the Treasury 11 Qriwa**\lw UalH Office of Government Finance &Market Analysis rnVBieiy neia

II III IV I II III IV

1986 1987

January 26, 1988-22
NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIES

Privately Held, Quarterly

$Bil.

26

24

22

20

18

16

14

12

10

8

6

FHLMC

I II III IV I ll IIIIV I II III IV I II IIPIV

1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis

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

1984 1985 1986 1987

e partly estimated

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

1984 1985 1986 1987

January 26, 1988-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1988-'

Monday Tuesday Wednesday Thursday Friday

1 2

Auction

3 year-^

3

Auction

10 year 2/

4

Auction

30 year 1/

Announce

52 week

8 9 10 11

Auction

52 week 3/

12

15

Holiday

16 17 Announce

2 year

5 year

18 19

22 23 24 A .. Auction

2 year 4/

25 A t. Auction

5 year &

26

29

Department of the Treasury

Office of Government Finance & Market Analysis

_l/Does not include weekly bills

.2/For settlement February 16

.2/For settlement February 18

AJ For settlement February 29

_5/ For settlement in early March

January 26, 1988-18
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 1988-/

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Announce

52 week

7 8 9 1^ Auction

52 week ll

11

14 15 16 Announce

2 year

4 year

17 18

21 22 23

Auction

2 year 2/

24 A t. Auction

4 year J/

25

28 29 30 31

Department of the Treasury

Office of Government Finance & Market Analysis

1/ Does not include weekly bills

2J For settlement March 17

2/ For settlement March 31

January 26, 1988-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN APRIL1988-7

Monday Tuesday Wednesday Thursday Friday

Announce

52 week

4

Announce

7 year

6

Auction

52 week^

8

11 12

Auction

7 year ^

13 14 15

18 19 20 A

Announce

2 year

21 22

25 26 27

Auction

2 year 4/

28 29

Announce

52 week-5/

Department of the Treasury

Office of Government Finance & Market Analysis

U Does not include weekly bills

21 For settlement April 14

2/ For settlement April 15

4/ For settlement May 2

5J For auction and settlement in May

January 26, 1988-23