$Bil.

30

TREASURY FINANCING REQUIREMENTS

July—September 1979

Uses Sources

36V4

Gov't Acc't Investment ^ 4 Special Issues v

$Bil.

30

20 — Coupon Maturities } 4 Coupon Refundings —20

10

0

^^fl4 Increase in Cash

Balance

D4 Cash Deficit

1/4w

Other

Nonmarketables

Foreign

Nonmarketables

Net Market Borrowing ^

— 10

0

-V Net of exchanges for maturing marketable securities of $% billion.

Office of the Secretary of the Treasury

Office of Government Financing October 23, 1979-18
$Bil.

40

30

20

TREASURY FINANCING REQUIREMENTS

October-December 1979^

US6S Pn^estmen? "* 51 m «Special Issues^ Sources

Coupon xt

Maturities t I

3/4

Nonmarketables

Net Market

Borrowing

I u Coupon

It Refundings

131/2^

10

MCash Deficit

0

Office of the Secretary of the Treasury

Office of Government Financing

Decrease in a

Cash Balance W

1/Assumes $12 billion December 31, 1979 cash balance.

2/Net of exchanges for maturing marketable securities of $14 billion.

$Bil.

-40

30

20

10

0

October 23, 1979 19
TREASURY NET MARKET BORROWING^

Calendar Year Quarters

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

1975 1976 1977 1978

1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Financing

II III IV

1979

--10

October 23, 1979-2
$Bil.

1975

Office c4 the Secretary of the Treasury

Office of Government Financing

TREASURY MARKET BORROWING^

Calendar Year Quarters

I II III IV

1976

III IV I

1977

II III IV

1978

J/Excludes Federal Reserve and Government Account Transactions.

e estimate.

1979

October 23, 1979-25
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

ISavings Bonds & Other

iState & Local Series

|Foreign Nonmarketables

II III IV

1975

II III IV

1976

Office of the Secretary of the Treasury

Office of Government Financing

III IV I

1977

II III

1978

9.8

IV I II

1979

$Bil.

—110

8

- 2

0

- -2

October 23, 1979 3
$Bil.

20

16

12

8

4

0

-4

-8

-12

-16-

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

I

nil Nonmarketable

Marketable

K5S Add-ons^

^m Other Transactions

6.2

jjjjjjjV

1.0 1.0 1-6 1-6

-0.5

•

-4.9

17.0

.^TO

-5.0

-14.3

$Bil.

20

16

12

8

4

0

-4

-8

-12

-16

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

1975 1976 1977 1978

I II llli/

1979

Office of the Secretary of the Treasury

Office of Government Financing

_y F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash.

1/ Partly estimated. October 23. 1979-11
$Bil.

-10

Jan Mar

TREASURY OPERATING CASH BALANCE

Semi-Monthly

May Jul

1978

Sep Nov Jan Mar May Jul

1979

Office of the Secretary of the Treasury

Office of Government Financing

Sep Nov

October 23, 1979-15
/o

14

12^r

10

8-

6-

4 Federal Funds

SHORT TERM INTEREST RATES

Monthly Averages

\\w. JE^XCommercial Paper

3 Month

Treasury Bill

I I I I I 11 I I

s

Through

week ending -4

October 17, 1979

MINIMI

JSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJS

1974 1975 1976 1977 1978 1979

14

Office of the Secretary of the Treasury

Office of Government Financing October 23, 1979-4
15

14

13

12

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

11 - Commercial Paper

-~ . •" *

10

8

3 Month Treasury Bill

I I I I I I ll I I I I I I I I I ll I l I I I I I I I Ill I I

Week ending _

October 17, 1979

%

15

14

13

12

11

10

Jan Feb Mar Apr May Jun Jul

1979

Aug Sep Oct

8

Office of the Secretary of the Treasury

Office of Government Financing October 23, 1979-5
%

11

10

LONG MARKET RATES

Monthly Averages

%

11

10

9-

*-''., New Aa Corporates

*** z

*-

/-% ,/\ New Conventiona y

/ \% / \ / +»**% Mortgages

¥'•

^ •••limit** jk ^^^

— V^

Av/V^^

j? '<.«""<nii** A^ —

y \ Treasury

V

20-Year

_ /N—. /

Mill 111 II

New 20-Year \

Municipal Bonds ^"*"*\^-

I I I I II II I II II II I I I I I I I l lll llll ll I

Through week ending

October 19, 1979

I I I I II I I I

-9

8- -8

-7

J SN JMMJ SN JMMJSN JMMJ SN JMMJ,SN JMMJ S

1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing October 23,1979-7
%

11

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Week ending

October 19, 1979

11

10

New Conventional

Mortgages -^

New Aa

Corporates

-10

Treasury 20-Year

8

Office of the Secretary of the Treasury

Office of Government Financing

Municipal Bonds

New 20-Year

. Treasury 10-Year

Treasury 7-Year

8

May June

1979

J/ Monthly, weekly data not available.

July Aug Sep Oct

6

5

October 23, 1979-6
MARKET YIELDS ON GOVERNMENTS

Bid Yields

i r

L.J..J Lj""l"l""""""""i

10 12 14 16 18 20 22 24 26 28 30

5 6

Years to Maturity

-13

12

11

Office ofthe Secretaryofthe Treasury Office ofGovernment Financing

October 23, 1979 22
$Bil

500

400

TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL FUTURES CONTRACTS

300

200

100

0

Open Interest

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

1976 1977 1978 1979

1976

III IV

1977

III IV

Office of the Secretary of the Treasury Office of Government Financing

TRADING VOLUME

III IV

1978

I

1979

$Bil

500

400

300

200

100

I0

October 23, 1979 14
$Bil.

3

0

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS

"i Estimated

> Deliverable

J Supply17

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep

1976 1977 1978 1979

1/ Consists of the amount of accepted competitive tenders for the new

3 month bill and the 6 month bill issued 3 months earlier.

$Bil.

3

Office of the Secretary of the Treasury

Office of Government Financing October 23, 1979-13
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

12-

11-

10-

9-

Average Auction Yields17

6 Month Bill

— 3 Month Bill

Apr May Jun

1979 Auction Dates

1/ Discount basis.

2/ New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively.

-50

Office of the Secretary of the Treasury

Office of Government Financing October 23, 197&24
%

11

GROWTH IN MONEY MARKET CERTIFICATES &

6 MONTH BILL AVERAGE AUCTION YIELDS

6 Month Bill Average Auction Yields

%

i ill 11 ili 111 1111 ill 1111 111 i il i 11 ill 11 111 i i ill 11 ili 111111 i ill 1111

11

10

9

8

7

$Bil.

15

10

$Bil.

Money Market Certificates

Savings & Loan

Office of the Secretary of the Treasury

Office of Government Financing

SON

1978

_iy Discount Basis

O

0

October 23, 1979-23
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

$Bii BY MATURITY

400

1969 1970 1971

Office of the Secretary of the Treasury

Office of Government Financing

1972 1973 1974 1975

As of December 31

1976 1977 1978 1979

October 23, 1979-10
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

L| June 1967

5 Years

1 Month

September 30, 1979

3 Years

8 Months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-1
OWNERSHIP OF MATURING COUPON ISSUES

October 1979-March 1980-^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Long- Foreign term 11

Investors

Intermediateterm 5/

Investors

6 1/4% Nt. 11/15/79

6 5/8% Nt. 11/15/79

7% Nt. 11/15/79

7 1 /8% Nt. 11 /30/79

7 1/2% Nt. 12/31/79

7 1/8% Nt. 12/31/79

7 1/2% Nt. 1/31/80

4% Bd. 2/15/80

6 1/2% Nt. 2/15/80

7 5/8% Nt. 2/29/80

7 1/2% Nt. 3/31/80

3,095

460

1,804

4,285

1,850

3,349

3,544

1,559

3,107

3,507

5,343

879

140

604

1,114

736

1,000

1,229

158

1,238

1,229

2,114

61

1

52

38

6

66

51

219

50

25

53

422

61

181

281

248

258

327

263

312

367

541

263

32

63

340

163

460

343

197

230

295

230

340

10

212

288

*

170

32

222

400

98

144

515

216

674

858

502

602

1,025

500

253

694

1,069

615

18

1,366

195

793

537

444

799

1,192

Total 31,903 10,441 622 3,261 2,616 1,916 6,908 5,959

Office of the Secretary of the Treasury

Office of Government Financing

XJ Amounts for investor classes are based on the August 1979 Treasury Ownership Survey.

U Includes State and local pension funds and life insurance companies.

2/ Includes casualty and liability insurance companies, mutual savings banks, savingsand loan

associations, and corporate pension trust funds. October 23, 1979-21
$Bil.

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

4.7 5.3

3.4

1979

1980

5.4b

5-4 52

II3"

5.1 5.2 5.0

^A V2.7172/9 %3<M^ S 3M2.Q

5.7

5.0 54 4.7

1981 5 5 5^ 5.0

3.91 2.812.5

in

4.3

mX2.2

15.2

2.9^3-2

in n

6«4 1982

I I

2.6 2.5

5.8

I

1983

2J 2.5 21

83 1.0

4.2

I

4.6

2.4

2_5 2.2

I

3.3

2.7

2 -

ol—

2

0

4.5

2.7

4.6

2.5

1

1984

3.4

1

1985 _3.2

1.2

4.1

I

2.4

1986

1987

1988

22 1989

n i

7.5

.3

1.8

2.3

J FMAMJJASOND JFMAM JJASOND

Hi Securities issued prior to 1977 £20 New issues calendar year 1978

X\4\New issues calendar year 1977 illIssued or announced through October 19, 1979

Office of the Secretary of the Treasury

Office of Government Financing October 23, 1979-S
$Bil

2

0,

21

0

6|

4

2

0

2

01

2

0

2

o!

2

0

2

0

2

01

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

2.2

I

2.1

a

2000

2001

2002

2003

2004

2005

2006

2.5 1.7

I

o 1990

•8 I

1991

i

-

1992

3.0

g

1.9 1993 2.3 1.4

3.0

[ 1 •5 | ll 1.5

m

.3

1995

_

1996

-

1997

L 1998

.4 | 1.1

1999

.8 I

$Bil

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

j2.7 2007

3.9

2h

2008

2009

2010

2011

1.4

S3

1.2

3.7

FMAMJ JASON

H Securities issued prior to 1977

New issues calendar year 1977

FMAMJJ ASON

Office of the Secretary of the Treasury

Office of Government Financing

[5J5JJ New issues calendar year 1978

iJSii Issued or announced through October 19, 1979

October 23, 1979-9
AGENCY MATURITIES^

Privately Held

$Bil.

- 1987 1988 1989 1990

~„ 111 3

• ll.

lo L3

l.l- .. • J.

" 1991 1992 1993 1994

3 •• — - *. 3 .1

1995 1996 1997 1998

.1 _•

1.1

1... 1--1

1999

.1

2000 2001

*

2002

.2

" 2003 2004 2005 2006

-

•I 1 .1 .1

2007 2008 2009 2010

"3 .2 .3 .4 2 2

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

\J Issued or announced through October 19. 1979

* Less than $50 million.

October 23. 1979 20
$Biir

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil

2

1

0

FCA

-

1

FNMA

• li 1,

. ,1.1 l._ III ll.

_" 1

0 *

i In IIIi III III.

4-

**

FHLB^

.nl n

rIV

GNMA

Mortgage

Securities

Backed

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

1975 1976 1977 1978 1979

0

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

1975 1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing

* Less than $50 million.

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

mortgage-backed bonds, and mortgage participation certificates.

October 23. 1979-12