INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

% %
~ FHLMC 30-Year Conventional 7. |
e
os a “Ss -
F —=\ a - —— ¢
Wee Ve o Ne ~
8 8
.
7s a? 7
Through
Treasury 5-Year October 26
6 meet ey 10-Year 6
5 5
| \
| | | | H 1 \ tt rt | {|
4 | i | pt pi 14
Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Department of the Treasury
Office of Market Finance

1994

* Salomon 10-yr. AA Industrial is a Thursday rate.

October 31, 1994-16


STATE AND LOCAL MATURITIES 1994 - 1996
13.3

$Bil. $Bil.

5
of Market Finance October 31, 1994-30


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1947 Months

<~10 Years
5 Months 70

September 30, 1994
5 Years, 8 Months

December 1975
2 Years
5 Months

aLLLIIItt tt | LLL LETT IT
1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93

Department ofthe Treasury
of Market Finance October 31, 1984-7,


AWARDS IN WEEKLY BILL AUCTIONS

(13- and 26-Week Bills Combined)

SM $Mil.
25000 —| 25000
20000 Federal Reserve and Foreign pound
15000 15000
10000 10000

Total Competitive
5000 }— | s000
0 | | | LJ,

1993 1994*
Calendar Year
*Data through October 24, 1994 Auction.

Department of the Treasury
Office of Market Finance October 31, 1994-19


MARKET YIELDS ON GOVERNMENTS

% | T %
October 31, 1994
7} 7
{ = iy
August 1, 1994
6}— % J i - Ls oy, 6
8.0|—
5}- 75\— 5
7.0 7.0
10 12 14 16 18 20 22 24 26 28 30
4 ! H | ! | 4
1 2 3 4 5 6 7 8 9 10

Years to Maturity

Department of the Treasury
Office of Market Finance October 31, 1994-31


TREASURY MARKETABLE MATURITIES

| ak

Privately held, Excluding Bills
SBil,
2003 as 2011 \
ee el

| 2012 | | |
| |
| | |

Raa oS8 ONE205 Onna!

ny =

bo

Foo
fF ous

ze ON

20f- N
18F- \
16/- \

14h \
12p- \

a \
aE

qs

>

sE-

o

TTTTT

2013 I

=
s
=

gunoedé

15.9

| | 79 ; | | i
| a | 2 | 2015 ]
| a 63 | 65

; es 2005
6
bi | a | || 2 zs 2016 17.9
0 16 |

é “4
aE 2006 i
a | al 66
a 6]
— |
fs 2007 rs i |
4 | 2008 _ | a ef am 2017
4 , |= ue 13.3

38 T or ap
‘ 2009 at
o aL
ci 1.6 is 2010 35 T) 4E
— 1 i. it i U 2b
J FM AM J JAS ON D J FM AM JJ A S ON D
IMM Securities issued prior to 1992 New issues calendar year 1993

Deparment ot he Treasury fEBB New issues calendar year 1992 (WRB Issued or announced through October 28, 1994
of Market October 31, 1904-11


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons [_] Over 10 years 1-2 years Bi Bills
1 2-10 years Wi 1 year & under
100% }—
16
VLA MALE
Se, ML, iy,
Bok 4 ee Yy 7
Z y Yj, ee Yy J ys y
J, YY / LY,
Vy, Y Wy EY S Ui Z WY y
Y Yh 7 Ly iy 4 /)
co} “MAYGAIGAIAA
Vey ,
Yy i Y YW yy Y.
Ve Yj
Yi Y
Z yyy Wy
40 -
° Vi J
20 -
1983 1984 1985 1986 1987 1988 1989 1990 1991 1993 Sep '94
As of December 31
Department of he Treasury
Cater 31, 1904-5

Office of Market Finance


SHORT TERM INTEREST RATES

Weekly Averages
% %
7 | 7
Prime Rate Through
October 26
6 ¥ i j 6
Commercial “oe
Fee goot Saeonee®
4 4
Treasury Bill
3 +3
Federal Funds
2 Lott ul, jt cl, on oo | jo iL io Ll jj L i lL oe | jt L jt 2
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
1994

Department of the Treasury
Office of Market Finance October 31, 1994-14


SECURITIES HELD IN STRIPS FORM

Percent of Privately Held, 1992-1994
%

Yo
Strippable Stripped

Wi As of October 31, 1992: $609.3 billion, $156.9 billion
50 |— GAs of October 31, 1993: $687.4 billion, $201.1 billion
8 As of October 21, 1994: $754.4 billion, $224.0 billion

Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity

of the Treasury
Otfes ot Manet Prunes October 31, 1904-4


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN DECEMBER 1994 v
Monday Tuesday Wednesday Thursday Friday
1 2
Announce
52 week
5 6 7 8 9
Auction
52 week”
12 13 14 Announce 15 16
2 year
5 year
19 20 21 . 23
Auction Auction
2 year 5 year'¥
26 27 28 29 30
. Announce
Holid
oneay 52 week4/

Department of the Treasury
Office of Market Finance

_Y Does not include weekly bills
2 For settlement December 15
For settlement January 3

4/For auction January 5 and settlement January 12

November 2, 1994-25



NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS ”

$Mil. Discount Rate %
Net New Cash (left scale) Discount Rate (right scale) wo OD
ereee
500 L (J 26 week wecees 26 week o
Wl 13 week . 5.0
400
300
200
100
0
-100 -- 4
-200 pet hh
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct P
1993 1994
4/ Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
Department of the Treasury Pp Preliminary

Office of Market Finance October 31, 1994-17


AWARDS IN 52-WEEK BILL AUCTIONS
$Mil. $Mil.

16000 16000

14000 14000

Federal Reserve and Foreign

12000 12000
10000 10000
8000 }— — 8000
6000 }— —{6000
Total Competitive
4000 }— — 4000
2000 }— — 2000
|

1993 1994*

Calendar Year
*Data through October 13, 1994 Auction.

Department of the Treasury
Office of Market Finance October 31, 1994-27


LONG TERM MARKET RATES

Quarterly Averages

% %
14 414
13 413
12 112
nk New Aa Corporates Through] 44
wy October 26
10 \"
9 —19
8 ~|8
7 30-Year » " |?
Treasury 30-Year ‘
6 |— Municipal Bonds 6
Lei

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury,
of Market Finance October 31, 1994-15


NET STRIPS AS A PERCENT OF PRIVATELY HELD

{e)

sii STRIPPABLE SECURITIES ;
249 |. Heldin STRIPS Form Percent “3
(Left Scale) (Right ean.
30 Y mmm 30 Year
ooo — 20 Year === 20 Year 470
Poole 10 Year sume 10 Year
180 |- aK
160 |— —150
140 |
120 |. 140
100 |- leo
80 |—
60 | —|20
40 }
10
20 |-
u J JAS ONDJEMAM J w

Stee ot

1992

ent of the Treasury
‘Market Finance

1993

*Through October 21, 1994
By period to maturity on original issue.

1994

October 31, 1994-9


MATURING COUPON ISSUES
November 1994 - March 1995
(in millions of dollars)

September 30, 1994
Held by
Maturing Coupons Federal Reserve
Total & Government Private Foreign Y
Accounts Investors | Investors

115/8% Note 11/15/94 6,659 1,255 5,404 234
81/4% Note 11/15/94 8,272 66 8,206 843
6 % Note 11/15/94 16,808 2,992 13,816 1,859
101/8% Bond 11/15/94 1,502 90 1,412 105
45/8% Note 11/30/94 15,911 530 15,381 958
7 5/8% Note 12/31/94 9,681 1,205 8,476 1,252
45/8% Note 12/31/94 17,136 1,225 15,911 1,234
85/8% Note 1/15/95 7,343 621 6,722 666
41/4% Note 1/31/95 16,578 738 15,840 1,255
111/2% Note 2/15/95 6,934 1,453 5,481 243
73/4% Note 2/15/95 8,344 103 8,241 635
5 1/2% Note 2/15/95 17,774 2,374 15,400 1,649
3  % Bond = 2/15/95 103 57 46 0
101/2% Bond 2/15/95 1,502 182 1,320 50
7 7/8% Bond 2/15/952/ 2,749 777 1,972 0
37/8% Note 2/28/95 16,613 1,145 15,467 1,766
37/8% Note 3/31/95 17,305 2,096 15,210 1,695
Totals 171,214 16,909 154,305 14,444

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

2/ On October 12, Treasury announced the call for redemption at par on February 15, 1995 the
7 7/8% 1995-00, dated February 15, 1975, due February 15, 2000 (CUSIP NO. 912810BS6).

Department of the Treasury
Oltice of Market Finance October 31, 1994.8


ia—-5
TREASURY FINANCING REQUIREMENTS
$B July -September 1994
il. T
Uses 148 Sources
ae
140}
120 }--
Coupon Maturities > « Coupon Refunding
100 |—
80}- State and Local Savings Bonds
4 4
60 6 eee .
— — .
40 Decrease in
ir Net Market Cash a
@ Deficit Borrowing Balance”
20 | - +
. |: i

1 Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.

Department of the Treasury
Office of Markel Finance

$Bil.

140

120

100

80

60

40

20

October 31, 1994-20


SALES OF UNITED STATES SAVINGS BONDS

1980 - 1994

$Bil.
e N
5K
4 | 4 Total Sales
3
2

Payroll Sales
1 —_ >
posh both tbl hlh,

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 94°

Department of the Treasury
Office of Market Finance

End of Quarter
e estimate

October 31, 1994-3


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil.
Savings Bonds
10 ;— Domestic Series —|10
gL State and Local Series 7.8 3.5 _lg

Foreign Series

| | | | is
on om Wot od Wm vwVeotr ot Wm wor oh om wet oom ive
1990 1991 1992 1993 1994

e estimate

Department of the Treasury
Oftice of Market Finance October 31, 1994-28


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JANUARY 1995 /
Monday Tuesday Wednesday Thursday Friday
2 3 4 5 6
i Auction
Holiday 52 week2/
9 10 1 12 13
16 17 18 A 19 20
. nnounce
Holiday 2 year
5 year
23 24 25 26 27
Auction Auction Announce
2 year¥ 5 yearY 52 week Y
30 31

Department of the Treasury
Office of Market Finance

Y Does not include weekly bills

2/ For settlement January 12
¥ For settlement January 31
¥Y For auction February 2 and settlement February 9

November 2, 1994-26


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS’

$Bil. $Bil.
Sega 7 Year
2&5 Year NS
25 3, 10 & 30 Year Nog jos
; : .
-
ip
2.0 i _ my | 2.0
; N
A
1.5 HtoN NEN AN 15
Sy Ba ry S
| .
N N aN LK
4.0 N VN ON 1.0
5 5
ole JEN N a SEIN NIN NSS Lo
OND JS FMAMS JA J FMAM J J AS OP
1992 1993 1994
_1/€xcludes foreign add-ons from noncompetitive tenders. p Preliminary

Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 million effective November 5, 1991

Effective February 11, 1992 a noncompetitive bidder may not hold a position in WI trading, futures, or forward contracts,
For submit both competitive and noncompetitive bids for its own account.

Department of the Treasury

Office of Market Finance October 31, 1994-18,


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

$Bil.
2800 September 30, 1994 ————® 2715.2
L [] Over 10 years
2600 423.6
2400 EA 2-10 years |
2200+
2000 b 1-2 years

1800 977.2
1600
1400
1200
1000
800
600 EK
400

200

(1) 1 year & under

0
1983 1984 1985 1986 1987 1988 1989

As of December 31

1990 1991 1992 1993

Department of the Treasury
Office of Market Finance October 31, 1994-5,


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

$8
12[—
a ss 2018 89 FE | 2022 |
sf | | | p |
4p 20
ah 18
ry 16
20 18.8 T ToT 14
18 2019 A | | 10.0 | 10.2
16 |
‘4 3
12 4 | | |
10 | F) | | |
8
8 | 2 T T T
4 | 7 2023
2 i 24
= 22
22 25 i
» 2020 a |
18
i | | by
4 | " | |
10 98 | 98 } - |
: | : | | |
8 | | 4 |
4 | 7 |
2| || o L |
O
é sol
af 2021 Py 4 2024
30 / | 26
7 | 24
24 be
es 20
20! | 18
18 | 16
16 14

TTT TTT TTT

10.9 | 16 ie | ba

1 | 8

6 | &

| 4

2 | 2

o - oO
JF

|
MAM JJA SON D J FMAM JJ AS OND

I Securities issued prior to 1992 KG New issues calendar year 1993
Deparment othe Trosury EEES New issues calendar year 1992 HM Issued or announced through October 28, 1994

October 31, 1904-12


TREASURY NET MARKET BORROWING “”

il. Bil.
SBil Coupons $Bi
Over 10 yrs. 103.5 400
100 - 5-10 yrs. 2/ |
2 - under 5 yrs oy
80 | Bills hen 80
60 ‘ 60
40 40
20 20
0 (0)
-20 -20
40 l l | l 140
rou om Wet ot wh Weer ow Wet nou Wor ow i WwW
1990 1991 1992 1993 1994
VA Excludes Federal Reserve and Government Account Transactions.
2/ 7 year note discontinued after April 1993.
of 4 year note discontinued after December 1990.
ase ne cone 4/ Issued or announced through October 28, 1994. RK E


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. SBil.
Nonmarketable 25
35 1.2
L Marketable ai 0
ay Net Auction Awards to Foreign 1/ —1"
25/7 fH Other Transactions O17 125
20 f
15
10
5
0
a)
-10 > 0.3 +-10
“* | ! l l
- > 15
iS | nom wool nom woetou Ww weoieoh mo owe nH W27
1990 1991 1992 1993 1994

av Auction awards to foreign official purchasers netted against holdings of maturing securities.
2/ Data through August 31, 1994.

Department of the Treasury
Office of Market Finance October 31, 1994-23


SHORT TERM INTEREST RATES

Quarterly Averages
% ~

Prime Rate
12

Through

10
October 26

Treasury Bill

gLiseterir tipi tri dais 2
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury

Office of Market Finance October 31, 1994-13


TREASURY OPERATING CASH BALANCE

$Bi Semi- Monthly
il.
L Total Operating pinout
60 on Tax and Loan Borrowing 1/
Accounts Balance
50
a
40
30 5
1
20 .
1
10 ‘
1
0 > — = oc ce |
Federal Reserve Account 4
- t— 1
10 en a
s '
-20 [- so
won
-30 [- Of
“a
-40 -- .
50 nD |
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1993 1994

assumes refunding of maturing issues.

Department of the Treasury
Office of Market Finance October 31, 1994-29


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

16, |
aE 2000 13° ]
] Ries 29 100 oa
. as
4276 275 27.8 281 IN
y E Rist i i
aa 2001
2a}
20}-
18-
ne 13.3
Bb 120
10}
3
ot
arr {
i I mi. L
ar 2002
20," |
1ef- i
rr)
>
7
3 [ 16 i
A % L : _—_e.
FMAM JJA S ON D J FMAM J JS AS ON D
HM Securities issued prior to 1992 KG _New issues calendar year 1993
Department ofthe Treasury #824 New issues calendar year 1992 (BH Issued or announced through October 28, 1994

Office of Market Finance October 31, 1984-10


TREASURY FINANCING REQUIREMENTS

October - December 1994

$Bil. T $Bil.
Uses 161 Sources
150 |— —1 150
125 | 1125
Coupon Maturities »> 93 ¥, 93, « Coupon Refunding
100 |— —{ 100
State and Local Savings Bonds
75 |—- 4% 2 —| 75
- es
To be
50} done — 50
Foreign Nonmarketables Net Market 591, Same Decrease in
@ deticit Borrowing Cash | 25
es 7 Done Balance* |
19
0 m6 =U
1 Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
2, Issued or announced through October 28, 1994.
3y Assumes a $30 billion cash balance December 31, 1994.
Department of he Treasury
Office of Market Finance

October 31, 1994-21


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED
IN NOVEMBER 1994’

Monday Tuesday Wednesday Thursday Friday
1 2 3
Announce
52 week
’ 8 A Aucti Aucti "
uction uction uction .
3 year” 10 yearY 52 week3/ Holiday
14 15 6 Announce v7 18
2 year
5 year
21 22 23 24 25
Auction Auction Holi
2 year¥ 5 year’ oliday
28 29 30

Department of the Treasury
Office of Market Finance

Y Does not include weekly bills
2/For settlement November 15
3/ For settlement November 17
4/ For settlement November 30

November 2, 1994-24


STATE & LOCAL GOVERNMENT SERIES

$Bil. $Bil.
==am= Gross Issues
wees Redemptions
10 |— fn» 10
_—. ya Veo
ly 45
(0) | | | | a | | | | ee ee ee ee eee (0)
$Bil. $Bil.
0 0
a == Net SLGs lke
“10 | | | | | 4 | | | |_| | | | | Lot 10

1 ood iW 1on om Met
1990 1991 1992 1993 1994

Department of the Treasury
ice of Market Finance October 31, 1994-2


$Bil.

NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS

Notes

5 years and over
2-4 years /

Bills
ae

6 6
4 4
2 2
0 0
-2 -2
4 -4
-6 6
4.2
8 | | | | 2
1 ou it iv Ion Ww ton om iv Ion i WV ou ih wy
1990 1991 1992 1993 1994
Quarterly Totals
1/ Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities.
y 4 year notes not issued after December 31, 1990.
Department of the Treasury 3 Through October 29, 1994.

Office of Market Finance

October 31, 1994-22