TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Bi

2
:
2 |
¥e ] 2000
| an neo | ss
Be | a | bag]
Ze | | | _ os
18 | 204
% i : : : gh gs 2094 woo
i 13 RE ee
i f Be
i [ ne i
E HS
Hy = - b st- | | E |
aE | 2001 = ge —_— 7
Ze J er es 2005 23
Bigg 128 iT (34 i ell :27 tod | war | tas
Ti HE | |
I | q i Vi I u aE a | !
7 FMAM : JA J ON D J FMAM J JAS OND

Deparment ona Tessury
(feo of Mare! Fans

HB Securities issued prior to 1995
New issues calendar year 1995

£7 New issues calendar year 1996

E25 Issued or announced through October 24, 1997

TREASURY MARKETABLE MATURITIES

_ Held, Excluding Bills

‘rete 27, 1997-27

si
“t E [2014 Py
2 4 ll E L i i
i fi “
4 j ao ws

: Loy |

V]

é ! aoe 7 i
2s
3
S
3
8
£
8
‘ a Dir
: we
‘ f
3
: /
2 . :
i
3 Ts 2018 | $e
g !
3 T
: 2019 7
6 | 186
§ |
3 | |
% |
3
:

J oF MAM J J AS ON D J oF MAM J Js AS ON D

Deparment fhe Treasury
Oes of Market Finance

MIME ecunties issued prior to 1995
New issues calendar year 1995

(3 New issues calendar year 1996

[5 esued or announced through October 24, 1997

nebo 27, 1997-28


SECURITIES HELD IN STRIPS FORM 1995-1997
Percent of Privately Held
% %

Strippabie Stripped
EBB 4s of october 31, 1995: $801.0 bil., $226.4 bil

60|- |__| As of October 31, 1996: $859.6 bil, $227.2 bil

[10 As of October 17, 1997: $912.4 bil, $233.5 bit,

40 40

20 20

© "Tess than 5 years 5-10 yaars 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity
Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-cligible securty to mature
'nflation-indexed securities had not been stripped as of October 17, 1997.
cate ay Beginning with the 2 & S-year notes issued September 30, 1997, al fixed rate Treasury

(ones erase Securities are now STRIPS-eligible. oor

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil, $Bil.

ol Savings Bonds 13.81 44
[state and Local Series

10 }- 10

EB Foreign series

44 l \ |
botom wot ono om wot ont "ov ot ot mW wor on om we
1993 1994 1995 1996 1997
¢ estimate
aman”

tote 27, 1007-10


LONG TERM MARKET RATES

Quarterly Averages

% %
New Aa
* Corperates
{10
Through
October 22. 9
8 8
"S. 30-Year Treasury et
a eon we’
ae “an, ‘
TE foal 47
30-Year
Municipal Bonds
6} P Sem —6
s
ca
| | | i |
Lilitt cobra d diy Lobb debby
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
Dapanmanot ta Peasy osersn ora

(Ottee ct Market Finance

INTERMEDIATE TERM INTEREST RATES

Weekly Averages
% %
| Caen FHLMC 30-Year |

80 ponte -<" —— mA Conventional 8.0

Ne eens
~~ =="
AA 10-Year Industrial 17.0
¥

Treasury 5-Year

Treasui
10-Year”

_ Through_|
5.0 ~~) 50
10-Year Inflation.
Indexed Note 2/
ol 4.0
4 . 4
Petia elle ete tent ey
\ ae ,
eel dere li era dy il thd
| ! Lit | ! | Lid tii t tit |
3.0 3.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Deparment lhe Toasury
(Otten of Marat Finance

1997
Salomon 10-yr. AA Industrial is a Thursday rate.

The first 10-year inflation-indexed note settled on February 6, 1997.
etter 27, 1997-29


a

STATE AND LOCAL MATURITIES 1997-2002

SBil, SBil.
70
6 +6
ae 3.93.9 | 4
ar 42
o L ‘
Te
1997 1998 1999 2000 2001 2002
Omens” cobra, v0.13

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES
SBil, ‘
ve | pgnmerketable v7 7 Se

1 Marketable —4100
ot [2 Net Auction Awards to Foreign 1/
| Ml Other Transactions 7
80}— 80
60}— a - 60
40 40
20 20
0
-20 | -20
Pomme vt Ww Wom
1993 1994 1995 1996 1997

* Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

fxcoss of foreign custody account holdings of maturing seounties. Foreign add-ons pronibiied
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit,

Data through August 31, 1997.

apart oe Treasury
(Ofes of art Pomc ‘Oober 27, 1907-14


SALES OF UNITED STATES SAVINGS BONDS
1980 - 1997

SBil.

dd, ph

oO
1980 1982 1984 1986 1988 1990 1992 1994
End of Quarter

Deparment othe Treasury
fice of Maret Finance

STATE & LOCAL GOVERNMENT SERIES

1996

0900 27.1907:41

SBil, SBil.
10 110
5|~ = Gross Issues 45

=== Redemptions
\ j :

0 i al Le ! °
SBil, Bil.
5 +5
ol so
5k os

== Net SLGs
10 L . — .
- -10
Poem wb wom ow tn ww oom own
1993, 1994 1995 1996 1997

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

Deparment o te Teabiry
(ce of Marka Finance

cteer 27, 1997-12


SHORT TERM INTEREST RATES

Quarterly Averages

%o

Fo
Through
October 22
tol- tober 23 |
8 8
6 6
3 Month
Treasury Bill
4h 4
guoitiii tii ity petiistivitiirtiri tia
1986 1987 1992 1993 1994 1996 1997
Otway stot 27, 1087417
SHORT TERM INTEREST RATES
Weekly Averages
% %
po *
ak Prime Rate ls
in Through | 7
October 22
Federal Funds
6}— Commercial .

Paper

3 Month
Treasury Bill

ecbor 27 1907-18


TREASURY FINANCING REQUIREMENTS

July - September 1997

SBil, $Bil.
Uses Sources 150
we =
100 | - 100
Coupon Cc Refundi
Maturities im ¢ ‘upon Refunding
50 50
State and Local Decrease in
» Cash
4 Balance
a
| E« Deficit Net Market Borrowing > =m ~
° m7 6D

eparenet of he Treasury
France

Jy Includes budget deficit, direct ‘oan activity,
‘and chacks outstanding and minor miscell

changes in accrued interest
laneous debt transactions,

Eaters ‘coher 27.1907
TREASURY FINANCING REQUIREMENTS
October - December 1997
SBil, T $Bil.
Uses 164% Sources ]
150 |— ~{150
Coupon Coupon Refundi
100 | Maturities coupon Retunding 100
Savings Bonds
50 | : Net Market —150
= = va Borrowing Decrease in
Balance ~
«< Deficit ” a.
State and Local
0 |,
‘includes budget deficit, direct loan activiy, changes in accrued interest
and checks outstanding and minor misceilaneous debt transactions.
®/ Assumes a $35 billion cash balance, Decamber 31.
Erte sad

tober 27. 19072


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Clover toyears [1 1-2 years sins
2-10 years 1 year & under
100%
15
« 80 |-
34
60
40 [- 7
20

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Sep ‘97

As of December 31
Deparment te Tray
feof Mara ance cettee a, 1080728

AVERAGE LENGTH OF THE MARKETABLE DEBT”

Privately Held
Ye
VS June 1947
10 Years Months
10 5 Months September 30, 1997

5 Years, 4

December 1975
2 Years
5 Months

aUitiil LEP
194547 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 8385 87 89 91 93 95 97

'  Exciudes inflation-indexed notes; including !IN the average length was 5 years
and 5 months as of September 30, 1897.

Deparmact of te Troamiy
(OMe ot Mart Fine October 27, 1007-26


MARKET YIELDS ON GOVERNMENTS

% 1 | Yo

duly 28, 1997 gan opens

7
Sg 13d 18182025 Toa 288375
h f 1

5.0 5.0
0 1 2 3 4 5 6 7 8 9 10
Years to Maturity
Onan wat ee” eter 28, 105724
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
ca BY MATURITY
i.
3000|_ [_] Over 10 years September 30, 1997 —2998.8
Z| 2-10 years 452.3
2500 |— Bi 1-2 years
ie 1 year & under
2000 |~ “1023.2
i is

i)
1986 1987 1988 1989 1990 1991 1992 1993 1904 1995 1996

As of December 31

‘Deparment th Treas
Ofc of Marat Fnac ener 27, 1807-22


FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT

Percent Percent
38 |- 7/38
36 -— 36
34 >— 34
32 f— “| 82
30 }- 30
28 }- ~{ 28
26} {26
24 ;— 24
22;- 22
20;— 20
18 18
16 | |, I | dia! i | Lolo
pg bhLlilit iiss Lt Livia,
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
Quarterly
Otc ases” cette 27190715

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1995 December 31, 1996 ‘August 31, 1997
T TAsa tof lAsa%oll Aaa tot [Asatol] TAsa%of [Asa ‘cof
SBilone Total | Teta | $Bilions Total” “Totals Billions | “Total | “rows
Country i | Foreign | private || | Foreign | Private | Foreign | Private
Japan $220.0 25.5% 6.7% | $286.5 25.0% 8.4% | $321.2 25.1% 9.5%
United Kingdom 123.6 14.3% 3.8% ii 190.3 16.6% 5.6% | 255.1 19.9% 75%
Germany 53.7 6.2% 1.6% | 72.2 63% 2.1% | 78.6 6.1% 2.3%
OPEC | 280 9.2% 0.8% | 440 38% 1.8% 556 4% 1.6%
Spain | 193 22% 06% || 46.4 4.0% «1.4% |) 536 4.2% 1.6%
Netherland Antiles 60.9 5.9% 1.5% | 639 5.6% 1.9% | 483 38% 14%
Hong Kong 188 22% 06% 33.5 2.9% 1.0% 465 36% 1.4%
Mainiand China i 349 4.0% 1.1% 46.6 4.1% 1.4% || 43.1 3.4% 1.3%
Taiwan | 24.0 2.8% 0.7% | 32.0 2.8% 0.9% | 34.7 2.7% 1.0%
‘Singapore | 29.7 34% 09% 388 34% 1.1% || 341 27% = 1.0%
Belgium if 12.7 1.5% 0.4% | 14.1 1.2% 0.4% | 28.2 2.2% 0.8%
Canada BBL 2.8% 0.8% |} 27.0 2.8% 0.8% 1-27.00 1% 018%
Switzerland 870 4.3% 1.1% || 31.3 2.7% 09% | 25.4 2.0% 0.7%
Mexico 16.4 1.9% 0.5% | 20.3 1.8% 0.6% | 17.9 14% 0.5%
France 92 11% 0.3% | 9.6 0.8% 0.3% 92 0.7% 0.3%
Other 1589 18.4% 4.8% | 1908 16.6% 5.6% | 2002 15.8% 5.9%
Estimated
Foreign Total 8622 100.0% 26.2% | 1147.3 100. 0% 33.6% 1278.7 100.0% 37.6%

Note: AP's are included in “other’. Detail may not add to totals due to rounding.
Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989

and monthly data collected under the Treasury International Capital reporting

system,
vst October 27, 1997-16



PRICES FOR 5-YEAR 3-5/8% IIN AND 5-YEAR 6-1/4%

FIXED-RATE NOTE”
Daily Data: Beginning 7/10/97

Price
4 .

Price
$

101 f~

6-1/4% of 6/30/02 101
+

a r%,
100 4 ‘ FS) 100
at ry
vow . ‘ /
Seyomel gern’ ' ' eee”
H H
* 1 H
3-5/8%1IN :
% f j |
99 | ! 99
Jul Aug Sep Oct
1997
.. von Real Price for infiation-indexed note
Oe one nen Correlation: 5% STD IIN/STD Nominal = 0.63
ne 27,1977
NET STRIPS OUTSTANDING (1985-1997)*
SBil,
200}-
150}—
100}—
50}—
| | | | | | | |
AT hit
1985 1986 1987 1988 1989 1990 1991 1990

1993 1994 1995 1996 1997
End of Quarter

“Strios program began February 15, 1986.
Reconstitution began May 1, 1987.
Depatrert tr Tsay Inflation-indexed securities had not been stripped as of October 17, 1997,

sober 27, 5097-8


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
Bi

“a 2020 2 7
z mz ae. 2023
20 i | 18 } fl
2 | | | ‘e |
ie | ig |
: i le |
é | 4 | i
: | | | te | | |

aE =
ef 2021 we 8E | 2024
Be IE | |
BE iE |
aE | | iE
BE | | | ae oe 2025
ae | | ae | |
gE ogeee iE
He | | | / ise oee 2026
Hs | er wo | 10.0
al | iE | i ly

E | i
aE | 2022 7 Lt a
ge | | ge | 2027 |
aE i ws |] BE og 0
ee | er ff -
iE | HE po |

J oF MAM J J AS ON D JF MAM JS J AS ON D

HM securities issued prior to 1995

Deparment fe Tessury
OftceotMaret nance

New issues calendar year 1995

1 New issues calendar year 1996
Issued or announced through October 24, 1997

cba 27, 1967-08

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN NOVEMBER 19971/

Monday Tuesday Wednesday Thursday Friday
3 4 5 6 i, 7
A
Auction Auction so weeky
3 year’ 10 year2/ 30 year2/
10 W 12 13 14
Holiday
7 18 19 Announce 20 ral
2 year
5 year
24 25 26 27 28
Auction Auction Holiday Announce
i 2yearyY 5 year¥ 52 week 5/

Deparment fhe Teas
Oftes st Maret nance

41/Does not include weekly bills

2/For settlement November 17

3/For settlement November 13

4/For settiement December 1

5/For auction December 4 and settiement December 11

(aber 29, 1857-90


AUCTION AWARDS OF INFLATION-INDEXED TREASURY NOTES

5-Year
July and October Auctions

10-Year
January and April Auctions

1%

Primary Dealers
Foreign Private
Financial Insts.
Investment Funds
Pension Funds

Other

OOBOO8

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.
Financial insts. include broker/dealers, depository insts., insurance cos., and non-bank cos.
Other includes foreign official insts., individuals, and nonfinancial cos.

Deparmact of Tromsry
Ponce

fea farce cite 27, 1807-5

PRICES FOR 10-YEAR 3-3/8% IIN AND 10-YEAR 6-1/4% FIXED-RATE NOTE”

Daily Data: Beginning 2/18/97

Price Price
$ $
102 }— 102

98

96
6-1/4% of 2/15/07
94 94
Feb Mar Apr May Jun Jul Aug Sep Oct
1997

Reai Price for inflation-indexed note

‘Omen otanat ance Correlation: -1% STD IINSTD Nominal = 0.42

Oetber 27, 10076


wep

TREASURY OPERATING CASH BALANCE

Semi- Monthly
$Bil.
Without
L Tax and Loan b—" New -—P
oo Accounts Balance, : Borrowing 1/
60
Total Operating
Balance
40 °
20 /\/\ AA |
V V Le
:
oO .
Federal Reserve Account B 5
. "
-20/— Vase
"
-40 | 1 ! i it J ! i L 1
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1996 1997
"Assumes refunding of maturing issues.
apart Trusty
(mca o Maret Franca cebee 27. 19973
1
TREASURY NET MARKET BORROWING “
$Bil. ‘$Bil.

—80

—{60

-20 -20
Coupons

~40|— [2] over 10 yrs —|-40
E3 5-10 yrs?

-60}— 2- under 5 yrs —;-60
Bilis

-80}— —|-80

“71.5
-109 LL J ! i 1 | 400
oaom veotowom ween mow ob tom wor on om ie
1993 1994 1995 1996 1997

Excludes Federal Reserve and Government Account Transactions.
2 7 year note discontinued atter April 1993.
Issued or announced through October 24, 1997,

eset 27, 3097-4


MATURING COUPON ISSUES
November 1997 - March 1998
(in millions of dollars)

September 30, 1997
Held by
Maturing Coupons
poral Federal Reserve | Private Foreign1/|
Investors | Investors

87/8% Note 11/15/97 9,808 603 9,205 832
7 3/8% Note 11/15/97 20,861 3,523 17,338 2,403
6 % Note 11/30/97 11,526 276 11,250 1,034
53/8% Note 11/30/97 18,688 672 18,016 2,703
6 % Note 12/31/97 12,163 501 11,662 1,010
51/4% Note 12/31/97 19,164 880 18,284 1,886
77/8% Note 01/15/98 9,126 878 8,248 874
55/8% Note 01/31/98 12,339 736 11,603 2,237
5 % Note 01/31/98 19,087 1,095 17,992 6,026
81/8% Note 02/15/98 9,159 440 8,719 610
71/4% Note 02/15/98 21,080 3,838 17,242 1,697
51/8% Note 02/28/98 30,870 1,492 29,378 6,233
51/8% Note 03/31/98 13,149 1,295 11,854 1,987
6 1/8% Note 03/31/98 21,720 1,848 19,872 5,636

Totals 228,740 18,077 210,663 35,166

1/ FRB. custody accounts for foreign official institutions; included in Private investors.

Depart of ie Tnasury
‘cs of Marka ance (tot 27, 1097-05

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
1997

TTTT

BEBEEE onsomSNTdSSRERBERERR

BBRB

J F M A M J J A s ° N D
IE Securities issued prior to 1995 £2 Now issues calendar year 1996
BBB Now issues calendar year 1995 E)} esued or announced through October 24, 1997
Separate reny

(fice o Marat Free ember 27. 1967-26


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1997

Monday Tuesday Wednesday Thursday Friday
1 2 3 4 5
Auction ,
52 week ¥
8 9 10 "1 12
15 16 17 announce | 18 19
2 year
5 year
22 23 24 25 26
Auction Auction Holiday Announce
2yeary Syeary 52 week4/
29 30 31
Announce
Inflation-indexed
Note &/
41/Does not include weekiy bills
2/For settioment December 11
5/For settlement December 31
Department of the Treasury 4/For auction January 6 and settlement January 8
toa eee 5/For auction January 8 and settlement January 15 eter 27, 07 31

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 1998 /

Monday Tuesday Wednesday Thursday Friday
1 2
Holiday
5 ef 7 8 Auction 8
uction :
52 week2/ Inflation-indexed
Note /
12 13 14 15 16
19 20 21 22 23
Announce
Holiday 2 year Aprounce
5 year 52 weel
26 27 28 29 30
Auction Auction Auction
2yeary 5 year Y 52 week

Deparment the Treasury
‘Once of Maret Fnaree

41/Does not include weekiy bills,
2/For settlement January 8
For settlement January 15
4/For settlement February 2
5/ For settiement February 5

‘Cotber 27, 1907-08