MARKET YIELDS ON GOVERNMENTS

% 7 %
6}- | i | 6
| i |

i 1
| January 31, 1994
| |
5 | alle
% %
4 4
65 | 65
60 i. ° | | 60
é i —
3 5.5 | | | | tes 13
iy
5.0 Loi 5.0
10 12 14 16 18 20 22 24 26 28 30
; poy yt | yt ,
1 2 3 4 5 6 7 8 9 10

Years to Maturity

Department of the Treasury
ice of Markel Finance February 1, 1994, 31


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

ait $Bil.
Nonmarketable
al 435
30b Marketable |
Net Auction Awards to Foreign 1/ a0
257 i Other Transactions 23.9 4 25

20 20
15 15
10 10
5 by (ted
0 i?)
5 “5
-10 -10
7.9
15 | “15
1 i ihooWw od " Who oIV | i WhoIv | i We Vas
1990 1991 1992 1993
VY Auction awards to foreign custody purchasers netted against holdings of maturing securities.
2 Preliminary

tof the Treasury
Office of Market Finance danuary 31, 1994-24


MATURING COUPON ISSUES
February - June 1994
(in millions of dollars)

December 31, 1993

Held by
Maturing Coupons Total Federal Reserve
& Government | Private | ForeignY
Accounts Investors | Investors

87/8% Note 2/15/94 7,806 225 7,581 1,168
6 7/8% Note 2/15/94 15,556 1,966 13,590 1,842
9 % Bond 2/15/94 3,010 176 2,834 106
53/8% Note 2/28/94 15,952 763 15,189 1,026
81/2% Note 3/31/94 9,220 1,055 8,165 1,023
53/4% Note 3/31/94 17,817 2,550 15,267 1,125
7 % Note 4/15/94 7,336 440 6,896 1,044
53/8% Note 4/30/94 16,396 1,560 14,836 2,052
13 1/8% Note 5/15/94 5,669 751 4,918 18
91/2% Note 5/15/94 8,532 136 8,396 1,590
7 % Note 5/15/94 18,1414 3,241 14,900 2,924

81/2% Bond 5/15/942/ 2,378 1,417 961 _
5 1/8% Note 5/31/94 15,803 896 14,907 705
81/2% Note 6/30/94 9,209 1,316 7,893 449
5 % Note 6/30/94 17,256 2,098 15,158 1,415
Totals 170,081 18,590 151,491 16,487

Department of the Treasury

I/ FRB. custody accounts for foreign official institutions; included in Private Investors.

2/ Treasury announced January 11, 1994 the call of the 8 1/2% 94-99 bond for redemption
at par on May 15, 1994.

Office of Market Finance

January 31, 1994-8


TREASURY NET MARKET BORROWING Y

Bil. iT
$B Coupons $Bi
EZ) Over 10 yrs. 103.5
100 | =] 5-10 yrs. 2/ | 100
2-under 5 yrs 2/
81.0 80.
Pn) 80.6 dle
60 + 60
40 40
20 20
0 10)
-20 { | | | -20
I i hoi I " it ov ! iH Mh IV I tl rn
1990 1991 1992 1993 1994

1/ Excludes Federal Reserve and Government Account Transactions.
2/7 year note discontinued after April 1993.
3/4 year note discontinued after December 1990.
Department of the Treasury
Office of Market Finance 4/ Issued or announced through January 28, 1994. January 31,1994-13


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

$Bil. BY MATURITY
2628.4

2600 Over 10 years
2400 F 407.0
2200+ ES] 2-10 years
2000 F 1-2 years

1800 }-

te00+ 1 year & under

1400+ BE Bills

1200 -

1000 |-

800 F

600

Ma /// 7?

fose 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
As of December 31

Department of the Treasury
Office of Market Finance January 31, 1994-1


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

$Bi T $Bil—
ak 2003 2. ‘t 2012 7
26) S =
ae | } |
oh i ON c
br - N 12 201 3 12.0 T
j 10
i | ; |
EC i i
}— 4 |
OF 70 | 3
ef | 8
‘Te a i as 2014 as 49
a | | ipa i i
ek. 2004 a 5
cE as | 40 ae ie 2015
2b { }_
rs | i i a | 6.4 66
10 ae
al. s2 2005 ia 2 { j | |
i
tr i | | vel vo 2016 179
16} -
2 14,
ef
 g 2006 | 7 |
Fi i i i 8 t 68
Pz 3007 re: |
a
ae 2008 36 24 2017
2h 13 22h
a : =. | oo 18.0
i ig 2009 ge Tse}
ok. i ! il Lake 13.6
9 12,-
sF 16 1s 2010 35 rol j
eT a i | |
c=
ab | e 201 1 Em a | |
[ | I | |
a of
J FM AM J JAS ON D J FMAM JJ AS O N D
HEM Securities issued prior to 1992 {SG New issues calendar year 1993
Department of the Treasury BEE New issues calendar year 1992 (BH Issued or announced through January 31, 1994

of Market Finance January 31, 1994-6


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held
Years

‘ June 1947 Months
10 Years

5 Months

December 31, 1993
5 Years, 8 Months

10

December 1975
2 Years
5 Months

2LLLILI ITIL
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 of the Treasury
Office of Market Finance January 31, 1994-3,


LONG TERM MARKET RATES

Quarterly Averages

% %

14}- 14

13 413

12 12

New Aa Corporates
"1 By 44
10 |" 10
Through

9 January 26] 9

8 | 8

7 I~ 30-Year Ot . a “| 7
Treasury 30-Year aa’

6 Municipal Bonds ~~, 6

5 Petit yp tip ey ae

\ | Liu 5
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury
Office of Market Finance January 31, 1994-17


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. S$Bil.
Savings Bonds

10 }- [A Domestic Series —)10

[J State and Local Series

78 8
HH Foreign Series :

46

4 4

2 2

0 0

-2 -2

4 4
1.5

6 l l l L|.g
| noi wet om wot 1 ee noi Wwe
1990 1991 1992 1993 1994

e estimate

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


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED
IN MARCH 1994”

Monday Tuesday Wednesday Thursday Friday
1 2 3 4
Auction
52 week¥
7 8 9 10 1
14 15 16 17 18
Announce
2 year
5 year
21 22 23 24 25
Auction Auction Announce
2 year Y 5 yearY 52 week
28 29 30 31
Auction
52 weekY

Department of the Treasury
Office of Market Finance

_Y Does not include weekly bills

2 For settlement March 10
¥ For settlement March 31
For settlement April 7

February 1, 1994-20



SECURITIES HELD IN STRIPS FORM

Percent of Privately Held, 1992-1994

% ie
Strippable Stripped
I As of January 31, 1992: $547.1 billion, $133.2 billion
50 T~ 9 as of January 31, 1993: $629.1 billion, $166.5 billion mi
HEY As of January 21, 1994: $693.2 billion, $205.0 billion
40 | 40
30 30
20 | 20
10 10
. 0
Less than5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years

Years Remaining to Maturity

Note: The STRIPS program was announced January 15, 1985.

tment of the Treasury
of Market Finance

January 31, 1994-14


NET STRIPS AS A PERCENT OF PRIVATELY HELD

si STRIPPABLE SECURITIES x
Bil. fo
Held in STRIPS Form Percent
200 }— Seale) (Right Scale)
mum 30 Year —170
180 L- Gaza 20 Year
160 }- —160
140 |— 450
120 |-
—40
100 |—
80 |— {30
60 }—
20
40 }—
—410
20 }—
9 JFMAMJJASOND JSFMAMJJ SOND J
1992 1993 1994

“Through January 21, 1994
By period to maturity on original issue.

Department of the Treasury
Office of Market Finance

January 31, 1994-9


INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

% %
GNMA 7% Pass-Through Through
January 26
>
7TITM sean | 7
~ ~ a ee
~~ - oe me oe
~ ae aoe
AA 10-Year Industrial
6 > 6
Treasury 10-Year
5 5
Treasury 5-Year
| by hy | | 1 | fo,
GRE0 eee oe ee ee

|
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1993 1994

* Salomon 10-yr. AA Industrial is a Thursday rate. All rates are offer side.

‘Department of the Treasury
Office of Market Finance

January 31, 1994-18


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS

S$Bil. $Bil.
Gla 7 Year
2.5) — _ 2&5 Year 2.5
ny . 3, 10 & 30 Year
2.07— \ my 42.0
1.5-— N 1.5
] 9
s N
Hy
1.0 10
q N N
Ny K
5} \ 5
oii i NESSES IS SIE St ISHISEES S 0
JFMAMJdJ AS ONDJFMAMJIJIASOND JP
1992 1993 1994
_1/Excludes 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,
nor submit both competitive and noncompetitive bids for its own account.

Department of the Treasury
Office of Market Finance January 31, 1994-10


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

1994

$Bil—

30
28
26
24
22
20
18
16
14
12
10

ON FD ©

HEE Securities issued prior to 1992
New issues calendar year 1992

tment of the Treasury
‘of Market Finance January 31, 1994-4


TREASURY FINANCING REQUIREMENTS

October - December 1993

$Bil. $Bil.
Uses 181% Sources
175 |— “e 1175
150 -— Cou 150
pon .
Maturities > « Coupon Refunding
125 |— —{ 125
Savings Bonds
100 }- —, 100
75 175
Foreign Nonmarketables
50 ra) . _
€ Deficit” Net Market Borrowing »> Decrease in ey
25 Cash Balance | 25
3
| 0

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

Department of the Treasury
ice of Market Finance January 31, 1994-25


STATE & LOCAL GOVERNMENT SERIES ;
il. Bil.
Bi mua Gross Issues

» Redemptions
10 |-

$Bil. $Bil.
mums Net SLGs

1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance January 31, 1994-11


SALES OF UNITED STATES SAVINGS BONDS
1980 - 1993

$Bil.

i 4 Total Sales

ao fo Payroll Sales

ie} pot lt
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 i991 1992 1993°

End of Quarter
e estimate

Department of the Treasury
Office of Market Finance January 31, 1994-22


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN APRIL 1994 */
Monday Tuesday Wednesday Thursday Friday
1
4 5 6 7 8
W 12 13 14 15
18 29 0 21 22
Announce Announce
2 year 52 week’/
5 year
25 26 / 27 / 28 29
Auction Auction Auction
2 year ?/ 5 year 52 week

Department of the Treasury
Office of Market Finance

JY Does not include weekly bills

2/For settlement May 2
¥ For settlement May 5

February 1, 1994-21


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS /”

$Mil. Discount Rate %
Net New Cash (left scale) Discount Rate (right scale)
[7] 26 week woeeee 26 week

300 |- BB 13 week —em= 13 week 13.5

sotter awomon, 0%
o
2
oo!
oo

200

100

-100 |:

-200 |:

goo Wetttbooih ssbb

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 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 January 31, 1994-12


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Over 10 years 1-2 years @ Bills
ES 2-10 years 1 year & under

100%

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
As of December 31

Office of Market Finance January 31, 1994-2


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

Bil

Bit
25> b
tof es 2018 89 bl 2022
i | 24
er | ar
A [-
iE | ale
a 2019 a7 i
16h i |
i ae
10 ol
a oO
ef- 20 F-
‘E af 2023
2b 2
2F 20 bod \
zl 2020 ar
18}
16;- uJ [-
14 Ge 11.0
12 [-
fo 88 98 tof
alt ee
6 ae
aL aC
ie : 2024
sol
7 2027 at
30} cele
28 F~ 24
ol 22t-
ar ‘ef
a se}
cs | ne
14 sab. |
i ry) W7 19 | on |
10 L
aL : [ i
aC : [
ok 0
J FM AM J J AS O N D J FM AM JJ A S ON D
WB Securities issued prior to 1992 New issues calendar year 1993
tment of the Treasury (888 New issues calendar year 1992 {BB Issued or announced through January 31, 1994
Biles of Manet Prine :

January 31, 1994-7


TREASURY OPERATING CASH BALANCE
. Semi- Monthly
$Bil.
Tax and Loan Be
60 |—
Accounts Balance Total Operating Borrowing 1/
Balance /|
40 a4 "
1,
; 1
1
1
20 :
1
1
- 1
0 ‘——_____1i _|
Federal Reserve Account s
‘
-20 }-— ‘
s
’ a
7
a
-40 [- ‘,
got} td
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
1993 1994
Assumes refunding of maturing issues.
Department of the Treasury
Office of Market Finance

January 31, 1994-28


NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS
$Bil. $Bil.

Notes 6.1
ZZ 5 years and over 7

a 2-4 years ¥
Bills
6 Le)
4 4
2 2
0 0
-2 2
-4 4
7 4-6
o 4.2
* | | | id.
tot om wv tou ot WV 1 on oT WV 1 ou oil W EZ
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.

2/ 4 year notes not issued after December 31, 1990.

3
Department not ofthe Trsaury 3Y Through January 28, 1994. ee


SHORT TERM INTEREST RATES

Weekly Averages
% %
Prime Rate
6 6
Through
January 26
5}- 5
4p Commercial 4
Paper
2
3 Month Fed « d
Treasury Bill ederal Funds
Py Rr Ua PO OO nO OO
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1993 1994

Department of the Treasury

January 31, 1994-16
Office of Market Finance


NET MARKET BORROWING
January ~ March 1994
(Billions of Dollars)

Total 45
Done!

2 Year Note 3%

5 Year Note 121%

7 Year Note 7%

Regular Bills -~%

52 Week Bills 2 Y,

Cash Management Bills -14

Total -2 x,
To Be Done 47%

y Issued or announced through January 28, 1994 .

Department of Treasury
Office of Market Finance January 31, 1994-30


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

TTT TTT TT Tt ttt

122
i
| |
| i
25
H 16
lll a
J FM AM JJ AS ON D J FM AM J J A S ON D
MMM Securities issued prior to 1992 {GG _New issues calendar year 1993
Department of the Tressury BEF New issues calendar year 1992 {889 Issued or announced through January 31, 1994

Office of Market Finance January 31, 1994-5


$Bil. $Bil.
180}— Uses Sources —| 180
1621,
160 |— bal — 160
140 }- —} 140
120 Coupon Maturities » 84, & Coupon Refunding _| 120
100 |— State and Local Savings Bonds —}100
coe 3% oe ay —1 80
1% Decrease in | 4,
cola : Net Market 45 Cash ~|
Foreign Nonmarketables Borrowing Balance ¥
40|— —
« Deficit ”” » a
20; | 20
0 0
1/Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
2 Assumes a $20 billion cash balance March 31, 1994.
Department of the Treasury
Oftoe of Markel Finance

TREASURY FINANCING REQUIREMENTS

January - March 1994

January 31, 1994.26


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED
IN FEBRUARY 1994 ”

Monday Tuesday Wednesday Thursday Friday
1 2 3 A 4
uction
52 week”
7 8 9 10 j 11
Auction Auction Auction
3 year 10 year 30 year Y
14 15 6 17 18
Announce
2 year
5 year
al 22 23 24 25
Holida Auction Auction Announce
y 2 year4/ 5 yearY 52 week Y
28

Department of the Treasury
Office of Market Finance

_Y Does not include weekly bills
2/ For settlement February 10
2 For settlement February 15
4/ For setilement February 28
§/ For auction March 3 and settlement March 10

February 1, 1994-19


spi STATE AND LOCAL MATURITIES 1994 - 1996 sei
Hl .

12

10

1994 1995 1996

Office of Market Finance January 31, 1994-27


%

12

10

SHORT TERM INTEREST RATES

Quarterly Averages

%

Prime Rate

v

—| 10
Through
January 26

= 6
3 Month Paper
t- Treasury Bill . 4 44
oe. ne Ctl
por tirri tira tir ie tier tipi tipi teri tiritisit ts

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury
Office of Market Finance January 31, 1994-15