TREASURY FINANCING REQUIREMENTS

January-March 1989

Uses

113%

Sources

$Bil.

120

100

80

60

40

Coupon Maturities^ 4 Coupon Refunding

$Bil.

120

100

80

60

40

20

0

20

Department of the Treasury

Office of Market Finance

Agency

4 Deficit n

Foreign

Nonmarketables

V4

J2%^Savings Bonds

State and Local Net Market

Borrowing

Decrease in ^

Cash Balance •

1/ Includes budget deficit, changes in checks outstanding

and minor miscellaneous debt transactions.

May 2, 1989-25
$Bil.

80

60

TREASURY FINANCING REQUIREMENTS

April-June 1989

Uses Sources

75 Vi

Coupon Maturities^ ^Coupon Refunding

40

20

0

Department of the Treasury

Office of Market Finance

State and

Local

1

a Increase in

• Cash Balance u

Savings

Bonds Net Market

Borrowing ^

11/4

Agency Surplus**

1/ Assumes a $30 billion cash balance June 30, 1989.

2/ Issued or announced through April 28, 1989.

3/ Includes budget surplus, changes in checks outstanding

and minor miscellaneous debt transactions.

$Bil

80

60

-40

-20

0

May 2, 1989-26
TREASURY OPERATING CASH BALANCE

-10

Apr May Jun

Department of the Treasury

Office of Market Finance

Semi-Monthly

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1988 1989

1/ Assumes refunding of maturing issues

May 2, 1989-28
Total

NET MARKET BORROWING

April — June 1989

(Billions of Dollars)

Done!/

7 Year Note 41/2

2 Year Note - Vz

Regular Bills - %

Cash Management Bills -7

Total -31/4

To Be Done 51/4

J/lssued or announced through April 28, 1989.

May 2, 1989-29
$Bil.

70

-10

-20

TREASURY NET MARKET BORROWING^

63.4

Coupons

Hi Over 10 yrs.

0-10 yrs.

I H HI IV I II III IV I II III IV I II III IV I

1985 1986 1987 1988 1989

11 Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance

$Bil.

70

-10

-20

May 2, 1989-7
$Mil.

700

600

500

400

300

200

100

NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^

Discount Rate %

Net New Cash (Left scale)

HI 26 Week

H13 Week

May Jun

Discount Rate (Right Scale)

•••' 26 Week

^13 Week

Feb Mar

1989

9.0

8.0

7.0

6.0

5.0

Department of the Treasury

Office of Market Finance

J/ Excludes noncompetitive tenders from foreign official accounts.

* Preliminary

May 2, 1989-5
o

o

Q.

LU

ILU

LU

z

Q

LU

CC

CO

LU

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cc

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LU

CO

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CO

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9

c

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LU

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CO

c

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c

o

o

E

a.

CD

'•**

+±

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CO

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c

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CD

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E

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CD

D)

c

CO

^^^^^^^^^ co -

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CO

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CO

10 o

It

m lO
$Bil.

80

70

60

50

40

30

20

10

0

TREASURY SECURITIES IN STRIPPED FORM

Net Strips

76.6

79.2

81.3

30 Year

20 Year Kg

10 Year •

43.1 43.4

39.1

44.8

46.4

48.2 49.6 50.8

73.4

70.2

65.7

60.7 60.8

62.3

52.6

54.2

56.0

34.4 35.9 35.9 36.2

1

iliillillliiilliiiiiii llllllllllllllllllllll

M J J ASONDJ FMAMJ J ASON DJ FMA*

1987 1988 1989

Through April 21, 1989

$Bil.

80

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance May 2, 1989-9
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.| .$Bil.

27.2

-5

I II III IV

1985

Department of the Treasury

Office of Market Finance

Savings Bonds

State & Local Series

Foreign Nonmarketables

_L

II III IV I II III IV I II III IV

1986 1987 1988

e estimate

I lle

1989

20

May 2, 19894
$Bil.

110

CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

$Bil.

110

100-

1985

Department of the Treasury

Office of Market Finance

V

j j New Issues

H Refunding

TMTM Changes in SLGS

100

-50

III IV I II III IV I II III IV I

1986 1987 1988 1989

40

30

20

10

0

May 2, 1989-27
STATE AND LOCAL MATURITIES 1989-1991

1989

Department of the Treasury

Office of Market Finance

1990 1991

May 2, 1989-17
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Nonmarketable

1985 1986 1987 1988

Department of the Treasury

Office of Market Finance

1/ 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.

2/ Preliminary.

IV \#

1989

$Bil.

-10

May 2, 1989-8
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

1 II III IV I II III IV I II III IV I II III IV I ll^ "

1985 1986 1987

Quarterly Totals

1988 1989

Department of the Treasury

Office of Market Finance A/ Through April 28, 1989.

May 2, 1989-10
SHORT TERM INTEREST RATES

Quarterly Averages

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Department o<the treasury

Office ol Mattel Finance

May 2, 1989-21
%

11

10

6

•••••' .--

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Commercial Paper

^••••.•••••••••""••«..i

Federal Funds

3 Month Treasury Bill

•••••• .••••••♦>••••••

•••••

Through

week ending

April 26

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1988 1989

11

6

Department of the Treasury

Office of Market Finance May 2,1969-22
%

16

15

14

13

12

11

10

9

8

7

LONG TERM MARKET RATES

Quarterly Averages

/**--w * ~v t *

t *

/ \

» New Aa Corporates

J .•ftftV A

A / / •

/a / • Through

-p/ w.. .... -v.

/\f*

April 26

1 ~

^ -•* ^ ••••A\~- / ^ ^ •"•• 30-Year \\ V/#v^

I

Municipal Bonds^ *\

A •••• •

• 30-Year^l^*

I I I I I I I III

Treasury

III II 1 III III II

9

IN Ml III

1979 1980 1981 1982 1983 1984 1985 1986 1987

J/The 30-Year Bond Buyer Index was started September 21, 1979.

1988 1989

%

16

15

14

13

12

11

10

9

8

Department of the Treasury

Office of Market Finance May 2, 1989-23
%

9.5

9.0

8.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

\ Through week

ending April 28

I

/

/"V \^y\ Treasury* % \ 10-Year/

Treasury 30-Year

I I I I ll I I I I ll I I I I I I I III I I I I I I I I III I I ll I I I I _L_L

Jul Aug Sep Oct

1988

Nov Dec Jan Feb Mar Apr

1989

%

9.5

9.0

8.5

Department of the Treasury

Office of Market Finance May 2, 1989-24
%

9.5

9.0

8.5

8.0

7.5

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

%

9.0"""

""

-

9.0

8.8

RR

8.8

86

1 0 12 14 16 18 20 22 24 26 28 30

8.0

4 5 6

Years to Maturity

7.5

8 9 10

May 2, 1989-30
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

1800

1600

1400

1200

1000

800

600

400

200

COUPONS

H Over 10 years

112-10 years

^1-2 years

1 year & under

BILLS

1978 1979 1980 1981

Department of the Treasury

Office of Market Finance

1982 1983 1984 1985

As of December 31

1624.7

March 31,1989-

1986 1987 1988

May 2, 1989-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years ^1-2 years Bills

2-10 years ^ 1 year & under

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Mar'89

As of December 31

Department of the Treasury

Office of Market Finance May 2, 1989-3
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 Market Finance May 2, 1989-1
MATURING COUPON ISSUES

May - September 1989

(In millions of dollars)

Maturing Coupons

March 31, 1989

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

9 1/4% Note 5/15/89

11 3/4% Note 5/15/89

6 7/8% Note 5/15/89

8% Note 5/31/89

9 5/8% Note 6/30/89

7 3/8% Note 6/30/89

14 1/2% Note 7/15/89

7 5/8% Note 7/31/89

13 7/8% Note 8/15/89

6 5/8% Note 8/15/89

7 3/4% Note 8/31/89

9 3/8% Note 9/30/89

8 1/2% Note 9/30/89

2,628

6,068

10,473

11,396

7,486

11,327

4,723

11,356

6,283

12,755

11,511

7,302

10,693

469

87

1,269

1,024

636

799

286

787

469

2665

892

1,059

382

2,159

5,981

9,204

10,372

6,850

10,528

4,437

10,569

5,814

10,090

10,619

6,243

10,311

53

1,857

766

1,362

1,176

1,012

180

1,714

47

1,573

1,189

1,065

1,230

Total 114,001 10,824 103,177 13,224

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

Department of the Treasury

Office of Market Finance May 2, 1989-11
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Jan Feb Mar Apr May Jun Jul Aug

^^_ Securities issued prior to 1987

Sep Oct Nov Dec

Department of the Treasury

Office of Market Finance

j£2£22 New issues calendar year 1987

May 2, 1989-12
$8il.

24

22

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

26

24

22

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

17.5 18.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

17.2

1.181 19.3 1991 a21.7

$Bil.

20.5

_7.2

10.7

I

.7.3 7.4

13.6

7.2

I

6.8

9.0

1994

7.1 7.0

1995

6.7 6.9

10.5K

-5.11

10.2

| 5.2

m III

8.0

J5.0

II

7.6

J 5.4 7.3

7.2 8.1

I 7.6

18.4 1996

21.6

1992 I 16.8

15.3

7.5

15.4

7.3,6.2

1993

14.5

12.6

-6.3

8.3

a6.5 6.7

10.0

12.5

7.46.2 77

fl

,19.3

14.9

6.9

9.0

i

9.6

9.2

1.0

1997 9.2

1998 TM

1999

7.0 7.2

6.9 8.5

I

19.5

9.4

9.8

1

J F M A M J J A S O N D

Hi Securities issued prior to 1987

J FMAMJ J

New issues calendar year 1988

A S O N D

Department of the Treasury

Office of Market Finance

New issues calendar year 1987 ^J Issued or announced through April 28, 1989

May 2, 1989-13
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

-

2.1 2000 2.5

—

1.3 1.6 2001 _2.3 1.6

,

1.7 2002 j 2.6

-

2.9

•

3.2

•

2003 3.3

• 1 —

3.6

•

2004 4.0

• r

-

,3 20

1

€5

1" =

•** 2006

—

_2.7 2007 1.2

-

2008 1.3

3.6

•

—

3.8

• 2009 3.2•

-

1.7 1.8 2010 3.8

•

-

3.7

• 2011 • 2

-

2012 10.0

1

12 —

10 —

8

6

4

2

0

4

2

0

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

8

6

4

2

0

10

8

6

4

2

I

11.8

7.0

9.5

2013 b12-4

I

4-6— 2014 «4.6

2015

179. 2016

I18.0, 2017

8-5^ 2018

1

2019

6.5

13.8

I

i 5.2

6.7

I

,18.5

9.0

$Bil.

4i

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

JFMAMJJASOND

^BSecurities issued prior to 1987 g

E22S New issues calendar year 1987 1

Department of the Treasury

Office of Market Finance

JFMAMJJASOND

INew issues calendar year 1988

| Issued or announced through April 28, 1989

May 2, 1989-14
I II III IV

1986

Department of the Treasury Office of Market Finance

NEW MONEY IN AGENCY FINANCE

Debt Securities, Privately Held

$Bil.

II III IV

1987

II HI IV I II III IV " I II III IV I II III IV

1988 1989 1986 1987

Less than $50 million.

I II III IV I II III IV

1988 1989

May 2, 1989-16
r

$Bil.

26

24

22

20

18

16

14

12

10

8

6

4

2

0

NEW MONEY IN AGENCY MORTGAGE - BACKED SECURITIES

Privately Held

FHLMC

I

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

Department of the Treasury

Office of Market Finance

FNMA

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

GNMA

ll

I II IIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

May 2, 1989-15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1989^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Auction

52 week-2/

5

8 9

Auction

3 year-3/

10

Auction

10 years/

11

Auction

30 year-3/

12

15 16 17AAnnounce

2 year

5 year

18 19

22 23 24

Auction

2 year4/

25

Auction

5 year 5/

26

Announce

52 weekS/

29

Holiday

30 31

Department of the Treasury

Office of Market Finance

17 Does not include weekly bills

2/ For settlement May 11

.3/ For settlement May 15

AJ For settlement May 31

5/ For settlement in early June

_£/ For auction June 1 and settlement June 8

May 2, 1989-18
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1989^

Monday Tuesday Wednesday Thursday Friday

1

Auction

52 week2/

2

5 6 7 8 9

12 13 14 15 16

19 20 21*Announce

2 year

4 year

22 23

Announce

52 week

26 27

Auction

2 years/

28

Auction

4 years/

29

Auction

52 week4/

30

Department of the Treasury

Office of Market Finance

U Does not include weekly bills

_2/ For settlement June 8

_3_/ For settlement June 30

AJ For settlement July 6

May 2, 1989-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JULY 1989"

Monday Tuesday Wednesday Thursday Friday

3 4

Holiday

5

Announce

7 year

6 7

10 11 12

Auction

7 year2/

13 14

17 18 19

Announce

2 year

20

Announce

52 week

24 25 26

Auction

2 year sy

27

Auction

52 week-*'

28

31

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2J For settlement July 17

2/ For settlement July 31

Ay For settlement August 3

May 2,1989-20