$Bil.

140

120

100

80

60

40

20

0

17.9

FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

IS11 Sponsored Agency Obligations

V//A Guaranteed Obligations^

Y//A Off-Budget Deficit

WM Budget Deficit1

47.5

40.0

33.5

24.5

124.4

40.5

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981e

Fiscal Years

±1 Adjusted for other means of financing.

2/ Adjusted for federal and sponsored agency purchases of guaranteed obligations.

$Bil.

140

120

100

80

60

40

20

0

Ofiice of the Secretary of the Treasury

Office of Government Financing e estimate April 28, 1981 16
$Bil.

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1981

Uses

Redemptions of Special Issues ^1% t|

Coupon Maturities |

Savings Bonds

Va Other Nonmarketables

4 Cash Deficit

57Va

Sources

l_| 13/4 Gov't Account Sales

Coupon

Refundings

Net Market ^

Borrowing "

Decrease in

Cash Balance 1V2fr

u Includes maturing marketable securities of $1/2 billion.

$Bil.

60

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing April 28, 1981-18
$Bil.

30

20

10

Net Cash

Paydown|^|

TREASURY FINANCING REQUIREMENTS

April - June 1981

USES

Government Account

Investment

Coupon ±\

Maturities t

Savings

Bonds3/4^1 |^11/4 Other NonT marketables

313/4

SOURCES

^Special Issues

a Coupon

• Refunding

$Bil.

30

20

10

4 Increase in Cash Balance^

Cash Surplus^

0' 0

Office of the Secretary of the Treasury

Office of Government Financing

-V Assumes $15 billion June 30, 1981 cash balance.

April 28,1981-21
NET MARKET BORROWING

April - June 1981

Total

Cash Management Bills:

April Issues 6

April Retirements -16

June Maturities -4

Net Borrowing

-2

-14

Other Net Borrowing: 12

Done^

20 year - 1 month bond 13/4

7 year note 3

2 year note 172

Regular bills Va

Total 6Y2

To Be Done SV2

JV Issued

Office of the Secretary of the Treasury

Office of Government Financing

or announced through April 24, 1981.

April 28, 1981-19
$Bil.

20

—5-

— 10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts

Balance I'

Federal Reserve Account

J L

Without

—New *•

Borrowing^

!

• 9

V

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

1980 1981

Office of the Secretary of the Treasury

Office of Government Financing

-^Assumes refunding of maturing issues except for cash management bills.

April 28, 1981-17
$Bil.

401-

30

20

10

0

10

I

-3.9

TREASURY NET MARKET BORROWING37

Calendar Year Quarters

19.4

I

-.3

COUPONS

Ml Over 10 yrs.

KZ 0-10 yrs.

BILLS

I

27.2 28.2

29.4

-1 II1

I

38.4

I

$Bil.

40

30

-20

10

0

-10

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

1977 1978 1979 1980 1981

1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Financing April 28, 1981-10
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

8h

6

4

2

3.1 2.8

5.1 3.2

4.1 4.1 K2

4.7

1 111!I1

9.8

Savings Bonds

State & Local Series

Foreign Nonmarketables

2.2

B9g

• -1.7-1-4 ^ _1>4

-4.2

-6.6

IV I II III IV I II III IV I

1977 1978 1979

II III IV

1980

Office of the Secretary of the Treasury

Office of Government Financing

e estimate

SGGfl

-1.9

-2.4

I lle

1981

$Bil.

10

8

6

4

2

0

-2

-4

-6

-8

April 28, 1981-8
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

Officeof the Secretary of the Treasury

Officeof Government Financing

M J J A

Month of year

±1 Cash sales less redemptions

e April 1981 partly estimated.

O N

--10

-12

April 28, 1981-1
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

-4.9

II IV I

16.9

1.4

-5.0

Nonmarketable

Marketable

^ Add-ons^

j^H Other Transactions

5.5

Bgga 083

-13.3

1

IV I III IV I

1977 1978 1979 1980

Office of the Secretary of the Treasury

Office of Government Financing

1/ F.R.B. Purchases of marketable issues as agents for foreign

and international monetary authorities for new cash.

j£/Partly estimated.

IV 1-2/

1981

$Bil.

20

16

12

8

4

0

-4

-8

-12

-16

April 28, 1981-9
1977

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Monthly Averages

1978 1979 1980

Through

April 24.

1981

%

22

20

18

16

14

12

10

8

6

April 28, 1981-14
Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

Sep Oct

1980

Feb Mar

1981

April 28, 1981-12
LONG MARKET RATES

Monthly Averages

,\ /

New Conventional

Mortgages

'A 1 //

J \\ /

\

%

16

15

14

13

12

11

10

9

8

7

6

5

New Aa Corporates ,<^~ ^ ...>♦,

1977

Office of the Secretary of the Treasury

Office of Government Financing

1978

/• "| New 20-Year

.••••...„. v* Municipal Bonds

1979 1980

Through

April 24_

1981

%

16

15

14

13

12

11

10

9

8

7

6

5

April 28, 1981-13
%

16

July

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Aug Sep Oct

1980

Nov

Municipal Bonds

New 20-Year

Dec Jan Feb

Through"

week ending

April 24

Mar

1981

Apr

%

16

6

Office of the Secretary of the Treasury

Office of Government Financing April 28,1981-11
MARKET YIELDS ON GOVERNMENTS

Bid Yields

December 11, 1980

10 12 14 16 18 20 22 24 26 28 30

12

Office of the Secretary of the Treasury

Office of Government Financing

4 5

Years to Maturity

8

%

18

17

16

- 15

12

11

10

10

April 28, 1981-23
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1971 1972 1973 1974

Office of the Secretary of the Treasury

Officeof Government Financing

1975 1976 1977

As of December 31

1978 1979 1980

April 28, 1981-5
Years

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

March 1981

3 Years

9 Months

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980'81

Office of the Secretary of the Treasury

Office of Government Financing April 28,1981-4
OWNERSHIP OF MATURING COUPON ISSUES

May 1981 - September 1981^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Foreign Longterm 1/

Investors

Intermediateterm 5/

Investors

7 3/8% Nt. 5/15/81

7 1/2% Nt. 5/15/81

9 3/4% Nt. 5/31/81

6 3/4% Nt. 6/30/81

9 1 /8% Nt. 6/30/81

9 3/8% Nt. 7/31/81

7 5/8% Nt. 8/15/81

8 3/8% Nt. 8/15/81

7% Bd. 8/15/81

9 5/8% Nt. 8/31/81

6 3/4% Nt. 9/30/81

10 1/8% Nt. 9/30/81

1828

2822

2131

2434

2693

2869

2222

2744

397

3158

2787

3286

641

943

568

584

743

908

1117

1115

49

900

857

692

46

25

7

19

13

25

32

16

31

19

10

22

318

195

90

247

115

113

247

235

61

153

220

169

243

260

51

366

446

420

157

360

20

323

174

251

109

58

100

458

40

13

78

3

7

491

722

16

209

771

709

142

756

420

441

682

229

272

232

1271

262

570

606

618

580

970

150

333

1000

572

865

TOTAL 29,371 9,117 265 2,163 3,071 2,095 6,134 6,526

Office of the Secretary of the Treasury

Office of Government Financing

U Amounts for investor classes are based on the February 1981 Treasury Ownership Survey.

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

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

associations, and corporate pension trust funds.

April 28, 1981-15
4.3

4.0^3.9

4.7«5,0

4.5

I

2.7

2.4

3.5

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.i

vM3-9

ii

6J 1984

3.2

I 1

7.3

6.0 1985 6A

1 1

l

3.0

1

43l'4.6 U 4.4 i 4.6 |

I

6.1

1

3.1

I

2.5

3.3

8

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

4

2

0

4

2h

0

2.7

3.2

4.6

3.0

1.2

7.5

I

2.0

2.4

I

2.2

1986

1987

1988

1989

1990

1991

7.5

I

2.6

1.8

2.3

I

3.8

5.1

1

J FMAMJ JASOND J FMAMJ JASOND

Office

Office

of the Secretary of the Treasury

of Government Financing

Securities issued prior to 1979

New issues calendar year 1979

^ New issues calendar year 1980

H Issued or announced through April 24, 1981 April 28, 1981-6
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

2 2002

2003

2004

2.1 2005

2006

2007

2.7

2008

1.2

$Bil.

4

2

0

4

2

0

4

2

0

4

2

0

2

0

2

0

2

0

2

0

4

2

0

2

0

-

1992 2.7

•

•

_ 1-9

1993 2.2

| 1.4

•

- 2.9

.5

1994

1.5 1.5

_ 1-8 2.7

1995

1.5

—

1996i

—

1997

i

-

_5

1998 .8

—

.8

1999

2.2 2000 2.5

•

1.5

m

1.8

I

2001 .7

1.4

3.6

1

J F M A M

Office of the Secretary of the Treasury

Office of Government Financing

J J A S O N D

| Securities issued prior to 1979

New issues calendar year 1979

3.9 2009

2010

1.8 1.9

2011

J F M A M J J

New issues calendar year 1980

1 Issued or announced through April 24, 1981

3.4

A S O N D

April 28. 1981-7
$Bil.

1400

1200

1000

800

TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL^AND BOND^FUTURES CONTRACTS

OPEN INTEREST TRADING VOLUME

HZ] Bills

^^M Bonds

600-

400

200-

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

1976 1977 1978 1979 1980 '81

ettti tH-M-H P!*i£i3 I I

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

1976 1977 1978 1979 1980 '81

$Bil.

1400

1200

1000

800

600

400

200

0

Office of the Secretary of the Treasury

Office of Government Financing

J/Contracts traded on the International Monetary Market ($1,000,000 per contract).

-^Contracts traded on the Chicago Board of Trade ($100,000 per contract). April 28, 1981-2
$Bil

10h

9

8

7

6

5

4

3

2

1

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS^

Cash mgmt.8

jiiiiiiiiijiii

52 wk. •

26 wk.

13 wk.

Estimated

> Deliverable

Supply-^

•Deliveries

illinium I

i

MJSDMJSDMJSDMJSDMJSDM

1976 1977 1978 1979 1980 '81

.I/Contracts traded on the International Monetary Market.

~._._.> _ .,. T -2/Consists of the amount of accepted competitive tenders for the new Officeof the Secretary of the Treasury ... .„ T

ottice ot Government Financing 3 month bill and other bills previously auctioned maturing on the same date. Aphi 28,1981-3

$Bil.

-10

-9

-8

7

6

H5

4

3

2

1
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

4

3h

2

1h!•• III.

0

7

6-

5-

4

3

2

GNMA

Mortgage Backed

Securities

5-

4-

3-

•ill ill

FHLB1/

JJ1 •*

*

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

1977 1978 1979 1980 1981

* Less than $50 million.

0

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

1977 1978 1979 1980 1981

e Partly estimated.

Office of the Secretary of the Treasury

Office of Government Financing

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

mortgage-backed bonds, and mortgage participation certificates. April 28, 1981-20
AGENCY MATURITIES^

Privately Held

$Bil.

4

2

0

2

0

2

1989 1990 1991 1992

• •• Jm £ 1 Aa — m J. •L JL 1

1993 1994 1995 1996

.3 A_ j_ _1-

1997 1998 1999 2000

1^3,2 £ A-L-La. j_

_ 2001 2002 2003 2004

.1 .2

_ 2005 2006 2007 2008

.1 .1 .1 .1 .2 .2 JL -

_ 2009 2010 2011 2012

.3 .3 .5

2013 2014 2015 2016

<i2 2_

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

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

-^Issued or announced through March 31, 1981. April 28, 1981-22