$Bil.

100

80

60

40

20-

0

TREASURY FINANCING REQUIREMENTS

July-September 1988 u

Uses Sources

1003/4

Coupon Maturities^ ^Coupon Refunding

Increase in

Cash Balance

43/4

4 Deficit

Savings Bonds

13/4 Agency

State &3A*:

Local %

Foreign

Nonmarketables Net

Market }

Borrowing

J/Includes budget deficit, changes in checks, outstanding and

minor miscellaneous debt transactions.

Department of the Treasury

Office of Market Finance

$Bil.

100

80

60

40

20

'0

November 1, 1988-19
$Bil.

100

80

60

40

20

TREASURY FINANCING REQUIREMENTS

October-December 1988 v

Uses

Coupon Maturities p

State and Local

Vk

Va

Foreign

Nonmarketables

4 Deficit

1093/4

Sources

4 Coupon Refunding

Savings Bonds

2

>28V4

Net Market

Borrowing

Decrease in •

Cash Balance W

n Includes budget deficit, changes in checks, outstanding and

minor miscellaneous debt transactions.

2/lssued or announced through October 28, 1988.

2/Assumes a $20 billion cash balance December 31, 1988.

$BH.

100

80

60

40

20

Department ol the Treasury Office ot Market Finance November 1, 1988-20
TREASURY OPERATING CASH BALANCE

Semi-Monthly

-30 Oct Nov Dec Jan Feb Mar Apr May Jun Jul

1987 1988

J/Assumes refunding of maturing issues.

Aug Sep Oct Nov Dec

Department of the Treasury

Office of Market Finance November 1, 1988-9
$Bil.

70

TREASURY NET MARKET BORROWING^

-10-

-20-

I II III IV

1984

Department of the Treasury

Office of Market Finance

Coupons

Over 10 yrs.

0-10 yrs.

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

1985 1986 1987 1988

31 Excludes Federal Reserve and Government Account Transactions.

$Bil.

70

-10

-20

November 1,1988-8
$Bil.

70

60

50

40

30

20

10

0

34.4

TREASURY SECURITIES IN STRIPPED FORM

Net Strips

30 Year

20 Year

10 Year

39.1

35.9 35.9 36.2

43.1 43.4 44.8

46.4 48.2

60.7 60.8

49.6 50.8

52.6

54.2

56.0

62.3

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

1987 1988

♦Through October 24, 1988

$Bil.

-70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance November 1, 1988-14
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

I II III IV

1984

Department of the Treasury

Office of Market Finance

II III IV

1985

n Savings Bonds

£3 State & Local Series

• Foreign Nonmarketables

I II III IV

1986

e estimate

II III IV I

1987

$Bil.

30

-25

II III IVe

1988

20

15

10

-5

November 1,1988-24
$Bil.

110

100-

50

40

30

20

10

CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

|New Issues

!Refunding

Changes in SLGS

I II III IV

1984

$Bil.

-110

100

50

40

30

20

10

Department of the Treasury

Office of Market Finance November 1,1968-21
$Bil.

STATE AND LOCAL MATURITIES 1988-1990

o

2.8

IV

1988

Department of the Treasury

Office of Market Finance

2.5

2.4

1.7

1989

3.5

H

2.7

2.5 2.5

2.1

IV I III IV

1990

$Bil.

0

November 1, 1988-13
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES $Bil

35

30

25

20

15

10

5

0

-5h

-10

Nonmarketable

Marketable

^ Add-ons i

• Other Transactions

-6.5

I II III

1984

IV I IV I IV I

1985 1986 1987

J/ 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. * Less than $50 mMon.

Department of the Treasury

Office of Market Finance

$Bil.

-1.5 -10

Ill IV i II WW

1988

November 1, 1988-23
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

I II III IV I II

1984 1985

Department of the Treasury

Office of Market Finance

1986

Quarterly Totals

III IV I

1987 1988

November 1, 1988-22
$Bil.

1800

1600

1400

1200

1000

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS

[ IOver 10 years

12-10 years

September 30,1988vl555.2

M31-2 years

OHM year & under

BILLS

1977 1978 1979 1980 1981 1982 1983 1984 1985

As of December 31

Department of the Treasury

Office of Market Finance

1986 1987

November 1, 1988-2
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons m Over 10 years ^1-2 years Bills

II 2-10 years ^ 1 year & under

16

35

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Sep'88

As of December 31

Department of the Treasury

Office of Market Finance November 1, 1988-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

September 30, 1988

5 Years 9 Months

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 November 1, 1988-1
%

20

18

16

14

12

10

8

6

_ Federal

Funds

•• Treasury Bill

SHORT TERM INTEREST RATES

Quarterly Averages

Through

October 28

££::...•—•••

%

20

18

16

14

12

10

8

6

4

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988

Department of the Treasury

Office of Market Finance November 1, 1988-6
%

10

9

8

6 rj.v

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Commercial Paper

4* till•••«•>,

••••••«••••«

.•♦••—•• •••.•••«.#••••••

.• 3 Month Treasury Bill

Through

week ending

October 26

Jan Feb Mar Apr May Jun

1988

Jul Aug Sep Oct

%

10

9

Department of the Treasury

Office of Market Finance November 1, 1988-7
30-Year

Treasury

7-

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

Through

October 28

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988

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

%

16

15

14

13

12

11

10

9

8

7

Department of the Treasury

Office of Market Finance November 1, 1988-4
%

9.0

8.5

8.0

7.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

\

Treasury 30-Year

I • A

i

Treasury 5-Year

_ \ Treasury 10-Year f

Jan Feb Mar Apr May Jun

1988

Jul Aug

Through

week ending

October 28

Sep Oct

%

8.5

8.0

7.5

Department of the Treasury

Office of Market Finance

November 1, 1988-5
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

4 5 6

Years to Maturity

November 1, 1988-25
MATURING COUPON ISSUES

November 1988 - March 1989

(In millions of dollars)

Maturing Issues

September 30, 1988

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors j/

8 3/4% Note 11/15/88

11 3/4% Note 11/15/88

8 5/8% Note 11/15/88

6 1/4% Note 11/30/88

10 5/8% Note 12/31/88

6 1/4% Note 12/21/88

14 5/8% Note 1/15/89

6 1/8% Note 1/31/89

11 3/8% Note 2/15/89

8% Note 2/15/89

6 1/4% Note 2/28/89

11 1/4% Note 3/31/89

6 3/8% Note 3/31/89

3,445

6,028

9,179

11,635

6,808

11,648

3,508

11,735

6,244

10,297

11,523

6,986

11,863

1,210

161

540

520

718

955

212

810

269

1,140

747

941

1,369

2,235

5,867

8,639

11,115

6,090

10,693

3,296

10,925

5,975

9,157

10,776

6,045

10,494

27

780

366

1,069

910

775

150

714

708

475

875

705

1,564

Totals 110,899 9,592 101,307 9,118

Department of the Treasury

Office of Market Finance

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

November 1, 1988-12
$Bil

22 —

20 _

18

16 -

14 -

12

10 -

8

6

4

2

0

ill

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

1989 17.4 17.4

M t® » i 12.6

1993

6.7

19.2

148

6.9

1994 7.2 7.0 7.0 7.2

JFMAMJJASOND

H Securites issued prior to 1986

322 New issues calendar year 1986

Department of the Treasury

Office of Market Finance

4.9

8.9 1995

6.6 6.9

1 I

18 2 1996

9.4

9.2

1997 92

1

1998 11.0

6.9

JFMAMJJASO

^ New issues calendar year 1987

H Issued or announced through October 28, 1988

8.5

19.4

1

9.4

1

N D

November 1, 1988-10
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

- 1-0_ 1999

—

2.1 2000 _2.5

—

i_ 1.6_, 2001 — 2.3 _3

—

1.7 2002 2.6

-

2.9 3.1

•

2003 3.3

• 1

-

3.6

•

2004 4.0

• 1 - 6.3

1

2005 j|

-

•" 2006

z TM2-7 2007 12

E 2008 1.3

3.6

-

3.8

• 2009i

3.2

E 1.7 1.8 2010

i

3.8

•

3.7

• 2011 4.2

•

-

2012 10.1

1

$Bil.

2

0

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

FMAMJJASOND

^M Securities issued prior to 1986 V

£22 New issues calendar year 1986 Department of the Treasury

Office of Market Finance

$BU.

14

12

10

8

6

4

2

0

6

4

2-

0^

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

11.8

I

7.0

4.6

17.9

18.0

8.5

2013

2014

2015

2016

2017

2018

12.5

I

4.6

6.5

13.8

1

5.2

6.7

18.5

I

JFMAMJJASOND

V//A New issues calendar year 1987

I | Issued or announced through October 28, 1988

November 1, 1988-11
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 19881

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

7 8

Auction

3 year^/

9

Auction

10 year^

10 Auction .. Cash Mgmt:&

Announce

52 week

11

Holiday

14 15 ifi

Announce

2 year

5 year

17

Auction

52 week^

18

21 22

Auction

2 year^

23

Auction

5 year-^

24

Holiday

25

28 29 30

Department of the Treasury

Office of Market Finance

1/Does not include weekly bills

_2/For settlement November 15

_3/ For settlement November 25

4/ For settlement November 30

.§/ For settlement early December

November 1, 1988-16D
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1988"

Monday Tuesday Wednesday Thursday Friday

1 2

5 6 7 8 9

Announce

52 week

12 13 14 "•5 A t. Auction

52 week^

16

19 20 21 Announce

2 year

4 year

22 23

26

Holiday

27 28 A . Auction

2 year^/

29 A . Auction

4 year^

30

Department of the Treasury

Office of Market Finance

1/Does not include weekly bills

2/For settlement December 22

_i/ For settlement January 3

November 1, 1988-17
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 198917

Monday Tuesday Wednesday Thursday Friday

2

Holiday

3 4 .

Announce

7 year

5 6

Announce

52 week

9 10 11

Auction

7 year27

12 A . Auction

52 week3^

13

16

Holiday

17 18

Announce

2 year

19 20

23 24 25

Auction

2 year^

26 27

30 31

Department of the Treasury

Office of Market Finance

XI Does not include weekly bills

2] For settlement January 17

_3_/ For settlement January 19

AJ For settlement January 31

November 1, 1988-18