SBil.

125

100

75

50

25

0

Increase

in Cash

Balance

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

April-June 1992

Uses

Coupon ^ i

Maturities •!

4 Deficit V

1351/2 Sources

* Coupon

^ Refunding

Savings Bonds

31/2

State and Local t 4

Net Market

Borrowing

j/lncludes budget deficit, changes in accrued interest and checks outstanding and minor

miscellaneous debt transactions.

$Bil.

125

100

75

50

25

0

August 3, 1992-19
$Bil.

160

120

80

40

0

TREASURY FINANCING REQUIREMENTS

July-September 1992

Uses

Coupon ^

Maturities^

Foreign

Nonmarketables

3/4

23/4

State and Local

^ DeficitV

161

Sources

^ Coupon

^ Refunding

Savings Bonds

31/4

Net Market ^ __ Borrowing 2/^

To Be

Done

41\

Done2

3334

Decrease

in Cash —

Balances/

SBil.

160

120

80

40

0

Departmentof the Treasury

Office of Market Finance

J/Includes budget deficit, changes in accrued interest andchecks outstanding andminor

miscellaneous debt transactions.

2/lssued or announced through July 31, 1992.

3/Assumes a $35 billion cash balance September 30, 1992. August 3, 1992-20
SBil.

60

-20

-40

TREASURY OPERATING CASH BALANCE

Semi- Monthly

Tax and Loan

Accounts Balance Total Operating

Balance

Federal Reserve Account

1 1 .J L

Aug Sep Oct Nov Dec Jan

1991

Feb Mar Apr May Jun Jul

1992

Department of the Treasury

Office of Market Finance

J/zAssumes refunding of maturing issues.

_Without _

New

Borrowing y

•—-»

»

»

*

*

*

Aug Sep

August 3, 1992-22
TREASURY NET MARKET BORROWING v

Coupons

•;:;:• Over 10 yrs

^ 2-10 yrs

SBil

100

80

60

40

20

0

37.0

34.0 33.0 ivth 32.0

-20 -

-40

1988

Department of the Treasury

Office of Market Finance

IV I I III IV

1989

103.5

I II III IV I IV I

1990 1991

Excludes Federal Reserve and Government Account Transactions.

-40

1992

August 3,1992-17
NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS v

Department of the Treasury

Office of Market Finance

Discount Rate %

5.5

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

1991 1992

Excludes noncompetitive tenders from foreign official accounts

p Preliminary

vF

August 3,1992-8
NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDSV

SBil

3.5

3.0

2.5

2.0

1.5

$

1.0 $

.5

0 tl §

$

J A

$

I

s o

1990

N D

^m 7 Year

^^ 5 Year

2 & 4 Year

3,10 & 30 Year

J F M

1992

J/Excludes foreign add-ons from noncompetitive tenders. p Preliminary

Department of the Treasury

Office of Market Finance

Treasury increased themaximum noncompetitive award toanynoncompetitive bidder

to $5 million effective November 5, 1991.

Effective February 11, 1992 a noncompetitive bidder may not hold a position in Wl trading, futures, orforward contracts, norsubmit both competitive and noncompetitive bidsfor itsown account.

SBil.

3.5

3.0

2.5

Li L

A M J

August 3, 1992-9
SBil.

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

140

120

100

Held in Strippable Form

(Left Scale)

r~zi30 Year • 20 Year

10 Year

Department of the Treasury

Office of Market Finance

Percent

(Right Scaled

^— 30 Year

SSS 20 Year

•""• 10 Year

'Through July 24, 1992.

MAM

1992

August 3, 1992-12
MONTHLY CHANGES IN STRIPS OUTSTANDING 1985 -1992 V

$Bil.

8

Change in Total STRIPS Outstanding

Change in Net STRIPS with Remaining

Maturities of 28 Years or More

SBil.

8

— -4

-6 i Mil I UNI HI

1985

Department of the Treasury

Office of Market Finance

1986 1987 1988 1989 1990

j/<Stripping began February 1985; reconstitution began May 1, 1987.

Data through July 24,1992

1991 1992

August 3, 1992-4
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

SBil,

10

0

III IV I

1988

Department of the Treasury

Office of Market Finance

II III IV

1989

Savings Bonds

Domestic Series

State and Local Series

Foreign Nonmarketables

III IV I II III IV

1990 1991

e estimate

SBil.

10

7.4

0

1992

August 3, 1992-27
$Bil

10

1988

Department of the Treasury

Office of Market Finance

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

Redemptions

1989 1990

/

IV I

1991 1992

$Bil.

10

August 3, 1992-7
STATE AND LOCAL MATURITIES 1992 -1994

Department of the Treasury

Office of Market Finance August 3, 1992-23
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Nonmarketable

II III IV

1988

II III IV

1989

II III IV

1990

II III IV

1991

Department of the Treasury

Office of Market Finance

j/ F.R.B purchases ofmarketable issuesas agents for foreign and international monetary

authorities which are added to the announced amount of the issue.

g/ Preliminary

i$Bil.

I ll*/

1992

August 3, 1992-18
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

SBil-1 1$Bil.

I II III IV

1988

Department of the Treasury

Office of Market Finance

I II III IV I II III IV

1989 1990

Quarterly Totals

1/ 4 year notes not issued after December 31,1990.

2/Through July 31,1992.

I II III IV

1991

i ii iii y ° 1992

August 3,1992-6
%

18

Department of the Treasury

Office of Market Finance

SHORT TERM INTEREST RATES

Quarterly Averages

18
SHORT TERM INTEREST RATES

Weekly Averages

°//o

8

3 Month

Treasury Bill 4 —

31 ' ' '

Oct

Department oftheTreasury

Officeof Market Finance

Nov Dec

1991

I''

Jan Feb Mar

Prime Rate

Commercial

Paper

o//o

— 9

Through

July 29

I"

8

- 6

Apr May Jun

1992

Jul

August 3, 1992-15
o//o

LONG TERM MARKET RATES

Quarterly Averages

%

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance August 3, 1992-13
8

INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages

Treasury 30-Year

Oct Nov Dec

1991

Jan Feb Mar Apr May Jun

1992

Through

July 31

Jul

8

Department of the Treasury

Office of Market Finance August 3,1992-14
/o

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

%

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8 10

August 3, 1992-29
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

2200

2000

1800

1600

1400

1200

1000

800

600

400

200

0

Coupons

Over 10 years

• 2-10 years

• 1-2 years

| 1 year &under

Bills

June 30,1992 *• 2310.3

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

As of December 31

Department of the Treasury

Office of Market Finance August 3, 1991-2
100%-

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Jun'92

As of December 31 Department oftheTreasury

Office of Market Finance August 3, 1992-3
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 89 91

Department of the Treasury

Office of Market Finance August 3, 1992-1
MATURING COUPON ISSUES

August - December 1992

(in millions of dollars)

Maturing Coupons

June 30,1992

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign J/

Investors

8 1/4% Note 8/15/92

7 7/8% Note 8/15/92

4 1/4% Bond 8/15/92

7 1/4% Bond 8/15/92

81/8% Note 8/31/92

8 3/4% Note 9/30/92

81/8% Note 9/30/92

9 3/4% Note 10/15/92

7 3/4% Note 10/31/92

10 1/2% Note 11/15/92

8 3/8% Note 11/15/92

7 3/4% Note 11/15/92

7 3/8% Note 11/30/92

91/8% Note 12/31/92

7 1/4% Note 12/31/92

8,497

13,523

1,293

1,504

13,429

8,000

12,905

6,287

13,614

4,330

8,549

14,311

13,852

8,287

14,237

350

2,534

1,056

93

1,132

605

1,300

97

884

300

1.15

3,680

520

645

926

8,147

10,989

237

1,411

12,297

7,395

11,605

6,190

12,730

4,030

8,434

10,631

13,332

7,642

13,311

1,014

921

0

0

710

817

455

913

1,179

62

2,032

803

1,583

741

1,124

Totals 142,618 14,237 128,381 12,354

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

Department of the.Treasury

Office of Market Finance August 3, 1992-5
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

FMAMJJASON FMAMJJASON

Department of the Treasury

Office of Market Finance

Securities issued prior to 1990

New issues calendar year 1990

i^§§| New issues calendar year 1991

§§§§§ Issued or announced through July 31, 1992

August 3, 1992-10
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

4

2

0

14

12

10

8

6

4

2

0

8

6

4

2

0

6,3

I

2005

1 4.8 2006

F M

Department of the Treasury

Office of Market Finance

MJJASOND

^| Securities issued prior to 1990

§§|§ New issues calendaryear 1990

11.8

•

2015

1 6.5 6.7

1 1

F M A M J J /

New issues calendar year 1991

Issued or announced through July 31,

S O N D

1992

August 3, 1992-11
Department of the Treasury

Office of Market Finance

M

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J J A S O N D

^| Securities issued prior to 1990

New issues calendar year 1990

2020

10.0 10.0

2021

11.0 11.7

2022

F M A M J J

New issues calendar year 1991

21.0

12.0

I

32.2

i

I

I

S O N D

mm Issued or announced through July 31, 1992

August 3, 1992-21
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN AUGUST 1992^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7

10 11

Auction

3 year&

12

Auction

10 year&

13

Auction

30year&

14

Announce

52 week

17 18 1^ Announce

2 year

5 year

20

Auction

52 week 2/

21

24 25

Auction

2 year 4/

26

Auction

5 year^

27 28

31

Department of Treasury

Office of Market Finance

JVDoes not include weekly bills

2/For settlement August 17

3/For settlement August 27

4/For settlement August 31 August 4, 1992-24
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN SEPTEMBER 199217

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

7

Holiday

8 9 10 11

Announce

52 week

14 15

Announce

2 year

5 year

17

Auction

52 week^

18

21 22

Auction

2 year 3/

23

Auction

5 year3/

24 25

28 29 30

Announce

7 year 4/

Department of Treasury

Office of Market Finance

J/Does not include weekly bills

.2/For settlement September 24

_2/For settlement September 30

£1 For auction October 7 and settlement October 15

August 4, 1992-25
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN OCTOBER 1992 y

Monday Tuesday Wednesday Thursday Friday

1 2

5 6 7

Auction

7 year^/

8 9

Announce

52 week

12

Holiday

13 13 15

Auction

52 week^/

16

19 20 21 Announce

2 year

5 year

22 23

26 27

Auction

2 year^

28

Auction

5 year*/

29 30

Department of Treasury

Office of Market Finance

_1/Does not include weekly bills

_2/For settlement October 15

Jj/For settlement October 22

4/For settlement November 2

August 4, 1992-26