$Bil.

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

October - December 1979

Uses Sources

Redemptions of Special Issues ^^ 51 y2 %Gov't Account Sales

Y2 Vl

— Coupon Maturities |

Savings Bonds

1

i Cash Deficit

4 Coupon Refundings —

Foreign

Nonmarketables

Va

Net Market Borrowing t

Decrease inCash Balance |

11 Includes maturing marketable securities of $'/4 billion.

$Bil.

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-19
$Bil.

40-

30

20-

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1980^

Uses Sources

Redemptions of Special Issues ^^^^___r_„_^^^^ Gov't Account Sales

Coupon Maturities|

Nonmarketables:

Savings Bonds

1/4

State & Local

I Cash Deficit

I Coupon Refundings

Foreign

Nonmarketables

Net Market

Borrowing

Decrease in Cash Balance t

^Assumes $8 Billion March 31, 1980 Cash Balance.

Office of the Secretary of the Treasury

Office of Government Financing

| Done

To Be

Done

$Bil.

40

30

20

10

January 29, 1980-12
$Bil.

20

15

10

0

-5

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan a

Accounts Balance w<

4 Total Operating ^ Balance

t>w'<''i>HWB/

Federal Reserve Account

Without

— New

Borrowing

Jan. Feb. Mar. Apr. May Jun. Jul.

1979

Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

1980

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-13
$Bil.

23.9

20

10

0

-10

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

24.7

COUPONS

Ml Over 10 yrs.

^0-10 yrs.

BILLS

-3.9

$Bil.

20

10

-10

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

1975 1976 1977 1978

1/ Excludes Federal Reserve and Government Account Transactions.

1979 1980

Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-3
$Bil.

40

30

20

10

0

TREASURY MARKET BORROWING^

Calender Year Quarters

I

INet Borrowing

|Coupon Refunding

Si lill

•••III

-10

I II III IV I

1975

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

1976 1977 1978

U Excludes Federal Reserve and Government Account Transactions,

e estimate Office of the Secretary of the Treasury

Office of Government Financing

II III IV le

1979 1980

$Bil.

40

30

20

10

0

-10

January 29, 1980-2
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. |— ,$Bil.

10

ISavings Bonds & Other

£20 State & Local Series

•• Foreign Nonmarketables

-2.3

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

1975 1976 1977 1978 1979 1980

Officeof the Secretary of the Treasury

Officeof Government Financing January 29, 1980

10
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. I 1 1 1 1 l$Bil.

20

16

12

8

4

0

-4

-8

-12

-16

mm Nonmarketable

Marketable

^K Add-ons ^

•• Other Transactions

6.2

1.0 1.0 ,M M

-0.5

17.0

-4.9

II III IV

1975

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

Office of the Secretary of the Treasury

Office of Government Financing

1976 1977 1978

_y F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash.

1/ Partly estimated.

6.1

««

I

20

16

12

8

4

0

-4

-8

-12

--16

-5.0

-13.3

iv y

1979

January 29, 1980-16
$Bil.

400

350

300

250

200

150

100

50

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS

1970 1971

Office of the Secretary of the Treasury

Office of Government Financing

IOver 10 years

17-10 years

^2-7 years

12 years & under

BILLS

1972 1973 1974 1975 1976

As of December 31

402.2

131.2

1977 1978 1979

January 29, 1980-11
Yearsr

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

4 June 1967

5 Years

1 Month

December 31, 1979

3 Years

9 Months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing January 29,1980-1
%

16

SHORT TERM INTEREST RATES

Monthly Averages

%

16

14-

—

1

week ending

January 23, 1980

1* —

\4 Federal Funds

JjLf/l

/ |

'\l r r .x"- —

u 1 •

V\i • • m> • • m*.

•

*•

- r^-,

1 f' *

Lea*—^7/

rJ/ .-~-*"\ x*'

Prime Rate ,_! if /

—-* fiZr^

/-^ 13 Month

&SZ&*" Treasury Bill

-

Dmmercial U_,

Paper.

Mill i M11 h 11M 1111Mill 11 11II 11 11II ill MM 111111 III II Ml II 1111 1 1

14

12

10

8-*

6-

4-

1974 1975

Office of the Secretary of the Treasury

Office of Government Financing

1976

- 12

10

- 8

-6

1977 1978 1979 1980

January 29, 1980-5
%

SHORT TERM INTEREST RATES

Weekly Averages

10

9

8

^^ -•^.••' -' /

^*'\3 Mostth Treasury Bill •••—••••......••

July

Office of the Secretary of the Treasury

Office of Government Financing

Aug Sept Oct

1979

Nov Dec

Week ending

January 23, 1980

Jan

%

15

14

13

12

11

10

8

Januarv 29, 1980-4
LONG MARKET RATES

Monthly Averages

% i

Through week ending

/ |January 25, 1980

12 i

.' A *

11 — -

.♦•*•♦ New Aa Corporates

10

A .-A

%! * ,

New Conventional S

Mortgages ,,._./' —

9 *^v —

V

.••till,* ^^

8 -

7 — t. Treasury •

""\J 1 / .A. • •

••

20-Year

.••

•

•

•

•

6 —

' New 20->

Municipal

fear ***\

Bonds * ...•X...'' —

**"*-••••...•*••..••*"*••*"

g; 11111 M Ml 1 1 1 1 M II 1 1 1 I M l l 1 1 l M l I M M m i m i m 11 11

1974 1975 1976 1977 1978 1979 1980

%

12

11

10

9

8

7

6

5

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-7
%

12

11

10

8

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages ^/

New Aa

Corporates

Treasury 10-Year

July Aug

•••••••Mill II11IMIII1IIHII1IIII

Treasury 7-Year

Week ending

January 23, 1980

*-

Treasury 20-Year

Municipal Bonds

New 20-Year

Sep Oct

1979

Nov Dec Jan

1980

±1 Monthly figures - weekly data not available.

%

12

11

10

8

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-6
0 1

Office of the Secretary of the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

%

11

10 —

•Tmm.tt<.t't.,<.„,„„,t<1>t|ij1^

14

%

11

10 — 13

10 12 14 16 18 20 22 24 26 28 30

.^^ ^ October UtlUUCI Ci 23, 1979

*» January 25, 1980

I I i I I I I I r i iTTT

4 5 6

Years to Maturity

8

12

10

J i i r

10

January 29, 1980-20
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil

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

.. . Auction Dates

J/Discount basis.

2/New money is the difference between noncompetitive bids on the new issues and maturing bills previously bid noncompetitively.

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-18
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

%

12

10

8

$Mil.

500

400

Average Auction Yields17

6 Month Bill

— 3 Month Bill

New Moneys

mi 6 Months

H 3 Months

Sep Oct

1979 Auction Dates

U Discount basis.

2J New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively.

Office of the Secretary of the Treasury

Office of Government Financing

Jan

1980

12

10

8

$Mil.

500

400

January 29, 1980-17
$Bil

600

500

400

300

200

100

0

TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL FUTURES CONTRACTS17

i-mm

Open Interest

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

1976 1977 1978 1979

I II III IV I II III IV

1976 1977

-^Contracts traded on the International Monetary Market (IMM)

TRADING VOLUME

III IV III IV

1978 1979

$Bil

600

500

400

300

200

100

0

Office of the Secretary of the Treasury Office of Government Financing Janaury 29, 1980-9
$Bil.

Mar

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS*

6 mo.

3 mo.

} Estimated

Deliverable

Supply*

Jun Sep

1976

Dec Mar Jun Sep Dec

1977

Mar Jun Sep Dec

1978

Mar Jun Sep Dec

1979

$Bil.

3

Office of the Secretary of the Treasury

Office of Government Financing

^Contracts traded on the International Monetary Market (IMM)

21Consists of the amount of accepted competitive tenders for the new

3 month bill and the 6 month bill issued 3 months earlier. January 29, 1980-10
OWNERSHIP OF MATURING COUPON ISSUES

February - June 198017

(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 U

Investors

Intermediateterm 1/

Investors

4% Bd. 2-15-80

6 1/2% Nt. 2-15-80

7 5/8% Nt. 2-29-80

7 1/2% Nt. 3-31-80

7 3/4% Nt. 4-30-80

6 7/8% Nt. 5-15-80

8% Nt. 5-31-80

7 5/8% Nt. 6-30-80

8 1 /4% Nt. 6-30-80

1,547

3,096

3,373

5,248

2,722

1,707

2,921

1,859

3,515

100

1,175

1,111

1,666

1,104

596

593

718

661

238

65

30

43

1

8

14

11

16

271

263

348

624

216

200

161

295

214

205

210

292

217

107

102

133

97

267

400

410

150

332

64

94

66

2

72

333

349

598

1,087

476

669

1,170

298

1,107

624

844

1,279

754

38

784

438

1,178

Total 25,988 7,724 426 2,592 1,630 1,590 6,087 5,939

-!/ Amounts for investor classes are based on the November 1979 Treasury Ownership Survey.

-2/ Includes State and local pension funds and life insurance companies.

-2/ Includescasualty and liability insurance companies, mutual savings banks, savings and loan

associations, and corporate pension trust funds.

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1979-24
5.2

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

4

1980 |

5.4H 5.0 5J

i.9 0 3dU3.0

5.0 5.7

2.7

3.6 1985

3.2 4.6

I 2.7,1.7p

J3.0 I 3^12.9 2 -

oi—

8-

6 -

4 -

2 -

5.0

2.7B2.5

I

5.4

4r%4-3 I

l If

5.8

I

4.5

I

2.9

4.6

2.9

1

1981

5.1 5.4

2.2 I Z8t

I

3.2

1

6.4 1982

5.2

1

2.5

1983

4.2

2.4

7.0 '

5.0

3-9B12

(ll

4.6

I

I

2.7

I 2m 2.5 2.2 25

1984

2.5

3.4

I

JL

J J A

0

6

4

2

0

4

2-

2 -

ol—

2

0

4.5

I

1.6

1986 7.5

4.1

I

1987

1988

2.4

2.2 1989

1990

.8

1.8

2.3

2.0

$Bil.

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

4

2

0

J F M A M S O N D JFMAMJ JASOND

Office of the Secretary of the Treasury

Office of Government Financing

Securities issued prior to 1978

New issues calendar year 1978

New issues calendar year 1979

§§§ Issued or announced through January 25, 1980

January 29, 1980-14
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

2 - 1991

-

1992 3.0

•

•

1.9

1993 22

2 1.4

- 3.0

1994

"

1 _;5 1.5 1.5

1.8

1

1995

—

1996

—

1997I

-

1998

.4 1.0

-

1999 .8

2.2

1

2000 2.5

1

0

2-

0

2

0

2

0

4

2

0

2

0

4

2

0

4

2

0

6

4

2

0

2

2.7

2.1

3.9

1

W

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

1.3

H

1.2

3.6

2.0

$Bil.

2

0

4

2

0

4

2

0

4

2

0

2

0

2

0

2

0

2

0

2

0

4

2

0

J FMAMJ JASOND JFMAMJJ ASOND

Office ofthe Secretaryof the Treasury Officeof Government Financing

Securities issued prior to 1978

New issues calendar year 1978

New issues calendar year 1979

Issued or announced through January 25, 1980

January 29, 1980-15
AGENCY MATURITIES^

Privately Held

$Bil

1988 1989 1990 1991 2.9H

1.1- m .4 .4 - A !•- ~ 1992 1993 1994 1995

A A -1 .3 .1 .1

1996 1997 1998 1999

Am

1.1

MA Am .1 _2 _2 J_ j^

~ 2000 2001 2002 2003

.1 .2

~ 2004 2005 2006 2007

A A .1 .1 _3 _2

I 2008 2009 2010 2011

A - .4 .4

~_ 2012 2013 2014 2015

.3 2_ J2

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

Office of the Secretary of the Treasury

Office of Government Financing

Calender Years Quarterly

-Vlssued or announced through December 31, 1979

Janiuiy 29, 1979 23
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil FNMA $BilP FCA •

2

1 ill 1

1

. 1 II 1 n _ ,• 1 1 l._ III II.1

-1 1 *

i In III • III III.

I II III IV I II

1975 1976

Office of the Secretary of the Treasury

Office of Government Financing

II III IV I II III IV I II III IV

1977 1978 1979

* Less than $50 million.

GNMA

Mortgage Backed

Securities

5-

4

3

2

1

0

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

1975 1976 1977 1978

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

mortgage-backed bonds, and mortgage participation certificates.

IV I II III IV

1979

January 29, 1980 22
NET FEDERAL AND FEDERALLY-ASSISTED BORROWING

FROM THE PUBLIC

$Bil. i 1$Bil.

40

20

0

20

0

80

60

40

20

0

Guaranteed Debt

GNMA*

Total*

-40

-20

1=1 22222 ZZZZZ mm W7M vy/M

Sponsored Agencyj/

Federal^

Total *

FFB^I 22

^ £4 m

%

_

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

e - January 1980 Budget estimates.

±i Includes FNMA and FHLB and Farm Credit Systems.

u Includes Treasury debt and minor amounts of debt of other Federally-owned agencies.

5/ Federal Financing Bank borrowing from the Treasury.

0

20

0

80

60

40

-120

0

Office of the Secretary of the Treasury

Office of Government Financing January 29, 1980-21