TREASURY MARKETABLE MATURITIES

Privately Heid, Excluding Bills
1s

SEBRERBERE oneoe

t L a
J oF MAM J J AS ON D

MIN sccustis issued priorto 1805 [2] New issues cloner year 1090
lew issues calendar year 1995 [4 Issued or announced through July 25, 1997

Deparmont fhe Tresaury

Ottce of Maret Feancs suuy 20. 198727

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
$8i1—

Aa 2006 ae g 2014 f Py
ae ie n I | I
SE 2015
ee | oe
|
4

2007

SEIS)
[SSEaS

SCTE

3 i 2017 ]
a : 17
foo i i |
2 qe: i |
@ ale | |
: lr = rai
Q 1 °F 2018
2 a |
3 ze | H
; 1:
: 7 Ze 2019
& | 185 | 18.8
2 if
i |
2 | |
|
| |
|
4 i : i ij
3 |
J oF MAM J J AS ON D J oF MAM J J AS ON D
IB securities issued prior to 1995 New issues calendar year 1996
New issues calendar year 1995. Eid Issued or announced through July 25, 1997

Often ot art Finance uy 28, 199728


SECURITIES HELD IN STRIPS FORM 1995-1997

Percent of Privately Held

% A %
BB As of suly 31, 1995
A As of July 31, 1996
fale [As of duly 18, 1997 | 40
a
i
qt
|
20 i 1 20
|
0 Tess than years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity
Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligible security to mature.
tte wena Infiation-indexed securities had not been stripped as of July 18, 1997.
erento peers

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil, $Bil.
f3 Savings Bonds 57
6 — pas 6
State and Local Series |
4 = | si4
Ey Foreign series | 25 15 25
; . Pee.
|
0 °
2 4-2
4 bo 4-4
47 bo 2.3 | fag } if
bE Lo tel Pdf +146
47 ! i |
8- Py 67 ile
= 7.6
! 73
0 ws 4-10
10 aa
- l l P
tonom wor on om wor nh om wr on om oe
1993 1994 1995 1996 1997
© estimate

apart of th Fea
(ron of art Farce Jy 28, 198710


LONG TERM MARKET RATES

Quarterly Averages

%e

%

itthitbis dite

New Aa
Corporates

‘©, 30-Vegr Treasury
*. ‘ess onTM .
* ery
30-Year

Municipal Bonds

wae

Lived

Through
July 251g

1986 1987

Depanmant of he Tessuy
Office of Maret ance

1988 1989 1990 1991 1992

1993 1994

1995 1996 1997

uy 28, 199798

INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%
8oly

7.0

Treasury 5-Year

~~
“7 AA 10-Year industrial
Ba

aint Se 4

Caled xe

Me,
ane * sone
Treasury
10-Year

_—"

-

Yo
FHLMC 30-Year

m= Conventional —/8.0

5.0}—
10-Year Inflation-
4.0|- Indexed Note 2/ lao
+
yg
aoLl | Lili si ity Litii titi tilisg
Oct Nov Dec Jan Feb Mar Apr May = June-July
1996 1997

Deparment ot Tessury

3 Salomon 10-yr. AA Industrial is a Thursday rate.
® ‘The first 10-year inflation-indexed note settled o!

n February 6, 1997,



STATE AND LOCAL MATURITIES 1997-2002

SBil, SBil,
40}— fq 10.2 al
By 48

| +6
7 5.5 54 5.4
4h— 44
a 2
t
wv tiv timw timv timw ttay
1997 1998 1999 2000 2001 2002
Daprnenf be Teey
Ensaivinnesioy yo 08719

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

‘$Bil. Bil.
100.8

100}- —— Nonmarketable —| 100

Marketable
[2 Net Auction Awards to Foreign /
f~ i Other Transactions

80;-

60

1-20

| |
| tom wot nom wot nom owt nom Mot We
1993 1994 1995 1996 1997

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securties. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.
esti teeny Data through May 31, 1997.
Restoran lin uy 28, 109714


SALES OF UNITED STATES SAVINGS BONDS
1980 - 1997

SBil

Total Sales

Payroll Sales ~

[Sun RUeE SuSE SeSRSEERSE WR RERE RECO RN WE COE COWES OWE Oe eR ee
0

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19941995 1996 97°

End of Quarter

Deparment te Tassury © estimate

STATE & LOCAL GOVERNMENT SERIES

SBil, ”, SBil.
is
*, ey
aS rf
oe
10 f- yu 40
a
OG
5 Gross Issues 5
Redemptions
0 - 0)
SBil ISBil
5 45
ol +o
5h 5
=m Net SLGs
“10 - L 40
I I ito ow | " oI 1 if Mov | " io | I
1993 1994 1995 1996 1997

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996

Oca of Maret Finance sy 28, 1997-92



%

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

¢°. Federal
fx. Funds

Through

July 25
10

3 Month
Treasury Bill
4b 4
Fo es
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
Oronctinet Pacers” oy, 3067597
SHORT TERM INTEREST RATES
Weekly Averages
% %
| * _
8 Prime Rate 8
7 4
Through
duly 25
Federal Funds
6 Commercial + 6
Paper
{5
3 Month
Treasury Bill
! | | j
Oct Nov Dec Jan Feb Mar Apr May Jun Jul
1996 1997

Desarment ot Tteeury
fen ot Maret Finance



TREASURY FINANCING REQUIREMENTS

April - June 1997

$Bil. 7 SBil.
Uses 210% Sources
200 } - 200
150 Coupon Maturities @ coupon Refunding 150
Savings State and
Bonds Local
100 + 100
a
Increase y
50}. in cash [imma @ No) Nrareot 50
~~ Cash Surplus »
ae 7% |

*/ Includes budget deficit, direct loan activity, changes in accrued interest
land checks outstanding and minor miscellaneous debt transactions.

Deparment ot Treasury
Gre or arc Pace sy 29,1057
TREASURY FINANCING REQUIREMENTS
- duly - September 1997 7
SBil. T SBil.
Uses 1, Sources
150 21484 150
100 }- 100
Coupon i
Maturities @ coupon Refunding
== State and Local =
Decrease in
+ Cash ,
i: Balance”
os ——
A | «< Deficit” Net Market Borrowing ry io | |
0

‘Includes budget deficit, direct loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions,

® Assumes a $40 billion cash balance, September 30, 1997.

apartment om Treaminy
Other ot Maret Parcs oy 20, 1087-2


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Clover toyears {J 1-2 years Bi its
0 2-10 years 1 year & under
100% |-
15
80 [-
34
60 F-
40 _
17
20k
01986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Jun'97
As of December 31
Depart a Treasey
(fs ot Yano ance sy 28, 087-23
AVERAGE LENGTH OF THE MARKETABLE DEBT”
Privately Held
Years
June 1947
10 Years Months
10 5 Months June 30, 1997
5 Years, 4 Months
66
9
64
G 62,

joj
JFMAMJJASOND

elu
5st December 1975
2 Years
5 Months
4H
3H
aLLititiiil | Pitti tli t ite b iti ety

194547 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 8385 87 89 91 93 95 97

Excludes inflation-indexed security.

Deparment of ta Traamy
(oe of Maret Finance sy 20, 1907-04



MARKET YIELDS ON GOVERNMENTS

i | ceumwnmyamener) %
gaone®
6.5,- + 65
July 28, 1997
—
ai | 6.0
— r* “6
7.25 —{7.25
z
70 “boo
oh 576-4 5.5
6.50 eso
obs sas
omio 12 [4 16 18 20 227 24° 26 28 36:00
5.0

5.0
0

1 2 3 4 5 6 7 8 9 10
Years to Maturity

Ohno het France ay 28, 1907-25,

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
sei BY MATURITY

3000. [_] Over 10 years June 30, 1997 —> 2990.4
Z| 2-10 years
2500 }~ Zi 1-2 years

| 1 year & under

2000

i}
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
As of December 31

Deparment Taam,
ce of Maen Fiance ay 28, 197-2


FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Percent Percent
36 1 36
34 | 34
32 }- {32
30 | | 30
28 /- 28
26 }- 26
24 |— 24
22}- 22
20}- 20
18 5~ 18
16 — 16
bots Lis! |
Phd
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97
Quarterly
Otorotirct foana” y28, 199735

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1995 December 31, 1996 May 31, 1997
‘Asa teot [Asa% at] ‘Asa sot |Asa%ot ‘Asa wot [Asa %ot
SBillions Total Total $ Billions Total | ‘Total $ Billions Total. Total
Country | Foreign | Private Foreign Private Foreign Private
Japan $220.0 25.5% 6.7% | $277.9 24.6% 8.1% | $3078 25.9% 9.1%
United Kingdom 123.6 14.3% 3.8% 190.1 16.8% 5.6% 282.7 19.1% 6.9%
Germany 537 6.2% 16% 72.2 64% 21% | 667 5.5% 2.0%
OPEC 28.0 3.2% 0.8% || 421 3.7% 1.2% | 588 4.4% «1.6%
Mainland China B49 4.0% 1.1% 46.6 4.1% 1.4% | 50.9 4.2% © 1.5%
Netherland Antilles 509 5.9% 16% 638 5.6% 19% | 503 41% 15%
Spain 193 2.2% 06% 456 4.0% 1.0% 50.1 4.1% 1.5%
Hong Kong 188 2.2% 06% 334 3.0% 1.0% 44.1 3.6% © 1.3%
Singapore 29.7 3.4% 0.9% || 98.8 8.4% 4.19} 35.3 2.9% 1.0%
Taiwan 24.0 2.8% 0.7% | 320 2.8% 0.9% 34.6 28% 1.0%
Switzerland 97.0 4.3% «1.1% 81.0 2.7% «0.9% | 287 2.4% 0.8%
Canada 25.1 29% 0.8% 265 2.3% 08% 25.9 2.1% 0.8%
Mexico 16.4 19% 0.8% | 21.0 1.9% 0.6% 173 1.4% 0.5%
Belgium 127 18% 0.4% 14.1 1.2% 0.4% 16.3 1.3% 0.5%
France 92 1.1% 0.3% 95 0.8% 0.3% 89 0.7% 0.8%
Other 158.9 18.4% 4.8% 187.2 16.5% 5.5% | 195.2 16.0% 5.8%
Estimated
Foreign Total 862.2 100.0% 26.2% 1131.8 100.0% 33.2% | 1218.6 100.0% 36.0%
Note: AP's are included in “other. Detail may not add to totals due to rounding.

Source:

Depareent ot Trassury
Otice of Mare! Farce

‘Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989
and monthly data collected under the Treasury International Capital reporting

system July 28, 1907.


SBil

150,

100

50

NET STRIPS OUTSTANDING (1985-1997)*

ARTA Ten OWA SOTO PD OTE POET

985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97

‘Deparment fhe Treasury

End of Quarter
“Strips program began February 15, 1985,
Reconstitution began May 1, 1987.
Inflation-indexed securities had not been stripped as of July 18, 1997.

coor 05,00
SECURITIES HELD IN STRIPS FORM 1995-1997
Privately Held
sei + Strippable Stripped Po] 4 Sait
i As of July 31, 1995: $783.6 billion, $226.1 billion |
A As of July 31, 1996: $824.6 billion, $227.4 billion |
80 |- {80
[I As of July 18, 1997: $896.7 billion, $229.8 billion |
60}- fl ~{60
|
|
40 2 {40
a ~
20 | | +4 20
ea | |
J |
f | 2 | 2
Less than S years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years

Deparment ohn Tasty

Years Remaining to Maturity

Note: The STRIPS program was established in February 1985. The 11 5/8% note of Noveriber 15,
1994, issued on November 15, 1984, was the first STRIPS-eligibie security to mature.

Inflation-indexed securities had not been stripped as of July 18, 1997,

(fice oe Maret Pann say 20. 10973



TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
3341

2020 ., | 2023

2 |
|

2021 — 3 E | 2024 a | |
a | | | |
° T
a an 2025 5
io i |
a aE el i i
| we 2026 |!
| °E ; Al
gE ae
2022 | ie I | ft | L |
| | 2027 | ]

E os we | | |
BE |
BE
aE oe | | |
af | I 3 |
i ;

J oF MAM J J AS ON D J MAM JJ AS ON D

UHM secstes sued orto 1908 EZ) sow uses enondr yar 196
New issues calendar year 1995. J Issued or announced through July 25, 1997

Ofc of Maret Finaner uy 26, 198720

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN AUGUST 1997”

Monday Tuesday Wednesday Thursday Friday
1
4 6 7 8
Auction Auction Auction. Announce
3 year2/ 10 year?/ 30 year?’ 52 week
1 12 13 14 15
Auction
52 week /
18 19 20 at 22
Announce
2 year
5 year
25 26 27 28 29
Auction Auction
2 year4/ 5 yeart/

J/ Does not include weekly bills

2/For settlement August 15

3/For settlement August 21

4/For settlement September 2
Dapermant tthe Teasiy

Ofc ot Maret Fares ay 30, 1007-99


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS”

$Mil. Discount Rate %

rn
J

5.25
100
~{5.00

4.75

-100

-200 Net New Cash (lett scale) Discount Rate (right scale)
© 26 week 26 week
13 week nn" 13 woek

Aare ere Fra PO Oe FOO

‘soo Lhe

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jule
1996 1997
' Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
orate of he Testy P Preliminary
(fhe t Maret Finance say 26, 07s

NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

SBil, SBil

(285 Year 2 -
Gs vear _ n n
ool. «Ez 10 Year i r aD
EB is - |
(77) 30 Year i 4 Alu | n

1.0}- . i | j 1.0
: | } |

0.5}— | ) | i aig 05
| } mlo.0

|
Ll
J SOND J

Zi.
v MAMJJASOND JEM AM J JP
1995 1996 1997
* Excludes noncompetitive tenders from foreign oficial accounts and the Federal Reserve account.
+ nftaton nsx Sacrtoe  Prlminary

‘The maximum noncompetitive award to any noncompetitive bidder is $5 milion, elective November 5, 1991
Effective February 11, 1992. a noncompetitive bidder may not hold a position in Wi trading, futures, or forward contracts,
‘nor submit both competitive and noncompetitive bids for ts own account.

apart on Tinasuy
(ORen ot erat Finance 228, 10078


TREASURY OPERATING CASH BALANCE

Semi- Monthly
$Bil.
Without
New
80 [—
Tax and Loan : Borrowing 1/
Accounts Balance, |
60 [— Total Operating | |
Balance : \
+ | A | rn
40 | \

t A
“Many

ry

Federal Reserve Account

SS
.
ener?

-20;—
-40 ! | ! { | | l i { ul it 1
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
1996 1997
* Assumes refunding of maturing issues.
Depart ot rary
Otis of Maret nance oer

TREASURY NET MARKET BORROWING ~

$Bil. $Bil.
84.6
80 : : —|80
60 —{60
40 7 : 5 40
20 : = ale {20
0 10
-20 —{-20
-40 (1 over 10 yrs eo
EE} 5-10 yrs?
-60}- [1 2- under 5 yrs 4-60
Bills
-80}— —{-80
71.5
‘400-—! L L a
raw ver on mw wr on om wt oom we
1993 1994 1995 1996 1997

| Excludes Federal Reserve and Government Account Transactions.

® 7 year note discontinued atter April 1993,

5 Issued or announced through July 25, 1997.
Depart nn Funny
rca nance 28074


MATURING COUPON ISSUES
August - December 1997
(in millions of dollars)

June 30, 1997
Held by
Maturing Coupons Total Federal Reserve
& Government Private Foreign 1/|
Accounts Investors | Investors

85/8% Note 08/15/97 9,363 497 8,866 1,140
6 1/2% Note 08/15/97 20,250 2,283 17,967 2,651
5 5/8% Note 08/31/97 11,109 574 10,535 1,301
6 % Note 08/31/97 19,383 731 18,652 1,297
5 1/2% Note 09/30/97 412,139 541 11,598 1,610
53/4% Note 09/30/97 19,116 536 18,580 2,020
8 3/4% Note 10/15/97 8,860 816 8,044 809
53/4% Note 10/31/97 11,383 315 11,068 1,485
55/8% Note 10/31/97 18,840 552 18,288 3,728
87/8% Note 11/15/97 9,808 603 9,205 882
73/8% Note 11/15/97 20,861 3,523 17,338 3,415
6 % Note 11/30/97 11,526 276 11,250 1,070
5 3/8% Note 11/30/97 18,688 672 18,016 3,952
6 % Note 12/31/97 12,163 501 11,662 1,256
51/4% Note 12/31/97 19,164 880 18,284 3,666

Totals 222,653 13,300 209,353 30,280

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

Daparmant of te Treasury
(Often ot ant Paes,

oy 20, 198725,

TREASURY MARKETABLE MATURITIES

Privately Held, Exciuding Bills

Bil ;
a=
36 | 1997
a
32
30
28
26
26
22
20
‘a
16
ia
12
[= 1998

BSSBEEE ovaned

A
HB Securities issued prior to 1995
EBB Now issues calendar year 1995

M J

J A

Ss

EJ new issues calendar yaar 1996
EES Issued or announced through July 25, 1997

re) N

hay 20,197.26


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN SEPTEMBER 1997”

Monday Tuesday Wednesday Thursday Friday
1 2 3 4 5
Holiday Announce
52 week
8 9 10 "1 12
Auction
52 week ¥
15 16 17 announce | 18 19
2 year
5 year
22 23 24 25 26
Auction Auction
2yearY SyearY
29 30
4/Does not include weekly bills
2/For settlement September 18
9/For settiement September 30
apart Yany
Ott one ee Jui, 10704

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN OCTOBER 1997

Monday Tuesday Wednesday Thursday Friday

1 Announce 2 3
5-year Announce
inflation-indexed 52 week
note
6 7 8 Auction 9 10
5-year Auction
Inflation-indexed 52 weekY
note &/
13 14 15 16 17

Holiday

20 21 23 24

22 announce
2 year
5 year
27 28 29 30 3t
Auction Auction
2yearY 5 year Y

J/Does not include weekly bills
2/For settlement October 15
3/For settiement October 16
4/For settlement October 31