$Bil.

140-

120

100

80

60

40

20

TREASURY FINANCING REQUIREMENTS

October - December 1989

Uses

Coupon x

Maturities"

134 Sources

I^ Coupon It Refunding

Savings Bonds

2

43/4 1/2

4 Deficit 1/

State and Domestic

Local Series Net Market

Borrowing

Decrease in •

Cash Balance w

1/Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $41/2 billion of REFCORP bond proceeds

to RTC, and minor miscellaneous debt transactions.

$Bil.

140

120

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance January 30,1990-25
$Bil.

120

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

January - March 1990

Uses

Coupon a I

Maturities WI

2%

State &

Local

4 Deficit i/

122

Sources

^Coupon

• Refunding

Savings

Bonds Domestic ^ Series

2 ^

21/4

Foreign

Non-Marketables

Net Market_

j>Borrowing

411/2

$Bil.

120

100

80

60

40

-20

Decrease in ±

Cash Balance &W

1/Includes budget deficit, changes in accrued interest and checks outstanding,

transfer of $AV* billion of REFCORP bond proceeds to RTC, and minor miscellaneous

debt transactions.

2/Issued or announced through January 26, 1990.

3/Assumes a $10 billion cash balance March 31, 1990. January 30, 1990-26
10

0

-10

-20

-30 _L

TREASURY OPERATING CASH BALANCE

Semi-Monthly

1

Total Operating

Balance

1

Tax and Loan

'«| Accounts

v Balance

'Federal Reserve Account—

_L

WHhout New

Borrowing -"

1

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

1989 1990

^ Assumes refunding of maturing issues

Department of the Treasury

Office of Market Finance January 30, 1990-21
TREASURY NET MARKET BORROWING"

$Bil.

70

60

50

40

30

20

10

0

-10

-20 k

II III IV

1986

Coupons

111 Over 10 yrs

0 • 10 yrs.

55.0 Bills

II III IV

1987

II III IV

1988

I II III IV I

1989 1990

-^Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance January 30, 1990-8
$Mil

600 h

500

400

300

200

100

0

-100

-200

-300

-1000

-1100

-1700

-1800rNET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS1

-Discount Rate %

9.0

Net New Cash (Left scale)

Hi 26 Week

H 13 Week

DiSCOUnt Rate (Right Scale)

— 26 Week

—13 Week

Feb Mar Apr May Jun Jul

1989

V Excludes noncompetitive tenders from foreign official accounts.

* No noncompetitive rollovers allowed in bill auctions,

p Preliminary

Aug Sep Oct * Nov Dec Jan p

1990

8.5

8.0

7.5

Department of the Treasury

Office of Market Finance January 30, 1990-4
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to £

F c

Eo

c2
$Bil.

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form Percent

(Left Scale) (Right Scale)

- EHJ 30 Year mm 30 Year

120 Year ••• 20 Year

|- ^10 Year —lOYear

80

70

60

50

40

30

20

10

0

NDJ FMAMJ JASONDJ FMAMJ JASONDJ

1987 1988 1989 1990

%

50

40

30

20

10

Department of the Treasury

Office of Market Finance

Through January 19, 1990

Note: Reconstitution began May 1, 1987

January 30, 19906
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.| 1$Bil.

I II III IV

1986

Department of the Treasury

Office of Market Finance

IV I II III IV

1987 1988

e estimate

I II III IV le

1989 1990

January 30, 1990-9
CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

$Bil.-

I II III IV

1986

Department of the Treasury

Office of Market Finance

New Issues

Refunding

Changes in SLGS

II III IV I II

1987 1988

II IV I II III IV

1989

$Bil.

50

40

30

20

10

0

January 30, 1990-14
STATE AND LOCAL MATURITIES 1990—1992 CPDII.

9.3

vj>l

9 9

8 —

7.7

6.5

—

8

7 —

6.6

7

6 —

5.5

6

b.2

5 5

4 —

4.1 4.0 4.1 4.0 4

3.5

j.ii

3 3

2 2

1 1

0 i I 0

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

1990 1991 1992

Departme

Office of

nt of th

Market

e Treasu

Finance

y

j anuary in, 1
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Department of the Treasury

officeof Market Finance -^/Preliminary,

Nonmarketable

Ill IV

1986

II III m

1989

•WF.R.B. purchases of marketable issues as agents for foreign and international

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

$Bil.

January 30, 1990-16
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

I II III IV

1986

Department of the Treasury

Office of Market Finance

II

1987 1988

Quarterly Totals

J/Through January 26, 1990.

1989

IV \v

1990

January 30, 1990-15
SHORT TERM INTEREST RATES

Quarterly Averages

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance January 30, 1990-19
%

11

'»«.•••».,

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

'"%..•*""""••.,

Commercial Paper

%i....m..«""\\

Through

week ending

January 24

%

Ml

10

'*«^..n'"""*

B

1_L

*••• •••*•• ••••••••

O ft***.**!* T«».o..n. Dill •• 3 Month Treasury Bill

Apr May Jun Jul Aug Sep

1989

Oct Nov

Department of the Treasury

Office of Market Finance

**•'....

»••••••...••"

Dec Jan

1990

8

January 30, 1990-20
%

16

15

14

13

12

11

10

9

8

7

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

30-Year

Municipal Bonds

30-YeaM

Treasury

%

16

15

14

13

12

11

10

9

8

7

6

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance January 30, 1990-18
%

9.0

8.5

8.0

7.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

♦A

#«*« \ ^ Treasury 5-Year

V

Through week

ending January 26

Treasury 10-Year

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1989 1990

%

9.0

8.5

8.0

7.5

Department of the Treasury

Office of Market Finance January 30, 1990-17
MARKET YIELDS ON GOVERNMENTS

%

8.60

8.40

8.20

8.00

7.80

Bid Yields

7o 1 1 1 I 1 1 1 1 1

8.4 —

8.2 —

8.0 —

%

8.4

8.2

8.0

I I I I L I L_ 1 1 1 1

10 12 14 16 18 20 22 24 26 28 30

January 29, 1990

October 30, 1989

4 5 6

Years to Maturity

Department of the Treasury

Office of Market Finance

8

%

8.60

8.40

8.20

8.00

7.80

10

January 30, 1990-27
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1978 1979 1980 1981

Department of the Treasury

Office of Market Finance

1982 1983 1984 1985 1986

As of December 31

1987 1988 1989

January 30, 1990-2
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons H Over 10 years ^1-2 years Bills

• 2-10 years ^ 1 year & under

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

As of December 31

Department of the Treasury

Office of Market Finance January 30, 1990-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Months73- December 31, 1989

6 Years \

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance January 30, 1990-1
MATURING COUPON ISSUES

February 1990 - June 1990

(In millions of dollars)

Maturing Coupons

December 31, 1989

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

11 % Note 2/15/90 - G

11 o/o Note 2/15/90 - H2/

6 1/2% Note 2/15/90 - S

3 1/2% Bond 2/15/90

7 1/8% Note 2/28/90 - X

7 1/40/0 Note 3/31/90 - N

7 3/8% Note 3/31/90 - Y

10 1/2% Note 4/15/90 - D

7 5/8% Note 4/30/90 - Z

11 3/8% Note 5/15/90 - J

7 7/8% Note 5/15/90 - T

8 1/4% Bond 5/15/90

8 1/8% Note 5/31/90 - AB

7 1/40/0 Note 6/30/90 - P

8 % Note 6/30/90 - AC

7,379

567

14,265

568

10,763

7,978

11,333

5,054

11,260

7,029

12,000

1,203

9,677

8,037

11,115

632

3,790

307

912

543

2,105

223

1,434

489

1,271

342

761

402

1,426

6,747

567

10,475

261

9,851

7,435

9,228

4,831

9,826

6,540

10,729

861

8,916

7,635

9,689

1,046

490

1,497

680

1,340

991

1,173

961

1,213

3

978

795

1,402

Total 118,228 14,637 103,591 12,569

Department of the Treasury

Office of Market Finance

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

2J Foreign-targeted note.

January 30, 1990-7
Jan Feb

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

HHI Securities issued prior to 1988

ISS&S9 New issues calendar year 1988

January 30, 1990-11
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $BII

20

18

16

14

12

10

8

6

4

2

0 , 22 r20

18 -

16 -

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

^ 107RS11-3 WM

Hi

-7.2

7.7

15.7

:,J1

8.1

I

9.0

2A

6.8

7.7

8.9

18.3

I

199T

6.7 «£

1 I

1996

7.4

9.6 1997 92

• I I 9.2 1998 11.0

i°| 1999 9.8

I •

"2005

2.5

6.9

7.9

8.5

I

19.5

I

9.4

I

9.8

10.4

1

J F M A M J J A S O N D

Hsecurities issued prior to 1988

New issues calendar year 1988

J F M A M J J

jNew issues calendar year 1989

flssued or announced through January 26, 1990

A S O N D

Department of the Itaasury

Office of Market Finance January 30, 1990-12
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills SBil.

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

SBil.

2

0

2

0

6

4

2

0

8

6

4

2

0

8

6

4

2

0

4

2

0

2

0

2

0

2

0

2

0

4

2

0

8

6

4

2

0

12

10

8

6

4

2

0

4

2

0

—

12 1.6 2001 • 1.6

1.7 2002 2

- 2.9 3.2

•

2003 3.3 i

= 3.6

•

2004 4.0

•

8.2

1 = 6.3

• 2005 •">

- |4.8 2006i

—

H2J 2007 12

—

2008 1.3 •3.6

—

3.8 _ 2009 ^3.2

—

1.7 1.8 20i 6 • 3.8

-

3.7, 2011i I42

-

2012 •|10.0

=

2013 • 12.4

—

**•

2014

I |4, • " J FMAMJ JASOND

LHsecurities issued prior to 1988

•^2 New issues calendar year 1988

Department of the Treasury

Office of Market Finance

• 11.8

7.0

£319.0

I

2015

17 9- 2016

18.0 B 2017 • 13.8

85g 2018

2019 m 19.8

1

2020

16.7

• 18.5

r

J FMAMJ JASOND

]New issues calendar year 1989

IIssued or announced through January 26, 1990

January 30, 1990-13
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1990^

Monday Tuesday Wednesday Thursday Friday

1 2

Announce

52 week

5 Auction

3 year-2/

Auction

10 year1/

Auction

30 year1/

9

12

Auction

52 week 2/

Announce

2 year

5 year

15 16

19

Holiday

20 21

Auction

2 year-3/

22

Auction

5 year &

23

26 27 28

Department of the Treasury

Office of Market Finance

jy Does not include weekly bills

2/ For settlement February 15

3/ For settlement February 28

A/ For settlement in early March

January 30, 1990-22
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 1990^

Monday Tuesday Wednesday Thursday Friday

1 2

Announce

52 week

5 6 7 8

Auction

52 week 2/

9

12 13 14 15 16

19 20

Announce

2 year

4 year

22 23

26 27

Auction

2 year-3/

28

Auction

4 year-3/

29 30

Announce

52 week-4/

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement March 15

2/ For settlement April 2

A/ For auction April 5 and settlement April 12

January 30, 1990-23
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN APRIL 199017

Monday Tuesday Wednesday Thursday Friday

2 3 4

Announce

7 year

5

Auction

52 week 2/

6

9 10 11

Auction

7 year-3-/

12 13

16 17 18

Announce

2 year

19 20

23 24 25

Auction

2 year 4/

26 27

Announce

52 week-5-/

30

r

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement April 12

2/ For settlement April 16

4/ For settlement April 30

5/ For auction May 3 and settlement May 10

January 30, 1990-24