$Bil.

120

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

October — December 1984 ^

Uses

Coupon .

Maturities }l

121V4

Foreign

Nonmarketables

Sources

^Coupon Refunding

Savings Bonds

1

y^1

State &

Local

Cash Deficit ^

iyIncludes the 2 year note which settled October 1, 1984.

2/Includes $6.8 billion public housing notes financed by Treasury.

Net Market

Borrowing

Decrease in

Cash Balance

SBil.

120

100

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 29, 1985-23
$Bil.

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January — March 1985^

Uses

Coupon Maturities^

State & Local

% 1/2

Foreign

Nonmarketables

14Cash Deficit

76V4 Sources

|4Coupon Refunding

Savings

Bonds

Net Market

Borrowing

44V4

Decrease in Cash Balance^ }

1/Excludes the two and four year notes settling April 1, 1985.

2/ Issued or announced through January 25, 1985.

3/ Assumes a $10 billion cash balance March 31, 1985.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Bil.

70

60

50

40

30

- 20

- 10

0

January 29, 1985-24
$Bil.

40

30

TREASURY OPERATING CASH BALANCE

Semi-Monthly

20-

<*-Without New-^

Borrowing JL/ Tax and Loan k _ Accounts Balance! 1

/\ I \ Total aA

/ ^"""V I 1 Operating*/ 1 A ••

• •

/ \ Ii Balance / \ A

- vAl^A/VV^A• • i •

^,/ v^-——«*J v^*— \,^-~ / NL *"<«, yN

Federal Reserve Account

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

1 1 1 1 1 1 1 1 1 1 1 1 1 1

10

0

-10-

-20-

-30

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

1984 1985

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

jjAssumes refunding of maturing issues

January 29. 1985-11
TREASURY NET MARKET BORROWING^

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

1981 1982 1983 1984 1985

-VExcludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 29, 1985-4
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. i 1$Bil.

1 II III IV II III IV I II III IV I II III IV le

1981 1982 1983

e estimate

1984 1985

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 29, 1985-5
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. $Bil.

-10

Nonmarketable

-5.8

Marketable

BE Add-ons J/

LH Other Transactions 10.4

I II III IV I II III IV I II III IV I II III \V2-<

1981 1982 1983 1984

U 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.

II Preliminary. Includes $2 billion foreign targeted issues in "other transactions."

Office of the Secretary of the Treasury

Office ofGovernment Finance &Market Analysis LeSS than $50 million.

-5

•10

January 29. 1985-17
$Mil.

1500

1000

500

Years to Maturity

Issue Date

ACCEPTED FOREIGN TENDERS IN TREASURY

NOTE AND BOND AUCTIONS

May — December 1984

Fl Foreign "Add-On" */

• Other Foreign

10 30

May

5

Jun

2 4 7 20

Jul

22/

1

mi

mm

10 30 2 5

Aug ISep

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.

21 First issue exempt from 30% foreign withholding tax.

3/ Foreign targeted issue.

2 7

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Mil.

1500

1000

500

January 29. 1985-18
%

20-

SHORT TERM INTEREST RATES

Monthly Averages

Through

January 25

Prime Rate

%

20

18

16

14

12

10

8

6

3 Month

Treasury Bill

1981

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

'•....••••&; Commercial

Paper

1982 1983 1984 1985

January 29, 1985-13
Apr May

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

SHORT TERM INTEREST RATES

Weekly Averages

Through

week ending —

January 23

\

%

13

12

11

-10

8

Jun Jul Aug

1984

Sep Oct Nov Dec Jan

1985

January 29, 1985-15
LONG MARKET RATES

Monthly Averages

%

19

17

9-

.••••••

1981

/*% New Conventional

\ L \ Mortgages

•••'••J.

1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

New Aa Through

CorporateSj ££s January 25

t

Treasury 20-Year

•••...•

20-Year

Municipal Bonds

1983

.•....•••••.—•••• ••••*

1984

%

19

17

15

13

11

1985

January 29, 1985-14
INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

%

/Treasury

S 10-Year

Apr May

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Jun

\ \NewAa

Corporates

Municipal Bonds

20-Year

Through week ending

January 25

Treasury

20-Year

Treasury^*-""* ^*--*„

5-Year \-' ^>

i I i i I i i i ilii i mi i i i h i i i

%

14

13

12

11

-10

Jul Aug

1984

Sept Oct Nov Dec Jan

1985

January 29, 1985-16
%

12

11

10

8

MARKET YIELDS ON GOVERNMENTS

Bid Yields

10 12 14 16 18 20 22 24 26 28 30

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8 10

January 29, 1985-19
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1977 1978 1979 1980 1981

As of December 31

1982 1983 1984

January 29,1985-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons Hover 10 yrs ^1-2yrs Bills

||2-10yrs ^ 1 yr & under

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 29,1985-3
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

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 29, 1985-1
MATURING COUPON ISSUES

February — June 1985

(In millions of dollars)

Maturing Issues

December 31, 1984

Total

Held By

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

8% Note 2/15/85

14 5/8% Note 2/15/85

9 5/8% Note 2/28/85

13 3/8% Note 3/31/85

9 5/8% Note 3/31/85

9 1/2% Note 4/30/85

10 3/8% Note 5/15/85

14 3/8% Note 5/15/85

14 1/8% Note 5/15/85

4 1/4% Bond 5 /15 / 85

3 1/4% Bond 5/15/85

9 7/8% Note 5/31/85

14% Note 6/30/85

10% Note 6/30/85

4,203

5,888

8,434

3,786

9,171

8,572

2,539

2,719

6,952

632

407

8,681

3,393

9,022

1,448

645

645

402

623

347

40

272

1,689

268

147

540

277

$17

2,755

5,243

7,789

3,384

8,548

8,225

2,499

2,447

5,263

364

260

8,141

3,116

8,205

1,135

598

641

778

365

38

335

t/Mtt

526

1,071

429

Total 74,399 8,160 66,239 7,097

XI F.R.B. custody accounts forforeign official institutions;

included in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance &Market Analysis January 29 19^5
$Bil

20

TREASURY MID-QUARTER REFUNDINGS

1982-1986

Hi New Money Raised

IH Maturities

— New Money Raised in Refunding

as a Percent of New Money

Raised in that Quarter

IV I II III IV

1982* 1983 1984 1985

* Bond Authority not available for May or August Refundings.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

II III IV

1986

%

30

20

10

0

January 29, 1985-10
$Bil.

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

14.8

ai

1 6.2

5.0 6.1

-2.7 2.8

J F M A

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

9-5 VA 82 m 83 A

11.8

6.2

8.2 1989

4.6

6.3

I

10

8

6

4

2

0

10

8

6

4

2

0

4

2

0

8

6

4

2

0

12

10

8

6

4

2

0

8

6

4

2

0

6

4

2

0

.3.4 3.2 A,

• 1 I 1

142 1986

13.403

14.3 14.2 13.2

9.0KJ9.0 8.3 KM8.7

i 12.6

I

i I

8.3

•

1987

10.8

6.1 r^3 6.2

1988

6.2

I

3.4

5.7

9.2 9.5

•

7.2*

3.2 P

I

13.8

8.2

15.0

I

6.0

6.4

I

8.5*

4.8

1

1"

5.8

2.6

6.3

2.9

1.6

5.0

5.4

1 -

8.7

I

4.7

5.4

1

2.6

1990

4.9

2.6

1991 5.3

2.3

1992

1993

1994

1995

2.1

7.6

7.2

8

4.2 rA

I I

5.0 5.1

I 5.7

2.3

4.1

1'"

7.2

1

1.4

MJJASOND

*Includes $1.0 billion of foreign-targeted issues.

• Securities issued prior to 1983 ^ New issues calendar year 1984

SISol ^n^Fin^LTMa^, Ana,¥sis Z2 New issues calendar year 1983 • Issued or announced through January 25, 1985

JFMAMJJASOND

January 29, 1985-6
$Bil.

0

0

0

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

6

4

2

0

0

2

0

2

0

2.2

1.5

1.7

— 2.9

I 2.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1996

1997

^T91

-8 19«

2000 .2.5

1.7 2001 .2.4

2002

2003

3.2 3.5

2004

3.7 4.0

2005

2.1

2006

2007

2008 1.4

1.6

.2.6

1"

8.3

1.2

3.6

I

$Bil.

2

0

2

0

4

2

0

10

8

6

4

2

0

12

10

8

6

4

2

0

4

2

0

6

4

2

0

1.8

3.9

I

2009

1.9

3.7

I

4.8

1

2010

2011

2012

2013

2014

2015

12.6

I

4.8

• 3.4

I

4.1

4.4

I

10.3

I

5.3

1

JFMAMJJASOND JFMAMJJASOND

Securities issued prior to 1983

Office of Government Finance &Market Analysis KH New iSSUeS Calendar year 1983

YffA\ New issues calendar year 1984

lH Issued or announced through January 25,1985 January 29, 1985-7
SMillions

200

150

100

50

0

STRIPPABLE INTEREST PAYMENTS

(Semiannual payments on $1 billion par amount)

May Aug1985 Feb

1985

Eligible Issues

^11/15/94

• 2/15/95^

• 11/15/2004

80 11/15/2009-14

• 2/15/2015^

Feb- MayAug Nov

2005-2009

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Nov- Feb May- AugMay 1995 Nov Feb

1994 1995-2004

1/ Assumes 11 V*% Coupon

FebAug

2010-2015

January 29, 1985-22
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

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

1980 1981 1982 1983 1984

*Less than $50 million.

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

1980 1981 1982 1983 1984

Partly estimated.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

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

certificates, mortgage-backed bonds, and mortgage participation certificates. January 29, 1985-9
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1985 u

Monday Tuesday Wednesday Thursday Friday

1

4 5

Auction

3 year-2/

6

Auction

10 year &

Auction

30 year-?/

Announce

52 week

11 12 13

Announce

2 year

14

Auction

52 week

15

18

Holiday

19

Announce

5 year

20

Auction

2 year-^

21 22

25 26

Auction

5 year -^

27 28

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

J/Does not include weekly bills

-2/For settlement February 15

-2/For settlement February 28

-*/For settlement in early March

January 29, 1985-20
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 1985 u

Monday Tuesday Wednesday Thursday Friday

1

4 5 6 7 8

Announce

52 week

11 12 13

Announce

2 year

14

Auction

52 week

15

18 1 9 Announce

4 year

7 year

20 year

20 A

Auction

2 year-*/

21 22

25 26

Auction

4 year-^

27 A

Auction

7 year^

28

Auction

20 year-5/

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-i/Does not include weekly bills

i/For settlement April 1

a/For settlement in early April

January 29, 1985-21