$Bil.

1001-

90

80

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

April - June 1990

Uses 94V4 Sources

Coupon ^i

Maturities*!

Increase in

Cash Balance

P4 Deficit 1/

3/4

Foreign

Nonmarketables

^ Coupon

• Refunding

Savings

Bonds

2

1

State & Local

Domestic Series

V*

Net Market

Borrowing

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

outstanding, transfer of $31/2 billion of REFCORP bond proceeds

to RTC, and minor miscellaneous debt transactions.

$Bil.

100

90

80

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance July 31, 1990-19

/
$Bil.

120-

100-

80

60

40

20

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

July - September 1990

Uses

Coupon ^

Maturities*

State and

Local

3/4

Foreign

Non-Marketables

4 Deficit H

131 Vk

Sources

^ Coupon

t Refunding

1/4

Savings

Bonds

Domestic

Series

Net Market

Borrowing /

63Vi

38%

To Be

Done

Decrease

in Cash

Balance 3/-

41/2

$Bil

120

100

80

60

40

20

0

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

outstanding, transfer of $5 billion of REFCORP bond proceeds to

RTC, and minor miscellaneous debt transactions.

2/ Issued or announced through July 27, 1990.

3/ Assumes a $30 billion cash balance September 30, 1990. July 31, 1990-20
$Bil.

20

10

0

-10

-20

-30

-40-

-50-

-60

TREASURY OPERATING CASH BALANCE

Semi- Monthly

Total Operating

401- Balanced

30 *

r. A A

\«.'">.t,n„^""'"^ V '""""'•>'->,.^'""o./' '''*«'"""-.„, mm, .«m..,..mifll|, tfJ

Federal Reserve Account

1

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

1989 1990

Department of the Treasury

Office of Market Finance

1/Assumes refunding of maturing issues, excluding CMB

maturing September 20 and FTN maturing August 15.

July 31, 1990-18
TREASURY NET MARKET BORROWING^

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

1986 1987 1988 1989

Department of the Treasury

Office of Market Finance

-i/Excludes Federal Reserve and Government Account Transactions.

II III

1990

-20

July 31, 1990-13
NET NEW CASH FROM NONCOMPETITIVE TENDERS

smii. IN WEEKLY BILL AUCTIONS^

Department of the Treasury

Office of Market Finance

Oct * Nov Dec Jan Feb Mar Apr

1989 1990

J/Excludes noncompetitive tenders from foreign official accounts.

* No noncompetitive rollovers allowed in bill auctions.

p Preliminary

Discount Rate %

8.0

May Jun Julp

July 31, 1990-7
1

LU

CO

o

o

Q.

LU

LU

hLU

Z

Q

LU

CC

CO

^\\\\\\NNNNN\N\\\\\\\\\\^^^^^

>-

<D

CO

<D

CO

>•

a) co

i_ >" 08

a> ^ o

>- 08 •>-

U5 CM CO

CO

LO

CO

o

c\i

IT)

k\\\\\\\\V\\\\\\\\\\\\^^^^^

k\\\\\\\kk\\\\\\\\\\^^^^^

b^^^^^^^»y

K\\\\\\\\\\\\\\\\^\\\^^^^^

MttMw>XVw\

k\\\\\\\\\\\\\\\\^\\\\\\\\\\s

k\\\\\\\\\\\\\\\\\\\\\\\\\^^^^^

k\\\\\\\\\\\\\\^\\\\\\\\\\^^^^^^

KSa*SJS

CNJ

o to

kwwwwwwww^^^

lO

CO

o

a

CO

< 28

0)

(0

c

o

c

o

o

E

a.

_3

•a

X

o

111

>l

Eo
$Bil.

100

90

80

70

60

50

40

30

20

10h

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form

(Left Scale)

11130 Year

^20 Year

^210 Year

mm

M

IP

Percent

(Right Scale)

—i30 Year

•••20 Year

•--'10 Year

• «

WBBfliMMiri«rawM^^ mm,

J ASONDJ FMAMJ J ASONDJ FMAMJ J*

1988 1989 1990 * Through July 20, 1990

Note: Reconstitution began May 1, 1987

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance July 31, 1990-6
• t

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

I II III IV

1986

Department of the Treasury

Office of Market Finance

I II III IV I II III IV

1987 1988

e estimate

I II III IV

1989 1990

July 31, 1990-16
$Bil

CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

50

40

30

20

10

I II III IV

1986

Department of the Treasury

Office of Market Finance

INew Issues

IRefunding

Changes in SLGS

II III IV

1987

II III IV I

1988

II III IV I II

1989 1990

$Bil

50

40

30

20

10

0

July 31, 1990-9
STATE AND LOCAL MATURITIES 1990--1992

$Bil. 9.7 —

9

8.2

—

8 - 7.8 —

7 — 6.8

6.6 —

6 —

5

4 —

4.5 4.5

3.4

4.2 4.1

—

3 — —

2 —

-

-

—

1

n |

—

IV I III IV I III IV

1990 1991 1992

$Bil.

9

8

7

6

5

4

3

2

1

0

Department of the Treasury

Office of Market Finance July 31, 1990-17
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Nonmarketable

1986 1987 1988 1989

Department of the Treasury

Office of Market Finance

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.

-^/Preliminary.

$Bil.

July 31, 1990-15
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil. i $Bil

16

14

12

10

8

6

4

2

16.3

Notes

I., i 5 years and over

IV I II III IV I II III IV

1987 1988

Quarterly Totals

-^Through July 27, 1990.

1986

Department of the Treasury

Office of Market Finance

I II III IV

1989

II WW

1990

16

-14

12

10

8

6

4

July 31, 1990-14
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

.Federal Funds

3 Month

Treasury Bill Commercial

Paper

.•• "•••••"

I I I

Through

July 25 "

••••••••••,

10

8

6

4

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

%

20

18

16

14

12

10

8

6

4

Department of the Treasury

Office of Market Finance July 31, 1990-21
%

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

•••••.„ /\ ,

'V %iiiiiii««r,»ni,«iiii.......•••-

••*••.

Through

week ending

July 25

Commercial Paper

*•..../"•—„• .....••....-•• V ... 3 Month Treasury Bill

I I M II I I J_L

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

1989 1990

%

10

8

Department of the Treasury

Office of Market Finance July 31, 1990-5
%

16

15

14

13

12

11

10

9

8

7

6

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

30-Year

Municipal Bonds

30-Year!

Treasury

Through

July 25 "

•••....•••••

%

16

15

14

13

12

11

10

9

8

7

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance July 31, 1990-22
%

9.0

7.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

•TV **• ff• %Treasury 5-Year

•••••

I i i ill i I I II i i i in i i t II i i ill i i i I i i i

Oct Nov Dec Jan Feb Mar Apr May

Through week

ending July 27

Jun Jul

%

9.0

8.5

8.0

7.5

Department of the Treasury

Office of Market Finance July 31, 1990-4
8.90

8.70

8.50

8.30

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

Till I L

8.7

8.5

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8.90

8.70

8.50

8.30

8.10

7.90

.70

July 31, 1990-26
$Bil.

1800

1600

1400

1200

1000

800

600

400

200

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS

I IOver 10 years

I 2-10 years

71 1-2 years

1 year & under

BILLS

1979 1980 1981 1982

Department of the Treasury

Office of Market Finance

1983 1984 1985 1986

As of December 31

June 30, 1990^,1780.2

1987 1988 1989

July 31, 1990-10
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years ^1-2 years Bills

D 2-10 years ^ 1 year & under

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Jun '90

As of December 31

Department of the Treasury

Office of Market Finance July 31, 1990-11
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

MonthsJune 30, 1990

6 Years, 1 Month

/

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 July 31, 1990-12
MATURING COUPON ISSUES

August—December 1990

(In millions of dollars)

Maturing Coupons

June 30, 1990

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!^

10 3/4% Note 8/15/90 - A

9 7/8% Note 8/15/90 - K

9 7/8% Note 8/15/90 - L2/

7 7/8% Note 8/15/90 - U

8 5/8% Note 8/31/90 - AE

6 3/4% Note 9/30/90 - Q

8 1/2% Note 9/30/90 - AF

11 1/2% Note 10/15/90 - F

8 1/4% Note 10/31/90 - AG

13<>/0 Note 11/15/90 - B

9 5/8% Note 11/15/90 - M

8% Note 11/15/90 -V

8 7/8% Note 11/30/90 -AH

6 5/8% Note 12/31/90 - R

9 1/8% Note 12/31/90 - AJ

3,762

7,597

599

11,128

10,596

8,194

10,770

5,044

10,710

5,701

7,843

13,407

10,605

8,393

11,007

1,324

610

1,134

1,132

293

1,539

213

640

786

249

2,385

495

168

1,100

2,438

6,987

599

9,994

9,464

7,901

9,231

4,831

10,070

4,915

7,594

11,022

10,110

8,225

9,907

266

1,127

2,044

714

918

878

536

995

526

1,474

1,847

725

781

1,288

Totals 125,356 12,068 113,288 14,119

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

2J Foreign-Targeted note.

Department of the Treasury

Office of Market Finance July 31, 1990-8
JFMAMJJASOND

Insecurities issued prior to 1988

Department of the Treasury Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

15.7 |

8.1

I

9.0

9.5

12.3

6.8

7.7

17.2

18.3

I

1995 158

6.7

I

1996

7.4

96 1997 92 7.6 H I 8.1 •

i I

9.2

10.8

10.2

I

1998 11.0

1999 as

I

2000

2.5

6.9

7.3

8.5

I

20.1

9.4

I

9.8

10.4

i

JFMAMJ JASOND

Wew issues calendar year 1989

New issues calendar year 1988 iililssued or announced through July 27, 1990

July 31, 1990-1
$Bil.

2

0

2

0

4 —

2 —

1.3

2.9

| 4.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $Bi

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

IS, 2001 2d

2002

2003

2004 3.6 4.0

2005

I

2006

2007

2008

2009

J£ 2010

3.7 I 2011

2012

2013

I 4.6 2014

2.6 ,

18.2

I

1.2

I 3.6

I 3.2

I 3.8

14.2

I

10.0

I 52

11.8

I

2015

17.9

I

2016

18.0 I

2017

I

13.8

1 2018

|— 19.0 2019 R73 19.8

2020

10.0 10.0

18.5

I

r

J FMAMJ J A S O N D

Securities issued prior to 1988

New issues calendar year 1988

J FMAMJ J

New issues calendar year 1989

Issued or announced through July 27, 1990

A S O N D

Department of the Treasury

Office of Market Finance July 31, 1990-2
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN AUGUST 1990^

Monday Tuesday Wednesday Thursday Friday

1 2 3

6 7 Auction

3 year-2/

8 Auction

10 year^/

9 Auction

30 year

&CMB^/

10

13 14 15 16 17

Announce

52 week

20 21 oo

"Announce

2 year

5 year

23 Auction

52 week3/

24

27 28 A ♦• Auction

2 year 4/

29

Auction

5 year-5-/

30 31

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2J For settlement August 15

jj/ For settlement August 30

4/ For settlement August 31

5/ For settlement in early September

July 31, 1990-23
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN SEPTEMBER 1990^

Monday Tuesday Wednesday Thursday Friday

3

Holiday

4 5 6 7

10 11 12 13

Announce

52 week

17 18

Announce

2 year

4 year

20 A *•

Auction .

52 week^7

21

24 25 Auction

2 year 3/

26 Auction

4 year3/

27 28

1/ Does not include weekly bills

2J For settlement September 27

2J For settlement October 1

Department ot the Treasury

Office of Market Finance July 31, 1990-24
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN OCTOBER 19901/

Monday Tuesday Wednesday Thursday Friday

1 2 3

Announce

7 year

4 5

8

Holiday

9 10

Auction

7 year2/

11 12

Announce

52 week

15 16 17

Announce

2 year

18

Auction

52 week-2/

19

22 23 24

Auction

2 year 4/

25 26

29 30 31

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement October 15

2/ For settlement October 25

4/ For settlement October 31

July 31, 1990-25