$Bil.

80-

60

40

20

0

TREASURY FINANCING REQUIREMENTS

April - June 1987

Uses

Coupon Maturities^

Foreign

Nonmarketables I

VA

Deficit^

4 Increase in

Cash Balance

1/4

80V4 Sources

^Coupon Refunding

Savings Bonds

2%

State ^

and Local t

Net Market ^

Borrowing W

1/ Includes budget deficit changes in checks outstanding,

and minor miscellaneous debt transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

80

60

40

20

0

July 28, 1987-12
$Bil.

80

TREASURY FINANCING REQUIREMENTS

July - September 1987^

Uses Sources

77V4

60

Coupon Maturities^ ^Coupon Refunding

40

20

0

Foreign

Nonmarketables

13/4

Savings Bonds

State 21/4|l

and Local /

4 Deficit Net Market

Borrowing | 27V2 <

1/ Includes budget deficit changes in checks outstanding, and minor

miscellaneous debt transactions. Assumes a $40 bilion cash balance

September 30, 1987.

2/ Issued or announced through July 24, 1987.

Department of the Treasury

Office of Government Finance & Market Analysis

To be

done

23%

$Bil.

80

60

40

20

0

July 28, 1987-13
-20

TREASURY OPERATING CASH BALANCE

Semi-Monthly

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

1986 1987

1/ Assumes refunding of maturing issues.

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-15
1 I

TREASURY NET MARKET BORROWING*/

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

1983 1984 1985 1986

v Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

-10

-20

1987

July 28, 1987-16
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.i l$Bil.

1 II III IV 1 II III IV I II III IV I II III IV I II llle

1983 1984 1985

e estimate

1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-20
STATE AND LOCAL GOVERNMENT SERIES

1982 1983

Department of the Treasury

Office of Government Finance & Market Analysis

1984 1985 1986 1987

July 28, 1987-14
I I

STATE AND LOCAL MATURITIES 1987-1989

$Bil.

3-

0

3.5

2.2

1.9

III IV I

1987

Department of the Treasury

Office of Government Finance & Market Analysis

2.3

1.6

1988

$Bil.

2.0

2.1

1.8

1.9

1.4

IV I III IV

0

1989

July 28, 1987-17
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

1983 1984 1985 1986

ii 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.

n Preliminary. * Less than $50 million.

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-24
SHORT TERM INTEREST RATES

Quarterly Averages

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-7
%

SHORT TERM INTEREST RATES

Weekly Averages

Through —

week ending

July 22

1

%

9

8

.. ..•••••\...« /V***'N—•• — ••••••*

>-•

Oct Nov

1986

Dec

Department of the Treasury Office of Government Finance & Market Analysis

3 Month Treasury Bill

Jan Feb Mar Apr

1987

May Jun Jul

July 28, 1987-6
%

17

16

15

14

13

12

11

10

9

8

7

LONG TERM MARKET RATES

Quarterly Averages

/ / New Aa

/ /Corporatesw

Treasury

30-Year J/

1977 1978

1

1979 1980 1981 1982 1983 1984 1985

1/ The 30 year Treasury series was initiated in March 1977.

2/ The 30 year Bond Buyer Index was started September 21,1979.

Department of the Treasury

Office of Government Finance & Market Analysis

Through

July 24

1986 1987

%

17

16

15

14

13

12

11

10

9

8

7

July 28, 1987-5
%

10

6

-*•%.

v..-.

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

v..-.——

/ Treasury 30-Year

- . Treasury i 0-Year ^'^'^n*-' """S^ Municipal Bonds

Treasury 5-Year

I I I I I I 111 I I I

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

1986 1987

%

10

8

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-4
%

8

MARKET YIELDS ON GOVERNMENTS

Bid Yields

April 27, 1987

8.50-

%

8.25

10 12 14 16 18 20 22 24 26 28 30

8.25

0

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8 9 10

July 28, 1987-23
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1976 1977 1978 1979 1980 1981 1982 1983

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis

1984 1985 1986

July 28, 1987-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons H Over 10 years r2! 1-2 years

B 2-10 years gg 1 year & under

Bills

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 Jun'87

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-3
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 85 87

Department of the Treasury

Office of Government Finance & Market Analysis

July 28, 1987-1
MATURING COUPON ISSUES

August - December 1987

(In millions of dollars)

Maturing Issues

June 30, 1987

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors J/

13 3/4% Note 8/15/87

12 3/8% Note 8/15/87

8 7/8% Note 8/31/87

11 1/8% Note 9/30/87

9% Note 9/30/87

8 7/8% Note 10 / 31 / 87

7 5/8% Note 11/15/87

12 5/8% Note 11/15/87

11% Note 11 / 15/87

8 1/2% Note 11/30/87

11 1/4% Note 12/30/87

7 7/8% Note 12/30/87

4,078

7,717

10,450

6,539

10,095

10,298

2,387

5,384

8,187

10,699

6,580

10,524

81

964

742

378

839

1,178

636

449

1,455

758

759

772

3,997

6,753

9,708

6,161

9,256

9,120

1,751

4,935

6,732

9,941

5,821

9,752

70

816

649

890

753

804

35

610

1,518

885

510

865

Totals 92,938 9,011 83,927 8,405

F.R.B custody accounts for foreign official institutions:

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis July 28, 1987-11
$Bil

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

15.4

I

10.8

9.7

11

i

15.6

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

Department of the Treasury

Office of Government Finance & Market Analysis

Securities issued prior to 1985

New issues calendar year 1985

July 28, 1987-8
16.7

TREASURY MARKETABLE MATURITIES

1988 15.8 '^ I 16.4 14.8

8B5J9.9 ^ 10.00010.2

Privately Held, Excluding Bills

$Bil.

-1 r

17.5 17.0 17.3

10.6 % ii.oB8lii.i

I"

11.1

1,e? 1992

10.1

6.2

$Bil.

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

24 -

22

20

18

16

14

12

10

.I I.! i.

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

8

6

4

2

0

8\- 7.8,

6- E 4- I

2- E

ol

20-

18-

16-

14-

12-

10-

8"

6-

4-

2

0L

10-

8

6

4

2

0

-** 4

I 5.8

I 6.3

4.1

1993

I

12.0

6

4

2

0

12

10

8

6

4

2

0

ii.i

-3.3

15.3

IP|

18.7

7.6

5.2

I 1989 17.3 175 173

110^10 6

n

20.4

16.2

-Mi I

6.9

2 3.3

17.7

7.4

•»•

8.4 9.5

5.3

45

1990

10.5

7.7 gS 7.8

4.9 ys t^i4-9

• Si

1991

8.1

Ma, | 1 I I II 1

4.2

12.7

10.7

II

7.2

JFMAMJJASOND

HiSecurities issued prior to 1985

£22 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

-6.4 6.3

,7.3

2.9

8.1

El

6.5 4.7

6.7 7.7 7.0

73 5.2 1994 r-7-2 7-1 .7.2

. 11995 7.1 8.6

18.4 1996 19.6

I

8n 1997

JFMAMJJASOND

K%l New issues calendar year 1986

111 Issuedor announced through July 24, 1987

July 28, 1987-9
$Bil.

2

0

2

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

2

0

4

2

0

4

2

0

4

2

0

4

2

0

i 2.1

.1.3

1.7

2.9

i 4.8

,2.7

1.8

TREASURY MARKETABLE MATURITIES

_i 1998

J. 1999

2000 2.5

i.6. 2001 - 2.4

2002

3.2 2003 3.4

2004 3.6 4.0

6.3

2005 9.2

2006

2007

2008 1.4

39. 2009

1.9 2010

3.7 2011

Privately Held, Excluding Bills SBil.rz

i

11.8

7.0

4.7

18.0

s

9.3

2012

2013

2014

2015

2016

2017

12.6

I

4.7

6.5

10.3

I

5.2

6.8

18.6

JFMAMJ JASO

^M Securities issued prior to 1985

££9 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

FMAMJ JASOND

VZffl. New issues calendar year 1986

HH Issued or announced through July 24, 1987

July 28, 1987-10
SBM.

6

4

2

0

-2

12

10

8

6

4

2

0

-2

-4

NEW MONEY IN AGENCY FINANCE

Non-mortgage-backed Securities, Quarterly^

$Bil.

6

SLMA

FHLB

In ll

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 II III IV I II III IV

1984 1985 1986 1987 1984 1985 1986 1987

* Less than $50 million.

Department of the Treasury 1/ n-j...!.!,, n«w Officeof Government Finance&Market Analysis KrlVaiely neiQ July 28, 1987-18

o

-2

-4

-6

III

FNMA

•III • -

• • r

—

FFCB

• • "• |ir

4

2

0

-2

-4

-6

-8
NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIES

Privately Held, Quarterly

$Bil.

26

24

22

20

18

16

14

12

10

8

6

0

FHLMC

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

1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis

FNMA GNMA

II III IV I II III IV I II III IV I II III IV I II III IV II III IV I II III IV i inn IV

1984 1985 1986

e partly estimated

1987 1984 1985 1986 1987

July 28, 1987-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN AUGUST 1987^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7

10

Auction

3 year!/

Auction

10 year1/

Auction

30 year1/

14

17 18 19 Announce

5 year

2 year

20 21

Announce

52 week-27

24 25 26

Auction

2 yeari/

27

Auction

5 year!/

28

31

1/ Does not include weekly bills

2/ For settlement August 17

3/ For auction and settlement in September

4/ For settlement August 31

5/ For settlement in early September Department of the Treasury

Office of Government Finance & Market Analysis August 10, 1987-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN SEPTEMBER 1987^

Monday Tuesday Wednesday Thursday Friday

Auction

52 week27

2 3 4

7

Holiday

8 9 10 11

14 15 16 Announce

2 year

4 year

7 year

17

Announce

52 week

21 22

Auction

2 year37

23

Auction

4 year-^

24

Auction

7 year*/

25

28 29 * • Auction

52 week^

30

jyDoes not include weekly bills

2/For settlement September 3

.3/ For settlement September 30

AJ For settlement in early October

5/For settlement October 1 Department of the Treasury

Office of Gcwernment Finance &Market Analysis August 10, 1987-22