$Bil

120

100

80

60

40

20

TREASURY FINANCING REQUIREMENTS

January - March 1990

Uses

Coupon t

Maturities •

4 Deficit U

125 Sources

\A Coupon

!• Refunding

State and

Local

Va

Foreign

Non-Marketables

Savings

Bonds

L21/4

3/4

Domestic

Series

a Net Market

• Borrowing

Decrease in Cash Balance y

l/lncludes budget deficit, changes in accrued interest and checks

outstanding, transfer of $5 billion of REFCORP bond proceeds

to RTC, and minor miscellaneous debt transactions.

$Bil

-120

100

80

60

40

20

Department of the Treasury

Office of Market Finance May 1,1990-21
$Bil.

70

60

50

40-

30

20

10

TREASURY FINANCING REQUIREMENTS^

April - June 1990

Increase

in Cash

Balance^/

Uses

Coupon ^

Maturities t

State &

Local

21/2

731/4 Sources

Coupon

Refunding

Savings

Bonds

2

Net Market

Borrowing

Foreign Nonmarketables Domestic Series

iy Includes budget surplus, changes in accrued interest and checks outstanding,

transfer of $31/2 billion of REFCORPS bond proceeds to RTC, and minor

miscellaneous debt transactions.

2/Assumes a $30 billion cash balance June 30, 1990.

$Bil.

70

60

50

40

30

20

Department of the Treasury

Office of Market Finance May 1, 1990-22
NET MARKET BORROWING

April — June 1990

(Billions of Dollars)

Total

Done^

2 Year Notes

4 Year Note

7 Year Note

Regular Bills

Cash Management Bills

Total

To Be Done

12 y2

3

1

23/4

71/4

-25 Va

-11V4

233/4

i/lssued or announced through April 27, 1990.

Department of the Treasury

Office of Market Finance May 1, 1990-24
_L

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Total Operating

Balance

•*.».<

I

'»'«»♦'

•Federal Reserve Account1

_Without New " Borrowing1/"

$Bil.

50

40

30

20

10

0

—10

—20

—30 1

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

1989 1990

Department of the Treasury

Office of Market Finance

1/ Assumes refunding of maturing issues

May 1, 1990-23
SBil

70

60

50

40

30

20

10

-10

-20

TREASURY NET MARKET BORROWING*/

Coupons

• Over 10 yrs.

^3 0 - 10 yrs.

55.0 Bills

SBil.

70

60

50

40

30

20

10

—10

—20

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

1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance

^Excludes Federal Reserve and Government Account Transactions.

May 1, 1990-17
NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^7

Department of the Treasury

Office of Market Finance

Aug Sep Oct * Nov Dec Jan Feb Mar

1989 1990

1/ Excludes noncompetitive tenders from foreign official accounts.

* No noncompetitive rollovers allowed in bill auctions.

P Preliminary May 1, 1990-3
z

o

z

o

o

\n

>

UJ

UJ

z

o

UJ

cc

co

cc

i3

CO

cc

>-

UJ

BBBBS

l^^^^\\\\\\\\\^^^^

^^^^^^^^^^^^^^^^^^^^^^^^^^^ MWMasax^

— O in o

CD CO CM CM

e»

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

9

c

w

0)

g>

c

<o

X5

•6

^ E

<

C

T3

5

II
$Bil.

100

90

80

70

60

50

40

30

20

10

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form

(Left Scale)

EZ3 30 Year

11! 20 Year

^ 10 Year

«

i" m I m

Percent

(Right Scale)

— 30 Year

'•• 20 Year

••10 Year

il

AMJ JASONDJFMAMJ JASONDJFM

1988 1989 1990

S«S

in

I

A*

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance

Through April 20, 1990

Note: Reconstitution began May 1, 1987

May 1, 1990-16a
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

SBil

15

-5

14.0

10.7

I II III IV

1986

Department of the Treasury Office of Market Finance

12.5

10.6

Savings Bonds

m Domestic Series

^ State &Local Series

• Foreign Nonmarketables

I II III IV I II III IV

1987 1988

e estimate

II III IV

1989

-1.1

I lle

1990

$Bil.

15

10

-5

May 1, 1990-18
CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES $Bi

50

40

30

20

10

I II III IV

1986

Department of the Treasury Office of Market Finance

CZJ New Issues

M Refunding

— Changes in SLGS

J

s L

SBil.

-50

40

30

20

10

II III IV I

1987

II III IV

1988

II III IV I

1989 1990

0

May 1, 1990-1
Department of the Treasury

Office of Market Finance

STATE AND LOCAL MATURITIES 1990—1992

1990 1991 1992

May 1,1990-8
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

SBil.

35

30-

Nonmarketable

Marketable

^ Add-ons ^

•I Other Transactions

1986 1987

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.

SBil.

May 1, 1990-19
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

1 II III IV I II III IV I II III IV I II III IV I 111/

1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance

Quarterly Totals

J/Through April 27, 1990.

May 1, 1990-20
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

.Federal Funds

••;

3 Month

Treasury Bill Commercial

Paper

II11I ±_L

Through

April 25-

I I I

10

8

6

4 I 1A. 1

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 May 1, 1990-4
%

11

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

Commercial Paper

1 Mnnih Traaeiini Rill *••• *w 3 Month Treasury Bill ••••••..-•

Jul Aug Sep Oct

1989

Nov Dec Jan

.••••

••••••••••"

Through

week ending

April 25

Feb Mar Apr

1990

%

11

10

8

Department of the Treasury

Office of Market Finance May 1. 1990-5
LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

Through

April 25

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

%

16

15

14

13

12

11

10

9

8

7

6

Department of the Treasury

Office of Market Finance May 1, 1990-6
%

9.0

8.5

8.0

7.6

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

\A W

Jul Aug Sep Oct

1989

t • 4 Treasury 5-Year

'••-•

Through week

ending April 27

Nov Dec Jan Feb Mar Apr

1990

%

7.5

Department of the Treasury

Office of Market Finance May 1, 1990-7
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

April 30, 1990

%

8.9-

8.7-

8.5

January 29, 1990

i i i i

J I L

i%

8.9

8.7

8.5

10 12 14 16 18 20 22 24 26 28 30

I I I I L_

4 5 6

Years to Maturity

8

i%

9.00

8.80

-8.60

8.40

8.20

8.00

10

May 1, 1990-28
$Bil.

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1800

1600-

1400-

1200-

1000

800

600

400

200

COUPONS

I,„ • IOver 10 years

iiili 2-10 years

^ 1-2 years

fjggggg 1 year & under

BILLS

March 31, 1990^ 1760.3

1979 1980 1981 1982

Department of the Treasury

Office of Market Finance

1983 1984 1985 1986

As of December 31

1987 1988 1989

May 1,1990-11
100%

90

80

70

60

50

40

30

20

10

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years f^j 1-2 years Bills

n 2-10 years ^ 1 year & under

MBMMffHI

V"-

17

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

As of December 31

Department of the Treasury

Office of Market Finance May 1, 1990-12
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

-June 1947

10 Years

5 Months

Months

74 ~ March 31, 1990

73 — 6 Years

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 11 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance May 1, 1990-10
MATURING COUPON ISSUES

May 1990 • September 1990

(In millions of dollars)

Maturing Coupons

March 31,1990

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors^/

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 1/4 o/0 Note 6/30/90 - P

8% Note 6/30/90 - AC

10 3/4% Note 7/15/90 - E

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

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

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

9 7/8% Note 8/15/90 - l_2/

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

7,029

12,000

1,203

9,677

8,037

11,115

5,013

10,971

3,762

7,597

600

11,128

10,596

8,194

10,770

489

1,271

342

761

402

1,426

271

1,478

1,324

611

1,134

1,132

293

1,540

6,540

10,729

861

8,916

7,635

9,689

4,742

9,493

2,438

6,986

600

9,994

9,464

7,901

9,230

908

1,015

3

577

770

932

647

895

246

1,131

1,923

939

868

1,070

Totals 117,692 12,479 105,213 11,924

Department of the Treasury

Office of Market Finance

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

2J Foreign-targeted note.

May 1, 1990-9
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Mar Apr May Jun Jul Aug Sep

Securities issued prior to 1988

New issues calendar year 1988

May 1, 1990-13
SBil

22

20

18

16

14

12

10

8

6

4

2

0

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills SBil

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

18.8 1M

1

199T , 91 7 ' 20.5 >21' 18.4 17.3 17.8

VA BS K2 SS 7/ 10.4010.1 | 1£?83l°-2 | 90010.2 ^

ill l«ili i ill Mill I

18.1

i.

21.5

18.6 ^

I

11 3

ii 25.4

• I •

-6.2 • 5*M

10.7 I

7.1 H3 ^7.3

• 1 ••

12.6

13.6

1992

10.2 I 1°-7g";3

^5.4

20.9

23.1

1 7.3

1^ |

TM6.2 I

_ _ li s

1993

19.3

14.9

7.6

I

8.0 6.7 8.4 6.9 8.3

1994 i«

7.1

I

15.4

7.0

15.7

L7-3 I

7.2

-7.7

I

8.1

I

9.0

9.5

I12.3

6.8

7.7

17.2

18.3

I

1595"

6.7 6.9

I

1996

7.4

96 1997 92

111

9.2 1998 11.0

10.8 1999 98

1

2000

2.5

6.9 8.5

I

19.5

7.9 I

9.4

I

9.8

10.4

J FMAMJJASON D JFMAMJ JASOND

Department of the Treasury

Office of Market Finance

ISecurities issued prior to 1988 t222New issues calendar year 1989

New issues calendar year 1988 111! Issued or announced through April 27, 1990

May 1, 1990-14
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

1.3

1.7

2.9

12.7

1.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills SBil.

12F te 2001 g

2002

3.2 *-w,ww 2003 3.3

2004 3.6 4.0

6.3 2005

2006

1

9.0

2007

2008 i±

3.8 I 2009

^^

if. 2010i

3.7 I 2011

2012

2013 •"<

«• 2014 -4,

26 •

7.1

18.2

I

|3.6

.3.2

I 3.8

14.2

I

10.0

I5.2

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 -

oi—

20-

18-

16-

14 -

12 -

10 -

8 -

6 -

4 -

2 -

0

18-

16 •

14

12-

10-

8 -

6

4

2

0

I

7.0

I

19.0

!

1n0

2015

17.9

I

2016

18.0 1 2017

8.5 | 2018

a I

2019

2020

16.5

13.8

I

19.8

16.7

• 18.5

r

J FMAMJ JASOND J FMAMJ JASOND

Department of the Treasury

Office of Market Finance

Securities issued prior to 1988 vf*TM New issues calendar year 1989

New issues calendar year 1988 ill Issued or announced through April 27, 1990

May 1, 1990-15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1990^

Monday Tuesday Wednesday Thursday Friday

1 2 3

Auction

52 week2^

4

7 8 Auction

3 year 3/

9 Auction

10 year-3-/

10 Auction

30 year3/

11

14 15 1 fi

Announce

2 year

5 year

17 18

21 22 23 A . Auction

2 year*/

24

Auction

5 year-5/

Announce

52 week

28

Holiday

29 30 31

Auction

52 weekS/

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement May 10

3/ For settlement May 15

4/ For settlement May 31

5/ For settlement in early June

£/ For settlement June 7

May 1, 1990-25
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1990v

Monday

11

18

25

Department of the Treasury

Office of Market Finance

Tuesday

12

19

26

Auction

2 yeari/

Wednesday

13

20

Announce

2 year

4 year

27

Auction

4 yearU

Thursday

14

21

28

Auction

52 week-3/

J/ Does not include weekly bills

2/ For settlement July 2

2/ For settlement July 5

Friday

8

15

22

Announce

52 week

29

May 1. 1990-26
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JULY 1990^

Monday Tuesday Wednesday Thursday Friday

2 3

Announce

7 year

4

Holiday

5 6

9 10 11

Auction

7 year-2/

12 13

16 17 18

Announce

2 year

19 20

Announce

52 week

23 24 25

Auction

2 year-3/

26

Auction

52 week*/

27

30 31

Departmentof the Treasury Office of Market Finance

1/ Does not include weekly bills

2/ For settlement July 16

2J For settlement July 31

A/ For settlement August 2

May 1, 1990-27