I - -I

$Bil.

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1977

Uses

Maturities

LyCash Deficit

-283/4--

\

Redemptions

of Special

Issues*

Sources

Decrease in Operating Cash

I*—Gov't Account Sales

Savings Bonds

and Other

Refundings

Net New

Cash

* Includes maturing marketable securities of $3A billion.

Office of the Secretary of the Treasury

Office of Government Financing April 26. 1977-16
< V

$Bil.

4

3

2

1

0

-1

-2

NET NEW MONEY FROM NONMARKETABLE ISSUES

TO PRIVATE INVESTORS

•• Foreign Issues

^ E & H Savings Bonds

lifl State & Local Series

Other

2.1

02 0.6 0.5

0.7

n

m

3.1

1.4 J-5

1.4 1.0

777?

M

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

1974 1975 1976 1977

Officeof the Secretaryof the Treasury

Officeof GovernmentFinancing April 26, 1977-5
$Bil.

20

10

0

TREASURY FINANCING REQUIREMENTS

April-June 1977 i/

Uses

Increase in Cash's*,

Gov't Account

Investment

•Maturities

Net Cash Paydown

— 24V4 — Sources

Special Issues

Savings Bonds

^& Other

Refundings*

Cash Surplus^*••

Office of the Secretary of the Treasury

Office of Government Financing

1/ Includes securities issued or announced through April 22,1977.

Assumes $15 billion June 30 cash balance.

April 26, 1977-17
$Bil.

20

10

0

TREASURY FINANCING REQUIREMENTS

May-June 1977 i/

Uses

Gov't Account

Investment

Maturities

Cash

Deficit^

Vz

•Net Cash Paydown

Sources

Decrease in

1J* ^/Operating Cash -173/4-|

Special

Issues

Savings Bonds

& Other

/

VA

Refundings

_1/Assumes $15 billion June 30 cash balance

Office d the Secretary of the Treasury

Office of Government Financing April 26, 1977-23
TREASURY OPERATING CASH BALANCE9

Aug Sept. Oct. Nov.

1976

Office of the Secretary of the Treasury

Office of Government Financing

Jan. Feb. Mar. Apr. May June July

1977

* Daily
TREASURY NET NEW MONEY BORROWING"

Calendar Year Quarters

$Bil.

23.9

20

17.5

22.8

Coupons:

§ Over 10yrs.

U 7-10 yrs.

2-7 yrs.

E222J 2 yrs. and under

H Bills

16.1

17.1

142

10

8.3

I I

0

Office of the Secretary of the Treasury

Office of Government Financing

j_ ± ± i

III IV I II III IV

1975 1976

1/ Excludes Federal Reserve and Government Account transactions.

1/ Issued or announced through April 22,1977.

14.8

0.2

m

_L

I \w

1977

Apri) 26, 1977-20
$Bil.

35

30

25

20

15

10

0

1/ GROSS MARKET BORROWING 1975 - TO DATE

Calendar Year Quarters

30.9

Coupons:

}j|§|| Over 10 yrs.

7-10 yrs.

^2-7 yrs.

2 yrs. and under

Bills

20.4

82

112/

1977

1/ Gross public offerings of coupon issues and cash management bills; net <

Excludes Federal Reserveand GovernmentAccount transactions.

Office of the Secretary ot the Treasury 2/ IsSUed Or announced thrOUgh April 22, 1977. Office of Government Financing —

regular bills.

April 26, 1977-21
PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

1966 1968 1970 1972 1974 1976 77

Officeof the Secretary of the Treasury

Office of Government Financing December 31 April 26, 1977-6
I *

MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

$Bil.

200

150

100

50

0

150

100

50

0

100

50

0

Bills

122.0

I

122.4

88.1

Office of the Secretary of the Treasury

Office of Government Financing

2 year cycle notes All other Total

April 1977! 164.8

27.8 15.0

April 1976 153.4

16.4 14.6

April 1975 108.8

5.5 15.2

* Estimated
OWNERSHIP OF THE MATURING ISSUES

MAY 1977 —APRIL 1978*

(In millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions Foreign

Other

Private

Holders

Maturing Issues Longterm

Investors^'

Intermediateterm

Investors^

9% Nt. May 1977 2,331 904 10 66 23 10 35 1,283

6%% Nt. May 1977 1,952 1,074 26 175 203 144 40 290

6%%Nt. May 1977 1,948 915 17 285 310 96 121 204

61/2% Nt. June 1977 1,906 913 22 199 178 218 26 350

7y2%Nt. July 1977 1,432 825 19 173 212 85 80 38

7%% Nt. Aug. 1977 3,280 1,382 68 194 263 68 139 1,166

8V*% Nt. Aug. 1977 1,898 1,131 24 157 55 38 90 403

8%% Nt. Sept. 1977 3,139 1,490 59 286 58 74 122 1,050

71/2% Nt. Oct. 1977 2,959 1,656 48 338 90 268 200 359

7%%Nt. Nov. 1977 2,366 1,417 63 165 128 258 31 304

6%%Nt. Nov. 1977 2,532 1,272 57 300 155 248 235 265

TA% Nt. Dec. 1977 2,476 1,419 33 308 113 122 161 320

6%% Nt. Jan. 1978 2,241 1,055 15 280 203 282 263 143

61/4%Nt. Feb. 1978 5,037 2,083 119 530 525 114 551 1,115

8% Nt. Feb. 1978 2,064 779 20 143 30 110 163 819

6%%Nt. Mar. 1978 2,900 1,659 24 385 133 444 105 150

6y2%Nt. Apr. 1978 2,182 1,041 4 338 140 12 305 342

Total 42,643 21,015 628 4,322 2,819 2,591 2,667 8,601

* Amounts for investor classes are based on the February 1977Treasury ownership survey.

1/ Includes State and local pension funds and life insurance companies.

2/ Includes casualty and liability insurance companies, mutual savings banks,savings and loan associations, and corporate pension funds.

Office of the Secretary of the Treasury

Office of Government Financing April 26, 1977-26
Years

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1967

5 years

1 month

Months

36

2 years

10 months

March 31, 1977

2 years

S months;

J I I I I I I L

MAMJJASONDJFM

1976 1977

March 1977

2 years

9 months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

April 26, 1977-3
$Bil.

20

10

0

EFFECT OF MID-QUARTER FINANCINGS

ON DEBT EXTENSION

2 years

5 months

9.5

Long

Bond

Average Length of,

Marketable Debt *

1.0

,//,A 7-10 year M Note .8

2-3 year

M Note

V//A I

M M J J

1976

11.3

6.6

1.0

0.

0 N D

2 years

9 months

.8

6.1

<2M

V//A

J F

1977

M

Months

34

0

Office of the Secretary of the Treasury

Office of Government Financing * Privately Held April 26, 1977 2
TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1977

•111 I

1976

$Bil.

8

4

0

8

4

0

4

0

4

0

9. Vi I • Il , 1 la IB I I al a • i il l

1975

••II I? |g li il H I

1974

ra

Jan. Feb. Mar. Apr. May June July Aug Sept. Oct. Nov. Dec.

Officeof the Secretary of the Treasury

Office of Government Financing

• 2 yearCycle Note

E2 4 year Cycle Note

E3 5 year Cycle Note

Ee3 Long Bond

HI Intermediate Note

m Short Note
SBil.

4

2

0

6

4

2

0

6

4

2

0

4

2

0

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

4

2

0

6

4

2

0

2

0

2

0

8

6

4

2

0

2

0

2.2|2.l If 22%2A 2!6 2.60?* 2& 27^7 |j

1977

|| 3.3

19 19 idl19

g s sis

il 3.1 3.0.2.42.5 2.5

I 5.9 1978

4.4

5.2

4.3

I

5.9

1.3

1982

1.8

1983

5.0

1I I ill

4.6

I l.i

1984

2.83.02.7 3.0

4.7

1.91.8

11

2.8

1.9

1

1979

1.7

4.9

I

1980

i i i • • a

1981

2.8

2.0

1.0

1.9 1.9

1.3 1985

1986 7.7

19 1.7 1J 1.6 20 2.7 4.4

1987

22

2.2

.3

JFMAMJJASOND JFMAMJJASOND

fH New issues calendar year 1976.

^ Issued or announced through April 15,1977. Office of the Secretary of the Treasury

Office of Government Financing

• Securities issued prior to 1975.

K New issues calendar year 1975.
$Bil.

2-

ol—

2

0

2-

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2.1

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

.9

01

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1.9

I

1.5

$Bil.

2

2-

0

2

0

2-

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

A

23

1.0

.7

1999

2000

2001

2002

2003

13

.8

E51

2004

2005

2006

2007

2008

2009

2010

JFMAMJJASOND JFMAMJJASOND

WM New issues calendar year 1976.

Office of the Secretary of the Treasury E83 Issued or announced through April 15,1977. A „26,97 Office of Government Financing

•I Securities issued prior to 1975.

SS New issues calendar year 1975.
SBil.

20

15

10

o

USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER 4V4 PERCENT

Total New Bonds |—'

$10 billion ceiling

Outstanding "N _ Ceiling increased

to $17 billion ^/ June 30, 1976

$10 billion

authority enacted

/ March 17,1971

applied only

to private holdings

July 1,1973

PCeiling increased

i—1 to $12 billion •—• March 15,1976 .. :••

1 \ 1^ /.••-

I~"^ 1 :»«J

•••••;

•

—

•

.....r—'- ^ Privately Held

•...:--'

1 •••«* ' 1 1 1 III | | | I 1 1 1 I 1 ! 1 i 1 !

II III IV I

1971

II III IV I II III IV

1972 1973

II III IV I II III IV I

1974 1975

II III IV I II III IV

1976 1977

Office of the Secretary of the Treasury

Office of Government Financing April 26. 1977 25
%

8

NONCOMPETITIVE TENDERS IN TREASURY

COUPON AUCTIONS UNDER FIVE YEARS17

* •

• • •

Average Yield

Office of the Secretary of the Treasury

Office of Government Financing

1/ Excludes accepted tenders from Federal Reserve, Government Accountsand foreign.

* Beginning with the Nov. 15,1976 issues, the limit on noncompetitive tenders was raised

from $500,000 to $1,000,000.
%

9

8

7

6

$Bil.

2.0

1.0

NONCOMPETITIVE TENDERS IN TREASURY

COUPON AUCTIONS FIVE YEARS AND OVER^

Average Yield

i i 1 i 1 i 1 i ili ill i I i 1 i I i 1 i 1 i I i

Feb. Mar. Apr. May Aug Nov. Jan. Feb. May July Aug. Oct

1975 1976

_L _L

Nov. Jan. Feb.

1977

• Over $500,000

• Note • $500,000 & Under

^FJond

NoncompetitiveTenders

I

1 ill

. Total Accepted

Tenders

I | • 1•_

• ill

-1/ Excludes accepted tenders from Federal Reserve, Government Accounts and foreign.

* Beginning with the Nov. 15, 1976 issues, the limiton noncompetitive tenders was

Office of the Secretary of the Treasury raised from $500,000 tO $1,000,000. Office of Government Financing April 26, 1977 19
MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

10 12 14 16 18 20 22 24 26 28 30

0

Office of the Secretary of the Treasury

Office of Government Financing

4 5 6

Years to Maturity

8 10

April 26, 1977-15
%

12

10

8

SHORT TERM RATES

Monthly Averages

Federal Funds

^Rate

V

^3 Month

Treasury Bill Rate

i I i

^ Prime Rate

I l I I

Commercial Paper

tf-'X^Rate /••>..

X & :><•• i^ssga&.

i i i i i i i i i

Week Ending

April 20, 1977

^"•^

i i i i i

JMMJSNJMMJSN JMMJSNJMM

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing April 26, 1977-13
SHORT TERM INTEREST RATES

Weekly Averages

%

Commercial

Paper Rate.

?

Treasury MOnth Bill D-„ ORateX^"^*^^5^^ *•.. %•

Oct. Nov.

1976

Office ot the Secretary of the Treasury

Office of Government Financing

/

Prime Rate

Federal Funds

Rate

J I I L

Dec. Jan. Feb. Mar.

1977

Week Ending

April 20, 1977

J I I L

Apr.

%

April 26, 1977 12
%

10

INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

%

10

8 8

New Aa

••'

Corporates

Week Ending —

- /'

/ ^Treasury

v-

/**•••. / "'•

New Conventional

Mortgages

'•:,

%

"• ../ \

April 22, 1977

1

20 Year

** New 20 Year

V

1 1 1 II II 1 1 1 1

Municipal Bonds

1 1 1 1 1 1 1 1 1 1 1

JMMJSNJMMJSNJMMJSNJMM

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

Apnl 26, 1977-11
%

8

INTERMEDIATE & LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages*

\

Treasury 20-Year

New Aa Corporates

New 20-Year^

Municipal Bonds

* Treasury 7-Year

/ Treasury 10-Year

5"-^

Oct.

_[J_J I I UJ I I I lJ_J I I L±J L I I l

Nov.

1976

Dec. Jan. Feb. Mar.

1977

Office of the Secretary of the Treasury

Office of Government Financing * Monthly, weekly data not available.

Week Ending

April 22, 1977

J L

Apr.

8

April 26, 1977-10
L

RATIO OF YIELDS ON PRIME TAX EXEMPTS TO YIELDS

ON TREASURY ISSUES OF SIMILAR MATURITY*

1955

Office of the Secretary of the Treasury

Office of Government Financing

1960 1965 1970 1975

iAhe ratio in the 20 and 30 year maturity areas is substantially overstated between 1969-1972

because of the unusually low Treasury yields during that period resulting from increases in

market interest rates and the lack of new Treasury issues in these maturity areas.

Annual averages of monthly data. April 26, 1977 22
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

1

4

3

2

1

0

-1

FCA

nilill.IlliiI

FHLB

II' •'

i n mi iv i ii in iv i ii in iv i ii in iv

1974 1975 1976 1977

$Bil.

1

0

-1

-2

1

0

-1

II.

Federally Owned Agencies1

i

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

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

-^Includes Ex-lm Bank, TVA, Postal Service, GNMA PCs, FHA debentures,

and Defense Family Housing mortgages.

*Less than $50 million. April 26. 1977-14
I II III IV

Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES^

Privately Held

$Bil

1

0

1

0

1

0

1965

1.6

III

1989

1993

1997

i.i

I. •

2001

2005

3 2

1986

1990

1994

1998

.1 2 2 .1

2002

2

2006

2 2

1987

IX)

15 .4

• •

1991

3 ±

199513

I

1999

2003

2007

1988

Z A

1992

* ,.i

1996

2000

2004

2008

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

Calendar Years Quarterly

-^Issued or announced through April 18,1977.

* Less than $50 million.

II III IV I II III IV I II III IV

April 26, 1977-24
$Bil.

400

300

200

100

CUMUUTIVE FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

Sponsored Agencies

Loan Guarantee Programs K/%?

Budget Deficit ^H

Adjusted Total v

Off-Budget Programs

1968 72 73

Fiscal Years

1/ Adjusted (1) to eliminate double countingofobligations purchased by Federaland Federally sponsored agencies and (2) for

changes in Treasury cash balances and other minor items.

Office of the Secretary of the Treasury

Office of Government Financing e - Estimated. April 26. 1977-28