PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY
$Bil June 30, 1994 ——» __2676.7
2600 + Over 10 KE
ver 10 years nhc
2400 --
2200 - [2-10 years —+—
2000 |- 1-2 years
1800 |- 963.2
VA 1 year & under
1600 |- A ty
1400 i Bills
1200
419.0
1000
800 ~ |
352.1
600 —__
400
§26.3
200
0

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993
As of December 31

Department of the Treasury

Oftice of Market Finance August 1, 1994-1


$Bil.

NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS

$Bil.
Notes eo
i ZZ 5 years and over —_l8

2-4 years ¥
Bills
=

6 +6
4 4
2 2
0 ie)
-2 -2
4 4
6 EL 6
4.2
-8 | | -8
tot ot WwW Ion it iv 1 ou il iv [ot il Ww ton my
1990 1991 1992 1993 1994
Quarterly Totals
1/ Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities.
2, 4 year notes not issued after December 31, 1990.
Department ofthe Treasury Y Through July 29, 1994.
Office of Market Finance August 1, 1994-28


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

$B: 77 Seite
ee re i] 14
“ 1995 i]
- 10
8
26
ae 8
22
2
a 9
18, Ss °
x 4
is } eh
12 8 S 10
10) f 8
8] sf ‘4
6 BA 2
4 1 | | S \
2 a fh S
0 14
12|— 102 10.9
- 35.3 1986 Ty) oft 100
34 K | 8
32 6
30 [27.7 27.6 28.1 4 E
28 S fs
% : fi ti vi
22 F y
2 af 2001 |
18 22 H
is ap
32) 18
10 16}
3]8.3 sah 13.3 135
12.1
7 ra}
2 io
EF :
2
Hy
Sd a . _t =
24 7
22 2 i 2002
20) |
18 cs iH
16 ‘ |
a> i
ra i 107
10 oe
3 of
6H 6f- oe
‘l | oe
0 to ae

J FM AM J J
WM Sccurities issued prior to 1992
8888 New issues calendar year 1992

Department of the Treasury
of Market Finance

AS OND ‘J

FMAM J J
SY _New issues calendar year 1993
(9M Issued or announced through July 29, 1994

—E
A S$ O N D

‘August 1, 1994-10


NET STRIPS AS A PERCENT OF PRIVATELY HELD

soi STRIPPABLE SECURITIES .
220 |_ Held in STRIPS Form Percent ’
(Left Scale) (Right Scale)
#23 30 Year mes 30 Year
200|~ MME 20 Year mad 20 Year —|70
10 Year exam 10 Year
180 |— e
{60
160 }—-
140 |- ~150
120 |- —140
100 }|—-
80 }— —130
60 }- {20
40 |—
—110
20}—
pee VAAN
JASONDJSFMAMJIJSASONODJIFMAM J JS
1992 1993 1994
“Through July 22, 1994
By period to maturity on original issue.
Gis of Maker eance.” August, 1996-18


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Over 10 years 1-2 years Bi Bills
2-10 years 1 year & under

100% i

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Jun '94
As of December 31

Department of the Treasury


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN OCTOBER 1994 /
Monday Tuesday Wednesday Thursday Friday
3 4 5 6 7
Announce
52 week
10 W 12 13 14
. Auction
Holiday 52 week?
17 18 19 20 21
Announce
2 year
5 year
24 25 26 27 28
Auction Auction
2 year¥ 5 year/
31

Department of t
Office of Ma

_Y Does not include weekly bills

2/ For settlement October 20
Y For settlement October 31

August 2, 1994-17


MATURING COUPON ISSUES

August - December 1994

(in millions of dollars)

June 30, 1994

Held by
Maturing Coupons Total Federal Reserve
& Government Private Foreign-Y
Accounts Investors | Investors

125/8% Note 8/15/94 6,300 949 5,351 125
85/8% Note 98/15/94 7,842 112 7,730 580
6 7/8% Note 8/15/94 17,165 2,080 15,085 2,217
83/4% Bond 8/15/94 1,506 72 1,435 40
41/4% Note 8/31/94 16,605 876 15,728 1,023
81/2% Note 9/30/94 8,914 602 8,312 689
4  % Note 9/30/94 16,755 1,602 15,153 877
91/2% Note 10/15/94 7,074 979 6,095 877
41/4% Note 10/31/94 16,293 863 15,430 1,422
115/8% Note 11/15/94 6,659 1,255 5,404 594
81/4% Note 11/15/94 8,272 66 8,206 842
6 % Note 11/15/94 16,808 2,992 13,816 1,959
10 1/8% Bond 11/15/94 1,502 90 1,412 369
45/8% Note 11/30/94 15,911 530 15,381 1,378
7 5/8% Note 12/31/94 9,681 1,205 8,476 1,302
45/8% Note 12/31/94 17,136 1,225 15,911 1,135
Totals 174,423 15,498 158,925 15,429

T/ FRB custody accounts for foreign official institutions; included in Private Investors:

Department of the Treasury
Office of Market Finance

August 1, 1994-9


INTERMEDIATE TERM INTEREST RATES

Weekly Averages*
% %
ww “ , ra a
oo?
ne ~ VL?
8 / 8
FHLMC 30-Year Conventional =
os
7} ‘ Neu? 7
=~
ad AA 10-Year Industrial
6 — Through 6
Ta July 27
—— AT reasury 10-Year
5 5
Treasury 5-Year
| | | |
eb th Ltd die tt 4
Oct Nov Dec Jan Feb Mar Apr May Jun Jul
1993 1994

Department of the Treasury
Office of Market Finance

* Salomon 10-yr. AA Industrial is a Thursday rate.

August 1, 1994-27


$Bil.

SALES OF UNITED STATES SAVINGS BONDS
1980 - 1994

4 Total Sales

Payroll Sales

Ko a

mobi btd

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 94°
End of Quarter
e estimate

Department of the Treasury

Office of Market Finance

August 1, 1994-8


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS ”

$Mil. Discount Rate %
Net New Cash (left scale) Discount Rate (right scale) a, 2 745.0
1 § ee
cones. | ote
500 - [J 26 week 2 26 week Pose oy
Hl 13 week ———= 13 week Fe wee’ 45
fo 4:
400 |-
300 --
on
oe, 22 2a PO Mameseg 0%, e
200 wrasse conn ce we taeeed
100
0
-100 4
copg We
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May dun Jul P
1993 1994
1/ Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
p Preliminary

Department of the Treasury

Office of Market Finance August 1, 1994-14


SECURITIES HELD IN STRIPS FORM

Percent of Privately Held, 1992-1994

% %
Strippable Stripped

Wi As of July 31, 1992: $589.5 billion, $146.8 billion

Ola As of July 31, 1993: $666.1 billion, $197.3 billion mlieg
2]

EH As of July 22, 1994: $730.6 billion, $223.4 billion
40 [—- 40
30 |— rH 30

88
20 ;—- 20
10 eS ee 10
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years

Years Remaining to Maturity

Note: The STRIPS program was announced January 15, 1985.

Department of the Treasu
Office of Market Finance ald CO A


MARKET YIELDS ON GOVERNMENTS

% %
} |
| |
| | i
7|- | | | |?
August 1, 1994
6|- | 6
% ; %
| 7.50 7.50
5 | 5
7.25}. | | 7.25
|
|
7.001 L | 7.00
10 12 14 16 18 20 22 24 26 28 30
4 ! ! | ! \ 4
1 2 3 4 5 6 7 8 9 10

Years to Maturity

Department of the Treasury
Oltice of Market Finance August 2, 1994-29


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil.
Savings Bonds
10 |— [A Domestic Series 10
gl [i State and Local Series 7.8 _ts

I Foreign Series

4.2

Py | l | l 8
| | | | ||| || | |b

1990 1991 1992 1993 1994
e estimate

Department of the Treasury
Ottice of Market Finance August 1, 1994-20


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

Department of the Treasury
Office of Market Finance

WM Securities issued prior to 1992
8882 New issues calendar year 1992

| New issues calendar year 1993

7 Issued or announced through July 29, 1994

04
i yee 3.6 44
2003 z if | 2011 i
woh 2012 a
| |) 3 L |
ee ee eee se 2013 gi?
io i | | |
39 2004 7 lama Sait fe Tae
124 | | Se | . |
j |e i
i 3 sos6euefiw~. 2015 1 :
' 4 39 + |
i — | ir | [og a
62 2005 . 1 : L | |
| I | 2 zo ©2016 17.9 ]
—— ie |
i oon I] 32 | |
i I} i 6.6 i i
27 > i
rae |
2008 |, i i [180m 2017
=. iis 134
i 2009 ] 32 Tis
i __ J:
16 13 2010 35 7
a & i 3
FM MJJA S ON OD JFMAMJdJ(<AS ND

‘August 1, 1994-11


$Bil.
100

75

50

25 | -

TREASURY FINANCING REQUIREMENTS

April - June 1994

98: $Bil.
Uses wa Sources {100
- 75
Coupon Maturities » 88 88 @ Coupon Refunding
z= 150
State and Savings
Increase oy fine Bonds Net 25
in Cash Deficit” s Market
Balance 4 » by Borrowing
2
vo Li no
=< ‘2
mS, | Foreign Nonmarketables i: & 0

Jartment of the Treasury
Office of Market Finance

‘Includes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

‘August 1, 1994.22


STATE AND LOCAL MATURITIES 1994 - 1996

Bil. $Bil.
8 13.2
12 — 11.5 | 12
I | 10
io 9.3
BA
8i- ay } +8
hl bee] 7.0
; | 65 Regie |
ot fat | oo 5.8 te
jee |
pa
4 | 3.7 4
(4 | 3.1
Peat } alt
2r- | 2
|
} | | |
0 | | 0
WV | nom 1 nom ow
1994 1995 1996

Department of the Treasury
Office of Market Finance August 1, 1994-19


STATE & LOCAL GOVERNMENT SERIES

$Bil. $Bil.
sue Gross issues
~ Redemptions ’ a
10 : a ; - 10
5 == 5
fe) | | | | ! | | | | | | 0
$Bil. $Bil.
==as Net SLGSs
5 5
0 0
oT i WV Wao

1990 1991 1992 1993 1994

Department of the Treasury
Office of Market Finance August 1, 1994-6


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS’

$Bil. $Bil.
Mame 7 Year ry
WS 2 & 5 Year N
3, 10 & 30 Year N
2.5 Non 2.5
N
2.0/— Ay] 2.0
iS ‘
1.51- Nun n i _ . N las
Noy E \ N Y
1.0-- e a \ \ b] 1.0
N HONE OH N
57 \
0 N N SEIN N Y_N : 0
JA AMJ JAS OND JFMAMJ JP
1993 1994
_1/Excludes foreign add-ons from noncompetitive tenders. p Preliminary

‘Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 million effective November 5, 1991
Effective February 11, 1992 a noncompetitive bidder may not hold a position in WI trading, futures, or forward contracts,
or submit both competitive and noncompetitive bids for its own account.

Department of the Treasury
Office of Market Finance ‘August 1, 1994-7


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Years
. Ji

1

5

10

atti tt |

une 1947
0 Years
Months

|

LLL LEE LE

Months

June 30, 1994
5 Years, 7 Months

December 1975
2 Years
5 Months

|
bie

i
| |
ee be

|

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93

Department of the Treasury
Office of Market Finance

August 1, 1994-3


TREASURY NET MARKET BORROWING VY

$Bil. Coupons $Bil.
Over 10 yrs. 103.5
Un 5-10 yrs.2/ +100

2- under 5 yrs 3/

80 + 80
60 | 60
40 40
20 . : ; 1 1 20
0 ty)
-20 -20
-40 | | | | 7A0
ton om Voto kom vor on om wer on mt wert
1990 1991 1992 1993 1994

1/ Excludes Federal Reserve and Government Account Transactions.
7 year note discontinued after April 1993.
eS 4 year note discontinued after December 1990.

Deparment ol ne Treasury 4/ Issued or announced through July 29, 1994. August 1,1994-6


SHORT TERM INTEREST RATES

Quarterly Averages
% %

Prime Rate

Treasury Bill

aLrrrtiriitisitiritiiitiiitiiitiii tipi tipi ti iits
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury

Office of Market Finance ‘August 1, 1994-24


LONG TERM MARKET RATES

Quarterly Averages

% %
14, 14
13 {13
12 {12
New Aa Corporates 7

Through
July 27 | 10

7p 30-Year
Treasury

are
EP ui tt ee

30-Year

Municipal Bonds

1984 1985 1986

Department of the Treasury
Office of Market Finance

1987 1988 1989 19

90

1991

1992

1993

1994

August 4, 1994-26


TREASURY OPERATING CASH BALANCE

Semi- Monthly

$Bil.
Total Operating »_Mlikout
60 Balance Borrowing V|

» \ Tax and Loan
Accounts Balance

50

40

30
20

en lh

Federal Reserve Account

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
1993 1994

y, Assumes refunding of maturing issues.

Department of the Treasury

Office of Markat Finance August 118845


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

mae oS he
TTTITTT

8.4

2018

8.9

26
24
22}.
20
18
16

=
a

16
“4
12
10

TTT TT TTT

2019
i

ON eo

22
20
18
16
4
12

TTTT TTT

TT

T

98

28h.

TTTT TTT TTT

2022

10.2

TTT TTT TTT TTT

BB8BEoueaed

TTT TT TTT TTT

2
TTT TTT

(

TIUTTT TT

|
ment of the Treasury
‘of Market Finance

a

A

=

GMM Securities issued prior to 1992
£888 New issues calendar year 1992

J

F M A M

Jod

A S$ O N D

[<3] New issues calendar year 1993

{QB Issued or announced through July 29, 1994

‘August 1, 1994-12


TREASURY FINANCING REQUIREMENTS

July -September 1994

$Bil. r $Bil.
Uses 149%, Sources
140 |— — 140
120}— — 120
Coupon Maturities » € Coupon Refunding
100 |— —4 100
80|— State and Local Savings Bonds ~ {80
ov ov
60 5% 2%, —{ 60
To be
1 \% done i
40 5 Decrease in—} 40
Foreign Nonmarketables Net Market 9Y Cash |
20 Borrowing Bins Balance ¥ 20
nig ty ie 4
@ Deficit 15), |i . 4
0 |

Department of the Treasury
‘of Market Finance

JyIncludes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

2, Issued or announced through July 29, 1994.

3, Assumes a $40 billion cash balance September 30, 1994.

August 1, 1994-23


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. $Bil.
Nonmarketable 3
35 31.4 435
L Marketable ' +30
Ky Net Auction Awards to Foreign 1/
25 HH Other Transactions O17 725
20 f
15
10
5
0
-5
-10
“15 | “15
robe Mt ttt
1990 1991 1992 1993 1994

VY Auction awards to foreign official purchasers netted against holdings of maturing securities.
2/ Data through May 31, 1994.

Department of the Treasury

Office of Market Finance ‘August 1, 1994-21


SHORT TERM INTEREST RATES

Weekly Averages
% %
7 47
Prime Rate
6 nd _I +6
Through
duly 27

eovee,
aoorrene Penn,

Commercial

3 +43
WN Federal Funds
3 Month
Treasury Bill
woohoo ho eh hh 2
Oct Nov Dec Jan Feb Mar Apr May Jun Jul
1993 1994

Department of the Treasury
Office of Market Finance

‘August 1, 1994-25