faij_a»

$Bil.

40

TREASURY FINANCING REQUIREMENTS

January - March 1978

Uses

41

Sources

k Decrease in Cash Balance

Maturities }

Redemptions

of Special

Issues u

h State & Local Series

30

20

I^ Cash Deficit

10

0

Gov't Acct.

Sales

Savings Bonds

and Other

4 Refundings

Net New Cash }

1/ Includes maturing marketable securities of $'/s billion.

Office of the Secretary of the Treasury

Office of Government Financing April 25, 1978-
i I

$Bil.

30

TREASURY FINANCING REQUIREMENTS

April - June 1978

Uses Sources

-34-

Gov't Acct. Investment ^K 4 Special Issues

State & Local Series

20

10

0

Increase in .

Cash Balance uf\

4 Maturities

4 Net Cash Paydown

y2

Savings Bonds

& Other

Refundings m

Cash Surplus M

Office of the Secretary of the Treasury

Office of Government Financing

1/Assumes $16 billion June 30 cash balance

April 25, 1978
$ Bil

o

-2-

NET NEW MONEY FROM NONMARKETABLE ISSUES TO

PRIVATE INVESTORS AND FROM MARKETABLE

COUPON ISSUES TO FOREIGNERS

Foreign Marketables ^

%%%& Other

1111 State & Local Series

Y//A E & H Savings Bonds

^H Foreign Nonmarketables

1.0

1.6

^

-0.4

IV

2.3

1.9

i

7.3

5.5

5.1 5.0

\ti/M.

2.1

m

IV I IV

1978

Office of the Secretary of the Treasury

Office of Government Financing

1975 1976 1977

±J F.R.B. purchases of marketable issues as agents for foreign

and international monetary authorities for new cash. April 18, 1978-8
$Bil,

20

10

0

-10

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY NET NEW MONEY BORROWING 1

Calendar Year Quarters

23.9

1975

24.7

17.1

8.3

m

IV III

1976

14.2 l±g

I

IV

COUPONS:

^BOver 10yrs.

^^7-10 yrs.

V77X 2-7 yrs.

ESS9 2 yrs. and under

g|LLs 19.4

-3.9

IV

1977

i/ Excludes Federal Reserve and Government Account Transactions.

?/ Issued or announced through April 21, 1978.

I

-2.9

2/

1978

April 25,1978-7
TREASURY OPERATING CASH BALANCE

Semi-Monthly January 1977 - June 1978 $Bil

Without

New

20

Total | 1 Operating 1

A • | Balance II

| Borrowing!

15

10 —# I 1 \ 1 \A 11 |\ #\ * • '» i * » i * » • * > i

* * i

5

0

* \\ Tax \l 1/ \ x / l/\ A* — \l and Loan V * \ /\l A "^ \/\ \| Accounts \/ >|/ /•. \# l

I Balance V ••'••. •• *• .•*"•• .• *• ■♦• •* *. .• •. • *. •• •. ••••

•. •"••• / ••..••••••.../ V •' "' *'••

f i ! i i ;

r i J

• i

i i

11

ii

•i

-5

i i i i i i i i i i i i i i i 1 1

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

1977 1978

of the Secretary ot the Treasury

of Government Financing April 25, 1978
SHORT TERM INTEREST RATES

Monthly Averages

J SNJMMJSNJMMJSNJMMJSNJMM

1974 1975 1976 1977 1978

Office of the Secretary of the Treasui

Officeof Government Financing April 25, 1978-4
8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Commercial Paper

Oct

Office o( the Secretary of the Treasury

Office of Government Financing

Nov

1977

3 Month Treasury Bill

Dec Jan

>»»»»———*****»<

*""-^ ^-.,

Feb Mar

1978

Week Ending

April 19, 1978

Apr

%

8

April 18, 1978 2
%r

+^/V

10-

/

S<\

8

LONG MARKET RATES

Monthly Averages

i—

I

New Aa Corporates

f \ / V* New Conventional

Mortgages

Through

Week

Ending

April 21, 1978

,•«• -#1

^niiiiim**v

JS NJMM J SNJ MMJ SN JMMJSNJMM

1974 1975 1976 1977 1978

%

10

8

6

Office of the Secretary of the Treasury

Office of Government Financing April 18, 1978-3
%

8

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages 1/

New Aa Corporates <reasury 20- Yelr

.«••••••••••'

October

.. r..v

-•»„ ••••••..••••••••£•«—--"'

""-i: Treasury 10-Year

Treasury 7- Year

New 20- Year

Municipal Bonds

J I I IN

November December

1977

January February March

1978

1/ Monthly, weekly data not available.

Office of the Secretary of the Treasury

Office of Government Financing

Week Ending

April 21, 1978

April

%

8
%

8

7

0

Office of the Secretary ot the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

I I I

April 21, 1978

mm——*'m*M

10 12 14 16 18 20 22 24 26 28 30

I I I I I I I I I I

4 5 6

Years to Maturity

I I I I

8

%

10

April 18, 1978-14
$Bil.

35

30

25

20

CUMULATIVE NET SAVINGS INFLOWS

(LESS INTEREST) TO THRIFT INSTITUTIONS*

Office of the Secretary of the Treasury

Office of Government Financing

A M J J

Month of Year

* Savings & Loan Assns. & Mutual Savings Banks.

o

April 18, 1978-13
8

7

6

5

NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY

BILL AUCTIONS AND AVERAGE AUCTION YIELDS

AVERAGE AUCTION YIELDS 1/

—— 6 Month Bill

3 Month Bill

J L I I I 1 J I I L

October

J L I I l J L .LiOffice of The Secretary of The Treasury

Office of Government Financing

November December January February March

1977 AUCTION DATES 1978

i/ Discount basis

*-/ New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively

April

April 25, 1978-
$Bil.

ALLOTMENTS TO SELECTED INVESTOR GROUPS

Noncompetitive Tenders

1.0

.5

0

7%% 7%%

Nt. Bd.

May 1977

Officeof the Secretary ot the Treasury

Office of Government Financing

! Other

?/7A Individuals

iComm. Banks

IDealers

6%% 7Va% 7%%

Nt. Nt. Bd.

Aug. 1977

WW.

7VB% 7%% 7Vs%

Nt. Nt. Bd.

Nov. 1977

71/2% 8% 81/4%

Nt. Nt. Bd.

Feb. 1978

April 25, 1978
$Bil.

ALLOTMENTS TO SELECTED INVESTOR GROUPS

Competitive Tenders

0 7%% 7%W

Nt. Bd.

May 1977

Officeof the Secretary of the Treasury

Officeof Government Financing

'///A

6%% 7Va% 7%%

Nt. Nt. Bd.

Aug. 1977

Other

y//A Individuals

liii Corporations

Comm. Banks

Dealers

7Ve% 75/8% 77a%

Nt. Nt. Bd.

Nov. 1977

71/2% 8% 81/4%

Nt. Nt. Bd.

Feb. 1978

April 25, 1978-
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978

O'fice ol the Secretary of the Treasury

Office of Government Financing

April 18, 19785
$Bil.

400

350

300

250

200

150

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS:

t777\Over 10 yrs.

3 7-10 yrs

M2-7 yrs

12 yrs & under

BILLS

100-

Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Mar

1970 1971 1972 1973 1974 1975 1976 1977 1978

Office ot the Secretary of the Treasury

April 25, 1978
MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

BILLS 2 YEAR CYCLE NOTES ALL OTHER TOTAL

$ Bil

200

150

100

50

0

150

100

50

0

150

100

50

0

120.8

120.0

122.4

Office of the Secretary of the Treasury

Office of Government Financing

34.2

27.5

16.4

April 1978 iy 172.1

17.1

April 1977

14.9

April 1976

14.6

u Estimated

162.4

153.4

April 25, 1978-
OWNERSHIP OF THE MATURING ISSUES

May 1978 - April 1979 *

(In Millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings nstitutions State &

Local

General

Funds

Corpora

tions Foreign

Other

Private

Holders

Maturing Issues Longterm

Investors1/

Intermediateterm

Investors^*

7#8#%Nt. 5-15-1978 3,002 1,524 65 300 165 82 425 441

77/8%Nt. 5-15-1978 2,882 1,385 40 302 150 62 351 592

7v8%Nt. 5-31-1978 2,390 977 7 207 135 219 480 365

67/8% Nt. 6-30-1978 2,540 890 11 238 287 134 405 575

67/8%Nt. 7-31-1978 2,560 1,173 11 391 197 122 478 188

75/8% Nt. 8-15-1978 2,574 1,414 29 311 140 138 114 428

83/4% Nt. 8-15-1978 1,822 841 6 99 27 18 96 735

65/s% Nt. 8-31-1978 2,776 1,241 35 349 108 88 745 210

6v4%Nt. 9-30-1978 2,717 1,051 8 364 198 27 811 258

57/8%Nt. 10-31-1978 2,723 1,108 3 323 203 89 897 100

6% Nt. 11-15-1978 4,584 1,709 163 482 347 54 672 1,157

53/4% Nt. 11-30-1978 2,687 858 9 305 182 219 940 174

5^4% Nt. 12-31-1978 2,869 877 6 392 163 517 678 236

8v8%Nt. 12-31-1978 2,318 1,232 25 268 73 40 322 358

57/8% Nt. 1-31-1979 2,724 1,210 15 213 287 198 742 59

7|% Nt. 2-15-1979 2,968 1,374 73 325 58 26 656 456

5%%Nt. 2-28-1979 2,484 1,062 8 210 215 219 686 84

6% Nt. 3-31-1979 2,942 1,238 14 238 227 130 825 270

5|% % Nt. 4-30-1979 1,868 596 3 140 107 242 723 57

Total 51,430 21,760 531 5,457 3,269 2,624 11,046 6,743

Amounts for investor classes are based on the February 1978 Treasury ownership survey.

I/; Includes State and local pension funds and life insurance companies.

2/lncludes casualty and liability insurance companies, mutualsavings banks,savings and loan associations, and corporate pension trust funds.

Office of the Secretary of the Treasury

Office of Government Financing April 25, 1978-19
$Bil.

8

4

0

8

4

0

8

4

0

4

0

II

j <ii

TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1978

Li I

1977

I •2 I n l ll I II

1976

I 0 I I la ll I I s I |g I

1

II .11

1975

•% !• g| s

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

Office of the Secretary of the Treasury

Office of Government Financing

Hi 2 yearCycle Note EE115 yearBond

K2 4 year Cycle Note • Long Bond

VA 5 year Cycle Note HI Intermediate Note

Short Note

April 25, 1978-
$Bil

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

irr

1978 44 4.6 5.2

oa 2.5 2612.8 27 2.7B2.7

1 n!n ii nlfl

1979 4J 5.4 4 5|445,4

2.73^2 5 Z3

"El

n 3-°l3-2 -I

. I •

1.9i 7

ni

4.6 5£ 1980 5.1

11 II?5 I 2.7 I Yj m A 01-7 V9,

5.1

1 4.7

2.7 J

2

4.3

Qi 3.8

1 I

1981

2.4

1982

5.1

0 2.0

•

5.1

5.0

B

2.7

2.7 2^9 ?^ Si 3.4

p : n

1.7

I

4.8

JFMAMJJASOND

8-

6

4

2

5.8

4.7

2.8

2.6

1983

2.2

1.0

1984

3.4

1.2 1985

1986 7.6

4.3

0

-

1987 1.8

2i0

1988

JFMAMJ JASOND

•I Securities issued prior to 1976 EZ3 New issues calendar year 1977

UlNew issues calendar year 1976 ^2 Issued or announced through April 21, 1978

Office of the Secretary of the Treasury

Office of Government Financing April 25, 1978 15
$Bil.

TREASURY MARKETABLE MATURITIES THROUGH 1979

Privately Held, Excluding Bills and Exchange Notes

$Bil.

0

0

Office of the Secretary of the Treasury

Office of Government Financing

5.9

1978

4.4

4.6

o'c 2 6 PI _ 27 2-7 2-7

III III I

^H 2 year cycle notes

\///X 4 year cycle notes

WM Other notes

5.2

-4

-2

Aiitil ?!>, 19/8
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil

2

0

4

2

0

0

6

4

2

0

2

0

2

0

2

0

2

0

2

0

2

0

-

1989

1.9

1

1990

.9

1991i

-

1992

3.2

1

1.9

2

1993

.6

-

1994

.6

.4

1995

-

1996

-

1997

-

1998

.4 | 1.3

M M N D

$Bil

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2.2

1

2.7

.8

2.1

B

MAM

1999

2000 1.2

2001 .8

2002

2003

2004

2005

2006

2007

2008

2009

2010

Office of the Secretary of the Treasury

Office of Government Financing

•• Securities issued prior to 1976

US New issues calendar year 1976

E23 New issues calendar year 1977

reissued or announced through April 21, 1978

1.2

April 25, 1978
AGENCY MATURITIES*/

Privately Held

$Bili

2-

1986

-.9 .9

l-l

1987

£. -8 .8 6

liii

1988 1989

.4 .4

- 1990

~4

• _1

1991

.3 .4

1992 1993

.3

- 1994 1995 1996

.6

-•

1997

1.0

•-_•

1998 1999 2000 2001

.1 1 -2. .1

2003 2004

r- 2006

.2 .2

2007 2008 2009

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 IV I II III IV

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

1/Issued or announced through April 19,1978

* Less than $50 million April 25, 1978 20
$Bil.

0

4

3

1

0

-1

-2

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

nil

I

FCA

Privately Held

$Bil

•ll.lllillli

0

ll.

FHLB

ir i.» ..i

IIII

GNMA

Mortgage Backed

Securities

I

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

1974 1975 1976 1977 1978

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

1974 1975 1976 1977 1978

Less than $50 million

April 25, 1978-21
$Bil.

600-

500

400

300

200

100

0

CUMULATIVE FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

1970 72

Sponsored Agencies iJiill ]

Loan Guarantee Programs HH)

Budget Deficit 111!

Adjusted Total U

Off-Budget Programs

74 75

Fiscal Years

i/Adjusted(1) to eliminate double counting of obligations purchased by Federal and Federally sponsored

agencies and (2) for changes in Treasury cash balances and other minor items.

76 TQ 77 78e 79e

Office of the Secretary of the Treasury

Office of Government Financing e- March 1978 Budget estimate. April 18, 1978-23
TRADING VOLUME IN FUTURES CONTRACTS

$Bil.

120

100

80

60

40

20

0

IV

1975

Office of the Secretary of the Treasury

Office of Government Financing

Treasury Bonds 1/

GNMA's Zj

Treasury Bills 3/

1

'/////,

IV

1976 1977

1/ Futures trading in Treasury bonds began in August 1977.

2/ Futures trading in GNMA-guaranteed mortgage-backed securities

began in October 1975.

3/ Futures trading in Treasury bills began in January 1976.

IV

$Bil

120

100

80

60

40

20

0

1978

April 18, 1978-22