$Bil

30

TREASURY FINANCING REQUIREMENTS

April - June 1978

Uses 35V4 Sources

Gov't Acct. Investment M 4 Special Issues

4 State &Local Series

20

10

Increase in t

Cash Balance ^

Net Cash

Paydown

4 Maturities

MForeign Nonmarketables

Vn

Office of the Secretary of the Treasury

Office of Government Financing

Savings Bonds

& Other

Refundings^

Cash Surplus^

July 25, 1978- 14
» r

$Bil.

30

20

10

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY FINANCING REQUIREMENTS

July - September 1978 "J

Uses

Gov't Account t

Investment ^

321/2--

Sources

^|4 Special Issues I

4 Decrease in Cash Balance

Maturities }

Foreign Nonmarketables

4 Cash Deficit

Savings Bonds and Other

Refundings ^

Net Market

Borrowing <

11 y2

1/ Assumes $15 billion September 30, 1978 cash balance.

To Bel

Done

July 25, 1978 15
$ Bi

TREASURY NET NEW MONEY BORROWING ^

Calendar Year Quarters

II II

1975

Office of the Secretary ot the Treasury

Office o) Government Financing

17.1

8.3

COUPONS:

mm Over 10yrs.

f^7-10yrs.

r^2-7yrs.

22S 2 yrs. and under

BILLS

4.2 MJj!

-3.9

13.3

i

IV I II III IV I II III IV I

1976 1977

±/ Excludes Federal Reserve and Government Account Transactions.

2/ Issued or announced through July 21, 1978.

3.4

-0.4

II lll^ IV

1978

Julv 25. 1978 3
TREASURY OPERATING CASH BALANCE

Semi-Monthly January 1977 - September 1978

$ Bil

20 —

♦Without»

New

Borrowing

15

A A Total il I || Operating A /1 11 /1 Balance

/-

10 1

i

i

\

5 \ I Tax \| 1/\ A / l/ \ A / V wand Loan* \/\/A \/\l A V Accounts a \/ "/« AV V

,v ^ / \ Balance #\ "#\ / \ / \ ^ i »

i t

t

0

hi;

I

I

-5

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

I

i

I

I

f

F M A M J J A S O N

1977

D J F M A M J J

1978

A S

July 25, 1978 10
$ Bil

NET NEW MONEY FROM NONMARKETABLE ISSUES TO

PRIVATE INVESTORS AND FROM MARKETABLE

COUPON ISSUES TO FOREIGNERS

6

0

-2-

Office of the Secretary of the Treasury Office of Government Financing

Foreign Marketables y

Other

State & Local Series

E & H Savings Bonds

Foreign Nonmarketables

1.0

m

1.6

-0.4

2.3

2.1

1.8

SSSZZi

TT.

1 1

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

1975 1976 1977 1978

-U F.R.B. purchases of marketable issues as agents for foreign and international monetary authorities for new cash

July 25, 1978-7
$ Bil

16

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

12

8

o

-4

-8

Office of the Secretary of the Treasury

OfficeofGovernment Financing

I '"I Nonmarketable

Marketable:

&£££i Add-ons ^

•H Other Transactions

1.0

1.0

-0.5

III IV

1975

1.6

14.

3.5

1.6

\m

IV II IV

1976 1977

-V F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash

u Partly estimated

14.9

*•/ III IV

1978

July 25, 1978-4
FOREIGN HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY

$ Bit

100 COUPONS

I |Over 7 years

L J 2-7 years

86.6/

96.7

12.5

1

80 —

8088 2 years & under

BILLS

J .

•i g 28.2

60 —

44J^

55.l/ VaY •

^M 1

40 —

33.1

35J^

13.3^

2%J^fiff^^^^^^71A^ I 56.0

20

.8.4 ,

n

7.4 1

• | '

Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun v

1970 1971 1972 1973 1974 1975 1976 1977 1978

Office of the Secretary of the Treasury

Officeof Government Financing 1/ Partly estimated

* Less than 50 million

July 25, 1978 26
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

$bh BY MATURITY

400

Jun Dec Jun Dec Jun Dec Jun Dec

1970 1971 1972 1973

Office of the Secretary of the Treasury

Office of Government Financing

Jun Dec Jun Dec Jun Dec Jun Dec Jun

1974 1975 1976 1977 1978

July 25,1978-18
%

Federal Funds

12^

10

8

SHORT TERM INTEREST RATES

Monthly Averages

Prime Rate

Commercial

5>*'*s*»-- 3 Month

Treasury Bill

I I I i i i l l l l I

Through

Week Ending

July 19, 1978

12

10

-4

I I I I I i i J i i I I I I I I I I I I I I I I I I I I I I I I

J SNJMMJ SNJ MMJ S NJ MMJSNJ MMJ

1974 1975 1976 1977 1978

Office of the Secretary of the Treasury

Off .•' Government Financing July 25,1978-21
%

9

8

_r

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

-M. ./

~~ %

-9

8

"^Z^

3 Month Treasury Bill

Commercial Paper^-**'

Week Ending

July 19, 1978

6-

5-

I I I

January February March

Office of the Secretary of the Treasury

Office of Government Financing

April

1978

-5

I I I ll I

May June July

July 25, 1978 12
10

8

>V

»* #

>M

V'a

LONG MARKET RATES

Monthly Averages

New Aa Corporates

#«% A

New Conventional

Mortgages s

/ \ / W|

I * .♦♦■•••♦a

S\"S£<1 -..—• '

,..♦" r

A

\.-/ \ / New 20 Year

Municipal Bonds

%!»»///«£ ^mmiiiijP* f

Through

Week Ending

July 21, 1978

.^..—••..

"*•—•"•"....•''••w.....**''**"* •"•"*

5i I I I I I I I | | I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I

JSNJMMJSNJMMJSNJM M JIS N J M M J

1974 1975 1976 1977 1978 Office of the Secretary of the Treasury July 25, 1978- 11

Office of Government Financing

%

10

8
8

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages 1/

Treasury 20- Year

New Aa Corporates ,„..

* lt*

.#•••••••••••••«

*'' Treasury 10-Year Treasury 7- Year

New 20- Year

Municipal Bonds

J I I 111 _lLl

January February March April May

1978

1/ Monthly, weekly data not available.

June

Office of the Secretary of the Treasury

Office of Government Financing

Week Ending

July 21, 1978

8

-7

-6

July

July 25, 1978 13
10

9-

8

6

Office attheSecretary ofthe Treasury OfficeofGovernment Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

July 21, 1978

.-- I %

April 21, 1978 9

~l

%

-10

9

8

101214 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8 9

-16

10

July 25, 1978- 19
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

%

8

7

AVERAGE AUCTION YIELDS U

— 6 Month Bill

— 3 Month Bill

J I L

NEW MONEY V

6 Months

3 Months

±1 I I I I I

m i

•••• '•••••Hi

J I Ll -90

January

Office of the Secretary of the Treasury

Office of Government Financing

J L_U J I L

February March April May June

1978 Auction Dates

1/ Discount basis

2/ New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively

J I L

July

%

H8

7

6

5

$ Mil

180

150

120

90

60

30

0

-30

-60

-90

July 25, 1978-6
$Bil.

35

30

25

20

CUMULATIVE NET SAVINGS INFLOWS

(LESS INTEREST) TO THRIFT INSTITUTIONS*

Officeof the Secretary of the Treasury

Officeof Government Financing

M J J /

Month of Year

* Savings & Loan Assns. &Mutual Savings Banks.

N

July 25, 1978 24
$Bil

200

150

100

50

0

200

150

100

50

0

200

150

100

50

0

MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

BILLS 2YEAR CYCLE NOTES ALL OTHER TOTAL

—

July 1978^ 163.4

—

115j5 ^H —

H 30^4 17.5 H —

$Bil

200

150

100

50

0

200

150

100

-50

July 1977

160.3

114.3

29.6 16.4

—

123.1

July 1976 156.6 —

—

H 18.6 14.9 H —

Office of the Secretary of the Treasury

Office of Government Financing

-^ Estimated

0

200

150

100

50

0

July 25, 1978-1
OWNERSHIP OF THE MATURING ISSUES

August 1978-July 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

Investors^/

Intermediateterm

Investors^

75/8% Nt. 8-15-1978 2,558 1,362 24 290 152 56 129 545

83/4% Nt. 8-15-1978 1,822 838 6 101 32 36 66 743

65/8%l\ltJ 8-31-1978 2,750 1,072 45 309 180 110 785 249

6v4%Nt. 9-30-1978 2,681 929 8 347 253 21 747 376

57/8% Nt. 10-31-1978 2,722 940 2 296 225 47 847 365

6% Nt. 11-15-1978 4,588 1,671 59 469 347 55 672 1,315

53/4% Nt. 11-30-1978 2,681 832 7 291 205 198 865 283

5^4% Nt. 12-31-1978 2,858 749 9 425 203 520 633 319

8i/8% Nt. 12-31-1978 2,285 1,205 25 263 37 55 322 378

57/8%Nt. 1-31-1979 2,709 1,116 15 232 275 200 711 160

7% Nt. 2-15-1979 2,963 1,271 73 285 50 25 626 633

5%%Nt. 2-28-1979 2,478 914 8 220 203 187 634 312

6% Nt. 3-31-1979 2,925 1,168 16 252 242 92 755 400

57/8 % Nt. 4-30-1979 1,849 587 1 168 105 231 676 81

77/8% Nt. 5-15-1979 1,720 974 7 127 103 11 139 359

6^8% Nt. 5-31-1979 1,878 558 5 164 208 132 688 123

73/4% Nt. 6-30-1979 1,640 808 20 263 53 26 119 351

6v8%Nt. 6-30-1979 2,035 591 1 368 125 106 824 20

6v4%Nt. 7-31-1979 3,031 954 5 387 372 166 1,010 137

Total 48,173 18,539 336 5,257 3,370 2,274 11,248 7,149

* Amounts for investor classes are based onthe May 1978 Treasury 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 trust

funds.

' 2b, 1978-27
$Bil

6

4

2

0

4

2

0

6

4

2

0

6 -

4 -

2

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1978

4.4

I

I

2.7 2.7 2.7|

nn

4.6 5p

l I

1979 4_g 5.4 5.4 5.4

—4.4 — 3.7 4.01

2.7 3X)2 5 2£

1.8-1 7I.9

III

3.0113.1

1

4.6

3.5 3.5

5.3

5.0

2.6

4.2

2.6

1980

A5Hg 3.75.1

2.0

1981

4.6 i

i 24

2.7 23

1982

3.8

2.5

i 1

5.0

5.0

a

4.7

2.6

3.3

2-

oi—

8|-

6

4

2

5.8

4.6

I

2.8

1983

2.5

1.0

1984

3.4

1.2

1985

1986 7.5

4.2

1987

2.5 1988

2.2

.3

1.8

JFMAMJJASOND

•I Securities issued prior to 1976

JFMAMJ JASOND

New issues calendar year 1977

Office of the Secretary of the Treasury

Office of Government Financing

• New issues calendar year 1976 gffl Issued or announced through July 21,1978

July 25. 1978-20
1.9

•

1.9

.4

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1989

1990

.8

1991

1992

3.1

1993 2a

1994

.6

1995

1996

1997

1998

.4

1.3

-

1999 .8 I

m I

2.2

" i

2000 2|

-

2001 o

I -8

-

2002

-

2003

-

2004

-

2.0 2005

B 1

-

2006

2.6 2007 1.2

-

2008

1

-

2009

1

-

2010

$Bil

2

0

4

2

0

0

6

4

2

0

2

0

2

0

2

0

2

0

2

0

2

0

F M A M A S 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

MAM A S O N

Office of the Secretary of the Treasury

Office of Government Financing

•I Securities issued prior to 1976 E22 New issues calendar year 1977

ill New issues calendar year 1976 B9 Issued or announced through July 21,1978 July 26, 1978-17
TREASURY MARKETABLE MATURITIES THROUGH 1979

Privately Held, Excluding Bills and Exchange Notes

Office of the Secretary of the Treasury

Office of Government Financing

A S

IrfefJ 2 year cycle notes

YZZ1 4 year cycle notes

ll^Stier. notes^-

N

July 25,1978- 16
$Bil

3

ALLOTMENTS TO SELECTED INVESTOR GROUPS

Competitive Tenders

•

v///,

Y%%% Other

V77A Individuals

^Incorporations

tSBBflComm. Banks

••Dealers

$Bil.

3

6%% 7%% 7%% 71/8% 75/e% 778% 71/2% 8% Q%% Q%% 8%%

Nt. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd. Nt. Bd.

Aug. 1977 Nov. 1977 Feb. 1978 May 1978

Office of the Secretary of the Treasury

Office of Government Financing July 25,1978-9
$ Bil

1.0

.5

ALLOTMENTS TO SELECTED INVESTOR GROUPS

Noncompetitive Tenders

&%%3 Other

Y//A Individuals

| Comm. Banks

IDealers

HP i

0

6%% 7Va% 75/b% 71/8% 75/8% 77s% 71/2% 8% 81/4% 8%% 8%%

Nt. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd. Nt. Bd.

Aug. 1977 Nov. 1977 Feb. 1978 May 1978

Officeot the Secretary of the Treasury Office of Government Financing July 25,1978-8

S Bil

1.0
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1967

5 Years

1 Month

Months

38 - June 1977

2 Years

10 Months

June 1978

3 Years .^1 Month

June 1978

3 Years

1 Month

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

Office of the Secretary of the Treasury

Office of Government Financing July 25,1978 2
AGENCY MATURITIES^

Privately Held

$Bilr

2

1

0

3^1982

|3.0

1983 1984 1985

iLi 2.3

ll.l In

1^51.4

iill

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

1986 1987 1988 1989

_.9 .9

1,1.•n.

1.0 o

£•

- 1990 1991 1992 1993

~4

• -i • • mm *. A. .3

- 1994 1995 1996 1997

.1 j^ .6 1...

1998 1999 2000 2001

J.££ J. ^

2002 2003 2004 2005

.2 .2 .2

r- 2006 2007 2008 2009

-1 £ • £ .3

•

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

Officeof the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

1/ Issued or announced through July 19, 1978

* Less than $50 million July 25, 1978 23
$Bil

2

1

0

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

nili h.

FCA

IIIiInl I

FHLB

..i

NT

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

1974 1975 1976 1977 1978

$Bil

2

1

0

-1

ll.. 1

FNMA

,1 ...ll •

r *

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

1974 1975 1976 1977 1978

Officeof the Secretaryof the Treasury

Officeof Government Financing

*Less than $50 million

July 25, 1978-22
$Bil

600

500-

400-

300-

200

100-

CUMULATIVE FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

1970 74 75

Fiscal Years

-t/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.

79e

Office of the Secretary of the Treasury

Office of Government Financing e- March 1978 Budget estimate. April 18, 1978-23