S. Treasury Borrowing
TREASURY FINANCING REQUIREMENTS

January - March 1998

0

50100150

Uses Sources

$Bil.

n

s

Deficit

Coupon Refunding

Net Market

Borrowing

Decrease in

Cash

Balance

1

1

153

10

124 124

Includes budget deficit, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

4 1

State and Local

15

May 4, 1998-1

2

41

4

2 1
Uses 259

April - June 1998

y

TREASURY FINANCING REQUIREMENTS

Includes budget surplus, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

May 4, 1998-2

050100150200250

Sources

$Bil.

Coupon Maturities

ease

ash

ance

Coupon Refunding

State and

Local

Cash Surplus

Market

Paydown

1

114

132

109

132

3

4

1

4

1

13

Assumes a $45 billion cash balance, June 30, 1998.

2

2

3

4

2

1

2

1

2

1

3 4
TREASURY OPERATING CASH BALANCE

Daily

Total Operating

Balance

sury

e May 4, 1998-3

 Assumes refunding of maturing issues. 1

1

Without

New

Borrowin

g

Tax and Loan

Accounts Balance

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

1997 1998

Federal Reserve Account

 Data points are semi-monthly.
II III IV I II III IV I II III IV I II III IV I

-100

-80-60-40-20

0

2040

60

80

4

8.1

40.6

61.2

74.5

25.3 25.7

48.1

77.2

-25.7

40.3

41.3 44.6

-71.5

6.5

17.0

10.3

TREASURY NET MARKET BORROWING

$Bil.

1

May 4,1998-4

1994 1995 1996 1997 1998

Excludes Federal Reserve and Government Account Transactions. 1

Coupons

Bills

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs
 (Billions of Dollars)

NET MARKET BORROWING

April – June 1998

May 4, 1998-5

Issued or announced through May 1, 1998. 1

Total -109.8Done -70.1

Bills

Regular weekly -10.752 week -7.7Cash Management -45.8 Total -64.1

Coupons

7 year note -8.82 year note -5.65 year note 0.030 year inflation-indexed bond 8.4

-6.0

To Be Done -39.7

1
STRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

May 4, 1998-6

y

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

10-Year Fixed Rate

May, August & November 1997 and

February 1998 Auctions

*

86%

5%

9%

1%

51%

%

*

nflation-Indexed

& April 1997 and

y 1998 Auctions

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., insurance cos., and financial cos.Other includes individuals, and nonfinancial cos.
STRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY BONDS

May 4, 1998-7

ry

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

30-Year Fixed Rate

February, August & November 1997

and February 1998 Auctions

71% 3%

25%

42% 

%

*

8%

nflation-Indexed

1998 Auction

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., insurance cos., and financial cos.Other includes individuals, and nonfinancial cos.

*

1%
OR 5-YEAR 3-5/8% IIN AND 5-YEAR 6-1/4% FIXED-RATE NOTE

Daily Data: Beginning 7/10/97

1

May 4, 1998-8

Price$

99

100101102103

1 Real Price for inflation-indexed note

Correlation: -48% STD IIN/STD Nominal = 0.42

6-1/4% of 6/30/02

3-5/8% IIN of 7/15/02

Aug Sep Oct Nov Dec Jan Feb Mar Apr 1997 1998
949698

100102104

R 10-YEAR 3-3/8% IIN AND 10-YEAR 6-1/4% FIXED-RATE NOTE

Daily Data: Beginning 2/18/97

1

May 4, 1998-9

Price$

6-1/4% of 2/15/07

3-3/8% IIN of 1/15/07

Apr May 

Jun Jul Aug Sep Oct Nov Jan Dec Feb Mar Apr

1997 1998

1 Real Price for inflation-indexed note

Correlation: -38% STD IIN/STD Nominal = 0.26
260280300320340360

PRICES FOR 10-YEAR 3-3/8% IIN vs. SPOT GOLD

Daily Data: Beginning 2/6/97

May 4, 1998-9a

Gold Price ($)

Spot Gold

3-3/8% IIN of 1/15/07

1 Real Price for inflation-indexed note

Correlation: 48% STD IIN/STD Gold = .04

1997 1998

Apr May Jun Jul Aug Sep Nov Jan Oct Dec Feb Mar Apr
986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 '98

NET STRIPS OUTSTANDING (1985-1998)*

End of Quarter

ry

May 4, 1998-10

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of April 24, 1998.
III IV I II III IV I II III IV I II III IV I II 

-15-10

-505

1015

3

-4.7

-2.3

-8.9

-1.1

-6.7

-7.3 -7.6

-0.5 -2.2

5.7

2.5 1.5 3.3

13.8

15.3

12.2

Foreign SeriesState and Local SeriesSavings Bonds

e estimate

e

$Bil.

RY NET BORROWING FROM NONMARKETABLE ISSUES

May 4, 1998-11

1994 1995 1996 1997 1998
05

101520

Gross IssuesRedemptions

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

-10

-505

10

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

Net SLGs

May 4, 1998-12

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

1994 1995 1996 1997 1998
IV I II III IV I II III IV I II III IV I II III IV I II III IV

02468 

5.2 5.0

4.0

6.9

4.6

5.0 5.1

6.2

4.8

5.4

6.1

8.5

6.8

4.8

5.2

7.5

6.1

2.2

2.0

2.6

1.8

$Bil.

STATE AND LOCAL MATURITIES 1998-2003

May 4, 1998-13

8 1999 2000 2001 2002 2003
RTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

-20

0

20406080

100120

0.1

22.6

33.0

40.5

55.1

64.2

13.8

74.4

23.6

65.8

109.5

56.9

29.4

44.2

12.0 9.3

May 4, 1998-14

ry

$Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

1

nmarketable

rketable

Net Auction Awards to Foreign

Other Transactions

2

2 Data through February 28, 1998.

1994 1995 1996 1997 1998
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 '98 

141618202224262830323436

OREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

May 4, 1998-15

Percent
OR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1996 December 31, 1997 February 28, 1998

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Foreign Private Foreign Private Foreign Private

om $190.6 14.9% 5.6% $286.9 22.4% 8.5% $304.9 23.7% 8.9%

286.4 22.4% 8.4% 300.7 23.5% 8.9% 296.9 23.1% 8.7%

72.5 5.7% 2.1% 91.2 7.1% 2.7% 92.0 7.1% 2.7%

ntilles 63.9 5.0% 1.9% 61.6 4.8% 1.8% 54.7 4.2% 1.6%

44.0 3.4% 1.3% 52.5 4.1% 1.5% 50.7 3.9% 1.5%

46.4 3.6% 1.4% 53.9 4.2% 1.6% 49.8 3.9% 1.5%

na 46.6 3.6% 1.4% 47.3 3.7% 1.4% 47.7 3.7% 1.4%

24.9 1.9% 0.7% 37.3 2.9% 1.1% 36.5 2.8% 1.1%

32.0 2.5% 0.9% 34.9 2.7% 1.0% 33.9 2.6% 1.0%

39.2 3.1% 1.2% 29.8 2.3% 0.9% 30.7 2.4% 0.9%

31.3 2.4% 0.9% 25.6 2.0% 0.8% 26.9 2.1% 0.8%

14.0 1.1% 0.4% 27.0 2.1% 0.8% 25.8 2.0% 0.8%

26.9 2.1% 0.8% 25.2 2.0% 0.7% 25.4 2.0% 0.7%

19.9 1.6% 0.6% 18.0 1.4% 0.5% 18.2 1.4% 0.5%

9.6 0.8% 0.3% 8.1 0.6% 0.2% 11.1 0.9% 0.3%

187.4 14.7% 5.5% 178.0 13.9% 5.2% 182.1 14.1% 5.3%

1135.6 88.9% 33.5% 1278.0 100.0% 37.7% 1287.3 100.0% 37.6%

Note: RP’s are included in “other”. Detail may not add to totals due to rounding.

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989

and monthly data collected under the Treasury International Capital reportingsystem.

sury May 4, 1998-16

e
88 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

2468

10

SHORT TERM INTEREST RATES

Quarterly Averages

%

May 4, 1997-17

Federal

Funds

Prime Rate

h

 Bill

 Paper

Commercial

Through

April 29
May 4, 1998-18

SHORT TERM INTEREST RATES

Weekly Averages

%

45678

Through

April 29

Commercial

Federal Funds Paper

3 Month

Treasury Bill

Prime Rate

Aug Sep Oct Nov Dec Jan Feb Mar Apr

1997 1998
988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

56789

10

New Aa

Corporates

30-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

%

Through

April 29

y

May 4, 1998-19
3.04.05.06.07.08.0

INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%

FHLMC 30-Year

Conventional

Treasury 5-Year

10-Year InflationIndexed Note 2

12 Salomon 10-yr. AA Industrial is a Thursday rate. The first 10-year inflation-indexed note settled on February 6, 1997.

May 4, 1998-20

April 29

Through

Treasury

10-Year

AA 10-Year Industrial 1

Aug Sep Oct Nov Dec Jan Feb Mar Apr

1997 1998
2 3 4 5 6 7 8 9 10

5.005.205.405.60

MARKET YIELDS ON GOVERNMENTS

%

Years to Maturity

February 2, 1998

May 4, 1998

May 4, 1998-21

10 12 14 16 18 20 22 24 26 28 30

5.505.705.906.10

5.505.705.906.10

%

%
524.7

515.9

489.8

1009.6

470.8

ATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

May 4, 1998-22

June 30, 1994

988 1989 1990 1991 1992 1993 1994 1995 1996 1997

Bills1 year & under1-2 years2-10 yearsOver 10 years March 31, 1998 3010.8
VATE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Mar '98

Percent Distribution By Maturity

May 4, 1998-23

oupons Over 10 years

2-10 years

1-2 years1 year & under

Bills

16

34

17

17

16
VERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 19475 Months10 Years

5 Months2 YearsDecember 1975

May 4, 1998-24

ry

1

1

J FMAMJ J ASOND 60

626466

9 51 53 55 57 59 61 63 65 71 67 69 73 75 77 81 83 85 79 87 89 93 91 95 97

Months

Excludes inflation-indexed notes; including IIN the average length was 5 years

 and 5 months as of March 31, 1998.

March 31, 1998

5 Years, 5 Months
Foreign

Investors

Total 

ing Coupons

Federal Reserve Private

Investors

March 31, 1998

MATURING COUPON ISSUES

May - September 1998

(in millions of dollars)

Held by

Totals

sury

e May 4, 1998-25

1

9,165

21,22612,35821,11012,59622,054

9,694

11,68921,56311,34322,41813,01921,94912,57621,486

244,246

101

2,1681,5834,4091,6564,546

223

1,1025,235

983

3,8382,4456,8172,4996,211

37,604

8,267

17,13411,50319,92511,12520,877

7,983

11,00420,406

9,863

17,92812,37119,97911,60320,267

220,235

898

4,092

855

1,1851,4711,1771,711

685

1,1571,4804,490

648

1,970

973

1,219

24,011

F.R.B. custody accounts for foreign official institutions; included in Private Investors. 1

NoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNote

05/15/9805/15/9805/31/9805/31/9806/30/9806/30/9807/15/9807/31/9807/31/9808/15/9808/15/9808/31/9808/31/9809/30/9809/30/98

⁄

⁄
25.4

31.4 32.0

8.0

31.4

27.8

32.4 31.9

9.3

32.3

27.3

30.8 30.5

FMAMJ J ASOND

0

29.9 29.3

9.1

29.2 28.9 29.5 28.7

9.7

26.6

29.6

27.3 28.6

9.9

27.9 30.0 27.2 27.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

May 4, 1997-26

1998

1999

New issues calendar year 1996 Issued or announced through May 1, 1998Securities issued prior to 1996 New issues calendar year 1997
AMJ J ASOND 

3.0 13.4

10.6

12.6 12.3

16.1

11.9

21.6

12.0 12.3 11.3

2.4

11.7 11.5

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

02468

101214161820

12.6

18.3 21.3

13.5

02468

101214161820222426

12.3

23.7

12.6 12.8 11.6

2.9

27.3

6.5

.3

10.2

25.8

28.0

11.9 11.7 11.7

26.5

11.2 11.0 11.5

25.0

11.7 11.9

02468

1012141618202224

12.3

15.5 16.0

20.0

J FMAMJ J ASOND 0

2468

1012141618202224

18.7

13.9

2006 20.3 20.0

$Bil.

2005

2004

May 4, 1998-27

2000 2003

.6 12.9

12.8

12.7 13.1 13.212.513.1 13.5 13.8

23.4

13.6 13.3

2002

2001

New issues calendar year 1996 Issued or announced through May 1, 1998Securities issued prior to 1996 New issues calendar year 1997
AMJ J ASOND 

4.1 4.2 4.8

12.2

23.5

1.1

2014

J FMAMJ J ASOND 0

2468

101214161820

9.3 9.1

20.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

May 4, 1998-28

2007

1.3

3.6

2008

3.6 3.1 2009

1.8 3.5 2010

3.5 3.9 2011

9.4 2012

11.7 2013

02468

10 11.3

6.0 6.0

2015

02468

10121416

6.4

17.8 17.6 2016

02468

10121416 16.6 2017 12.8

02468

10

8.2

8.8 2018

02468

1012141618 18.3 18.5

2020

2019

Issued or announced through May 1, 1998

Securities issued prior to 1996 New issues calendar year 1997New issues calendar year 1996
J FMAMJ J ASOND 0

2468

1012141618

8.0

9.9 10.0

AMJ J ASOND 

21.9

11.0 11.5

31.6

02468

10121416182022

10.0 10.0

20.0 2027

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

May 4, 1998-29

02468

101214 2024 11.0

02468

1012 10.9 11.4 2025

02468

1012 12.0 2026 9.9 10.0

2022

2021

2023

2028

Issued or announced through May 1, 1998

Securities issued prior to 1996

New issues calendar year 1996

New issues calendar year 1997