$Bil

TREASURY FINANCING REQUIREMENTS

July—September 1985^

$Bil.

-100

Uses 1063/4 Sources

100 H • —

80 Coupon Maturities ^ ^^^H ^^^H 4 Coupon Refunding _

60

Nonmarketables ^^^H

13/4 ^^H

^^^H Savings Bonds

^^H iy2 —

40 State &Local ^^M

20

^^^B^ Deficit-^ Net Market Borrowing KiKfl

1Decrease in —

1Cash Balance

0 ^^H HiH

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

JJ Includes the two and four year notes which settled July 1, 1985.

2/ Includes budget deficit, changes inchecks outstanding, and minor

miscellaneous debt transactions.

-80

-60

40

0

January 28, 1986-9
$Bil.

125

100

75

50-

25

0

TREASURY FINANCING REQUIREMENTS

October—December 1985

Uses

Coupon Maturities }

4 Deficit K

Increase in

Cash Balance

128V4

Sources

4 Coupon Refunding

Foreign Nonmarketables

1

State & 4

Local

l1/2^

Net Market t

Borrowing ^

Savings

Bonds

\J Includes budget deficit, changesin checksoutstanding, andminor miscellaneous debttransactions.

Office of the Secretary of the Treasury

Office of Government Finance '&Market Analysis

$Bil.

125

100

75

50

25

January 28, 1988-10
$Bil.

125

100

75

50

25

0

TREASURY FINANCING REQUIREMENTS

October—December 1985

Uses

Coupon Maturities ^

4 Deficit i

U

Increase in

Cash Balance

128V4

Sources

4 Coupon Refunding

Foreign Nonmarketables

State & t

Local

A Savings

' ^ Bonds

Net Market t

Borrowing "

XI Includes budgetdeficit, changesin checksoutstanding, andminor miscellaneous debttransactions.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Bil.

125

100

- 75

50

25

January 28, 1986-10
$Bil.

80-

60

40

20

0

TREASURY FINANCING REQUIREMENTS

January - March 1986

Uses

Coupon Maturities^

Foreign

INonmarketables

^ DeficitJ/

Sources

4 Coupon Refunding

Savings Bonds

1

Net Market 1361/4^

Borrowing T >

To be

done

241/4

Done

121/

Decrease in

Cash Balanced

$Bil.

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-^Includes budget deficit, changes in checks outstanding, and minor

miscellaneous debt transactions.

-^Issued or announced through January 24, 1986.

.5/Assumes a $10 billion cash balance March 31, 1986. January 28, 1986-11
-10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Federal Reserve Account

.Without New.

Borrowing^

1 -20

Jan Feb Mar Apr May Jun Jul

1985

Aug Sep Oct Nov Dec Jan Feb

1986

Mar

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1/ Assumes refunding of maturing issues.

January 28, 1986-12
:=

o

o

o

oo

o uu r^ CO lO •>* CO CM

«#

oo

CO

^~

05

co

•••••. ^—

i_

(0c

CO

CBoo

01

r-

>

3OO3C

=

CO

Tf

r

en

0

—

O>

CDc

fc

COc

•aO

>

CO

CD>0

= CO rx

co CO

O)

O

CI)

CO

LL

CD

CD

UJ

W

> >1

<

CD>

>•®

= CM =5

£ •5

co K*

en

to

>^

b.£c

£ F ^~"

env
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. r— $Bj|.

IZ3 Savings Bonds

550 State & Local Series

!• Foreign Nonmarketables

5.9

30

25

20

15

10

5

0

2.9 £4 \'l 1.5 1-4 2.2

4.1

-2.0 -2.5

I II III IV

1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

V/A

-.6

II III IV

1983

£33

I II III IV

1984

e estimate

4.6

27.2

30

25

20

15

10

5

0

8.8

6.3

II III

1985

f

r^li

1-1.6.

IV le

1986

January 28, 1986-5
MATURITIES OF STATE AND LOCAL GOVERNMENT SERIES

$Bil., i$Bil.

1986

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

IV I

Calendar Years

1987

IV

January 28, 1986-24
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. Nonmarketable

-10

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Marketable

K0g Add-ons1

H Other Transactions

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

1982 1983 1984 1985

1/ F.R.B. purchases of marketable issues as agentsfor foreign and international

monetary authorities which are added to the announced amount of the issue.

1/ preliminary. * Less than $50 million.

\\JV

January 28, 1986-7
SHORT TERM INTEREST RATES

Monthly Averages

%

16\r

3 Month

Treasury Bill

1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Prims Rate

1983 1984 1985

Through

January 24

1986

January 28, 19

%

16

14

12

10

8

6
%

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Apr May Jun

Prime Rate

Through

weekending

January 22

Commercial Paper

3 Month Treasury Bill

Jul Aug Sep Oct Nov Dec

1985

Jan

1986

%

10

9

8

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 28, 1986-1
1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

LONG MARKET RATES

Monthly Averages

1983 1984 1985 1986

January 28, 1986-4
INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

% %

12

11

10

8

'•*».

'*•«•

'*.. New Aa

Corporates

•% - x \ '*>** Treasury U v X V 20-Year

*»-*\.

Treasury \

5-Year \

.•••••.

•••••••'.•* "%.

\ Treasury .***\ ,*„ „ ^

\ 10-Year/ %._/ *W*—

'vV

V

I I I I M I I I I I I I I I I I I I I I I,

Apr May

Office of the Secretary of the Treasury

Office of Government Finance 8t Market Analysis

Jun Jul Aug

1985

Sep Oct Nov

Through

week ending

January 24

••••••••••

12

11

10

9

- 8

Dec Jan

1986

January 28, 1986-3
MARKET YIELDS ON GOVERNMENTS

Bid Yields

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

January 28, 1986-18
$Bil.

1200

1100

1000

900

800

700

600

500

400

300

200

100

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1237.3

—

COUPONS 160.5

Over 10 years t

11112-10 years

/ Jm t k

'////, 1-2 years

—"~

ggggg 1 year & under 395.9

—

BILLS I

//^T*- - *O0, t

—

""""'^ ^*^^77PjV^0/^0/ZxmK^

190.7

\

t

—

176.4

t

••[|^^^^^^^^^^^H 313.8

L^L^L^L^L^L^^L^L^L^L^^L^L^L^L^^L^L^L^La t

1974 1975 1976 1977 1978 1979 1980 1981

As of December 31

1982 1983 1984 1985

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 28, 1986 14
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons QOver 10 years g/] 1-2 years Bills

H 2-10 years ^1 year & under

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 28, 1986-13
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

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

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 28, 1986-6
MATURING COUPON ISSUES

February - June 1986

(In millions of dollars)

Maturing Issues

December 31, 1985

Total

Held by

Federal Reserve

& Government Private Foreign

Accounts Investors Investors17

13 1/2% Note 2/15/86 3,188 201 2,987 27

9 7/8% Note 2/15/86 8,116 1,285 6,831 447

10 7/8% Note 2/28/86 9,141 662 8,479 263

14% Note 3/31/86 4,215 469 3,746 350

11 1/2% Note 3/31/86 9,337 989 8,348 454

11 3/4% Note 4/30/86 9,208 1,129 8,079 347

13 3/3% Note 5/15/86 3,460 127 3,333 496

7 7/8% Note 5/15/86 5,219 1,158 4,061 -

9 3/8% Note 5/15/86 7,330 534 6,796 736

12 5/8% Note 5/31/86 9,192 644 8,548 833

14 7/8% Note 6/30/86 4,758 413 4,345 350

13% Note 6/30/86 9,933 900 9,033 1,057

Totals 83,097 8,511 74,586 5,360

U F.R.B. custody accounts for foreign official institutions;

include d in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

January 28, 1986-15
$Bil.

18

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

16.9 1988 17.0

14.8

12.4

98 % V/ V/ %

-"11 I" • IL I Is I

6.2 6.6

^3.3 H

• I 3.2

8.2

1989

7.0 61 6.8

li I li

10.3

6.4

7.3

10

8-

6

4

2

0

10

8

6

4

2

0

8

-4.8

.5.5

5.7

4-fc

2-K

10-

8-

6|-

4

2h

0

6

4-

2

0

8

6

4

2

0

10

8

6

4

2

0

8.4

7.7

1

2.6

-6 5 6.3

2.9

7.9

I

5.0

5.3

5.8

7.9

I

1.7

1990 1°,8

4.9 ^

1991

| 5.3

2.3

ee1992

I 6.3

2.0

1993 7.6

4.7

5.3 1994 7.2

^91 1995 6.9 | I

1996

5.0

5.7

6.3

12.9

2.3

4.1

j12.1

7.2

8.6

1

JFMAMJJASOND

^| Securities issued prior to 1984

jggj New issues calendar year 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

JFMAMJJASOND

^ New issues calendar year 1985

H Issued or announced through January 24, 1986

January 28, 1986-16
TREASURY MARKETABLE MATURITIES

$Bil.r 01

Ot

0L

2

0

2

0

2

0

6

4

2

0

8

61-

4

2

0

10

8

6

4

2

0

Privately Held, Excluding Bills

—[—i $Bil.

TT-Hjfr 3 ~] 2

—8 1999 J I

2.2 2000 .2.5

2004 8.3

1i

-

1.5 1.7 2001

I

2.4 1.6

-

1.7 2002

• M I

: 2.9

•

3.2

•

2003

3.5

• r

8

6

4-

2

0

4.8

2.7

3.6

6.3

1

2005

2006

2007

2008

4.0

9.3

1

1.4

1.2

.3.6

JFMAMJJASOND

LHI Securities issued prior to 1984

SS5 New issues calendar year 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

2

0

2

0

8

6

4

2

0

12

10

8

6

4

2

0

4

2

0

10

8

6

4

2 -

0

8

6

4

2

0

•39 2009

1.8 1.9 2010

• 3.7 2011

2012

2013

4.8 2014

11.8 2015

2016

112.6

4.7

6.5

m

3.4

• 4.0

14.4

• 10.3

1

JFMAMJJASOND

New issues calendar year 1985

Issued or announced through January 24, 1986

January 28, 1986-17
STRIPS PROGRAM

Security Issue Date Total Issued Amount Stripped

$ Millions as off 1 / 22 / 86

11 5/8% 11/15/94 11/15/84 6,659 528

11 1/4% 2/15/95 2/15/85 6,934 1,030

11 1/4% 5/15/95 5/15/85 7,127 1,829

10 1/2% 8/15/95 8/15/85 7,956 745

9 1/2% 11/15/95 11/15/85 7,318 159

115/8% 11/15/04 10 / 30 / 84 8,302 5,494

12% 5/15/05 4/ 2/85 4,261 1,840

10 3/4% 8/15/05 7/ 2/85 4,513 *

9 3/8% 2/15/06 1/15/86 4,750 * *

113/4% 11/15/14 11/15/85 6,006 2,596

11 1/4% 2/15/15 2/15/85 12,668 7,786

10 5/8% 8/15/15 8/15/85 7,150 1,913

9 7/8% 11/15/15 11/15/85 6,900 6

Eligible for STRIPS February 18, 1986

Eligible for STRIPS August 18, 1986

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

90,544 23,928

January 28,1986-19
$Bil.

80

70

60

50

40

30

20

10

0

STRIPS PROGRAM

Eligible Issues

Amount Stripped

/

.#••-

I

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

1985 1986

*as of January 22, 1986

$Bil.

80

70

60

50

40

30

20

10

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 28, 1986-22
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

1981 1982

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

1983 1984 1985 1981 1982 1983

*Less than $50 million. e Partly estimated.

\J Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,

offiSclGo^rnrpfn^ceTMar'LAnalysis certificates, mortgage-backed bonds, and mortgage participation certificates.

1984 1985

January 28, 1986 23
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1986^

Monday Tuesday Wednesday Thursday Friday

3 4

Auction

3 year -^

5

Auction

10 year &

6

Auction

30 year U

7

Announce

52 week

10 11 12

Announce

2 year

13

Auction &

52 week

14

17

Holiday

18

Announce

5 year

19

Auction

2 year^

20 21

24 25 26

Auction

5 year

27 28

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-"Does not include weekly bills

H For settlement February 18

•2/ For settlement February 20

-4/ For settlement February 28

-VFor settlement in early March

January 28, 1986-20
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 19861

Monday Tuesday Wednesday Thursday Friday

3 4 5 6

Announce

52 week

10 11 12

Announce

2 year

13

Auction

52 week*

14

17 18 Announce

4 year

7 year

20 year

19

Auction

2 year1'

20 21

24 25

Auction

4 year1'

26

Auction

7 year-*/

27

Auction

20 year-*/

28

31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-i/Does not include weekly bills

i/For settlement March 20

.2/For settlement March 31

4/ For settlement in early April

January 28, 1986-21