$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

October-December 1988

Uses

Coupon ^

Maturitiest

111% Sources

^ Coupon Refunding

Va Foreign Nonmarketables

2%|

Savings Bonds

State & Local

4 Agency

4 Deficit XJ Net Market

Borrowing

1/ Includes budget deficit, changes in checks outstanding and

minor miscellaneous debt transactions.

Decrease in

Cash Balance

im

$Bil.

100

80

60

40

20

Department of the Treasury

Office of Market Finance January 31, 1989-23
$Bil.

120

100

80

60

40

20

TREASURY FINANCING REQUIREMENTS

January-March 1989

Uses

Coupon Maturities^

Foreign

Nonmarketables

Va

State and Local

120V4 Sources

4 Coupon Refunding

Savings Bonds

2

363/4

> Net Market

Borrowing

4 Deficit ^ 53/4^B232HJ_

Decrease in •

Cash Balance 3/•

u Includes budget deficit, changes in checks outstanding and

minor miscellaneous debt transactions.

^Issued or announced through January 27, 1989.

5/Assumes a $10 billion cash balance March 31.

$Bil.

120

100

80

60

40

20

Department of the Treasury Office of Market Finance January 31, 1989-24
$Bil.

40

20

10

0

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Total Operating ^t

Balance A Tax and Loan , Without New ,

Accounts Balance^ Borrowing 1/

— [ \ I \

h

• i • i • s • z

• «

• X • z

• I • I • z

y \i .4

\B £ \ \ 1 \ / .*- \ /

k / \ / '-•• '%/ '""»'r.„i.«"»««.„,„(j(s *'

V A y / \ f A.

•

-^B^- •

Federal Reserve Account •

•

•

•

•

•

•

•

•

I I I I 1

•

•

•

•

•

•

•

;••

-10-

-20

Jan Feb Mar Apr May Jun Jul

1988

Aug Sep Oct Nov Dec Jan

J/Assumes refunding of maturing issues.

Department of the Treasury

Office of Market Finance

Feb Mar

1989

January 31, 1989-16
TREASURY NET MARKET BORROWING^

I II III IV I

1985

--10

-20

IV I II III IV I II III IV I

1986 1987 1988 1989

^Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance January 31, 1989-12
»

TREASURY SECURITIES IN STRIPPED FORM

Net Strips

MJ JASONDJ FMAMJJASONDJ*

1987 1988 1989

* Through January 20, 1989

Department of the Treasury

Office of Market Finance January 31, 1989-13
$Bil.

1.5

1.3

1.1

.9

.7

.5

NONCOMPETITIVE TENDERS IN

TREASURY WEEKLY BILL AUCTIONS

13 Week Bills m

~~ hi Average Discount Yield (right scale) 1

EH Noncompetitives in Bill Auctions (left scale) W

n ,TM

—

n r~ \

_«.

-^ T FTM3 TM

•/'••

^

k '•' jm *

ft

*• ; s

is s V

V

s> is's'

"-: ;•* ' rs

k'1I i

'

-

- n ; v •"! i* !^^ T ' 11 f i ': % S \ ,- ':

, i

-

t *•

\ i Iff ^ '

•

Xj

nh•', e ii i' i i ' "A '

' '

^ X ~~

'/ \ W i F y :

[ II ; ! ; , -' i ! | •

is

r^v •

•

i 1 i111: !

'/

'

i •s :

-

:•

j* t "» •

2 9 16 23 30 7 14 21 28 4 11 18 25 1 8 15 22 29 6 13 20 27 3 10 17 25 1 8 15 22 29 5 12 19 26

Jun Jul Aug Sep Oct Nov Dec Jan

1988 1989

%

8.5

8.0

7.5

7.0

6.5

6.0

Department of the Treasury

Office of Market Finance January 31, 1989-25
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

27.2

-5

II III IV

1985

Department of the Treasury

Office of Market Finance

Savings Bonds

State & Local Series

Foreign Nonmarketables.

$Bil.

- 25

20

15

12.5

4.6

Ml

•

i

I II III IV I II III IV

1986 1987

e estimate

* Less than 50 million

I II III IV le

1988 1989

10

-5

January 31, 1989-22
CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

$Bil '$B|1

110

100

50

40

30

20

10

0

1985

Department of the Treasury

Office of Market Finance

IV I II III IV

1986

I j New Issues

HI Refunding

••• Changes in SLGS

II III IV I II III IV

1987 1988

110

100

>;

50

40

30

20

10

0

January 31, 1989-15
r t

Department of the Treasury

Office of Market Finance

STATE AND LOCAL MATURITIES 1989-1991

1989 1990 1991

January 31, 1989-11
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Department of the Treasury

Office of Market Finance

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

1985 1986 1987 1988

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

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

2/ Preliminary. January 31,1989-21
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

I II III IV

1985

Department of the Treasury

Office of Market Finance

II III IV I II III IV

1986 1987

Quarterly Totals

XI Preliminary

II III IV I v

1988 1989

January 31, 1989-26
SHORT TERM INTEREST RATES

Quarterly Averages

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Department of the Treasury

Office of Market Finance January 31, 1989-7
%

10

••••••••

I I I I

••••••

1

Apr May

Department of the Treasury

Office of Market Finance

SHORT TERM INTEREST RATES

Weekly Averages

%

Prime Rate

Commercial Paper

3 Month Treasury Bill

10

9

8

t

Through

week ending

January25

-7

6

I I ll I I I ill I I I I I I I II I I i I II I I I I I I I II I I

Jun Jul Aug

1988

Sep Oct Nov Dec Jan

1989

January 31, 1989-8
%

1979 1980

Department of the Treasury

Office of Market Finance

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

1981 1982 1983 1984 1985 1986 1987

J/The 30-Year Bond Buyer Index was started September 21, 1979.

Through

January 27

1988 1989

%

16

15

14

13

12

11

10

9

8

7

6

January 31, 1989-9
%

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

%

9.0 -9.0

Jk /••\ S\ Treasury 30-Year /' a*

M •• «\ # ••Oft •! V^

/ Treasury 10-Year *

\ •« ••••V A* e

\ •••..V /

V'\ /

^^^^^

t

1

Through

/ \ /

/ \ a\J 1 Vv ^ X /

week ending

January 27

/ * Treasury 5-Year

/

1 II 11 I 1 1 1 1 1 1 1 1 1 1 1 ll 1 1 l l ll I I I 1 I 1 1 11 I I l I1 i i i ll 1 1 1 1

8.5-

8.0

Apr

Department of the Treasury

Office of Market Finance

May Jun Jul Aug

1988

Sep Oct Nov Dec

-8.5

Jan

1989

8.0

January 31, 1989-10
%

9.0

8.5

8.0

7.5

7.0

6.5

0

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

9.0

8.8

8.61

9.0 7.5

8.8

8.6 _

10 12 14 16 18 20 22 24 26 28 30 7.0

4 5 6

Years to Maturity

6.5

8 9 10

January 31, 1989-27
$Bil.

1800-

1600-

1400-

1200

1000

800

600

400

200

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS

Over 10 years

llli2-10 years

Midyears

""""|1 year & under

BILLS

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

As of December 31

Department of the Treasury

Office of Market Finance

1583.0

301.2

1987 1988

January 31, 1989-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons [J Over 10 years £2 1-2 years Bills

• 2-10 years gg 1 year & under

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

1988

Department of the Treasury

Office of Market Finance January 31, 1989-3
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 87

Department of the Treasury

Office of Market Finance January 31, 1989-1
MATURING COUPON ISSUES

February - June 1989

(In millions of dollars)

Maturing Coupons

December 31, 1988

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

11 3/8% Note 2/15/89

8% Note 2/15/89

6 1/4% Note 2/28/89

11 1/4% Note 3/31/89

6 3/8% Note 3/31/89

14 3/8% Note 4/15/89

7 1/8% Note 4/30/89

9 1/4% Note 5/15/89

11 3/4% Note 5/15/89

6 7/8% Note 5/15/89

8% Note 5/31/89

9 5/8% Note 6/30/89

7 3/8% Note 6/30/89

6,244

10,297

11,523

6,986

11,863

3,348

11,656

2,628

6,068

10,473

11,396

7,486

11,327

329

1,082

898

793

1,529

110

777

469

87

1,269

1,024

636

799

5,915

9,215

10,625

6,193

10,334

3,238

10,879

2,159

5,981

9,204

10,372

6,850

10,528

900

398

1,486

913

1,620

75

1,314

53

1,697

811

1,470

1,361

1,137

Total 111,295 9,802 101,493 13,235

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

Department of the Treasury

Office of Market Finance January 31, 1989-17
$Bil.

Jan

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Securities issued prior to 1987

New issues calendar year 1987

January 31, 1989-4
$Bil.

24

22

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

26

24

22

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

18.1

10.2 Z

-4.8 I M

16.7

1

18.3

1?^08.9 Si i m

11 III 17.5

19.3

l -5.1

I I ill

11.1

175

R3 5.4

mm 11

-6.3

I

14.5

6.5

12.6

1990 20.0 17.4

1991

8.0

J5.0

ll s

1992

>21.7

10.0

20.5

76 |

S9 5.4 I

li !

12.5

18.0

7.3

4 • ^6.2 S ^6.2 » 7-6

1993 14.9

6.9

I

,19.3

10.7

$Bil.

18

16

14

12

10

8

6

4

2

0

12

10

-7.3 7.4

18 —

16 —

14 —

12 —

10

8

6

4

2

0

12

10

8

6

4

2

0

12 —

10 •

-7.2 8.1

I

9.0

F i

J F M A M J J

| New issues calendar year 1988

1 Issued or announced through January 27, 1989

7.2

6.8

5.1

9.0

1994

7.1 7.0

1995

6.7 6.9

1 I

|j 1996

9.6 1997

1998

1999

1.0

9.2

11.0

1

7.0 7.2

6.9 8.5

I

19.5

9.4

9.8

1

J F M A M J J A S O N D

Securities issued prior to 1987

New issues calendar year 1987

A S O N D

Department of the Treasury

Office of Market Finance January 31, 1989-5
SBll.

4

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills SBil

12

10

8

6

4

2

0

4

2

0

12

10

8

6

4

2

0

18

16

14

12

10

-

2.1 2000 2.5

-

13 1.6 2001 _2.3 1.6

-

1.7 2002 2.6

—

2.9 3.2

•

2003 3.3

• 1 -

2C

3.6

•

04 4.0

• 1

-

6, 2C

1

05

1 —

•*• 2006

i

-

2.7 2007 1.2

—

2008

1 1.3

3.6

•

- || 2009 3.2

•

—

1.7 1.8 2010 3.8

•

z | 2C11 I"

-

2C12 10.0

1 10 —

8

6

4

2

0

I

11.8

_ 7.0

I

2013

4.6. 2014

2015

I

2016

18.0, 2017

8.5 2018

2019

I

12.4

.4.6 i 5.2

6.5 6.7

I

,18.5

9.0 =

JFMAMJJASOND

•• Securities issued prior to 1987

BS29 New issues calendar year 1987

Department of the Treasury

Office of Market Finance

JFMAMJJASOND

INew issues calendar year 1988

IIssued or announced through January 27, 1989

January 31, 1989-6
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1989^

Monday Tuesday Wednesday Thursday Friday

1 2 3

Announce

52 week

6 7

Auction

3 year 2/

8

Auction

10 year-?/

9

Auction

30 year-^/

10

13 14

Auction

52 week 3/

Announce

2 year

5 year

16 17

20

Holiday

21 22

Auction

2 year4/

23

Auction

5 year-5/

24

27 28

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement February 15

2J For settlement February .16

AJ For settlement February 28

5/ For settlement in early March

January 31, 1989-18
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 19891

Monday Tuesday Wednesday Thursday Friday

1 2 3 Announce

52 week

6 7 8 9 A . Auction

52 week27

10

13 14 15 16 17

20 21 22

Announce

2 year

4 year

23 24

27 28

Auction

2 year-2/

29

Auction

4 years/

30 31

Announce

52 week^/

Department of the Treasury

Office of Market Finance

JL/ Does not include weekly bills

_2/ For settlement March 16

_3_/ For settlement March 31

A/ For auction April 6 and settlement April 13

January 31, 1989-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN APRIL 1989"

Monday Tuesday Wednesday Thursday Friday

3 4 5 .

Announce

7 year

6 A . Auction

52 week27

7

10 11 12

Auction

7 years/

13 14

17 18 19

Announce

2 year

20 21

24 25 26

Auction

2 yearA/

27 28

Announce

52 weeks/

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement April 13

2J For settlement April 17

A/ For settlement May 1

5l/ For auction on May 4 and settlement May 11

January 31, 1989-20