$Bil.

180

160

140

120

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

October - December 1990

Uses

Coupon ^

Maturities t

1793/4 Sources

.Coupon

• Refunding

State and Local

Domestic

Series

Foreign

1/4 1%Nonmarketables

4 Deficit 17

2V2

Savings

Bonds

Net Market}

Borrowing

17 Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $5 billion of REFCORP bond proceeds to

RTC, and minor miscellaneous debt transactions.

Decrease

in Cash

Balance

8

$Bil

180

160

140

120

100

80

60

40

20

0

January 29, 1991-19
$Bil.

140

120

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

January - March 1991

Uses

Coupon a I

Maturities?!

Foreign

Nonmarketables

V/a

1/2

State and Local

4 Deficit i/

140V4

Sources

^Coupon

^ Refunding

Domestic

Series Savings Bonds

Va 2Va

Net Market

Borrowing J

64

r

To Be

Done

38V4

Done?/

25%

Decrease in Cash Balance 3/

1/ Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $6.9 billion of REFCORP bond proceeds to

RTC, and minor miscellaneous debt transactions.

2/ Issued or announced through January 25, 1991.

3/Assumes a $20 billion cash balance March 31, 1991.

$Bil

140

120

100

80

60

-40

-20

January 29, 1991-20
TREASURY OPERATING CASH BALANCE

Semi-Monthly

20

10

0

-10

-20

-30

"•>**„/ *%.»«*,'"^*«ft«iiirai,i1.mfl<«>*"ii>«n«i.ii„1n1iiiwrt«miTM„rt<»»4,,,l,'>i>in,w,,AmiJk<»«** '*"»»**' "«n»uWn,„f** .***,>. «***•>..

Federal Reserve Account

Without New

—Borrowing^-

I

•/

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

1990 1991

Department of the Treasury

Office of Market Finance

1/ Assumes refunding of maturing issues.

January 29, 1991-22
$Bil.

100

90

80

70

60

50

40

30

20

10

0

-10

-20

-30

TREASURY NET MARKET BORROWING^

Coupons

• Over 10 yrs,

2—10 yrs.

Bills

II III IV

1987

II III IV

1988

II III IV

1989

I II III IV

1990 1991

-^Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance January 29,1991-18
$Mil.

600

500

400

300

200

100

0

-100

-200

-300

-400

-800 h

NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS17 — — Discount Rate %

;v^>A#v

Feb Mar Jul

1990

J/ Excludes noncompetitive tenders from foreign official accounts,

p Preliminary Department of the Treasury

Office of Market Finance January 29, 1991-2
o

O

LU

LU

LU

z

Q

LU

CC

CO

LU

1

LU

0)

fcm^mm^m^^m^m^^m^^

kkmkks

~D

<

(0

en

o

r:

~3 1 O

•6

2 c

to

<

o

2

o

E

u_

a)

CO

_.J T3

(1)

c

Q

>

CD

Z

n

o

o

o

E

CO

c

o

c

< <D

co

•a

3

~3 o O

CO X

C7> 4±i

>-

<D

(0

<5 2 Q> CO

i_ i_ >- <*

CO CC ^- _ a> © ;* ©

> > * *". h- lO CM W

^^m^^m^s^

fr^m^^^^mm^^

sassaas

^^^^^^

^^^^^

km^^fc^^mmmm^

BC*Sg*gg* -> r ^

^^^^^^^

fm^m^mmmmm^?

^^^^^^^^rmm^m^^^^^^

Mgggggggggs

CO

in

CO

o

c\i

If)

^^m^^^^^^^^^^

c\i

o in if)

E o
$Bil

100

80

60

40

20

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form

(Left Scale)

30 Year

20 Year

10 Year

Percent

(Right Scale)

— 30 Year

••• 20 Year

•••i 10 Year

ffiyAy2*AZw?v/TMAY2tv^^ hoj

FMAMJ J

1989

ASONDJ FMAMJ J ASON DJ*

1990 1991

^Through January 18, 1991

Note: Reconstitution began May 1, 1987 January 29,199126 Department of the Treasury

Office of Market Finance

%

70

60

50

40

30

20

10

0
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

--5

1 II III IV I II III IV I II III IV I II III IV le

1987 1988 1989

e estimate

1990 1991

Department of the Treasury

Office of Market Finance January 29, 1991-23
$Bil

10-

0

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

1Redemptions

—••n^^n^^-—••—

$Bil

10

-5

0

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

1987 1988 1989 1990

Department of the Treasury

Office of Market Finance January 29, 1991-28
STATE AND LOCAL MATURITIES 1991 — 1993

Department of the Treasury

Office of Market Finance

1991 1992

III IV

1993

January 29, 1991-25
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Nonmarketable

I II III IV

1987 1989 1990

Department of the Treasury

Office of Market Finance

-^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.

$Bil.

January 29, 1991-17
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil.i —i$Bil.

I II III IV

1987

Department of the Treasury

Office of Market Finance

IV I

1988 1989

Quarterly Totals

J/Through January 25, 1991.

I II III IV V-J

1990 1991

January 29, 1991-3
10

8-

6

SHORT TERM INTEREST RATES

Quarterly Averages

Commercial

Paper VX ^^ ^f / 3 Montn

••>»...„...•♦•' ....... .••* Treasury Bill * —

1 I I I I I I I I I I I I I I

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

%

20

18

16

14

12

10

8

6

4

Department of the Treasury

Office of Market Finance January 29, 1991-4
%

10

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Through

week ending

January 23

9-

Federal Funds

3 Month Treasury Bill

J_L I ll I I I I I I I I I I I I I I I I I ll I I I I •••i i_l

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1990 1991

%

10

8

Department of the Treasury

Office of Market Finance January 29, 1991-5
%

LONG TERM MARKET RATES

Quarterly Averages

A-%

30-Year

Municipal Bonds

30-YeaM

Treasury

Through

January 23

%

16

15

14

13

12

11

10

9

8

7

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Department of the Treasury

Office of Market Finance January 29, 1991-6
%

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

%

9.00-

8.50

8.00

7.50

Apr

Department of the Treasury

Office of Market Finance

Treasury 5-Year %*

Jj

May Jun Jul Aug

1990

Sep Oct

Treasury 30-Year

Through

week ending

January 25

t

w--

... v

A .-v

V • •••• •

9.00

8.50

8.00

Nov

i i in 11

Dec Jan

1991

J7.50

January 29, 1991-7
%

8.5

8.0

MARKET YIELDS ON GOVERNMENTS

Bid Yields

—

s

^^

October 29, 1990

-—' —

s January 28, 1991

•"—

YO /o

—

9.0 — <3.0 —

8.5

8.0

5.5

— {3.0

7 R 7 S

10 12 14 16 18 20 22 24 26 28 30

7.5

7.0

6.5

%

8.0

7.5

7.0

6.5

6.0

0 1 4 5 6

Years to Maturity

8

6.0

10

Department of the Treasury

Office of Market Finance January 29, 1991-27
$Bil.

1800

1600

1400

1200

1000

800

600

400

200

0

1979 1980 1981 1982

PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

COUPONS

Over 10 years

f 2-10 years

VTZft 1-2 years

gggggg 1 year & under

BILLS

1983 1984 1985 1986

As of December 31

1987 1988 1989 1990

Department of the Treasury

Office of Market Finance January 29, 1991-12
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons H Over 10 years g31-2 years

• 2-10 years gg 1 year & under

ttmtftmrn

Bills

17

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

As of December 31

Department of the Treasury

Office of Market Finance January 29, 1991-13
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 11 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance January 29, 1991-11
MATURING COUPON ISSUES

February - June 1991

(In millions of dollars)

Maturing Coupons

December 31,1990

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

9 1/8% Note 2/15/91 - H

7 3/8% Note 2/15/91 - R

9 3/8% Note 2/28/91 -W

6 3/4% Note 3/31/91 - M

9 3/4% Note 3/31/91 -X

12 3/8% Note 4/15/91 • E

9 1/4% Note 4/30/91 - Y

14 1/2% Note 5/15/91 - A

8 1/8% Note 5/15/91 - J

8 3/4% Note 5/31/91 -Z

7 7/8% Note 6/30/91 - N

8 1/4% Note 6/30/91 - AB

7,687

11,592

11,062

8,555

12,147

5,377

11,350

2,047

20,591

11,218

8,368

10,737

461

1,483

1,100

376

1,500

216

777

320

3,042

1,024

380

934

7,226

10,109

9,962

8,179

10,647

5,161

10,573

1,727

17,549

10,194

7,988

9,803

183

1,273

746

798

1,606

271

1,111

1

1,450

1,040

1,769

1,292

Totals 120,731 11,613 109,118 11,540

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

Department of the Treasury

Office of Market Finance January 29, 1991-21
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

May Jun Jul Aug Sep

I^H Securities issued prior to 1989

£2222 New issues calendar year 1989

x///////' New issues calendar year 1990

Jan Feb Mar Apr

Department of the Treasury

Office of Market Finance January 29, 1991-14
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

27.9.

21.5

18.4

I 20.9 19.0

1992

l

19.3

23.1

21.0

* I 11 Jk I 1ife I Hal4 I a VA-vmm %„mm% %.„%m%. %

i I

25.5

-6.2 a 6.4

10.7

- . II

24.1

.I

13.5

15.7 17.2,

1993 27.9

8.0 6.7

1994

14.8

8.7 7.1

1995 is*

6.7

33.8

1

I

• I

8.4 8.3

15.4

8.4 7.0

17.5

$Bil.

26

24

22

20

18

16

14

12

10

8

6

4

2

0

32

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

_7.3 6.8 6.9 I

J F M A MJJASOND

m Securities issued prior to 1989

820 New issues calendar year 1989 Treasur

nance

Department 1 of the

Office of Market Fi

SBil

22

20

18

16

14

12

1Q

17.2

"7.7

-8.7 9.0

9.5

7.7

7.6

18.3

I

9.6

I

9.2

I

10.8

1996

7.4

19978.1

1998

1999

9.2

I

11.0

I

9.8

7.9

8.6

19.5

I

9.4

I

9.7

I

10.4

12.3

10.2

1

2000 13.3

1 11.1

1 1

2001

1.3 1.6 2.3 1.6

J FMAMJ JASOND

| New issues calendar year 1990

| Issued or announced through January 25, 1991

January 29, 1991-15
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $Bil.

2

0

6

4

2

0

8

6

4

2

0

8

6

4

2

0

4

2

0

2

0

2

0

2

0

2

0

2

0

- 1.7 2002 2.6

Z 2.9 3.2 2003 3.3 1

^ 36 20,04 40

r =

!! 2005 mM

E a48 2006

z r^2-7 2007 1.2

p 2008 L2. • 3.6

—

38« 2009 — 3.2

Z 1.7 H 2010 _3.8

— 37H 2011 -4.2

=

2012 HO.O

—

2013 a12'1

—

4.6| 2014 ,4.6 •

II

CO

2015 6.5

I

6.7

I

$Bil.

16

14

12

10

8

6

4

2

0

16

14

12

10

6

4 —

2

0

4

2 _

16

14

12

10

8

ie

14

12

10

8 —

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

7.0

i

19.0

10.0

1

17.9

I 18.0

8.51

10.0

1

2016

2017

2018

2019

2020

2021

J FMAMJ J A S O N D

|Securities issued prior to 1989

J FMAMJ J

New issues calendar year 1990

Department of the Treasury

Office of Market Finance

13.8

I

I

19.8

m 21.0

i

A S

18.5

I

9.01

O N D

New issues calendar year 1989 IZJ Issued or announced through January 25, 1991

January 29, 1991-16
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1991 ^

Monday Tuesday Wednesday Thursday Friday

1

Announce

52 week

4 5

Auction

3 yearl/

6

Auction

10 year 2/

7

Auction

30 year-2/

8

11 12

Auction

52 week-2/

13

Announce

2 year

5 year

14 15

18

Holiday

19 20

Auction

2 yearl/

21

Auction

5 yearl/

22

25 26 27 28

Department of the Treasury

Office of Market Finance

±/ Does not include weekly bills

Zy For settlement February 15

2y For settlement February 14

±/ For settlement February 28

January 29, 1991-8
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 1991 "J

Monday Tuesday Wednesday Thursday Friday

1

Announce

52 week

4 5 6 7

Auction

52 week 2/

8

11 12 13 14 15

18 19

Announce

2 year

5 year

21 22

25 26

Auction

2 year-2/

27

Auction

5 yearl/

28

Announce

52 week!/

29

Department of the Treasury

Office of Market Finance

X/ Does not include weekly bills

2/ For settlement March 14

.2/ For settlement April 1

Ay For auction and settlement in April

January 29, 1991-9
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN APRIL 1991^

Monday Tuesday Wednesday Thursday Friday

1 2 3 A

Announce

7 year

4

Auction

52 week 2/

5

8 9 10

Auction

7 year-3-/

11 12

15 16 17Announce

2 year

5 year

18 19

22 23 24

Auction

2 year!/

25

Auction

5 year!/

26

Announce

52 week-5-/

29 30

Department of the Treasury

Office of Market Finance

_iy Does not include weekly bills

2J For settlement April 11

3/ For settlement April 15

±/ For settlement April 30

by For auction and settlement in May

January 29, 1991-10