TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

$33 $2

aE | 1998 aE 2001 [

ee |

ee

SE wo a9

fF 33

2 \—

% =

3 E

H E

2 E

A =

on i

2 E

5

%

2 q

= E

B fF

2 =

2

8 E

8 E

4 E

8 E

3 J

‘ E

3 E

~ E

3 E

0 j—

° E

g be

‘ fe

3 A) E.

é 5

J FMAM J JAS OND JoFOMAM J
IB Securities issued prior to 1994 [27] New issues calendar year 1995

Depurnent fhe Tassury New issues calendar year 1994 EE} Issued or announced through July 26, 1996
Espirit on sey26, 028

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills
soi
2005 2 se g 2014
f

=
=

TTTTTT

as E ii 2015
| =

TTTT

nN
i=}
S
a
TTTTTTTTT

vem 2016 m
EE e |
EE us cE os
E ws $
f= i fa 2 l
SE I a
te aL: 8 "3m 2017
3c si i + 1a2
ae cl 2007. = x
2E l 2008 | |
4 36 2009 | ay
£ 4? — = oat =
ee 200 i” i
£ a1 2019 ;
$ | 2012 i? w te
3 | |
3
BE 2013 g’’ |
He i |
8c | |
a= | i
JF MAM JAS OND JFMAMJJASOND
Secures issued prior to 1994 _—[]} New issues calendar year 1995
New issues calendar year 1994 EE) issued or announced through July 26, 1996

Daparmant fhe Treasury
Often of Moret France sy 23, 190628,


SECURITIES HELD IN STRIPS FORM 1994-1996

Percent of Privately Held

BB As of uly 31, 1994
[4 As of July 31, 1995

40-0
As of July 19, 1996

20

0 -
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years.
Years Remaining to Maturity

Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligible security to mature.

Deparment he Toaniry
Ohi o Maret Prac ay 28. 1000.9

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil

8

6

4

2

Ht 0

2 2

4 4

7 : 6

_ [£2 Savings Bonds ;
‘ | =e *
= State and Local Series ee] 67 “7.0
-10 f- = 73 —|-10
Ey Foreign series a
a2 {12
“14 L 14
ionow wer oh om vio ohm vor on om wet on me
1992 1993 1994 1995 1996
© estimate
Ohen cana Parca”

hay 29, 199630


LONG TERM MARKET RATES

Quarterly Averages
% a %
12
New Aa Corporates 1
es
10/4 Through | 1°
han ‘uly 22
9 | 9
HI
i!
8 fi Nt 8
Ny
“Moa
7
30-Year “tn a
30-Year ir vo}
Treasury Municipal Bonds mw, i" Nu
6 My Nl 1 8
Nanya!
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
eprnart ct Teas
See lvaeremee uy 2, 10620
INTERMEDIATE TERM INTEREST RATES
Weekly Averages"
% %
8 t 8
me
. FHLMC 30-Year 1” AA 10-Year industrial
. Conventional uJ
7 7
6 Treasury 5-Year Thrust 6
duly 24
5 5
Oct Nov. Dec. Jan Feb. Mar Apr May Jun. ul

1995 1996
* Salomon 10-yr. AA Industrial is a Thursday rate

ice ot Mart nance uty 28, 1006-21


STATE AND LOCAL MATURITIES 1996-1998

$Bil,

9.3

1998

eparrent fhe Troasury
(fe of Maret Pace

SBil.

sy 29, 19619

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. con $Bil.
90 Nonmarketable mw 190
L- +80
EY Marketable
70}— (J Net Auction Awards to Foreign 1/ 470
eo Wl Other Transactions —l6o
50}—- {50
40/— +40
30} 30
20 Fe 20
10 10
0 mo
10 -~ =e] L | pe
-20/- ~4-20
| | | |
-30 -30
ron om vot ob Wm wor oh om wot on om wy
1992 1993 1994 1995 1996
/ Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.
secttetauen, — 2/ Data through May 31, 1996
Esters Alen sy 25,1004


SALES OF UNITED STATES SAVINGS BONDS

1980 - 1996
$Bil.

6

8 r i:

| i |

4 | }@rotai sates |

a |

3 : |

2

pe

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19941995 96°

End of Quarter

e estima
Deparment of the Treasury te
Once Maret Parca

STATE & LOCAL GOVERNMENT SERIES
$Bil, w SBil.
fs
Ln FN,
10 Fs, ars —|10
oN
’
a === Gross Issues “5
=== Redemptions
0 l | l i | l | 0
SBil. SBil.
O 0
5 45
==" Net SLGs
10 | | | | {of 10
ton om Mob ow om Ww toh om vt oh om wv

1992 1993 1994 1995 1996

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996
Leparment of te Tessury


SHORT TERM INTEREST RATES

Quarterly Averages

%

%
Prime Rate Through
. July 24
10;— + [710
o, Federal
Ay, Funds
A
wo
8 8
6 6
4 Treasury Bill 4
Foe
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Deparment oh Tray
fine Markt Fnac uy 20,0618
SHORT TERM INTEREST RATES
Weekly Averages
% %
9F- 9
BE Prime Rate 18
Through
7 July 24 |
Federal Funds |
a4 Commercial 6
Paper
5 45
3 Month
Treasury Bill
j j j fl i
glu rid | im pooh be rh dy
Oct Nov Dec Jan Feb Mar = Apr_—s May_~— Jun Jul
1995 1996

Deparment o a Treseury
Often ofan! Faroe

hay 20, 19610


TREASURY FINANCING REQUIREMENTS

; April - June 1996
$Bil T S$Bil.
Uses 163% Sources
150}-~ —{150
Coupon Maturities i REE @ coupon Refunding
100 -1100
Net Savings
Market Bonds fh
Paydown S 4 Surplus” _ls0
50}” Increase _ 4, +
in Cash 1
Balance 25%
+ .
Local 0
Includes budget deficit, direct loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions.
Depart ch 0 Trani
hemo Mote Pearce ky 29,0964
TREASURY FINANCING REQUIREMENTS
; July - September 1996
‘SBil. T ‘$Bil.
Uses 182% Sources
150 1150
Coupon Maturities » 136 Ys « Coupon Refunding
100 100
State and Savings
Local Bonds
4
50} 5% td 450
Increase a ———— — ara
inach tone
Balance “ sip 2 Net Market
2s «< Deficit Borrowing 45
—a 0

4 Assumes a $40 billion cash balance on September 30, 1996.

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

3/Issued or announced through July 26, 1996.

epartmant
Once a Mart France

ay 31 1096-2


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Llovertoyears [1 1-2 years Bi sits
O20 years Bi year & under
100% --
14
80 [-
33
60
yy Wy 16 |
40 - / y
17
20 f-
° 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Jun '96
As of December 31
Deere  Troery
fon of Mat Fae ay 29, 00624
AVERAGE LENGTH OF THE MARKETABLE DEBT
Privately Heid
Ye
ears June 1947
10 Years Months
10 5 Months

June 30, 1996
5 Years, 3 Months

December 1975

an 2 Years
5 Months

4H

3k

allitlt Lit
194547 49 51 53 55 57 59 61 63 65 67 69 71 7375 77 79 81 83 85 87 89 9193 95

Daoarrant ot i Tramary
(ton of Marca rca iy 29, 108628



MARKET YIELDS ON GOVERNMENTS

% %
=
duly 29, 1996 —
| eootee=
or
tr"
orn
* —+ 6.0
April 29,1996 |, ce
_
7 eee ewe, meno
ol yd
Loot 58
65S 465
;
a
‘ 6.0, 6.0
i 10 12 14 16 18 20 22 [# 26 28 30
5.0 : , : 5.0
0 1 2 3 4 5 6 7 8 9 10
Years to Maturity
Oncootueertrmen sity 90, 1906-22

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

$Bil.
3000 |- Ee] Over 10 years

Ej 2-10 years

2500} 7) 4.2 years

ia 1 year & under

June 30, 1996 ——® 2970.5

2000 984.5
|
1500 A |
ue
1000 F— |
494.5

500

i)
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
As of December 31

apart 0 Tevabary
(ca of Maret Few hay 79, 199623


FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT

Percent Percent

28 ;-

26

24

22

20

Ly
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 96

Quarterly

Deparment fhe Trassuy
Often of aret Fnac daly 2, 199815

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December a1, 1984 December 31, 1995 May 31, 1986
‘Asa%ot [Asa of | Asa%ot [Asa%ot]] Asa %of Asa %ot
seaittions “Total Tota! lions "Total Total. |/$ Billions Total. Total
Country (Foreign Private Foreign Private | Foreign | Private
Japan | 8175.7 25.5% 5.5% || $219.9 25.5% 6.7% | $255.1 268% 7.6%
United Kingdom 91.0 13.2% «= 2.9% 128.6 «14.9% «3.8% 141.5 14.9% 4.2%
Germany (S44 78% 1.7% «SBT 62% 18% ISTH «1.9%
Netherland Antilles | 27.6 4.0% 0.9% 50.9 5.8% 15% | 357 38% 1.1%
Singapore 1 21.9 3.2% 0.7% 29.7 3.4% 0.9% | 35.5 3.7% 1.1%
‘Switzerland 32.4 47% 1.0% | 37.0 43% 11% 34.5 3.6% 1.0%
Mainland China 20.5 3.0% 0.6% || 34.9 4.0% 1.1% 34.3 3.6% 1.0%
OPEC 25.6 3.7% 08% 28.0 3.2% 08% | 321 3.4% 1.0%
Spain [27.9 4.4% 0.9% 49.3 2.2% ~--0.6% |} --- 34.4 9.8% 0.9%
Canada 24.6 3.6% 0.8% 25.4 2.9% 0.8% 30.4 3.2% 0.9%
Taiwan 258 3.7% 08% | 24.0 2.8% 07% 21.1 22% 06%
Hong Kong (138 2.0% 0.4% 18.8 2.2% «0.6% | 19.9 2.1% 0.6%
Mexico: 7.9 11% 0.2% | 16.4 1.9% 0.5% || 16.8 1.8% 0.5%
Belgium 13.1 1.9% 0.4% 12.7 1.5% 0.4% 13.1 1.4% 0.4%
France 97 1.4% 0.3% || 9.2 1.1% 0.3% 12.7 1.3% 0.4%
Other 1168 16.9% 3.7% | 1589 18.4% 4.8% | 1735 182% 5.2%
Estimated if
Foreign Total if 688.7 100.0% 21.7% 862.1 100.0% 26.2% | 951.5 100.0% 28.3%

Note: AP'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
land monthly data collected under the Treasury international Capital reporting
system
Deparmart te Troy hey 29. 109676
tie ot Maree


NET STRIPS OUTSTANDING (1985-1996)*

SBil,

150;—

100}

50;—

0 fltb
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 96
End of Quarter

*Strips program began February 15, 1985.
Reconstitution began May 1, 1987.
Depart th Tamery

fies of Maret Fence uty 28, 1006.7

SECURITIES HELD IN STRIPS FORM 1994-1996
Privately Held

Bil. Bil.
J00 Strippable Stri abe

—Strippable_Stripped_
PB 4s of July 31, 1994: $731.8 billion, $222.5 billion

As of July 31, 1995: $783.6 billion, $226.1 billion
80 — 80

[By As of suly 19, 1996: $823.3 billion, $227.8 billion

40

20 20

5 g
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years

Years Remaining to Maturity
Note: The STRIPS program was established in February 1985. Tho 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligible security to mature,
ft Yreanay

opareert
(tes of Maret Prince hay 29 0968


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

SIE T sae
aE 2020 0. aa 2023
ae Be
AS ar ye
6 ie
3 2s ‘
|
2
3 - |
eE 2021 7
s we 2024 ]
2 |
2 |
8
s
&
8
id aE | 2025
BE wo: na us ae
_ BE 0 ns
et SE
3 E
He
SE | iE | i
3 se
2 3
g
ae 2022 BE | 2026
oe BE |
RE BE
Be 10.0 wz ae Be
co | 40}
HS a.
BE ia '
se Fy
—_— | EL |
3
JF MAM J J AS ON D Jo oF MAM J JS AS ON D
WME Securities issued prior to 1994 [27] New issues calendar year 1995
FEZ New issues calendar year 1994 ES} Issued or announced through July 26, 1996
curate” sy, 00

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN AUGUST 1996”

Monday Tuesday Wednesday Thursday Friday
1 2
5 7 . 8 9
Auction Auction. Auction Announce
3 year?/ 10 year?’ 30 year2/ 52 week
12 13 14 15 16
Auction
52 week
19 20 21 22 23
Announce
2 year
5 year
26 27 28 29 30
Auction Auction
2 year’ 5 year’/
-/ Does not include weekly bills
2/For settlement August 15
3/For settlement August 22
4/For settlement September 3
sparen the Tees,

Otros 2 Maret Fnce iy 38, 1956-31


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS ”
$Mil, Discount Rate %
Net New Cash (left scale) Discount Rate (right scale)
Cloeweck «wenn {5.50
200
45.25
100 15.00
4.75
of
-100
-200
+300,
og Ho by
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May dun Jui P
1995 1996
1/ Excludes noncompatitive tenders from foreign official accounts and the Federal Reserve account.
Deparment Tranny Preliminary
fc ot arnt nance ay 29.0965

NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

‘SBil, ‘$Bil.
ae [| (245 Year ipa
EE s year
30 iq EE] 10 Year _130
_ LU [= 30 Year
25+ f] 7 25
2.0 |] qi"
15,— H15
1.0/- Hi 1.0
05} || | Wh | | 05
i l |
0 J i é mel l i | I il 0.0
ACU,
1994 1996
{Y xcindes noncompetitive andor rom foreign ofl acseuns and the Federal Reserve account
 Preiminary

‘The maximum noncompetitive award to any noncompetitive bidder is $5 milion, eHfective November 5, 1997
Etaciva Fabruay 11,1992, a noncompetitve bidder may not hold a positon in WI acing, tues, of forward contact,
or submit both competitive and noncompetitve bids for ts own account.

aparmect of i Toa
(Oe of Marat Fares hay 29. 1096-6


TREASURY OPERATING CASH BALANCE

Semi- Monthly

Tax and Loan

$Bil.
60
Total Operating
Balance
407
20

Accounts Balance A

a _/\

eect py

Borrowing 1/)

fh
.
.
.
‘
.
‘
. ci
0 :
Federal Reserve Account ‘
.
-20
“40
60 i | | | i i i ! | | ! i |
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
1995 1996
assumes refunding of maturing issues.
apret t  Tmey
Ome et Pres uy, 0063
TREASURY NET MARKET BORROWING “
SBil, $Bil.
100 {100
80 —lso
60 —{60
40 Z
20

20
0 lo
Coupons
20|- C2 over 10 yrs 20
F} 5-10 yrs 2/
y
-40;~ [7] 2- under 5 yrs _|40
Bills a)
= ! ! l
iow wor tom wot ot mW NM tot om wv on
1992 1993 1994 1995 1996
1/_ Exciudes Federal Reserve and Govemment Account Transactions.
2/ 7 year note discontinued ater Apr! 1983
epeoret ts tems
Semetas

3/ Issued or announced through July 26, 1996.

sty. 1956-4


MATURING COUPON ISSUES
August - December 1996
(in millions of dollars)

June 30, 1996
. Held by
Maturing Coupons Total Federal Reserve
& Government Private Foreign/|
Accounts Investors | Investors
4 3/8% Note 08/15/96 20,670 3,074 17,596 2,076
8 % Bond 08/15/96 -01% 1,485 758 727 0
7 1/4% Note 08/31/96 9,825 499 9,326 478
61/4% Note 08/31/96 19,292 810 18,482 2,781
7 % Note 09/30/96 10,088 381 9,707 360
6 1/2% Note 09/30/96 19,639 1,200 18,439 2,786
8 % Note 10/15/96 7,989 375 7,614 158
6 7/8% Note 10/31/96 28,331 1,395 26,936 3,493
71/4% Note 11/15/96 20,259 1,129 19,130 1,522
43/8% Note 11/15/96 22,065 4,528 17,537 4,813
6 1/2% Note 11/30/96 9,871 210 9,661 1,267
71/4% Note 11/30/96 18,940 265 18,675 4,772
6 1/8% Note 12/31/96 9,635 200 9,435, 655
71/2% Note 12/31/96 19,608 1,275 18,333 3,264
Totals 217,697 16,099 201,598 28,425
1/ FRB. custody accounts for foreign official institutions; included in Private Investors.
2/ On April 11, Treasury announced the call for redemption at par on August 15, 1996, the 8%
1996-01, dated August 16, 1976, due August 15, 2001
Orn cat aoe” sy 29,198.28

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

TTTTTTT TT TTT TTT

1996

M A M J J A s fo) N D
IMB Socurties issued priorto 1984 [777] New issues calendar year 1995
FRB New issues calendar year 1994 fi] Issued or announced through July 26, 1996

24 29, 1006.27


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN SEPTEMBER 1996”

Monday Tuesday Wednesday Thursday Friday
. 2 3 4 5 6
“ Holiday Announce
y 52 week
9 10 W 12 13
Auction
52 week?
16 7 18 Announce | 19 20
2year
5 year
23 24 25 26 27
Auction Auction
2 yearY Syear¥
30
-Y/ Does not include weekly bills
2/For settlement September 19
_¥ For settlement September 30
Ono svar uy, 0662

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN OCTOBER 1996”

Monday Tuesday Wednesday Thursday Friday
1 2 3 4
Announce Announce
10 year 52 week
7 8 9 10 1
Auction Auction
10 year? 52 weekY
14 ; 15 16 ‘Announce 17 18
Holiday 2 year
5 year
at 22 23 24 25
Auction Auction
2yearY SyearY
28 29 30 31

Deparmace fo Treasury
(Ofes of Maree nance

-V/ Does not include weekly bills
2 For settiement October 15
3 For settiement October 17
4/For settlement October 31

iy, 19968