)UIREMEN1

Sourc

I^Coupor

Savings E

13/4

43/4

State and Lc

Net Market 4 3

E3orrowing w

tanding, and minor

986.

$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

January - March 1986

Uses

Coupon Maturities J

3/4

Foreign

Nonmarketables

4 Deficit 1/

95V2

Sources

|^ Coupon Refunding

Savings Bonds

-

State and Local

Net Market |

E3orrowing ^

J/Includes budget deficit, changes in checks outstanding,

and minor miscellaneous debt transactions.

Decrease in

Cash E3alance

$Bil.

100

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29. 1986-23
TREASURY OPERATING CASH BALANCE

Semi-Monthly

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1985

U Assumes refunding of maturing issues.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Feb Mar Apr

1986

May Jun

April 29, 1986-16
cc

LU

<

(0

cc

>-

LU

<

cc

LU

H

CD

o

CC

o

z

mmmmmmm

^ O O O O O O QJ h- CD W ^ CO CM

«/»

CO

U5

oi

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3

c

CO

8

£

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00 |

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o

E

—

£

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c

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CC

<D

0)

•53

= 00 ®

00

UJ

X

o

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=

05

00

CM is

T—

o

I
STATE AND LOCAL GOVERNMENT SERIES

$Bil.

90

80

70

60

50

±

1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1980 1981 1982

December 31

J.

April 30, 1986 estimate

$Bil.

90

80

70

60

50

40

30

20

10

0

1983 1984 1985 1986

April 29, 1986-15
$Mil.

1,750

1,500

1,250 z_

1,000

750

500

250-

0

U.S. SAVINGS BOND SALES AND INTEREST RATES

Nov. 1982" *••••

\

.•••••• 5-Year

"\ Treasury Rate

Variable Market

Based Rate

-^\

I ••• < v

y •-..-

/ ••-...

y -

**^ S Savings

Bonds

Sales

III IV I

1982

1 l

Minimum

Guaranteed

Rate

Payroll Sales

l

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

1983 1984 1985 1986

17 Series EE savings bonds sold beginning November 1, 1982 earn a yield equivalent to 85 percent of the 5-year Treasury o!tice o, .he secre,amoSebai!rVrate for bondS held at least 5years' Such bonds **<> have aguaranteed minimum of 7.5 percent. e estimate Aprn 29,1986-n Office of Government Finance &Market Analysis

%

14

13

12

11

10

9

8

7

6

5

4

3

2

1

0
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

15

10

0

-10

Nonmarketable Marketable

BBS Add-ons^

I^H Other Transactions

|UU~u i •• i j

17.3

$Bil.

15

10

U^

0

-.5

--5

I—6.5

I II III IV I II III IV I II III IV I II III IV \2J

1982 1983 1984 1985 1986

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.

y Preliminary. * Less than $50 million. Office of the Secretary of the Treasury

Officeof Government Finance &MarketAnalysis APril 29- 1986-17

-10
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

Through

April 25

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

%

20

18

16

14

12

10

8

6

4

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysts April 29. 1986-10
LONG TERM MARKET RATES

Quarterly Averages

New

/ N

/ /"♦.„,...„, \

Conventional £ \ \ /j Mortgages // \ » New Aa

Corporates

**"•.... X Through

NApril 25

%

17

16

15

14

13

12

11

10

9

8

7

6

5

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

%

17

16

15

14

13

12

11

10

9

8

7

6

5

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-8
%

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

..••••••••-....•••v _._ Commercial Paper

3 Month Treasury Bill *

Through

week ending

April 23 I

"•...

Jul Aug Sep Oct

1985

Nov Dec Jan Feb Mar

1986

Apr

%

8

6

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-9
%

12

11

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

s —'

*s.^«x Treasury 20-Year *v^

,-' .. 7" ••

* ^ •••••'

New Aa Corporates

Through

week ending

•v April 25

\ —* V +

N\%».»%. Treasury

x "- 10-Year

v.-

Jul Aug Sep Oct

1985

Nov Dec Jan Feb Mar Apr

1986

%

12

11

10

8

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-7
%

12

11

10

MARKET YIELDS ON GOVERNMENTS

Bid Yields

March 18, 1985

10

g

8 __ | J L

12

11

10

9

8

71 i I L J i I7

10 12 14 16 18 20 22 24 26 28 30

•«12

11

10

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-24
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1978 1979 1980 1981 1982

As of December 31

1983 1984 1985

April 29, 1986-1
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons II Over 10 years £2 1-2 years Bills

H 2-10 years £g 1 year & under

13

33

100%

90

80

70

60

50

40

30

20

10

0

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Mar'86

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-2
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 April 29, 1986-3
MATURING COUPON ISSUES

May - September 1986

(In millions of dollars)

Maturing Issues

March 31, 1986

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors17

13 3/4% Note 5/15/86

7 7/8% Note 5/15/86

9 3/8% Note 5/15/86

12 5/8% Note 5/31/86

14 7/8% Note 6/30/86

13% Note 6/30/86

12 5/8% Note 7/31/86

8% Note 8/15/86

11 3/8% Note 8/15/86

12 3/8% Note 8/31/86

12 1/4% Note 9/30/86

11 7/8% Note 9/30/86

3,460

5,219

7,330

9,192

4,758

9,933

10,231

9,515

8,862

9,859

5,813

9,612

127

1,158

534

644

413

900

1,253

1,987

2,100

859

244

790

3,333

4,061

6,796

8,548

4,345

9,033

8,978

7,528

6,762

9,000

5,569

8,822

140

80

685

875

350

929

623

132

309

932

693

633

Totals 93,784 11,009 82,775 6,381

J/ F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1986-6
$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

14.7

= I

9.4

1

111

12.4

9.9^10.0

-2.7 *: 1

15.7

-3.3 •

• I

TREASURY MARKETABLE MATURITIES

15.7

a. 12.6

5^9.9

198716.0

1°-8„ , 9.61» 9.7

16.9

I

I

1988 16.0

6.6

li

8.2

14.8

1

I • I

1989

7.0

ll 6.2

Privately Held, Excluding Bills

$Bil.

15.6 15.8

13.8 ^

17.2

I 7.2

3.2 •i

• 5

10.3

6.9

4.2

6.4

8.4

-4.8

10

8

6

4

2

0

10

8

6

4

2

0

8

6

4

2

0

7.7

i 5.8

10

8

6

4

2h

0

"6.5 6.3

6-

4

2

0

8

6

4

2

0

10-

8-

6

4

2

0

2.9

7.9

I

8.2

7.5 7.9

5.0 p

I i

1990 1°^8

« I

II

B 1991 5.4 li I 5.3

se1992

1

5.9 •

m • •

1993

6.5

4.7

5.3 1994

2.3

rl63

7.6

7.2

f^9'1 1995 7.2 I i |

1996

12.9

5.0

5.7

2.3

6.3

li

j12.1

7.2

8.6

J F M A MJJASOND

H Securities issued prior to 1984

New issues calendar year 1984

JFMAMJJASOND

^ New issues calendar year 1985

Hi Issued or announced through April 25, 1986

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29. 19
$Bil.

0

0

0

2

0

2

0

2

0

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

j£?7

1998 3

— .8 1999

-

2.2 2000

I •

-

1.5 1.7 2001 2.4 1.6

-

1.7 2002

• 2°

-

2.9

•

3.2

•

2003

3.5

• |" 8 2004 8.3

6

4

2

n

-

3.e

2

4.0 i

i 0 2005 9.3

8

6

4

2

n

6.3

I I 2006 b

6 - 4.8

4

2

n = 1 •- 2.7 2007

2 • ! 1.2

2008 5fi

2 1 1.4

•

JFMAMJJASOND

Hi Securities issued prior to 1984

ISSS New issues calendaryear 1984 Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Bil.

2

0

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

-

— 3.9 2009 3.4

• 2010 1.8 1.9

.3.7 2011

2012

2013

4 8 2014

^118 2015

I

7.0 2016

112.6

«4.7

6.5

•

14.0

10.3

5.3

6.8

•

^

JFMAMJJASOND

New issues calendar year 1985

Issued or announced through April 25, 1986

April 29, 1986-5
$Bil.

100

90

80

70

60

50

40

Eligible Issues

Amount Stripped

STRIPS PROGRAM

1 1

$Bil.

100

90

80

70

60

50

40

30

20

10

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

1985 1986

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

"as of April 23, 1986

April 29. 1986-25
STRIPS PROGRAM

Security Issue Date Total Issued Amount Stripped

$ Millions as of 4 / 23 / 86

11 5/8% 11/15/94 11 /15/84 6,659 560

11 1/4% 2/15/95 2/15/85 6,934 1,032

11 1/4% 5/15/95 5/15/85 7,127 1,930

10 1/2% 8/15/95 8/15/85 7,956 983

9 1/2% 11/15/95 11 /15/85 7,318 452

8 7/8% 2/15/96 2/15/86 7,574 0

11 5/8% 11/15/04 10/30/84 8,302 5,808

12% 5/15/05 4/ 2/85 4,261 1,959

10 3/4% 8/15/05 7/ 2/85 9,270 681

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

11 3/4% 11/15/14 11/15/85 6,006 2,710

11 1/4% 2/15/15 2/15/85 12T668 8,132

10 5/8% 8/15/15 8/15/85 7,150 2,419

9 7/8% 11 /15/15 11/15/85 6,900 27

9 1/4% 2/15/16 2/15/86 7,267 11

110,142 26,704

* Eligible for STRIPS August 18, 1986

Office of the Secretary of the Treasury _

Office of GovernmentFinance& MarketAnalysis Apm ^y- 1«»-*D
Basis Points50

45

40

35

30

25

20

15

10

5

0

-5

-10

-15

TREASURY YIELD SPREADS

Monthly Averages

Basis Points

V\ /•v 20 Year-30 Year Spread

/♦♦/ /

A

I \

50

45

40

35

30

25

20

15

10

5

0

-5

-10

-15

•4 20 Year-10 Year Spread

JFMAMJJ ASONDJFMAMJJ ASONDJFMAMJJASONDJ F

1983 1984 1985 Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

M AM J

1986

April 29, 1986-22
$Bil

2h

0

-2

-4

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

|$Bil.r

I

II III IV

1982

FCA

*

I- I

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

1983 1984 1985 1986

♦Less than $50 million.

12-

10

8-

6

4

2

0 ml

GNMA

Mortgage-Backed

Securities

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

1982 1983 1984 1985 1986

e Partly estimated.

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

?«!S o!'G^TMn7F°nanLT& E« Analysis certificates, mortgage-backed bonds, and mortgage participation certificates. April 29, 1986-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1986 '

Monday Tuesday Wednesday Thursday Friday

1 2

Announce

52 week

5

Auction

3 year 2/

Auction

10 year 2/

o

° Auction

30 year 2/

9

12 13 A t. Auction

52 week v

14AAnnounce

2 year

15 16

19 20A

Announce

5 year

21 A t- Auction

2 year 2/

22 23

*° Holiday 27 28 A ,. Auction

5 year ±/

29 30 A

Announce

52 week 5/

Office of the Secretary of the Treasury

Office of Government Finance &Market Analysis

1/Does not include weekly bills

2/For settlement May 15

2/For settlement June 2

4/For settlement in early June

5/For auction June 5 and settlement June 12

April 29. 1986-12
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1986 '

Monday Tuesday Wednesday Thursday Friday

2 3 4

Auction

52 week v

6

9 10

Announce

2 year

12 13

16 17 Announce

4 year

7 year

18

Auction

2 year 2/

19 20

23 24 A t. Auction

4 year 3/

25 A #.

Auction

7 year */

26 27

Announce

52 week 5/

30

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

J/Does not include weekly bills

2/For settlement June 12

2/For settlement June 30

y For settlement in early July

5/For auction July 3 and settlement July 10

April 29. 1986-14