v -*.

$Bil.

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

April - June 1991

«

Uses

Coupon ^

Maturities W

Foreign

Nonmarketables

4 Deficit

Increase in

Cash Balance

17

107 3/4 Sources

Coupon

Refunding

Savings Bonds

— 31/2

13/4 ""•^•..

State and Local

Net Market

Borrowing

J/ Includes budget deficit, changes in accrued interest and checks outstanding

and minor miscellaneous debt transactions.

$Bil.

100

80

60

40

20

July 30, 1991-24
Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

July-September 1991

205 Va

$Bil.

Uses Sources

-200

Coupon a

Maturities *

State and Local

41/4

Foreign

Nonmarketables

4 Deficit 17

^ Coupon • Refunding

Savings Bonds

2V2

/

To Be

Done

Net Market

Borrowing |l073/4

Decrease

in Cash

Balanced

1j Includes budget deficit, changes in accured interest and checks outstanding

and minor miscellaneous debt transactions.

2/lssued or announced through July 26, 1991.

3/Assumes a $30 billion cash balance September 30, 1991.

160

120

80

40

0

July 30, 1991-16
$Bil.

60

0

-20

-40

-60

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts 0

Balance ~

"•""*•" .ln,„m^,,',''*''-,'4,,"',''^.«.«^,k/

Total Operating

Balance

¥ \y\

Federal Reserve Account

Without New

Borrowing J/"

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

1990 1991

J/ Assumes refunding of maturing issues.

Department of the Treasury

Office of Market Finance July 30, 1991-15
TREASURY NET MARKET BORROWING^

$Bil.

100

90

80

70

60

50

40

30

20

10

0

-10

-20

-30

107%- $Bil

Coupons

H Over 10 yrs,

2 — 10 yrs.

Bills

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

1987 1988 1989 1990 1991

i/Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance

-30

July 30, 1991-5
$Mil.

700

600

500

400

300

200

100

0

-100

-200

-300

-400

-800

NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^

Aug Sep Oct

1990

Nov Dec Jan Feb

Discount Rate %

Net New Cash (Left scale) 7.5

— 26 Week

•• 13 Week

Discount Rate (Right Scale)

••••• 26 Week

—13 Week

Mar Apr May

1991

Jun Julp

7.0

6.5

6.0

5.5

Department of the Treasury

Office of Market Finance

1/ Excludes noncompetitive tenders from foreign official accounts,

p Preliminary

July 30, 1991-25
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NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

A S O N D

1989

Department of the Treasury

Office of Market Finance

J F MAMJ JASONDJ

1990

♦Through July 19, 1991

Note: Reconstitution began May 1, 1987

MAMJ J*

1991

July 30, 1991-19
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

15

10

0

-5

12.5

j ISavings Bonds

|Domestic Series

State & Local Series

[Foreign Nonmarketables

$Bil.

15

10

--5

-2.5

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

1987 1988 1989

e estimate

1990 1991

Department of the Treasury

Office of Market Finance July 30, 1991-17
STATE & LOCAL GOVERNMENT SERIES

$Bil

10

.••••V

II III IV

1987

Department of the Treasury

Office of Market Finance

Gross Issues

1Redemptions

II Ml IV

1988

♦«••••«

II III IV I II III IV I II

1989 1990 1991

$Bil.

10

July 30, 1991-7
$Bil

10

9

8

7

6

5

4

3

2

1

0

STATE AND LOCAL MATURITIES 1991 — 1993

—

10.3 10.4

—

*

1(

—

—

9

—

7.6

6.9

7 3 7.1

8

, w

[ 7

—

-

5.3

I

:

i

t

i ' i

E

5.2

6

4 4 ! 4.3

5

- 4

—

| I E i

-

3

—

t | | I

1

•|

| i 2

1

l [ I I n

IV IV IV

1991 1992 1993

Department of the Treasury

Office of Market Finance July 30, 1991-6
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Department of the Treasury

Office of Market Finance

Nonmarketable

Marketable

Add-ons ^

Other Transactions

J/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.

35

30

25

20

15

10

5

0

-5

-10

-15

-20

July 30, 1991-18
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil,| 1$Bil.

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

1987 1988 1989

Quarterly Totals

19S

Department of the Treasury 1/ 4 year notes not issued after December 31, 1990.

Office of Market Finance 2/ Through July 26, 1991.

Ill IV II IP'

1991

July 30, 1991-4
10

8

6

SHORT TERM INTEREST RATES

Quarterly Averages

Commercial

Paper _ . 3 Month

.>••.»•"•'...•—•....•** Treasury Bill *\§&

%

20

18

16

14

12

10

8

6

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Department of the Treasury

Office of Market Finance July 30, 1991-9
%

10

9-

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Commercial Paper

Through

week ending

July 24

%

10

8

3 Month Treasury Bill •••••••..## ............. •••••

Oct Nov

1990

Department of the Treasury

Office of Market Finance

Dec Jan Feb Mar Apr May

1991

Jun Jul

July 30, 1991-8
%

LONG TERM MARKET RATES

Quarterly Averages

30-Year

Municipal Bonds

30-Year

Treasury

New Aa Corporates

Through

July 24

•••••

%

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 July 30, 1991-11
%

7.25

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

Oct Nov

1990

Dec Jan Feb Mar

Treasury 5-Year

Apr

1991

May

Through

week ending

July 26

Jun Jul

%

9.00

8.75

8.50

8.25

8.00

7.75

7.50

7.25

Department of the Treasury

Office of Market Finance July 30, 1991-10
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

4 5 6

Years to Maturity

July 30, 1991-26
$Bil.

2000

1800-

1600

1400

1200

PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

COUPONS

Over 10 years

12-10 years

^ 1-2 years

ggggg 1 year & under

BILLS

June 30, 1991 ^.2020.4

1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

1988 1989 1990

Department of the Treasury

Office of Market Finance July 30, 1991-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

100%

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Jun'91

Department of the Treasury

Office of Market Finance

As of December 31

July 30, 1991-3
YearsAVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

-June 1947

10 Years

5 Months

Months76-

June 30, 1991

6 Years, 1 Month

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 11 79 81 83 85 87 89 91

Department of the Treasury

Office of Market Finance July 30, 1991-1
MATURING COUPON ISSUES

August - December 1991

(In millions of dollars)

Maturing Coupons

June 30, 1991

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors1-^

14 7/8% Note 8/15/91

7 1/2% Note 8/15/91

8 3/4% Note 8/15/91

8 1/4% Note 8/31/91

9 1/8% Note 9/30/91

8 3/8% Note 9/30/91

12 1/4% Note 10/15/91

7 5/8% Note 10/31/91

14 1/4% Note 11/15/91

8 1/2% Note 11/15/91

6 1/2% Note 11/15/91

7 3/4% Note 11/30/91

8 1/4% Note 12/31/91

7 5/8% Note 12/31/91

2,812

7,778

13,490

11,113

7,919

11,452

5,745

12,322

2,886

11,542

8,346

12,583

8,083

12,002

558

119

1,766

892

460

850

347

1,687

635

1,596

229

1,272

791

1,200

2,254

7,658

11,724

10,220

7,459

10,602

5,398

10,636

2,252

9,946

8,117

11,311

7,292

10,802

17

920

494

813

451

625

476

520

45

746

674

1,887

829

1,598

Totals 128,073 12,402 115,671 10,095

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

Department of the Treasury

Office of Market Finance July 30, 1991-23
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

27 7m 1992

19.3 2°,9 11°

12.5KS12.3 # 11.4H11.7

•ill •• I

17.2

.9.2 14/ 9.3 7-0p3^

$Bil.

22

20

18

16

14

12

186

4

2

0

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

-7.7

18.7 9.0

9.5

12.3

m

12.5

18.3 1996

*7.7i!i£d 947.4£| li 7.6

8.6

1997 9-b I «1 9-0

• III

1998 9.2

I

10.9

I

108 1999 9.8

10.2

13.6

2000 133

m

2001

2.3

19.5

7.9 I

9.4

I

9.7

I

10.4

11.1

1.6

$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

JFMAMJJASOND J FMAMJ JASOND

Department of the Treasury Office of Market Finance

Securities issued prior to 1989 |||| New issues calendar year 1990

New issues calendar year 1989j|j Issued or announced through July 26, 1991

July 30, 1991-20
$Bil.

2

0

6

4

2

0

8

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

- 1.7 2002 — 2.6

~ 2.9 32 2003 33 1 —

36 2004 40 1 —

|j 2005 mTM

E a4'8 2006 i

F «27 I 2007 | i2

F I 2008 12. • 3.6

F 1 3.8H 2009 • 32

z 17 | i£ 2010 _3.8

— >m 2011 H4.2

=

2012 B10.0

—

2013 •'-•'

—

4.6| 2014 ^4.6 •

Z H11.8 2015 6.5

•

6.7

I

SBi

16

14

12

10

7.0

I

19.0

10.0

•

11.0

17.9

I 18.0

I

8.5 I

10.0

m

11.8

2016

2017

2018

2019

2020

2021

13.8

I

1

19.8

m 21.0

18.5

I

9.01

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

|Securities issued prior to 1989

J F M A M J J

New issues calendar year 1990

A S O N D

Department of the Treasury

Office of Market Finance

New issues calendar year 1989 |||| Issued or announced through July 26, 1991

July 30, 1991-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN AUGUST 1991^

Monday Tuesday Wednesday Thursday Friday

1 2

5 6

Auction

3 year 2/

7

Auction

10 year 2/

8

Auction

30 year 2/

9

12 13 14 15 16

Announce

52 week

19 20 21

Announce

2 year

5 year

22

Auction

52 week 3/

23

26 27

Auction

2 yeari/

28

Auction

5 yeari/

29 30

Department of the Treasury

Office of Market Finance

IV Does not include weekly bills

.2/ For settlement August 15 3/ For settlement August 29

4/ For settlement September 3

July 30, 1991-12
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN SEPTEMBER 1991 *

Monday Tuesday Wednesday Thursday Friday

2

Holiday

3 4 5 6

9 10 11 12 13

Announce

52 week

16 17 18

Announce

2 year

5 year

19

Auction

52 week 2/

20

23 24

Auction

2 year 3/

25

Auction

5 year^/

26 27

30

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement September 26

3/ For settlement September 30

July 30, 1991-13
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN OCTOBER 1991 ^

Monday Tuesday Wednesday Thursday Friday

1 2

Announce

7 year

3 4

7 8 9

Auction

7 year 2/

10 11

Announce

52 week

14

Holiday

15 16

Announce

2 year

5 year

17

Auction,,

52 week 3/

18

21 22 23

Auction

2 year 4/

24

Auction

5 year 4/

25

28 29 30 31

Department of the Treasury

Office of Market Finance

17 Does not include weekly bills

2J For settlement October 15

3/ For settlement October 24

4/ For settlement October 31

July 30, 1991-14