S. Treasury Borrowing
January - March 1999

Uses 8

TREASURY FINANCING REQUIREMENTS

Includes budget result, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

May 3, 1999-1

02468

Sources

$Bil.

State and Local

Net Market

Borrowing

Increase in Cash

Balance

1

4

1 

h Deficit

2

4

6
April - June 1999

Uses 154

TREASURY FINANCING REQUIREMENTS

Assumes a $55 billion cash balance, June 30, 1999.

May 3, 1999-2

050100150

Sources

$Bil.

Paydown

State and Local

Surplus

Increase in Cash

Balance

1

38 1

124

6

116

148 2

Includes budget result, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

2
 (Billions of Dollars)

NET MARKET BORROWING

April – June 1999

of Treasury

ket Finance May 3, 1999-3

Issued or announced through April 30, 1999. 1

Total -116.3Done -112.7

Bills

Regular weekly -5.552 week -0.9Cash management bills -70.1 Total -76.5

Coupons

7 year note -10.22 year note 0.35 year notes — end of month -33.730 year inflation-indexed bond 7.4

-36.2

To Be Done -3.6

1
TREASURY OPERATING CASH BALANCE

Daily

May 3, 1999-4

1

Without

New

Borrowin

g

1 Data points are semi-monthly.

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

1998 1999

Federal Reserve Account

Tax and Loan

Accounts Balance

otal Operating

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

-120-100-80-60-40-20020

40

6080

.1

40.6

61.2

74.5

25.3

25.7

48.1

77.2

-25.7

40.3

41.3

44.6

-71.5

6.5

17.0

10.3

-97.6

-38.5

24.4

5.9

TREASURY NET MARKET BORROWING

$Bil.

1

May 3,1999-5

1 Excludes Federal Reserve and Government Account Transactions.

1994 1995 1996 1997 1998 1999

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Bills
TRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

May 3, 1999-6

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

10-Year Fixed Rate

August & November 1998

& February 1999 Auctions

80%

14%

5%

38%

*

7% 

0%

flation-Indexed

& October 1998,

y 1999 Auctions

1%

1%

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.
TRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY BONDS

May 3, 1999-7

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

30-Year Fixed Rate

August & November 1998

& February 1999 Auctions

61%

17%

19%

44%

%

ation-Indexed

 July 1998

999 Auctions

*

1%

% 2%

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.
May 3, 1999-8

1 Real Price for inflation-indexed note

Correlation: 18.2% STD IIN/STD Nominal = 0.23

979899100101102103104105106107108109110

5-1/2% of 2/15/08

Price $

3-5/8% IIN of 1/15/08

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

1998 1999

R 10-YEAR 3-5/8% IIN AND 10-YEAR 5-1/2% FIXED-RATE NOTE

Daily Data: 2/12/98 through 4/30/99

1
May 3, 1999-9

959799101103105107109111113115117119

1 Real Price for inflation-indexed note

Correlation: 30.0% STD IIN/STD Nominal = 0.33

6-1/8% of 11/15/27

3-5/8% IIB of 4/15/28

Price $

1998 1999

Aug Sep Jun Jul Oct Nov Dec Jan Feb Mar Apr

 30-YEAR 3-5/8% IIB AND 30-YEAR 6-1/8% FIXED-RATE BOND

Daily Data: 4/9/98 through 4/30/99

1
6 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 '99

NET STRIPS OUTSTANDING (1985-1999)* 

End of Quarter

May 3, 1999-11

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of April 23, 1999.
III IV I II III IV I II III IV I II III IV I II

-15-10-5051015

-6.7

-7.3 -7.6

-0.5 -2.2

5.7

2.5 1.5 3.3

13.8

15.3 15.3

8.4

0.8 1.3

3.5

Foreign SeriesState and Local SeriesSavings Bonds

e estimate

$Bil.

Y NET BORROWING FROM NONMARKETABLE ISSUES

May 3, 1999-12

e

95 1996 1997 1998 1999
05101520

Gross Issues 25Redemptions

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

-10-50510

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

Net SLGs

May 3, 1999-13

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

995 1996 1997 1998 1999
V I II III IV I II III IV I II III IV I II III IV I II III IV

0246810

8 5.8

5.9

7.3

5.8

7.1 7.0

10.9

8.5

7.2

6.8

10.1

8.4

4.1

2.9

3.8

2.9

3.7

4.1

4.9

4.2

$Bil.

STATE AND LOCAL MATURITIES 1999-2004

May 3, 1999-14

2000 2001 2002 2003 2004
RTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

-40-20020406080100

5.5 57.9

14.9

72.9

21.6

63.7

108.9

55.5

25.1

47.8

11.1 8.9 5.5

-34.1

51.4

-14.3

May 3, 1999-15

y

$Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

2

2 Data through February 28, 1999.

1

Marketable

Net Auction Awards to Foreign

Other Transactions

1995 1996 1997 1998 1999

Nonmarketable
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 '99

14161820222426283032343638

REIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

May 3, 1999-16

Percent
AJOR FOREIGN HOLDERS OF TREASURY SECURITIES

February 28, 1999 December 31, 1998 December 31, 1997

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Foreign Private Foreign Private Foreign Private

$280.0 22.2% 8.5% $276.1 21.6% 8.3% $277.6 22.4% 8.2%

Kingdom 255.8 20.3% 7.8% 261.7 20.5% 7.8% 251.3 20.2% 7.4%

y 93.7 7.4% 2.8% 95.1 7.5% 2.9% 93.9 7.6% 2.8%

d China 47.5 3.8% 1.4% 46.4 3.6% 1.4% 47.9 3.9% 1.4%

44.6 3.5% 1.4% 42.9 3.4% 1.3% 58.4 4.7% 1.7%

ong 44.3 3.5% 1.3% 44.2 3.5% 1.3% 35.0 2.8% 1.0%

ore 39.3 3.1% 1.2% 43.1 3.4% 1.3% 35.2 2.8% 1.0%

38.0 3.0% 1.2% 37.4 2.9% 1.1% 35.9 2.9% 1.1%

37.9 3.0% 1.2% 41.2 3.2% 1.2% 51.7 4.2% 1.5%

-Luxemburg 32.9 2.6% 1.0% 31.5 2.5% 0.9% 26.0 2.1% 0.8%

30.4 2.4% 0.9% 31.3 2.5% 0.9% 33.2 2.7% 1.0%

30.1 2.4% 0.9% 30.0 2.4% 0.9% 13.3 1.1% 0.4%

and 29.9 2.4% 0.9% 33.7 2.6% 1.0% 28.0 2.3% 0.8%

and Antilles 13.6 1.1% 0.4% 21.7 1.7% 0.7% 35.7 2.9% 1.1%

11.4 0.9% 0.3% 12.4 1.0% 0.4% 11.5 0.9% 0.3%

229.5 18.2% 7.0% 227.7 17.8% 6.8% 207.0 16.7% 6.1%

ed

 Total $1,258.9 100.0% 38.3% $1,276.4 100.0% 38.3% $1,241.6 100.0% 36.6%

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year

1994 and monthly data collected under the Treasury International Capitalreporting system.

the Treasury May 3, 1999-17

et Finance
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

246810

SHORT TERM INTEREST RATES

Quarterly Averages

%

May 3, 1999-18

Federal

Funds

Prime Rate

3 Month

Treasury Bill Paper

Commercial

Through

April 28
May 3, 1999-19

SHORT TERM INTEREST RATES

Weekly Averages

%

345678

Through

April 28

Aug Sep Oct Nov Dec Jan Feb Mar Apr

1998 1999

Federal Funds

Prime Rate

Commercial

Paper

onth

ury Bill
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

45678910

New Aa

Corporates

0-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

%

Through

April 28

May 3, 1999-20
34567

INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%

FHLMC 30-Year

Conventional

Treasury 5-Year

r Inflation

xed Note 2

12

 Salomon 10-yr. AA Industrial is a Thursday rate.

The first 10-year inflation-indexed note settled on February 6, 1997.

May 3, 1999-21

AA 10-Year Industrial 1

April 28,

Through

Treasury 10-Year

Aug Sep Oct Nov Dec Jan Feb Mar Apr

1998 1999
2 3 4 5 6 7 8 9 10

3.54.04.55.0

MARKET YIELDS ON GOVERNMENTS

%

Years to Maturity

May 3, 1999

May 3, 1999-22 

10 12 14 16 18 20 22 24 26 28 30

4.55.05.5

4.55.05.5

%

% February 1, 1999
528.8

481.9

453.7

948.1

467.2

TE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

May 3, 1999-23

June 30, 1994

9 1990 1991 1992 1993 1994 1995 1996 1997 1998

Bills

 year & under-2 years-10 years

Over 10 years

2,879.6

March 31, 1999
E HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 Mar '99

Percent Distribution By Maturity

May 3, 1999-24

upons Over 10 years

2-10 years

1-2 years1 year & under

Bills

16

3317

18

16
ERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 19475 Months10 Years

5 Months2 YearsDecember 1975

May 3, 1999-25

1

J FMAMJ J ASOND 64

666870

Months

51 55 57 59 53 61 63 65 67 69 71 79 73 75 77 81 83 85 87 89 91 93 95 97

March 31, 1999

5 Years, 6 Months

1 Excludes inflation-indexed securities; including IIS the average length was 5 years

 and 8 months as of March 31, 1999.
Foreign

Investors

Total Maturing Coupons

Federal Reserve Private

Investors

March 31, 1999

MATURING COUPON ISSUES

May — September 1999

(in millions of dollars)

Held by

Totals

of the Treasury

ket Finance May 3, 1999-26

1

10,04723,36012,33918,57513,10117,86210,00612,41016,83910,16422,70812,39717,21512,83617,487

227,346

220

5,968

885

2,7251,5362,334

557

1,7242,846

78

5,537

881

2,7151,7594,677

34,439

8,410

20,49111,23717,27611,45617,023

9,597

10,87915,397

9,220

20,03211,21115,50511,48616,820

206,040

1,6372,8691,1021,2991,645

839409

1,5311,442

944

2,6761,1861,7101,350

667

21,306

F.R.B. custody accounts for foreign official institutions; included in Private Investors. 1

8%8%4%4%4%

%

8%8%8%

%%

8%8%8%4%

NoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNote

05/15/9905/15/9905/31/9905/31/9906/30/9906/30/9907/15/9907/31/9907/31/9908/15/9908/15/9908/31/9908/31/9909/30/9909/30/99

⁄

⁄
28.928.5 28.5

9.6

26.3

29.3

26.7

28.3

9.9

26.7

29.7

26.3 27.1

MAMJ J ASOND

7.3 27.0

10.2

25.0

30.0

27.0 25.3 28.125.828.2 28.0 29.224.629.5 28.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills 

May 3, 1999-27

1999

2000

Securities issued prior to 1997

New issues calendar year 1997 Issued or announced through April 30, 1999

New issues calendar year 1998
0

2468

10121416182022

18.3 17.5

20.0 19.9

3.9

AMJ J ASOND 

11.3

2.9

12.0 11.8

45.6

27.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

02468

101214161820222426283032343638

28.1

19.1

16.0

23.1

30.5

23.1

12.6 13.0

13.0

12.4 12.8 13.2 13.7

22.8

13.3 12.9

02468

10121416182022

14.0

18.1

21.3

17.0

J FMAMJ J ASOND 0

2468

10121416182022

15.5

12.3 12.2

22.8

9.4

2007

$Bil.

2006

May 3, 1999-28

2001 2004

13.0

10.3

12.3 12.2

16.4

11.7

20.9

11.7 12.2 10.9

3.5

11.0 11.3

2003

2002

New issues calendar year 1997 Issued or announced through April 30, 1999

Securities issued prior to 1997 New issues calendar year 1998
AMJ J ASOND 

17.7 17.5

23.1

11.7

22.6

J FMAMJ J ASOND 0

2468

101214161820222426283032

10.3 10.8 11.0

31.0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

May 3, 1999-29

2008

4.1 4.2 4.8

2009

2010

2011

2012

2013

2014

02468

101214

16.1 2017 12.4

02468 8.0 8.7 2018

02468

1012141618 17.7 18.4 2019

02468

1012141618

8.9 8.9

20.1

2021

2020

20162015 6.0 6.0

New issues calendar year 1997 Issued or announced through April 30, 1999

Securities issued prior to 1997 New issues calendar year 1998
J FMAMJ J ASOND 0

2468

1012141618202224

10.0

7.4

21.5

MJ J ASOND 

11.1

9.6 9.6

02468

1012141618202224

16.3

10.0 10.0

2028

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

May 3, 1999-30

02468

10121416

11.9

9.7 10.0

2026

02468

101214161820222426

9.9 9.8

20.0

2027

2023

2022

2025

2029 

10.5

2024

Issued or announced through April 30, 1999

Securities issued prior to 1997

New issues calendar year 1997

New issues calendar year 1998