$Bil.

50

TREASURY FINANCING REQUIREMENTS

January - March 1980

Uses

Redemptions of Special Issues^ } 54

Sources

kGov't Account Sales

Coupon

$Bil.

50

Coupon Maturities |

Nonmarketables:

Foreign 2 t

Refundings

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

I Savings Bonds

'♦ % State &Local

4 Cash Deficit

Net Market

Borrowing

Decrease in Cash Balance |

^Includes maturing marketable securities of $ V* billion.

40

-30

20

10

0

April 29. 1980-19
$Bil.

50

40

30

TREASURY FINANCING REQUIREMENTS

April - June 1980

Uses Sources

39V4

Gov't Account Investment | 4 Special Issues v

$Bil.

50

40

30

20 Coupon Maturities |

Nonmarketables:

Agency

Maturities

*V4

«$ Coupon Refundings 20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

II Savings Bonds ForeignJ >-_| %Qther

4 Increase in Cash Balance w

Net Market Borrowing |

Cash Surplus I

^ Net of 2 54 billion maturities other than special issues.

v Assumes $ 15 billion June 30, 1980 cash balance.

10

0

April 29, 198021
NET MARKET BORROWING

April - June 1980

Total 6.4

Cash Management Bills:

April Issues 9.1

April Retirements 9.0

May Maturities 9.2

June Maturities 9.1

Net Paydown 18.2

Other Net Borrowing: 24.6

Done^

15 year - 1 month bond 1.5

2 year note 1.3

Regular bills 4.7

Total 7.5

To Be Done 17.1

JV Issued or announced through April 25, 1980.

Office of the Secretary of the Treasury

Office of Government Financing April 29, 1980-24
$Bil.

25

20

15

10

0

-5

-10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

i a Total Operating

*' Balance

* *** Federal Reserve Account

Without

—New *

Borrowingv

±

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

1979 1980

Office of the Secretary of the Treasury

Office of Government Financing

J/ Assumes refunding of maturing issues exceptfor cash management biHs. April 29, 1980-6
$Bil.

-10

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

e estimate

COUPONS

KllOver 10 yrs.

EHZ0-10yrs.

BILLS

^TM 19.4

27.2

$Bil.

-10

II III IV I II III IV I II III IV I II III l\/ I II HI IV I

1975 1976 1977 1978 1979 1980

1/Excludes Federal Reserve and Government Account Transactions.

April 29, 1980-3
$Bil.

40

30

20

10

0

•10

TREASURY MARKET BORROWING^7

Calendar Year Quarters

iNet Borrowing

|Coupon Refunding

II in IV I II III IV I II III IV I II III IV I II III IV I lle

1975 1976 1977 1978 1979 1980

-> Excludes Federal Reserve and Government Account Transactions.

© estimate

$Bil.

40

30

20

10

0

-10

Officeof the Secretary of the Treasury

Officeof Government Financing April 29, 1980-1
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

I II III IV I

1975

Office ot the Secretary of the Trenury

Office of Government Financing

II III IV

1976

II III IV I

1977

e estimate

II III IV I

1978

II III IV I

1979 1980

April 29. 1980-4
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.. 1$Bil.

I II III IV

1975

Office of the Secretary of the Treasury

Office of Government Financing

I II III IV I II III IV

1976 1977

U F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash.

1/ Partly estimated.

III IV I

1978

II III IV

1979 1980

April 29, 1980-2
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS 1/

$Bil. i 1$Bil.

0-

1977 1976

1975 ?£. ——

-^

-.-.-----

1974

^ ... "S

—

v"- ^-....

"n--.. *»*.

1978

—

1979

\ ^

\^1980e

1 I I I I I I I I I I

0

-8

•10

Office of the Secretary of the Treasury Office of Government Financing

M M J J A

Month of year

.VCash sales less redemptions

e April partially estimated

-4

--6

•8

N

-10

April 29, 1980 15
%

20

1974 1975

SHORT TERM INTEREST RATES

Monthly Averages

1976

3 Month

Treasury Bill

1977 1978 1979

>?• | Through

;{ week ending

*/ / April 23, 1980 . ? !

'.••••••V _•'

1980

%

20

18

16

14

12

10

8

6

4

April 29, 1980-7
%

20

10

Oct

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

-^ uui ciuiai rapci .

% ^•••••••••••••....•••••••^

%••* 3 Month Treareasury Bill

Nov

1979

Dec

II I I I

Jan Feb Mar

1980

Week ending

April 23, 1980

Apr

%

20

18

16

14

12

10

April 29, 1980-8
New Aa Corporates

"' >v

N.

v New 20-Year

Municipal Bonds

Ml ill

LONG MARKET RATES

Monthly Averages

Treasury

20-Year

•*»•«••• y"

11111111111111111111111111111111111 1111

r

j

n

%

16

15

14

13

12

11

10

9

8

7

6

5

1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing

i

i

i

i

is.

i/

5 Through _

I week ending J April 25,1980

11

1980

%

16

15

14

13

12

11

10

9

8

7

6

5

April 29, 1980-9
%

16

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Feb Mar

1980

±1 Monthly figures - weekly data not available.

Week ending

April 25, 1980_

%

16

15

14

13

12

11

10

9

8

7

6

Office of the Secretary of the Treasury

Office of Government Financing April 29, 1980-10
Officeof the Secretary of the Treasury

Officeof Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

I t ) i . •••••••••••••••••••

4 5 6

Years to Maturity

12

11

10

April 29, 198020
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil.

1200

1000

800

600

400

200

-200

Average Auction Yields- (right scale)

— 6 Month Bill

---'3 Month Bill

New Moneys den scale)

1116 Months

H3 Months

Oct.

ALJ I L

Nov.

1979

Dec. Jan.

Auction Dates

J I I I I

Feb. Mar.

1980

^_J I u

Apr.

%

16

15

14

13

12

11

10

Office of the Secretary of the Treasury

Office of Government Financing

1/ Discount basis.

2/ New money is the difference between noncompetitive bids on the new issues and maturing bills previously bid noncompetitively. April 29, 1980-5
$Bil

700

600

500

400 r300

200

100

0

TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL FUTURES CONTRACTS17

Open Interest

TRADING VOLUME

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

1976 1977 1978 19791980

Eswa E»l iiiil »n

I II III IV I II III IV

1977 1978

-U Contracts traded on the International Monetary Market (IMM)

I II III IV

$Bil

700

600

H500

400

300

200

100

JO

I II III IV

1976 1979 1980

Office of the Secretary of the Treasury

Office of Government Financing April 29, 1980-13
$Bil.

3

0

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS ^

6 mo.

3 mo.

Estimated

Deliverable

Supply*

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar

1976 1977 1978 1979 1980

-U Contracts traded on the International Monetary Market (IMM).

i/Consists of the amount of accepted competitive tenders for the new

3 month bill and the 6 month bill issued 3 months earlier. Apm 29, iwo-u Office of the Secretary of the Treasury

Office of Government Financing

$Bil

3

0
$Bil.

400

350

300

250

200

150

100

50

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

COUPONS

IOver 10 years

7-10 years

^2-7 years

12 years & under

BILLS

1970 1971 1972 1973 1974 1975 1976

As of December 31

Office of the Secretary ol the Treasury

Officeof Government Financing

March 31, 1980 t 430.0

1977 1978 1979

April 29, 1980-11
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

u_| June 1967

5 Years

1 Month

March 31, 1980

3 Years

8 Months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing April 29, 1980-12
OWNERSHIP OF MATURING COUPON ISSUES

May - September 1980^

(In Millions of Dollars)

Maturing issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Long- Foreign term 1/

Investors

Intermediateterm 5/

Investors

6 7/8% Nt. 5-15-80

8% Nt. 5-31-80

7 5/8% Nt. 6-30-80

8 1 /4% Nt. 6-30-80

8 1/2% Nt. 7-31-80

9% Nt. 8-15-80

6 3/4% Nt. 8-15-80

8 3/8% Nt. 8-31-80

6 7/8% Nt. 9-30-80

8 5/8% Nt. 9-30-80

1,711

2,864

1,855

3,523

3,356

1,612

3,430

3,034

1,988

3,181

505

681

761

653

811

440

1,063

785

706

868

7

20

6

14

10

4

9

40

15

9

251

156

276

182

282

81

266

210

288

201

70

132

95

258

270

28

85

248

87

107

81

66

2

62

143

22

402

52

234

237

764

1,025

340

1,355

1,005

1,037

473

852

290

775

33

784

375

999

835

1,132

847

368

984

TOTAL 26,554 7,273 134 2,193 1,380 1,301 7,916 6,357

Office of the Secretary of the Treasury

Office of Government Financing

-!/ Amounts for investor classes are based on the February 1980 Treasury Ownership Survey.

21 Includes State and local pension funds and life insurance companies.

21 Includes casualty and liability insurance companies, mutual savings banks, savings and loan

associations, and corporate pension trust funds.

April 29, 1980-16
$Bil

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil 1980 I

5A 5.0 5J

34"3.0

5.0

2.9 33"2.9

1.7B

J 3.0 | 3^1

5.0 5.4 4.7

1981

5.2 5.3

2.7M2.5

111

2.8J

1 2.1

eli 6.4 1982

4.14.3 4.0 J J 4.0

:nin 2.5

! I

4.2

2.4

4.6

I

I

5.7

2.7

6

4

2

0

8

6 -

4

2 -

2.7

4.6

6.2

4.1

I

2.0

1985

3.2

1986 7.5

1987

6 -

4 -

5.8

I 2.9

1983

5.1 I

I o7 3.2

Id 1 £S 2.2

1 I

2.5

2 4 1988

0

4

2 -

0 I

4.5 I 1!

2.6 2.5

984

2.2 1989

3.4

1.5 1990

.3

1.8

2.3

2.0

JFMAMJJASOND

^| Securities issued prior to 1978

New issues calendar year 1978

JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

l^%|New issues calendar year 1979

["""I Issued or announced through April 25, 1980

April 29, 1980-17
1.9

3

$Bil.

2

0

4

2

0

4

2

0

4

2

0

2

0

2

0

2

0

2

0

2

0

4

2

0

- 3.0

1.8

2.2

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil

1991

1992

1993

1994

1.5 1995

1996

1997

1998

.4

1999

2000

2.9

2.2

2

1.5

2.5

1

1.4

1.5

1.0

2-

0

2

0

2-

oL

2.7

2.0

2.1

3.9

I

2001

2002

2003

2004

2005

2006

2007

2008

1.4

2009

2010

1.2

3.6

2.0

J FMAMJ JASOND

^1 Securities issued prior to 1978

New issues calendar year 1978

JFMAMJJ ASOND

Office of the Secretaryol the Treasury Office ol Government Financing

New issues calendar year 1979

Issued or announced through April 25, 1980

April 29, 1980-18
$Bil.

20

0

40

20

0

80

60

40

20

0

NET FEDERAL AND FEDERALLY-ASSISTED BORROWING

FROM THE PUBLIC

Guaranteed Debt Total!

' mirrt 2ZZ 17777. ^ m m 1

Federal^

Total %

FFB^I

m m

V7.

ansa. &&

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980e 1981e

e - March 1980 Budget Revisions.

u Includes FNMA and FHLB and Farm Credit Systems.

-^ IncludesTreasury debt and minor amounts of debt of other Federally-owned agencies.

2/ Federal Financing Bank borrowing from the Treasury.

20

0

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Financing April 29, 1980-23
$Bil

3

2

1

0

-1

5

4

3

2

1

0

-1

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil

4

.1 • -

FNMA

•hi hi1

1" *

* ,ll

FHLB^

ill,„l1

1"

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

1976 1977 1978 1979 1980

* Less than $50 million.

111!In

FCA

hi.Illl1

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

1976 1977 1978 1979

II III IV

1980

Office of the Secretary of the Treasury

Officeof Government Financing

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

mortgage-backed bonds, and mortgage participation certificates. April 29. 1980-22
$Bil.

16

14

12

10

8

6

4

2

0

4 -,

1980

13.9 13.9

8.7

1981

1985

2.2 ^

l.ll

AGENCY MATURITIES^

1982

1986

1.7 1.7

• ill

Privately Held

SBil

1983

4.0

1987

9 1-112 T

ill.

1988 1989

j6 .4 .4

1990

.8

• -1

1991

3 ••

1992 1993

.3

1994 1995

I 1996 1997

11

• £.£•

1998

A -2. -LA.

1999

I 2000 2001 2002

.2

2003

~_ 2004 2005 2006

.1 .1

2007

£ _2

~_ 2008 2009

.4 .4

2010 2011

I 2012

.4

2013

.2

2014 2015

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

Office of the Secretary of the Treasury

Office of Government Financing

Calender Years Quarterly

-l/lssued or announced through March 31, 1980

April 29, 1980-26