$Bil.

160-

120

80

40-

0

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

January-March 1992

Uses

Coupon

Maturities

State and Local

4 Deficit y

181 Sources

|4 Coupon

ITM Refunding

Savings

Bonds

Decrease in

Cash Balance

1/ Includes budget deficit, changes in accrued interest and checksoutstanding

and minor miscellaneous debt transactions.

Net Market

Borrowing

$Bil.

160

120

80

40

0

April 27, 1992-25
$Bil

TREASURY FINANCING REQUIREMENTS

April-June 1992

125

100

75

50

25

0

Increase

in Cash

Balance 2/

Department of the Treasury

Office of Market Finance

Uses

Coupon ai

Maturities ^ I

Foreign

Nonmarketables

1

4 Deficit j/

751/4

1233/4

75V4

Sources

Ia Coupon

I•Refunding

Savings Bonds

3V2

State and Local} 2V4

Net Market

Borrowing

U Includes budgetdeficit, changes in accrued interestand checks oustanding

and minor miscellaneous debt transactions.

2J Assumes a $30 billion cash balance June 30, 1992.

423/4

$Bil.

-125

100

-75

50

25

0

April 27, 1992-26
Departmentof Treasury

Office of Market Finance

NET MARKET BORROWING

April-June 1992

(Billions of Dollars)

Total

Done^

2 Year Note

5 Year Note

7 Year Note

Regular Bills

Cash Management Bills

Total

To Be Done

3%

11

141/2

30

-Assued or announced through April 24,1992.

42%

31/2

3914

April 27, 1992-27
$Bil.

60 -

0

-20 -

-40

1

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts Balance

Total Operating

Balance

•Federal Reserve Account

1 1 I 1 1 1 1 1 1

Without New

Borrowing17

L-.

\

\

W

I -60

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

1991 1992

Department of the Treasury

Office of Market Finance

Assumes refunding of maturing issues.

April 27, 1992-11
TREASURY NET MARKET BORROWING^

II III IV I

1988

II III IV I II III IV I II III IV

1989 1990 1991

J/Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance

1992

April 27, 1992-14
NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS17

Mar Apr

Department of the Treasury

Office of Market Finance

May Jun Jul Aug Sep Oct Nov Dec Jan

1991

1/ Excludes noncompetitive tenders from foreign official accounts,

p Preliminary

Discount Rate %

Discount Rate (Right Scale)

Feb Mar AprP

1992

April 27, 1992-6
NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS^

$Bil. i 1$Bil.

3.5

3.0

2.5

2.0

1.5 I

1.0

W<M\

7 Year

5 Year

2 & 4 Year

3,10 & 30 Year

II

0 1 I 1 I 1 I

AMJJ ASONDJ FMAMJJASONDJ FMAP

1990 1991 1992

J/Excludes foreign add-ons from noncompetitive tenders. P Preliminary

Treasury increased the maximum noncompetitive award to any noncompetitive bidder

to $5 million effective November 5, 1991.

Effective February 11, 1992 a noncompetitive bidder may not hold a position in Wl trading, futures,

or forward contracts, nor submit both competitive and noncompetitive bids for its own account.

Department of the Treasury

Office of Market Finance April 27, 1992-5

3.5

3.0

2.5

2.0

1.5

1.0

0
$Bil

120

100

80

60

40

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Strippable Form Percent

(Right Scale)

••• 30 Year

20 Year — 20 Year

10 Year "~" 10 Year

(LeftScale)

I 130 Year

J J A S O N

1990

DJ FMAMJ J

'Through April 17, 1992.

A S O N D

1991

J F M A*

1992

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance April 27, 1992-2
$Bil

8

MONTHLY CHANGES IN STRIPS OUTSTANDING 1985 -1992^

—— Change in Net STRIPSwith Remaining

Maturities of 28 Years or More I

Change in Total STRIPSOutstanding

0

6 111 11 ii 11 i11 i11 11 iil 11

1985 1986

i 11 i 11 i 11 11 i M 11 M i i

1987 1988 1989 1990

Department of the Treasury

Office of Market Finance

_1/Stripping began February 1985; reconstitution began May 1, 1987.

Data through April 17, 1992.

'i I i

$Bil.

8

.-6

1991 1992

April 27, 1992-12
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

0

-5-

Savings Bonds

Domestic Series

State & Local Series

Foreign Nonmarketables

$Bil

10

0

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

1988 1989 1990

e estimate

1991 1992

Department of the Treasury

Office of Market Finance April 27, 1992-15
$Bil,

10

0

$Bil.

10

0

-51

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

Redemptions

J 1 1 I I i i

Net SLGS

J I L

III IV I III IV I

J I I I I

III IV I

1989 1990

II III IV I

1991 1992

$Bil.

10

0

$Bil.

10

1988

Department of the Treasury

Office of Market Finance April 27, 1992-20
$Bil. STATE AND LOCAL MATURITIES 1992 -1994

$Bil.

10

8

6

6.1

0

Department of the Treasury

Office of Market Finance

11.4

.•Kit*1

1992

7.4

:: -' li--

K.X,

iff*

^#

ft.

IV

7.8

i >te •j I '*J

• -i •- i

!.:' ••ft'

7.5

4.8

5.5

*•.; vM\ I :?i

im m

I ll.

V I

III IV

1993

8.6

•V 4.5

•i #'

J .,7='

6.9

i '»3h.

! ..••;

•t. -:

• :.«

*£ :,•=•:: i •. ! .r_iv I

- V- : r ' ...'

10

8

*l

III IV

0

1994

April 27, 1992-7
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Department of the Treasury

Office of Market Finance

Nonmarketable

Marketable

Add-Ons^

Other Transactions

III IV I II III IV I II III IV I II III IV 12/

1988 1989 1990 1991 1992

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

April 27, 1992-16
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

—I $Bil.

I II III IV

1988

Department of the Treasury

Office of Market Finance

I II III IV

1989

I II III IV

1990

Quarterly Totals

I II III IV

1991

_j/ 4 year notes not issued after December 31, 1990.

2/ Through April 24, 1992.

I II2/

1992

April 27, 1992-13
SHORT TERM INTEREST RATES

Quarterly Averages

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance April 27, 1992-21
%

8

4 —

SHORT TERM INTEREST RATES

Weekly Averages o//o

— 8

Through

April 22

3 Month

Treasury Bill

Prime Rate

Commercial

Federal Funds Paper

— 6

Jul Aug Sep Oct

1991

Nov Dec Jan Feb Mar Apr

1992

Department of the Treasury

Office of Market Finance April 27, 1992-22
%

9

8

7

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

30-Year

Treasury,^

%

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance April 27, 1992-23
» »

%

8.5

7.5

6.5

5.5

INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages

^Jllh II* ^^

TreaSUry5"Year "" T^rylO-Y-r ,- *

luiiii is**

I

I, >,li"

Through

April 22

*

Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr

1991 1992

8.5

7.5

6.5

5.5

Department of the Treasury

Office of Market Finance April 27, 1992-24
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

April 27, 1992-29
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Department of the Treasury Office of Market Finance

1985 1986 1987 1988

As of December 31

April27,1992-3
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons H Over 10 years • 1-2 years

n 2-10 years • 1 year &under

Bills

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Mar. '92

As of December 31

Department of the Treasury

Office of Market Finance April 27, 1992-4
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91

Department of the Treasury

Office of Market Finance April 27, 1992-1
MATURING COUPON ISSUES

May - September 1992

(in millions of dollars)

Maturing Coupons

March 31,1992

Held by

Federal Reserve

Total & Government

Accounts

Private

Investors

Foreignl/

Investors

13 3/4% Note 5/15/92 10,798 2,486 8,312 184

6 5/8% Note 5/15/92 8,414 402 8,013 968

9 % Note 5/15/92 12,679 1,526 11,153 695

8 1/2% Note 5/31/92 12,419 811 11,608 677

8 1/4% Note 6/30/92 7,796 526 7,270 360

8 3/8% Note 6/30/92 13,376 1,328 12,049 836

10 3/8% Note 7/15/92 6,299 191 6,108 860

8 % Note 7/31/92 13,970 1,478 12,492 707

8 1/4% Note 8/15/92 8,497 350 8,147 1,349

7 7/8% Note 8/15/92 13,522 2,534 10,989 1,443

4 1/4% Bond 8/15/92 1,298 1,056 241 0

7 1/4% Bond 8/15/92 1,504 93 1,411 0

8 1/8% Note 8/31/92 13,429 1,131 12,297 959

8 3/4% Note 9/30/92 8,000 605 7,395 900

8 1/8% Note 9/30/92 12,905 1,300 11,604 1,223

Totals 144,906 15,817 129,089 11,161

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

Department of the Treasury

Office of Market Finance April 27, 1992-28
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

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

Department of the Treasury

Office of Market Finance

^H Securities issued prior to 1990

5555! New issues calendar year 1990

April 27,1992 - 8
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Securities issued prior to 1990

New issues calendar year 1990

JFMAMJJASOND

New issues calendar year 1991

Issued or announced through April 24, 1992

April 27, 1992-9
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bill; —, „,Blll

J A S 0 N D " J F M A M J J

^[Securities issued prior to 1990 ^^ New issues calendar year 1991

ggg New issues calendar year 1990J1§| Issued orannounced through April 24, 1992

April 27, 1992-10
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN MAY 1992^

Monday Tuesday Wednesday Thursday Friday

1

4 5

Auction

3 year^/

6

Auction

10 year 2/

7

Auction

30 year2/

8

11 12 13

Announce

2 year

5 year

14 15

18 19 20

Auction

2 year-2/

21

Auction

5 year^/

22

Announce

52 week

25

Holiday

26 27 28

Auction

52 week4^

29

Department of Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement May 15

3/For settlement June 1

4/For settlement June 4

April 29, 1992-17
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JUNE 1992^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4 5

8 9 10 11 12

15 16

Announce

2 year

5 year

18

Announce

52 week

22 23

Auction

2 years/

24

Auction

5 years/

25

Auction

52 week2/

26

29 30

Department of Treasury

Office of Market Finance

1/Does not include weekly bills

2/ For settlement June 30

3/ For settlement July 2

April 29, 1992-18
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JULY 1992^

Monday Tuesday Wednesday Thursday Friday

1

Announce

7 year

2 3

Holiday

6 7 8

Auction

7 year 2/

9 10

13 14 15 16 17

Announce

52 week

20 21

Announce

2 year

5 year

23

Auction

52 week.2/

24

27 28

Auction

2 year 4/

29

Auction

5 year!/

30 31

Department of Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement July 15

3/For settlement July 30

4/ Forsettlement July 31

April 29, 1992-19