$Bil

30

20

10

TREASURY FINANCING REQUIREMENTS

July-September 1976

Uses

Increase in

Operating CashRedemptions

of Special

Issues*

Maturities

Cash Deficit

Sources

Gov't Acc't

29V4 *L Sales

Savings Bonds

*-&Other

Refundings

Net New^l

Cash

* Includes maturing marketable securities of $1% billion.

Office of the Secretary of the Treasury

Office of Government Financing October 21, 1976-26
TREASURY FINANCING REQUIREMENTS

October-December 1976^

$Bil.

30

Office of the Secretary of the Treasury

Office of Government Financing

Uses ^— 37i/4 Sources

Decrease in

Redemptions Operating Cash

of Special

Issues *

'Maturities

Gov't Acc't i1/2

Sales

Savings Bonds

& Other

Refundings

Cash Deficit

* Includes maturing marketable securities of $'/i billion.

-J/Assumes $10 billion December 31 cash balance.

Net New

Cash 16

To Be

Done

October 26, 1976-4
TREASURY OPERATING CASH BALANCE

Jan. Feb

Office of the Secretary of the Treasury

Office of Government Financing

May June July

1976

* Daily

Aug Sept. Oct.

October 26, 1976-8
TREASURY NET NEW MONEY BORROWING

$Bil.

40

30

20

10

0

-10

Coupons:

1§§111| Over 10yrs.

7-10 yrs.

2-7 yrs.

2 yrs. and under

Bills

•3.1

Calendar Year Halves

1974 " ' 1975 "

-!/ Excludes Federal Reserve and Government Account transactions.

1/ Issued or announced through October 19,1976. Office of the Secretary of the Treasury

Office of Government Financing

1976

2/

October 26,1976-7
GROSS MARKET BORROWING 1974 - TO DATE1

Calendar Year Halves

Office of the Secretary of the Treasury

Office of Government Financing

1974 1975 1976

It Gross public offerings of coupon issues and cash management bills; net offerings of regular bills.

Excludes Federal Reserve and Government Account transactions.

2/lssued or announced through October 19,1976. October,1976-5
$Bil.

200

150

100

50

0

GROSS OFFERINGS OF MARKETABLE SECURITIES

Calendar Year Halves

Coupons:

llllll Over 10 yrs.

7-15 yrs.

WZA 2-7 yrs.

EZggj 2 yrs. &under

Bills 168.7

141.2

1974

232.6

217.8

187.7

145.6

1975 1976

Office of the Secretary of the Treasury

Office of Government Financing * Issued or announced through October 19,1976. October 26,1976-6
PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

$Bil.

300

250

200

150

100

Coupons:

•ll Over 10 yrs.

| 7-10 yrs.

^ 2-7 yrs.

2 yrs. & under

2104

Jan. Mar. May Jul. Sep. Nov. Jan.

1975

* Estimated Office of the Secretary of the Treasury

Office of Government Financing

Mar. May

1976

294.6

Jul. Sep.

October 26,1976-15
MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

$Bil.

180

150

120

90

60

30

0

150

120

90

60

30

0

150

120

90

60

30

0

Bills

119.6

109.1

I

75.0

Office of the Secretary of the Treasury

Office of Government Financing

2 year cycle notes All other

Oct 31, 1976"

21.6 14.3

Oct 31,1975

11.8 15.3

Oct 31,1974

4.0 16.6

* Estimated

Total

155.5

136.2

95.6

I

October 21,1976-20
Years

5V2

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1966

5 years

4 months

Months

36

34

32

30

28

26

24 I I 1 I I I I I I 1

JMMJSNJMMJSN

1975 1976

September 1976

2 years

9 months

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Financing October 21.1976-1
EFFECT OF MID-QUARTER FINANCINGS

ON DEBT EXTENSION

$Bil.

20

10

2 years

5 months

Office of the Secretary of the Treasury

Office of Government Financing

Average Length of-*

Marketable Debt*

2 years

9 monthst

October 15,1976

* Privately Held

25-year

113 Bond

4

f Estimated

10-year

Note

0 N

Months

34

32

30

28

October 21.19764
ALLOTMENTS OF FIXED PRICE OFFERINGS IN 1976

$Bil

8

7

6

5

4

3

2

0^

February

8% 2/15/83

Office of the Secretary of the Treasury

Office of Government Financing

y///////y.

May

7%% 5/15/86

August

8% 8/15/86

All Others

Bank Investment

Dealers

Individuals:

$200,000 and over

$25,000-199,000

$10,000-24,000

$1,000-9,000

October 21, 1976-18
MARKETABLE MATURITIES THROUGH DECEMBER 31,1977

Privately Held, Excluding Bills & Exchange Notes

$Bil.

0 N D

1976

Office of the Secretary of the Treasury

Office of Government Financing

M M J J

1977

0 N D

October 21, 197614
OWNERSHIP OF THE MATURING ISSUES

NOVEMBER 1976 — DECEMBER 1977*

(In millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Foreign

Other

Maturing Issues Longterm

Investors^'

Intermediateterm

Investors^

Private

Holders

6%% Nt. Nov. 1976 3,986 1,555 50 240 490 555 815 281

7%% Nt. Nov. 1976 1,370 910 15 125 60 105 40 115

7%% Nt. Dec. 1976 2,017 1,020 30 185 185 95 200 302

8% Nt. Feb. 1977 2,072 950 5 120 180 15 90 712

6% Nt. Feb. 1977 1,520 550 15 170 290 120 155 220

61/2% Nt. Mar. 1977 2,034 955 5 200 250 235 325 64

7%% Nt. Apr. 1977 1,477 880 5 180 185 15 75 137

6%% Nt. May 1977 1,991 1,145 30 185 190 195 65 181

9% Nt. May 1977 2,343 945 10 60 30 5 5 1,288

6%% Nt. May 1977 1,895 995 10 285 415 25 130 35

61/2%Nt.June 1977 1,921 930 50 260 200 235 30 216

71/2% Nt. July 1977 1,379 845 15 215 135 5 80 84

7%% Nt. Aug. 1977 3,250 1,695 50 205 290 60 140 810

81A% Nt. Aug. 1977 1,877 1,185 25 165 85 55 90 272

8%% Nt. Sept. 1977 3,179 1,535 70 285 85 115 175 914

TA% Nt. Oct. 1977 2,984 1,550 95 365 155 215 265 339

7%%Nt. Nov. 1977 2,398 1,515 60 140 120 160 145 258

6%% Nt. Nov. 1977 2,541 1,515 65 320 200 125 210 106

TA% Nt. Dec. 1977 2,515 1,515 35 335 185 140 190 115

Total 42,749 22,190 640 4,040 3,730 2,475 3,225 6,449

* Based on August 1976 survey of ownership.

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

IVIncludes fire, casualty, and marine insurance, savings banks, savings and loan, and corporate pension funds.

Office of the Secretary of the Treasury

Office of Government Financing October 26, 1976-1
%

8

MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

^^^ 4^^

,'/ Octobei 22,197

%

£, 8

| 1

7

10 12 14 16 18 20 22 24 26 28 30

I 1 1 1 1

8 10

Years to Maturity

Office of the Secretary of the Treasury

Office of Government Financing October 26,1976-13
SHORT TERM INTEREST RATES

Weekly Averages

Federal Funds

Rate

Prime Rate

iJV-W ft . vv» ^ Commercial

\ f\\fi ti \$f\*\ Paper Rate

^3 Month

Treasury Bill Rate

Week Ending

October 20,1976

J*""1-

%

15

14

13

12

11

10

9

8

7

6

5

4

H3

*S53& -

%

15

14

13

12

11

10

9

8

7

6

5

4

3

MM M I II II -'I M.- 1 ' I.-I Jl I I I I I

1973

Office of the Secretary of the Treasury

Officeof Government Financing

1974 1975

Calendar Years

1976

October 26, 197612
%

SHORT TERM INTEREST RATES

Weekly Averages

Prime RateCommercial

Paper Rate-*

•***"%

*"'........'i'" V.*"**.

,.• -":.

1 X / /"\ "-••^/C3 Month

V~«~.. ^..^•*^.~«.v^ •*•-:•"%. 4T.y Treasury Bill Rate

•Federal Funds

Rate

k%**"«*|||||||IHI*t4

Week Ending

October 20,1976

1_*

-6

-5

ILL

Jan. Feb. Mar. Apr. May June

1976

July Aug. Sept. Oct.

Officeof the Secretary of the Treasury

Officeof Government Financing October 26, 1976-11
%

INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

New Aa

Corporates v

^ New 20 Year

Municipal Bonds

Week Ending

October 22, 1976

sr—/s.

JJ

JSNJMMJSNJMMJSNJMMJSN

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Financing

October 26, 1976-10
8

X

INTERMEDIATE & LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages*

X.....»**'**"*"..,

S

New Aa Corporates

- Week Ending

October 22,1976

1

f Treasury 20-Year m *........••••••"—•-

Treasury 10-Year ^^<Zr *- Treasury 7-Year ^^-~-^vj***

New 20-Year ^

Municipal Bonds

i i i i I i i i i i i I I i i I | i i i I I I • I I M .1 I _L_L

May June July Aug. Sept. Oct.

1976

* Monthly, weekly data not available

Jan. Feb. Mar. Apr

Office of the Secretary of the Treasury

Office of Government Financing October 26, 1976-9
TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1976

ihit Ii • I

1975

I •ill • lh h. • Ii

1974

I I

$Bil.

10

8

6

4

2

0

6

4

2

0

4

2

0

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Office of the Secretary of the Treasury

Office of Government Financing

• 2 year Cycle Note

•9 4 year Cycle Note

E2 5 year Cycle Note

H Long Bond

W Intermediate Note

B Short Note October 21, 1976-19
5.0

22I2.1

ill

2.9

1.6

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

n$Bil.

2.9

2.0

1

1976

1977

4.0

I 2.0

1.4 •

0 I

43

ill

3-2 3.2 2.9„

2.1 2:0 .Jl.9 1.9 ..ll.9 H Hfalf] .425 2.5

5.9 1978

4.4 4.6

2.8

2.2h?4 2.62.6^ 02.8 2.8 2.8I 2.4

1979

18 17

1 B

5.0

I 1.7

I

1980

i •

1.9

2.1

" 15

I 1

1.1

4

2

0

2

0

6

4

2

0

2

0

2

0

8

6

4

2

0

52

1.7

I

5.9

1.9

1

13

01

1981

2.9

1982 !.9

1983

1.1

1984 1.0

1.3 1985

1986 7.7

45

23

SBil.

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

4

2

0 JFMAMJJASOND J FMAMJ JASOND

Office of the Secretary of the Treasury

Office of Government Financing

•i Securities issued prior to 1975.

ga New issues calendar year 1975.

ESS! Issued or announced January 1 - October 15,1976. October 26.1976-2
2.3

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1.0

1987

1988

1989

1990

1991

1992

1.9

I

1993

1994

$Bil

.5

1995

-

1996

-

1997

-

1998

— 1 1.6I

-

1999 .9

1.3

m

200014

I 8

-

2001

1 -8

-

2002

-

2003

-

2004

-

2005 1.0 1

m 1

$Bil.

2

0

2

0

2

0

6

4

2

0

2

0

6

4

2

0

4

2

0

4

2

0

JFMAMJJASOND JFMAMJJASOND

Offce of the Secretary of the Treasury

Office of Government Financing

•I Securities issued prior to 1975.

EB New issues calendar year 1975.

11 Issued or announced January 1 - October 15, 1976.

October 26. 1976-3
Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES17

Privately Held

$Bil.

1

0

1

0

1984 198515 1986 1987

!fi 7 ,1 a

• • £ il i£l ±i -

1988 1989 1990 1991

-z .6

l£di -2 H H ^M ^m 2. *. .i i m

1992 1993 1994 1995

LL * 3 .i .i .i .i

1- 1996 1997 1998 1999

• Lm Hzu a££a. i

2000 2001 2002 2003

2004 2005 2006 2007

• £ 2 2

1

0

1

0

1

0

1

12341234 12341234 1234 1234 1234 1234

Calendar Years Quarterly

J/ Issued or announced through October 15, 1976.

* Less than $50 million. October 21, 1976-21
NET NEW MONEY IN AGENCY FINANCE

Privately Held

$Bil. FCA

$Bil.

0

ill. nihil III i.ll

• FIMMA

I

3h

2

0

Office of the Secretary of the Treasury

Office of Government Financing

FH LB

Budget Agencies

I IP P"

0

-1

•i

i

| || Ml IV I II III IV I II III IV I II III IV I II III IV I II III IV I H III IV I II III IV

1973 1974 1975 1976 1973 1974 1975 1976

Calendar Years Quarterly

*Lessthan$50 million. October 21,197fj-22