*.--_._ ~m

$Bil.

Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

July-September 1989

Sources

a Coupon

^ Refunding

Foreign Nonmarketables

1¥4^ Savings Bonds

2Vt~

State and Local

Net Market BorrowingfrL— ^

aT^MM^ rjecrease jn

Cash Balance

2%

1/lncludes budget deficit, changes in checks outstanding

and minor miscellaneous debt transactions.

$Bil

80

60

40

20

October 31, 1989-12
$Bil.

140

120

100

80

60

40

20-

TREASURY FINANCING REQUIREMENTS

October-December 1989

Uses

Coupon ^

Maturities t

—i—

1473/4

4 Deficit U

Sources

Coupon

Refunding

Rnndf D°TMStiC Bo?£s Series

1%

State and Local

Vi

To Be

Done

Done 2/

Net Market

) Borrowing

47 y2

Decrease in .

Cash Balances/?

$Bil.

140

120

100

80

60

40

20

Department of the Treasury Office of Market Finance

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

outstanding, transfer of $41/2 billion of REFCORP bond proceeds

to RTC, and minor miscellaneous debt transactions.

2/Issued or announced through October 27, 1989.

21 Assumes a $20 billion cash balance December 31, 1989. October 31, 1989-13
$Bil.

20

10

0

-10

-20

-30

-40

V.-V-.t^«,.,,/ \/ \^i'"».ntttm.r.«J

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Total Operating

Balance

Federal Reserve Account •

.Without New.

Borrowing v

V

1 1 1 1 1 I 1

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

1988 1989

J/Assumes refunding of maturing issues

Department of the Treasury Office of Market Finance October 31, 1989-22
$Bil.

70

TREASURY NET MARKET BORROWING *

63.4

Coupons

• Over 10 yrs.

0-10 yrs.

47%~

1 " '" lv > » "I IV V I II III IV I II III IV

1985 1986 1987 1988 1989

^Excludes Federal Reserve andGovernment AccountTransactions.

$Bil.

H70

60

50

H40

Department of the Treasury

Office of Market Finance

October 31,1989-17
NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^

-Discount Rate %

Nov Dec

1988

Department of the Treasury

Office of Market Finance

May Jun

1989

1/Excludes noncompetitive tenders from foreign official accounts.

* Preliminary October 31, 1989-5
>

LU

LU

Z

Q

LU

CC

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Is

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$Bil.

80

70

60

50

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form Percent

(Left Scale) (Right Scale)

30 Year ••— 30 Year

20 Year ••• 20 Year

10 Year —10 Year

•••••••••••••••••••••••••••••••••••i

ASONDJ FMAMJJ ASONDJ FMAMJ JASO*

1987 1988 1989

♦Through October 20, 1989

Department of the Treasury . . . _, .....

office of Market Finance Note: Reconstitution began May 1, 1987

%

50

40

30

20

10

October 31, 1989-10
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil

27.2

-5

I II III IV

1985

Department of the Treasury

Office of Market Finance

I II III IV

1986 1987

e estimate

Savings Bonds

State & Local Series

Foreign Nonmarketables

IV I If III IV

1988

$Bil

25

20

-15

II III IV

1989

-5

October 31, 1989-18
$Bil.

110

CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

100-

50

40

30

20

10

1985

Department of the Treasury

Office of Market Finance

d

-,' *v.

IV I IV I

1986

[~~1 New Issues

HI Refunding

^TM Changes in SLGS

II III IV I

1987 1988

IV I

1989

$Bil.

110

100

-50

-40

30

20

10

October 31,1989-24
$Bil.

0

STATE AND LOCAL MATURITIES 1989—1991

IV

1989

—

7.5

—

o>

7

—

6

—

A A 4.8 5 *I.O

3.9 3.9 3.9 4

3.4 3.3

3.1

3

—

2

—

I I

''

1

n

II III

1990

IV II III IV

1991

Department of the Treasury

Office of Market Finance October 31, 1989-9
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Department of the Treasury Office of Market Finance

1986 1987

IV I II III IV

1988

11 F.R.B. purchasesof marketable issues as agents forforeign and international

monetary authorities which are added to the announced amount of the issue.

^Preliminary.

1989

October 31, 1989-19
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil. r ,$Bil.

I II III IV

1985

Department of the Treasury

Office of Market Finance

II III IV I II III IV I

1986 1987

Quarterly Totals

J/ Through October 27, 1989.

II III IV

1988

IVV

1989

October 31, 1989-23
6

3 Month

Treasury Bill

SHORT TERM INTEREST RATES

Quarterly Averages

Commercial

Paper

^.'.•.-••* •*'

I I I

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

10

8

6

4

Department of the Treasury

Office of Market Finance October 31, 1989-26
%

11-

10-

9

„•••••

••••*

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

/-N Federal Funds

3 Month Treasury Bill *••«

'*. ..♦*

Through

week ending

October 25

♦rtinti

%

11

10

8

I ll I I I ll I I I II I II 111 I I I

Jan Feb Mar Apr May June

1989

11 Li_U7

July Aug Sep Oct

Department of the Treasury

Office of Market Finance October 31, 1989-20
%

6

1979 1980

Department of the Treasury

Office of Market Finance

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

30-YearV

Treasury

1981 1982 1983 1984 1985 1986 1987 1988

J/ The 30-Year Bond Buyer Index was started September 21, 1979.

%

1989

6

October 31, 1989-25
%

9.5

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

Treasury 5-Year / \

Treasury 10-Year

May Jun

1989

Through week

ending October 27

%

9.5

9.0

8.5

8.0

J7.5

Department of the Treasury

Office of Market Finance October 31, 1989-21
8.00

7.75

7.5Q

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

3 4 5 6

Years to Maturity

Bid Yields

-8.00

-7.75

.750

October 31, 1989-27
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1978 1979 1980 1981

Department of the Treasury

Office of Market Finance

1982 1983 1984 1985 1986

As of December 31

1987 1988

October 31, 1989-2
100%

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years ^ 1-2 years

D 2-10 years 1 year & under

Bills

MVJUUU.M.UUU

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Sep'89

As of December 31

Department of the Treasury

Office of Market Finance

October 31, 1989-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Months73- September 30, 1989

6 Years J

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance October 31, 1989-1
MATURING COUPON ISSUES

November 1989 • March 1990

(In millions of dollars)

Maturing Coupons

September 30, 1989

Total

Held by

Federal Reserve

& Government Private Foreign

Accounts Investors Investors^/

10 3/4% Note 11/15/89 - B 5,779 2,034 3,745 209

12 3/4% Note 11/15/89 - K 6,552 666 5,886 857

6 3/8% Note 11/15/89-T 11,909 1,530 10,379 793

7 3/4% Note 11/30/89 - AF 10,679 1,117 9,562 1,851

8 3/8% Note 12/31/89 - P 7,490 470 7,020 410

7 7/8% Note 12/31/89 - AG 10,645 1,365 9,280 1,267

10 1/2% Note 1/15/90 - C 4,842 116 4,726 633

7 3/8% Note 1/31/90 - W 10,748 539 10,209 1,602

11 % Note 2/15/90 - G 7,375 632 6,743 1,225

11 % Note 2/15/90 - H2/ 572 —

572 —

6 1/2% Note 2/15/90 • S 14,265 3,790 10,475 659

3 1/2% Bond 2/15/90 572 307 265 —

7 1/8% Note 2/28/90 - X 10,763 912 9,851 1,607

7 1/4% Note 3/31/90 - N 7,978 543 7,435 785

7 3/8% Note 3/31/90 • Y 11,333 2,104 9,229 1,455

Total 121,502 16,125 105,377 13,353

Department of the Treasury

Office of Market Finance

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

2/ Foreign-targeted note.

October 31, 1989-6
SBII

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

J J A S 0 N D

H Securities issued prior to 1987

10.7

$Bil.

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

12

10

_7.3 7.4

_7.2

8 —

6 —

4 —

2 —

12|—

10

8

6 —

4

2

0

14

12

10

8

6

4

2

0

8.1

I

9.0

E 1

9.5

7.3

6.8

7.7

13.6

8.9

1994 14.8

7.1

19956.7 6.S

18.3 1996

I

9.6

9.2

i

10.8

J

7.4

1997 9.2

1998 11.0

1999 9.8

7.0

6.9

7.7

15.4

8.5

I

193^

9.4

9.8

J FMAMJJ

New issues calendar year 1988

A S O N D

New issues calendar year 1987 |§|| Issued or announced through October 27, 1989

October 31,1989-7
TREASURY MARKETABLE MATURITIES

Excluding Bills Bil,

4

£.

Privately Held,

r~ 2.1 2000 2.5

2 13 IS 2001 _2.3 1.6

2 -

1.7 2002 2.6

6

4

2

—

2.9

•

32 2003 • 1 3.3

• 1 8

6

4

2

-

2004

3.6 1

• 1 4.0

•

• 8.2

8

6

4

2

-

|3 2C 05 • 9.0

4

2

• 4.8 2G(06

i

2

n

- • 2.7 2007 12

2 2008 1.3 • 3.6

2 • 38 2Q09 • 3.2

2 -

1.7 12 2010 • 3.8

4

2 • 3.7 2011 • 4.2

iH

8

6

4

2

2G12 • 10.0

12

10

8

6

4

2

—

2G13 • 12.4

JFMAMJJASON

•I Securities issued prior to 1987

KSJ New issues calendar year 1987

Department of the Treasury

Office of Market Finance

$Bil.

4

2

0

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

10

8

6

4

2

0

11.8

I

_ 7.0

22 —

20-

18

16

14

12

10

8

6

4

2

0

190

4.61 2014

2015

17.9 2016

18.0 2017

2018

2019

14.6 I 5.2

6.5 6.7

18.5

13.8

9.0

i

9.8

JFMAMJJASOND

INew issues calendar year 1988

IIssued or announced through October 27, 1989

October 31, 1989-8
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 1989^

Monday Tuesday Wednesday Thursday Friday

1 2 3

6

Auction

3 year^/

o

Auction

10 year 2/

^ Auction

30 year

and CMB^

10

Holiday

13 14 15 16 Auction A ♦■

52 week17

17

20 21 22 A

Announce

2 year

5 year

23

Holiday

24

27 28

Auction

2 yearA/

29

Auction

5 years/

30

Department of the Treasury

Office of Market Finance

_1_/Does not include weekly bills

2J For settlement November 15

3/ Announced November 9; for settlement November 24

AJ For settlement November 30

_5V For settlement in early December

October 31, 1989-14
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1989 ^

Monday Tuesday Wednesday Thursday Friday

1

4 5 6 7 o

Announce

52 week

11 12

Announce

2 year

4 year

14 A *•

Auction

52 week 2/

15

18 Auction

2 year.2/

Auction

4 year-2/

21 22

25

Holiday

26 27 28 29

Department of the Treasury

Office of Market Finance

AJ Does not include weekly bills

2J For settlement December 21

3/ For settlement January 2, 1990

October 31, 1989-15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 1990 ^

Monday Tuesday Wednesday Thursday Friday

1

Holiday

2 3

Announce

7 year

4 5

Announce

52 week

8 9 10 A . Auction

7 year 2/

11 .

Auction

52 week 3/

12

15

Holiday

16

Announce

2 year

18 19

22 23 24

Auction

2 year 4/

25 26

29 30 31

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

ZJ For settlement January 16

2J For settlement January 18

4/ For settlement January 31

October 31, 1989-1