-k./

$Bil.

200

150

100

50

0

18

FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

Sponsored Agency Obligations

<%^Guaranteed Obligations-^

Off-Budget Deficit-?/

Budget Deficits

24

7X7.

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982e1983e

Fiscal Years

J/Adjusted for Federal and sponsored agency purchases of guaranteed obligations.

2/Consists largely of Federal Financing Bank borrowings from Treasury.

3/Adjusted for changes in cash balance and other means of financing. Office of the Secretary of the Treasury ..

Oflice ofGovernment Financing e estimate

200

150

100

April 27, 1982-8
1 4

$Bil

50

40

30

20

10

0

Increase

in Cash

Balance

Office o( the Secretary of the Treasury Office of Government Financing

TREASURY FINANCING REQUIREMENTS

January - March 1982

Uses

Coupon Maturities %\

3/4

Savings Bonds

I Cash Deficit

52V4

Sources

4 Coupon Refunding

^ State and Local

1/4

1/2

Foreign Nonmarketables

Net Market Borrowing |

$Bil.

50

40

30

20

10

0

April 27. 1982-20
$Bil.

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

April - June 1982

Uses

Coupon Maturities!

T Gov't Series*

Foreign\ Public SeriestejJ

Nonmarketables ^^^•" "Vi

State and Local

4 Cash Deficit

4 Increase in Cash Balance

37 V*

Sources

4 Coupon Refunding

Savings

Bonds

Va

Net Market

Borrowing

J/Assumes $18 billion cash balance June 30, 1982.

Office of the Secretary of the Treasury

Office of Goweimnent Fmanring

$Bil.

40

30

20

10

0

April 27, 1982-21
NET MARKET BORROWING

April - June 1982

Total 151/2

Cash Management Bills:

April Issues 8

April Retirements —10

June Maturities —3

Net Borrowing —5

Other Net Borrowing: 2072

Done^

7 year note 374

2 year note 1 Vi

Regular bills V2

Total 5

To Be Done 151/2

U Issued or announced through April 23, 1982.

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-22
TREASURY OPERATING CASH BALANCE

Semi-Monthly

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

1981 1982

-15

Apr. May Jun.

Office of the Secretary of the Treasury

Office of Government Financing

-!/Assumes refunding of maturing issues with

the exception of cash management bills. April 27, 1982-16
$Bil.

50 h

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

II III IV I II III IV I II III IV

1978 1979 1980 1981

1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Financing

IV I

1982

April 27, 1982-5
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

CHI Savings Bonds

IState & Local Series

Foreign Nonmarketables

2.2

$Bil.

10

8

6

4

2

0

-2

-4

-6

-8

I _^_1 4 m --8 I

-1.4

I II III IV

1978

Officeof the Secretary of the Treasury

Officeof Government Financing

-4.2

-6.6

JL

I II III IV I II III IV

1979 1980

e estimate

-2^-2.2 -1.9

-4.0

I II III IV

1981

I

-3.0

I lle

1982

$Bil.

10

8

6

4

2

0

-2

-4

-6

--8

April 27, 1982-6
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. i i$Bil.

6.9

14.9

Nonmarketable

Marketable

^Add-ons-*/

•i Other Transactions

5.5

*** esz

L° 8.6

6.0

20

16

12

8

4

0

-4

-8

-12

-16

-4.9

H

-1.3

-3.8

-1.6 I

-2.5

20

16

12

8

4

0

-4

-8

-12

-16

-5.0

-13.3

III IV I II III

1979

IV II III

1980

IV I

1978

Office of the Secretary of the Treasury

Office of Government Financing

1/ F.R.B. Purchases of marketable issues as agents for foreign

and international monetary authorities for new cash.

2/ Partly estimated.

-5.8

III IV

1981

I 2/

1982

April 27, 1982-7
%

1978

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Monthly Averages

1979 1980 1981

Through •

April 23

1982

%

22

20

18

16

14

12

10

8

April 27, 1982-12
%

20

18

16

14

12

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Commercial

PaPer. ...

I I I I II I

Jul

3 Month

Treasury Bill

I I ll I I I ill I I I I I I I ll I I I I

Aug Sep Oct Nov Dec

1981

..«•"

Through

week ending

April 21"

Jan Feb Mar Apr

1982

%

10

8

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-13
%

19

17

15

13

11

LONG MARKET RATES

Monthly Averages

%

19

17

15

/v. NewAa J /'\\ * ~ Corporates'^/ \ /"\lull

New Convent

//Vv //

/ i/A\ / y^ tional JssSl \\J X

* / \J

r •

•

N•

t

Through

- Mortgages ~*-^~ / I/ \ *" f m _ —^^ $ <-» / V J .••••••

_••••

April 23 —

** I......-■••"%........♦•*'/ .....

—

"~ Treasury 20-Year

,L ./ I 20-Year -•• •————• Municipal Bonds

I I I ll ll I I I I I || I I I I I I I I I I I I I I II II I I i i i i i 11 11 i I I I I I

13

11

-7

1978 1979 1980 1981 1982

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-11
%

18

17

16

15

14

13

12

11

10

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

*—v

New Aa

Corporates

\

Treasury 5-Year

Through

week ending

April 23

July Aug Sep Oct Nov Dec Jan Feb Mar Apr

1981 1982

18

17

16

15

14

-13

-12

-11

-10

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-14
%

18

17

16

15

14

13

0

Office of the Secretary of the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

18

17

April 27, 1982-23
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

-12

Office of the Secretary of the Treasury

Office of Government Financing

M M J J A

Month of year

1/ Cash sales less redemptions

e April 1982 partly estimated

N

-10

-12

April 27, 1982-1
USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER AVa PERCENT

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981

As of December 31

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-4
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1947

10 Years

5 Months

Months

March 1982

48 Months

JFMAMJJASOND

1945 47 49 51 53 55 57 59 61 63 65 67

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-3
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1971 1972 1973 1974

Office of the Secretary of the Treasury

Office of Government Financing

1975 1976 1977

As of December 31

1978 1979 1980 1981

April 27. 1982 2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons • over 10 yrs £31 -2 yrs

H2-10yrs ^ 1 yr & under

Bills!

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 Mar 82

As of December 31

Office of the Secretary of the Treasury

Office of Government Financing April 27, 1982-19
OWNERSHIP OF MATURING COUPON ISSUES

May 1982-September 19821/

(In Millions of Dollars)

Maturing Issues

Total

Privately Commercial

Banks

Savings Institutions State &

Local

General

Corpora

tions

Other

Private

Domestic Long- Foreign term 1/

Intermediateterm 5/ Held

Investors Investors Funds Holders

7% Nt. 5/15/82 2547 794 65 353 225 402 262 446

8% Nt. 5/15/82 1296 427 19 207 48 2 586 7

9 1/4% Nt. 5/15/82 2515 1097 23 138 66 *

856 335

9 3/8% Nt. 5/31/82 3858 1311 13 280 191 141 1187 735

8 1/4% Nt. 6/30/82 2475 925 7 188 151 14 835 355

8 5/8% Nt. 6/30/82 4436 1057 15 301 411 108 894 1650

8 7/8% Nt. 7/31/82 4213 1131 52 274 760 261 864 871

8 1/8% Nt. 8/15/82 1754 618 96 206 194 55 575 10

9% Nt. 8/15/82 2513 901 27 282 142 5 483 673

11 1/8% Nt. 8/31/82 4521 1918 61 519 574 44 710 695

8 3/8% Nt. 9/30/82 2423 1191 7 228 220 150 292 335

11 7/8% Nt. 9/30/82 4555 1417 112 338 368 76 1095

______

1149

TOTAL 37,106 12,787 497 3,314 3,350 1,258 I 8,639 7,261

Office of the Secretary of the Treasury

Office of Government Financing

1/ Amounts for investor classesare based on the February 1982 Treasury Ownership Survey.

2/ Includes State and local pension funds and life insurance companies.

3/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan

associations, and corporate pension trust funds.

* Less than $500 thousand. April 27, 1982-18
$Bil.

8

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

10

8

6

4

2

0

8

6

4

2

0

4.65_4j»

80

5-7J5 3

llll MI

8.3

3.4

3.2 3.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

,$Bil.

6.4 RA 7ns] 1982 4.3

76 5.2 «1„?|3 6.6 6.8 4.604.8

•JHJUMJ

9.3

J

I

5.8

1984

3.2

1985

3.1

7.2 |

6.4

'4 1986 •

11

7.0

7.3

3.0

3,7

6.0

9.7

i

j

7.3

7.3

3.3

3.1 3.3

6.9

|

I

io|—

8

6

4

2

0

8

6

4

2

0

8

6

4

2

0

6

4 -

2

0

6

4

2

0

6

4

2

0

7.6

2.7

3.5

1.0

2.7

5.5

V

2* 2.4

3.3

2.2

1.7

1987

1988

3.4

1989

1990

1991

1992

2.6

2.4

2.5

I

3.3

1.8

2.3

3.8

1

5.1

1

2.5

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

IBSecurities issued prior to 1980

£22 New issues calendar year 1980

JNew issues calendar year 1981

jIssued or announced through April 23, 1982 April 27, 1982-10
$Bil.

4

2

0

4

2

0

4

2

0

2

0

2

0

2

O

2

0

4

2

0

4

2

0

2

0

1.9

2.9

1.7

2.2

— 1.5

1.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes 1$Bil.

2.7

0

1.7

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2.2

1.4

2.5

I

2.5

1.4

1.4

1.4

0

.7

1.7

0

2

0

2

0

2

0

4

2

0

4

2

0

4

2

0

4

2 —

oL

4

2

0

4

2

0

2.7

I

1.8

0

2003

2004

I

2.1 2005

3.9

I

1.9

3.9

i!

2006I

2007

2008

2009

2010

2011

2012

1.3

1.2

3.6

3.4

i

4.2

4.5

1

J F M A M J J A S O N D

| Securities issued prior to 1980

New issues calendar year 1980

J F M A M J J

New issues calendar year 1981

A S O N D

Office o<the Secretary of the Treasury

Office of Government Financing 111 Issued or announced through April 28, 1982 April 27, 1982-9
• «-

I II III IV

Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES^/

Privately Held

$Bil.i

IV I II III IV

1990 1991 1992 1993

•8 .6 .8 1_ .8

•5 .2 .1

1994 1995 1996 1997

j_ .1 ±± • _;_•_;

1998 1999 2000 2001

.1 .2 .2 .1 _i_ _i_

2002 2003 2004 2005

* _1 A _i

2006 2007 2008 2009

.1 .1 .2 .1 _2 _3 _3 _3_

2010 2011 2012 2013

.4 .2

U 2014 2015 2016 2017

.2

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

Calendar Years Quarterly

-y Securities issued through March 31, 1982.

* Less than $50 million.

April 27, 1982 17
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

1978

Office of the Secretary of the Treasury

Office of Government Financing

III IV I II III IV I II III IV I

1979 1980 1981 1982

*Less than $50 million.

Privately Held

$Bil.

FCA

hi.

GNMA | |

Mortgage Backed Securities

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

1978 1979 1980 1981 1982

e Partly estimated.

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

certificates, mortgage-backed bonds, and mortgage participation certificates. April 27, 1982-15