.<— --*»

$Bil.

30

20

10

TREASURY FINANCING REQUIREMENTS

April - June 1981

USES

Government Account

Investment

Savings

Bonds

Net Cash 11/4^| Paydown1/4j *-

Coupon .

Maturities.J

SOURCES

14Special Issues 1/

a Coupon

• Refunding

0

_Ql

||1 Other NonT marketables

Increase in Cash Balance

Cash Surplus4

1/ Net of $1/4 billion of maturing marketable securities.

$Bil.

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing July 28. 1981-16
$Bil.

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

July - September 1981

USES

Government

Account m

Investment

Coupon a

Maturities •

Savings Bonds

and Other

Gov't .

Series^11/2

1%

Public Series

Mcash Deficit

Foreign

Nonmarketables

423/4 SOURCES

a Special

t Issues

a Coupon

It Refunding

Net Market

Borrowing 15^

U Assumes $15 billion cash balance September 30, 1981.

Office of the Secretary of the Treasury

Office of Government Financing

Decrease

in Cash

Balance^

V/2

$Bil.

40

30

20

10

0

July 28, 1981-17
$Bil.

20

0

-5

-10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts

Balance

Federal Reserve Account

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

1980 1981

-^Assumes refunding of maturing issues.

Office of the Secretary of the Treasury

Office of Government Financing

Without

*—New—*

Borrowing-^

Aug. Sep.

July 28, 1981-14
$Bil.

40

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

COUPONS

• Over 10 yrs.

000-10 yrs.

•20

II III IV

1977

III

1978 1979 1980

1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Financing

1981

July 28, 1981-7
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

8

6

4

2

0

-2h

-4

-6

-8h

5.1 3^

3.1

4.1 4.1

2.8

m

22

m m

9.8

4.7

• Savings Bonds

State & Local Series

Foreign Nonmarketables

2.2 Kg

I • •

-1.7-1.4

-.9 -.8 inn

-1.4

-4.2

-6.6

I II III IV I II III IV I II III IV I II III IV I II »'e

1977 1978 1979 1980 1981

e estimate

-2.4 "2.2

JL

j

-3.9

J

Office of the Secretary of the Treasury

Officeof GovernmentFinancing July 28, 1981-8

$Bil.

-10

-8

6

4

2

0

-2

-4

-6

-8
$Bil.

20

16

12

8

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

6.9

14.1 14.9

II IV I || III |V I

1977 1978

Nonmarketable

Marketable

^ Add-ons-!/

•• Other Transactions

II III IV I

1979

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

o«ice * the secretary of me Treasury and international monetary authorities tor new cash.

J/Partly estimated.

II III IV I 11-2/

1980 1981

Office ofGovernment Financing

$Bil.

20

16

12

8

4

0

-4

-8

-12

-16

July 28,1981-9
$Bil.

-2

-4

-6

-8

-10

-12

CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

- \ 1978

- \^\ ^^S»w 1979 ^e.

\ 1981e

:

1980

I I I I I I I I I I I I I

M o N

$Bil.

0

-2

-4

-6

-8

-10

-12

Office of the Secretary of the Treasury

Office of Government Financing

M J J /

Month of year

1/ Cash sales less redemptions

e July 1981 partly estimated. July 28. 1981-15
%

1977

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Monthly Averages

1978 1979 1980

Through

July 24

1981

%

22

20

18

16

14

12

10

8

6

4

July 28, 1981-12
10

8

Oct Nov

1980

Office of the Secretary of the Treasury

Officeof Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

Dec Jan Feb

3 Month

Treasury

Bill

Mar Apr

1981

May

Commercial

Paper.*

t

Week ending

July 22

Jun Jul

%

20

18

16

14

12

10

8

July 28, 1981-11
1977

Office of the Secretary of the Treasury

Office of Government Financing

LONG MARKET RATES

Monthly Averages

1978 1979 1980

A/" t

Through

July 24

1981

%

-16

15

14

13

12

11

10

9

8

7

6

5

July 28, 1981-10
INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

%

16

New Aa

Corporates

Municipal Bonds

20-Year

15

14

13

12

11

10

9

8

7

6

Oct Nov Dec

1980

Jan Feb

Office of the Secretary of the Treasury

Office of Government Financing

Mar Apr

1981

May June

Through

week endingJuly 24

July

%

July 28, 1981-13
%

18

17

MARKET YIELDS ON GOVERNMENTS

Bid Yields

15r

-—.^

i~~~p~~£3i^

14

%

15

-18

14

17 13

10 12 14 16 18 20 22 24 26 28 30

13

16

15 ••*•••. July 27, 1981

9 •-•••••

14

^~r

April 27, 1981

13

0

Office of the Secretary of the Treasury

Office of Government Financing

4 5

Years to Maturity

13

8 0

July 28, 1981-23
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

500

450

400

350

300

250

200

150

100

50

COUPONS

Over 10 years

0

1971 1972 1973 1974

Office of the Secretary of the Treasury

Office of Government Financing

1111117-10 years

ggjg2-7 years

i 2 years & under

BILLS

1975 1976 1977

As of December 31

June 30, 1981|( gg-j 5

1978 1979 1980

July 28, 1981-1
Years

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1981

3 Years

11 Months

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980198

Office of the Secretary of the Treasury

Office of Government Financing July 28, 1981-2
100%

80

60

40

20

0

Rate(%) 97/8 10% 10%

Nt. Nt. Bd.

Aug. 1980

•I Dealers

Office of the Secretary of the Treasury

Office of Government Financing

PERCENT DISTRIBUTION OF ALLOTMENTS

IN TREASURY QUARTERLY REFUNDINGS

1

13V4 13 12%

Nt. Nt. Bd.

Nov. 1980

V//% Insurance Cos.

13V4 13 12%

Nt. Nt. Bd.

Feb. 1981

Hi Pension Funds

IIndividuals

1

15% 14'/s 13T/a

Nt. Nt. Bd.

May 1981

Other

100%

80

60

40

20

0

Egg Com'I Banks \//ACorporations July 28, 1981-21
100%

Rate(%) 101/2

Length(yrs) 15

Office of the Secretary of the Treasury

Office of Government Financing

PERCENT DISTRIBUTION OF ALLOTMENTS

IN TREASURY BOND AUCTIONS

11%

30

125/a

15

IDealers

10 10%

30 15

1980

KB2 Com'I Banks

10%

30

Insurance Cos.

\//A Corporations

111/*

15

12% 11% 12% 13Vb

30 20 30 20

1981

| Pension Funds [jjjj Other

jIndividuals

13%

30

July 28, 1981 22
OWNERSHIP OF MATURING COUPON ISSUES

August 1981 - December 1981^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Foreign Longterm 2/

Investors

Intermediateterm ?/

Investors

7 5/8% Nt. 8/15/81

8 3/8% Nt. 8/15/81

7% Bd. 8/15/81

9 5/8% Nt. 8/31/81

6 3/4% Nt. 9/30/81

10 1/8% Nt. 9/30/81

12 5/8% Nt. 10/31/81

7% Nt. 11/15/81

7 3/4% Nt. 11/15/81

12 1/8% Nt. 11/30/81

7 1/4% Nt. 12/31/81

11 3/8% Nt. 12/31/81

2215

2759

474

3158

2787

3276

3851

2422

2599

4225

3275

3730

1116

1105

48

853

820

623

833

1029

1151

1487

996

872

37

16

5

49

40

24

40

74

47

32

16

26

302

200

15

157

198

164

143

389

763

264

252

199

140

369

20

306

160

226

186

163

89

768

200

766

55

4

60

489

789

7

11

429

11

18

378

53

435

717

325

289

213

1362

1532

290

398

783

743

625

130

348

1

1015

567

870

1106

48

140

873

690

1189

TOTAL 34,771 10,933 406 3,046 3,393 2,304 7,712 6,977

Office of the Secretary of the Treasury

Office of Government Financing

U Amounts for investor classes are based on the May 1981 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.

July 28, 1981-19
4.3

4.0 * 3.9

I I

4.5

I

7.6

2.4

2.8 If

I 1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.i 1981 5.4

ft A 1982 70 . 7m 4 3 H 4;6 TM 4lliq I 4.3 |if I 4.4 I4.6 |

11 1 II 8

9.4

j

1983

' 7.0

41

6.7

1

1984 73

3.2

i

6.0 198F eg

3.3 I

I

2.5

3.0

1

6.1

I

3.1

1

7.3

I

2.5

3.4

3.2

4.6

2.7

1.2

7.5

I

2.0

?£ 2.4

1 I

2.2

1.7

I

1986

1987

1988

3.5

1989

1990

1991

7.5

I

2.6

3.5

1.8

2.3

I

3.8

5.1

$Bil.

6

4

2

0

8

6

4

2

0

8i

6

4

2

0

8

6

4

2

0

6

4

2

0

J FMAMJ JASOND J FMAMJ JASOND

Office of the Secretary of the Treasury

Office of Government Financing

Securities issued prior to 1979

New issues calendar year 1979

^ New issues calendar year 1980

3 Issued or announced through July 24, 1981 July 28. 1981-3
$Bil.

4

2

0

4

2

0

4

2

0

4

2

0

2

0

2

2-

0

2

0

4

2

0

2

0

1.9

2.9

1.7

2.2

1.5

m

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil

1992

1993

1994

2.7

1995

1996

1997

1998

1999

2000

1.7 2001

2.7

2.2

1.5

B9

2.5

TT

1.4

1.5

1.5

.8

4-

2

0

4

2

0

2.7

I

1.8

2.1

3.9

1.9

2.0

2002

2003

2004

2005

2006

2007

2008

1.4

2009

2010

2011

1.2

3.6

1

3.4

4.2

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

| Securities issued prior to 1979

New issues calendar year 1979

J F M A M J

jNew issues calendar year 1980

jIssued or announced through July 24, 1981

J A S O N D

Office of the Secretary of the Treasury

Officeof Government Financing July 28. 1981-4
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

4

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

1977 1978 1979 1980 1981

* Less than $50 million.

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

1977 1978 1979

e Partly estimated.

Office ot

Office of

the Secretary of the Treasury

Government Financing

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

mortgage-backed bonds, and mortgage participation certificates.

I II III IV

1980

I lle III IV

1981

Julv 28, 1981 18
I II III IV I II III IV

Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES^

Privately Held

$Bil.

1989 4

2

0

2

0

2

0

2

0

2h

.6 .6 .4 .4

1993

1997

1.1

3 .2

|_ 2001

1

2005

.1 .1

2-

0

2 -

0

2009

2013

.2

1990

1994

.1

1998

.1 -2 .2 .1

2002

.2

2006

.1 .1

2010

2014

.2

1991

£ .6

1995

1999

2003

2007

.2 .2

2011

2015

1992

2 .2 .1

1996

2000

2004

2008

.2 -3

2016

II III IV I II III IV

Calendar Years Quarterly

i/Issued or announced through June 30, 1981

i IV I II HI IV I IV I II III IV

July 28, 1981-20