ury

TREASURY FINANCING REQUIREMENTS

October - December 1997

February 2, 1998-1

0

50100150

Uses Sources

$Bil.

upon

rities

Deficit

Coupon Refunding

Net Market

Borrowing Decrease in

Cash

Balance

1

1

164

Savings Bonds

1 17

2

1 2 1

123

11

123

Includes budget deficit, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

4

1

4

1

2

1

State and Local

12

4

1

4

1

1

4

3 4
asury

ce

TREASURY FINANCING REQUIREMENTS

January - March 1998

0

50100150

Uses Sources

$Bil.

oupon

turities

Deficit

Coupon Refunding

Net Market

Borrowing

Decrease in

Cash

Balance

1

1

156

Savings Bonds

32 10

2

1 2 1

124

12

124

Includes budget deficit, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

4

1

State and Local

10

1

4

1

4

February 2, 1998-2

Assumes a $20 billion cash balance March 31, 1998. 2

2
TREASURY OPERATING CASH BALANCE

Federal Reserve Account

Daily

Total Operating

Balance

asury

ce February 2, 1998-3

 Assumes refunding of maturing issues. 1

1

1997 1998

Without

New

Borrowin

g

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

Without

New

Borrowin

g 1 

ax and Loan

ounts Balance
II III IV I II III IV I II III IV I II III IV

-100

-80-60-40-20

0

2040

60

80

3.4

8.1

40.6

61.2

74.5

25.3 25.7

48.1

77.2

-25.7

40.3

41.3 44.6

-71.5

6.5

17.0

TREASURY NET MARKET BORROWING

$Bil.

y

1

Coupons

Bills

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

2

February 2,1998-4

1994 1995 1996 1997

Excludes Federal Reserve and Government Account Transactions.

7 year note discontinued after April 1993.

1

2
 (Billions of Dollars)

NET MARKET BORROWING

January – March 1998

y

e February 2, 1998-4a

Issued or announced through January 30, 1998. 1

Total 10.0Done -31.9

Bills

Regular weekly -4.652 week -4.6Cash Management -21.1 Total -30.3

Coupons

7 year note -9.12 year note -1.65 year note 0.710 year inflation-indexed note 8.4

-1.6

To Be Done 41.9

1
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

February 2, 1998-5

Treasury

nance

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

10-Year Fixed Rate

February, May, August and

November 1997 Auctions

1%

88%

5%

6%

1%

51%

2%

*

7%

ar Inflation-Indexed

ary & April 1997 and

uary 1998 Auctions

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., insurance cos., and financial cos.Other includes individuals, and nonfinancial cos.
 FOR 5-YEAR 3-5/8% IIN AND 5-YEAR 6-1/4% FIXED-RATE NOTE

Daily Data: Beginning 7/10/97

ry

1

February 2, 1998-6

Price$

99

100101102103

1 Real Price for inflation-indexed note

Correlation: 29% STD IIN/STD Nominal = 0.32

6-1/4% of 6/30/02

Aug Sep Oct Nov Dec Jan

1997 1998

3-5/8% IIN of 7/15/02
949698

100102104

FOR 10-YEAR 3-3/8% IIN AND 10-YEAR 6-1/4% FIXED-RATE NOTE

Daily Data: Beginning 2/18/97

sury

e

1

February 2, 1998-7

Price$

6-1/4% of 2/15/07

1997 1998

Apr May 

ar Jun Jul Aug Sep Oct Nov Jan Dec

1 Real Price for inflation-indexed note

Correlation: -9% STD IIN/STD Nominal = 0.26

3-3/8% IIN of 1/15/07
260280300320340360

PRICES FOR 10-YEAR 3-3/8% IIN vs. SPOT GOLD

Daily Data: Beginning 2/6/97

February 2, 1998-7a

Gold Price ($)

Apr Mar May Jun Jul Aug Sep Oct Nov Dec Jan

1997 1998

Spot Gold

3-3/8% IIN of 1/15/07

1 Real Price for inflation-indexed note

Correlation: 34% STD IIN/STD Gold = .04
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

NET STRIPS OUTSTANDING (1985-1997)*

End of Quarter

sury

e February 2, 1998-8

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of January 23, 1998.
II III IV I II III IV I II III IV I II III IV I 

-15-10

-505

1015

-0.3

-4.7

-2.3

-8.9

-1.1

-6.7

-7.3 -7.6

-0.5 -2.2

5.7

2.5 1.5 3.3

13.8

9.7

Foreign SeriesState and Local SeriesSavings Bonds

e estimate

e

$Bil.

URY NET BORROWING FROM NONMARKETABLE ISSUES

February 2, 1998-9

1994 1995 1996 1997 1998
05

1015

Gross Issues 20Redemptions

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

-10

-505

10

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

Net SLGs

y

February 2, 1998-10

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

993 1994 1995 1996 1997
I III IV I II III IV I II III IV I II III IV I II III IV I II III IV

02468

9

6.3

4.9 4.7

3.8

6.1

4.3 4.3

4.8

5.3

4.4

4.8

5.4

7.5

5.9

3.8

4.3

4.95.1

1.7

1.3

1.8

1.4

$Bil.

STATE AND LOCAL MATURITIES 1998-2003

ury

February 2, 1998-11

998 1999 2000 2001 2002 2003
RTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

-20

0

20406080

100120

5

23.6

31.6

10.3

-0.1

22.6

33.0

40.5

55.1

64.2

13.8

74.4

23.6

65.8

109.5

56.5

29.7

45.1

21.7

February 2, 1998-12

ry

$Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

1

nmarketable

rketable

Net Auction Awards to Foreign

Other Transactions

2

2 Data through November 30, 1997.

1993 1994 1995 1996 1997
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

14161820222426283032343638

OREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

February 2, 1998-13

Percent
OR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1995 December 31, 1996 November 30, 1997

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Foreign Private Foreign Private Foreign Private

$220.0 25.5% 6.7% $286.4 25.2% 8.4% $318.2 24.7% 9.3%

om 123.6 14.3% 3.8% 190.6 16.8% 5.6% 289.6 22.5% 8.5%

53.7 6.2% 1.6% 72.5 6.4% 2.1% 88.6 6.9% 2.6%

ntilles 50.9 5.9% 1.5% 63.9 5.6% 1.9% 58.3 4.5% 1.7%

28.0 3.2% 0.8% 44.0 3.9% 1.3% 54.0 4.2% 1.6%

19.3 2.2% 0.6% 46.4 4.1% 1.4% 52.6 4.1% 1.5%

na 34.9 4.0% 1.1% 46.6 4.1% 1.4% 45.8 3.6% 1.3%

18.8 2.2% 0.6% 24.9 2.2% 0.7% 38.2 3.0% 1.1%

29.7 3.4% 0.9% 39.2 2.8% 0.9% 34.0 2.6% 1.0%

24.0 2.8% 0.7% 32.0 3.5% 1.1% 28.0 2.2% 0.8%

12.7 1.5% 0.4% 14.0 1.2% 0.4% 27.8 2.2% 0.8%

25.1 2.9% 0.8% 26.9 2.4% 0.8% 27.1 2.1% 0.8%

37.0 4.3% 1.1% 31.3 2.8% 0.9% 26.2 2.0% 0.8%

16.4 1.9% 0.5% 19.9 1.8% 0.6% 17.7 1.4% 0.5%

9.2 1.1% 0.3% 9.6 0.8% 0.3% 10.0 0.8% 0.3%

158.9 18.4% 4.8% 187.4 16.5% 5.5% 172.5 13.4% 5.0%

862.2 100.0% 26.2% 1135.6 100.0% 33.3% 1288.6 100.0% 37.8%

Note: RP’s are included in “other”. Detail may not add to totals due to rounding.

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989

and monthly data collected under the Treasury International Capital reportingsystem.

sury February 2, 1998-14

e
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

2468

10

SHORT TERM INTEREST RATES

Quarterly Averages

%

asury

ce February 2, 1997-15

Federal

Funds

Prime Rate

nth

ry Bill

 Paper

Commercial

Through

January 28
ury

February 2, 1998-16

SHORT TERM INTEREST RATES

Weekly Averages

%

45678

Through

January 28

mercial

aper Federal Funds

3 Month

Treasury Bill

Prime Rate

1997 1998

May Jun Jul Aug Sep Oct Nov Dec Jan
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

56789

10

New Aa

Corporates

30-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

%

Through

January 28

ury

February 2, 1998-17
May Jun Jul Aug Sep Oct Nov Dec Jan

3.04.05.06.07.08.0

INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%

FHLMC 30-Year

Conventional

asury 5-Year

AA 10-Year Industrial 1

10-Year InflationIndexed Note 2

12 Salomon 10-yr. AA Industrial is a Thursday rate. The first 10-year inflation-indexed note settled on February 6, 1997.

Treasury

10-Year

February 2, 1998-18

January 28

Through

1997 1998
1 2 3 4 5 6 7 8 9 10

4.7

5

5.2

5

5.7

5

MARKET YIELDS ON GOVERNMENTS

%

Years to Maturity

February 2, 1998

October 27, 1997

February 3, 1998-19 

easury 

nce

10 12 14 16 18 20 22 24 26 28 30 5.50

5.756.006.25

5.505.756.006.25

%

%
516.1

511.2

490.8

1008.8

461.7

ATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

February 2, 1998-20

ry

June 30, 1994

987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

Bills1 year & under1-2 years2-10 yearsOver 10 years 2988.6
RIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

86 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

Percent Distribution By Maturity

ry

February 2, 1997-21

Coupons Over 10 years

2-10 years

1-2 years1 year & under

Bills

16

34

17

17

16
VERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held 

June 19475 Months10 Years

5 Months2 YearsDecember 1975

February 2, 1998-22

ury

1

1

J FMAMJ J ASOND 60

626466

9 51 53 55 57 59 61 63 65 71 67 69 73 75 77 81 83 85 79 87 89 93 91 95 97

Months

Excludes inflation-indexed notes; including IIN the average length was 5 years

 and 5 months as of December 31, 1997.

December 31, 1997

5 Years, 5 Months
Foreign

Investors

Total 

ing Coupons

Federal Reserve Private

Investors

December 31, 1997

MATURING COUPON ISSUES

February - June 1998

(in millions of dollars)

Held by

Totals

sury

e February 2, 1998-23

1

9,159

21,08030,87013,14921,720

8,788

12,22521,406

9,165

21,22612,35821,11012,59622,054

236,906

535

1,2765,2681,7204,139

715

1,7144,278

53

3,0292,0435,5071,9766,773

39,024

8,719

17,24228,27811,85419,872

8,154

11,61520,455

8,302

17,13411,50320,00411,12520,877

215,134

440

3,8382,5921,2951,848

634610951863

4,092

855

1,1061,4711,177

21,772

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

NoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNote

02/15/9802/15/9802/28/9803/31/9803/31/9804/15/9804/30/9804/30/9805/15/9805/15/9805/31/9805/31/9806/30/9806/30/98
26.0

28.3

31.7

8.2

32.1

25.4

31.5 32.0

8.0

31.4

27.8

32.4 32.0

9.3

32.3

27.3

30.9 30.5

FMAMJ J ASOND

27.1

29.9 29.3

9.1

29.2 28.9 29.5 28.7

9.7

26.6

29.8

27.4 28.6

9.9

27.9 30.0 27.3 27.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

February 2, 1997-24

1998

1999

New issues calendar year 1996 Issued or announced through January 30, 1998Securities issued prior to 1996 New issues calendar year 1997
MAMJ J ASOND 

13.3 13.4

10.7

12.6 12.3

16.1

11.9

21.6

12.0 12.3 11.3

2.4

11.7 11.5

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

02468

101214161820

12.7

18.3 21.3

13.5

02468

101214161820222426

12.3

23.7

2.9

27.3

6.5

11.810.211.4

28.0

11.9 11.7 11.9

26.7

11.3 11.0 11.5

25.0

11.7 11.9

02468

1012141618202224

12.3

15.5 16.0

20.0

J FMAMJ J ASOND 0

2468

1012141618202224

18.8

13.9

20.5 2006 20.0

$Bil.

2005

2004

February 2, 1998-25

2000 2003

12.6 12.8

12.8

12.8 13.1 13.312.513.1 13.5 13.8

23.4

13.6 13.3

2002

2001

New issues calendar year 1996 Issued or announced through January 30, 1998Securities issued prior to 1996 New issues calendar year 1997
AMJ J ASOND 

4.1 4.2 4.8

12.2

23.5

1.1

2014

J FMAMJ J ASOND 0

2468

101214161820

9.3 9.1

20.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

February 2, 1998-26

2007

1.3

3.6

2008

3.6 3.1 2009

1.8 3.5 2010

3.5 3.9 2011

9.4 2012

11.7 2013

02468

10 11.3

6.0 6.0

2015

02468

10121416

6.4

17.8 17.6 2016

02468

10121416 16.7 2017 13.1

02468

10

8.2

8.8 2018

02468

1012141618 18.3 18.5

2020

2019

Issued or announced through January 30, 1998

Securities issued prior to 1996 New issues calendar year 1997New issues calendar year 1996
J FMAMJ J ASOND 0

2468

1012141618202224

9.9 10.0

MAMJ J ASOND 

21.9

11.0 11.5

31.6

02468

101214

10.0 10.0 10.0

2027

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

February 2, 1998-27

02468

101214 2024 11.0

02468

1012 10.9 11.4 2025

02468

1012 12.0 2026 9.9 10.0

2022

2021

2023

2028

Issued or announced through January 30, 1998

Securities issued prior to 1996

New issues calendar year 1996

New issues calendar year 1997
asury

ce February 4, 1998-28

NTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 1998

ay Tuesday Thursday Friday

 11 12 13

 3 4

 18 19 20

 6

 10

 17

 5

Wednesday

 Announce

2 year5 year

1 Does not include weekly bills2 For settlement February 173 For settlement March 24 For settlement March 5

 Auction

3 year

 Auction

10 year

 24 25 26 27

 Announce

52 week

1

 Auction

2 year

 Auction

5 year 3 3

ay

 Auction

30 year 2

 Auction

52 week 4

2 2
ay Tuesday Wednesday Thursday Friday

 20

 26

 19

 10 12 13

 6

 17

3

NTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 1998

 31

 11

 5

 24 27

 4

sury

e February 4, 1998-29

 25

1 Does not include weekly bills2 For settlement March 313 For settlement April 2

1

 Announce

2 year5 year

 Announce

52 week

 Auction

52 week 3

Auction

5 year

 Auction

2 year 2 2

 18
 Announce

2 year5 year

ay Tuesday Wednesday Thursday Friday

 17

 23

 16

 7 9 10

 3

 14

NTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN APRIL 1998

 28 29

 22 8

 2

 30

 21

 15

 24

asury

ce February 4, 1998-30a

1 Does not include weekly bills.2 For settlement April 153 For settlement April 30

 Auction

2 year 3

 Auction

5 year 3

1

 Announce

52 week

 Auction

52 week 3

 1 Announce

Inflation-indexed

security

 Auction

Inflation-indexed

security2