Uarc«v

$Bil.

20

10

0

TREASURY FINANCING REQUIREMENTS

April - June 1977

Uses

Increase in Cash

Gov't Account.

Investment

•Maturities

pKNet Cash Paydown

— 27V* —

Sources

^Special Issues*

Savings Bonds

>& Other

RefundingS'

Cash Surplus^

* Net of exchanges for maturing marketable securities of S'A billion.

Office of the Secretary of the Treasury

Office of Government Financing
NE

$Bil.

4-

3

2

1

&2

1

-2

Office oMhe Secretary •

Office of Government F

$Bil.

30

20

10

0

TREASURY FINANCING REQUIREMENTS

July - September 1977 y

Uses

Maturities

VI

^Cash Deficit

~ 32 —

Gov't

Account

Investment

Sources

^ Decrease in Operating Cash

^ Special Issues*

Savings Bonds

and Other

Refundings1

Net New

Cash ^* Hi To Be

Done

Donet

Office of the Secretary of the Treasury

Office of Government Financing

1/Assumes $12 billion September 30 cash balance.

* Net of exchanges for marketable securities of %lh billion.

t Issued or announced through July 22, 1977.

July 26, 1977-21
$Bil.

0

-5

•10

TREASURY OPERATING CASH BALANCE

Actual

Total Operating Balance

Without

New Borrowing

a

U

ifi t % «S •*•• • J» lit* 1/ A

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

1976 1977

Office of the Secretary of the Treasury

Office of Government Financing * Daily
TREASURY NET NEW MONEY BORROWING1

Calendar Year Quarters

$Bil.

20

10

0

•10

Office of the Secretary of the Treasury

Office of Government Financing

1975

IV III

1976

IV

Coupons:

IS;« Over 10 yrs.

^^ 7-10 yrs.

Y77A 2-7 yrs.

KS2 2 yrs. and under

HI Bills

I

1977

1/ Excludes Federal Reserve and Government Account transactions.

2/ Issued or announced through July 22,1977.

2.3

I 2/
GROSS MARKET BORROWING 1975 - TO DATE1

Calendar Year Quarters

Office of the Secretary of the Treasury

Office of Government Financing

IV I II III IV I

1975 1976 1977

I/Gross public offerings of coupon issuesandcash management bills; net offerings ofregular bills.

Excludes Federal Reserve and Government Account transactions.

5/lssued or announced through July 22,1977.
%

SHORT TERM RATES

Monthly Averages

12

10

8

Federal Funds

*<Rate

^3 Month

Treasury Bill Rate

i i i i i l

t* Prime Rate

•••...V..# \>*\*<Rate a

I I I I I I I 1 I I

JMMJSNJMMJSN

1974 1975

Office of the Secretary of the Treasury

Office of Government Financing

nCommercial Paper

i i i i i

>*#,»«ss;»

Week Ending

July 20, 1977

1

.— •

i i i i i i

JMMJSNJMMJ

1976 1977

%

12

10

8
%

SHORT TERM INTEREST RATES

Weekly Averages

Commercial

,Paper Rate

I MM

Jan. Feb.

Prime Rate

Federal Funds

Rate N

J I I LJ I I L

Mar. Apr.

1977

Week Ending

July 20, 1977

i

^•••••^••^^••••M<^i>#tCC.y ^3 Month

Treasury Bill Rate

I I ll I I I J I L

May June July

%

Office of the Secretary of the Treasury

Office of Government Financing July 26, 1977-7
INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

JMMJSNJMMJSNJMMJSNJMMJ

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing
%

8

A/

INTERMEDIATE & LONG MARKET RATES

Weekly Averages

New Conventional

Mortgages V

•New Aa Corporates

%

Week Ending

July 22, 1977

Treasury 20-Year ^

«C +*—"• *♦•«—:::::••

^ Treasury 7-Year Treasury 10-Year

8

f 9——*^ _^-"**,*— ^

New 20-Year^*

Municipal Bonds

J U_l I I L

Jan. Feb.

I I II I I I II I

Mar. Apr.

1977

,..••••• •••••••'

i i i i J—J5

May June July

Office of the Secretary of the Treasury

Office of Government Financing * Monthly, weekly data not available. July 26, 1977-5
%

MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

/ *^April 22, 1977

10 12 14 16 18 20 22 24 26 28 30

0

Office of the Secretary of the Treasury

Office of Government Financing

4 5 6

Years to Maturity

8 10

July 213, 1977 23
COMMERCIAL BANK ALLOTMENTS OF NOTES AS A PERCENT

OF NOTES ISSUED TO PRIVATE INVESTORS

%

.7

40

30

20

10

Maturity Classes:

2.4

2 yrs. or less

ggg Over 2 -5 yrs. -i/

^11 Over 5 yrs.

1.3

4.3

2.2

i

2.0 1.3

as

5.4

3.9

4.0

3.7

3.3

i

5.5 4.9

BB2

i 2.5

3.1

-am

2.3

3.0

i

0 Jan.-June July-Dec. Jan.-June July-Dec. Jan.-June July-Dec. Jan.-June

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

1/Includes five year cycle notes.

Note: Amounts are in billions of dollars. July 26. 1977-25
$Bil.

80

60

40

20

0

COMMERCIAL BANK HOLDINGS

OF TREASURY MARKETABLE SECURITIES*

\ ... jOver 10 years

• 7-10 Years

2 - 7 Years

2 Years and Under

Bills

1972 1973 1974 1975

June 30

1976

Office of the Secretary of the Treasury

Office of Government Financing * Treasury Survey ofOwnership Data

1977
$Bil.

600

500

400

300

200

DEBT OWNERSHIP TRENDS

-i$Bil.i

Total Public Debt Private Nonbank

Investors

165

Commercial Banks

1970 71 72 73 74 75 76 77 1970 71 72 73 74 75

June 30

Office of the Secretary of the Treasury

Office of Government Financing

318

76 77

July 26. 1977-19
$Bil.

8

TREASURY MARKETABLE COUPON ISSUES

TO PRIVATE INVESTORS

1977

• 111 I In 1

1976

g U• I la I , I la II I, I Big ll lg I

i •••

0

0

Jan. Feb. Mar.

Office of the Secretary of the Treasury Office of Government Financing

1975

10 IB llil I

1974

M

Apr. May June July Aug Sept Oct. Nov. Dec.

• 2 year Cycle Note

B2 4 year Cycle Note

122 5 year Cycle Note

EH Long Bond

EH Intermediate Note

• Short Note July 26, 1977-14
$Bil

PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

1966 1968 1970 1972 1974 1976 77

Office of the Secretary of the Treasury

Office of Government Financing December 31 July 26. 1977-9
Years

3V6

3

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1967

5 years

1 month

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing
EFFECT OF MID-QUARTER FINANCINGS

ON DEBT EXTENSION

$Bil

F M

Office of the Secretary of the Treasury

Office of Government Financing

* Privately Held

M A M J

1977

July 26, 1977-10
USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER 4V4 PERCENT

$Bil.

25

20

15

10

0

$10 billion

authority enacted

March 17,1971

IV I II III IV

1971 1972

Office of the Secretary of the Treasury

Office of Government Financing

Total New Bonds

Outstanding "N

$10 billion ceiling

applied only

to private holdings

July 1,1973

IV I II III IV

1973 1974 1975

Ceiling increased

to $12 billion

March 15,1976

/

Ceiling increased

to $17 billion

June 30, 1976

p«.*

IV I II III

1976 1977

July 2G, 107/22
• «

MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

$Bil.

200

150

100

50

0

150

100

50

0

150

100

50

0

Bills

113.4

I

123.1

I

103.6

I

Office of the Secretary of the Treasury

Office of Government Financing

2 year cycle notes

July 1977'

29.6

July 1976

16.7

July 1975

10.6

* Estimated

All other Total

160.0

17.0

156.6

16.8

129.6

15.4

July 26, 1977-3
OWNERSHIP OF THE MATURING ISSUES

AUGUST 1977 — JULY 1978*

(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

7%%Nt. Aug. 1977

8Y4%Nt. Aug. 1977

8%% Nt. Sept. 1977

71/2%Nt. Oct. 1977

7%%Nt. Nov. 1977

6%%Nt. Nov. 1977

7%%Nt. Dec. 1977

63/8%Nt. Jan. 1978

6ya%Nt. Feb. 1978

8% Nt. Feb. 1978

6%%Nt. Mar. 1978

6y2%Nt. Apr. 1978

7y8%Nt. May 1978

77/8%Nt. May 1978

7%% Nt. May 1978

678%Nt. June 1978

678%Nt. July 1978

3,278

1,898

3,136

2,943

2,363

2,525

2,473

2,240

5,034

2,062

2,871

2,194

3,010

2,901

2,397

2,589

2,617

1,406

1,115

1,441

1,497

1,264

1,388

1,368

924

2,022

741

1,531

950

1,742

1,351

1,490

1,372

1,515

60

29

33

50

53

62

31

36

120

20

62

3

74

50

7

11

6

198

154

286

311

131

301

251

235

530

93

423

303

376

334

190

341

325

282

37

173

92

105

195

98

133

395

67

93

83

325

227

125

325

340

119

41

88

316

297

205

148

202

190

89

262

24

103

113

190

196

175

144

115

172

305

81

250

226

210

591

203

207

341

215

130

315

205

203

1,069

407

943

372

432

124

351

500

1,186

849

293

490

175

696

80

139

53

Total 46,531 23,117 707 4,782 3,095 2,758 3,913 8,159

'I* Amounts for investor classes are based on the May 1977 Treasury ownershipsurvey.

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

2jIncludes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and corporate pension trust

funds.

Office of the Secretary of the Treasury

Office of Government Financing July 26, 1977-18
SBil.

4

2

0

6

4

2

0

6

4

2

0

4

2

0

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

SBil.

4

5.9

1977

Jl.9 fl liff 2 *ls 1 111 1

1978

4.4 4.6 5.1

43 ?5 1982

1.8

5.9 1983

5j0

I

**i H ^'* iF--3 "ik4»c^i £F2I »Ei^i K ill71

2

0

6

4

2

0

6

4

2

0

2h

0

8

6

4

2

0

0

i.i

4.7

4.9

1

1979

3.6

4.9

2.72.92.6 25 w 3.1

181.71.7

III

1980

1.9

V? 17 " 1.6 |J

I i ill

2.7

1.8

1

1981

24 23

I

1984

1.0

1.9

1.3 1985

2.6

1986 7.5

4.4

1987

22

2.2

•

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

• Securities issued prior to 1975.

BB New issues calendar year 1975.

H3 New issues calendar year 1976.

E2 Issued or announced through July 22,1977. July 26, 1977-12
$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

2 -

0

2

0

2

0

2

0

2

0

2\

I

.6

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

.9

0]

1988

1989

1990

1991

1992 33

1993

1994

1995

1996

1997

1998

\A

$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

22

1.7

2-

0

2-

0

£

1999

2000 13

2001 .8

2002

2003

2004

.9

2005

2006

2007

2008

2009

2010

J FMAMJJASOND JFMAMJ JASOND

IB Securities issued priorto 1975. M New issues calendar year 1976.

Office of the Secretary of the Treasury m New issues calendar year1975. E3 Issued or announced through July22,1977. Office of Government Financing July 26, 1977-13
Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES^

Privately Held

$Bil.| 1985

1.5

_.9 1

0

1

0

1

0

1

0

1

0

1

0

il

1989

1993

1997

i.i

I 1 2 .5

2001

2005

3 .2

1986

.6 • .5

1990

1994

1998

.1 2 2 .1

2002

2

2006

2 2

1987 1988

1.0 1.0

.4 .4 i^._

1991 1992

3 A * *

1995 1996

1999 2000

2003 2004

2007 2008

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

Calendar Years Quarterly

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

^Issued or announced through July 15,1977.

* Less than $50 million. July 26, 1977-17
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

1

0 ni

FCA

• II.Ill Ii

,1

1

FH LB

ll. •

1 II' 1'" •

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

1974 1975 1976 1977

$Bil.

1

0

-1

-2

2

1

0

-1

.11.

Federally Owned Agencies1

i

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

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

-^Includes Ex-lm Bank, TVA, Postal Service, GNMAPCs, FHA debentures,

and Defense Family Housing mortgages.

Less than $50 millioa