$Bil.

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

July - September 1987

Uses

Coupon Maturities M

Foreign

Nonmarketables

Deficit!'

72V4

Sources

Coupon Refunding

Savings Bonds

13/4

State 33/4

and Local

Net Market

Borrowing

1/ Includes budget deficit changes in checks outstanding, and minor

miscellaneous debt transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

Decrease

in Cash

Balance

33/4

$Bil.

80

60

40

20

0

October 27, 1987-17
$Bil.

140

120

100

80

60

40

20-

0

TREASURY FINANCING REQUIREMENTS

October - December 1987

Uses

Coupon Maturities M

State & Local

1

'" i

Foreign

Nonmarketables

MDeficitJ/

133

Sources

MCoupon Refunding

Savings Bonds

43/4

Done?/

263/4

Decrease in

Cash Balance SV

J/ Includes budget deficit, changes in checks outstanding and minor

miscellaneous debt transactions.

_§/Issued or announced through October 23, 1987.

3/Assumes a $15 billion cash balance December 31, 1987.

Net Market

^ Borrowing

583/4

$Bil.

140

120

100

80

60

40

20

0

Department of the Treasury

Office of Government Finance & Market Analysis

October 27, 1987-18
$Bil.

250

200

150

100

50

USE OF AUTHORITY TO ISSUE TREASURY BONDS

WITH INTEREST RATE OVER 4V4 PERCENT

$10 billion

authority

enacted

March 17, 1971

$10 billion ceiling

applied only

to private holdings

July 1, 1973

Amount

Outstanding

I

September 30, 1987-

Ceiling increased

to $250 billion

April 7, 1986

w—* /w Privately

W / Held

$Bil.

250

200

150

100

50

I

1971 1973 1975 1977 1979 1981

As of December 31

1983 1985 1987

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-10
TREASURY OPERATING CASH BALANCE

Semi-Monthly

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

1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis

-WAssumes refunding of maturing issues.

October 27, 1987-19
TREASURY NET MARKET BORROWING1

I II III IV

1983

Department of the Treasury

Office of Government Finance & Market Analysis

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

1984 1985 1986

y Excludes Federal Reserve and Government Account Transactions.

I II III IV

1987

October 27, 1987-21
HOLDINGS OF TREASURY SECURITIES IN STRIPPED FORM

$B||.. — i$Bil.

45

40

35

$Bil.

5

4

3

Reconstitutions

0

Reconstitutions as a Percent

of Stripped Bonds

(Right Scale)

April

Department of the Treasury

Office of Government Finance & Market Analysis

July August

End of Month

September October 16

45

40

35

%

10

8

6

0

October 27, 1987-25
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil.

30

1983

• Savings Bonds

823 State & Local Series

• Foreign Nonmarketables

27.2

II III IV

1984

I II III IV

1985

e estimate

Department of the Treasury

Office of Government Finance & Market Analysis

I II III IV

1986

II III IVe

1987

30

25

October 27, 1987-14
STATE AND LOCAL GOVERNMENT SERIES

$Bil.

120

100

80

60

40

20

0 l i * 1 i i

1982 1983

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

September 30. 1987

120

100

20

J 1 L J I L i.

1984 1985 1986 1987

0

October 27, 1987-11
I I

STATE AND LOCAL MATURITIES 1987—1989

$Bi

—

2.5

2.7

$ 3il

|

! t.n

2.1

z.u 2 1.3

1.8 • .i

1.4

1

0

IV

1987

Department of the Treasury

Office of Government Finance & Market Analysis

III IV

1988

I II III IV

1989

October 27, 1987-1
$Bil.

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Nonmarketable 17.3

Marketable

5553 Add-ons1-

• Other Transactions

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

1983 1984 1985 1986

u F.R.B. purchases of marketable issues as agents for foreign and international

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

si Preliminary. * Less than $50 million.

II IIP

1987

$Bil.

-10

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-15
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1976 1977 1978 1979 1980

Department of the Treasury

Office of Government Finance & Market Analysis

1981 1982 1983

As of December 31

1984 1985 1986 1987

October 27, 1987-1
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons Hover 10 years £2 1-2 years Bills

S 2-10 years ^ 1 year & under

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 Sep'87

As of December 31

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-2
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

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

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-3
%

10

8

MARKET YIELDS ON GOVERNMENTS

Bid Yields

October 16, 1987

October 26, 1987

10.0

9.5

9.0

••••••••••••••••••••••••••••••••••••••••••••••••••••••«

%

10.5

10.0

9.5

9.0

10 12 14 16 18 20 22 24 26 28 30

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8

%

10

-\9

-8

10

October 27, 1987-20
%

20 -

SHORT TERM INTEREST RATES

Quarterly Averages

%

20

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-7
%

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

_ I—*^ / Va^^-1^ 3 Month Treasury Bill . V

1 1 I 11I I I I111 I I 11 I II li 1 I I I1II I I ll I I III I I 1

t

Through

week ending

October 21

%

8

Jan Feb Mar Apr May Jun

1987

Jul Aug Sep Oct

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-6
1977 1978

LONG TERM MARKET RATES

Quarterly Averages

1979 1980 1981 1982 1983 1984 1985

1/ The 30 year Treasury series was initiated in March 1977.

2/ The 30 year Bond Buyer Index was started September 21, 1979.

Department of the Treasury

Office of Government Finance & Market Analysis

1986 1987

October 27, 1987-5
%

11

10

8

Jan

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

••••••.

.****

Feb Mar

New Aa Corporates

/ Treasury 30-Year

/ / Treasury 5-Year

Apr May Jun

1987

Jul

.*•'

j* *

4 ''.•••

/ / t

Through

, ^-~»- w week ending

*V. .••••••.....->«'<*,**••.•••••• October 23

Municipal Bonds 30-Year

Aug Sept Oct

%

11

10

8

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-4
MATURING COUPON ISSUES

November 1987 — March 1988

(In millions of dollars)

Maturing Issues

September 30, 1987

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors J/

7 5/8% Note 11/15/87

12 5/8% Note 11 /15/87

11% Note 11/15/87

8 1/2% Note 11/30/87

11 1/4% Note 12/30/87

7 7/8% Note 12/30/87

12 3/8% Note 1/15/88

8 1/8% Note 1/31/88

10 1/8% Note 2/15/88

10 3/8% Note 2/15/88

8% Note 2/29/88

12% Note 3/31/88

7 1/8% Note 3/31/88

2,387

5,384

8,187

10,699

6,580

10,524

2,710

10,531

5,040

8,489

10,640

6,837

10,878

636

474

1,500

758

770

772

5

728

193

1,163

692

947

1,070

1,751

4,910

6,687

9,941

5,810

9,752

2,705

9,803

4,847

7,326

9,948

5,890

9,808

30

639

1,483

519

534

467

650

1,038

369

856

1,465

295

915

Totals 98,886 9,708 89,178 9,260

2/ F.R.B custody accounts for foreign official institutions;

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis October 27, 1987-22
$Bil.

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

24

22

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

16.6

.809.9 % 10.ljg3l0.2

I

ill i 2.7

169

15.3 r-1

17.6

TREASURY MARKETABLE MATURITIES

1988

15.7 '£ t^16.4 149

12.2 m

1989

174 160

Privately Held, Excluding Bills

$BN.

20.3

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

8

6

4

2

0

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

10

8

6

4

2

0

11.1

5.5 I

-6.4 6.3

16.8 1992

m

5.8 I 6.3

1993

6.5 4.7

6.7

102

125

6.2

7.7 7.0 I

11.9

110fc% 108 11 Ok 106 106^107

nln 7.2 ,7.3 73

•

1994, 7.2 7.1 LI _7.2

.3.3

.5.2

18.4

r55S3

i

1

7.6

32 i

7.4

82

185

n

9.5

• 1

45

1990 20 6

7.7

1

4.9

1991

8.1

15.1

9.9

12.7

10.6

76

"15.6

I

JFMAMJJASOND

HiSecurities issued prior to 1985

E22 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

2.9

7.7. 1995

18.4 1996

8.1

97. 1997

J F M A M J J

1 New issues calendar year 1986

1 Issued or announced through October 23,1987

7.0 8.6

19.6

I 93

A S O N D

October 27, 1987-8
$Bil.

2

0

2 —

0

2

0

2 —

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

2

0

4

2

0

4

2

0

4

2

0

4

2

0

,2.1

.13

1.7

— 2.9

,4.8

2.7

1.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

_s 1998

JL 1999

2000 I2.5

1.6. 2001 g 2.3

2002

3.2 2003 3.4

2004 3.6 4.0

6.3

2005

2006

2007

2008 1.4

3.9. 2009

1.9 2010

3.7 2011

1.6

2.6

I

7.2

8.3

1.2

3.6

,3.3

3.9

4.3

•

J

u

$Bil.

10

8

6

4-

2-

0

14

12

10

8

6

4

2

0

6

4

2

0

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

1

11.8

7.0

4.7

18.0

9.3

m

2012

2013

2014

2015

2016

2017

12.6

I

4.7

6.5

90

10.3

5.2

6.7

JFMAMJ JASOND

^| Securities issued prior to 1985

£230 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

JFMAMJ JASOND

New issues calendar year 1986

Issued or announced through October 23, 1987

October 27, 1987-9
NEW MONEY IN AGENCY FINANCE

Non-mortgage-backed Securities, Quarterly ^

$Bil.

6

4

2

0

-2

12

10

8

6

4

2

0

-2

-4

SLMA

FHLB

In

I II III IV I II III IV

1984 1985

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

6

FNMA

4

2

lil•In _ 1 • 0

-2_

• • •"

-4

-6

4

2

-

FFCB

0

-2

-4

—

•— |l"r

-6

-8

—

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

1986 1987 1984 1985

* Less than $50 million.

y Privately Held

II III IV I II III IV

1986 1987

October 27, 1987-23
NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIES

Privately Held, Quarterly

$Bil.

26

24

22

20

18

16

14

12

10

8

6

0

FHLMC

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

1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis

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

1984 1985 1986 1987

e partly estimated

GNMA

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

1984 1985 1986 1987

October 27, 1987-24
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 1987^

Monday Tuesday Wednesday Thursday Friday

2 3 A

Auction

3 year 2/

4 A

Auction

10 year 2/

5

Auction

30 year •?/

6

9 10 11

Holiday

12

Announce

2 year

13 Announce

52 week

16

Announce

5 year

Auction

2 year57

19 A ♦• Auction

52 week4/

20

23

Auction

5 year^

25 26

Holiday

27

30

Department of the Treasury

Office of Government Finance & Market Analysis

1/ Does not include weekly bills

2/ For settlement November 16

3/ For settlement November 30

4/ For settlement November 27

5/ For settlement in early December

October 27,1987-13
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1987^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

7 8 9 10

Announce

52 week

14 15 16 Announce

2 year

4 year

Auction

52 week^

18

21 22

Auction

2 year-3/

23

Auction

4 year-3/

24 25

Holiday

28 29

Announce

7 year4/

30 31

Department of the Treasury

Office of Government Finance & Market Analysis

J/ Does not include weekly bills

21 For settlement December 24

3/ For settlement December 31

Al For auction and settlement in January 1988

October 27, 1987-26