$Bil.

160

120

80

40

0

Increase

in Cash

Balance

Department of The Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

July-September 1992

Uses Sources

1481/.

$Bil.

160

Coupon Maturities^

State and Local

4 Coupon Refunding 120

4!*

Foreign Nonmarketables

^Deficit

Savings Bonds

Net Market

Borrowing

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

miscellaneous debt transactions.

80

40

0

October 30, 1992-13
Department of the Treasury

Office of Market Finance

TREASURY FINANCING REQUIREMENTS

October - December 1992

Uses

1971/2

Sources

Coupon Maturities^

State and Local

4 Coupon Refunding

Savings Bonds

4 Deficit^

11/2

Foreign Nonmarketables

5%

Net Market ^ft7 )

Borrowing W 1

A

To Be

Done

\BE

Decrease in Cash Balance3

1/Includes budget deficit, changes in accrued interest and

checks outstanding and minor miscellaneous debt transactions.

h Issued or announced through October 30, 1992.

:?/Assumes a $30 billion cash balance December 31,1992.

$Bil.

200

175

150

125

100

75

50

25

0

October 30, 1992-14
Department oftheTreasury

Office of Market Finance

TREASURY OPERATING CASH BALANCE

Semi- Monthly

Apr May Jun Jul

1992

'Assumes refunding of maturing issues.

Aug Sep Oct

November 2, 1992-25
oo

COo

COo

o

CMo

CMO

o

O)

— O) = O) — CO

CD

cr

CD

(0

CD

CD

COC

TJ Oo>

CDcE

CDc<oooc

COcqc

co

•a

CD

u.

CD

CO

•aXO3

LU

">

= CO00

O

I "6

ca

o
o

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

ONDJFMAMJ JASONDJ FMAMJJASO*

1990 1991 1992

*Through October 23, 1992.

Department of the Treasury

Office of Market Finance October 30,1992-27
NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS v

jf.**:! , . Discount Rate %

-300

-400

-500

-600 i i ' il i i i ill i i '

Net New Cash (Left Scale) Discount Rate (RightScale)

• 26week ...... 26week

• 13 week — 13 week

I I I l! I l l ll I I I I il i i i il i i i il i i i i il i i i il i i i i i| i i i il i i i i

Oct Nov Dec Jan Feb Mar Apr May Jun

1991 1992

V

Jul Aug Sep OctP

Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.

p Preliminary

5.0

4.5

4.0

3.5

3.0

2.5

Department of the Treasury

Office of Market Finance October 30,1992-23
NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS^

O N

1990

J J A S

1991

J/Excludes foreign add-ons from noncompetitive tenders.

Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 million effective November 5, 1991.

M J J

1992

p Preliminary

Effective February11,1992 a noncompetitive biddermay not holda position inWltrading, futures, orforward contracts,

nor submit both competitive and noncompetitive bids for its own account.

Department of the Treasury

Office of Market Finance October 30,1992-24
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

0

-10

6.5 5.7

I II III IV I

1988

Department of the Treasury

Office of Market Finance

7.1

II III IV

1989

6.3

[^j Savings Bonds

• Domestic Series

M State and Local Series

Foreign Nonmarketables

7.0

III IV I

1990

e estimate

1991

IV I II III IV6

1992

$Bil.

10

-10

October 30,1992-26
$Bil.

o

SALES OF UNITED STATES SAVINGS BONDS

1980 - 1992

i i i i i i i i i i i i i i i i

JI)i *

f i

4 Total Sales

Payroll Sales

i i I i i i i i i i i i i i i i i i J_L

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

e estimate

Department of the Treasury

Office of Market Finance

October 30, 1992-10
$Bil

10

1988

Department of the Treasury

Office of Market Finance

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

Redemptions

/S

I II

1992

$Bil.

10

October 30, 1992-4
STATE AND LOCAL MATURITIES 1992 - 1994

Department of the Treasury

Office of Market Finance

1993 1994

October 30,1992-11
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil

Nonmarketable

IV

j$Bil.

IV I II U\2/£

1988 1989 1992

II III IV I

1990 1991

Department of the Treasury

Office of Market Finance

j/ F.R.B purchases ofmarketable issuesas agentsfor foreign and international monetary

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

2/ Preliminary

October 30,1992-15
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil

16

14

12

10

8

6

4

16.3

Notes

Bills

5 years and over

2-4 years^/

10.1 10.010.0

9.0

I II III IV

1988

Department of the Treasury

Office of Market Finance

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

1989 1990 1991

Quarterly Totals

1/4 year notes not issued after December 31, 1990.

2/ Through October 30, 1992.

11.3

$Bil.

—I 16

14

12

10

8

6

4

2

0

1992

IV2/

October 30, 1992-9
%

18

SHORT TERM INTEREST RATES

Quarterly Averages

i i i 111 i i 111 i i i

%

18

i 11' i ' 111 i i 111 i i i

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance October 30.1992-20
%

2< I I l I I I

Jan Feb Mar

1991

Department of the Treasury

Office of Market Finance

SHORT TERM INTEREST RATES

Weekly Averages

%

Through

October 28

'- 7

Commercial

Paper

i i i i

3 Month

Treasury Bill

i I i i i il i I i i

Prime Rate

Federal Funds

i i i i

Apr May Jun Jul Aug Sep Oct

1992

October 30,1992-19
%

LONG TERM MARKET RATES

Quarterly Averages

%

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance October 30, 1992-22
%

8

INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages

Treasury 30-Year

Jan Feb Mar Apr May Jun

1992

Through

October 28

Jul Aug Sep Oct

%

8

Department of the Treasury

Office of Market Finance

October 30.1992-21
%

MARKET YIELDS ON GOVERNMENTS

October 30,1992

6.5 6.5

10 12 14 16 18 20 22 24 26 28 30

Department of the Treasury

Office of Market Finance

4 5 6

Years to Maturity

8 10

November 2,1992-29
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

As of December 31

Department oftheTreasury

Office of Market Finance

October 30, 1992-2
100%

80

60

40

20 -

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons E2 Over 10 years • 1-2 years

D 2-10 years I 1 year &under

V. V// VyZ

v//

Bills

W

'

17

34

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Sep'92

As of December 31

Department oftheTreasury

Office of Market Finance

October 30,1992-3
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 89 91

Department of the Treasury

Office of Market Finance October 30, 1992-1
MATURING COUPON ISSUES

November 1992 - March 1993

(in millions of dollars)

Maturing Coupons

September 30,1992

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

ForeignJ/

Investors

10 1/2% Note 11/15/92

8 3/8% Note 11/15/92

7 3/4% Note 11/15/92

7 3/8% Note 11/30/92

9 1/8% Note 12/31/92

7 1/4% Note 12/31/92

8 3/4% Note 01/15/93

7 % Note 01/31/93

10 7/8% Note 02/15/93

81/4% Note 02/15/93

8 3/8% Note 02/15/93

4 % Bond 02/15/93

6 3/4% Bond 02/15/93

7 7/8% Bond 02/15/93

6 3/4% Note 02/28/93

9 5/8% Note 03/31/93

71/8% Note 03/31/93

4,330

8,549

14,311

13,852

8,287

14,237

6,515

14,120

5,162

8,256

14,744

60

627

1,501

13,736

9,204

14,404

300

115

3,707

502

645

926

320

882

780

52

3,730

42

112

162

1,225

945

1,657

4,030

8,434

10,604

13,332

7,642

13,311

6,195

13,238

4,382

8,204

11,014

18

515

1,339

12,511

8,259

12,747

13

1902

503

1,570

716

713

963

928

55

1,017

1,605

490

1,660

1,843

Totals 151,895 16,120 135,775 13,978

J/ F.R.B. custody accountsfor foreign official institutions; included in Private Investors.

Department of the Treasury

Office of Market Finance October 30,1992-12
$Bil

F M A M

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J J A S 0 N D

|^| Securities issued prior to 1990

New issues calendar year 1990

JFMAMJJASOND

Sl^i Newissues calendar year 1991

HH Issued or announced through October 30, 1992

October 30,1992-6
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J A S O N D

Securities issued prior to 1990

New issues calendar year 1990

$Bil.

4 2.7 2007 1.2

-

2008 ,,

2-3

3.6

•

F M A M J J

New issues calendar year 1991

Issued or announced through October 30, 1992

October 30,1992-7
Department of the Treasury

Office of Market Finance

M

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J A S O N D

| Securities issued prior to 1990

New issues calendar year 1990

2020

21.0

10.0 10.0

2021 32.2

11.0 11.7 12.0

2022

10.0

FMAMJJASON

New issues calendar year 1991

Issued or announced through October 30, 1992

October 30, 1992-8
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN NOVEMBER 1992v

Monday Tuesday Wednesday Thursday Friday

2 3 4 5 6

Announce

52 week

9

Auction

3 year?/

10

Auction

10 year?/

11

Holiday

12

Auction

30 year?/

13

16 17

Auction

52 week3/

Announce

2 year

5 year

19 20

23

Auction

2 year 4/

24

Auction

5 yearf/

25 26

Holiday

27

30

Department of Treasury

Office of Market Finance

1/Does not include weekly bills

2/For settlement November 16

3/For settlement November 19

4/For settlement November 30

November 2,1992-16
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN DECEMBER 1992^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Announce

52 week

7 8 9 10

Auction

52 week?/

11

14 15 16 Announce

2 year

5 year

17 18

21 22

Auction

2 year3/

23

Auction

5 year3/

24 25

Holiday

28 29 30 31

Announce

52 week!/

Department of Treasury

Office of Market Finance

y Does not include weekly bills

2/For settlement December 17

3/For settlement December 31

4/For auction January 7 and settlement January 14 November 2,1992-17
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JANUARY 1993 v

Monday Tuesday Wednesday Thursday Friday

1

Holiday

4 5 6

Announce

7 year

7

Auction

52 week^/

8

11 12 13

Auction

7 year3/

14 15

18

Holiday

19 20 21

Announce

2 year

5 year

22

25 26

Auction

2 year 4/

27

Auction

5 year^/

28 29

Announce

52 week^/

Department of Treasury

Office of Market Finance

1/Does not include weekly bills

2/For settlement January 14

3/ For settlement January 15

4/For settlement February 1

5/For auction February 4 and settlement February 11

November 2, 1992-18