TREASURY FINANCING REQUIREMENTS

January-June 1976

$Bil.

60

50

40

30

20h

10

Uses

Office of the Secretory of the Treasury Office of Government Financing

Increase in

Operating Cash'

^ffl

•&>ViGov't Acc't

Investment

Maturities

Cash Deficit

^ffl

Sources

^-Special Issuest

^Savings Bonds, etc

'Refundings*

22 Vz

Bills

Net New Cash 303/4

Coupons

4/

t Net of exchangesfor maturingmarketable securities of $1 billion.

* Includes $6V4 billion CMB's and $1.5 billion 1/31/76 bills in 2-year cycle slot

July 27,197S-13
$Bi

30

20

10

241/2

TREASURY FINANCING REQUIREMENTS

July-September 1976*/

Uses ,—-33H/A —-

Redemptions ^H

of Special

Issues*

Maturities

«>Cash Deficit

Gov't Acc't

Sales

Sources

^Decrease in

Operating Cash . . _ . Savings Bonds

„.^m *-&Other

V/2

Refundings

Net New

Cash 17^4

^H

Done

To Be

Done

ll3/4

* Includes maturing marketable securities of $V* billion.

y Assumes $9 billion September 30 cash balance.

Officeof the Secretary ofthe Treasury Office of Government Financing July 27,197614
TREASURY FINANCING REQUIREMENTS

July-December 1976 -1/

Uses

Redemptions of

Special Issuest-

-713/4-

Sources

^-Decrease in Operating Cash

$Bil.

70

60

50

40

30

20

10

31/2 *-Savings Bonds &Other

Office of the Secretary of the Treasury

Office of Government Financing

Maturities

Cash Deficit

/

Gov't Account

Sales

Refundings

Net New Cash 393/4

•f Includes maturing marketable securities of $1 billion.

1/Assumes $9 billion December 31 cash balance. July 27. 197615
$Bil.

70-

60-

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

July-December 1975

Uses

Redemption of Special-*

Issues t

l3/4

^ffl Foreign

Redemptions

\ Maturities

r\

Cash Deficit

,--673/4-

Increase in

Operating

Cash

Sources

^Savings Bonds

2i/2 and Other

Gov. Acc't

Sales

Refundings

103/4

Net New Cash 481/2

19^2

t Includes maturing marketable securities of $3A billion.

Office of the Secretary of the Treasury

Office of Government Financing

Coupons

4/

Jury 27, 1976-22
TREASURY OPERATING CASH BALANCE

Oct. Nov. Dec

1975

Office of the Secretary of the Treasury

Office of Government Financing * Daily

Apr. May June July Aug Sept.

1976

July 27. 1976-18
TREASURY NET NEW MONEY BORROWING'

$Bil.

40

30

20

10

0

-10

Coupons:

over 15 yrs.

7-15 yrs.

2J2-7 yrs.

2 yrs. & under

IBills

16.8

Y////S

-3.1

Calendar Year Halves

W%?-

1974 " ' 1975 "

J/ Excludes Federal Reserve and Government Account transactions.

£/Issued or announced through July 20,1976. Office of the Secretary of the Treasury

Office of Government Financing

5.5

1976 II

2/

July 27, 1976-5
$Bil.

70

60

50

40

30

20

10

0

GROSS MARKET BORROWING 1974 - TO DATE

Calendar Year Halves

Coupons:

IOver 15 yrs.

§j 7 -15 yrs.

2 - 7 yrs.

2 yrs. and under

Bills

30.9

5.5

I II I II I W2J

1974 1975 1976

!/ Gross public offerings ofcoupon issuesand cash management bills; net offerings ofregular bills.

Excludes Federal Reserve and Government Account transactions. Office of the Secretary of the Treasury

Office of Government Financing 2/ Issued or announced through July 20,1976.
GROSS OFFERINGS OF MARKETABLE SECURITIES

Calendar Year Halves

$Bil

200

150

100

50

0

Coupons:

]over 15 yrs.

7-15 yrs.

^^2-7 yrs.

E^^ 2 yrs. &under

••Bills 1687

141.2

7////A

1974

Office of the Secretary of the Treasury

Office of Government Financing

2173

187.7

I II

1975

* Issued or announced through July 20,1976.

232.5

38.0

1976
PRIVATE HOLDINGS OF TREASURY MARKETABLE

DEBT BY MATURITY

Office of the Secretary of the Treasury

Officeof Government Financing

May Jul

1975

Nov. Jan. Mar. May

1976

July 27, 1976-24
$Bil.

12

CHANGES IN PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

112 11.6

35

6-

-3

-6

m Coupons:

Hill over 15 yrs.

^ 7-15 yrs.

&ZA 2-7 yrs.

iBBBg 2 years & under

M Bills

i i i i

Jan. Mar. May Jul.

1975

Sep. Nov. Jan. Mar. May

1976

.8

i

Office of the Secretary of the Treasury

Office of Government Financing Jury 27,1976-25
Years

5V2

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1966

5 years

4 months

Months

36

34

32

30

28

26

V^V

January 1976

2 years

4 months ^

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

J M M J S N

1975

J M M J S

1976

June 1976

2 years

6 months

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Financing July 27, 1976-1
$Bil.

2000

1500

1000

500

0

TOTAL LIQUID ASSETS OUTSTANDING IN US.11

June 30

estimated

t

1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

December 31

-!/Includes money stock (currency and demand deposits); time and savings accounts in commerical banks (including large negotiableC.D.'s),

savings and loan associations, mutual savings banks, and credit unions; commercial paper, bankers acceptances, and security repurchase

agreements; and savings bonds and notes, and short-term marketable Treasuries.

Office of the Secretary of the Treasury

Office of Government Financing

July 27, 1976-34
MARKETABLE MATURITIES WITHIN 1 YEAR

Privately Held

$Bil.

150

120

90

60

30

0

120

90

60

30

0

120

90

60

30

0

Bills

120.6

71.4

Officeof the Secretary of the Treasury

Officeof Government Financing

2 year cycle notes All other

July 31, 1976

18.3 15.1

July 31, 1975

9.1 15.7

July 31, 1974

3.9 16.1

* Estimated.

Total

154.0

123.4

91.3

July 27, 1976-23
MARKETABLE MATURITIES THROUGH SEPTEMBER 30,1977

Privately Held, Excluding Bills & Exchange Notes

Office of the Secretary of the Treasury

Office of Government Financing

M J

1977

July 27, 1976-9
OWNERSHIP OF THE MATURING ISSUES

AUGUST 1976 — SEPTEMBER 1977*

(In millions of dollars)

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Corpora

tions

Foreign

Other

Maturing Issues Longterm

Intermediateterm

Investors^

Private

Holders

Investors^' Funds

5%% Nt. Aug. 1976 1,597 715 5 140 140 300 155 142

6%% Nt. Aug. 1976 2,006 1,155 5 115 175 145 35 376

7%% Nt. Aug. 1976 2,546 1,195 10 145 120 35 225 816

8%% Nt. Sept. 1976 1,681 1,005 5 115 130 35 35 356

6%% Nt. Oct. 1976 1,493 690 10 225 300 45 75 148

6%% Nt. Nov. 1976 4,000 1,615 50 250 400 590 880 215

7%% Nt. Nov. 1976 1,371 890 5 145 60 115 40 116

7%% Nt. Dec. 1976 1,996 1,115 — 190 130 95 200 266

6% Nt. Feb. 1977 1,524 630 15 170 270 155 150 134

8% Nt. Feb. 1977 2,078 945 5 135 170 20 85 718

6%% Nt. Mar. 1977 2.116 1,070 15 225 160 235 325 86

7%% Nt. Apr. 1977 1.507 885 5 180 105 20 75 237

6%% Nt. May 1977 2,011 1,170 30 185 160 240 65 161

9% Nt. May 1977 2,353 965 10 55 20 10 35 1.258

6%% Nt. May 1977 2,021 1,050 10 290 340 15 125 191

6%% Nt. June 1977 1,924 1,150 20 210 205 265 25 49

7%% Nt. July 1977 1,463 875 20 230 120 90 80 48

7%% Nt. Aug. 1977 3,252 1,750 55 200 300 200 140 607

8%% Nt. Aug. 1977 1,844 1,180 20 160 60 50 90 284

8%% Nt. Sept. 1977 3.108 1,555 65 320 110 55 170 833

Total 41,891 21,605 360 3,685 3,475 2,715 3,010 7,041

* Based on May 1976 survey of ownership.

1/ Includes State and local pension funds and lifeinsurance companies.

^/includes fire, casualty, andmarine ins.,mutualsavings banks,savings and loan,and corporate pension funds.

Office of the Secretary of the Treasury

Office ofGovernment Financing Jury 27,1976-27
%

8

MARKET YIELDS ON GOVERNMENTS

(Bid Yields)

July 23.1976 " 7 i

^** ^^ NAnrilO^ 1Q7A

/\ ^^ 1

/*f- %

P /

7 'lO 12 14 16 18 20 22 24 26 28 30

0 4 5 6

Years to Maturity

8 10

Office of the Secretary of the Treasury

Office of Government Financing

July 27, 1976-33
%

8

MARKET YIELDS ON SELECTED MATURITIES

,20Yr.

-.•^•••••••'•'•'•••'•••iwi,.. ,»»•»•»* 10Yr "3fc •'•l"l"IBIf«IBIBI«IIBI«l"IBI«l«|B,BIB|-,-|«l«l"l"l"

7Yr.N ;:\ """'

5 Yr --

6-

*•—••••«'•••,***••••••••

*#♦** ^ 52 Week Bill

!•••••**

5-

April 23,1976

April

Office of the Secretary of the Treasury

Office of Government Financing

3 Month Bill

May

1976

June

' Closing market yield of most recent issue each Friday in the respective maturityarea.

'+«••••••'

July 23,1976

July

July 27,1976-28
^i*-—• —-J

1973

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

1974

Calendar Years

1975 1976

July 27,1976-16
%

SHORT TERM INTEREST RATES

Monthly Averages

f Prime Rate

Week Ending

July 21, 1976

^•-m*'""««/"""««#

Commercial

Paper Rate

.m, m....«m«mm»'«««'~^^^

January February

Office of the Secretary of the Treasury

Office of Government Financing

March

** Federal Funds Rate

April

1976

May

*- 3 Month

Treasury Bill Rate

June

•*«?

July

July 27, 1976-36
INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

%

New Aa

Corporates -»* .*.

10 / \ Week Ending

9

New Conventional / ,'*~«V /S <S\ „ M*n'1976 Mortgages /^/ K / V Z\ \

/ 1"*"*"/

8

/A .W /\ /\ /^-—*

/ Treasury A. / ^ V\r*

7

/*- 7-Year v r^ ^^^

X ^"""*

New 20 Year /

b - Municipa Bonds^^

5 -,X^^— v—<•''>/

4 l ii I l l l I 1 M I l l l I I l I l I I 11111111111 1 1 1 1 II

JMMJSNJMMJSNJMMJSNJMM

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office ofGovernment Financing July 27*1976-17
%

INTERMEDIATE & LONG MARKET RATES

(Weekly)

New Conventional

Mortgages*

v

/

New Aa Corporates

8

y .Treasury iicaauiy twicai 20-Year

Treasury 10-Year^r •Treasury 7-Year

6

New 20-Year

Municipal Bonds

January February March April

1976

* Monthly, weekly data not available Office of the Secretary of the Treasury

Office of Government Financing

May June

Week Ending

July 23, 1976

i_J_

July

July 27, 1976-20
TREASURY FINANCING REQUIREMENTS

January-June 1976 y

$Bil.

60

50

40

30

20

10

Uses

Office of the Secretary of the Treasury

Office of Debt Analysis

Increase in

Operating Cash** •65ViB

Gov't Acc't

Investment

Maturities

Cash Deficit

D

Sources

^-Special Issues1-

^Savings Bonds, etc

Refundings4

Net New Cash 33

Done

To Be

Done

t Netof exchanges for maturing marketable securities.

* Includes$4% billion CMB'sand $1.5 billion 1/31/76 bills in 2-yearcycle slot

•1/Assumes $12 billionJune 30 cash balance

April 27,1976-16
SBil.

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

2.2I2.I m 22%2£ 25

1 "

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

l$Bi

4.3

I

6.0

1976

| 4.0

|l-6 1.7 iJ^ f

1977

•" • "IS? a "Ik8 Is I rM % g|g

12 3.1 3.0242.4 2.4

11

1978

4.4

285

1980

Mill!

1.6 2£ 17 20 lj6

52

1.6

I

6.0

2.0

•

13

0

1981

2.9

1982 1.9

1983

Hill

4.6

I 24

1.1

3.0

1979

1.7 1.7

2.8 1 .. 11.9 "

1984

1.9

1.0

1.1

2.7

1

23

JFMAMJJASOND

ISS New issues calendar year 1975.

M New Issues calendar year 1976.

4

2

0

4

2

0

2

0

6

4

2

0

4

2

0

JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing
$Bil.

2

0

6

4

2

0

2

0

2

0

2

0

4

2

0

2

0

4

2

0

2

0

2

0

23

I

.6

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

1.3

4.6

1.0

pi

1985

1986

1987

1988

1989

1990

1991

1992

20

1993 .7

1994

$Bil.

2

0

2

0

2

0

2

0

2

0,

2

0

2

0

2

a

2|-

0

2h

0

2

0

13

.9

1.0

1995

1996

J_

1997

1998

1999

2000 14

J H

2001

2002

2003

2004

2005

1.7

J F MA M J J A S 0 N D

S3 New issues calendar year 1975|.

EH New issues calendar year 1976.

J F M A M J J A S 0 N D

Office of the Secretary of the Treasury

Office of Government Financing July 27, 1976-3
1234 1234

Office of the Secretary of the Treasury

Office of Government Financing

AGENCY MATURITIES y

Privately Held

$Bil.

1

0

1

0

1

0

1

0

1

0

1

0

12 3412 34 1234 1234 1234 1234

Calendar Years Quarterly

1984

to

I 2 2 . .1

1986 1987

1988

-3

• ••J.

1989

.2

1990

.i

1991

3

- 1992 1993

3

1994

.i

1995

.i .i .i

1996 1997

4.3

1998

J. ^2 £ i_

1999

2000 2001 2002 2003

2004 2005

- -

2006

2

2007

-1/Issued or announced through July 20,1976.

* Less than $50 million. July 27,1976-11
$Bil.

1

0

3

2

1

0

-1

NET NEW MONEY IN AGENCY FINANCE

Privately Held

ill.

FCA

nilill. II

FHLB

IP P

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

1973 1974 1975 1976

$Bil

1

0

-1

-2

2h

1

0

-1

1.11

• FNMA

.ll.. .•

-

1

1 ll

1

Budget Agencies

• • _

*

r

I II III IV I II III IV

1973 1974

II III IV I II III IV

1975 1976

Officeof the Secretary of the Treasury

Officeof Government Financing

Calendar Years Quarterly

*Less than $50 million. July 27, 1976-12