PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

S$Bil.
2600 }-
2400 [-
2200 }-
2000
1800 |-
1600 --
1400
1200 --
1000 ie
800

600
400
200

0

Over 10 years

S

fe] 2-10 years
[4 1-2 years
1 year & under

March 31, 1994 ——»

1983 1984 1985 1986

Department of the Treasury
Office of Market Finance

1987 1988 1989
As of December 31

2683.4 |
420.7

1990 1991 1992 1993

May 2, 1994-1


NET AWARDS TO FOREIGN OFFICIAL ACCOUNTS 1’

$Bil. $Bil.

Notes 6.1
8 LZ § years and over y . —l8

2-4 years 7 F

ills A -
6 Ls ry 3. 6
4 +4
2 +2
0 0
-2 -2
-4 4
6 +4
o 4.2
8 | | | |
Ione wv ton mow one oui tonite iv 1 ony
1990 1991 1992 1993 1994

Quarterly Totals

1 Noncompetitive awards to foreign official accounts held in Custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities.

2/ 4 year notes not issued after December 31, 1990.

Department of the Treasury 2 Through April 29, 1994.
Office of Market Finance May 2, 1984-11


TREASURY MARKETABLE MATURITIES
Privately held, Excluding Bills

1994
30 - pa | 29.6
28 |—-
26 /-
24}—-
22;—-
20|-
18 |—-
16 |-
14}—-
12 |-

$Bil—

ON AR OO
T

JF M AM Jd J A SO ND

MER Securities issued prior to 1992
BBB New issues calendar year 1992

tment of the Treasury
of Market Finance May 2, 1994-4


; TREASURY NET MARKET BORROWING “ ;
SBil. —Goupone $Bil.

Over 10 yrs.
100 + EE] 5 - 10 yrs.2/
2- under 5 yrs 2/

+ 100

L__l.og
mov TW Wao

i]

1990 1991 1992 1993 1994
VY Excludes Federal Reserve and Government Account Transactions.
2/ 7 year note discontinued after April 1993,

3/ 4 year note discontinued after December 1990.
Department of the Treasury
Office of Market Finance

May 2,1994-9


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Over 10 years 1-2 years Mi Bills
2-10 years 1 year & under
100%|— =
16
80 |- : /
36
60
40+ 14
13
20+
21

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Mar'94
As of December 31
Department ofthe Treasury

Office of Market Finance May 2, 1994-2


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

é i
i | as 2018 89 iss - 2022
ee 24
6h Ae
Lt |
° 16}
i 18.8 ] 2019 19.1 zh
16 |- af
14> ok
raf th
10} 2b
af 38
aE zl 2023
Ob al
al 2020 | 1 TZ)
18) 16 F-
16F- wah
rae a
i 98 ro
o- ol
6f- aL
ap L
Fe [ | 1] *
‘F aol: 2024
set 2021 ; zat
20f- 26f-
ze} zat
26h zal
zal L
ap at
ib “f
we raf
zt 10.9 116 11.9 a
10f- af
af el.
aL “E
ok [ L ok
J FM AM JJ AS ON D J oF MAM JJ AS ON D

WE Securities issued prior to 1992 AG New issues calendar year 1993
8] New issues calendar year 1992 {8§ Issued or announced through April 29, 1994

iment of the Treasury

Office of Market Finance May 2, 1994-7


MATURING COUPON ISSUES

May - September 1994

(in millions of dollars)

March 31, 1994
Held by
Maturing Coupons Total | Federal Reserve
& Government Private ForeignY
Accounts Investors | Investors

13 1/8% Note 5/15/94 5,669 751 4,918 118
91/2% Note 5/15/94 8,532 136 8,396 1,860
7 % Note 5/15/94 18,141 3,241 14,900 2,930
81/2% Bond 5/15/942/ 2,378 1,417 961 70
5 1/8% Note 5/31/94 15,803 896 14,907 450
81/2% Note 6/30/94 9,209 1,316 7,893 452
5 % Note 6/30/94 17,256 1,876 15,380 694
8 % Note 7/15/94 7,221 302 6,919 375
41/4% Note 7/31/94 16,917 1,627 15,290 1,116
12 5/8% Note 8/15/94 6,300 949 5,351 375
85/8% Note 8/15/94 7,842 112 7,730 1,127
67/8% Note 8/15/94 17,165 2,080 15,085 2,417
83/4% Bond 8/15/94 1,506 72 1,434 50
41/4% Note 8/31/94 16,605 876 15,729 1,731
81/2% Note 9/30/94 8,914 602 8,312 895
4 % Note 9/30/94 16,755 1,602 15,153 1,287
Totals 176,213 17,855 158,358 15,947

I/ FRB. custody accounts for foreign official institutions; included in Private Investors.

af Treasury announced January 11, 1994 the call of the 8 1/2%

at par on May 15, 1994.

Department of the Treasury
Office of Market Finance

94-99 bond for redemption

May 2, 1994-8,


INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

% %
8) 8

ons

4
GNMA 7% Pass-Through ‘
7 7
- ay
ay eee
AA 10-Year Industrial

6 » {| 6

Through

April 26
5 oe 5

Treasury 10-Year |

:
Treasury 5-Year
/ 1 |
PEL de cole t cepted

LLU LAPT dy

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
1993 1994

* Salomon 10-yr. AA Industrial is a Thursday rate. All rates are offer side.

Department of the Treasury
Office of Market Finance May 2, 1994-23
lay 2, 1994.


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
a Savings Bonds $Bil.

10 |— J Domestic Series = (uu

[I] State and Local Series 7.8 3.5 18

MH Foreign Series

6 6
4 4
2 2
0 0
-2 -2
-4 -4
8 l l | l ;
| nou Woot Hod Wed nou wet nom Woot we
1990 1991 1992 1993 1994

e estimate

Department of the Treasury
Office of Market Finance May 2, 1994-27


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JULY 1994 /
Monday Tuesday Wednesday Thursday Friday
1
4 5 6 7 8
Holiday
1 12 13 14 15
Announce
52 week
18 19 0 21 22
yea Auction y
5 year 52 week
25 26 ; 27 28 29
Auction Auction
2 yearY 5 yearY

Department of the Treasury
Office of Market Finance

-/ Does not include weekly bills
2/For settlement July 28
3 For settlement August 1

May 2, 1994-19


SECURITIES HELD IN STRIPS FORM

Percent of Privately Held, 1992-1994
% %

Strippable Stripped
Mi As of April 30, 1992: $568.9 billion, $140.1 billion
As of April 30, 1993: $646.9 billion, $178.0 billion
Ei As of April 22, 1994: $721.1 billion, $219.8 billion

40 }—- 40
30 }- 30
20 20

10 10

10-15 years 15-20 years 20-25 years 25-30 years

Years Remaining to Maturity

Less than 5 years 5-10 years

Note: The STRIPS program was announced January 15, 1985.

of he Troasu
Sifce cr ait Pace” May 2, 1904-14


NET STRIPS AS A PERCENT OF PRIVATELY HELD

$6 STRIPPABLE SECURITIES .
: fo
220/— Held in STRIPS Form _ Percent
(Left Scale) (Right Scale)
200|}— Milli 30 Year wae 30 Year —70
WH 20 Year ©==5 20 Year
180 L- 10 Year
—160
160 |-
140 }— —150
120 |—
a —{40
100 }—
sol_ — 30
60}- —20
40 }—

20 7"
0 Uj Z, L Z ABZ BZBY NY 0
AMJJASONDJFMAMJJAS N DJ F M A*

1992 1993 1994
“Through April 22, 1994
otthe 1 By period to maturity on original issue.
Silew of Maske anes” May 2, 1904-13


MARKET YIELDS ON GOVERNMENTS

% %
7 May 2, 1994 7
6F 6
5 5
%
417.5
4 é +14
f 7.0;— 7.0
6.5} 165
3} 4 coast aerate miskat 3
6.0} | coe a 6.0
5.5 55
10 12 14 16 18 20 22 24 26 28 30
2 | | i 1 | 2
1 2 3 4 5 6 7 8 9 10

Years to Maturity

Department of the Treasury
Office of Market Finance May 3, 1994.31


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS
$Bil.

$Bil.
Mim 7 Year
2.5]— 2&5 Year 2.5
A 3, 10 & 30 Year
N S
2.0/— . iS Z r 12.0
N
1. P11.
5 AN Z Q N 1.5
N Q N
N
1.0}- N ' | 1.0
N
N
5 Py .5
N M N |
0 AM J J 1902 SONDJFMAMJIJAS O N DJ FM AP °

1993 1994
_1/€xcludes foreign add-ons from noncompetitive tenders. P Preliminary
‘Treasury increased the maximum noncompetitive award to any noncompetitive bidder to $5 milion effective November 8, 1991
Rirective February 11, 1992 a noncompetitive bidder may not hold a position in WI trading, futures, or forward contracts,

or submit both competitive and noncompetitive bids for its own account.
tment of the Treas
Office of Market Finance

May 2, 1994-15


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills
322 4995 32.9 = H

30.1

BRRBBeRes

16.9

163 179 169 1AeeZ9 178

in

Rea

6

8]
6

4 N

2 NM

°

3B

36

“

2

30,

3

B T 245

2 aa 2001

Hi zat

t [

12 18}

10 16} 13.7
4 “e122 pa :
4 12h
2 tof
0 ‘Bt

Ale

30 =

28 fi I

26 7 =

24

2 zal 2002 2:

18 BY

16 8

14 sf

12 95 108 105,108 106 we oA)

1017.6 - 74 B= 10
8 se oF
7 6
‘| a 16 25
2 a :

0! of —

3 E 3 Bee
J FMAM J J AS ON D J FM AM JJ AS ON D
MMB Securities issued prior to 1992 SS. New issues calendar year 1993

riment ofthe Treasury BREE New issues calendar year 1992 (BB Issued or announced through April 29, 1994
ce of Market Finance

May 2, 1994-5


PE Pome me

TREASURY FINANCING REQUIREMENTS

January - March 1994

$Bil. ;
Uses 146 4 Sources
140 }— 4
120 }- —
Coupon Maturities * 847, @ Coupon Refunding
100 |— —
80|— State and Local Savings Bonds _|
4
3%, 3
60 }— a ~ a |
%
40 |_| : Decrease in_|
Foreign Nonmarketables Net Market 53 Cash
Borrowing : Balance
Deficit ’
20} & se +
5
0 a
4y Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
Bie ei anerEinanes”

SBil.

140

120

100

80

60

40

20

May 2, 1994-24


spi STATE AND LOCAL MATURITIES 1994 - 1996 Bi
11 .

— 12

—7 10

1994 : 1995 1996

Department of the Treasury
of Market Finance May 2, 1994-28


STATE & LOCAL GOVERNMENT SERIES

sei $Bil.
amma Gross Issues
sssaets Redemptions
tol IN 410
a4
Lr ~~
eL eee ff 5
olf Pi te ty oe ————| 0
seo $Bil.

aue= Net SLGs

! nom wd nom wot om wot now ow

1990 1991 1992 1993 1994

Department of the Treasury

Office of Market Finance May 2, 1994-10


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS Y

$Mil. Discount Rate %
Net New Cash (left scale) Discount Rate (right scale) Po
(26 week eecece 26 week ma 14.0
300-13 week —— 13 week re
3.6
200 ee ay, '
° eet cance!
-43.0
100
2.5

-100

-200
-300 pot
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr P
1993 1994
nV Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
Department of the Treasury p Preliminary

Office of Market Finance May 2, 1984-16


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Years

‘ June 1947 Months
10 Years March 31, 1994

5 Months 0 5 Years, 8 Months

10

December 1975
2 Years
5 Months

aLiLlLi ili lily LIL Lilt
1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93

Department of the Treasury
Office of Market Finance May 2, 1994-3


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN MAY 1994
Monday Tuesday Wednesday Thursday Friday
2 3 4 5 6
9 10 1 ; 12 13
Auction Auction
3 yearY 10 yearY
16 17 8 A 19 20
Dione Announce
year 52 week
5 year
23 24 25 26 27
Auction Auction Auction
2 year¥ 5 yearY 52 week4/
30 31
Holiday

Department of the Treasury
Office of Market Finance

-Y Does not include weekly bills

2/For settlement May 16
3/For settlement May 31
4/ For settlement June 2

May 2, 1994-17


TREASURY OPERATING CASH BALANCE

| Semi- Monthly
$Bil. Without
Tax and Loan K— New —>}
60 |—- Accounts Balance 7m Borrowing 1/
50 | Total Operating
Balance
WJ
40 ;- F
1,
30 |- ‘
1
20 ‘ i
. ti
10 so
* '
pn a t
Federal Reserve Account ‘ '
'
-10 -- va
un
‘a
-20 | we
:
’
gop Lp tt pt tt
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1993 1994

Assumes refunding of maturing issues.

‘Department of the Treasury
Otfice of Market Finance May 2, 1994-26


SHORT TERM INTEREST RATES

Quarterly Averages
% %

Prime Rate
12

10} y +10
Through

April 26

8}— 8
6} 6
4 Treasury Bill 4
ariuitisitiritiiitiiitivitiii tists itisitids,

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1 994

Department of the Treasury
Office of Market Finance May 2, 1994-20


LONG TERM MARKET RATES

Quarterly Averages

% %
14} 14
13 +113
12}& 12
New Aa Corporates
1 {11
Through
10 April 26 10
9}- lie
8K | 8
7} 30-Year @ 7
Treasury 30-Year
6I- Municipal Bonds
Pi ay Litt

1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

Department of the Treasury
Office of Market Finance May 2, 1994-22


NET MARKET BORROWING
April - June 1994
(Billions of Dollars)

Total

Done!
2 Year Note 3
5 Year Note W%
7 Year Note ~7%
Regular Bills 7%
52 Week Bills 4%,
Cash Management Bills -14
Total

To Be Done

~9%

17%

V Issued or announced through April 29, 1994 .

Department of Treasury
Office of Market Finance

May 2, 1994.30


TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

‘$Bi ‘$Bil,
E 2003 278 Sie 36 2011 ai
BE as | N aE | = oo | ii
at N “of 2012 ee
N sf | i
ue N | if |
He \ | ab
Ob Y \ 7.0 ge 2013 120
ON a: | ie |
ohm a = & t = L U3
i 2004 A 7 we D014 as 5
Tah Fo
‘3 - | 8.0 3 i
ot en 2 oe 2015 |
ihe _i i il ge 62 ge
“ ss 2005 { _f if
aC | 20f- | 179 17.9
ac H i f 201 6
| 5 2006 | 7] 2f-
ac | | HSE 6s
4] 27 He
i on aod ew dt 1 u |
z 2 i teh [180 2017
iS 008 i | i ee 135
E 38 T ; raf
eT he a
i a. i
tig | ig 2070 Lge |
J oF MAM JS J AS O ND J oF MAM J JS AS OND
MM Sccurities issued prior to 1992 New issues calendar year 1993
artment of the Treasury EBB New issues calendar year 1992 (HM Issued or announced through April 29, 1994

of Market Finance May 2, 1994.6


TREASURY FINANCING REQUIREMENTS

April - June 1994
T

$Bil. $Bil.
Uses 103% Sources
100 |- TT —}100
75 |~- +75
Coupon Maturities & 88 88 « Coupon Refunding
50 |— — 150
State and
Local Savings Bonds Hecrease
25}— Deficit’ inCash _|o5
pe + Balance 2
os Ye 2s
a Foreign a
a Nonmarketables| /2
0

‘Includes budget deficit, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.

4 Assumes a $40 billion cash balance June 30, 1994.

Department of the Treasury
Office of Market Finance May 2, 1983-29


SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN JUNE 1994 -/
Monday Tuesday Wednesday Thursday Friday
1 2 3
6 7 8 9 10
13 14 A 16 17
nnounce Announce
2 year 52 week
5 year
20 21 22 23 24
Auction Auction Auction
2 yearY 5 year Y 52 weekY
27 28 29 30

Department of the Treasury
Office of Market Finance

-Y Does not include weekly bills

_2/ For settlement June 30

May 2, 1994-18



QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil $Bil.
- Nonmarketable 35
i 1300
30}. Marketable |
Net Auction Awards to Foreign 1/ sO
25, Mi Other Transactions 25
20 7)
15
10
5
0
5
-10}f
agle: l l l Lis
I Il tl IV | I Ml IV | I Ul IV I iT} Ml IV lay
1990 1991 1992 1993 1994

VY Auction awards to foreign custody purchasers netted against holdings of maturing securities.
a Preliminary

Department of the Treasury
Office of Market Finance May 2, 1904-12


SHORT TERM INTEREST RATES

%

Weekly Averages
%
Prime Rate
6 +6
Through
April 26
5K +5

Commercial

& Federal Funds
3 Month
Treasury Bill
Z| re ne POP FPO PO OO
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1993 1994

Department of the Treasury
Office of Market Finance

May 2, 1994-21