TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

TT

x
10

1997
‘

29.2

onaooSh rac ShRBRQSRESE onaae

1998

32.0

31.8

31.9

31.3

J F A M J J A s ° N D
IMM Securities issued priorto 1995 7] New issues calendar year 1996
BEB New issues calendar year 1995 Ed Issued or announced through April 25, 1997
OeprrertttTeany
Entities seeton, 28
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
‘SBil Bil
=E 1999 2002 @
t- Fe’ 307 268 a4 204 903 so2
s
Fa
&
x
2
&

BSRBBERE ownaodhES
38

T

2000

s7
155 2004 16 *

| |

‘

I

= a a

2 1, 2005 as

: | 7

8

%

of

oC

2 |

2 s

J oF MAM

J

J

A SON D

IE Securities issued prior to 1995

Deparment Treasury
‘fics oats Fe

New issues calendar year 1995,

J

FMAM J

[3 New issues calendar year 1996
ELS] Issued or announced through Apri 25, 1997

J

AS ON D

Ae 28 1007.27


SECURITIES HELD IN STRIPS FORM 1995-1997

Privately Held
$Bil. Strippable Stripped SBi.
[By 4s ot Apri 30, 1995: $777.1 billion, $227.1 billion
100 F- —| 100
[7] As of April 30, 1996: $822.7 billion, $226.9 billion
TAs of April 18, 1997: $882.9 billion, $229.4 billion
80 EA 80
60 60
40 40
20 20
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity
Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligibie security to mature.
ouput Tay
Eoin Mon port, s00-8
SECURITIES HELD IN STRIPS FORM 1995-1997
Percent of Privately Held
% %
60k | | As of April 30, 1995 60
Z| As of April 30, 1996
As of April 18, 1997
40 {40
20 20
by a oe
Less than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years

Years Remaining to Maturity

Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
1994, issued on November 15, 1984, was the first STRIPS-eligible security to mature.

Deparment fhe Taney
hen of Marat ance

ori 26, 1067-0


%

\%

SHORT TERM INTEREST RATES
Weekly Averages
-—
8

| * |
Prime Rate
7 4
Through
April 25
6—- A 6
Federal Funds Commercial
7.
5 5
3 Month ~
Treasury Bill
Aug Sep Oct Nov Dec Jan Feb Mar Apr
1996 1997
port 2, 1997.16

Jul

Deparment of he Treasury

LONG TERM MARKET RATES
Quarterly Averages
% %
New Aa
“ Corporates
10}— i ies y —{10
rt *
i¥Cy
H ‘ Through
H *
9 Hi 9
8 8
7

7
30-Year
Municipal Bonds
6
Hl | | i | 1 j
ae See ee ee
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97
onto, ns

Deparment of Tnasiry


STATE & LOCAL GOVERNMENT SERIES

S$Bil, $Bil.
4
os, .,
| . —
10 wage 10
‘.
S|~ Gross Issues
=== Redemptions
0 a oe Lt 0
: I$Bil
5
Oo
5
“10
| Wl Wow 4 Hom ov i tom WwW | fool ov 1
1993 1994 1995 1996 1997
Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.
Deparment of he Trasary
(fea ot ckt Farce pn 28 067-92
STATE AND LOCAL MATURITIES 1997-2002
SBil, ‘$Bil.
8 48
6! 6
4 4
2 2

Wit iv 1 ou Wiv to wiv tot itiv tot ii iv tot iv
1997 1998 1999 2000 2001 2002

operant ote Tansey
(ceo Marat nan Ap 20, 1007-13


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil, $Bil.
6 6
4 4
2 2
of aa 0
\|
2 i] | j 2
1 | | |
~ fey a pal a
| & feel fe
oe Lo | fa | +6
6 [9 savings Bonds 47 | | } } E |
sr | 67 pe -|8
[7] state and Local Series | 67 J
— | 7378
“10 Hi Foreign Series 8.9 , —4-10
12 L | 1 12
inom wot on om wt oh om wot on om ww tue
1993 1994 1995 1996 1997
© estimate
Cheourtanet ars” pont 28,1907-10
SALES OF UNITED STATES SAVINGS BONDS
1980 - 1997
$Bil.
6
sf |
I. |
Total Sales | |
|

|
3 | N
J nn

s
vw \/ ¥ Payroll Sales
4 we
wer

beeebes
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19941995 199697°

End of Quarter
© estimate

Depart ot 0 Tracy
“ Ape 28, 1907-17


MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1995 December 31, 1996 February 28, 1997
7 Bea %eot |Asa%ot TAs a%ot [Asa % ot As a%of |Asa tot
| Billions Total “Total. SBillions Total. Total. $Billions Total. ‘Total
Country Foreign | Privat Foreign Private Foreign Private
Japan $220.0 25.5% 6.7% | $277.9 24.6% 8.1% | $291.0 24.7% 8.5%
United Kingdom 123.6 14.3% 3.8% 190.1 16.8% 5.6% 202.5 172% 5.9%
Germany 537 6.2% 16% 722 64% 2.1% 699 59% 2.0%
Netherland Antilles 50.9 59% 15% 638 56% 1.9% 652 55% 1.9%
Mainland China 34.9 4.0% 1.1% | 466 4.1% 1.4% B17 4.4% 1.5%
Spain 193 2.2% | 456 4.0% 1.3% ATA 4.0% 1.4%
OPEC 28.0 3.2% 421 37% 1.2% 471 4.0% 1.4%
Singapore 297 3.4% 388 3.4% 1.1% 98.3 39% 1.1%
Hong Kong 188 2.2% 334 3.0% 1.0% 37.6 32% 11%
Taiwan 24.0 2.8% 32.0 2.8% 0.9% 34.1 2.9% 1.0%
Switzerland 87.0 4.3% 310 2.7% 0.9% | 298 25% 0.9%
Canada 25.1 2.9% 26.5 2.9% 0.8% | 264 2.2% 0.8%
Mexico 164 1.9% 21.0 1.8% 0.6% | 182 1.5% 0.5%
Belgium 127 15% 141 1.2% 0.4% 148 1.38% 0.4%
France 92 1.1% 95 0.8% 0.3% 80 0.7% 0.2%
Other 158.9 18.4% 187.2 165% 5.5% | 1963 16.7% 5.7%
Estimated i |
Foreign Total 862.2 100.0% 26.2% | 1131.8 100.0% 32.2% |) 1178.3 100.0% 34.4%
Note: RP's are included in “other’. Detail may not add to totals due to rounding,
Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989
and monthly data collected under the Treasury International Capital reporting
system
Deparment of he Tsay on 28, 190716
Quarterly Averages
% %
Prime Rate Through
April 25
10;— 10

pitiiit

3 Month
Treasury Bill

\, Federal
a Funds

foiiti

Lu 1 ritit a ror

1986 1987

L
19

88 1989 1990 1991 1992 1993 1994 199:

: 2
1996 97

on 28, 1967-17


TREASURY FINANCING REQUIREMENTS

January - March 1997

SBil. r $Bil,
Uses 158% Sources
150 150
100 |_ Coupon Maturities » 110% « Coupon Refunding a)
Savings State and
Bonds Local
+ +
50|— Ye. 3/2 50
Increase
in Cash RE
Balance cit let Market
+ « Deficit Borrowing
a %
‘y Includes budget defict, changes in accrued interest and checks
outstanding and minor miscellaneous debt transactions.
apart t Tay
Sei tan Fnaes 926, 1867-4
TREASURY FINANCING REQUIREMENTS
il - 1
fen April - June 997 coal
Uses 1884, Sources
150 }-— —1150
Coupon Maturities @ coupon Refunding
100 |. Savings State and _1400
Bonds Local
Yo. _-_—__
50 }— —50
Increase
in Cash Net Market x
Balance ” Paydown Cash] Sums) »
+s
0 1 @
1 Assumes a $35 billion cash balance June 30, 1997.
2/Includes budget deficit, changes in accrued interest and checks
‘outstanding and minor miscellaneous debt transactions.
apartment on easy
Onkewrarnet Fnac

‘on 26, 1997.2


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

$Bil.
3000 |— Ey Over 10 years

Ey 2-10 years

2500}- [7] 1-2yers

| 1 year & under

March 31, 1997 ——> 3082.5,

2000

500
595.3
0.
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
As of December 31
Departant tha Troairy
Ofc of Marta oance sort 26, 1907.20

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons O over 10 years 2 1-2 years Bais
Oo 2-10 years 1 year & under
100% F—-
15
80
33
60 F
7
40 - y
16
20 -
° 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Mar'97
As of December 31
Depart of ho Toasry

(ten of Maret Foe ‘At 28, 1987.29


INTERMEDIATE TERM INTEREST RATES

Weekly Averages
% "%
~
sof TN Fars FHLMC 30-Year on leo
-Or— —— ==, Conventional amen oon .
~W 9 fe? no
AA 10-Ye Industrial /
7.0.
OS eiy
eames, ary
aoe”
6.0}- *
Treasury 5-Year Treasury
10-Year
5.0-—
4.0;— 10-Year Inflation- 44.0
Indexed Note 2/
wus!
| | | | Lod i= ore '
gol tli tit BE eee eee eee ee ee eee
° Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
1996 1997
1 Salomon 10-yr. AA Industrial is a Thrusday rate.
ew ey 2° The first 10-year inflation-indexed note settied on February 6, 1997. seamen
MARKET YIELDS ON GOVERNMENTS
%
Lt
*
65k April 28, 1997
shew
esos February 3, 1997
goon
| | — 6.0
i %
7.28 7.25
tho 7.00
| 455
675 675
obo 6.50
obs 6.25
fic 2 pa 16 18 20 2] a0 26 28 m0
5.0 ~ 5.0
0 1 2 3 4 5 6 7 8 9 10

Deparment tine Fraasry
(en Marta ance

Years to Maturity

‘pet 28, 1007-21


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil, SBil.
400/- —_ Nonmarketable 8 _t100
Marketable 80
80/— FJ Net Auction Awards to Foreign 7
Wi Other Transactions
60 60
40 40
20 20
0 0
20 y |-20
| | | |
i oiomw vot oo ww) on om wt om Ne
1993 1994 1995 1996 1997
‘Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.
2 Data thr h February 28, 1997.
para rover venany enero
FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT
Percent Percent
ee
32/-
30 |-
28}-
26|~
2a
22--
20}~
18}-
16 {16
yy bt | 14
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97
Quarterly
cowl ne aay

Often ot ant France Apr, 1097-18


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

‘SBil, ‘$Bil.
[245 Year _ _
L 3 Year n
ool- E22] 10 Year _ aie
HEE 10 Year indexed _ |
(2) 20 Vear ly
1.5h- H Wiis
10 | 111.0
0.5} Ho05
0 i| j i L ames! ie
eM SAS OND EME TS SON DEM
1995 1996 1997
"Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
P Proiminary
‘he marina socanesive avers ay nrconetve bier 8 mio, fee Novenbe S18
EtaciveFaorary 11,1682 a nonompeive eer may ntl poston Wading, te, war ona,
nor Suomi both Sompetive and nanconpetive bcs fr Rs own account
Oto ras Prunes” pont 2a, 10978
NET STRIPS OUTSTANDING (1985-1997)*
$Bil,
200}—
150}—
100
50
fob

0
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97
End of Quarter

“Strips program began February 15, 1986.
Reconstitution began May 1, 1987.
Depararent tt Toesry

(tes of Maret Francs 26, 1997-7


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
SBI =
2006 | mae ai | i 2014

| 2007 %

SS

2015
|
|

wdSTGESRY opnawdheaas
sae TTTT

TUTTI TTT
—_

nN

i}

t=

o

77.

be: .
TTTTTTTTT

5 4
:
Hy = A
aE | 2008 gf TM): | |
‘ | 36 y
2009 de =
iE we | 200 [ Tee 2018
= ne oe |
aE og 2011 Te aie
: | 2012 | Pas
2 i
3
BE 2013 |
sf of
gE gE
iE | iE
“TF MAM J JAS OND °v FMAM J J AS OND
IME securities issued priorto 1995 ZZ] New issues calendar year 1996
lew issues calendar year 1995 Ed. Issued or announced through April 25, 1997
apuantet Tosny son 2728
Serta
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
Bi : 3 — —
2 2020 ». BE ane 2023
zg ae
a | | ae
8 ia
Rg as BE |
é ae
$ l 2b | |
ss 8 2024 ¥
34 2021 a1 SE \
= | ge |
2 =
2 ee pp 2025 pf
ef
i | iE |
4 ns tu AS !
8 “ey
: | SE ee 2026, | as
$ I of | ,
° fe | i |
g | 2022 i 2E | Lt
FA \ 7
1 | 2027
2 3s 102 100
H | oe (| | | ;
2 | 2E EE | | |
3
J oF MAM J J A S ON D J oF MAM J J A S ON D
MI sccusisissues porto 1998 ZI Newissves eaten year 995
New issues calendar year 1995 ‘Zi Issued or announced through April 25, 1997

Deparment al hs Teas
Oftea 3 ares nanos ez, 1997.29


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN JULY 1997”

Monday Tuesday Wednesday Thursday Friday
1 2 Announce 3 4
Inflation-indexed
Security Holiday
& 10 year
7 7 9 10 1
Auction Auction Announce
Inflation-indexed 40 year 52 week
Security”
14 15 16 17 18
Announce Auction
2 year 52 weekY
5 year
21 22 23 24 25
Auction Auction
2yeary 5 yearY
28 29 30 31

Deparment te Tassury
Oien ot Maret ance

“Does not include weekly bills.
2 For settiement July 15
Y For settiement July 24
4/For settlement July 31

ort 20, 1957-32


NET MARKET BORROWING
April - June 1997
(Billions of Dollars)

Total -65.0
Done” 43.3
Bills
Regular weekly -25.7
52 week 1.4
Cash Management -23.1
Coupons
7 year note -7.9
2 year note 0.3
5 year note 3.2
10 year inflation-indexed note 8.4
To Be Done -21.7

Y Issued or announced through April 25, 1997.

Deparment Tags
(ten of Maret Francs ‘28, 1007-48

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS”

$Mil, Discount Rate %
fe.

steed

5.25

5.00

4.75

-200 Net New Cash (ett scale) Discount Rate (right scale)
26 week seeeeee 26 week
13 week "13 week
pogltteeblt be hb ts
Apr May = un Jul. = Aug. «Sep Oct. «Nov-Dec. = Jan.-=sFeb.= Mar~—Aprp
1996 1997
* Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
epee Tess Preliminary

(hen ot Mart Pace ert 28, 0075,


TREASURY OPERATING CASH BALANCE

Semi- Monthly
Sil, Without
[¢— New >
80 }~ Borrowing /
n
.
60 |— .
'
Total Operating 1
ee ; oo
40 Tax and Loan go. 4
A Accounts Balance ‘ !
‘ '
. .
° lA Ww uf
ae]
7 ot
1!
'
0
Federal Reserve Account Te
.
’
20 L | i ! ! i L
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
1996 1997
* Assumes refunding of maturing issues.
Dnparmont th Toasry
‘Ofte Macht Fane gei20, 007
1
TREASURY NET MARKET BORROWING ”
$Bil, SBil.
84.6
80}—
60
40|—
20--
0
Coupons
-20-- [2] over 10 yrs
ES 5-10 yrs?
aol. [2] 2-unders yrs -40
Bills sCoEY
-60 i I i -60
i Hom Mot ot om wot tom wot ftom wot
1993 1994 1995 1996 1997
‘Excludes Federal Reserve and Government Account Transactions.
2 7 year note discontinued after April 1993.
Depart tb Foaary
on 200674

(ncn karat Finance


AVERAGE LENGTH OF THE MARKETABLE DEBT”

Privately Held

Years
< June 1947
10 Years Months
5 Months March 31, 1997
5 Years, 3 Months

10

December 1975

5h 2 Years
5 Months
4
3h |
pu Litt tit Pitt

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 95

© Excludes inflation-indexed security.

Decarment of ne Tressury
Otten ot Market France

MATURING COUPON ISSUES
May - September 1997
{in millions of dollars)

Aor 26, 1057-26

March 31, 1997
Held by
Maturing Coupons Federal Reserve
Total & Government Private Foreign1/|
Accounts Investors | Investors

81/2% Note 05/15/97 9,921 564 9,357 530
61/2% Note 05/15/97 21,750 3,665 18,085 1,466
63/4% Note 05/31/97 11,049 403 10,646 1,568
61/8% Note 05/31/97 18,937 725 18,212 2,078
6 3/8% Note 06/30/97 11,054 430 10,624 623
5 5/8% Note 06/30/97 19,259 692 18,567 3,217
81/2% Note 07/15/97 8,385 998 7,387 1,243
51/2% Note 07/31/97 12,104 400 11,704 2,286
5 7/8% Note 07/31/97 18,952 287 18,665 3,236
85/8% Note 08/15/97 9,363 497 8,866 1,400
6 1/2% Note 08/15/97 20,250 2,283 17,967 3,955
55/8% Note 08/31/97 11,109 574 10,535 1,883,
6 % Note 08/31/97 19,383 731 18,652 3,213
51/2% Note 09/30/97 12,139 544 11,598 1,790
53/4% Note 09/30/97 19,116 536 18,580 4,752

Totals 222,771 13,326 209,445 33,238

1/ F.R.B. custody accounts for foreign official institutions; included in Private Investors,

or 28, 1007-25


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1997”

Monday Tuesday Wednesday Thursday Friday
1 2
5 7 9
Auction Auction
3 year?/ 10 year?’
12 13 14 15 16
Announce
52 week
18 20
a1 Announce 22 Auction 28
2 year 52 week /
5 year
26 27 28 29 30
Holids Auction Auction
Wday 2yearY 5 year4/
-Y Does not include weekiy bills
2/For settiement May 15,
'3/For settlement May 29,
4/For settlement June 2
Deparment ote Teeny
hie of Marat France ent 20,1067:

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1997”

Monday Tuesday Wednesday Thursday Friday
2 3 4 5 6
9 10 "1 12 13
Announce
52 week
16 17 18 Announce 19 ‘Auction 20
2 year 52 week”
5 year
23 24 25 26 27
Auction Auction
2yearY 5 yearY
30

Deparment of he Treasury

Y/ Does not include weekly bills
2 For settlement June 26
' For settiement June 30

‘20, 1087.31