$Bil.

150-

125

TREASURY FINANCING REQUIREMENTS

October-December 1991

$Bil.

150

125

100-

Uses Sources

15- %_

^^m

Coupon t|!H| Maturities ?B|jjQ ^•Si

9M± Coupon jjjflf Refunding -

H ^H Foreign ^H Nonmarketables

•

^H 1/4 23/44 Savings Bonds

iy2 r~—"—^^h

^H State and Local ^^^H

^^94Deficit 17 Increase hmm t

Cash ^^^|

Net Markets BIH Borrowing tKJH

Balance ^^^fl ^^^| ^^^H ^^^H

7V4 ^H| ^|

-100

75

50

25-

0

Department of the Treasury

Office of Market Finance

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

and minor miscellaneous debt transactions.

75

50

-25

0

February 3, 1992-21
$Bil.

TREASURY FINANCING REQUIREMENTS

January-March 1992

160

120

80

40

0

Foreign

Nonmarketables

3/4

Department of the Treasury

Office of Market Finance

Uses

Coupon a\

Maturities ^'

4V4

State and Local

4 Deficit y

184 Sources

Coupon

Refunding

3V4^Savings Bonds

Net Market

Borrowing

/I

84%

To Be

Done

Decrease in

Cash Balances

1]Includes budget deficit, changes in accured interest and checks outstanding

and minor miscellaneous debt transactions.

2/Issued or announced through January 31, 1992.

3/Assumes a $20 billion cash balance March 31, 1992.

$Bil.

160

120

80

40

February 3, 1992-22
-40

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Total Operating

Balance

Tax and Loan

Accounts^

Balance %

„t.«>««r„,.,f' \.'»,*'i""r'"" 4k''"»".....».(.... "••»•»" "'-if 'w^-.n,,^

•Federal Reserve Account-

_Without New_

Borrowinglf"

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

1991 1992

1/ Assumes refunding of maturing issues.

Department of the Treasury

Office of Market Finance February 3, 1992-11
$Bil.

100

90

80

70

60

50

40

30

20

10

0

-10

-20

-30

TREASURY NET MARKET BORROWING^

Coupons

Hi Over 10 yrs,

2—10 yrs.

Bills

I II III IV

1988

II III IV

1989

II III IV

1990

103.5

III IV I

1991 1992

l/Excludes Federal Reserve and Government Account Transactions.

$Bil.

-30

Department of the Treasury

Office of Market Finance February 3, 1992-6
„JKT^M^m^°S^I^TENDERS

NetJNIew Cash (Left scale) Discount Rate %

26 Week

13 Week

Discount Rate (Right Scale) -•••» 26 Week

13 Week

1QCH u*=^ 1991

J/ Excludes noncompetitive tenders from foreign official accounts

P Preliminary Department of the Treasury Office of Market Finance

Jan

1992

February 3, 1992-24

6.5

6.0

5.5

5.0

4.5

4.0
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H 8
$Bil.

120

100

80

60

40

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Strippable Form Percent

(Left Scale) (Right Scale)

30 Year — 30 Year

20 Year ***** 20 Year

10 Year — 10 Year

J FMAMJ JASONDJ FMAMJ J ASONDJ*

1990 1991 1992

Through January 24, 1992.

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance February 3, 1992-2
MONTHLY CHANGES IN STRIPS OUTSTANDING 1985 -1992^

$Bil.. • " l$Bil8

0

-4

Change in Net STRIPS with Remaining

Maturities of 28 Years or More

Change in Total STRIPS Outstanding

fi i 11 i ii i | | |

1985

11 i i i ii' i i i 11 i ii

1986 1987 1988 1989

I

I

I M I I I I I I I I I I I I I I

1990

\JStripping began February 1985; reconstitution began May 1,1987.

Data through January 24, 1992.

Department of the Treasury

Office of Market Finance

8

0

I I I I I

1991 1992

.-6

February 3,1992-23
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil

10

0

-5

j jSavings Bonds

Domestic Series

State & Local Series

Foreign Nonmarketables

$Bil.

10

0

-5

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

1988 1989 1990

e estimate

1991 1992

Department of the Treasury

Office of Market Finance February 3, 1992
SBil.

10

0

$Bil

10

0

STATE & LOCAL GOVERNMENT SERIES

Gross Issues

Redemptions

SBil.

— — NetSLGS ~~

^X^^n/

0

SBil.

10

0

1988

Department of the Treasury

Office of Market Finance

IV I

1989

IV I I III IV I II III IV

1990 1991

February 3, 1992-16
< •

STATE AND LOCAL MATURITIES 1992 -1994

I II III IV

1992

Department of the Treasury

Office of Market Finance

I II III IV

1993

II III

1994

February 3,1992-20
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

SBil

351—32.9

30

II III IV

1988

Nonmarketable

Marketable

Add-Ons"

Other Transactions

I || III IV I II III IV I II III IV1/

1989 1990 1991

SBil.

35

30

25

20

j/FRB purchases of marketable issues as agents for foreign and international

Department of ,he Treasury monetary authorities which are added to the announced amount of the issue. ^^3^ Office of Market Finance

2/Preliminary
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil.

16

14

12

10

8

16.3

I II III IV

1988

Department of the Treasury

Office of Market Finance

II III IV

1989

Notes

5 years and over

rFFl 2-4 years ^

Bills

I II III

1990 1991

Quarterly Totals

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

2/Through January 27, 1992

IV I II III IV

1992

$Bil.

16

14

February 3,1992-7
SHORT TERM INTEREST RATES

Quarterly Averages

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance February 3, 1992-26
%

9

8

Apr May

Department of the Treasury

Office of Market Finance

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

t#"""*'l|«^"%"'fti

Commercial Paper

Through

January 29

i

I 111 I I I II I 1 I

Jun Jul Aug Sep Oct Nov Dec Jan

1991 1992

%

8

February 3, 1992-9
LONG TERM MARKET RATES

Quarterly Averages

%

16

15

14

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance February 3, 1992-27
• »

%

8.5

7.5

6.5

5.5

INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages

April May Jun Jul

Treasury 30-Year

Aug Sept Oct

1991

Nov Dec

Through

January 29

Jan

1992

%

8.5

7.5

6.5

5.5

Department of the Treasury

Office of Market Finance February 3, 1992-10
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

%

October 28,1991

7.0 7.0

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8 10

February 3, 1992-28
PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

1988 1989 1990 1991

Department of the Treasury

Office of Market Finance February 3, 1992-4
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

100%-

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

Department of the Treasury

Office of Market Finance

As of December 31

February 3, 1992-5
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 February 3,1992-3
MATURING COUPON ISSUES

February - June 1992

(in millions of dollars)

Maturing Coupons

December 31,1991

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign!/

Investors

14 5/8% Note 2/15/92

6 5/8% Note 2/15/92

91/8% Note 2/15/92

7 1/2% Bond 2/15/925/

81/2% Note 2/29/92

7 7/8% Note 3/31/92

8 1/2% Note 3/31/92

113/4% Note 4/15/92

8 7/8% Note 4/30/92

13 3/4% Note 5/15/92

6 5/8% Note 5/15/92

9 % Note 5/15/92

81/2% Note 5/31/92

81/4% Note 6/30/92

8 3/8% Note 6/30/92

2,813

8,537

11,512

1,814

11,841

8,140

12,626

5,868

12,797

10,798

8,415

12,679

12,419

7,796

13,377

215

454

1,161

891

912

762

1,750

379

1,484

2,486

402

1,526

811

526

1,328

2,598

8,083

10,351

923

10,929

7,378

10,876

5,489

11,313

8,312

8,013

11,153

11,608

7,270

12,049

0

174

545

3

1,197

820

1,220

255

755

729

1,123

835

1,462

370

877

Totals 141,432 15,087 126,345 10,365

_1/ F.R.B. custody accounts for foreign official institutions; included in Private Investors.

2/ Treasury announced on October 9, 1991 that the 7 1/2% Treasury Bond of 1988-93 will be

called for redemption at par on February 15, 1992.

Department of the Treasury

Office of Market Finance February 3,1992-12
* •

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

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

Department of the Treasury

Office of Market Finance

•• Securities issued prior to 1990

K2Z New issues calendar year 1990

February 3,1992 -17
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Securities issued prior to 1990 [

New issues calendar year 19901

|New issues calendar year 1991

IIssued or announced through January 31, 1992

February 3, 1992-18
SBil.

4

2

0

6

4

2

0

8

6

4

2

0

2

0

2

0

2

0

2

0

2

0

2

0

8

6

4

2

0

10

8

6

4

2

0

1.7

11.8

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

3.2

3.6

6.3

3.81

3.71

4.6

17.9

2003 3.3

2004 4.0

2005

2006

J

9.0

8 1.3

2009

2W

2011

2012

2013

J

12.4

2014 m4-5

2015 6.5

2016

J A S O N D

ISecurities issued prior to 1990

7.1

J 8.2

I 3.2

I 3.8

14.2

J

10.0

5.2

6.7

SBil.

18

16

14

12

10 —

8

6

4

2

0

10

8

6

4 —

2 —

20 —

18

n

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

iS

12

10

8

6

4

2

0

20

18

16

14

12

10

• 18.5

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10.0

11.0

1

18 oh 2017 180 • 13.8

JJJ

85 - 2018

I

10.0

11.8

1

2019

2020

2021

2022

J

19.8

I

21.0

12.0

1

9.0

1

12.0

i

M A M J

1

J FMAMJ JASOND

INew issues calendar year 1991

New issues calendar year 1990[^J Issued or announced through January 31, 1992

Department of the Treasury

Office of Market Finance February 3, 1992-19
Revised February 5, 1992

SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN FEBRUARY 1992^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6

Auction

52 weekly

7

10 11 12 13 14

Auction Auction Auction

3 year 3/ 10 year-2/ 30 year-S/

17 18 19

Announce

20 21

Holiday 2 year

5 year

24 25 26 27 28

Auction Auction Announce

2 year4/ 5 year 47 52 weeks;

Department of Treasury

Office of Market Finance

\J Does not include weekly bills

.2/For settlement February 13

.3/For settlement February 18

4JFor settlement March 2

_5/For auction March 5 and settlement March 2

February5,1992-13
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN MARCH 1992^

Monday Tuesday Wednesday Thursday Friday

2 3 4 5

Auction

52 weekly

6

9 10 11 12 13

16 17

Announce

2 year

5 year

19 20

23 24 25

Auction

2 year-3-/

26

Auction

5 year^/

27

Announce

52 week-*/

30 31

Department of Treasury

Office of Market Finance

_1y Does not include weekly bills

2/For settlement March 12

_3/Forsettlement March 31

.4/For auction April 2 and settlement April 9

February 3, 1992-14
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN APRIL"!992^

Monday Tuesday Wednesday Thursday Friday

1

Announce

7 year

2

Auction

52 week^J

3

6 7 8

Auction

7 year3/

9 10

13 14

Announce

2 year

5 year

16 17

20 21 22

Auction

2 yearly

23

Auction

5 year 4y

24

Announce

52 week

27 28 29 30

Auction

52 weeks]

Department of Treasury

Office of Market Finance

_l/Does not include weekly bills

2/ For settlement April 9

3/ For settlement April 15

4/ For settlement April 30

_5/ For settlement May 7

February 3,1992-15