$Bil

100|

80

60

40

20

TREASURY FINANCING REQUIREMENTS

January - March 1991

Uses

Coupon ai

Maturities t I

State and Local

V/2

423/4

3/4

Foreign

Nonmarketables

4 Deficit 1/

99 y2 Sources

± Coupon

Refunding

Savings Bonds

31/2

Domestic

Series

Net Markets i

Borrowing w\

1/ Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $6.9 billion of REFCORP bond proceeds to

RTC, and minor miscellaneous debt transactions.

Decrease

in Cash

Balance

Va

l$Bil

100

80

60

40

20

0

Department of the Treasury

Office of Market Finance

April 30, 1991-27
$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

April - June 1991

Increase

in

Cash

Balance 2/

Uses

Coupon a

Maturities •

Foreign

Nonmarketables

VA

40 1/4 ^ Deficit y

108V4 Sources

Coupon

Refunding

Savings Bonds

_3

V/2

State and Local

Net Market Borrowing^

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

and minor miscellaneous debt transactions.

2/Assumes a $35 billion cash balance June 30, 1991.

Department of the Treasury

Office of Market Finance

$Bil.

-100

-80

-60

40

20

April 30, 1991-25
NET MARKET BORROWING

April — June 1991

(Billions of Dollars)

Total 40

Done^

2 Year Notes 41/2

5 Year Notes 93/4

7 Year Note 31/2

Regular Bills -191/4

Cash Management

Total

Bills -12

-131/2

To Be Done 531/2

Department of the Treasury

Office of Market Finance

lyissued or announced through April 26, 1991.

April 30, 1991-24
$Bil.

60

50

40

30

20

10

0

-10

-20

-30

-40

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Without New

—

Tax and Loan / \ /l

Borrowing17

~ Total Operating

Balance

Accounts p \ / 1

Balance / V 1 ••

AT A

1 \ /\ *^ v' \ /\ / V * \/\

r/V 1 \ / \l V\ / / \ j\Y \ K xj V \l \l 1 \ 1 \ \ imSt ^si if y v £ \i % & \

•

•

•

•

•

•

•

•

•

•

•

•

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

\/• •

• •

• •

V•

1 1

Apr May Jun Jul Aug

1990

Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1991

1/ Assumes refunding of maturing issues.

Department of the Treasury Office of Market Finance April 30, 1991-20
TREASURY NET MARKET BORROWING^

1 II III IV I II Ml IV I II III IV I

1987 1988 1989 1990

^Excludes Federal Reserve and Government Account Transactions.

i-J-30

II III IV I

Department of the Treasury

Office of Market Finance

1991

April 30, 1991-18
$Mil.

-800

NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^

Net New Cash (Left scale)

^•26 Week

^•13 Week

Discount Rate (Right Scale)

.... 26 Week

^—13 Week

'**s^*

n

-Discount Ra

I^L1*"^

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

1990 1991

Department of the Treasury

Office of Market Finance

y Excludes noncompetitive tenders from foreign official accounts,

p Preliminary

April 30, 1991-5
Z«*

o

o

LU

LU

ILU

Q

LU

cc

c/>

CC

LU

<

cc

LU

<

z

Q

CO

m

CO

o

ssaaasass

^^^^^^^^^^^

fcm^^mm^m^^^

r^§m^^^m^mm^^^m^^

SS^SS

m

c\j

o

^^W^^^^^ li-

^^^^^m^^^

fc^^^^S

^^^^^^^^^^^ (

^^^^^^^^^^^^

m m

9

c

co

o

E

o

I—

"o>

O)

C

(0

T3

-6

G>

LU

X

O

_3

•a

0)

03

c

o

c

o

o

E

Q.

CD

>

<D

c

•o

CD

O

to

re c

iX

S=

Eo

*

© t

GO
$Bil.

120

100-

80

60

40

20

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

AMJ J ASON DJ FMAMJ JASOND J FMA*

1989 1990 1991

Through April 19, 1991

Note: Reconstitution began May 1, 1987

%

70

60

50

-40

-30

-20

-10

0

Department of the Treasury

Office of Market Finance April 30, 1991-14
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

1 II III IV I II III IV I II III IV I II III IV I lle

1987 1988 1989

e estimate

1990 1991

Department of the Treasury

Office of Market Finance April 30, 1991-23
STATE & LOCAL GOVERNMENT SERIES

1987

Department of the Treasury

Office of Market Finance

II III IV I

1988 1989

$Bil.

April 30, 1991-19
$Bil.

10

9

8

7

6

5

4

3

2

1

0

STATE AND LOCAL MATURITIES 1991 — 1993

5.6

Department of the Treasury

Office of Market Finance

9.4

* >

-

i

'* <

\ ""

4 -i

%

i

1

III

1991

4.8

>v:

IV

10.3

7.1

4.3

<.t

mutuant

1992

6.8

7.2

6.9

4.2

IV

J UmhuiI

1993

5.1

*-*

—i$Bil.

-10

-9

-8

-7

-6

-5

-4

-3

-2

-1

-Jo

IV

April 30, 1991-26
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil,

Department of the Treasury

Office of Market Finance

1988 1989

Nonmarketable

Marketable

Add-ons ^

Other Transactions 23.0

20.3

1990

IV I*/

1991

$Bil.

35

30

25

20

15

10

5

0

-5

-10

-15

-20

-!/F.R.B. purchases of marketable issues as agents for foreign and international

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

^/Preliminary. April 30, 1991-21
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

I II III IV

1987

Department of the Treasury

Office of Market Finance

III IV I II III IV I

1988 1989

Quarterly Totals

J/Through April 26, 1991.

II III IV

1990

I ll^

1991

April 30, 1991-22
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

.Federal Funds

Commercial

Paper

'•?ZZZF ..-......••' Treasury

Through

April 24

%

20

18

16

14

12

10

8

6

4

10

8

6

4

1

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

Department of the Treasury

Office of Market Finance April 30, 1991-1
%

10

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

3 Month Treasury Bill

Jul Aug Sep Oct Nov

1990

Commercial Paper

L_J_L

Through

week ending

April 24

I

Nij£

Dec Jan Feb Mar Apr

1991

%

10

Department of the Treasury

Office of Market Finance April 30, 1991-2
%

LONG TERM MARKET RATES

Quarterly Averages

30-Year

Municipal Bonds

30-Year

Treasury

Through

April 24

••

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991

%

16

15

14

13

12

11

10

9

8

7

6

Department of the Treasury

Office of Market Finance April 30, 1991-3
%

9.00

8.50

8.00

7.50

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

Treasury 5-Year^ \ y* a '

*•# Treasury 10-Year^ /"

V

Through

week ending _

April 26

*/:

Jul Aug Sep Oct

1990

Nov Dec Jan Feb Mar Apr

1991

%

9.00

8.50

8.00

7.50

Department of the Treasury

Office of Market Finance April 30, 1991-4
%

8.0-

7.5

6.5

6.0-

5.5

0

Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

January 28, 1991 ^

/T^/April 29, 1991

8.0

vo

8.5

8.0

7.5

10 12 14 16 18 20 22 24 26 28 30

7.5

4 5 6

Years to Maturity

8

%

^8.0

7.0

6.5

6.0

5.5

10

April 30, 1991-28
$Bil.

2200

1800

1600

1400

1200

1000

800

600

400

200

PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

COUPONS

Over 10 years

1 2-10 years

^ 1-2 years

jggggS 1 year & under

BILLS

March 31, 1991.»1989.3

1980 1981 1982 1983 1984 1985 1986 1987

As of December 31

1988 1989 1990

Department of the Treasury

Office of Market Finance April 30, 1991-7
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

100%-

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Mar'91

Department of the Treasury

Office of Market Finance

As of December 31

April 30, 1991-8
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

-June 1947

10 Years

5 Months

Months76hwarch 31,1991

—6 Years

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance April 30, 1991-9
MATURING COUPON ISSUES

May - September 1991

(In millions of dollars)

March 31, 1991

Maturing Coupons

Total Federal Reserve

& Government

Accounts

Held by

Foreign

Investors^/

14 1/2% Note 5/15/91

8 1/8% Note 5/15/91

8 3/4% Note 5/31/91

7 7/8% Note 6/30/91

8 1/4% Note 6/30/91

13 3/4% Note 7/15/91

7 3/4% Note 7/31/91

14 7/8% Note 8/15/91

7 1/2% Note 8/15/91

8 3/4% Note 8/15/91

8 1/4% Note 8/31/91

9 1/8% Note 9/30/91

8 3/8% Note 9/30/91

Totals

2,047

20,591

11,218

8,368

10,737

5,461

9,833

2,812

7,778

13,490

11,113

7,919

11,452

122,819

320

3,142

1,125

480

934

534

787

'558

119

1,766

892

460

850

11,967

Private

Investors

1,727 1

17,449 1,323

10,093 825

7,888 1,446

9,803 855

4,927 191

9,046 720

2,254 261

7,659 926

11,724 907

10,221 1,258

7,459 486

10,602 1,454

110,852 10,653

1/ F.R.B. custody accounts torforeign official institutions; included in Private Investors.

Department of the Treasury

Office of Market Finance

•April 30, 1991-10
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

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

Departmentof the Treasury Office of Market Finance

i^H Securities issued prior to 1989

£2222 New issues calendar year 1989

New issues calendar year 1990 Apm 30,1991 n
$Bil

Department of the Treasury Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

18.3

l!7-7Sl

7.6

9.6

I

8.6 9£

I

10.8

10.2

•

1996

7.4

1997

1998

1999

2000

2001

9.0

I

10.9

I

9.8

13.3

1

2.3

19.5

I

9.4

I

9.7

I

10.4

11.1

m

JASOND

Securities issued prior to 1989

New issues calendar year 19891

J FMAMJ J

New issues calendar year 1990

Issued or announced through April 26, 1991

A S O N D

April 30, 1991-12
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

2 -

1.7 2002 1 MB2-6

6

4

2 = 2.9 3.2 2003

I 3.3 1 8

6

4

2

^ 3.6 2004 4.0 1 8

6

4

2

^ 6.3

• 2005 — 9.0

4

2 _

• 4-8 2006

2 = TM2.7 2007" 1.2

2 -

2008 13 • 3.6

-

2

n

3.8 B 2009 H3.2

2 1.7 1.8 2010 _3.8

2

n

3.7_ 2011 H4.2

18

6

4

2

i2

10

8

6

4

2

— 2012 •10.0

2013 B12.4

4

2 4.6| 2014i

|4.6 B5.2 12

10

8

6

4

2

M11.8 2015 6.5

I

6.7

I

$Bil.

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

6

4

2

0

?§

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

7.0

I

10.0

m

19.0

11.0

17.9

I 18.0

8.51

10.0

m

m

2016

2017

2018

2019

2020

2021

13.8

I

I

19.8

m 21.0

I

18.5

I

9.01

J FMAMJ JASOND

|Securities issued prior to 1989

J FMAMJ J

New issues calendar year 1990

A S O N D

Department of the Treasury

Office of Market Finance

New issues calendar year 1989 S Issued or announced through April 26, 1991

April 30, 1991-13
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1991 *

Monday Tuesday Wednesday Thursday Friday

1 2 A . Auction

52 week-2/

3

6 7

Auction

3 year.2/

8

Auction

10 year.2/

9

Auction

30 year -2/

10

13 14

Announce

2 year

5 year

16 17

20 21 22

Auction

2 year-*/

23

Auction

5 year4/

24

Announce

52 week

27

Holiday

28 29 30

Auction

52 week -§/

31

Department of the Treasury

Office of Market Finance

jy Does not include weekly bills

2J For settlement May 9

2J For settlement May 15

A/ For settlement May 31

.5/ For settlement June 6

April 30, 1991-15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1991^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7

10 11 12 13 14

17 18 19

Announce

2 year

5 year

20 21

Announce

52 week

24 25

Auction

2 year 2/

26

Auction

5 year-2/

27

Auction

52 week1/

28

Department of the Treasury

Office of Market Finance

Xj Does not include weekly bills

ZJ For settlement July 1

2l/ For settlement July 5

April 30, 1991-16
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JULY 1991^

Monday Tuesday Wednesday Thursday Friday

1 2 3

Announce

7 year

4

Holiday

5

8 9 10

Auction

7 year!/'

11 12

15 16 17

Announce

2 year

5 year

18 19

Announce

52 week

22 23

Auction

2 year.3-/

24

Auction

5 year!/

25

Auction

52 week M

26

29 30 31

Department of the Treasury

Office of Market Finance

±1 Does not include weekly bills

2J For settlement July 15

2J For settlement July 31

£] For settlement August 1

April 30, 1991-17