$Bil.

100

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

January — March 1987

Uses

Coupon Maturities ^l

101V2

Sources

^Coupon Refunding

Savings Bonds

and Other

2V2

State and Local }|

4 Deficitv

Net Market

Borrowing

Decrease in t

Cash Balance •

J/Includes budget deficit, changes in checks outstanding,

and minor miscellaneous debt transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

$Bil.

100

-80

60

40

20

'0

April 28, 1987-19
$Bil.

80

60

40

20

0

TREASURY FINANCING REQUIREMENTS

April - June 1987

Increase in

Cash Balance %

Uses

Coupon Maturities^

Foreign

Nonmarketables

V/2

4 Deficit ^

733/4

Sources

^Coupon Refunding

Savings Bonds

2V4

State 31/41|

and Local

Net Market ^201/2<

Borrowing ^

To be

done

171/4

Department of the Treasury

Office of Government Finance & Market Analysis

^Includes budget deficit changes in checks outstanding,

and minor miscellaneous debt transactions.

^Assumes a $15 billion cash balance June 30, 1987.

^/Issued or announced through April 24, 1987

>one^/

$Bil.

80

60

40

20

0

April 28, 1987-20
10

0

-10

-20

-30

TREASURY OPERATING CASH BALANCE

Semi-Monthly

">,"> >r....l.«„1„„ljl,1»i"l»»«wW"""»'W .,*.«*' V*«* '<«'"""""">•»»„..>..«/' ""«iinraiimimiiii»m

Federal Reserve Account

Without New

"Borrowing^-

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

1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis

1/ Assumes refunding of maturing issues.

April 28, 1987-21
-10

TREASURY NET MARKET BORROWING^

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

1983 1984 1985 1986

y Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Government Finance & Market Analysis

--10

--20

April 28, 1987-2
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.| 1$Bil.

1983

Department of the Treasury

Office of Government Finance & Market Analysis

1984

e estimate

III

1985

I II III IV

1986

April 28, 1987-18
STATE AND LOCAL GOVERNMENT SERIES

$Bil. | 1$Bil.

120

100

80

60

40

20

0

1982 1983

Department of the Treasury

Office of Government Finance & Market Analysis

1984

March 31, 1987- 120

100

20

i i \ I | I L

1985 1986 1987

0

April 28, 1987-6
STATE AND LOCAL MATURITIES 1987-1989

$Bil. $Bil.

3.4

2.5

2.1

1.7 1.7

1.8

0

II III IV

1987

Department of the Treasury Office of Government Finance & Market Analysis

1.5

I II III IV

1988

1.9

1.6

1.7

1.3

III IV

0

1989

April 28, 1987-7
$Mil.

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

U.S. SAVINGS BOND SALES AND INTEREST RATES

5-Year

Treasury Rate

••••••••

Variable Market

Based Rate

A

Savings Bonds } '

Sales

November 1982"

I

Minimum mtm

Guaranteed ^*«***

Rate ++'~

•' *"* " Payroll Sales

*«*.*''

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

1982 1983 1984 1985 1986 1987

L/ Series EE savings bonds sold beginning November 1, 1982 earn a yield equivalent to 85 percent of the 5-year Treasury

marketable rate for bonds held at least 5 years. Such bonds also have a guaranteed minimum of 6.0 percent.

IV

%

14

12

10

8

0

Department of the Treasury

Office of Government Finance & Market Analysis e estimate based on January and February actual data.

April 28, 1987-22
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

15

10

0

-5

-10

Nonmarketable

Marketable

£0 Add-ons1-

• Other Transactions

Department of the Treasury

Office of Government Finance & Market Analysis

17.3 16.6

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

1983 1984 1985 1986 1987

u 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.

1/Preliminary. * Less than $50 million.

$Bil.

-10

April 28, 1987-23
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

%

20

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-14
SHORT TERM INTEREST RATES

Weekly Averages

%

9-

8

\ *' Commercial Paper ......••••• ••...••• ••*

••••••••••####«****

Jul Aug Sep Oct

1986

Department of the Treasury

Office of Government Finance & Market Analysis

3 Month Treasury Bill

Nov Dec Jan Feb Mar

1987

Through

week ending

April 22

Apr

%

8

April 28, 1987-15
%

17

16

15

14

13

12

11

10

9

8

7

6

LONG TERM MARKET RATES

Quarterly Averages

Conventional//

Mortgages//

'"N

/ J ••.••••V \

// ^ \\ J/ New Aa''' *

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

1/ The 30 year Treasury series was initiated in March 1977.

2/ The 30 year Bond Buyer Index was started September 21, 1979.

%

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-12
6

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

^* .„ V /Treasury 10-Year '^<«£^-<y*Ss__ /.••.Z-**/ V \ /—n ,-v ^-^^••..,••• / t

\ / %y *~^N^ „*% y *"*^-~' Throu

V ,/ ** * * +' weekei

Through

ending

April 24

Treasury 5-Year

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1986 1987

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-13
MARKET YIELDS ON GOVERNMENTS

Bid Yields

% %

8

April 27,1987

8

7 7

s

*-^ 0/ , , , ,_ i i %

6 January 26, 1 }87 85

_

8.5

6

-^

s 8.0

7.5 I

8.0

7.5

7.01

1<

7(1

D 12 14 16 18 20 22 24 26 28 30

*; i i i r I 5

0

Department of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8 10

April 28, 1987-25
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY nPDII.

March 31, 1987 1420.6

1400 COUPONS y^

Over 10 years y^

t

209.0

y

1200 - Bill 2-10 years y^ ^ A

^1-2 years / ^

482.9

gggg 1 year &under / ^S*

1000 bills yy^

800 mm y^^ >'

600 — ^s*r ^^%v0/0/////////0//^

t

232.0

y

193.3

Y

A

303.4

I

400

200 \'j*sywySSSs///sss////s/^^

0

1976 1977 1978 1979

Department of the Treasury

Office of Government Finance & Market Analysis

1980 1981 1982 1983 1984

As of December 31

1985 1986

April 28, 1987-9
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons HOver 10 years ^1-2 years Bills

• 2-10 years ^ 1 year &under

1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 Mar'87

As of December 31

April 28, 1987-10 Department of the Treasury

Office of Government Finance & Market Analysis
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

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-8
Weekending 13 20 27

January

Department of the Treasury

Office of Government Finance & Market Analysis

CUBES

Coupons Under Book Entry Safekeeping Program

10 17

February

24 3 10 17 24

March

31 7 14 21

April

Pieces

Thousands

April 28, 1987-11
MATURING COUPON ISSUES

May - September 1987

(In millions of dollars)

Maturing Issues

March 31, 1987

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors J/

12% Note 5/15/87

14% Note 5/15/87

12 1/2% Note 5/15/87

9 1/8% Note 5/31/87

10 1/2% Note 6/30/87

8 1/2% Note 6/30/87

8 7/8% Note 7/31/87

13 3/4% Note 8/15/87

12 3/8% Note 8/15/87

8 7/8% Note 8/31/87

11 1/8% Note 9/30/87

9% Note 9/30/87

2,472

3,519

7,831

10,446

6,435

10,674

10,166

4,078

7,717

10,450

6,539

10,095

498

49

710

590

353

799

585

81

918

722

303

777

1,974

3,470

7,121

9,856

6,082

9,875

9,581

3,997

6,799

9,728

6,236

9,318

96

210

804

1,631

649

341

964

120

739

489

660

1,192

Totals 90,422 6,385 84,037 7,895

F.R.B custody accounts for foreign official institutions:

included in Private Investors.

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-24
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

15.6

13.7

I

9.9

9.3 HZ

B2

l

15.8

S

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

Department of the Treasury

Office of Government Finance & Market Analysis

Securities issued prior to 1985

New issues calendar year 1985

April 28, 1987-3
$Bil.

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

24

22

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

15.5

11 1^109 | -3.3

190

7.7

5.5

175 17.7

3.2 I

8.4

7.5 7.9

11

9.5

5.3 I

I 1

1989

7.0

J 4.6

1990

7.9

/^4.9

I

1991

5.3

17.8 17.1 17.5

10.6 | 11°|S11-1 I

LI I

16.3

10.8

10.1

6.9

34.2

8.0

li

5.7

20.6

m

I

12.9

10.7

7.3

8.1

I

J FMAMJJASOND

^1Securities issued prior to 1985

883 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

8

6

11.1

m

iB

6.5 6.4

7.3

4 -H 2.9 2

0

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

10

3

6

4

2

0

7.9,

1Z° 1992

5.9 6.3

1.9

1993

6.5

4.7

6.8 7.9

7353 1994 «75

{g 1995 ?

18.6 1!

i

996

1997

6.2

4.1

7.0 I

12.1

.7.2

8.6

19.7

JFMAMJJASOND

K%i New issues calendar year 1986

ill Issued or announced through April 24, 1987

April 28, 1987-4
12.2

$Bil.

2

0

2

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

10

8

6

4

2

0

4

2

0

2

0

4

2

0

4

2

0

4

2

0

4

2

0

t_ 1.5

L_ 1.7

2.9

4.8

.2.7

1.8

TREASURY MARKETABLE MATURITIES

_1 1998

_2. 1999

2000 I2.5

14 2001 — 2.4

3.2

3.6

6.3

3.9

1.9

3.7

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

3.5

4.0

9.2

1

1.4

Privately Held, Excluding Bills

$Bil.i=

1.6

i2.6

7.2

18.3

1.2

3.6

3.4

4.0

4.3

10

8

6

4

2

0

14

12

10

8

6

4

2

0

6

4

2

0

12-

10-

8-

6-

4

2

0

20

18-

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

11.8

I

7.0

1

2012

2013 !££

47 2014 4;

2015

6.5

18 0 2016

1

1

2017

10.3

I

5.3

6.8

18.6

li

1

JFMAMJ JASOND J FMAMJ JASOND

^M Securities issued prior to 1985

E229 New issues calendar year 1985

Department of the Treasury

Office of Government Finance & Market Analysis

New issues calendar year 1986

Issued or announced through April 24, 1987

April 28, 1987-5
$Bil.

4

-4

32

28

24

20

16

12

8

4

0

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

—

_ *

FFCB

—

•-• !•-- i

FHLB^

.11 I

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

1983 1984 1985 1986 1987

* Less than $50 million.

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

1983 1984 1985 1986 1987

e Partly estimated.

1/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures, certificates, mortgage-backed bonds,

and mortgage participation certificates. First quarter 1987 includes FHLB discount notes and bonds only.

Department of the Treasury

Office of Government Finance & Market Analysis April 28, 1987-1
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1987u

Monday Tuesday Wednesday Thursday Friday

Announce

52 week

4 5

Auction

3 year 2/

6

Auction

10 year 1/

7

Auction

30 year 2/

8

11 12

Auction

52 week 37

13

Announce

2 year

14 15

18

Announce

5 year

20 A .. Auction

2 year 4/

21 22

25

Holiday

26 27

Auction

5 year 5/

28 29

Announce

52 week _§/

Department of the Treasury

Office of Government Finance & Market Analysis

U

2/

3/

4/

5/

6/

Does not include weekly bills

For settlement May 15

For settlement May 14

For settlement June 1

For settlement in early June

For auction and settlement in June

April 28, 1987-16
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1987u

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Auction

52 week 2/

5

8 9 10 11 12

15 16 -,7 Announce

1' 2 year

4 year

7 year

18 19

22 23

Auction

2 year1/

24 A ,. Auction

4 year u

25 A

Auction

7 year 4/

26

29 30

Department of the Treasury

Office of Government Finance & Market Analysis

J_/ Does not include weekly bills

2/ For settlement June 11

3/ For settlement June 30

_4/ For settlement in early July

April 28, 1987-17