TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
;
F 1997
— 30.2 ; 29.9|
28.4 p74 289 g32 Bat 26.9 222 2 24 29.3

BREESE cnaoadsszaaynvansceges

28

26

24

22

20

18

16

14

12

40

8

8

4

2

0

J

Deparmort fe Tsay

F M A M J
HMB Securities issued prior to 1995
BEE Now issues calendar year 1995

J A s fe) N D

[2 New issues calendar year 1996
ESD Issued or announced through January 31, 1997

February 9. 1997.26

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
i

8

TITTTTITITIT

1999

7 303 m2

at 2002

BRB owaae
T
wl
°
8
3

BRERBBRE ons oeSStaaBOVBBSRRS

STITT TTI TT

2000

TTTTTTTTTTT

‘ i

2004 »

155

ta

[= 1201? :20

SSESSBRER ownae

T

2001

wos: a2 4,135 0 14

‘a
__a___| __
2005

188
17 135

J oF MAM J J AS ON D

Deparment of i Tessuy
‘Often Mave Fiance

HB securities issued prior to 1995
EEE Now issues calendar year 1995

m.
J oF MAM J J AS ON D

1) New issues calendar year 1996

E239 Issued or announced through January 31, 1997
Fete 3, 100727


SECURITIES HELD IN STRIPS FORM 1995-1997

Privately Held

$Bil. Sulopable ou $Bil,
100} I As of January 31, 1995: $811.1 billion, $226.9 billion ~{ 100
[-] As of January 31, 1996: $864.9 billion, $223.0 billion
80;- As of January 17, 1997: $852.0 billion, $223.2 billion | {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
* Approximately $3 million.
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-sligible security to mature.
Depart tt Taney
Somme Fates
SECURITIES HELD IN STRIPS FORM 1995-1997
Percent of Privately Held
% %
80° BBE As of danuary 31, 1995 ~180
[7] As of January 31, 1996
o [I As of January 17, 1997 fo
40 Be +40
20 20

© [ess than 5 years 5-10 years 10-15 years 15-20 years 20-25 years 25-30 years
Years Remaining to Maturity
* Less than 1 percent.
Note: The STRIPS program was established in February 1985. The 11 5/8% note of November 15,
cesaretotee Tuan, 1004 issued on November 18, 1984, was the first STRIPS-cligible security to mature,
the artt Pane Faery 2, 19973


SHORT TERM INTEREST RATES

Weekly Averages

Yo Yo
|
8 Prime Rate “8
7 A7
Through
January 29
6f—- ji 6
Commercial Federal Funds
Paper *
3 Month
Treasury Bill
glob,
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1996 1997
Febuary 89718
LONG TERM MARKET RATES
Quarterly Averages
% %
New Aa
Comezates
*,
ans, “N os, 410
.
%
% Through
January 2919
8
7
Municipal Bonds
6
| | 1 | |
titi chroitiidr tii] util Lil

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 97

Deparsmnt of tha Trssury .
Oftceo Maret France ory 2, 1987-18


STATE & LOCAL GOVERNMENT SERIES

SBil, $Bil.
10
5]- === Gross Issues 5
Redemptions
0 a a ee Lt 0
$Bil. SBil.
5 5
io) 0
4 45
=m Net SLGs
aout top ot ft tt | Lot | diy
ob om wot oh mW wot ho mW Mot oh om wero om ow
1992 1993 1994 1995 1996
Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.
mparant ott Teay
(ten ott Pace ete 3 1097-2
STATE AND LOCAL MATURITIES 1997-1999
$Bil. |SBil.

7.0

1997 1998 1999

Deparment othe Treasury
(Ofca of Maat Pinan Feeney 9, 1997.3


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil, $Bil.
6 6
4 4
2 is 2
° UES Ee ee 0
|
2 1 | J -2
1 fe |
4 eal | 4
1 eel fee
4 [9 savings Bonds a | a | | 6
8/- & State and Local Series | | 67} | 70 73
-10 — it Foreign Series 8.9 78 710
“e l Li
ion om Moto om vo oton om wot oh om woe
1993 1994 sme 12° 1996 1997
@ esimate
hon cient Prunes” etry 3, 987-0
SALES OF UNITED STATES SAVINGS BONDS
$Bil 1980 - 1996

|
Total Sales |
| Po WL
i
Z \ NI “\, VAL
eer

0

fie Feee Seen Seen See ee Se ee ee ee

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19941995 1996¢
End of Quarter

——— @ estimate

Oona Maat Far Fesruay 31007211


MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December 81, 1984 December 31, 1995 November 30, 1996
[Agawot [Asa%oil|  [Asatof [Asaiol]|—_[Asatuof [Anatol
$Billions | Total Total. || Billions | Total” | Total. ||S Bilions| Total Total
Country Foreign Private Foreign Private Foreign Private
Japan $175.7 25.5% 5.5% | $220.0 25.5% 6.7% $271.7 25.0% 7.2%
United Kingdom 91.0 13.2% 2.9% 123.6 14.3% 3.8% 183.9 16.9% 5.4%
Germany 54.4 7.9% 1.7% 53.7 6.2% 1.6% 71.6 6.6% 2.1%
Netherland Antilles 27.6 4.0% 0.9% 50.9 5.9% 1.5% 53.8 4.9% 1.6%
Mainiand China 20.5 3.0% 0.6% «49 4.0% 1.1% 45.4 4.2% 1.3%
Spain 27.9 4.1% 0.9% 19.3 2.2% 0.6% 445 4.1% 1.3%
OPEC 25.7 3.7% 0.8% 28.0 3.2% 0.8% 40.2 3.7% 1.2%
Singapore | 21.9 3.2% 0.7% 23.7 3.4% 0.9% 34.7 3.2% 1.0%
Taiwan 25.8 3.7% 0.8% 24.0 2.8% 0.7% 31.8 2.9% 0.9%
Hong Kong 13.8 2.0% 0.4% 18.8 2.2% 0.6% 31.0 2.9% 0.9%
Switzerland 32.4 47% 1.0% 37.0 43% 1.1% 29.8 2.7% 0.9%
Canada 24.6 3.6% 0.8% 25.1 2.9% 0.8% 27.9 2.6% 0.8%
Mexico 79 1.1% 0.2% 16.4 1.9% 05% 19.7 1.8% 0.6%
Belgium 13.4 1.9% 0.4% i 12.7 1.5% 0.4% 14.4 1.3% 0.4%
France | 97 1.4% 0.3% 92 1.1% 0.3% 85 0.8% 0.2%
Other 116.7 16.9% 3.7% 158.9 18.4% 4.8% 178.4 16.4% 5.2%
Estimated
Foreign Total 688.7 100.0% 21.7% 862.2 100.0% 26.2% 1087.0 100.0% 31.6%
Note: RP's are included in ‘other’. Detail may not add to totais due to rounding.

Source:

Deparment et ne Tossury
(es of Maret Fane

Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1989
and monthly data collected under the Treasury International Capital reporting

system.
5 February 8, 190716

SHORT TERM INTEREST RATES

Quarterly Averages

%

10

Treasury Bill

Yo

Prime Rate Through

January 29
10

Federal
Funds

aa

L Li
1986 1987

(Deparment Tossury
(Often of Manet Finance

pirtis
1988 1989

+ 2
1990 1991 1992 1993 1994 1995 1996 97


TREASURY FINANCING REQUIREMENTS

October - December 1996

$Bil, fon
200 Source: 200
ee 185%
150 4450
Coupon 4 7 .
Maturities 127% 127% @ Coupon Refunding
Too -|100
Savings Bonds
DH Net Market Borrowing
i
80}. ee Decrease in-|50
, ve + Cash
@deticit” * 41% Balance
State and Local -
. |,

‘y Includes budget deficit, direct loan activity, changes in accrued interest
land checks outstanding and minor miscellaneous debt transactions.

Depa Tray
a Fenty 910975
TREASURY FINANCING REQUIREMENTS
January - March 1997 ;
si. u T $Bil.
eee 175 Sources
150 ~1150
Coupon .
Maturities @ Coupon Refunding
100 } - _l100
Savings Bonds
Net Market Borrowing
oie Decrease in” | 50
Cash
@ deticit” enced Balance”
a 4
: a BG

+ Includes budget deficit, diract loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions,

% Assumes a §20 billion cash balance March 31, 1997.
Deparment tbe Traeny

(ton of Manet Pres, February 3.10072


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

SBil.
3000 |— fe] Over 10 years

CE] 2-10 years
a [-] 1-2 years

a} 1 year & under

Pe 1013.9]
sis
1500
|519.0
1000 [=
475.8

500

i}
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
As of December 31
Depart te Traary
Ofc Marat Fane Fobeunty 3107-22

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Clover toyears [J 1-2 years Bains
Oo 2-10 years 1 year & under
100% --
15
sok
33
6o-
40 - wa Ze 17
16
20 [-
° 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
As of December 31
Separate Teasy

ten ct Marat Fara Faery 3, 1057-23,



INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%
Through
January 29
x
NL FHLMC 30-Year {8.0
Conventional ome
AA 10-Year industria = SY Ne
75|}— 4 a 475
7.0 7.0
65 +65
6.0}~ Treasury 5-Year —{6.0
/ \ ,
soit the
Apr May Jun dul. += Aug.~=sSep.—==SsOct.~=SONov.s<Dec~— van
1996 1997
* Salomon 10. AA Industrial is @ Thrusday rate.
osama ttn Teaser

(few of Marae! Finance February 9. 1997-20

MARKET YIELDS ON GOVERNMENTS

% ] %

6.5 i es ee

reas
|
ie
January 31, 1997 Lersayee®
| + “

6.0}- i —| 6.0
1996
5.5/-
|
\ S25 431d 1818 20a | be BS BB a0?
5.0 : - 5.0
° 1 2 3 4 5 6 7 8 9 10

Years to Maturity

Deparment tthe Tessin

(en ot Maree nance Fetruny 9. 1997-21


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES
$Bil. $Bil.
90}- Nonmarketable “ —t90
80/~ Marketable 180
70}—- (J Net Auction Awards to Foreign / +70
6o|- Il Other Transactions 60
50;- 50
401—- 40
30}- 30
20fte2 FI 20
10 * 10
0 0
-10}- "O J 10
-20}- —{-20
| “
OW To we
1992 1993 1994 1995 1996
' Noncompatitive awards to foreign official accounts held in custody at the Federal Reserve in
‘excess of foreign custody account holdings of maturing securities. Foraign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.
atte teensy 2 Data through November 30, 1996.

Eerie Ais tery, 19714
FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT
Percent Percent

30
28
26
24
22
20
18
16
14 rob 14
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Quarterly
Dagarrt tt Taaiy
Om eruanat ance Febuary 2.100715


NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

S$Bil. |SBil.
("245 Year
3.5;— EES 3 year 735
_ E22] 10 Year
3.0;~ HEEB 10 Year indexed Se
EA 30 Year
25k 1
20- HHA
1.5,—-
i
10h
05+
oy FMAMJ JASON
1995 1996 1997
* Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
p Prolmnery

The maximum noncompetitive award to any noncompetitive bidder is $5 millon, effective November 5, 1991

Etlocte Febuary 11,1802 nrconpetve be ay ot hada poston mW aan, hres or ower cota,
nova Bt opel Sed Sac es Ne
ee sy
Eesha ae

‘ NET STRIPS OUTSTANDING (1985-1996)*
Bil.

150;—-

100;—

50;-

0 AREA FR UAGNOL ARE OEHE RES OT OEOTET SESE ROTO OTE
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
End of Quarter

“Strips program began February 15, 1985.
Reconstitution began May 1, 1987.

Doparmect ore Treasry
fice of Manat Face Feeney 9 1897-7


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
SB

sic T a a2 Fy T
es E 14
ee | me le 20 rm
fe || ow E 2015
BE | | 32 es
Fy il | _I I
= | : : 7 2016 "7
aL 2007
Aaa |
= i
EC | | |
ie i | i "5m 2017
i az | | | | t
| i i" we
E f 2008 eM]
E eg 2009 og ie
Eu 2010 — 7 | 4 2018 Py
rt — | L an 4 |
E Lg 2011 L 1:
T 2012 a x 2019 |
| IE vw | ws
| 1: |
E ] 2013 g'” 1] 8
) 7 IE
fc
3 5
J oF MAM J J AS ON D J oF MAM JJ AS ON D

Deparment ofthe Treasury
Otes of Marat ance

Bi
BL

HM securtios issued prior to 1995
New issues calendar year 1995

[3 New issues calendar year 1996

EE Issued or announced through January 31, 1997

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
SB

Febrany 2, 1997-28

Deparment fhe Traasay
‘ceo Maret Finance

MME secures issued prior to 1995
New issues calendar year 1995

£2 New issues calendar year 1996

EEE} sued or announced through January 31, 1997

| 2020 2; g wna 2023
|
%
3s SE
gE |
| E _|
oat TSE 2024 Fi
oe
| iE
3
7 2025
oh |
se
7 7 iE | [
i
BE 2026, ‘00
I 3 | 7
ee |
i |
2022 aE | |
BE 2027
EE
98 wwe BE
BE
= |
iE | | |
FMAM JJ AS ON D J oF MAM J J AS ON D

February 3,197.28


NET MARKET BORROWING
January - March 1997
(Billions of Dollars)

Total 50.1
Done” -11.6
Bills
Regular weekly -18.9
52 week 3.8
Coupons
7 year note 7.9
2 year note 0.5
5 year note 3.9
10 year indexed note 7.0
To Be Done 61.7

Vissued or announced through January 31, 1997

sparment Tessury

Maret Finer February 2, 100740

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS”

SMil, Discount Rate %

Net New Cash (lett scale) Discount Rate (right scale)
u © 26 week -

-300 °° 26 week
4 13 week mm" 13 week
woot
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Janp
1996 1997
' Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.

Deparment oth Taseury Preliminary

tion of Marae Finance Fetrty 2, 887-5


TREASURY OPERATING CASH BALANCE

Semi- Monthly
$Bil, Wwanou
[¢— New —>
Tax and Loan Borrowing1/
40 Total Operating Accounts Balance

Balance
.

Federal Reserve Account

*
.
‘
.
1
1
.
.

.
“

! i i I I | ! | I ! | ! |
60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

1996 1997
* Assumes refunding of maturing issues.

ecanventl Teeny
(nce ehlaat Prone Fete 319073
1
TREASURY NET MARKET BORROWING ~
$Bil, '$Bil
84.6
80}- v : —480
60-59 535 ; = = ’ (60
Fy 443 ;
40/- F4 z 7 (40
20}— Bee “\)e2) 420
0 Loli — 0
Coupons
-20}- [7] over 10 yrs -20
EE] 5-10 yrs?
-4o|- [2] 2-under 5 yrs 25.7 —{-40
Bills "
eo = Ll L Leo
ton om wor oh om vor on om wor on om ow
1993 1994 1995, 1996
| Excludes Federal Reserve and Govemment Account Transactions.
2 7 year note discontinued after April 1993.
apart Toaey
Earring

February 9.10974


AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

< June 1947
10 Years Months
5 Months

December 31, 1996
5 Years, 3 Months

December 1975

shy 2 Years
5 Months

ak

3l

wl LLiiiiit ttt! (min Lisititis |
494847 40 5153 55 57 59 61 63 65 67 69 71 7375 7779 81 83 85 87 89 91 93 95

Deparment of te Tassury

Offs of Meret nance Feveuary 9, 1907-24

MATURING COUPON ISSUES
February - June 1997
{in millions of dollars)

December 31, 1996
Held by
Maturing Coupons Total Federal Reserve
& Government | Private Foreign1/|
Accounts Investors _| Investors

43/4% Note 02/15/97 19,832 1,795 18,037 1,582
63/4% Note 02/28/97 9,948 472 9,476 150
6 7/8% Note 02/28/97 18,816 597 18,219 1,335,
67/8% Note 03/31/97 11,302 484 10,818 940
65/8% Note 03/31/97 19,354 1,050 18,304 2,692
81/2% Note 04/15/97 7,860 776 7,084 662
67/8% Note 04/30/97 11,441 965 10,476 4,821
6 1/2% Note 04/30/97 18,708 735 17,973 1,853
81/2% Note 05/15/97 9,921 564 9.357 830
6 1/2% Note 05/15/97 21,750 3,665 18,085 3,188
63/4% Note 05/31/97 14,049 403 10,646 2,118
6 1/8% Note 05/31/97 18,937 725 18,212 3,452
63/8% Note 06/30/97 11,054 430 10,624 1,038
55/8% Note 06/30/97 19,259 692 18,567 4,327

Totals 209,231 13,353 195,878 25,988

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

Deparant the Tasaury
Oost Maret France Fabruay 9, 1997-25