1970

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

'77 '78 '79

Fiscal Years

1/ Adjusted for Federal and sponsored agency purchases of guaranteed obligations.

2/Consists largely of Federal Financing Bank borrowings from Treasury.

3/Adjusted for changes in cash balance and other means of financing. e estimate

April 29. 1985-20
$Bil.

600

500

400

300

200

100

FEDERAL AND FEDERALLY-ASSISTED BORROWING

RELATIVE TO TOTAL BORROWING

13 Private borrowing^

777X Federally-assisted borrowing^

•I Federal borrowing

(left scale)

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

Fiscal Years

H Funds raised by private non-financial sectors.

%Netsponsored agency and guaranteed borrowing. Office of the Secretary of the Treasury

Office of Government Finance Si Market Analysis April 29. 1985-21
$Bil.

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January — March 1985 ^

Uses

Coupon • ]

Maturities^!

4 Cash Deficit

69 V4

Sources

4 Coupon Refunding

State & Local

3 V4

Savings Bonds^1

Foreign 1/2

Nonmarketables

1/ Excludes the two and four year notes which settled April 1, 1985.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Net Market

Borrowing

Decrease in

Cash Balance

33/4

$Bil.

70

60

50

40

30

20

10

0

April 29, 1985-13
$Bil.

80

60

TREASURY FINANCING REQUIREMENTS

April — June 19851/

Uses Sources

70%

Coupon Maturities ^

Foreign

Nonmarketables

4 Coupon Refunding

40

20

0

Increase in

Cash Balance^

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

21/4

Cash Deficit

Savings

Bonds

3/4

State & Local V%

Net Market

Borrowing <

301/2

jj Includes the two and four year notes which settled April 1, 1985

and excludes the two and four year notes settling July 1, 1985.

_2J Assumes a $15 billion cash balance June 30, 1985.

3;/ Issued or announced through April 26, 1985.

To Be

Done

14V4

Done*

16V4

$Bil.

80

60

40

20

0

April 29, 1985-16
"»l,"•V?

0

-10

-20

TREASURY OPERATING CASH BALANCE

Semi-Monthly

'"*.**'' '*>min*ri** nniiriiiu,,,

Federal Reserve Account

-30 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1984 1985

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

_!/ Assumes refunding of maturing issues

April 29, 1985-12
—:

o

o

o

o

o

o

m (»- CD If) •<t CO CM

C#

—

O)

co

lO

^^ "<fr "~

O)

oo

(0

T—

1_

COc

(0oc

-**

r-C

>

<oon

=

oo

co

CDc

0)

E

=

o>

CD

•o

•>

<D

COc

>

oc

cd

(0

<1)

=

co

CM •3

CD

•n

=

o

=1

HIXO

CD

CO

LL

CD

=

03

CO
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. i 1$Bil.

Savings Bonds

State & Local Series

Foreign Nonmarketables

-4.0

5.9

1 II III IV II III IV I II III IV I II III IV I IIe

1981 1982 1983

e estimate

1984 1985

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29. 1985-14
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

15

10

0

-5

-10

Nonmarketable

8.8 1Z

-5.8

Marketable

Add-ons 1/

IOther Transactions

17.6

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

1981 1982 1983 1984

1/ 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. * Lessthan $50 million. Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Bil.

15

10

April 29, 1985-4
%

SHORT TERM INTEREST RATES

Monthly Averages

Prime Rate

3 Month

Treasury Bill

I I I I I I I I 111

V. .—•&••- Commercial

Paper

11 llll

10

8

6

1981 1982 1983 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

11

—1%

Through

April 26

1-

11

1985

20

18

16

14

12

10

8

6

April 29, 1985-7
%

13

10

8

SHORT TERM INTEREST RATES

Weekly Averages

Federal Funds

-' *-"—\x "" 3 Month Treasury Bill ••&,

1

Prime Rate

11 ii 1111 ii ii i H11

Through

week ending

April 26 -

Commercial

Paper

1

%

13

12

11

10

8

11 ii I I I I

Jul Aug Sep Oct

1984

Nov Dec Jan Feb Mar

1985

Apr

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1985-10
%

19-

LONG MARKET RATES

Monthly Averages

/-% New Conventional

\ L Mortgages

17-

9-

1981

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1982

New Aa

Corporates^,/^

•••• ..... •••.-•- "•...'

20-Year

Municipal Bonds

1983

'•••-

1984

Through

April 26

^••IIIIlllMl**

%•••••..

1985

%

19

17

15

13

11

April 29, 1985-8
%

•^

12

11

10-

Jul

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

s x

Treasury **•- ♦.

v10-Year \

Aug Sept Oct

1984

New Aa

Corporates

Through week ending

April 26

fc*. _ X ^ ^ / Treasury "% \***W y ' / 20OrW \

V^-% /%._ ^S y Treasury \ V-/ —v ,— 5-Year \

Municipal Bonds

20-Year

Nov Feb Mar

1985

%

14

13

12

11

10

9

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29,1985-9
MARKET YIELDS ON GOVERNMENTS

%

12

11

10

8

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Bid Yields

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

8 9 10

April 29, 1985-18
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

—

COUPONS

—

Over 10 years

111! 2-10 years

'////, 1-2 years

—

gggg 1 year & under

—

BILLS

—

$Bil.

1200

1100

1000

900

800

700

600

500

400

300

200

100

March 31, 1985. 1106.8

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1985-2
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons ||over 10 yrs £21-2yrs Bills

I!2-10yrs ^ 1 yr & under

1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 Mar'85

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29. 1985-1
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

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis April 29, 1985-3
MATURING COUPON ISSUES

May — September 1985

(In millions of dollars)

Maturing Issues

March 31, 1985

Total

Held By

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

10 3/8% Note 5/15/85

14 3/8% Note 5/15/85

14 1/8% Note 5/15/85

4 1/4% Bond 5/15/85

3 1/4% Bond 5/15/85

9 7/8% Note 5/31/85

14% Note 6/30/85

10% Note 6/30/85

10 5/8% Note 7/31 / 85

8 1/4% Note 8/15/85

9 5/8% Note 8/15/85

13 1/8% Note 8/15/85

10 5/8% Note 8/31/85

15 7/8% Note 9/30/85

10 7/8% Note 9/30/85

2,539

2,719

6,952

629

402

8,681

3,393

9,022

8,848

4,837

3,293

7,487

9,073

3,961

8,858

40

272

1,891

268

147

540

277

1,002

464

1,624

89

1,557

711

604

486

2,499

2,447

5,061

361

255

8,141

3,116

8,020

8,384

3,213

3,204

5,930

8,362

3,357

8,372

38

343

811

531

826

335

528

430

320

659

565

790

651

Total 80,694 9,972 70,722 6,827

XI F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

April 29, 1985-11
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

1989

6^ 4.6

6.3

I 1

1990

4.9

2.6

1991

I

5.4

2.3

1992

2.1

1993

7.6

1994 7.3

1

1995

I" 4, I

l l

5.0 5.1

I 5.7

2.3

4.1

I""

7.2

1.4

O N D J J A S O N D

•I Securities issued prior to 1983

Mct^^S^y* ZS New issues calendaryear 1983

gg2 New issues calendar year 1984

ill Issued or announced through April 26, 1985 April 29, 1985-5
2.2

_ 1.5

1.7

— 2.9

I 2.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

1996

1997

-s 1998

-s 1999

2000

1.7 2001

2002

2003

3.2

2004

3.7

6 3 2005

.2.5

.2.4

3.5

4.0

1.8

1.6

.2.6

r

8.3

3.9

I

2009

1.9

3.7

I

2010

2011

2012

2013

r

4 8 2014 4 8

2006

2007 1.2

2008 1.4

3.6

I

5.7

l||

1 I

2015

i 3.4

I

4.1

4.4

I

a10-3

i

$Bil.

0

0

0

0

2

0

2

0

2

0

6

4

2

0

8

6

4

2

0

6

4

2

0

0

2

0

2

0

JFMAMJJASOND

$Bil.

2

0

2

0

4

2

0

10

8

6

4

2

0

12

10

8

6

4

2

0

4

2

0

6

4

2

0

JFMAMJJASOND

Securities issued prior to 1983

Office of the Secretary of the Treasury fwi ti i _j -i^no

Office ofGovernment Finance &Market Analysis KH New ISSUeS Calendar year 1 983

£223 New issues calendar year 1984

IH Issued or announced through April 26, 1985 April 29, 1985-6
$Bil.

STRIPS CONVERSIONS

111/4% Bond 2/15/2015

5.75

Total offering

0

2/15/85 2/28/85 3/15/85 3/31/85 4/15/85

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

$Bil.

-3

- 2

- 1

0

April 29, 1985-17
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

2

0

—2

18

16

14

12

10

8

o

- FCA

III LI

FHLB^

I II III IV I

1981 1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

i

I

12

10

8

GNMA

Mortgage-Backed

Securities

llliml IV I II III IV IV le

0

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

1983 1984 1985 1981 1982 1983 1984 1985

*Less than $50 million. e Partly estimated.

J/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,

certificates, mortgage-backed bonds, and mortgage participation certificates. April 29, 1985-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1985 1

Monday Tuesday Wednesday Thursday Friday

1 2 3

Announce

52 week

6 7

Auction

3 year ^

8

Auction

10 year ^

9

Auction

30 year %

10

13 14

Auction

52 week si

15

Announce

2 year

16 17

20 21

Announce

5 year

22

Auction

2 year &

23 24

27

Holiday

28 29

Auction

5 year &

30 31

Announce

52 week ^

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-^Does not include weekly bills

& For settlement May 15

si For settlement May 16

•*/ For settlement May 31

4 For settlement in early June

si For auction and settlement in June. April 29. 1985-22
r

SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1985^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6

Auction

52 week-?/

7

10 11 12

Announce

2 year

13 14

17 18 Announce

4 year

7 year

20 year

19

Auction

2 year-a/

20 21

24 25

Auction

4 year-*/

26

Auction

7 year-*/

27

Auction

20 year-*/

28

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

J/Does not include weekly bills

2/For settlement June 13

3/ For settlement July 1

i/ For settlement in early Jury

April 29. 1986-23