$Bil.

140

120

100

80

60

40

20

0

FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

L__J Sponsored Agency Obligations

V//A Guaranteed Obligations^

V//A Off-Budget Deficit

•• Budget Deficit2

47.5

24.5

148.1

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981P

Fiscal Years

U Adjusted for federal and sponsored agency purchases of guaranteed obligations.

2J Adjusted for other means of financing.

p preliminary October 27,1981-20 Office of the Secretary of the Treasury

Office of Government Financing

$Bil.

140

120

100

80

60

40

20

0
$Bil.

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

July - September 1981

USES

Government Account Investment}

Coupon Maturities^

Savings Bonds and Other

Gov't Series ^ 1Vi

1 y2

Public Series

Increase 94 Cash deficit in Cash

Balance

2V4

\ Foreign

J Nonmarketables

48 %

SOURCES

^Special Issues^

^Coupon

rRefunding

Net Market Borrowing ^

y Net of 1 /4 billion maturities other than special issues.

$Bil.

50

40

30

20

10

'0

Office of the Secretary of the Treasury

Office of Government Financing October 27, 1981-16
$Bil.

70

60

TREASURY FINANCING REQUIREMENTS

October - December 1981

USES

Redemptions of Special Issues 21/4^

643/4

SOURCES

2Va Government Account Sales

$Bil.

70

60

50

40

30

20

10

50

Coupon Maturities J ^ Coupon Refunding

40

30

Savings Bonds

and Other iS——^„^—

^ Gov't . . .Foreign

rl ui- o riesINonmarketables Public SenesJ

Net Market

Borrowing 35% <

To be

Done

223/4

20 ^Cash Deficit

10

1

0

Office of the Secretary of the Treasury

Office of Government Financing

Decrease in Cash Balance?/^

1/ Includes maturing marketable securities of $1 /4 billion.

-^Assumes$12 billion cash balance December 31, 1981.

October 27. 1981-19
$Bil.

0

—5

— 10

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Federal Reserve Account

Without

*—New—»

Borrowing^

•15

Oct. Nov. Dec. Jan. Feb. Mar Apr. May Jun. Jul.

1980 1981

-1/Assumes refunding of maturing issues.

Aug. Sep. Oct. Nov. Dec.

Office of the Secretary of the Treasury

Office of Government Financing October 27, 1981-18
$Bil.

40

-10

-20

1977

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

COUPONS

• Over 10 yrs.

ZHO-10 yrs.

II III IV I II III IV I II III

1978 1979 1980

1/ Excludes Federal Reserve and Government Account Transactions.

II III IV

1981

October 27, 1981-6
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

8

6

4

2

0

-2

-4

-6

-8

$Bil.

10h

8

6

4

2

0

-2

-4

-6

-8

I II III

1977

Office of the Secretary of the Treasury

Office of Government Financing

I

IV I

1978

-1.7

Savings Bonds

State & Local Series

Foreign Nonmarketables

2.2

-1.4

-.9

m

5BB —-° felli

-1.4

-4.2

-6.6

IV I II III IV I II III IV

1979 1980

e estimate

II III IVe

1981

October 27, 1981-12
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

$Bil. $Bil.

0 - 0

-2 -2

-4 -4

-6 -6

-8- -8

-10

_V* 1978

^SS^^ 1979*\

_ 1981e

1980

i i i i > i i i i i i i i

--10

-12

Office of the Secretary of the Treasury Office of Government Financing

M M J J A

Month of year

1/ Cash sales less redemptions

e October 1981 partly estimated

O N

-12

October 27, 1981-5
$Bil

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

1977

Office of the Secretary of the Treasury

Office of Government Financing

III IV

1978 1979 1980

-1/ F.R.B. Purchases of marketable issues as agents for foreign

and international monetary authorities for new cash.

.2/Partly estimated.

1981

October 27. 1981 -11
%

1977

Office of the Secretary ot the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Monthly Averages

1978 1979 1980

Through

October 23

1981

%

22

20

18

16

14

12

10

8

October 27, 1981-7
%

22

12

Jan Feb

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Mar Apr May Jun Jul Aug

1981

Week ending

October 21, 1981-

Sep Oct

%

22

20

18

16

14

12

October 27, 1981-8
%

17

15

13

11

LONG MARKET RATES

Monthly Averages

%

17

-15

13

11

/

—

—

•0. A-r f li \ /I /V

» \\J/ r '-

New Conventio

New Aa

nal Corporates. ^**^ £ AT \ /

•

•

/•-•' 1

Mortgages ^^^\ _..*. //^

- ;, ^-vl>-^ ^

.«•••* Through

'"** October 23

,...«•'* *x ..^^^^^^-^ / \ /

Treasury 20-Year

y——

-^

j^»«.. f 20-Year

•***•*••»•••

..•••••••....••••'

I II I I I I I I I I

Municipal Bonds

11111 m * 111 i 1111 M 11111 1 1 1 li 1 1 1 1 II Ml Ill

7-

1977

Office of the Secretary of the Treasury

Office of Government Financing

1978 1979 1980 1981

October 27, 1981-10
%

18

17

16

15

14

13

12

11

10

9

8

7

6

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

New Aa

>» ^ Corporates

Municipal Bonds

20-Year

Jan Feb Mar Apr May June

1981

July Aug

—- N..

Through

week ending.

October 23

Sep Oct

%

18

17

16

15

14

13

12

11

10

9

8

7

6

Officeof the Secretary of the Treasury

Officeof Government Financing October 27, 1981-9
%

18

17

MARKET YIELDS ON GOVERNMENTS

Bid Yields

18

17

10 12 14 16 18 20 22 24 26 28 30

16

15

14

| October 26, 1981

13

0

Officeof the Secretary of the Treasury

Office of Government Financing

July 27, 1981

4 5

Years to Maturity

16

15

14

13

8 0

October 27, 1981-22
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil

-400

Office of the Secretary of the Treasury

Office of Government Financing

May June July

1981 Auction Dates

1/ Discount basis.

.2/New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively.

* Friday auction preceding holiday.

October 27, 1981-14
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1971 1972 1973 1974

Office of the Secretary of the Treasury

Office of Government Financing

1975 1976 1977

As of December 31

1978 1979 1980

October 27, 1981-2
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1947

10 Years

5 Months

Months

1945 47 49 51 53 55 57 59 61 63 65 67

Office of the Secretary of the Treasury

Office of Government Financing

September 1981

48 Months

JFMAMJJASOND

1981

October 27, 1981-1
OWNERSHIP OF MATURING COUPON ISSUES

November 1981 -March 1982^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Oomestic

Holders

Foreign Longterm 1/

Investors

Intermediateterm 5/

Investors

7%Nt. 11/15/81

73/4%Nt. 11/15/81

12 1/8% Nt. 11/30/81

71/4%Nt. 12/31/81

11 3/8% Nt. 12/31/81

1 11/2 % Nt. 1/31/82

6 1/8%Nt. 2/15/82

6 3/8%Bd. 2/15/82

13 7/8%Nt. 2/28/82

7 7/8%Nt. 3/31/82

15%Nt. 3/31/82

2412

2565

4225

3275

3730

3994

2633

1689

3907

2605

3432

1059

1237

1491

903

767

1403

936

521

1404

1399

1317

115

57

66

25

29

45

204

84

69

11

28

409

460

249

296

212

280

377

183

280

222

237

50

44

85

85

269

95

40

30

73

62

97

550

15

9

282

224

18

750

138

21

126

109

166

612

1457

973

1055

1567

130

733

1659

409

1333

63

140

868

711

1174

586

196

401

376

311

TOTAL 34,467 12,437 733 3205 930 2242 10,094 4826

Office of the Secretary of the Treasury

Office of Government Financing

1/ Amounts for investor classes are based on the August 1981 Treasury Ownership Survey.

2/ Includes State and local pension funds and life insurance companies.

3/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan

associations, and corporate pension trust funds.

October 27, 1981-17
$Bil.

6

4

2

0

8

6

4

2

0

8

6

4

2

0

8

6

4

2

0

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$BII.

4.3

4.0 + 3.9

I

6.0 6-4

4.0B3.9 U T^Ja^ ^

II I 11 1

1981

1982

7.0R 4.3,

4.3 i 4J

7.0

1

7.6 1983 c, 7 4 6.7

4.7B85.0

I

4.5

I 2.4

52 10 4.3^4.3 6.9

9.4

I

I

_g

1984

3.2

i&

1

7.3

6 0 1985 %A

I 1 2.8 3.4 3.2

I

3.0

3.8

5.0 ?0g

• 4 2

li

4.6

7.3

4.4 J4.6 II

6.1

"1

1

4.6

3.1

1

2.5

3.4

JFMAMJJASOND

3.2

4.6

2.7

7.5

i

2.0

2J 2.4

I

1986

1987

1988

3.5

7.5

I 7.0

1

1.8

3.5

li 2.3

—

1989

3.8

2.2

2 I

1990 p,5.1

2.6

1.1 .8 1 1

1991

-

1.7

I

2.4

J FMAMJ JASOND

Office of the Secretary of the Treasury

Office of Government Financing

Securities issued prior to 1979

New issues calendar year 1979

New issues calendar year 1980

Issued or announced through October 23, 1981 October 27, 1981-3
$Bil.

4

2

Ot

4"

2-

0

4

2

0

4

2

0:

2

0

2

0

2

0

2-

ol

4

2

0

2

0

1.9

2.9

1.7

2.2

1.5

•

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

1992

1993

1994

2.7

1995

1996

1997

1998

1999

2000

1.7 2001

2.6

2.2

1.4

2.5

TT

1.4

1.5

1.4

1.8

•

2

0

2

0

2

0

4

2h

0

2

- 2002

-

2003

-

20041

-

21 2005 •

—

2006i

~ 2.7

1

2007

1.2

3.9

1.8 1.9

3.9

2008

2009

2010

2011

1.4

3.6

1

3.4

4.2

J F M A M J J A S O N D

I Securities issued prior to 1979

New issues calendar year 1979

J F M A M J

jNew issues calendar year 1980

]Issued or announced through October 23, 1981

J A S O N D

Office of the Secretary of the Treasury

Office of Government Financing October 27, 1981-4
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

II III IV

1977

II III IV

1978

Office of the Secrelary ot the Treasury

Office of Government Financing

Privately Held

$Bil.

5

3

2

1

0

9h

8

7

6

5

4

3

2

1

0

I I.I.

GNMA

Mortgage Backed

Securi

II III IV I II III IV I II III IV

1979 1980 1981

* Less than $50 million.

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

1977 1978 1979 1980 1981

Partly estimated.

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

mortgage-backed bonds, and mortgage participation certificates. October 27. 1981 15
AGENCY MATURITIES^

Privately Held

$Bil.

4 -

2

1989

.6 .6 .4 .4

1993

1997

1.1

•3 .2

2001

.1

2005

.1 .1

2- 2009

.3

2013

.2

1990

1994

.1

1998

.1 .2 .2 .1

2002

.2

2006

.1 .1

2010

2014

.2

1991

1.2

1995

1999

2003

2007

•2 .1

2011

2015

1992

.2 .2 .1

1996

2000

2004

2008

.2 -3

2012

.5

2016

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

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

-!/Issued or announced through September 30, 1981 October 27, 1981-21