$Bil.

90

80

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

October-December 1983 u

Uses Sources

Coupon Maturities Coupon Refunding

- ^W 78V2 ^

—

_ Foreign Nonmarketables ^ffBB

^ MB

—^^^|4 Cash Deficit

^^^H Savings Bonds

1V2 """^^H

State &Local ^^H

Net Market ^ BjBjB Borrowing W Kjy|B

Decrease in x

Cash Balance W 25V4

y Excludes the 2 and 4 year notes which settled January 3, 1984.

$Bil.

90

80

70

60

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 31, 1984-8
$Bil.

90

80

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1984J/'

Uses

Coupon Maturities 4i

Foreign

Nonmarketables I

VA

V%

State

and Local

4 Cash Deficit

IIV2

Sources

^Coupon Refunding

Net Market

Borrowing

521/4

\

To Be

Done

23y42/

Done

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

JjIncludes the two and four year notes which settled January 3, 1984, ,excludes the two and four year notes settling April 2, 1984. 2/ —'Issued or announced through January 27, 1984.

-^ Assumes a $10 billion cash balance March 31, 1984.

Decrease

in Cash

Balance

1%^

$Bil.

90

-80

70

60

50

40

30

20

10

0

January 31, 1984-17
$Bil.

30

20

10

0

-10-

-20-

TREASURY OPERATING CASH BALANCE

Semi-Monthly

wawOTW^Wwaww*****1

Tax and Loan

Accounts Balance!

Federal Reserve Account

•*- Without New -

Borrowing _L/

•••<

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

1983 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

_l/ Assumes refunding of maturing issues

January 31, 1984-14
TREASURY NET MARKET BORROWING1

Calendar Year Quarters

I II I" IV I I V I II III IV I II III IV I

1980 1981 1982 1983 1984

V Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-20

January 31, 1984 20
$B

200

150

100

NEW MONEY RAISED IN BILLS AS A PERCENT OF

TOTAL NET MARKET BORROWING

Total (left scale)

Bills (left scale)

Percent Bills of Total (right scale)

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis J/ Issued or announced through January 27, 1984.

Percent

200

150

100

January 31, 1984-21
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

6

-6

-8

-4.2

-6.6

|Savings Bonds

State & Local Series

Foreign Nonmarketables

-4.0

I II III IV

1980

I II III IV I II III IV

1981 1982

e estimate

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

II III IV le

1983 1984

-6

-8

January 31, 1984-19
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

10

-10

-3.8

Nonmarketable Marketable

B ^ Add-ons^

• Other Transactions

80 8.6

-5.8

8.8 §il

$Bil.

-10

--5

II III IV

1980

II III IV

1981

II III IV

1982

II III IV2/

1983

-10

J/ 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.

2/ Partly estimated.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 31, 1984-1
%

20

SHORT TERM INTEREST RATES

Monthly Averages

Federal

FundSi

HI rO

Prime Rate

Through

January 27

%

20

18

16

14

12

10

^Commercial

Paper

""C^j# ••••••

8

,v«*

6

1980

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

••..'

1981 1982

•••••••• 8

1983 1984

January 31, 1984-12
SHORT TERM INTEREST RATES

Weekly Averages

%

12

11

10

Commercial

Paper

3 Month

Treasury Bill

Apr May Jun

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Prime Rate

Federal

Funds jj.

Jul Aug Sep

1983

Oct Nov

Through

week ending

January 25

Dec Jan

1984

%

12

11

10

8

January 31, 1984-13
%

19

17

15

13

LONG MARKET RATES

Monthly Averages

New Conventional

Mortgages

New Aa my / ^ *"\x*v

Corporates/ / \ /"\ ,v\

' 1 & 1^7^ i -j*\/ w "•"* w

/A i // r

I I I I 1 1 I 1 I I I I I I I I I I I I I I 11

1980 1981 1982

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

11

1983 1984

%

19

17

January 31, 1984-11
INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

% —1%

14

8

Apr May Jun

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

New Aa

Corporates

Municipal Bonds

20-Year

Jul Aug

1983

Sep Oct Nov Dec

Through

week ending

January 27

Jan

1984

January 31. 1984-10

-14

8
MARKET YIELDS ON GOVERNMENTS

%

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Bid Yields

4 5 6

Years to Maturity

January 31, 1984-18
%

12.1

12.0

11.9

11.8

11.7

11.6

11.5

11.4

11.3

0

PRESENT TREASURY YIELD FORMULAS

VS.

ALTERNATIVE YIELD FORMULAS

A|1975 Treasury

•* \t Exact Day Proposal

Exponential Formula with Accrued Interest

200

Present Treasury Yield Formula

Price 100.000

Coupon Rate 12.00%

Maturity Date 7/15/1986

Issue Date 7/15/1983

800 1000

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

400 600

Days to Maturity

7o

12.1

12.0

11.9

11.8

11.7

11.6

11.5

11.4

11 .3

1200

January 31, 1984-23
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

$Bil.

1000

900

800

700

COUPONS

|Over 10 years

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1977 1978 1979

As of December 31

894.0

1980 1981 1982 1983

January 31, 1984-4
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

100%

Coupons [Jover 10 yrs

H 2-10 yrs

1-2 yrs Bills

1 yr & under

11

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis January 31, 1984-3
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1947

10 Years

5 Months

1945 47 49 51 53 55 57 59

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Months

December 31, 1983

4 Years, 3 Months N^

I I I I L

JFMAMJJASOND

January 31, 1984-2
MATURING COUPON ISSUES

February 1984 - June 1984

(In Millions of Dollars)

Maturing Issues

Outstanding December 31,1983

Total

Held By

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

7 1/4%Nt. 2/15/84

15 1/8%Nt. 2/29/84

14 1/4%Nt. 3/31/84

14 1/8%Nt. 3/31/84

13 7/8%Nt. 4/30/84

9l/4%Nt. 5/15/84

13 1/4%Nt. 5/15/84

15 3/4% Nt. 5/15/84

13 3/4% Nt. 5/31/84

8 7 / 8% Nt. 6/30/84

14 3/8,% Nt. 6/30/84

8,438

5,950

2,914

6,219

5,877

2,587

4,315

3,775

6,018

3,726

6,232

3,913

660

678

719

826

69

511

776

450

544

859

4,525

5,290

2,236

5,500

5,051

2,518

3,804

2,999

5,568

3,182

5,373

60

661

176

642

577

130

683

610

770

169

722

Total 56,051 10,005 46,046 5,200

2J 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 January 31, 1984-7
16-

14-

12-

10-

8-

6-

4-

2-

01—

20-

18-

16-

14-

12-

10-

8-

6-

4-

2-

0

7.7

5.3 4.5

11.9

7.7ll 7.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

8.3

1988 5.8

3.4 P

I i

9.3

1984

8.6

10.1 10.7

5.1 5.6 6.0 726.9 7.4l 7 1

12.5 11.9

8.4 84 p 81Za4

1 111 1 111 I m

6.2

11.8

-3.4

2.8

3.3 2.2

1989

4.6

1990

ilBililliiil "4.8 5.0 4.9

2.6

10.0

86

I

% 3.9

I g

8.0

I

I

6.1

14.2

1986 14.3

13.2

P 1

• I 111

1987

5.5 6.1

I 4.0

6.2

1

7.0

1991

1.7 2.3

8.7 1992

5.6

2.2

1993

63

4.7

7.5

I 6.2 1994

2.9

1.5

3.2

8.3

1

42 3.8

5.0 50

I

2.3

4.1

6.6

1

1.5

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

| Securities issued prior to 1982

New issues calendar year 1982

4

2

0

8

6

4

2

0

12

10

8

6

4

2

0

8

6

4

2

0

JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

%% New issues calendar year 1983

Hf Issued or announced through January 27, 1984 January 31, 1984-5
$Bil.

2

0

2

0

2

0

2

0

2

0

2

0

2

0

4

2

0

8

6

4

2

0

2

0

4

2

0

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil. z=r

— 1.6

26 1995 1.4

-

1996]

—

1997

—

5 1998 ^5_

-

1999

2.2 2000 25

I •

1.5

1.7

0

3.0

1.7

3.2

2.1

2001

2002

2003

2004

2005

2006

2.4 1.6

2J

7.2

3.5

2

0

4

2

0

4

2

0

4 -

2

0

4

2

0

10

8

6

4

2

0

8

6

4

2

0

4

2

0

2.7

1.8

3.9

3.8

I

2007

2008

2009

2010

2011

2012

2013

2014

1.4

8.2

i

1.2

3.6

3.4

4.2

I

4.4

10.3

%

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

H Securities issued prior to 1982

Office of the Secretary of the Treasury mwm &• _i *r\r\*\ Office ofGovernment Finance &Market Analysis 009 New ISSUeS Calendar year 1982

J F M A M J

E53 New issues calendar year 1983

B Issued or announced through January 27,1984

J A S O N D

January 31, 1984-6
$Bil.

10

9

8

7

6

5

4

3

2

1

0

NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.i—

FNMA

till, i il

FHLB^

..ihi I I

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

1979 1980 1981 1982 1983

4

3

2

1

0

-1

-2

13

12

11

10

9

8

7

6

5

4

3

2

1

0

lull

FCA

GNMAMortgage Backed

Securities

ill I

ml

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

1979 1980 1981 1982 1983

♦Less than $50 million. e Partly estimated.

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

w!c.o!G^TMn7F°fna1;ceT&Z^e«An.iy.i. certificates, mortgage-backed bonds, and mortgage participation certificates. January 31. 1984 -16
AGENCY MATURITIES*/

Privately Held

SBil.r

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

Calendar Years Quarterly

v Securities issued through December 31, 1983

Office of the Secretary of the Treesury

Office of Government Finance & Market Analysis

* Less than $50 million.

IV I II III IV

January 31, 1984 -15
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN FEBRUARY 19841-/

Monday Tuesday Wednesday Thursday Friday

1 2 3

6 7

Auction

3 Year^

8

Auction

10 Year2/

9

Auction

30 Year-2/

10

Announce

52 Week

13

Partial Holiday

14 15

Announce

2 Year

16

Auction

52 Week*

17

20

Holiday

21

Announce

5 Year

22

Auction

2 Year*

23 24

27 28

Auction

5 Year^

29

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

J/ Does not include weekly bills

1/ For settlement February 15

.2/ For settlement February 23

n For settlement February 29

si For settlement in early March January 31, 1984-22
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MARCH 19841

Monday Tuesday Wednesday Thursday Friday

1 2

5 6 7 8 9

Announce

52 Week

12 13 14

Announce

2 Year

15

Auction

52 Week*/

16

19 20Announce

4 Year

7 Year

20Year

21

Auction

2 Years/

22 23

26 27

Auction

4 Year &

28

Auction

7 Year^/

29

Auction

20Year*/

30

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

V Does not include weekly bills

2/ For settlement March 22

2/ For settlement April 2

*/ For settlement in early April

Jenuary 31, 1984-9