$Bil

TREASURY FINANCING REQUIREMENTS

July - September 1990

120

100

80

60

40

20

0

Increase

in Cash

Balance

5V2

Department of the Treasury

Office of Market Finance

Uses 1281/2

Coupon ^

Maturities *

State &

Local

1/4

Foreign

Nonmarketables

4 Deficit J/

Sources

a Coupon

^ Refunding

3/4

Domestic

Series

Savings

Bonds

Net Market

Borrowing

1/ Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $5 billion of REFCORP bond proceeds

to RTC, and minor miscellaneous debt transactions.

$Bil

120

100

80

60

40

20

0

October 30, 1990-24
$Bil.

200

150

100

50

0

TREASURY FINANCING REQUIREMENTS

October - December 1990

Uses

Coupon x

Maturities t

Foreign

Nonmarketables

1053/4

31/2

State and

Local

4 Deficit 1/

3/4

1933/4 Sources

a Coupon

• Refunding

Domestic

Series

13/4

Decrease

in Cash

Balanced

Savings

Bonds

Net Market

Borrowing

Department of the Treasury

Office of Market Finance

1/ Includes budget deficit, changes in accrued interest and checks

outstanding, transfer of $5 billion of REFCORP bond proceeds to

RTC, and minor miscellaneous debt transactions.

21 Issued or announced through October 26, 1990.

3/ Assumes a $30 billion cash balance December 31, 1990.

$Bil

-200

150

100

50

0

October 30, 1990-25
$Bil.

40

30

20

10

0

-10

-20

-30

-40

-50

-60 h

—70

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts

4} Balance

ml""'o,w<<,1i.»,<*''».,</' ''*""n,'''"''wiii..h.mi«n«'*»"'m"»»»H^^

Federal Reserve Account

Without New

—Borrowing^ -

%•••<

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

1990 1991

1/ Assumes refunding of maturing issues.

Department of the Treasury

Office of Market Finance October 30, 1990-15
$Bil

TREASURY NET MARKET BORROWING^

Coupons

Over 10 yrs

2 — 10 yrs.

Bills

II III IV

1986

II III IV

1987

II III IV

1988

II III IV

1989

JJExcludes Federal Reserve and Government Account Transactions.

Department of the Treasury

Office of Market Finance

II III IV

1990

$Bil.

October 30, 1990-4
NET NEW CASH FROM NONCOMPETITIVE TENDERS

IN WEEKLY BILL AUCTIONS^

$Mil.

500

400

300

200

100

0

-100

-200

-300

-400

-800

>:

Nov Dec

1989

Department of the Treasury

Office of Market Finance

Net New Cash (Left scale)

••26 Week

^m13 Week

Discount Rate (Right Scale)

—•• 26 Week

—13 Week

Jan Feb Mar Apr May Jun Jul Aug

1990

1/ Excludes noncompetitive tenders from foreign official accounts,

p Preliminary

Sep Oct*

October 30, 1990-2
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$Bil

100

80

60

40

20

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Stripped Form

(Left Scale)

30 Year

120 Year

b«S10 Year

Percent

(Right Scale)

— 30 Year

••• 20 Year

•••i10 Year

••••••••••••••••••••••••••••••••» w*w t&s m*

O N D

1988

J F M A M J J

1989

ASONDJ FMA M J

1990

J A S O*

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance

^Through October 19, 1990

Note: Reconstitution began May 1, 1987 October 30, 1990-18
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.. — 1$Bil.

1 II III IV I II III IV I II III IV I II III IV I II III IVs

1986 1987 1988

e estimate

1989 1990

Department of the Treasury

Office of Market Finance October 30, 1990-5
STATE AND LOCAL MATURITIES 1990 — 1992

$Bil

9

8

6

5

4 -

3 -

2

1

0

IV

1990

Department of the Treasury

Office of Market Finance

mutmm

3.7

Mi^_jAUMHHni&

II III

1991

4.2

s \

if *

* is

IV

"*,♦' '^iS_ s

4.2

*••*** V

II III

1992

IV

SBil

9

8

7

6

5

4

3

2

1

0

October 30, 1990-16
$Bil

50

40

30

20

10

0

CHANGES IN STATE & LOCAL GOVERNMENT SERIES

RELATIVE TO MUNICIPAL BOND ISSUES

III IV I

1986

19 New Issues

H Refunding

— Changes in SLGS

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

1987 1988 1989 1990

$Bil

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance October 30, 1990-6
$Bil,

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Nonmarketable

1986 1990

$Bil.

Department of the Treasury

Office of Market Finance

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

1987 1988 1989

•S/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. October 30, 1990-17
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

$Bil. i 1$Bil.

16-

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

1986 1987 1988

Quarterly Totals

-"Through October 26, 1990. Department of the Treasury

Office of Market Finance

16.3

Ill IV I

1989 1990

16

October 30, 1990-3
%

20

SHORT TERM INTEREST RATES

Quarterly Averages

'•.'•'•••...•••'** .•• •••••

%

20

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance October 30, 1990-22
%

10

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

Federal Funds

Through

week ending

October 24

%

10

8

3Month Treasury Bill  ••••** *•••••••

Commercial Paper

8

Jan Feb

Department of the Treasury

Office of Market Finance

Mar Apr May

1990

Jun

••••••

Jul Aug Sep Oct

October 30, 1990-13
LONG TERM MARKET RATES

Quarterly Averages

A New Aa Corporates

Municipal Bonds

30-Year^

Treasury

%

16

15

%

16

15

14

13

12

11

10

9

8

7

6

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Department of the Treasury

Office of Market Finance October 30, 1990-23
%

9.25

9.00

8.75

8.50

8.25

8.00

7.75

INTERMEDIATE AND LONG TERM TREASURY RATES

Weekly Averages

Treasury 5-Year

i_L

Jan Feb Mar Apr May Jun Jul

t

Through

weekending

October 26

Aug Sep Oct

%

9.25

9.00

8.75

8.50

8.25

8.00

7.75

Department of the Treasury

Office of Market Finance October 30, 1990-14
Department of the Treasury

Office of Market Finance

MARKET YIELDS ON GOVERNMENTS

Bid Yields

4 5 6

Years to Maturity

October 30, 1990-26
$Bil.

1800

1600

1400

1200

1000

800

600

400

200

PRIVATE HOLDINGS OF TREASURY

MARKETABLE DEBT BY MATURITY

0

1979 1980 1981 1982

COUPONS

I IOver 10 years

III 2-10 years

^ 1-2 years

gggggg 1 year & under

BILLS

1983 1984 1985 1986

As of December 31

Department of the Treasury

Office of Market Finance

September 30, 1990. 1841.9

1987 1988 1989

October 30, 1990-11
100%

90

80

70

60

50

40

30

20

10

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution by Maturity

Coupons • Over 10 years

H 2-10 years

11-2 years Bills

11 year & under

17

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Sep'90

As of December 31

Department of the Treasury

Office of Market Finance October 30, 1990-12
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Months74- September 30, 1990

6 Years, 1 Month

/

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 11 79 81 83 85 87 89

Department of the Treasury

Office of Market Finance October 30, 1990-10
MATURING COUPON ISSUES

November 1990—March 1991

(In millions of dollars)

Maturing Coupons

September 30, 1990

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

13o/0 Note 11/15/90 - B

9 5/8% Note 11/15/90 - M

8% Note 11/15/90 - V

8 7/8% Note 11/30/90 -AH

6 5/8% Note 12/31/90 - R

9 1/8% Note 12/31/90 - AJ

11 3/4% Note 1/15/91 - D

go/0 Note 1/31/91 - V

9 1/8% Note 2/15/91 - H

7 3/8% Note 2/15/91 - R

9 3/8% Note 2/28/91 - W

6 3/4% Note 3/31/91 - M

9 3/4% Note 3/31/91 - X

5,701

7,843

13,407

10,605

8,393

11,007

5,512

11,191

7,687

11,592

11,062

8,555

12,147

786

249

2,385

495

168

1,100

397

804

461

1,483

1,000

376

1,500

4,915

7,594

11,022

10,110

8,225

9,907

5,115

10,387

7,226

10,109

10,062

8,179

10,647

498

1,474

1,717

710

871

1,018

498

955

493

1,383

854

803

2,365

Totals 124,702 11,204 113,498 13,639

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

Department of the Treasury

Office of Market Finance

October 30, 1990-7
$Bil.

22

20

18

16

14

12

10

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $Bil

20

18

16

14

12

10

8

6

4

2

0

22

20

18

16

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

12

10

8

6

4

2

0

14

12

10

17.3

18*1^3 19,91 j*21.7 1t}_4 ^ 181

810.2 I 1o-70£3

17.8P

1 io.4gjio.i % A2^ai12i2

Mm

21.5

1

•I llill

18.4

10.8

I

10.9

15.3

I

25 4

1993 27 9

24.1

20.5

23.1

7.6

19.3

6.2 I

I 1 11 III HI

^6.9 • 8'3

10.7

7.1 8.3 7.2

I I 11

13.5 1994 1^8

8.7. 57.1

ll

8.9

I!

1"

"7.3

7.2

"7.7

15.7

I

8.1

I

9.0

12.3

17.2

6.8

18.3

7.7 I

9.6

1995

6.7

1996

7.4

15.8

|

19978192

• I III 9.2

10.8

1

10.2

1998 11.0

1999 9 8

I

2000 11.0

17.5

6.9

I

7.3 I

20.1

8.9 9.4

I

9.7

10.4

1

J FMAMJJASON D

^Bsecurities Issued prior to 1988

J F M A M J J

jNew issues calendar year 1989

A S O N D

Department of the Treasury

Office of Market Finance

New issues calendar year 1988 ililssued or announced through October 26, 1990

October 30, 1990-8
SBH.

2

0

2

0

6

4

2

0

8

6

4

2

0

8

6

4

2

0

4

2

0

2

0

2

0

2

0

2

0

4

2

0

8

6

4

2

0

12

10

8

6

4

2

0

4

2

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

_ 1.3 U 2001 ^ 1.6

Z 1-7 2002 2.6 m

- 2.9 3.2 ««"* 2003 3.3

• I • 1 =

2004 3.6 4.0

• •

8.2

1 -

|| 2005 B90

t= • " 2006

P M2.7 2007 1.2

— 2008 H |3.6

= 38• 2009 • 3Z

Z I-7 Ji 2010 M3.8

-

3.7 B 2011 B4.2

-

2012 • 10.0

—

2013 •""

-

46 • 20|14 I46 l

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

8

6

4

2

0

20

18

16

14

12

10

8

4 -

2 -

0^

18-

16 -

14 -

12 -

10 •

8 -

6 -

4

2

B11.8

7.0

19.0

2015

" .9 H 2016

I18.0 1 2017

8.5 g 2018

I I

2019

2020

100

16.5

M13.8

B^ai9.8

10.3

16.7

•|18.5

r

J FMAMJ JASOND J FMAMJ JASOND

Department of the Treasury

Office of Market Finance

Securities issued prior to 1988 v%TM New issues calendar year 1989

New issues calendar year 1988 111Issued or announced through October 26, 1990

October 30, 1990-9
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN NOVEMBER 199017

Monday Tuesday Wednesday Thursday Friday

1 2

5 6 4 . Auction

3 year 2/

7

Auction

10 year 2/

8 A

Auction

30 year U

9 A

Announce

52 week

12

Holiday

13 14 15

Auction

52 week3/

16

19 20 91

Announce

2 year

5 year

22

Holiday

23

26 27

Announce

2 yeari/

28

Auction

5 yearJ>/

29 30

Department of the Treasury

Office of Market Finance

\] Does not include weekly bills

2/ For settlement November 15

3/ For settlement November 23

AJ For settlement November 30

5/ For settlement in early December

October 30, 1990-19
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN DECEMBER 1990^

Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7

Announce

52 week

10 11 12 13

Auction

52 week27

14

17 18 19

Announce

2 year

4 year

20 21

24 25

Holiday

26

Auction

2 year 1/

27

Auction

4 year 3/

28

31

Department of the Treasury

Office of Market Finance

1/ Does not include weekly bills

2/ For settlement December 20

3/ For settlement December 31

October 30,198040
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 1991^

Monday Tuesday Wednesday Thursday Friday

1

Holiday

2

Announce

7 year

3 4

Announce

52 week

7 8 9

Auction

7 year-2y

10

Auction

52 week2/

11

14 15 16

Announce

2 year

17 18

21

Holiday

22 23

Auction

2 year!/

24 25

28 29 30 31

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

2/ For settlement January 15

3/ For settlement January 17

4/ For settlement January 31

October 30, 1990-21