TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
$Bi

i T
Bi

ts 2a
=. a
237
67
=
® E
ca 124 |
% E | i
| i

JJ AS ON D J oF MAM J JS AS ON D

IMM Securities issued prior to 1994 [7] New issues calendar year 1995
New issues calendar year 1994 [55] Issued or announced through October 25, 1996

Deparment fhe Trassy

ton ot vast Finance tober 26, 1986.27

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
‘Bil

2005 +

2007.

|
2008 ii
if 36] ij
i | 2009 = D018 7
2010 l | |
og 2011 | L !
7 =F ] 2019
2012 grow | ee
i i | jee | |
| 2013 gy’ | 1 8E '
| \ | ake i
| ee |
| aE
J oF MAM J J AS ON D J oF MAM J J A S ON D

HI Sccuritios issued prior to 1994
[E22 New issues calendar year 1994

New issues calendar year 1995

[229 Issued or announced through October 25, 1996

‘Ofien of Mar

tober 28, 1906-28


SECURITIES HELD IN STRIPS FORM 1994-1996

Percent of Privately Held
Yo %

=

[BB As of october 31, 1994

[7] As of October 31, 1995
40 |-
{1} As of October 18, 1996

20

|
|

0
Less 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,

cupatnertctte manny 1994 i8Sued on November 15, 1984, was the first STRIPS-eligible security to mature.

nos haret France owner 28,1989

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil, ‘$Bil.
8 48
6 6
4 4
2 2
0 oO
2 2
4 | 4
Ae AZ |) 23 a
| Savings Bonds 47
38/- 8
| State and Local Series i
10 a 39 4-10
ak | | Foreign Series tae
14 | | | i 14
fon om Wor on th Wor on om Mr on om vette
1992 1993 1994 1995 1996
© estimate
Depmrmert te Tray

(ten ot area Farce ‘octet 28, 2006-10


LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

Through} 1°
October 23,

A

ee iy
yy,

Ny
"ay
tn

30-Year
30-Year \
Treasury 30 auth
6 Municipal Bonds hy, fl ‘wt Mut
Nunatl mt
| |
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Ovparment ott Tsay
fino Pane oer 26199819

INTERMEDIATE TERM INTEREST RATES

Weekly Averages*

" a ‘ %
FHLMC 30-Year n PNT ely my
8 Conventional , rs / ‘ \ ’ we
» 4 od -/ vue
mse AA 10-Year industrial
1 > a
7 7
6 6
Treasury 5-Year
Through]
October 23}
5 5
Jan Feb Mar Apr May ‘dun Jul Aug Sep Oct

1996
* Salomon 10-yr. AA industrial is a Thursday rate.

Cctober 28, 1996:20


STATE AND LOCAL MATURITIES 1996-1998

$Bil, $Bil.
el. 6.0 ae
5.2
47 4.7
4.4
42
4h 3.8 3.8 4
2b 2
0 é H q
IV i} I vi Vv 1 it tt
1996 1997 1998
Opes te Tan
oereiSsthane cnet 2 1881

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. $Bil.
68.2
90 Nonmarketable —490
C 80
OF Marketable “|
70}— {7 Net Auction Awards to Foreign / +70

60

Ml Other Transactions 18 1160

50 50
40 40
30 30
20 20
10 10
i) oO
-10 4-10
-20 -20
30 ton om Ww ; i toon WV | Wott ow ! not WwW ; too ow? “0
1992 1993 1994 1995 1996

1 Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt lim.
eee 2 Data through August 31, 1996.
Ota arian Prana ctor 28. 306-14


SALES OF UNITED STATES SAVINGS BONDS
1980 - 1996

SBil.

eee seee sees eee See eee ee eee eee ee eee eee ee ee
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 19941995 96e

End of Quarter
e estimate

Deparment of he Tansy
Shes of Maret Panes (rote 28, 1906-1¢

STATE & LOCAL GOVERNMENT SERIES

Bil SBil.
8 ?
10 Fe, .110
5 — Gross Issues 7
=== Redemptions
0 | Lit,
SBil. SBil
i) 0
5 445
==" Net SLGs
-10 Lt —a L “10
bono om Wot om WW tt
1992 1993 1994 1995 1996

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

toa of Marat Finance Cceote 28, 1006-12


SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate Through
October 23
10 10
8 8
6 46
4 Treasury Bill —4
geiselisitriitiiii tii tii titi piitivi pili
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

Deparment othe Treasury

SHORT TERM INTEREST RATES

Weekly Averages

% %
Br _* 8
Prime Rate
ae Throust| 7
October 28
6— Federal Funds Commercial 6
2. Paper
. 4
5
3 Month
Treasury Bill
glib boobed aan bosidy
Jan Feb Mar = Apr.—s Mays Jun. ul’ «Ss Aug. Sep. Oct
1996

Doparmect oe Treasury
(tor of Maret Finance


TREASURY FINANCING REQUIREMENTS

July - September 1996

SBil. T $Bil.
Uses 17 Sources
150 150
Coupon Maturities I @ Coupon Refunding
100 100
State and Savings
“ Bonds
50}— Increase 1 1 50
in Cash ee tLe Sa
Balance
. @ veticit” Not Market gy
6% Borrowing
__—_—e ~ 0

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

Deparment one Texan
Gos hia Poares Caaber 28 1006-1

TREASURY FINANCING REQUIREMENTS

October - December 1996

$Bil. $Bil.
Uses | Sources
200 191% 200
175 {175
150 |— {150
rea 127% 127% « Coupon Refunding
125 |— 4125
100 |- 100
Savings Bonds
a —|75
75 : l i
50 State and Local > * Decrease in_| 59
F Cash |
2s « Deficit!” Net Market Borrowing ps Balance” 2s

1y Includes budget deficit, direct loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions.

2/Issued or announced through October 25, 1996.
% Assumes a $20 billion cash balance December 31, 1996.

Deparment of th Taaaey
Otten at Manet Fran eon aero


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons Lover to years [1 1-2 years Bi sills
Oi 2-10 years 1 year & under
100% [-
15
80 +
33
60
7
40k
16
20 +
011985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 Sep ‘96
As of December 31
neat Tay
Oar ane renee otra. 80088
AVERAGE LENGTH OF THE MARKETABLE DEBT
Privately Held
Years
< June 1947
10 Years Months
10 5 Months

September 30, 1996
5 Years, 3 wT

December 1975

5h 2 Years
5 Months
at
|
3H

Litititil Pitti iit Litvittiip titi tii tii
94547 49 5153 36 67 59 61 63 65 67 69 71 73 75 7779 81 83 85 87 89 91 93 95

Deparment fe Teas


MARKET YIELDS ON GOVERNMENTS

% %
_—
eo poerer@
tl ae
July 29, 1996 ol
4 oan

65}—- por “65
6.0}— Sf. + 6.0

fd October 28,1996 % %

’ ; tose 5

a

sto +55

i 6. 465

AL ca a
5.0 : 1 5.0

O 1 2 3 4 5 6 7 8 9 10
Years to Maturity

COxpanment of tm Trassuy
fica o Maret ance tebe 28, 1006-21

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

$B BY MATURITY
il.
3000} [_] Over 10 years September 30, 1996 ——> 3011.2
|
[7] 2:10 years 433.7
Cet i= 1-2 years
oooo [5 1 year & under oda
Ey ais
1500
ut
1000
481.0
ia

90
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
As of December 31

Depart of hm Toaney

ce of Marat Fano ‘occbar 2, 08-22


FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT

Percent
30 |-

28

26

24

22

20

18

16

Lisiil

Lo

Percent
30

i 28

26

24

— 22

— 20

18

16

1985 1986

eparmant of the Tessin)
‘inet arc

1987 1988 1989 1990 1991 1992 1993
Quarterly

1994

14
1995 1996

October 26, 1996.15

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

December 31, 1994

December 31, 1995

‘August 31, 1996

Asa%sot |Asa%ot

‘As a%ot |Asa%of
Tota. | Total

SBillions | Total | Total || Billions $ Billions
Country Foreign | Private Private
Japan || $175.7 25.5% 5.5% || $219.9 25.5% 6.7% || $2633 25.9% 7.8%
United Kingdom 91.0 13.2% 2.9% || 1236 14.3% 3.8% || 164.0 16.1% 4.8%
Germany 54.4 7.9% 1.7% || 53.7 62% 1.6% 67.1 6.6% 2.0%
Netherland Antilles 276 4.0% 0.9% |, 50.9 5.9% 1.8% 61.0 6.0% 1.8%
Mainland China 205 3.0% = 0.6% || 34.9 4.0% «1.1% || 38.0 3.7% = 1.1%
Taiwan 25.8 3.7%  0.8%|| 24.0 28% 0.7% 373° 3.7% 1.1%
OPEC 25.7 3.7% 0.8% || 280 32% 0.8% 345 3.4% 1.0%
Switzerland 32.4 4.7% 1.0% || 97.0 4.8% = 1.1% 34.0 3.4% 1.0%
Singapore 219 3.2% 0.7%|| 297 3.4% 0.9% 316 3.1% 0.9%
Canada 246 3.6% 0.8% |) 25.1 2.9% 0.8% 30.3 3.0% 0.9%
Hong Kong (138° 2.0% 0.4% | 188 2.2% 0.6% 25.0 25% 0.7%
Spain 279 41% 0.9%! 193 22% 0.6% 243 24% 0.7%
Mexico 79° 11% 0.2% || 16.4 1.9% 0.5% 169 1.7% 0.5%
Beigium 13.1 1.9% 0.4% |} 12.7 15% 0.4% 131 1.3% 0.4%
France 97 14% 0.3% 92 11% 0.3% 66 06% 0.2%
Other 116.7 16.9% 3.7% || 158.9 18.4% 4.8% | 1713 16.8% 5.0%
Estimated
Foreign Total 688.7 100.0% 21.7% || 862.1 100.0% 26.2% || 1018.3 100.0% 30.0%

Note: AP's are included in“other’. Detail may not add to totals due to rounding.
Source: Treasury Foreign Portfolio investment Survey benchmark as of end-year 1989

Deparment of he Tass
‘ftcw ot Maret Farce

and monthly data collected under theTreasury Intemational Capital reporting

system,

‘Cer 28, 1806-16


S$Bil,

NET STRIPS OUTSTANDING (1985-1996)*

200}

150}—

50;-

(Litt

0
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994

End of Quarter

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

opment fh Tovaniy
men of Maret France

‘SBil.

80

60

40

20

1995 1996

tober 28. 1096-7

SECURITIES HELD IN STRIPS FORM 1994-1996

Privately Held

Strippal Stripped
[Ey As of october 31, 1994: $753.1 billion, $225.0 billion

Z| As of October 31, 1995: $800.9 billion, $226.4 billion

BB As of October 18, 1996: $859.6 billion, $226.9 billion

i

apart he Taaney

1
ae.. @

Less than 5 years 5-10 years. 10-15 years 18-20 years 20-25 years

Years Remaining to Maturity
* Approximately $3 million

_|$Bil.

25-30 years

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-oligible security to mature.

Often of aren Fae


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
38. -
ne

2020 ,; BE 2023 |
cf] ae! i Ey |
4
3 |
| iF |
i 2 |
T
2021 we ee I 2024 i
1 a [
fe | i
[ | |
2 |
Be 2025 |
an BE | |
ge ge | a
ie [ | |
Ute 1
a= Li |
2022 2026
oo 102 e | 100 |
; OF
| | co | i
J oF MAM J JS AS OND J oF MAM J J A SON D
IME Securities issued prior to 1904 [7] New issues calendar year 1995
New issues calendar year 1994 [E53 Issued or announced through October 25, 1996
Otc” eter 28, 196-20
TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN NOVEMBER 1996”
Monday Tuesday Wednesday Thursday Friday
Announce
52 week
4 5 8
Auction 8 Auction, ’ iiction
3 1 ay ye
year’ 0 year: 52 week
" 12 13 Announce | 14 15
Holiday 2 year
5 year
18 19 20 ‘ 24 22
Auction Auction
2yearY 5 yeart/
25 26 27 28 29
Announce
Holiday 52 week5/

-Y Does not inciude weekly bills
2/For settlement November 15
/ For settlement November 14
4/For settlement December 2

Depart of i Teasy '5/For auction December 5 and settlement December 12

‘eater 29, 1956-90


NET NEW CASH FROM NONCOMPETITIVE TENDERS IN
WEEKLY BILL AUCTIONS”

$Mil,

100

Discount Rate %

45.25

-200
Net New Cash (left scale) Discount Rate (ight scale)
-300 | © 26 week sneeoe 26 wook
Wl 13 week "13 week
oot bet
Oct Nov Dec Jan Feb Mar Apr_—s Mays duns Jul’«Ss Aug. «SsSep—Octp
1995 1996
‘Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.
apart of Tranny Preliminary
fee tae hance

NONCOMPETITIVE TENDERS IN TREASURY NOTES AND BONDS”

‘$Bil. S$Bil.
7
eae (2&5 Year _las
Gs year
3.0/~ f] EZ] 10 Year 30
L f (=) 30 Year
2.5-- Hu} 25
2.0}- ln {2.0
1.5h- | 15
Hl
1.0}~ 13 3 1.0
| | :
i
ost |] | 05
I] | H
| | | | | F i) }
ol tll Li mE me HLL HH loo
OND TEM AMI SAS OND DFM MJ J AS Op
1994 1995, 1996

apermant of 0 Teesiy
‘Ofc fhm ane

* Excludes noncompetitive tenders from foreign official accounts and tha Federal Reserve account.
Pp Proliminary
‘The maximum noncompetite award to any noncompetitive bidder is $5 million, elective November 5, 1991

Ettective February 11, 1992, « noncompetitive bidder may not hold a position in WI trading, futures, or forward contracts,
nor submit both competitive and noncompetitive bids for its own account.


TREASURY OPERATING CASH BALANCE

Semi- Monthly
_ Without
Total Operating [— New —>
Balagoe Tax and Loan Borrowing 1/
Accounts Balance
40 [~ a
* Wee
\

Federal Reserve Account

-40 |-

L i | | i ! i 1 | | | !
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1995 1996

* Assumes refunding of maturing issues.

spar of te Treasury
ten of Marat Finance Coetober 26, 1906-9

TREASURY NET MARKET BORROWING ~

$Bil.| SBil.
100 }— — 100
84.6
gol. 98 leo
60 60
40 40
20 @ ~ i : Vt _ joo
0 0
Coupons
-20;— (2 over 10 yrs —4-20
EJ 5-10 yrs?
~40 |— (2) 2- under 5 yrs —|-40
Bills 25.7
go ! i 1,
toh ow wor th Wm wor ot ot wot ob it wot oom we
1992 1993 1994 1995 1996

| Excludes Federal Reserve and Government Account Transactions.
2 7 year note discontinued after April 1993.
2 Issued or announced through October 25, 1996

Deparment the Yaasury
Ofer ot haw inaes Oot 28, 1905-4


8
g

MATURING COUPON ISSUES
November 1996 - March 1997
(in millions of dollars)

‘September 30, 1996
Held by
Maturing Coupons Federal Reserve
uae & Government | Private Foreign1/
Accounts investors | Investors

71/4% Note 11/15/96 20,259 1,129 19,130 553
43/8% Note 11/15/96 22,065 4,528 17,537 1,924
6 1/2% Note 11/30/96 9,871 210 9,661 1,188
71/4% Note 11/30/96 18,940 265 18,675 3,085
61/8% Note 12/31/96 9,635 200 9,435 610
712% Note 12/31/96 19,608 1,275 18,333 2,049
8 % Note 01/15/97 7,852 606 7,246 151
6 1/4% Note 01/31/97 9,464 150 9,314 587
71/2% Note 01/31/97 19,002 400 18,602 3,148
43/4% Note 02/15/97 19,832 1,795 18,037 3,534
63/4% Note 02/28/97 9,948 472 9,476 1,048
67/8% Note 02/28/97 18,816 597 18,219 3,662
67/8% Note 03/31/97 11,302 484 10,818 2,056
65/8% Note 03/31/97 19,354 1,050 18,304 4,629

Totals 215,948 13,161 202,787 28,223

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

Daparrnnt tna Treakury

TREASURY MARKETABLE MATURITIES

etter 28, 1096.25.

Privately Held, Excluding Bills
1996

SSREBLEREBE cnaomdHeHsSRVRBSRESS

a

onaoadhe

apart of th Teoasury

M
HB Sccurties issued prior to 1994
EEE New issues calendar year 1994

A

M

J

J A

s oO

[2] New issues calender year 1995
EES) Issued or announced through October 25, 1996

Geter 28, 1096-28


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN DECEMBER 1996

Monday Tuesday Wednesday Thursday Friday
2 3 4 5 6
Auction
52 week”
9 10 12 13
Announce
2 year
5 year
16 7 19 20
Auction Auction
2yearY 5SyearY
23 24 25 26 27
Announce
Holiday 52 week Y¥
30 31

Deparmont fhe Teaasury
Ofies of are! Fares

/ Does not include weekly bills
2 For settlement December 12
{For settiement December 31
4/For auction January 2 and settlement January 9

‘car 90, 1806:

TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN JANUARY 1996”

Monday Tuesday Wednesday Thursday Friday
1 2 3
Holid. Auction
ney 52 week”
6 7 8 9 10
13 14 15 16 7
Announce
2 year
5 year
20 21 22 23 24
Holiday Auction Auction Announce
2yearY 5 year 52 week
27 28 29 30 31
Auction
52 week¥

Deparment of he Treasury

.1/ Does not include weekiy bills. Schedule for infiation-
indexed note to be announced subsequently

2/ For settlement January 9

{Y For settlement January 31

4/For settiement February 6