$BI

30

20

TREASURY FINANCING REQUIREMENTS

April - June 1980

Uses Sources

1/2

Gov't Account Investment | 4 Special Issues ^

$Bil.

30

20

Coupon Maturities fr

Nonmarketables:

9 4 Coupon Refundings

10

Foreign 11/21

0

Office of the Secretary of the Treasury

Office of Government Financing

4 Savings Bonds

f 1/4 Other

I Increase in Cash Balance

Net Market Borrowing |

v Net of 2 % billion maturities other than special issues.

Cash

Surplus 1/2

10

0

July 29, 1980-15
$Bil.

50

40

30

20

10

TREASURY FINANCING REQUIREMENTS

July -September 1980

Uses

Gov't Acct Investment }

7

Coupon

Maturities

Savings Bonds

and Other

473/4 Sources

|4 Special Issues

Va

Foreign 4*-

Nonmarketables

^ Coupon

• Refundings

I Cash Deficit Net Market._.,.

Borrowng WZ63/<

Increase in

Cash Balance ±i

1/Assumes $20 billion September 30, 1980 cash balance.

$Bil.

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing July 29, 1980-t6
TREASURY OPERATING CASH BALANCE

Semi-Monthly

-10

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

1979 1980

Office ofthe SecretaryoftheTreasury Office of GovernmentFinancing July 29, 1980-12
$Bil.

80

70

60

50-

40

30

20

10

0

2.8

NET FEDERAL FINANCING REQUIREMENTS

hi Budget deficit

TM Off -budget deficit" 73*7

77.0

$Bll.

80

70

H60

50

40

30

20

10

0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980e 198ie

Officeof the Secretary of the Treasury

Office of Government Financing

•" Consists largely of Federal Rnancing Bank borrowings to finance off-budget programs

e-July 21, 1980 Budget estimates

July 29, 1980-25
-lOTREASURY NET MARKET BORROWING^

Calendar Year Quarters

'l I" IV I II III IV I II III IV I II III IV I II III IV I „ ,

1975 1976 1977 1978 1979 1980

1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury Office of Government Financing

8 estimate

July 29, 1980-6
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil.

10

8

6

4

2

$Bil.

10

8

6

4

2

•10

Savings Bonds

State & Local Series

Foreign Nonmarketablas

I II III IV I

1975

II III IV

1976

Office of the Secretary of the Treasury

Office of Government Financing

II III IV I

1977

e estimate

9.8

II III IV I

1978

II III IV I II llle

1979 1980

•10

July 29, 1980-7
$Bil.

20

16

12

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

Nonmarketable

mm

Marketable

SS0 Add-ons 1

••Other Transactions

I II III IV

1975

II III IV

1976

II III IV

1977

II III IV

1978

Office o) the Secretaryol the Treasury Officeot Government Financing

y F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash.

2/ Partly Estimated.

II III IV I II1/

1979 1980

July 29 1980 14
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS!/

Office of the Secretary ol the Treasury Office of Government Financing

M M J J A

Month of year

-VCash sales less redemptions

ejuly partly estimated

S ON D

July 29, 1980-23
1974 1975

Office of the Secretary of the Treasury

Office of Government Financing

SHORT-TERM INTEREST RATES

Monthly Averages

1976 1977 1978 1979 1980

July 29,1960-18
Jan

Office of the Secretary of the Treasury

OfficeofGovernmentFinancing

SHORT TERM INTEREST RATES

Weekly Averages

%

20

18

16

14

12

i iXli i i i

10

8

6 Feb Mar Apr

1980

May Jun Jul

July 29, 1980-17
%

16

15

14

13

12

11

10

9

8

7

6

5

LONG MARKET RATES

Monthly Averages

—

* -

i'\

1 i

i i

i i • •

/A i

1: !» -

—

If \\

i

,..-... New Aa Corporates

w $ fl m 5^

^ - 1f \ * —

S IJ \ - , ^ New Conventional ^S~\ //^ \/

Mortgagesl .-•*• 1 A //

2+ *—V\ /""j^^V J

A " M ^^ ^^— ^^ * ^ "^iflflK

^ " ' " I ^ ~^^>^ ^ Treasury

-—*./ ^ New 20-1

Municipal fear >*.Bonds \ '«»•«%,

20-Year ^

Through

July 25, 1980

Mill i I i i I i i i i i i i i I I i i i i i i i 1111 i ! 1111111 1111 M 1 M l I I I I I I I I I I I

1974 1975 1976 1977 1978 1979 1980

%

16

15

14

13

12

11

10

9

8

7

6

5

Office

Office

of the Secretary of the Treasury

of Government Financing July 29, 1980 20
%

16

15

14

13

12

11

10

9

8

7

6

/

Jan

Officeof the Secretary of the Treasury

Officeof Government Financing

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Treasury 10-Year

Municipal Bonds

New 20-Year

New Aa

Corporates

s v

Feb Mar

s . Treasury 20-Year* -^

x»......^—.......

Treasury 7-Year

I II I I I ll I I I II

Through

week ending

July 25, 1980

I I I I

Apr

1980

May June July

%

16

15

14

13

12

11

10

9

8

7

6

July 29, 1980-19
MARKET YIELDS ON GOVERNMENTS

Bid Yields

%

17 _/"\ %

13

%

17

V 12 —

12

16 \ Marc 124,1980 u

-W- 10

"" 91

a——;———••*^T——»—ww,^.„.l.,M. <«••»•< 11 ~

1° _

16

15 __L _.

15

14

13

0 12 14 16 18 20 22 24 26 28 30"

14

13

12

11

•~\ April 28, 1980 12

11

10 —

O^l ** ^^^^^

—

10

9 — ^. ^ —9

8 —

July 28, 1980 —

8

7 —

I I I I I I I I I I I I I I I I I I I I I I I I I I f 7

() 2 3 4 5 I5 7 8 9 1 0

Years to Maturity Office a

Office ol

the Secretary of the Tn

Government Financinj

usury

July 29. 1980-26
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil

Office of the Secretary of the Treasury

Office of Government Financing

Mar. Apr. May

1980 Auction Dates

1/ Discount basis.

2J New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively. July 29, 1980-10
100

80

60

40

20

0

PERCENT DISTRIBUTION OF NONCOMPETITIVE

TENDERS IN QUARTERLY REFUNDINGS

Individuals: \Z\ $200,000 and Over

M Banks and Dealers

$25,000-199,000 Z2 $10,000-24,000 & $1,000-9,000

IAll Other

9 % 9 % 9 Ve% 115/a% 10% % 10%% 1178 % 12% 11 %%

Nt. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd.

August 1979 November 1979 February 1980

91/4% 103/4% 10%

Nt. Nt. Bd.

May 1980

%

100

80

60

40

20

0

Office of the Secretary of the Treasury

Office of Government Financing July 29, 1980-8
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

100 £

1970 1971 1972 1973

Office of the Secretary of the Treasury

Office of Government Financing

1974 1975 1976

As of December 31

1977 1978 1979

July 29, 1980-2
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

2l

June 1967

5 Years

1 Month

June 30, 1980

3 Years

10 Months

\

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 '80

Office of the Secretary of the Treasury

Office of Government Financing July 29, 1980-1
$Bil

900

800

700

600

500

400

300

200

100

0

TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL FUTURES CONTRACTS^

$Bil

OPEN INTEREST

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

1976 1977 1978 1979 1980

m- f!smt F j

I II III IV

1976

TRADING VOLUME

$BH.

900

800

700

600

500

400

300

200

100

I II III IV

1977

I II III IV

1978

II III IV

1979 1980

Office of the Secretary of the Treasury

Office of Government Financing

-"Contracts traded on the International Monetary Market (IMM)

July 29, 1980-11
$Bil.

3

0

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS ^

6 mo.

3 mo.

Estimated

Deliverable

Supply2"

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun

1976 1977 1978 1979 1980

-!/Contracts traded on the International Monetary Market (IMM).

i/Consists of the amount of accepted competitive tenders for the new

3 month bill and the 6 month bill issued 3 months earlier. juiv29,1980-13 Office of the Secretary of the Treasury

Office of Government Financing
OWNERSHIP OF MATURING COUPON ISSUES

August - December 1980^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Foreign Longterm 2/

Investors

Intermediateterm §/

Investors

6 3/4% Nt. 8-15-80

9% Nt. 8-15-80

8 3/8% Nt. 8-31-80

6 7/8% Nt. 9-30-80

8 5/8% Nt. 9-30-80

8 7/8% Nt. 10-31-80

3 1/2% Bd. 11-15-80

7 1/8% Nt. 11-15-80

9 1 /4% Nt. 11-30-80

5 7/8% Nt. 12-31-80

9 7/8% Nt. 12-31-80

3,436

1,610

2,975

1,983

3,175

3,370

1,126

3,798

2,851

2,654

3,003

916

426

739

652

787

829

66

1,042

652

644

579

8

4

43

13

18

285

143

24

12

29

6

235

82

177

297

201

218

144

313

174

420

179

127

45

235

67

157

263

132

232

95

210

60

398

12

58

224

166

84

66

388

148

682

44

637

1,041

951

371

863

655

575

1,086

1,221

297

1,426

1,115

772

359

983

1,036

713

549

372

709

TOTAL 29,961 7,332 585 2,440 1,623 2,270 9,123 6,608

Office of the Secretary of the Treasury

Office of Government Financing

y Amounts for investor classes are based on the May 1980 Treasury Ownership Survey.

21 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.

July 29, 1980-21
$Bil.

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

4

2

6.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil

6.4

1980

7.0

5.0 5.2 49

13.0 | 3^|2.9

1982

4J>4.3

I

6

4

2

0

8 -

6 -

4 -

2.8

6.1 1985 6.4

4.1

I

1986 7.5

4.0434.0 pl| 4^^4.0

11

4.6

I

I

4.6 1987

5.8

I

4.5

I

2.9

5.2

1

1983

2.7

1.0P

2.4 2.5

i

1984

3.2

>.7

I

S3

3.5

I

2.4 2.7

2.4 2 2 2.5

111

0

4

2 -

0

2-

ri

1.5

2.0

•

2.4 1988

1989

2.2

1990

.3

1.8

2.3

3.9

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury

Office of Government Financing

Securities issued prior to 1978

New issues calendar year 1978

New issues calendar year 1979

Issued or announced through July 25, 1980

July 29, 1980-3
$Bil.

2

0

4

2

0

4

2

0

4

2

0

2

0

2

0

2

0

2

0

2

0

4

2

0

1.8

2.9

1.8

2.2

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.i 1 , 1991 2001

1992

2.9

1993

2.2 1.4

1994

1.5 1.5

1995

1996

1997

1998

.5

1999

2000 2.5

0

2

0

2h

2-

0

2.7

I

2.0

2.1

3.9

1

2002

2003

2004

2005

2006

2007

2008

2009

2.0 2010

.7

1.4

B9

1.2

3.6

2.0

JFMAMJJASOND JFMAMJJ ASOND

|New issues calendar year 1979

|Issued or announced through July 25,1980 Office oftheSecretary oftheTreasury Office ofGovernment Financing

Securities issued prior to 1978

New issues calendar year 1978

July 29,1980-4
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$BH, , 1 i , , $Bil

4

2

1

0

-1

5

4

3

2

1

0

.1 • •_

FNMA

mlhi1.

1" *

FHLB"

.ill

r

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

1976 1977 1978 1979 1980

* Less than $50 million.

111!Ill

FCA

M.Ililli

GNMA

Mortgage Backed

Secur ties

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

1976 1977 1978 1979 1980

Office of th« Secretary of the Treasury

Officeof Government Financing

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

mortgage-backed bonds, and mortgage participation certificates. July 29, 1980-24
$Bil.

16

14

12

10

8

6

4

2

0

4

2

1980

14.5

14.0

5 21984

1981

1985

3.1

I 2.4

iil

AGENCY MATURITIES^

1982

1986

1.7 1.7

I..I

Privately Held

$Bil

1983

5.0

1987

1,5 H-,.2

ll

1988

i.oUli2

2 - 1992

.2 .2 .1

1996

.6

2000

2004

2008

.3 -4

2012

.5

1989

JL .4 .4

1993

1997

3 .2 -5

1.1

2001

.1

2005

.2 .1

2009

.4 .4

2013

.2

1990

.8

1994

.1

1998

.1 .2 .2 .1

2002

.2

2006

.1 .1

2010

2014

.2

1991

.3 £ -4

1995

.1

1999

2003

2007

.3 .2

2011

2015

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

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

u. Issued or announced through June 30, 1980.

July 29, 1980-22