S. Treasury Borrowing
TREASURY FINANCING REQUIREMENTS

October - December 1998

February 1, 1999-1

0

20406080100120140

160180

Uses Sources 200

$Bil.

Coupon Refunding

Decrease in Cash Balance

1

175

State and Local

2

1 2

1

129

8

129

1

4

4 1 4 1

Cash Deficit 1 

1

24

21

Net Market Borrowing

2

1

3 4

Includes budget result, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.
January - March 1999

Uses 132

TREASURY FINANCING REQUIREMENTS

Includes budget result, direct loan activity, changes in accrued interestand checks outstanding and minor miscellaneous debt transactions.

February 1, 1999-2

020406080100120

Sources 140

$Bil.

Coupon Maturities

State and

Local

Coupon Refunding

Surplus

in

e

1

124

1

124

Market

Paydown

1

4

3

4

3

4

1 2 1

Assumes a $20 billion cash balance, March 31, 1999.

2

2

5 6
TREASURY OPERATING CASH BALANCE

Daily

Total Operating

Balance

ry

February 1, 1999-3

1

Without

New 

and Loan Borrowin

g 

nts Balance

Federal Reserve Account

1 Data points are semi-monthly.

1998 1999

eb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
I III IV I II III IV I II III IV I II III IV I II III IV 

-120-100-80-60-40-20020

40

6080

.1

40.6

61.2

74.5

25.3 25.7

48.1

77.2

-25.7

40.3

41.344.6

-71.5

6.5

17.0

10.3

-97.9

-38.8

24.0

TREASURY NET MARKET BORROWING

$Bil.

1

February 1,1999-4

Coupons

Bills

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Excludes Federal Reserve and Government Account Transactions. 1

1994 1998 1995 1996 1997
 (Billions of Dollars)

NET MARKET BORROWING

January – March 1999

February 1, 1999-5

Issued or announced through January 29, 1999. 1

Total -5.0Done -68.5

Bills

Regular weekly -0.352 week -6.5Cash Management bill -25.0 Total -31.8

Coupons

7 year note -10.62 year note -0.65 year notes — end of month -34.010 year inflation-indexed note 8.5

-36.7

To Be Done 63.5

1
TRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

February 1, 1999-6

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

10-Year Fixed Rate

May, August &

November 1998 Auctions

* 71%

16%

13%

38%

*

7% 

1%

flation-Indexed

& October 1998,

y 1999 Auctions

*

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., insurance cos., and financial cos.Other includes individuals, and nonfinancial cos.
TRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY BONDS

February 1, 1999-7

Primary DealersForeign &InternationalFinancial Insts.InvestmentFundsPension FundsOther

30-Year Fixed Rate

August & November 1998 Auctions

62%

12%

25%

43% 

*

11%

ation-Indexed

 1998 Auction

*Less than 0.5 percent.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., insurance cos., and financial cos.Other includes individuals, and nonfinancial cos.

*

*

1%
February 1, 1999-8

1 Real Price for inflation-indexed note

Correlation: 18.0% STD IIN/STD Nominal = 0.17

R 10-YEAR 3-5/8% IIN AND 10-YEAR 5-1/2% FIXED-RATE NOTE

Daily Data: Beginning 2/12/98

1

979899100101102103104105106107108109110

5-1/2% of 2/15/08

Apr 

May Jun Jul Aug Sep Oct Nov Dec Jan

Price $

3-5/8% IIN of 1/15/08

1998 1999
R 30-YEAR 3-5/8% IIB AND 30-YEAR 6-1/8% FIXED-RATE BOND

Daily Data: Beginning 4/9/98

1

February 1, 1999-9

9698100102104106108110112114116118

1 Real Price for inflation-indexed note

Correlation: -4.05% STD IIN/STD Nominal = 0.2

6-1/8% of 11/15/27

3-5/8% IIB of 4/15/28

ay Aug Jun Jul Sep Oct Nov Dec Jan

1998 1999

Price $
270280290300310320

RICES FOR 10-YEAR 3-5/8% IIN vs. SPOT GOLD

Daily Data: Beginning 1/15/98

February 1, 1999-10

Gold Price ($)

Spot Gold

1 Real Price for inflation-indexed note

Correlation: 24.9% STD IIN/STD Gold = .08

3-5/8% IIN of 1/15/08

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1998 1999
6 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 '99

NET STRIPS OUTSTANDING (1985-1999)*

End of Quarter

February 1, 1999-11

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.Inflation-indexed securities had not been stripped as of January 22, 1999.
III IV I II III IV I II III IV I II III IV I

-15-10-5051015

-6.7

-7.3 -7.6

-0.5 -2.2

5.7

2.5 1.5 3.3

13.8

15.3 15.3

8.4

0.8 0.5

Foreign SeriesState and Local SeriesSavings Bonds

e estimate

e

$Bil.

Y NET BORROWING FROM NONMARKETABLE ISSUES

February 1, 1999-12

995 1996 1997 1998 1999
05101520

Gross Issues 25Redemptions

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

-10-50510

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

Net SLGs

February 1, 1999-13

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

4 1995 1996 1997 1998
IV I II III IV I II III IV I II III IV I II III IV I II III IV

0246810

5.4 5.5 5.7

7.1

5.6

6.7

6.9

10.5

8.2

6.6 6.5

9.6

8.0

3.7

2.6

3.6

2.6

3.4

3.9

4.6

4.0

$Bil.

STATE AND LOCAL MATURITIES 1999-2004

February 1, 1999-14

2000 2001 2002 2003 2004
TERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

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

-40-20020406080100

5.5

57.9

14.9

72.9

21.6

63.7

108.9

55.5

25.1

47.8

11.1 8.9 5.5

-34.1

43.2

February 1, 1999-15

$Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

2

2 Data through November 30, 1998.

1

Nonmarketable

Marketable

Net Auction Awards to Foreign

Other Transactions

1995 1996 1997 1998
88 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 

141618202224262830323436

REIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

February 1, 1999-16

Percent
R FOREIGN HOLDERS OF TREASURY SECURITIES

November 30, 1998 December 31, 1997 December 31, 1996

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Foreign Private Foreign Private Foreign Private

$272.7 21.6% 8.2% $277.6 22.4% 8.2% $263.3 23.9% 7.7%

m 258.5 20.4% 7.8% 251.3 20.2% 7.4% 155.0 14.1% 4.5%

95.5 7.5% 2.9% 93.9 7.6% 2.8% 75.2 6.8% 2.2%

a 47.0 3.7% 1.4% 47.9 3.9% 1.4% 47.2 4.3% 1.4%

44.2 3.5% 1.3% 35.0 2.8% 1.0% 22.6 2.1% 0.7%

43.3 3.4% 1.3% 58.4 4.7% 1.7% 49.5 4.5% 1.5%

41.4 3.3% 1.2% 35.2 2.8% 1.0% 39.6 3.6% 1.2%

40.6 3.2% 1.2% 51.7 4.2% 1.5% 44.1 4.0% 1.3%

37.0 2.9% 1.1% 35.9 2.9% 1.1% 38.7 3.5% 1.1%

34.8 2.8% 1.0% 28.0 2.3% 0.8% 33.7 3.1% 1.0%

31.5 2.5% 0.9% 33.2 2.7% 1.0% 35.5 3.2% 1.0%

mburg 27.8 2.2% 0.8% 26.0 2.1% 0.8% 13.0 1.2% 0.4%

27.0 2.1% 0.8% 13.3 1.1% 0.4% 14.9 1.4% 0.4%

tilles 25.9 2.0% 0.8% 35.7 2.9% 1.1% 38.0 3.4% 1.1%

12.0 0.9% 0.4% 11.5 0.9% 0.3% 13.3 1.2% 0.4%

225.9 17.9% 6.8% 207.0 16.7% 6.1% 218.5 19.8% 6.4%

$1,265.1 100.0% 38.0% $1,241.6 100.0% 36.6% $1,102.1 100.0% 32.3%

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1994

and monthly data collected under the Treasury International Capital reportingsystem.

ry February 1, 1999-17
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

246810

SHORT TERM INTEREST RATES

Quarterly Averages

%

February 1, 1999-18

Federal

Funds

Prime Rate

3 Month

Treasury Bill Paper

Commercial

Through

January 27
February 1, 1999-19

SHORT TERM INTEREST RATES

Weekly Averages

%

345678

Through

January 27

Commercial

Paper

Federal Funds

3 Month

Treasury Bill

Prime Rate

May Jun Jul Aug Sep Oct Nov Dec Jan

1998 1999
89 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

45678910

New Aa

Corporates

0-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

%

Through

January 27

February 1, 1999-20
34567

INTERMEDIATE TERM INTEREST RATES

Weekly Averages

%

FHLMC 30-Year

Conventional

Treasury 5-Year

10-Year InflationIndexed Note 2

12 Salomon 10-yr. AA Industrial is a Thursday rate. The first 10-year inflation-indexed note settled on February 6, 1997.

February 1, 1999-21

AA 10-Year Industrial 1

January 27

Through

Treasury 10-Year

May Jun Jul Aug Sep Oct Nov Dec Jan

1998 1998
2 3 4 5 6 7 8 9 10

3.03.54.04.5

MARKET YIELDS ON GOVERNMENTS

%

Years to Maturity

October 26, 1998

February 1, 1999-22 

10 12 14 16 18 20 22 24 26 28 30

4.55.0

4.55.0

%

%

February 1, 1999
495.7

489.3

457.6

936.8

498.8

TE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

February 1, 1999-23

June 30, 1994

8 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

Bills

 year & under-2 years

2-10 yearsOver 10 years

2,878.3

December 31, 1998
ATE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998

Percent Distribution By Maturity

February 1, 1999-24

upons Over 10 years

2-10 years

1-2 years1 year & under

Bills

17

33

17

17

16
ERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 19475 Months10 Years

5 Months2 YearsDecember 1975

February 1, 1999-25

1

J FMAMJ J ASOND 64

666870

Months

51 55 57 59 53 61 63 65 67 69 71 79 73 75 77 81 83 85 87 89 91 93 95 97

December 31, 1998

5 Years, 6 Months

1 Excludes inflation-indexed securities; including IIS the average length was 5 years

 and 8 months as of December 31, 1998.
Foreign

Investors

Total 

ing Coupons

Federal Reserve Private

Investors

December 31, 1998

MATURING COUPON ISSUES

February — June 1999

(in millions of dollars)

Held by

Totals

sury

e February 1, 1999-26

1

9,720

21,99711,91419,91612,78019,79810,17812,29219,35210,04723,36012,33918,57513,10117,862

233,231

40

4,8331,3633,743

852

4,1151,7821,6313,460

96

6,294

900

2,7711,3873,183

36,450

8,671

18,35310,99918,26010,90518,378

9,104

10,96717,807

8,410

20,49111,46717,55411,45617,023

209,845

1,0493,644

915

1,6561,8751,4201,0741,3251,5451,6372,869

872

1,0211,645

839

23,386

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

NoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNoteNote

02/15/9902/15/9902/28/9902/28/9903/31/9903/31/9904/15/9904/30/9904/30/9905/15/9905/15/9905/31/9905/31/9906/30/9906/30/99

⁄

⁄
9.3 29.3

9.1

28.828.929.0 28.5

9.6

26.3

29.3

27.1

28.3

9.9

27.1

30.0

26.4 27.1

MAMJ J ASOND

7.3 27.0

10.2

25.2

30.0

27.1 25.3 28.325.828.2 28.0 29.424.829.6 28.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

February 1, 1999-27

1999

2000

New issues calendar year 1997 Issued or announced through January 29, 1999

Securities issued prior to 1997 New issues calendar year 1998
0

2468

10121416182022

18.4 17.5

20.0 19.9

3.9

AMJ J ASOND 

11.6

2.9

12.0 11.8

45.6

27.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

02468

101214161820222426283032343638

12.3

19.1

16.0

23.1

12.5

23.1

12.6 13.1

13.2

12.4 13.0 13.4 13.7

23.0

13.3 13.1

02468

10121416182022

14.2

18.1

21.3

17.0

J FMAMJ J ASOND 0

2468

10121416182022

15.5

12.3 12.2

23.1

9.4

2007

$Bil.

20062005

February 1, 1999-28

2001 2004

13.2

10.4

12.4 12.2

16.3

11.8

21.2

11.8 12.2 11.0

3.5

11.5 11.4

2003

2002

New issues calendar year 1997 Issued or announced through January 29, 1999

Securities issued prior to 1997 New issues calendar year 1998
AMJ J ASOND 

17.7 17.5

23.1

11.7 12.4

J FMAMJ J ASOND 0

2468

101214161820222426283032

10.3 10.9 11.2

31.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills 

$Bil.

February 1, 1999-29

2008

4.1 4.2 4.8

2009

2010

2011

2012

2013

2014

02468

101214

16.3 2017 12.5

02468 8.0 8.7 2018

02468

1012141618 18.0 18.5 2019

02468

1012141618

9.1 8.9

20.1

2021

2020

2016

2015 6.0 6.0

New issues calendar year 1997 Issued or announced through January 29, 1999

Securities issued prior to 1997 New issues calendar year 1998
J FMAMJ J ASOND 0

2468

1012141618202224

21.5

MJ J ASOND 

11.3

9.7 9.9

02468

1012141618202224

16.2

10.0 10.0

2028

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

February 1, 1999-30

02468

10121416

11.9

9.8 10.0

2026

02468

101214161820222426

9.9 10.0

20.0

2027

2023

2022

2025

2029 

10.9

2024

Issued or announced through January 29, 1999

Securities issued prior to 1997

New issues calendar year 1997

New issues calendar year 1998