TREASURY FINANCING REQUIREMENTS

October - December 1992

Uses Sources

1881/2

$Bil.

200

175

150

125

100

75

50

25

0

Coupon Maturities ^

State and Local

4 Coupon Refunding

Savings Bonds

Department of the Treasury Office of Market Finance

4 Deficit y

Net Market ^

Borrowing W

Decrease in Cash Balance ^

y Includes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

$Bil.

200

175

150

125

100

75

50

25

0

February 1,1993-26
$Bil.

160

120

80

40

0

TREASURY FINANCING REQUIREMENTS

January - March 1993

Uses

Coupon Maturities ^

State and Local

%

163

Foreign Nonmarketables

^Deficit'

Sources

4 Coupon Refunding

Savings Bonds

V/2

Net Market

Borrowing • 67S

M

To be

done

y Includes budget deficit, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

^ Issued or announced through January 29, 1993.

3/Assumes a $20 billion cash balance March 31, 1993.

Decrease

in Cash _

Balances

|83/4 10

$Bil.

160

120

80

40

0

Department of The Treasury

Office of Market Finance February 1, 1993-27
TREASURY OPERATING CASH BALANCE

Semi- Monthly

$Bil.

60

40

Total Operating Balance Tax and Loan

20 —

0

Federal Reserve Account

-20 —

-40

Without

— New "~

BorrowingV

t

•

t

t

•

-60

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

1992 1993

Department of the Treasury

Office of Market Finance

y.Assumes refunding of maturing issues.

February 1, 1993-20
TREASURY NET MARKET BORROWING v

$Bil.

100

80

60

-40

1989

Department of the Treasury

Office of Market Finance

Coupons

"HI Over 10yrs.

£2 2-10 yrs.

Bills

52.8 51.1

IV I

64.6

32.6

II I

1990

103.5

IV I IV I

1991

1/ Excludes Federal Reserve and Government Account Transactions.

1992

IV I

1993

•20

•40

February 1,1993-8
$Bil.

160

140

120

100

80

60

40

20

0

NET STRIPS AS A PERCENT OF PRIVATELY HELD

STRIPPABLE SECURITIES

Held in Strippable Form Percent

(Left Scale) (Right Scale)

130 Year — 30 Year

m 20 Year ^ra 20 Year

10 Year — 10 Year

4 VA Y4 N w

J FMAMJJASONDJ FMAMJ JASON

1991 1992

'Through January 22, 1993

D J*

%

70

60

50

40

30

20

10

0

Department of the Treasury

Office of Market Finance February 1, 1993-28
-600

NET NEW CASH FROM NONCOMPETITIVE TENDERS IN

WEEKLY BILL AUCTIONS v

Discount Rate %

jTV Net New Cash (left scale) Discount Rate (right scale)

• 26week ...... 26 week

• 13week — 13week

4.0

3.5

3.0

- 2.5

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

1992 1993

Excludes noncompetitive tenders from foreign official accounts and the Federal Reserve account.

Department of the Treasury p Preliminary

Office of Market Finance February 1,1993-19
LU

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CO F

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TJ CO = £ 3 .o 2

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Li.

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o m m
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

1989

Department of the Treasury

Office of Market Finance

1990 1991

e estimate

IV le

1992 1993

February 3, 1993-17
$Bil.

SALES OF UNITED STATES SAVINGS BONDS

1980-1992

iii iii

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Department of the Treasury

Office of Market Finance February 1,1993-25
STATE & LOCAL GOVERNMENT SERIES

$Bil

10

0

Gross Issues

Redemptions

II III IV

1988 1989

Department of the Treasury

Office of Market Finance

III IV

1990

III IV

1991

$Bil.

A — 10

II III IV

1992

0

February 1,1993-9
STATE AND LOCAL MATURITIES 1993 -1995

I II III IV

1993

Department of the Treasury

Office of Market Finance

III IV I

1994

I III IV

1995

February 1, 1993-24
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES $Bil.

35

30

25

25.8

Nonmarketable

Marketable

V Add-ons"

Other Transactions

18.1

II III IV

1989 1990

IV I

1991 1992

Department of the Treasury

Office of Market Finance

\J F.R.B purchases ofmarketable issues as agentsfor foreign and international monetary

authorities which are added to the announced amount of the issue.

2/ Preliminary

$Bil.

\sj2J

35

30

25

20

15

10

H 5

0

-5

H-10

15

20

February 1, 1993-15
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

Department of the Treasury

Office of Market Finance

II III IV I

1990 1991

Quarterly Totals

1/4 year notes not issued after December 31, 1990.

2/Through January 29, 1993.

II III IV

1992

February 1, 1993-16
%

12

10

8

Commercial

Paper

SHORT TERM INTEREST RATES

Quarterly Averages

Prime Rate

3 Month

Treasury Bill

Through

January 27

12

10

8

— 4

2 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 i i I i i i I i i i l i i i l i i i l2

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury

Office of Market Finance February 1, 1993-5
%

i i i i i

SHORT TERM INTEREST RATES

Weekly Averages

Commercial

Paper

Prime Rate

Federal Funds

3 Month

Treasury Bill

i i i i il i i i i li i i i

Through

January 27

i i i i i i i i i i i i i i i i ii i i i i i i i

%

Apr May Jun Jul Aug

1992

Sep Oct Nov Dec Jan

1993

Department February 1,1993-4 of the Treasury

Office of Market Finance
%

LONG TERM MARKET RATES

Quarterly Averages

New Aa Corporates

Through

January 27

%

14

13

12

11

10

9

8

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993

Department of the Treasury Office of Market Finance February 1,1993-7
%

8

INTERMEDIATE AND LONG TERM INTEREST RATES

Weekly Averages

Treasury 30-Year

Apr May Jun Jul Aug

1992

Sep Oct Nov Dec

Through

January 26

Jan

1993

8

Department of the Treasury

Office of Market Finance February 1,1993-6
%

MARKET YIELDS ON GOVERNMENTS

5 —

^—

- _ ~ ~

October 30,1992

—

^ ~*± —

—

February 1, 1993

—

^ %

rf

7.5

7.0

6.5

6.0

1

-

7.5 —

7.0

6.5 _

6.0

0 12 14 16 18 20 22 24 26 28 3 0

%

4 5 6

Years to Maturity

8 10

Department of the Treasury Office of Market Finance February 2,1993, 29
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1982 1983 1984 1985 1986 1987 1988

As of December 31

Department of the Treasury

Office of Market Finance

1989 1990 1991 1992

February 1, 1993-2
100%

80

60

40

20

0

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons E2 Over 10 years • 1-2 years • Bills

EH 2-10 years M 1 year &under

F7771 VS

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

As of December 31

February 1, 1993-3

Department of the Treasury

Office of Market Finance
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

194547 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91

Department of the Treasury

Office of Market Finance February 1,1993-1
MATURING COUPON ISSUES

February - June 1993

(in millions of dollars)

Maturing Coupons

December 31,1992

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

ForeignJ/

Investors

10 7/8% Note 02/15/93

8 1/4% Note 02/15/93

8 3/8% Note 02/15/93

4 % Bond 02/15/93

6 3/4% Bond 02/15/93

7 7/8% Bond 02/15/93

6 3/4% Note 02/28/93

9 5/8% Note 03/31/93

7 1/8% Note 03/31/93

7 3/8% Note 04/15/93

7 % Note 04/30/93

10 1/8% Note 05/15/93

7 5/8% Note 05/15/93

8 5/8% Note 05/15/93

4 1/8% Bond 05/15/93 2/

7 % Bond 05/15/93 %/

6 3/4% Note 05/31/93

81/8% Note 06/30/93

7 % Note 06/30/93

5,162

8,256

14,744

60

627

1,501

13,736

9,204

14,404

6,511

13,590

5,100

8,096

13,251

404

692

14,100

8,393

15,349

780

52

3,730

42

112

162

1,225

945

1,657

300

811

657

250

1,712

330

230

1,444

500

1,652

4,382

8,204

11,014

18

515

1,339

12,511

8,259

12,747

6,211

12,779

4,443

7,846

11,539

74

462

12,656

7,893

13,697

55

907

1,117

490

1,503

1,639

1,005

1,648

560

956

2,723

1,925

910

1,597

Totals 153,180 16,591 136,589 17,035

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

2/ Treasury announced January 13, 1993 the call of the 4 1/8%89-94 and 7% 93-98

bonds for redemption at par on May 15, 1993.

Department of the Treasury

Office of Market Finance February 1, 1993-10
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

F M A M J A S O N

Department of the Treasury

Office of Market Finance

Securities issued prior to 1991

New issues calendar year 1991

February 1,1993-11
F M

Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J A S 0 N D

| Securities issued prior to 1991

| New issues calendar year 1991

F M A M J J

New issues calendar year 1992

Issued or announced through January 29, 1993

February 1, 1993-12
Department of the Treasury

Office of Market Finance

TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills

J A S 0 N D

| Securitiesissued prior to 1991

New issues calendar year 1991

F M A M J J

New issues calendar year 1992

Issued or announced through January 29,1993

February 1,1993-13
TREASURY MARKETABLE MATURITIES

Privately held, Excluding Bills $Bil

36

34 -

32

30

28

26

24

22

20

18

16

14

12

10

$Bll.

24

22 2017 20 18.0

18 • 1fi •

14 • 13.6

12 • • 10 I I 8 • • 6 • • 4 • • 2

• • 12

10 8.5 2018 8.9

8 • • 6 I • 4 • • 2

n 1 •

28 2020 24

22 21.0

20 • 18 • 16 • 14 • 12

10

10.0 10.0

•1 1 8 1 • • 6 I I • 4 • • • 2

1 1 •

FMAMJJASOND

H Securities issued prior to 1991

Department of the Treasury New issues calendar year 1991

Office of Market Finance

2021 32.2

11.0 11.7 12.0

2022

10.0

_

2023

FMAMJJASOND

New issues calendar year 1992

Issued or announced through January 29, 1993

February 1.1993-14
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN FEBRUARY 1993^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Auction

52 week^

5

8 9

Auction

3 year &

10

Auction

10 year3''

11

Auction

30 year 3/

12

15

Holiday

16 17 Announce

2 year

5 year

18 19

22 23

Auction

2 year $1

24

Auction

5 year!/

25 26

Announce

52 week&

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

2/For settlement February 11

3/For settlement February 16

4/For settlement March 1

5/ For auction March 4 and settlement March 11

February 2,1993-21
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN MARCH 1993^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Auction

52 week^

5

8 9 10 11 12

15 16 17 Announce

2 year

5 year

18 19

22 23 24

Auction

2 year?/

25

Auction

5 year^

26

Announce

52 week^/

29 30 31

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

2/For settlement March 11

3/For settlement March 31

4/For auction April 1 and settlement April 8 February 2,1993-22
SCHEDULE OF ISSUES TO BE ANNOUNCED AND AUCTIONED

IN APRIL 1993 "J

Monday Tuesday Wednesday Thursday Friday

1

Auction

52 week &

2

5 6 7

Announce

7 year

8 9

12 13

Auction

7 year ^

14 15 16

19 20 21 Announce

2 year

5 year

22 23

Announce

52 week

26 27

Auction

2 year&

28

Auction

5 year 4/

29

Auction

52 week §/

30

Department of the Treasury

Office of Market Finance

y Does not include weekly bills

£/For settlement April 8

3/ For settlement April 15

4/ For settlement April 30

5/For settlement May 6 February 2,1993-23