J2%^Savings Bonds · TREASURY FINANCING REQUIREMENTS January-March1989 Uses 113% Sources $Bil. 120 100 80 60 40 Coupon Maturities^ 4 Coupon Refunding $Bil. 120 100 80 60 40 20 0 20

TREASURY FINANCING REQUIREMENTSJanuary-March 1989

Uses113%

Sources

$Bil.

120

100

80

60

40

Coupon Maturities^ 4 Coupon Refunding

$Bil.

120

100

80

60

40

20

0

20

Department of the TreasuryOffice of Market Finance

Agency

4 Deficit n

ForeignNonmarketables

V4

J2%^Savings Bonds

State and Local Net MarketBorrowing

Decrease in ^Cash Balance •

1/ Includes budget deficit, changes in checks outstandingand minor miscellaneous debt transactions.

May 2, 1989-25

$Bil.

80

60

TREASURY FINANCING REQUIREMENTSApril-June 1989

Uses Sources

75 Vi

Coupon Maturities^ ^Coupon Refunding

40

20

0


State andLocal

1

a Increase in• Cash Balance u

SavingsBonds

Net Market

Borrowing ^

11/4

Agency Surplus**1/ Assumes a $30 billion cash balance June 30, 1989.2/ Issued or announced through April 28, 1989.3/ Includes budget surplus, changes in checks outstanding

and minor miscellaneous debt transactions.

$Bil

80

60

-40

-20

0

May 2, 1989-26

TREASURY OPERATING CASH BALANCE

-10Apr May Jun


Semi-Monthly

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun1988 1989

1/ Assumes refunding of maturing issues

May 2, 1989-28

Total

NET MARKET BORROWINGApril — June 1989(Billions of Dollars)

Done!/

7 Year Note 41/22 Year Note - VzRegular Bills - %

Cash Management Bills -7

Total -31/4

To Be Done 51/4

J/lssued or announced through April 28, 1989.

May 2, 1989-29

$Bil.

70

-10

-20

TREASURY NET MARKET BORROWING^

63.4

CouponsHi Over 10 yrs.

0-10 yrs.

I H HI IV I II III IV I II III IV I II III IV I1985 1986 1987 1988 1989

11 Excludes Federal Reserve and Government Account Transactions.Department of the TreasuryOffice of Market Finance

$Bil.

70

-10

-20

May 2, 1989-7

$Mil.

700

600

500

400

300

200

100

NET NEW CASH FROM NONCOMPETITIVE TENDERSIN WEEKLY BILL AUCTIONS^

Discount Rate %

Net New Cash (Left scale)

HI 26 WeekH13 Week

May Jun

Discount Rate (Right Scale)

•••' 26 Week

^13 Week

Feb Mar

1989

9.0

8.0

7.0

6.0

5.0


J/ Excludes noncompetitive tenders from foreign official accounts.

* PreliminaryMay 2, 1989-5

C0

<*

_QZo0

0

oz<CO

LU

>-

cc

CO

<LU

CO

CC

LU

QzLU

LU

I-

LU

Q.

oo

to

CO

oCO

lOcvioc\i

m1

0

K^m

fc^^K

KK

KK

^K

^

t^^^^^^^^^^^

^^^^H

^^w

^\w

^^w

^^^

<D

k\\\\\\\\\\\\\\\\\\V

\\\\\^^^^

ft^^^^^tg

j^fe

^^^^^i^

t^yi^

^g

CO

<"3

CO

(0c9•6T3CO

cD)

CD

oEocol_

CD

T3c<D

•*

-»

CO

.>+±

'•**C

Da

.

EoococCO

a>T

3

LU

^^^^^^^^^

co

-

(0

«-s

SC

O

>•*

88

*?

>•>

«*.

r*.in

cmco

lOCO

ES

I

oCO

c\ioCNJ

M\\\\W

J^

^^^^^^^^^^^

K5

9fi

^w

^^^^s

F^^^^m

^w

fc^^a

^^^^^

D

im

^y^^^

K^m

a^y^^

^^^^^^^^S

US

SS

SB

BB

BS

RK

KK

i&K

KK

KK

KK

KK

KK

^

CO

10o

It

mlO

$Bil.

80

70

60

50

40

30

20

10

0

TREASURY SECURITIES IN STRIPPED FORMNet Strips

76.679.2

81.3

30 Year20 Year Kg10 Year •

43.1 43.4

39.1

44.846.4

48.249.6

50.8

73.4

70.2

65.7

60.7 60.862.3

52.654.2

56.0

34.435.9 35.9 36.2

1iliillillliiilliiiiiiillllllllllllllllllllll

M J J ASONDJ FMAMJ J ASON DJ FMA*1987 1988 1989

♦Through April 21, 1989

$Bil.

80

70

60

50

40

30

20

10

0


May 2, 1989-9

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES$Bil.| .$Bil.

27.2

-5I II III IV

1985


Savings Bonds

State & Local Series

Foreign Nonmarketables

_L

II III IV I II III IV I II III IV

1986 1987 1988e estimate

I lle

1989

20

May 2, 19894

$Bil.110

CHANGES IN STATE & LOCAL GOVERNMENT SERIESRELATIVE TO MUNICIPAL BOND ISSUES

$Bil.110

100-

1985Department of the TreasuryOffice of Market Finance

V

j j New Issues

H Refunding

™™ Changes in SLGS

100

-50

III IV I II III IV I II III IV I1986 1987 1988 1989

40

30

20

10

0

May 2, 1989-27

STATE AND LOCAL MATURITIES 1989-1991

1989


1990 1991

May 2, 1989-17

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.Nonmarketable

1985 1986 1987 1988


1/ F.R.B. purchases of marketable issues as agents for foreign and internationalmonetary authorities which are added to the announced amount of the issue.

2/ Preliminary.

IV \#1989

$Bil.

-10

May 2, 1989-8

FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS

1 II III IV I II III IV I II III IV I II III IV I ll^ "1985 1986 1987

Quarterly Totals1988 1989

Department of the TreasuryOffice of Market Finance A/ Through April 28, 1989.

May 2, 1989-10

SHORT TERM INTEREST RATESQuarterly Averages

1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Department o<the treasuryOffice ol Mattel Finance

May 2, 1989-21

%

11

10

6

•••••'.--

SHORT TERM INTEREST RATESWeekly Averages

Prime Rate

Commercial Paper

^••••.•••••••••""••«..i

Federal Funds

3 Month Treasury Bill

••••••.••••••♦>••••••

•••••

Throughweek ending

April 26

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr1988 1989

11

6

Department of the TreasuryOffice of Market Finance May 2,1969-22

%

16

15

14

13

12

11

10

9

8

7

LONG TERM MARKET RATESQuarterly Averages

/**--w* ~v

t *t *

/ \» New Aa Corporates

J .•ft-

ftV AA / / •

/a / • Through

-p/ w.. .... -v.

/\f*

April 26

1 ~

^ -•* ^ ••••A\~- / ^ ^•"•• 30-Year \\ V/#v^

I

Municipal Bonds^ *\A ••••

•• 30-Year^l^*

I I I I I I I IIITreasury

III II 1 III III II

9

IN Ml III

1979 1980 1981 1982 1983 1984 1985 1986 1987

J/The 30-Year Bond Buyer Index was started September 21, 1979.

1988 1989

%

16

15

14

13

12

11

10

9

8

Department of the TreasuryOffice of Market Finance May 2, 1989-23

%

9.5

9.0

8.5

INTERMEDIATE AND LONG TERM TREASURY RATESWeekly Averages

\ Through weekending April 28

I

//"V \^y\ Treasury*

% \ 10-Year/Treasury 30-Year

I I I I ll I I I I ll I I I I I I I III I I I I I I I I III I I ll I I I I _L_LJul Aug Sep Oct

1988

Nov Dec Jan Feb Mar Apr1989

%

9.5

9.0

8.5


%

9.5

9.0

8.5

8.0

7.5


MARKET YIELDS ON GOVERNMENTSBid Yields

%

9.0"""

""

-

9.0

8.8

RR

8.8

861 0 12 14 16 18 20 22 24 26 28 30

8.0

4 5 6

Years to Maturity

7.58 9 10

May 2, 1989-30

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY

$Bil.

1800

1600

1400

1200

1000

800

600

400

200

COUPONS

H Over 10 years112-10 years

^1-2 years1 year & under

BILLS

1978 1979 1980 1981


1982 1983 1984 1985

As of December 31

1624.7March 31,1989-

1986 1987 1988

May 2, 1989-2

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTPercent Distribution by Maturity

Coupons • Over 10 years ^1-2 years Bills2-10 years ^ 1 year & under

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Mar'89

As of December 31


AVERAGE LENGTH OF THE MARKETABLE DEBTPrivately Held

1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87


MATURING COUPON ISSUESMay - September 1989

(In millions of dollars)

Maturing Coupons

March 31, 1989

Total

Held by

Federal Reserve& Government

Accounts

Private

InvestorsForeign

Investors!/

9 1/4% Note 5/15/8911 3/4% Note 5/15/89

6 7/8% Note 5/15/89

8% Note 5/31/89

9 5/8% Note 6/30/89

7 3/8% Note 6/30/89

14 1/2% Note 7/15/89

7 5/8% Note 7/31/89

13 7/8% Note 8/15/89

6 5/8% Note 8/15/89

7 3/4% Note 8/31/89

9 3/8% Note 9/30/898 1/2% Note 9/30/89

2,6286,068

10,47311,396

7,48611,327

4,72311,356

6,28312,75511,511

7,30210,693

469

87

1,2691,024

636

799

286

787

469

2665

892

1,059382

2,1595,9819,204

10,3726,850

10,5284,437

10,5695,814

10,09010,619

6,24310,311

53

1,857766

1,3621,1761,012

180

1,71447

1,5731,1891,0651,230

Total 114,001 10,824 103,177 13,224

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


TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills

Jan Feb Mar Apr May Jun Jul Aug

^^_ Securities issued prior to 1987

Sep Oct Nov Dec


j£2£22 New issues calendar year 1987May 2, 1989-12

$8il.2422

20

181614

1210

86420

2220

18

1614

1210

864

2

02624

22

20181614

12

1086

4

2

020

181614

12108

64

2

0

17.5 18.8


17.2

1.18119.3 1991 a21.7

$Bil.

20.5

_7.2

10.7

I.7.3 7.4

13.6

7.2

I

6.89.0

1994

7.1 7.0

19956.7 6.9

10.5K

-5.11

10.2

| 5.2m III

8.0

J5.0

II

7.6J 5.4

7.3

7.2 8.1

I7.6

18.4 1996

I21.61992

16.8

15.37.5

15.47.3,

6.2

199314.5

12.6

-6.38.3

a6.5 6.7

10.012.5

7.46.2

77

fl,19.3

14.9

6.9

9.0

i

9.6

9.2

1.0

1997 9.2

1998 ™

1999

7.0 7.2

6.98.5

I19.5

9.4

9.8

1

J F M A M J J A S O N D

Hi Securities issued prior to 1987

J FMAMJ J

New issues calendar year 1988

A S O N D


New issues calendar year 1987 ^J Issued or announced through April 28, 1989

May 2, 1989-13


-

2.1 2000 2.5

—

1.3 1.6 2001 _2.3 1.6

,

1.7 2002 j 2.6

-2.9

•3.2

•

20033.3

• 1—

3.6

•

20044.0

• r-

,3 20

1€5

1"= •** 2006

—

_2.7 2007 1.2

-

20081.3

3.6

•

—

3.8

•2009 3.2

•

- 1.7 1.8 2010 3.8

•

-

3.7

•2011 • 2

-

2012 10.0

1

12 —10 —

864

20

4

2

01210

8642

0

1816141210864

20

1816141210

864

20

86420

108642

I11.8

7.0

9.5

2013 b12-4

I4-6— 2014 «4.6

2015

179. 2016

I18.0, 2017

8-5^ 2018

12019

6.5

13.8

I

i 5.2

6.7

I,18.5

9.0

$Bil.4i20

20

20

64

20

86420

10864

20

4

20

20

4

20

4

20

4

20

420

10864

20

JFMAMJJASOND

^B Securities issued prior to 1987 g

E22S New issues calendar year 1987 1Department of the TreasuryOffice of Market Finance

JFMAMJJASOND

INew issues calendar year 1988| Issued or announced through April 28, 1989

May 2, 1989-14

I II III IV

1986


NEW MONEY IN AGENCY FINANCEDebt Securities, Privately Held

$Bil.

II III IV

1987

II HI IV I II III IV " I II III IV I II III IV1988 1989 1986 1987

Less than $50 million.

I II III IV I II III IV

1988 1989

May 2, 1989-16

r

$Bil.26

24

22

20

18

16

14

12

10

8

6

4

2

0

NEW MONEY IN AGENCY MORTGAGE - BACKED SECURITIESPrivately Held

FHLMC

II IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989


FNMA

I IIIIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

GNMA

llI II IIIIV I IIIIIIV I IIIIIIV I IIIIIIV

1986 1987 1988 1989

May 2, 1989-15

SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN MAY 1989^

Monday Tuesday Wednesday Thursday Friday1 2 3 4

Auction52 week-2/

5

8 9Auction3 year-3/

10Auction10 years/

11

Auction30 year-3/

12

15 16 17AAnnounce2 year5 year

18 19

22 23 24Auction2 year4/

25Auction5 year 5/

26Announce52 weekS/

29Holiday

30 31


17 Does not include weekly bills2/ For settlement May 11.3/ For settlement May 15AJ For settlement May 315/ For settlement in early June_£/ For auction June 1 and settlement June 8

May 2, 1989-18

SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JUNE 1989^

Monday Tuesday Wednesday Thursday Friday

1Auction

52 week2/

2

5 6 7 8 9

12 13 14 15 16

19 20 21*Announce

2 year4 year

22 23Announce52 week

26 27

Auction2 years/

28

Auction4 years/

29Auction

52 week4/

30


U Does not include weekly bills_2/ For settlement June 8_3_/ For settlement June 30AJ For settlement July 6

May 2, 1989-19

SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JULY 1989"

Monday Tuesday Wednesday Thursday Friday

3 4Holiday

5Announce

7 year

6 7

10 11 12Auction7 year2/

13 14

17 18 19Announce

2 year

20Announce52 week

24 25 26Auction2 year sy

27Auction

52 week-*'

28

31


1/ Does not include weekly bills2J For settlement July 172/ For settlement July 31Ay For settlement August 3

May 2,1989-20

Documents

J2%^Savings Bonds · TREASURY FINANCING REQUIREMENTS January-March1989 Uses 113% Sources $Bil. 120 100 80 60 40 Coupon Maturities^ 4 Coupon Refunding $Bil. 120 100 80 60 40 20 0 20