)UIREMEN1
Sourc
I^Coupor
Savings E
13/4
43/4
State and Lc
Net Market 4 3E3orrowing w
tanding, and minor
986.
$Bil.
100
80
60
40
20
0
TREASURY FINANCING REQUIREMENTSJanuary - March 1986
Uses
Coupon Maturities J
3/4
ForeignNonmarketables
4 Deficit 1/
95V2
Sources
|^ Coupon RefundingSavings Bonds
-
State and Local
Net Market |E3orrowing ^
J/Includes budget deficit, changes in checks outstanding,and minor miscellaneous debt transactions.
Decrease inCash E3alance
$Bil.
100
80
60
40
20
0
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29. 1986-23
TREASURY OPERATING CASH BALANCESemi-Monthly
Apr May Jun Jul Aug Sep Oct Nov Dec Jan1985
U Assumes refunding of maturing issues.
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
Feb Mar Apr1986
May Jun
April 29, 1986-16
mo
(3zoCC
oCD
HLU
cc
<LU
>-
cc
(0<LU
cc
oCD
oo
oco
oCM
mm
mm
mm
m
^O
OO
OO
OQ
Jh
-C
DW
^C
OC
M«
/»
oT
=C
Do
o
U5
CO
oi0
>£8C
O
c3
>8
-S
00|
O)
EoC3
XJ
—c(0<
D
£>
d)0
)<
DC
C
•53
=0
0®
00?C
O<
D•ooXU
J
=C
M0
00
5
is
oT—I
STATE AND LOCAL GOVERNMENT SERIES$Bil.
90
80
70
60
50
±
1976 1977 1978 1979
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
1980 1981 1982
December 31
J.
April 30, 1986estimate
$Bil.
90
80
70
60
50
40
30
20
10
01983 1984 1985 1986
April 29, 1986-15
$Mil.
1,750
1,500
1,250 z_
1,000
750
500
250-
0
U.S. SAVINGS BOND SALES AND INTEREST RATES
Nov. 1982" *••••
\
.••••••5-Year
"\ Treasury Rate
Variable MarketBased Rate
-^\
< vI •••y •-..-
/ ••-...y -
**^ S SavingsBonds
Sales
III IV I1982
1 l
MinimumGuaranteedRate
Payroll Sales
l
II I" IV I II III IV I II III IV I IIe1983 1984 1985 1986
17 Series EE savings bonds sold beginning November 1, 1982 earn a yield equivalent to 85 percent of the 5-year Treasuryo!tice o, .he secre,amoSebai!rVrate for bondS held at least 5years' Such bonds **<> have aguaranteed minimum of 7.5 percent.
e estimate Aprn 29,1986-nOffice of Government Finance &Market Analysis
%
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES
$Bil.
15
10
0
-10
Nonmarketable Marketable
BBS Add-ons^
I^H Other Transactions
|UU~ui •• i j
17.3
$Bil.
15
10
U^0
-.5--5
I—6.5
I II III IV I II III IV I II III IV I II III IV \2J1982 1983 1984 1985 1986
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.
y Preliminary. * Less than $50 million.Office of the Secretary of the TreasuryOfficeof Government Finance &MarketAnalysis APril 29- 1986-17
-10
%
20
SHORT TERM INTEREST RATESQuarterly Averages
Prime Rate
ThroughApril 25
1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
%
20
18
16
14
12
10
8
6
4
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysts April 29. 1986-10
LONG TERM MARKET RATESQuarterly Averages
New
/ N/ /"♦.„,...„, \£ \ \Conventional /j
Mortgages //\ » New Aa
Corporates
**"•.... X ThroughNApril 25
%
17
16
15
14
13
12
11
10
9
8
7
6
51976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
%
17
16
15
14
13
12
11
10
9
8
7
6
5
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-8
%
8
SHORT TERM INTEREST RATESWeekly Averages
Prime Rate
..••••••••-....•••v_._ Commercial Paper
3 Month Treasury Bill *
Throughweek endingApril 23 I
"•...
Jul Aug Sep Oct1985
Nov Dec Jan Feb Mar
1986
Apr
%
8
6
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-9
%
12
11
INTERMEDIATE AND LONG MARKET RATESWeekly Averages
s —'*s.^«x Treasury 20-Year *v^
,-' .. 7" ••* ^•••••'
New Aa Corporates
Throughweek ending
•v April 25
\ —* V +
N\%».»%. Treasuryx "- 10-Year
v.-
Jul Aug Sep Oct1985
Nov Dec Jan Feb Mar Apr1986
%
12
11
10
8
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-7
%
12
11
10
MARKET YIELDS ON GOVERNMENTSBid Yields
March 18, 1985
10
g
8__ |
J L
12
11
10
9
8
J i I771 i I L10 12 14 16 18 20 22 24 26 28 30
•«12
11
10
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-24
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY
1975 1976 1977
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
1978 1979 1980 1981 1982
As of December 31
1983 1984 1985
April 29, 1986-1
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY
Coupons II Over 10 years £2 1-2 years Bills
H 2-10 years £g 1 year & under
13
33
100%
90
80
70
60
50
40
30
20
10
01975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 Mar'86
As of December 31
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-2
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
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-3
MATURING COUPON ISSUESMay - September 1986
(In millions of dollars)
Maturing Issues
March 31, 1986
Total
Held by
Federal Reserve& Government
Accounts
Private
Investors
ForeignInvestors17
13 3/4% Note 5/15/867 7/8% Note 5/15/86
9 3/8% Note 5/15/8612 5/8% Note 5/31/8614 7/8% Note 6/30/86
13% Note 6/30/8612 5/8% Note 7/31/868% Note 8/15/86
11 3/8% Note 8/15/8612 3/8% Note 8/31/8612 1/4% Note 9/30/8611 7/8% Note 9/30/86
3,4605,2197,3309,1924,7589,933
10,2319,5158,8629,8595,8139,612
127
1,158534
644
413
9001,2531,9872,100
859244
790
3,3334,0616,7968,5484,3459,0338,9787,5286,7629,0005,5698,822
140
80
685
875350
929
623
132309932
693633
Totals 93,784 11,009 82,775 6,381
J/ F.R.B. custody accounts for foreign official institutions;included in Private Investors.
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29, 1986-6
$Bil.1816
1412
10864
2
0
16
1412
1086
4
2
02018161412
1086
4
2
0
18
1614
12
10
86
42
14.7
= I9.4
1111
12.4
9.9^10.0
-2.7 *: 115.7
-3.3 •
• I
TREASURY MARKETABLE MATURITIES
15.7
a.12.6
5^9.9
198716.0
1°-8„ ,9.61» 9.7
16.9
I
I
198816.0
6.6
li8.2
14.8
1I• I
1989
7.0
ll6.2
Privately Held, Excluding Bills$Bil.
15.6 15.813.8 ^
17.2
I7.2
i3.2 •
• 5
10.3
6.9
4.2
6.4
8.4
-4.8
108
642
010
86420864
20
7.7
i5.8
108
64
2h0
"6.5 6.3
6-42
0
86
42
010-8-
64
2
0
2.9
7.9
I8.2
7.5 7.9
5.0 p
I i
1990 1°^8
« III
B 19915.4 li I 5.3
se1992
15.9 •
m ••1993
6.54.7
5.3 1994
2.3
rl63
7.6
7.2
f^9'1 1995 7.2I i |1996
12.9
5.0
5.7
2.3
6.3
lij12.1
7.2
8.6
J F M A MJJASOND
H Securities issued prior to 1984New issues calendar year 1984
JFMAMJJASOND
^ New issues calendar year 1985Hi Issued or announced through April 25, 1986
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis April 29. 19
$Bil.00
0
2
0
2
02
06
4
20
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
j£?71998 3
— .8 1999
-
2.2 2000I •
-
1.5 1.7 2001 2.4 1.6
-
1.7 2002• 2°
- 2.9
•
3.2
•
2003
3.5
•|"
8 2004 8.3
6
4
2
n
-
3.e
24.0 ii
0 2005 9.3
86
4
2n
6.3
I I2006
b
6 - 4.8
4
2n = 1
•- 2.7 20072 • ! 1.2
2008 5fi
2 1 1.4 •JFMAMJJASOND
Hi Securities issued prior to 1984
ISSS New issues calendaryear 1984Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
$Bil.
2
0
20
20
8
64
20
1210
864
20
4
20
1086
4
20
8
642
0
-
— 3.9 2009 3.4
•2010
1.8 1.9
.3.7 2011
2012
2013
4 8 2014
^118 2015
I7.0 2016
112.6
«4.7
6.5
•
14.0
10.3
5.3
6.8
•̂
JFMAMJJASOND
New issues calendar year 1985
Issued or announced through April 25, 1986
April 29, 1986-5
$Bil.
100
90
80
70
60
50
40
Eligible Issues
Amount Stripped
STRIPS PROGRAM
1 1
$Bil.
100
90
80
70
60
50
40
30
20
10
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr*1985 1986
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
"as of April 23, 1986
April 29. 1986-25
STRIPS PROGRAM
Security Issue Date Total Issued Amount Stripped$ Millions as of 4 / 23 / 86
11 5/8% 11/15/94 11 /15/84 6,659 560
11 1/4% 2/15/95 2/15/85 6,934 1,032
11 1/4% 5/15/95 5/15/85 7,127 1,930
10 1/2% 8/15/95 8/15/85 7,956 983
9 1/2% 11/15/95 11 /15/85 7,318 452
8 7/8% 2/15/96 2/15/86 7,574 0
11 5/8% 11/15/04 10/30/84 8,302 5,808
12% 5/15/05 4/ 2/85 4,261 1,959
10 3/4% 8/15/05 7/ 2/85 9,270 681
9 3/8% 2/15/06 1/15/86 4,750*
11 3/4% 11/15/14 11/15/85 6,006 2,710
11 1/4% 2/15/15 2/15/85 12T668 8,132
10 5/8% 8/15/15 8/15/85 7,150 2,419
9 7/8% 11 /15/15 11/15/85 6,900 27
9 1/4% 2/15/16 2/15/86 7,267 11
110,142 26,704
* Eligible for STRIPS August 18, 1986
Office of the Secretary of the Treasury _Office of GovernmentFinance& MarketAnalysis Apm ^y- 1«»-*D
Basis Points-
50
45
40
35
30
25
20
15
10
5
0
-5
-10
-15
TREASURY YIELD SPREADSMonthly Averages
Basis Points
V\/•v
20 Year-30 Year Spread
/♦♦//
A
I \50
45
40
35
30
25
20
15
10
5
0
-5
-10
-15
•4 20 Year-10 Year Spread
JFMAMJJ ASONDJFMAMJJ ASONDJFMAMJJASONDJ F1983 1984 1985
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
M AM J
1986
April 29, 1986-22
$Bil
2h
0
-2
-4
NET NEW MONEY IN AGENCY FINANCE, QUARTERLYPrivately Held
|$Bil.r
I
II III IV
1982
FCA
*
I- I
IV I II III IV I II III IV lell III IV
1983 1984 1985 1986
♦Less than $50 million.
12-
10
8-
6
4
2
0ml
GNMAMortgage-BackedSecurities
I II III IV I II III IV I II III IV I II III IV le II III IV
1982 1983 1984 1985 1986
e Partly estimated.
J/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,?«!S o!'G^™n7F°nanLT& E« Analysis certificates, mortgage-backed bonds, and mortgage participation certificates. April 29, 1986-21
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN MAY 1986 '
Monday Tuesday Wednesday Thursday Friday
1 2Announce
52 week
5Auction3 year 2/
Auction10 year 2/
o
° Auction30 year 2/
9
12 13 A t.Auction52 week v
14AAnnounce2 year
15 16
19 20AAnnounce
5 year21 A t-Auction
2 year 2/22 23
*° Holiday 27 28 A ,.Auction5 year ±/
29 30 AAnnounce52 week 5/
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
1/Does not include weekly bills2/For settlement May 152/For settlement June 24/For settlement in early June5/For auction June 5 and settlement June 12
April 29. 1986-12
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JUNE 1986 '
Monday Tuesday Wednesday Thursday Friday
2 3 4Auction52 week v
6
9 10Announce2 year
12 13
16 17 Announce4 year7 year
18Auction2 year 2/
19 20
23 24 A t.Auction4 year 3/
25 A #.Auction7 year */
26 27Announce52 week 5/
30
Office of the Secretary of the TreasuryOffice of Government Finance & Market Analysis
J/Does not include weekly bills2/For settlement June 122/For settlement June 30
y For settlement in early July5/For auction July 3 and settlement July 10
April 29. 1986-14
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