W. · Fiscal Years 1978 — 1989 50 Government-SponsoredEnterprises y Guaranteed Federal ^1 276.8...

BORROWING FROM THE PUBLIC UNDER FEDERAL AUSPICES17Fiscal Years 1978 — 1989

50

Government-Sponsored Enterprises y

Guaranteed

Federal ^1 276.8

199.5

142.1 w&123.5

93.980.7 yzffi n I

'////A

W.

246.4

374.1

327.1

244.7236.0

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988e 1989eSource: Budget of the U.S. Government for FY 1989.

y Excludes holdings of U.S. Government accounts.2/ Excludes holdings of Treasury and guaranteed debt and debt of other GSEs.

e estimate

50

Department of the TreasuryOffice of Government Finance & Market Analysis

May 3, 1988-29

$Bil.

80

60

40

20

0

TREASURY FINANCING REQUIREMENTSJanuary - March 1988

Uses 92V2 Sources

Coupon Maturities ^ ^Coupon Refunding

Deficit ^^

Increase in

Cash Balance

1/2

ForeignNonmarketables

State

and Local3V2||

2V4i^ Savings!f2% Bonds

Net Market Borrowing ^

1/ Includes budget deficit, changes in checks outstanding, and minormiscellaneous debt transactions.


$Bil.

80

60

40

20

0

May 3, 1988-20

$Bil.

60

40

20

0

Increase inCash Balance^

TREASURY FINANCING REQUIREMENTSApril - June 1988 J/

Uses

Coupon Maturities^

ForeignNonmarketables

Marketables ^

1V2• mmi" 3/4^ State &Local

Sources

4 Coupon Refunding

Savings Bonds

2% Cash Surplus

1/ Includes budget deficit, changes in checks outstanding and minormiscellaneous debt transactions.

2/ Assumes $30 billion cash balance June 30, 1988.Department of the TreasuryOffice of Government Finance & Market Analysis

$Bil.

60

40

20

0

May 3, 1988-21

r

NET MARKET BORROWINGApril — June 1988(Billions of Dollars)

Total -11/2

Donei/

7 Year Note 4

2 Year Note - Va

Regular Bills -41/4

Cash Management Bills -4

Total

To Be Done

•^Issued or announced through April 29, 1988.

-41/2

Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-22

$Bil.

TREASURY OPERATING CASH BALANCESemi-Monthly

Total Operating Balance

Apr May Jun Jul


Tax and Loan

Accounts Balance

Aug Sep1987

'* Federal Reserve Account

Oct Nov Dec Jan Feb

J/Assumes refunding of maturing issues.

.Without New.Borrowing •!/

Mar Apr1988

May Jun

May 3, 1988-27

TREASURY NET MARKET BORROWING^

Coupons

Over 10 yrs.

0-10 yrs.

$Bil.

70

--10

I II III IV I II III IV I II III IV I II III IV I1984 1985 1986 1987 1988

11Excludes Federal Reserve and Government Account Transactions.

-20


$Bil.

USE OF AUTHORITY TO ISSUE TREASURY BONDSWITH INTEREST RATE OVER AVa PERCENT

March 31, 1988

250

200

150

100

50

$10 billionauthorityenactedMarch 17, 1971

$10 billion ceilingapplied onlyto private holdingsJuly 1, 1973

Amount

Outstanding

o1971 1973


1975 1977 1979 1981

As of December 31

Ceiling increased •to $270 billion

December 22, 1987

y /W PrivatelyS / Held

1983 1985

250

200

150

100

50

19870

May 3, 1988-9

HOLDINGS OF TREASURY SECURITIES IN STRIPPED FORM$Bil.

50

45

40

35

Apr May Jun


Jul Aug Sep Oct1987

Nov

End of Month

Dec Jan Feb Mar Apr 221988

$Bil.

50

45

40

35

May 3, 1988-8

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

30

-5IV I

1984


27.2 r~l Savings BondsK2 State & Local Series

• Foreign Nonmarketables

_L

II III IV I II III IV

1985 1986

e estimate

I II III IV I lle

1987 1988

May 3, 1988-4

30

25

-5

STATE AND LOCAL GOVERNMENT SERIES$Bil.$Bil.

140

120

100

80

60

40

20

i i i I 1 \ i \ I i I1983 19841982


i i ...i.

1985

March 31, 1988*

tiuMMMjttMmtdmmMLmmtiimmmimmmiM1986 1987 1988

,0

May 3, 1988-7

STATE AND LOCAL MATURITIES 1988—1990


II III IV

1990

May 3, 1988-6

QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

-10

Nonmarketable

-1.5

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

1984 1985 1986 1987-^F.R.B. purchases of marketable issues as agents for foreign and international

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

^Preliminary. *Less than $50 millionDepartment of the TreasuryOffice of Government Finance & Market Analysis

IV \v

1988

$Bil.

-10

May 3, 1988-25

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY

$Bil.

1800-

1600

1400

1200

1000

800

600

400

200

0

COUPONS

I IOver 10 years

2-10 years

March 31, 1988.. 1522.7

•1-2 year.H year &under

BILLS

1977 1978 1979 1980


1981 1982 1983 1984 1985

As of December 31

1986 1987

May 3, 1988-2

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY

100%

90

80

70

60

50

40

30

20

10

0

Coupons m Over 10 yearsII 2-10 years

1-2 years Bills1 year & under

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

As of December 31


1987 Mar'88

May 3, 1988-3

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


%

20

18

SHORT TERM INTEREST RATESQuarterly Averages

Prime Rate

>..»..•••••.—••••

I I I I I I J_J_ I I I I I l I

ThroughApril 29

••••••

%

20

18

16

14

12

10

8

6

I I I I I1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988


%

8

SHORT TERM INTEREST RATESWeekly Averages

%

8

— Prime Rate Through —•^- week ending

April 27 I

•*••»£

/ Commercial Paper_ ^^r —

/ \ A,

M ^^ •*•••* ^

_ Federal Funds /j \ V'""" V _

.-.••##* \ * *•• •.•• • 3 Month Treasury Bill

»• •• 1 »* •• J • ••• M. •••••••

MM II II 1 MM

••

II 1 1 MM 1 1 1 1 MM 1 1 II MM

-7

Jul Aug Sep Oct

1987


Nov Dec Jan Feb Mar Apr

1988

May 3, 1988-11

LONG TERM MARKET RATESQuarterly Averages

//// New Aa\/ /Corporates

1 .*. .-

New J/XJConventional//_Mortgages//

30-Year y /JTreasury

^

ThroughApril 29

%

17

16

15

14

13

12

11

10

9

8

7••^

%

17

16

15

14

13

12

11

10

9

8

7

61

1978 1979

J_L1980 1981 1982 1983 1984 1985 1986

1/ The 30 year Treasury series was initiated in March 1977.2/ The 30 year Bond Buyer Index was started September 21, 1979.


1987 1988

May 3, 1988-26

%

11

10

8Municipal Bonds 30-Year

INTERMEDIATE AND LONG MARKET RATESWeekly Averges

*♦•«».

y*

Sep Oct

1987

New Aa CorporatesThrough

week ending

April 29

Feb Mar

1988

%

11


%

9

8

MARKET YIELDS ON GOVERNMENTSBid Yields

•^8.6

10 12 14 16 18 20 22 24 26 28 30

0 1


4 5 6

Years to Maturity

8

-6

10

May 3, 1988-28

MATURING COUPON ISSUESMay 1988- September 1988

(In millions of dollars)

Maturing Issues

March 31, 1988

Total

Held by

Federal Reserve

& Government

Accounts

Private

Investors

ForeignInvestors ^

8 1/4% Note 5/15/88

9 7/8% Note 5/15/88

10% Note 5/15/88

7 1/8% Note 5/31/88

13 5/8% Note 6/30/88

7% Note 6/30/88

14% Note 7/15/88

6 5/8% Note 7/31/88

10 1/2% Note 8/15/88

9 1/2% Note 8/15/88

6 1/8% Note 8/31/88

113/8% Note 9/30/88

113/8% Note 9/30/88

6 3/8% Note 9/30/88

4,1485,9559,987

10,9056,723

11,3973,469

11,8815,783

10,92811,435

6,947628

11,544

1,79996

1,658736

592

1,20987

1,43014

1,891864

520

0

1,081

2,3495,8598,329

10,1696,131

10,1883,382

10,4515,7699,037

10,5716,427

628

10,463

5

892

2,4761,182

151

1,29170

1,077541

1,328893

1,456628

923

Totals 111,730 11,977 99,753 12,913

J/ 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 Sep Oct Nov Dec


Securities issued prior to 1986

New issues calendar year 1986May 3, 1988-12

$Bil2220181614121086420

24

2220181614121086420282624222018161412108642018161412108642


103 <^101

-4.8

180

| 1989 i 2o.o

1§? W H 160 H? if 1?I 1J£§310-5 ^ 10.6^10.6 I 93^97 I

ill if iill iiilil1990

17.218.4

20.3

23.7

1198p 8 I• %• •iill iil

1991

8.29.5 9.9 10.6

-5.2 • ^ 5.3

=• I l

8.0

I511

7.7j 5.5

16.91992

11.110.1

12.5

"5.5

16.3

III6.2

8.0 • 8.2

34.7

7.3

JFMAMJJASOND

Bl Securites issued prior to 1986323 New issues calendar year 1986


$Bil22201816141210

86420

1086420

1210

86420

201816141210

86420

1210

86420

1210

864

20

14.6

la I

"7.2

2.9

-7.3 7.7

8.1

90

1993

131

6.5 6.7 7.7

73 1994/2 7 1RTq 5.2

6.891 1995

18.4 1!

s996

97 1997

1998

6.9

JFMAMJJAS

New issues calendar year 1987

Issued or announced through April 29, 1988

6.9

11.9

I7.1 7.2

8.6

19.6

9.5

1

O N D

May 3, 1988-13


$Bil.141210

86420

6420

141210

8642

22"201816141210

86420

1816141210

86420

141210

86420

- .* 1999- 2.1 2000 m23|_ 13 ie_ 2001 =23 1.6

~ 1.7 2002 2.6

I 2.9 32 2003 34• • 1

-

2004 403.6 I i£• I •

m8.3

=63 20

•

05 g

E 0" 2006i

F «27 I 2007 1.2

2008 „ 3.6

•

3j8 2009•

3.3

•

1.7 i* 2010 3.8

•

,

£1 2011•

4.3

Bl

=

201210.2

1

11.8

I

7.0

2013 1™

I46 2014 47

2015

6.5

17.92016

18.0 201713.8

2018

5.2

6.7

18.5

I

$Bil.20

2020

20642086420

1086420

420

20

420

420

420

420

1086420

JFMAMJJASOND JFMAMJJASOND

••Securities issued prior to 1986

SOS New issues calendar year 1986Department of the TreasuryOffice of Government Finance & Market Analysis

New issues calendar year 1987

Issued or announced through April 29, 1988

May 3, 1988-14

$Bil.

6

4

2

0

-2

14

12

10

8

6

4

2

0

-2

NEW MONEY IN AGENCY FINANCENon-mortgage-backed Securities, Quarterly y

$Bil.iSLMA FNMA

-I •In . I

FHLB

FFCB

.1

In i•"" I' I"

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

1985 1986 1987 1988 1985*Less than $50 million.

Department of the Treasury J/ Prjvatelv HplfiOffice of Government Finance &Market Analysis aioiy iciu

I4

2

0

-2

-4

-6

4

2

0

-2

-4

-6

-8II III IV I II III IV I II III IV

1986 1987 1988

May 3, 1988-23

$Bil.

26

24

22

20

18

16

14

12

10

8

6

4

2

0

NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIESPrivately Held, Quarterly

FHLMC

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

1985 1986 1987 1988


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

1985 1986 1987 1988

e partly estimated

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

1985 1986 1987 1988

May 3, 1988-24

SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN MAY 1988^

Monday Tuesday Wednesday Thursday Friday

2 3 4 5Auction

52 week27

6

9Auction

3 year 3/

11 A ♦•Auction

10 year^/

12 A ♦•Auction

30 year 3/

13

16 17 18 Announce

2 year5 year

19 20

23 24 Auction

2 year ^

9fiAuction

5 year 5/

27Announce

52 week-*7

30

Holiday31

.

Al Does not include weekly bills_27 For settlement May 12U For settlement May 16Al For settlement May 31_5/ For settlement in early June±] For auction June 2 and settlement June 9Department of the Treasury

Office of Government Finance & Market AnalysisMay 3,1988-18

SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1988^


1 2Auction

52 week-2/

3

6 7 8 9 10

13 14 15 Announce

2 year4 year

16 17

20 21 22Auction

2 year $

23Auction

4 year &Announce

52 week

27 28 29 30Auction

52 week -*/


_U Does not include weekly bills21 For settlement June 9_3J For settlement June 30Al For settlement July 7

May 3, 1968-15

SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JULY198817


1

4Holiday Announce

7 year

8 9 10

11 12Auction

7 year-?/

13 14 15

18 19 20 AAnnounce

2 year

21Announce

52 week

25 26 27Auction

2 year &

28Auction

52 week ^

29


_l/ Does not include weekly bills_2/ For settlement July 15.3/ For settlement August 1Al For settlement August 4

May 3, 1988-16

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