|^coupon refunding...maturing coupon issues may -september 1986 (in millions of dollars) maturing...

23
)UIREMEN1 Sourc I^Coupor Savings E 13/4 43/4 State and Lc Net Market 43 E3orrowing w tanding, and minor 986. $Bil. 100 80 60 40 20 0 TREASURY FINANCING REQUIREMENTS January - March 1986 Uses Coupon Maturities J 3/4 Foreign Nonmarketables 4 Deficit 1/ 95V2 Sources |^ Coupon Refunding Savings Bonds - State and Local Net Market | E3orrowing ^ J/Includes budget deficit, changes in checks outstanding, and minor miscellaneous debt transactions. Decrease in Cash E3alance $Bil. 100 80 60 40 20 0 Office of the Secretary of the Treasury Office of Government Finance & Market Analysis April 29. 1986-23

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Page 1: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

)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

Page 2: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 3: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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Page 4: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 5: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

$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

Page 6: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 7: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

%

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

Page 8: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 9: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

%

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

Page 10: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

%

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

Page 11: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

%

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

Page 12: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 13: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 14: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 15: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 16: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

$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

Page 17: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

$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

Page 18: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

$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

Page 19: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 20: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 21: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

$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

Page 22: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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

Page 23: |^Coupon Refunding...MATURING COUPON ISSUES May -September 1986 (In millions of dollars) Maturing Issues March 31, 1986 Total Held by Federal Reserve & Government Accounts Private

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